On a peaceful family horse farm run by Colonel Travers and his granddaughter Frances Travers, a remarkable visitor arrives: Francis, the talking mule, along with his loyal human sidekick Peter Sterling. As they become part of the farm’s routine, Peter, who is often strapped for cash, agrees to have Francis boarded at the race track stables as a companion animal and takes on odd jobs to help make ends meet. The world of horse racing opens up with its glitter and danger, and the pair quickly discovers that money, prestige, and a history of fixes can twist every turn.
The Traverses are deep in debt, pinning their hopes on the colt Sudden Storm to win the big handicap. But the ruthless debtors, led by Square Deal Mallory, swoop in and claim the horse. In a desperate move, Frances gives Peter her life savings of $25,000 with instructions to buy Sudden Storm back, yet Peter ends up purchasing Oakwood Gal, a filly whose talent is far from proven. Despite the setback, Francis uses his extraordinary ability to “talk to horses,” offering Peter precise tips for the next day’s races.
With Francis’s guidance, Peter rides a remarkable streak, winning seven races in a row and quickly repaying the $25,000 to the Travers family. But the triumph draws scrutiny from the Racing Commission, which demands to know the source of Peter’s information. Racing trouble intensifies as racetrack detective Frank Damer shadows Peter, trying to untangle the mystery behind the sudden success.
Mallory does not hesitate to take more drastic measures: he has Peter kidnapped and forced to apply his racing “wizardry” for their benefit. Without Francis to guide him, Peter’s bets go disastrously wrong, costing gamblers a staggering $200,000. The situation grows perilous as Mallory’s thugs raid Oakwood Gal’s stable to injure the hopeful filly, only for Francis to intervene in a comic clash that ends with him being humorously shot in the rear and quipping at the veterinarians.
When Oakwood Gal finally meets Sudden Storm on the track, she wins the big race by a nose. The Racing Commission remains wary of a potential fix, and Francis steps forward to explain that the two horses are siblings, with Sudden Storm’s behavior reflecting a gentlemanly impulse rather than malice. The commission, though wary of turning Francis’s talent into a nationwide phenomenon, is relieved to say the case is resolved for now. In the end, Francis chooses to step away from racing, and he and Peter depart town in a luxurious van provided by a grateful Commission, leaving the mystery—and the show—behind for the moment.
