- John Craig, while rummaging through an old trunk, is reminded of his first sweetheart, Mary Ellen Anderson. A flashback shows their childhood together, their association while working on a local newspaper, and her assistance in preventing swindler Stuffy Shade from framing John as the perpetrator of a fraudulent oil venture. John ultimately discovers oil on the land in question and becomes the town hero. His dream ends when his wife, Mary Ellen, enters the attic with their two children.—AFI
- John Craig, rummaging through the attic of his home, finds an old Christmas card addressed to him "From An Old Sweetheart of Yours." He thinks back to the time when he was a young boy and Mary Ellen Anderson was a young girl. Johnny shows off by walking a picket fence, but his overalls get caught and he remains suspended until Mary Allen rescues him. Thus, their relationship begins. Johnny, Mary, and the dog Spot play house. A group of boys, led by Stuffy Shade, begin to taunt Johnny. Johnny fights them all, and Mary Ellen breaks up the battle with a garden hose. John pictures the first kiss Mary Ellen gave him after school one day. Then he sees himself years later as a newspaper owner in a small town, with Mary Ellen as his assistant. He is admired and respected by everyone. But he is in financial stress, worried about notes held against his business. Stuffy Shade, just arrived from New York, pays John a visit and introduces his cousin, Irene Ryan. Stuffy learns about John's financial troubles and offers to help out. He lends John $2500 and gets a receipt for it. Then he interests John in a speculative venture. Stuffy has an associated named McCann, who is posing as a geologist. Stuffy and McCann have been quietly buying up ground leases from farmers. Stuffy claims that the National Oil people want a lease on his farm. He says that this is a great opportunity for the town, and suggests the townspeople form a pool to take over the leases he holds. John prints the news in his newspaper. The people of the town, who trust John, come forward with money and organize the pool. Irene begins to show attention to John, and Mary Ellen is hurt when John calls off a dinner appointment in order to have a business dinner with Irene and Stuffy. The day approaches for the last payment by the pool to Stuffy. On that same day the supposed oil well is to be tested for a gusher. Irene tells John the truth about the scam, and that he had better escape town with her and Stuffy. Mary Ellen overhears part of the conversation. Meanwhile, a crowd gathers for the oil test. At the same time, Stuffy and his confederates appear at John's office for the last payment of $10,000, which the pool has turned over to John for payment. John refuses their demand. Stuffy pulls out the receipt for the $2500 loan he had given John. To John's horror, Stuffy had inserted a line on the receipt stating that the check was payment for helping to put over the oil scam on the townspeople. Mary Ellen arrives at the testing ground just as the crowd realizes it has been cheated. She pleads with the crowd not to judge John until they hear his side of the story. The townspeople start towards John's office. There, Stuffy is still trying to get the money from John. But an oil-splattered messenger rushes in to tell everyone that after the crowd had left, a great gusher of oil shot up. John is vindicated, and the cheaters have cheated themselves. In the present, as John sits in the attic, he sees Mary Ellen, that old sweetheart of his - now his wife - entering with their two children.
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