Brant Royle Gary Cooper returns to his hometown of Kingsmont, North Carolina, to settle his uncle's estate. Years earlier, powerful tobacco magnate Major Singleton Donald Crisp drove Brant and his father from town, foreclosing on the Royles because they grew the best bright leaf tobacco and because Brant fell in love with Singleton's daughter, Margaret Jane Singleton Patricia Neal.
When Brant stops a runaway carriage driven by Margaret, she gives him a cool reception, but he is undeterred. Bored and eager for excitement, she deliberately incites her father to confront Brant at the hotel. Inventor John Barton Jeff Corey, needing financing for his revolutionary cigarette-rolling machine, witnesses the incident and approaches Brant.
Long ago, Brant gave his father's pocket watch to his girlfriend Sonia Kovac Lauren Bacall. Sonia has prospered by converting her late mother's house into a high-class bordello. Brant persuades her to invest in the machine, making her partner. Brant hires medicine show huckster Chris Malley Jack Carson, who becomes Brant's second in command.
Barton's invention produces cigarettes at a fraction of the cost of hand rolling, and Brant's company grows quickly. Brant returns home hours late to Sonia's birthday party and tells her his plans, blind to the fact that she loves him, and she travels to Europe.
One by one, Brant takes command of the rival businesses until only Singleton's is left. He shows Singleton that he has acquired his shares and debts, and he offers to return them as a wedding present. Margaret tells Singleton that she will marry Brant, although she does not love him, in order to save the family interests. He is appalled at her cold-blooded practicality and, blaming Brant, challenges him to a duel, but Brant refuses. Singleton shoots and slightly wounds Brant before committing suicide in disgrace.
Singleton's estate is worthless and his home is mortgaged, but Margaret refuses to sell the house. Brant visits her to say that his animosity was directed only toward her father. She warns him to stay away from her, but he replies that with him, she can have everything, and they kiss.
Barton sells his share to Brant and departs for Detroit and the fledgling automobile business. Sonia returns from Europe to a house beautifully refurbished by Malley, who proposes marriage. Sonia believes that Brant and Margaret are no longer together now that her father is dead, but Malley shows her the wedding announcement.
Margaret and Brant marry, and Sonia's wedding gift is the pocket watch. The Royles travel abroad for a year, and when they return, the business and marriage are both in trouble. Margaret refuses to share Brant's bed. Brant is facing accusations of monopoly. Spending lavishly, Margaret has sold off all the stock that Brant had given to her. Malley says that she has taken $2 million out of the company. Brant and Malley, who knew that Barton was behind the monopoly charges, learn that Margaret has been feeding Barton information. Brant confronts Margaret, who tells him that she has schemed to destroy him since her father died, and now she wants a divorce. He sets the house on fire accidentally but stops the firefighters, crying
> Let it burn!
On New Year's Day 1900, Brant comes to Sonia to say goodbye and to apologize. She says that she has killed the Brant Royle whom she loved. He says that Malley will handle the business, which no longer needs him. Riding out of town, he pauses to listen to his father's watch.
