Slick Wolf is the construction foreman on a building. Droopy and Spike are his workers. Droopy keeps getting Spike in trouble with the boss all day. Droopy falls asleep, and as he sleeps, Spike has him finish the building. Slick comes in the next day and congratulates Droopy, while Spike is stuck behind a brick wall.
An Oriental mad scientist has invented a mystery ray gun. He tells Droopy and Barney Bear to guard it from people. Droopy must protect it from falling into the wrong hands by using a rather unusual method: a Jekyll and Hyde formula. Slick Wolf tries to steal it, but Droopy keeps turning into a large monster, who then beats him up. Droopy frees himself and Barney from Slick's trap, and chases Slick away.
Jerry gets Tom involved in a circus act and proceeds to make his act a dangerous and humiliating performance.
Droopy and Slick Wolf are photographers for the Daily Bugle. They are assigned to get a picture of Bigfoot (kind of a purple Tazmanian Devil), and Slick tries various schemes to sabotage Droopy's pictures, including dressing in drag as a female Bigfoot. Droopy ends up getting his pictures, and Bigfoot throws Slick in the newspaper press.
Droopy is in Storybook Land. Red Riding Hood is delivering food to Grandma's house, and Slick Wolf tries to steal the food. Droopy foils Slick, and he goes to visit Goldilocks. She lives with three gorillas (subletted from the Three Bears), and while Slick looks for food to steal, the gorillas return and chase him away.
Slick Wolf sells Droopy a good-luck charm for $5. Spike tells him that it was really a good-luck charm, and the two try various ways of getting it back, with their attempts backfiring each time. Spike offers to buy it back for $10, and Droopy sells it back to him. Slick and Spike see a sidewalk salesman selling about 30 of them, and Slick chases after Spike for wasting their money.
Droopy is the mail clerk on a train out West, and receives a package to deliver to a bank. Slick Wolf hears this, and he proceeds to try and steal it, figuring that it must be money. After a number of attempts, he succeeds, but is arrested by the sheriff. The package contains not cash, but "Wanted" posters for Slick Wolf. Droopy receives the reward for his capture.