The title is a play on the 1933 film The House on 56th Street.
An unnamed mouse in a yellow hat helps himself to a 100-proof rum cake, which has made him more than a little drunk. The mouse staggers away, hiccupping.
The next morning, he has a severe hangover, and sounds of drilling at a nearby construction site give him excruciating pain. He grabs the nearest piece of ice he can find to apply to his head; the ice is the Sunflame Diamond from Spiffany's, and two policemen, one of them a lunkhead, are assigned to investigate the "theft" of the jewel. They bungle all their attempts to catch the mouse, who has the jewel tied to his head, with the running gag consisting of the idiotic Muldoon getting distracted over the jewel (followed on with the repeated quote "Oh de boy! The diamond!") which causes his fellow police partner to get all the bad luck due to Muldoon's stupidity.
As the chase intensifies, the jewel falls off the mouse's head and lands on the fellow policeman's head, causing Muldoon to continuously clobber him in the head, thinking its the diamond. The mouse observes this from the inside of the bakery, and seeks refuge in the exact same rum cake he ate the previous day.
- The jewelry store, Spiffany's, is a play on the Tiffany's jewelry stores. Also, there's a department store called Lacy's, which is based on the Macy's department stores. In the Looney Tunes short "A Waggily Tale", there's a department store called Stacy's.
- This is the last Looney Tune that Michael Maltese wrote in the Golden Age of Animation.
- MeTV aired a previously unreleased restored print of the cartoon on "Toon In with Me". This restoration was later made available on WarnerMedia RIDE.