Harry and Walter Go to New York was born of the theory that, the more stars and money that you throw into a film, the better the film will be. The theory has seldom been proven true, and it certainly wasn't in this case. Harry (James Caan) and Walter (Elliot Gould) are a third-rate vaudeville team, playing tank towns in turn-of-the-century USA. Thrown into the hoosegow on a petty-theft charge, our heroes make the acquaintance of big-time crook Adam Worth (Michael Caine). Once they're sprung, Harry and Walter follow Worth to New York, with the intention of pulling off a huge bank robbery. Lissa Chestnut (Diane Keaton), a bird-brained suffragette, is also mixed up in the proceedings though she never seems certain of who or what her character is from one scene to the next. The film's one tangible asset is its meticulous re-creation of 1890s New York, courtesy of art director Harry Horner.

James Caan later dubbed the film "Harry and Walter Go To The Toilet" and sacked his management after making the movie. "The director sacrificed jokes to tell a story no one cared about," he said.