Stumpy runs into old friend Miles Ashby at the bank. Miles was just turned down for a loan. He needs the money so he can keep drilling for oil on his property. He thinks there is oil on his land even though no one has found oil anywhere else in the area. Folks call Miles' well "Ashby's Folly." Tully Philmore offers to buy Miles’ land and his oil drilling supplies. Stumpy wants desperately to help Miles but how?