Millionaire railroad baron Alex Stream (Warren William) is drifting apart from his wife, Hettie (Mary Astor), who devotes her attention to climbing the social ladder. While sailing his yacht, Alex saves burlesque performer Lilly Linda (Ginger Rogers) from drowning, and the two become friends. Despite the chaste nature of their friendship, Lilly's boyfriend and manager, Lou Colima (J. Carrol Naish), notices her liking for Alex and tries to use the millionaire's letters to Lilly for blackmail.
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