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When Whitey Revel, a stranger to Dry Grass City, wins its rodeo, he receives a new saddle and $300. "Six Bits," a young member of Hawk Decker's horse rustlers who lost in the rodeo, steals Whitey's initialed knife to cut up his new saddle, and overhears rancher Greg Walters hire Whitey to infiltrate Decker's outfit to find out who killed Walters' son Phil and nephew Jimmy. Years earlier, old rancher "Wild Horse" Henderson and Walters had a feud over grasslands and Walters won, although his son Phil was killed during a stampede. Walters, Henderson and Decker met to stop the killing and agreed that no killing would be done in town. At about the same time, Henderson's daughter Margie disappeared, and Henderson later returned with a baby, Molly, who is now eighteen-years-old. Jimmy was killed recently in an ambush. Although Walters and Henderson are public enemies, Walters knows he is not the murderer and suspects that one of his own ranch hands is a spy for Decker. Walters offers Whitey the Rocking U Ranch if he can find the killer. Whitey buys a white horse called "Prairie Land," whom Henderson and Molly claim Decker stole from them. One night, Walters enters the town's saloon to shoot the man responsible for Jimmy's death. Whitey shoots out the lights, and after Walters is found wounded with a knife inscribed "W. R.," Whitey is forced to flee. Decker's men then ride out to protect Whitey, while Bart Hunter, Walters' foreman, rides out to kill Whitey. Henderson rushes home to retrieve some papers that he must show Walters before he dies, and shows Whitey a hideout. Six Bits confesses that he stole Whitey's knife at the rodeo but lost it. When Hunter's men track Whitey, he eludes them, but Molly finds him and demands her horse back. Fearing that Molly, riding Prairie Land, may be mistaken for himself, Whitey follows her, but Six Bits holds him up, explaining that Six Bits' gun was found near Jimmy's body and that the murderer of both Jimmy and Walters tried to frame both himself and Whitey. Six Bits, an innocent kid from Wyoming, hopes to quit Decker's service as soon as he can get the money to return home. Decker's men, meanwhile, abduct Molly when she is thrown from her horse, and apprehend Hunter, who willingly goes to Decker. At Decker's ranch, Whitey accuses Hunter of being a duplicitous murderer. Hunter, Whitey claims, told Walters to shoot Decker in the saloon and then tried to stab Walters to death in order to rid himself of all competition regarding the Rocking U. Henderson, in pursuit of Molly, is dragged to Decker's ranch, where he, Hunter, Whitey and Decker fight. Whitey is knocked out, and when Hunter absconds with Henderson's papers, Henderson chases him. A gunfight between Decker and Walters' men ensues in which Hunter shoots Decker, who falls to his death. Walters' gang wins the fight, and just as Hunter is about to shoot Walters, Whitey revives and shoots Hunter. Walters gives Whitey his ranch and $300, which he gives to Six Bits. Henderson finally shows Walters Phil and Margie's marriage license and Molly's birth certificate, which prove she is the heir to the ranch. Walters admits he had known that she was the rightful heir all along, and Whitey assures Molly the horse and the ranch are theirs to share.