A poor woman dreams of loving a wealthy New Yorker and falls in love with him while trying to make his girl-friend jealous.
In New York City on July 4th kids steal food from grocer Eric Swenson (El Brendel). Molly Carr (Janet Gaynor) lives upstairs with Bea Nichols (Marjorie White) and sings "I'm a Dreamer." They celebrate with Eric and Eddie Rafferty (Frank Richardson).
On Long Island, Jane Worth (Sharon Lynn) sings "You Find the Time" at a party. Jack Cromwell (Charles Farrell) sees a man kiss her hand. He becomes jealous, drinks, and drives off. In the city he nearly hits a child and crashes. Eric helps him to his place. Jack sees Molly in her underwear. She puts on a dress and treats his injury. Molly recognizes him from her news clipping. She advises Jack to make his girlfriend jealous.
At the block party Eddie and Bea sing "Daisy." Molly sings "Sunny Side Up" and gets people to smile. Jack asks Molly to be in a charity show, and he invites her, Eric, Eddie, and Bea to stay with him.
Jack asks his mother (Mary Forbes) to have a reception for Molly. Eric, Eddie, and Bea pretend to be her servants and are inspected by Lake (Peter Gawthorne). At the garden party Molly meets Jane, who questions her. Lake spreads news that Jack is paying Molly's rent. Molly tells Jack that he is her dream man. Jack finds Jane jealous and thanks Molly.
At the Charity Carnival, Jane sings "Turn on the Heat," and offstage Eddie sings to Bea. Scantly clad women dance. Jack and Molly sing "If I Had a Talking Picture of You." Jane tells Jack she will marry him if it is soon. Jack tells Molly, who pretends to be glad. Mrs. Cromwell tells Molly of the rumor that Jack is having an affair with her and asks her to leave. Molly says it is not true. Molly tells Bea and says she will go. On stage Molly sings "I'm a Dreamer." She collapses, and Eric carries her. Eric tells Jack that Molly is leaving, and Eddie hits Lake. The four get a ride to the city on a truck.
Jack smokes all night and realizes he doesn't love Jane; he loves Molly. Bea tries to cheer up Molly by singing. Eddie says he got his job back, and Eric gives Molly flowers. Jack finds Molly alone and asks her to marry him. She says she does not want pity. Jack kisses her, and she tells him to go. Jack leaves, and Molly cries. Bea consoles her. Molly remembers she left her diary and hurries back.
Mrs. Cromwell finds the diary and tells Jack that she was wrong about Molly. Molly gets her diary and hears Jack singing a love song to her picture. Molly says she loves him, and he puts a ring on her finger.
This pioneering musical appeals to the romantic dreams
of the audience and challenges the social stratification by having
a socialite fall in love with a common girl with a heart of gold.