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Story of a boy and his horse. Mike is the horse and is owned by Speck (Carl "Alfalfa" Switzer) and his best friend Jimmy (Rober "Buzz" Henry). Together they have a paper route, on which they deliver papers to customers with a wagon pulled by Mike. Recenlty, a horse track has been built in the area and attracts horse breeder and racer Colonel Whiteny (Pierre Watkin). He takes out a subscription for delivery and meets Mike and Speck and Jimmy. Clever Jimmy talks both the Colonel and Speck into taking on the Colonel's pure bred racehorses at the track, with comedic results.