Jubilo comes across a group of fellow tramps singing "That Old Gang of Mine." He sits down with them and tells a story about his old gang. Jubilo is again a freckle-face boy with a mother he loves and a cruel father he hates. His mother's birthday comes around; and as usual, his father refuses to buy her a birthday present. Jubilo watches as his father's cruelty brings his mother to tears yet again. The boy decides to buy his mother a present himself. He settles on a beautiful (to him) lady's hat. He digs a hole for the promise of a dollar. He carries wet cement in a wheelbarrow. He delivers groceries. But something always goes wrong with the odd jobs. Finally, inspired by Barnum, he starts up a makeshift circus, starring all the neighbor kids.