Bumper (Al Jolson) is a carefree hobo in New York City during the Great Depression who would rather be homeless than work. When he saves June Marcher (Madge Evans) from committing suicide, he feels a sense of pride. June takes to Bumper, having lost her memory of her past life and suicide attempt. As she starts to recover her memories, she realizes she loves the mayor, John Hastings (Frank Morgan). Although Bumper has feelings for her, he ultimately wants her to be happy.