Kandinsky is a Jewish tailor, whose gift for telling fairy-tales brings about exciting and magical events in the life of a small boy. Joe, a six year old child, who lodges with his mother in Kandinsky’s house, is broken hearted when he loses a pet chicken. Kandinsky tries to console the boy by telling him a story about a unicorn who has a magin horn which, if rubbed, will grant any wish. Entranced by the fairy-tale, Joe sets off through Petticoat Lane in search of a magic unicorn.