Alexander Stream is a multimillionaire, Warren William, who is devoted to his wife Mary Astor Hettie Stream and their son Dickie Moore Tommy Stream. While he enjoys life aboard his yacht, a young woman, Lilly Linda Ginger Rogers is spotted drowning in the ocean. The crew pulls her aboard, and Stream lends her some of his clothes.
He gives her a ride home in his limousine, and she invites him inside to return the clothes. To thank him, she offers to make breakfast, and he ends up skipping all of his morning appointments to share the meal with her. On the way to his duties, his car is stopped for speeding by Officer Moran [Sidney Toler], an incorruptible beat cop. Stream uses his influence to get Moran demoted.
Back home, Hettie hosts a grand costume party, and she urges him to attend. He confesses that he misses spending time with her, but she insists that maintaining her social position is as vital to her as his career. He declines the party and instead plays with Tommy.
The next day, he schedules dinner at an upscale restaurant and makes special arrangements for a cake to mark their 14th wedding anniversary. When he calls to invite Hettie to the city, she says she already has plans. As his driver takes him away, he sees a photo of Lilly headlining a burlesque show and stops backstage to invite her to share the anniversary dinner. She realizes he invited her because his wife cannot come.
After an innocent dinner, Oscar, Andy Devine his driver, brings him home, and they agree to keep Lilly’s involvement a secret. The next morning, Hettie announces that Tommy will be sent to sleep-away camp 200 miles away to maintain appearances, and Stream resents the separation. She explains it’s necessary for their social standing.
When Tommy leaves, Hettie reveals she’ll be away for two weeks with friends of their circle. Alex schedules another ride with Lilly in his airplane. Meanwhile, Lilly’s manager and boyfriend, Lou Colima [J. Carrol Naish], urges her to have an affair with Alex so they can blackmail him. After a minor accident, Lilly and Alex share a kiss.
A few months later, Alex has installed Lilly in a luxury apartment and buys her a $12,000 diamond bracelet for her birthday. On the way to dinner, Hettie discovers the gift and assumes it’s for her. Lou Colima pushes Lilly toward blackmail, breaking open her bedroom door and slapping her when she refuses to hand over the letters. He grabs a gun Lilly had pointed at him and places it on a chair as he heads out. At the door, he confronts Alex and reveals that Lilly and he were plotting to extort him. Lilly, who is sincerely in love with Alex, is distressed by the turn of events. Alex demands the letters; in the ensuing struggle, Lou fires his gun at Alex but kills Lilly instead. With a jammed gun, Alex seizes the weapon Lou tossed aside and kills him. He stages the scene as a murder-suicide and erases any trace of his presence.
When he returns home, Hettie waits to tell him that she’s bringing Tommy home from military school and wants to spend more time together. Unbeknownst to Alex, Moran—now patrolling the streets—saw his car illegally parked outside Lilly’s building and suspects foul play. While the press frames the case as murder-suicide, Moran gathers clues and tries to secure Alex’s fingerprints, only to discover that the police have been compromised. He creates a scene, and the chief of detectives has him jailed. Reporters swarm the jail cell, shouting that Alex is involved.
Several reporters arrive with a fingerprint technician at Alex’s house, where he hosts a large party to celebrate the purchase of another railroad company. They demand his fingerprints to clear his name, and Alex reluctantly offers them. The technician’s comparison confirms the match with Lilly’s apartment, and the police arrest him for murder. In the midst of the crowd, Alex proclaims that he is being charged.
Waiting for the verdict, he is summoned to the judge’s chambers, where Hettie and Tommy appear. She tells him Europe is planned for the next day, and she hopes he can forgive the affair. He admits he was lonely and that while he cared for Lilly, he still loves Hettie and craved attention he wasn’t getting at home. He returns to the courtroom as the verdict is read.
The scene shifts to a ship, where Tommy speaks with Oscar about traveling to England, and Alex sits beside Hettie on the deck. He is acquitted, and the voyage becomes a second honeymoon as they vow to make time for each other and preserve their marriage.
