Two great tough-guy actors, Raft and Bogart, play ex-cons. Bogart leaves prison and goes right back to the gangster life. Raft tries to go straight but, distressed by his younger brother's economic hardship, finally decides to join Bogart's gang pals.
The pace is very slow until Raft joins Bogart in the robbery gang. The second act involves a good bit of sentimental and repetitive elaboration of how hard it is for an ex-con to get a break, how life is unfair to the working man, and how much George Raft loves his mother. A certain sort of New Deal/AFL-CIO sensibility permeates the script. At one point, a factory boss offers Raft $30 a week ($10 more than Raft was making at his last job) if Raft will spy on the factory workers, who are dissatisfied with working conditions. Raft punches the boss -- insulted that the guy would even ask him to be a stool pigeon. And there's a little imbroglio between Holden and some stereotypical rich guy (with top hat and limousine) who unintentionally insults Holden's fiancee.
But after the proletarian class-struggle theme is exhausted, Raft joins up with Bogart's gang and the REAL action begins, featuring some well-choreographed shootouts and chase scenes.
Raft's performance is kind of weak, because he's trying to play a nice, sympathetic character -- it just doesn't work. Bogart is delightful as the disillusioned cynic, who is nonetheless loyal and reasonably noble in the end. A special pleasure in 30s flicks like this is the double-breasted suit-and-fedora gangster style. It's hard to imagine modern-day hoodlums dressing so sharp (even if they were gauche enough to wear their hats indoors).
(NOTE: Contrary to another member's comment, William Holden plays George Raft's younger brother, not his son.)
