Connie agrees to put up Philip's jockey friend Billy and his horse before a big race. Owing money he needs to lay low so Connie, Philip and Walter must convince Mr. Conklin he's losing his memory and that Billy is a new student.
Connie agrees to open her home to a pal of Mr. Boynton'swho when he arrives turns out to be a jockey, complete with horse. Connie's situation isn't helped by Principal Conklin's violent feelings about race-track characters.