After the death of her trapeze artist father, a little girl is taken in by two clowns.

Two modest young employees, Jean and Madeleine, dream of leading the way, but the experience turns out badly. Madeleine marries a German aristocrat who turns out to be a spy, and finds Jean who had joined the Legion.

Somewhat reminiscent of 'Mädchen in Uniform' (1931), the story is set in a private girl's school, populated almost exclusively by children from broken homes. Among the few students who can claim family stability is Micheline Presle, but even her happiness is threatened when her lawyer father Andre Luguet inaugurates an affair with stage actress Jacqueline Debulac. With the help of Debulac's daughter Louisa Carletti, Presle is able to break up her father's romance and deliver him into the open arms of her mother Marcelle Chantal.