Jack Ruby (William Fairbanks), the son of a wealthy family, pretends to be a chauffeur and goes to work for Peggy Howell (Pauline Garon), a beautiful flapper.

A vaudeville magician team is broken up when Carlee, an ex--circus performer, becomes infatuated with socialite Hilda Schmittlap. Meanwhile his vaudeville partner, Claire, has chosen a new partner, but her "heart isn't in it" because she is disconsolate over Carlee. Curious about her new act, Carlee attends a performance and sees Claire nearly killed when she fails to substitute fake bullets for real ones. Rushing to her aid, Carlee realizes how much Claire means to him.

Living in the New York slums with her lazy father, Bessie takes imaginary voyages to "Dream Valley" on a "yacht" she has built in the backyard. Gilbert Byfield, posing as a poor man while completing his book, falls in love with Bessie and secretly arranges for her to spend a month at the Byfield country estate.