The short opens with a depressed Tom sits on the railroad tracks, apparently bent on suicide-by-train.
Watching from a bridge crossing the tracks overhead, Jerry laments his old friend's current state. Jerry knows that, when he gets home, his other friends will ask him why he didn't even try to stop Tom. Jerry believes that "it's better this way, and for the first time since he met her, he will be happy." Jerry recalls the events leading up to Tom's depression:
Tom and Jerry were once near-inseparable best friends, but then one day, Tom fell madly in love
with a beautiful white female cat, who initially seemed to reciprocate Tom's feelings for her. However, the white cat ultimately proved herself to be nothing more than some opportunistic gold-digger,
as she wound up leaving Tom for her next-door neighbor, an obscenely rich black tomcat named Butch.
Having seen the white cat for what she really was and how she'd made a fool of his best friend, Jerry vainly urged Tom to give up and let her and Butch have each other. Ignoring Jerry's warnings, Tom pushed himself as well as his finances to the limit and beyond, all in ultimately futile attempts at winning back the white cat's affections—however, because of his vast wealth, Butch's gifts to the white cat were much larger and more extravagant versions of the stuff that Tom got for her.
The first gift Tom presented to the white cat was a single purple flower—but after arriving at her house, Tom discovered that Butch had already given her a large pink-and-red floral wreath with "Love From Butch" written on it in yellow.
After the flowers, Tom's next gift to the white cat was a single (and rather small) bottle of perfume, but then an enormous tanker truck (with a "Love From Butch" note attached to it) full of perfume drove up to her house.
4.) Tom's final gift for her was a car—one that he literally sold himself into slavery for (twenty years of it to be precise), just so that he could cover 26-years worth of payments at an annual interest rate of 112% (and he literally sells an arm and a leg for it). However, Tom's car was an outdated jalopy that's ultimately flattened by Butch's much longer, more luxurious coupe when he drove up the white cat's house to pick her up.
And now we're back to where the short originally started—Jerry, though still sad for Tom, expresses happiness about how his own girlfriend, Toots (who looks like the mouse version of the white cat), has remained faithful to him. However, Jerry's idyllic world is suddenly shattered when he sees Toots driving by with another mouse (presumably the mouse version of Butch) with a "Just Married" sign hanging off the car, proving herself to be just as much of an opportunistic gold-digger as the white cat.
Now just as dejected as Tom, Jerry joins his old friend on the railroad tracks. The duo waits for the oncoming train, which draws nearer and nearer. The train's whistle sounds louder as the cartoon fades out, leaving their fates uncertain.