Yes—that’s it. Bob and Bing were carnival guys who tried every trick in the book at the carnival in Brooklyn (Coney Island) until they ended up burning down the place and going on the lam on a steamer.
I saw it recently on TCM. Amazing how they could be so funny with never a bad word or a vulgar reference!
Ahh, for the good old days when humor was funny and clean, and movie stars loved America the way it was.