Radio writer William Haines is in love with radio actress Madge Evans as Laura O'Neil, and the pair share light, everyday moments like roller-skating and casual radio outings that feel innocent in a time of uncertainty. But the tension in Bill Grimes’ life comes from his marriage to Karen Morley as Alice Grimes, a partnership worn thin by mutual resentment in the grip of the Depression. The couple stay together not from affection but from necessity, since money is tight and separate homes are a luxury neither can afford.
Alice makes a bold demand: for their third wedding anniversary, Bill should stay home to avoid an awkward humiliation in front of invited friends. On Laura’s suggestion, Bill tries to soften the situation with a thoughtful gift of stockings, yet Alice rejects them and the evening turns painfully sour. He even has to cancel a theater date with Laura to be there, and when he finally slips away to see her, Laura decides she cannot continue the romance. Laura, meanwhile, lives with her sister Sally, who has a knack for dating wealthy men without compromising herself, while their younger sister Honey O’Neil arrives with bright-eyed plans for double dates but quickly discovers the rough edges of romance in the city.
Honey, played by [Joan Marsh], comes to town hoping for grand marriages, but a clubman she meets scoffs at the idea and admits he just wants to keep dating her while engaged to someone else. Shaken but hopeful, Honey is buoyed by her sisters and eventually finds a more sincere connection with a decent man at the radio station who treats her well. The backstage world behind the showbiz glow offers its own light relief: a comic, inept sound-effects man whose misfires provide chuckles amid the romantic storms swirling around the main cast, a bit of levity courtesy of [Hank Mann].
As the story unfolds, Bill’s world grows smaller: he moves into a hotel after losing his job because the weight of despair cripples his ability to write the kind of comedy that once fed his career. He cannot send money to Alice, and the strain culminates in a quarrel when she confronts him in his room. In a moment of panic, he shoves her, and she falls and dies. Bill contemplates calling the police, but instead grapples with the consequences and chooses to flee. He goes to say goodbye to Laura, who chooses to run away with him, even as the police close in.
The case attracts sensational attention at the station: the manager of the radio outlet preys on the drama by painting Bill and Laura as a vicious murderer and a dangerous "paramour." From there, Bill and Laura reach Miami, but a gas station attendant recognizes them from the bland radio description and calls the police. A newspaper editor they approach for help traps them by locking them in his office and broadcasting their circumstances to the world, twisting the tale to imply a confession that never happened. The turn of events does not stop Bill from standing trial, where he is convicted of manslaughter.
In a finale that holds to the bleak realism of its era, Laura finds Bill at the station as he heads toward prison, and they face the new reality with a quiet, stubborn optimism. The days ahead feel uncertain, but they cling to each other and to a shared belief that better times might lie ahead. “maybe the Depression will be over by then.”
