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Arriving in the small town of Toptown to participate in the local rodeo, Buck Sims (Hoot Gibson) meets lovely Pony Blenning (Ethlyne Clair), who, with her crippled father (Charles Sellon), operates a merry-go-round. Pony's regular suitor, town bully Pinto Pete (William Dunn), attempts to warn off the newcomer, but is beaten in the ensuing fight. Pony's father is suddenly found shot and Buck is arrested. The Blennings, however, refuse to prosecute and Buck is free to win the Big Race, beating Pete once again. Pete then kidnaps Pony with Buck in hot pursuit. The final battle takes place in a canoe, where Buck finally manages to rescue Pony. Universal's highest paid Western star and a special favorite of studio owner Carl Laemmle, Hoot Gibson was at the top of his game in 1927. Directed by action expert B. Reeves Eason, Painted Ponies benefitted from the typical Gibson mix of rustic humor and hard riding.