Freddie the Freeloader prepares to scrape together money and enjoy a Christmas dinner with his equally poverty-stricken friend Professor Humperdo at one of New York's fancy restaurants. When a lost dog appears in his apartment, he is accused of thievery by his wealthy owner. After a meeting with the bag lady Molly, he visits a hospital and entertains some children for Christmas. Freddie busts the professor out of the drunk tank and the two eventually reach the restaurant - and treat themselves to a feast.