The story of "Mexican Hayride," the new musical currently at the Shubert, is the story of Chicago's theatre-born Mike Todd, who took a jaded Broadway by storm a little over a year and a half ago with the lavish and ribaid "Star and Garter." Wise in the devious ways of show biz, Mike, since then, has offered a war-weary public escapism with a capital E.

With "Mexican Hayride," Mike Todd seems to have perfected his formula for war-time entertainment. He is the original money no objeck kid. Breath-taking sets, exquisite costumes, and gorgeous girls all bathed in Hazzard Short's brilliant lighting effects are what Mr. Todd uses for the basis of his show, and a very good basis it is at that. Into this colorful pot pourri he has tossed leering Bobby Clark as a racketeer turned South American good-will ambassador. Also on this "Mexican Hayride" are Wilbur Evans to sing, June Havoc to sing and dance, and Luba Malina both to sing and to look beautiful. Of the three June Havoc stands out with her sparkling rendition of "There Must Be Someone For Me," the only standout tune in an otherwise weak Cole Porter score.

It cannot be denied that "Mexican Hayride's" book is feeble. Perhaps the Fields have had a little too much success and are growing careless; whatever the reason the fact remains that they have allowed too many comedy situations to remain unexploited.

On opening night, Mike Todd, as much a man of the theatre as Noel Coward or George M. Cohan, seemed intent on finding that elusive something that will turn a rambling Hayride into a non-stop express for Broadway's Hall of Fame. Condensation and a half-hour's worth of sock comedy material should do the trick.