Lou owes Stinky's bruiser brother $5, and he looks to come up with the money. Hungry, Mr. Bacciagalupe offers to pay Lou 50 cents to watch his ice cream stand while he goes to lunch. When Lou refuses to give Stinky free ice cream, Stinky sabotages his stand by secretly replacing the ice cream with limburger cheese. Lou's next job is selling newspapers on a street corner. J. Peter Stuyvesant (Thurston Hall), a leading philanthropist, gives Lou two $500 bills after he makes up a story of selling papers to put his mother through college. Soon two men come up to the man and haul him back to the retired actor's home, explaining that the retired eccentric actor played millionaire parts for so long he began to hand out phony money. Bud tears the money up. One of the men (Allen Jenkins) returns to clarify that the man was legitimate and only bore a resemblance to the one they were talking about. Bud loses his mind and the men haul him off to the retired actors home. He sends Lou a note to come to the home and help put on a show for the retired actors. Bud and Lou perform their legendary "Who's On First?" routine.
This is the classic "Who's On First?" routine, also seen in their film "The Naughty Nineties". The hilarious, iconic bit is the obvious highlight of the episode, constructed to set up the ending sketch.