Crooner Harry Raymond and his best friend James Tierney are working for a musical promoter when they meet Dolores Fenton, who is trying to make ends meet by selling one of her songs. Raymond collaborates with Miss Fenton on her music but gets fired by overzealously selling it to his boss. Raymond and Tierney, with with their girlfriends, work in vaudeville until they are separated by a Broadway offer for Raymond and Dolores. Success comes to the crooning Raymond in New York. He starts hobnobbing with high society, drinking heavily, and forgetting his old friends. It's a formula for a big fall.