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Ollie Dee and Stannie Dum try to borrow money from their employer, the toymaker, to pay off the mortgage on Mother Peep's shoe and keep it and Little Bo Peep from the clutches of the evil Barnaby. When that fails, they trick Barnaby, enraging him.
Street musicians Stan and Ollie have no success earning money in the dead of winter in a bad neighborhood. Their instruments are destroyed in an argument with a woman, but their luck seems to turn when Stan finds a wallet.
The boys think their days of fishing to feed themselves have come to an end, when Stan's rich uncle Ebenezer dies leaving a large estate. But they soon learn that Ebenezer was murdered and all the relatives, including Stan, are suspects.