Peggy is a Follies dancer who forsakes her life of carefree attachments in order to meet her goal of marrying a millionaire. Alas, her elderly husband, broker C. Morton Gibson, is a well-meaning bore, and soon Peggy begins seeking entertainment elsewhere. A year after their marriage, three significant events occur almost simultaneously. Peggy's former boyfriend, Paul Lockridge, a composer and pianist who is in love with her and seems to have a funny quip for every occasion, returns from Paris. She reunites with him as he offers her his companionship as a diversion from her stuffy life. Also, Ralph Le Saint, a young devil-may-care sculptor who is still in love with Peggy, plans his suicide in a mood of bitterness, and Gibson's daughter, Marjorie, returns from schooling abroad. Marjorie is soon paired with Ralph, and the romance that develops between them is paralleled by the adult affair between Peggy and Paul.