Set in Kansas City in 1933, Eastwood plays a police lieutenant known simply by his last name, Speer. Reynolds plays a former cop turned private eye named Mike Murphy. Both Speer and Murphy served on the force together and were once good friends, but are now bitter enemies. When Murphy's partner is slain they team up again to fight the mob.

A foundling, raised in the circus, Sam Lion becomes a businessman after a trapeze accident. However, when he reaches fifty and becomes tired of his responsibilities and of his son Jean-Philippe, he decides to disappear at sea. However, he runs into Albert Duvivier, one of his former employees. He comes to realise that he has ignored the important things in his life.

A family from Poland has been left homeless in the wake of World War I. They move to Germany and struggle to survive the conditions there, during the Great Inflation. Inga is a Polish war orphan who has only accumulated a small amount of money from the rubble and hopes to marry Paul. Weakened by poison gas, Paul begins to invest in Inga's future and he serves as their symbol of optimism.