Chad Morgan, Alan Ladd, a former Confederate officer, returns home to Texas after the Civil War and leads a cattle drive to Missouri, reassuring fellow ranchers that their stock will fetch $20 a head at auction. But Brog, Anthony Caruso, a ruthless cattle baron, has driven out all competition and offers only a dollar and fifty cents per head for the longhorns, which have scarce grazing along the trail. Chad, weary of violence from the war, chooses not to confront Brog, a skilled gunfighter, even as Brog wounds one of his companions.
Blamed for what happened, Chad decides not to return to Texas. He spends a night in a livery stable and meets Joe Jagger, Edmond O'Brien, a town drunk nearly lynched for trying to steal whiskey. Chad helps keep Joe sober after they leave town. On their journey, Chad learns that the rail line has reached Kansas, much closer to Texas, bringing good grazing land that could fatten the cattle on the way to market. He also discovers that Joe is a talented architect who has worked on important projects but never finished any of them, because of his drinking.
They encounter farmers who raise a lot of wheat and have nowhere to sell it. Chad has a plan: between Texas cattle and Kansas wheat, a railroad spur might be worth pursuing. He and Joe ride to Kansas City to meet Tom Draper, Don Castle, a railroad man who is engaged to Joe's sister, Helen, Virginia Mayo, a singer in the saloon. Tom sees the two-pronged potential, but realizes that separately the efforts might not be enough to tempt a railroad. Helen is pleased at the changes in her brother and thanks Chad, which brings out some jealousy in her fiancé.
While Chad works to rally farmers and cattlemen, Brog and his sidekick disrupt construction attempts. Brog, intent on monopolizing the market, murders one of the cattle buyers to frighten the others into accepting his terms. Joe initially backs down and accepts a whiskey bottle, but when he confronts Brog in his office, Brog tempts him to draw his gun and murders him.
Blaming Chad for the tragedy, Helen turns on him upon his return. Brog drives a stampede through town to smash their rebellion, but Chad and Joe's plan persists. The showdown comes in the saloon, where Chad faces Brog and, against the odds, prevails in a hard-fought gunfight. Helen embraces Chad, and Tom realizes he has lost Helen for good. Sven Johnson, John Qualen, offers quiet wisdom on handling loss, helping him see that the dream he, Chad, and Joe had together has begun to take shape.
