Winds blowing in Holland. A Swedish cargo vessel at port. Crowd gathered at sea. Boats rescue crew members of the vessel. Man descends a swinging ladder on a boat.
A lighted signboard , "Life of Riley". Large crowd gather to see William Bendix. A board reads "World Premiere". A woman on microphone with a man. A car arrives. William Bendix comes on to the stage and waves. William Bendix cuts a cake surrounded by children. He acts as if eating.
A policeman talks to a man while writing a ticket that turns out to be an entry in a pyramid scheme. A man receives a pyramid scheme chart and calls on the telephone. A man tries to convince another man to get involved in the pyramid racket. Another man tries to convince a woman to join the pyramid scheme and she goes to the ladies room to escape him. People involved in the pyramid scheme gather in a house. A sucker waits next to multiple phones while rubbing his hands together greedily in anticipation of winning a lot of money. Many people talking on the telephone all at once to others involved in the pyramid scheme. A woman telephone operator busily handling many calls at the switchboard. The sucker smokes a cigarette while waiting for one of his many phones to ring. View of downtown Los Angeles. Close up of feet walking up steps. Participants in pyramid scheme give money to woman who drops it in a basket. Bushel basket full of money. Sucker crosses his eyes and looks at the camera after realizing that he will not win money.
The freighter, Flying Enterprise, is seen listing some 80 degrees to port in the windswept approaches to the British Isles. After suffering damage from a storm on December 28th, she had been taken under tow toward England,by a succession of ocean-going tugs over a period of 15 days. Her present position is only about 30 miles from the coast of England, but her tow line has parted and she is foundering. Closeups of "Flying Enterprise" and "Isbrandtsen" painted on her hull. (Narrator states that the Captain, Henrik Kurt Carlsen,is still aboard.) Aerial view of several other ships around the stricken vessel. Officers and crew of the destroyer, USS Willard Keith (DD-775), are seen firing a line to the Flying Enterprise. Heavy seas are flowing over the foredeck of the destroyer. Another view of the listing ship. (During these scenes, Captain Carlsen is heard on the radio, in the background, describing the circumstances leading to their present trouble.) More views of the Flying Enterprise, helpless and battered by wind and seas, before eventually sinking (not seen). Narrator states that Captain Carlson was rescued. (Note: This ill-fated trip which ended in the sinking of the old Liberty Ship made world-wide news when it turned out that she was carrying paper money.)
President Harry S Truman arrives at the Joint Session of Congress in Washington DC. Members of the Congress clap. President Truman delivers State of the Union address before the reconvened Congress. He speaks about a disarmament strategy and the need for the Soviet Union to participate in arms reduction. Truman states that the world still walks in the shadow of another world war. He states that the nation's moral strength is most vital.
A British catapult systems for aircraft carriers is introduced. Demonstrations include launch of a dead weight, a pilotless plane and then piloted jets from the deck of an aircraft carrier during various stages of tests in England. The pilotless plane has no wing tips to ensure it will not fly far after launch, and crashes into the sea after launch.
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