Porky Pig is sent out by his father with $11.00 spending money for help on the farm, unfortunately, he accidentally spends it on an auction, for a sickly, broken-down race horse known as Tea Biscuit. Porky shapes him up for a race, although Tea Biscuit's attention is diverted to a trombone. However, a balloon pop assures that Porky wins with Tea Biscuit and gets the reward...
The iceman is in love with a pretty girl, and an old spinster is pining and cooking for him. But his dreamgirl prefers crooners like Bing Crosby, Rudy Vallee, or Eddie Cantor. After leaving her, he spots the sign of an imitator, and thinks he could ask him to do the crooning for him while he is trying to date his girl. The imitator accepts, and at first the trick is working, until the imitator gets too cold amid the ice in the back of the van and the girl gets suspicious.
The narrator sets the scene for a warped version of the classic poem, and the hijinks when assistant Porky gives the blacksmith a rubber horseshoe, then a hot horseshoe on the horse's backside by accident.
