Wealthy American widow Elizabeth Carter plans to marry the Earl of Dettminster when lawyer Augustus Tucker informs her of a codicil in her late husband's will. The Carter fortune will go to nephew Pitney Carter, who is in love with Elizabeth, if her second husband is not an American. Elizabeth therefore pays penniless playwright Jasper Mallory $50,000 to marry her and schemes with actress Mme. Albani to provide grounds for divorce so that she may then make the earl her third husband.

Two flappers try to get their newspaper reporter boyfriends to pay attention to them.

Caroline Rogers, a spirited young girl with a taste for highly romantic novels, comes home from boarding school to attend her sister Ethel's wedding. Having read a particularly lurid novel entitled Twin Souls recently, she arrives at the rehearsal wearing a daring gown in the hope of ensnaring a "soul mate." Because of his poetic name, Caroline becomes involved with Reginald Van Alden, a married fortune-seeker. On the morning of the wedding, she abandons her old sweetheart, Bob Worth, to take a ride with Reginald, but when he takes her to a disreputable roadhouse, she escapes and then tries to commit suicide by drinking cologne.

The tragedy of Pierrot and Pierrette worked out against a velvety midnight setting.