This picture was based on a quote from The Law of Psychic Phenomena by Thomas Jay Hudson, which basically claimed that if someone dies in a state of emotional turmoil, their thoughts have the ability to create "phantasms," or ghosts. Two Jewish merchants, Max Rosenthal (Melvin Mayo) and David Goodman (Edward Sloman, who also directed), get a loan from banker Issac Cohen (George Routh) to expand their cloak and suit business. But naive Goodman becomes involved with Nanon Laval, an adventuress (Helen Wolcott), and the company begins to go downhill. He takes all the money and hides it from Rosenthal. Then he goes to see Nanon, but the elevator in her building falls and he is fatally injured. He is brought to her apartment and as he is dying, he hears her talking with her lover, Jimmy Rolfe (L.C. Shumway), about the hidden funds. Finally, Goodman wakes up to the fact that she is no good and is determined that she won't get her hands on the money. After his death, his ghost tries to tell his sister Ruth (Hazel Neece), his mother (Adelaide Bronti), and Rosenthal of the funds' whereabouts, but is unsuccessful. Nanon and Rolfe happen across a card which leads them to the safe, but Goodman's ghost finally gets to Ruth and she catches the adventuress in the library with her hands on the goods.
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