In New York, producer Claire Thomas' "Silver Skates Ice Revue" finally is doing good business thanks to the special appearance by star skater Belita, who is soon to marry a Chicago businessman. However, Claire is still fighting off creditors and worries about being able to keep the show open after Belita leaves. Danny Donovan, a singer in the show, is Claire's fiancé, but she does not want to marry him until she can free herself of debt. After Claire is forced to post the show's closing notice, Eddie, a member of the company, suggests to Danny that he romance Belita to get her to stay with the show, but she gently rejects him. One evening, when Claire returns to her apartment building, she finds a little girl, Katrina, waiting for her. Katrina has become separated from a relief committee worker and tells Claire that she is trying to find her uncle who used to be a skater with Claire's show. Claire takes Katrina, a refugee who lost her parents in an air raid on Rotterdam, to her apartment for the night and the next day, introduces the girl to some of the show's cast. Later, Miss Martin of the Netherlands Relief Committee visits Claire, and after apologizing for "losing" Katrina the night before, seeks Claire's help in finding Katrina's uncle, who is now in the Army. When Claire learns that Miss Martin will place Katrina in an orphanage unless she can find a married couple to adopt her, she asks if Katrina can stay with her for a few days while she and her "husband" consider the situation. Claire then suggests to Danny that they should marry, but when he discovers the reason behind her sudden change of heart, he cools off a bit. At the same time, Danny tries to sell agent Roscoe Hayes on a new show built around the comedy skating act of Frick and Frack, and although Hayes is unsure, he agrees to see their act. Just before their audition, Frick and Frack receive a cable from their manager advising them that he has signed a new tumbler, Ernie Hayes, to join their act. When Hayes comes to see the show, Frick and Frack assume he is their new partner and start to rehearse a bullfighting routine with him. After being subjected to numerous indignities, Hayes storms out without seeing any of the show. Later, however, Claire sees boy skater Billy Baxter and Katrina skating together and realizes that she could build a new show around them. Belita has a fight on the phone with her fiancé Tom and tells him that she is dumping him in favor of Danny, who now finds himself engaged to both Belita and Claire. Danny then tells Hayes that he and Belita have worked up a new act and Belita says that she intends to marry Danny and will consider a year's contract with the show. After Hayes sees the new number, he agrees to book the show for forty weeks, and Claire, who is unaware of Danny's involvement with Belita, is thrilled by the news. However, when Danny tells her that he is going to marry Belita, Claire demands that he tell Belita that he cannot marry her, even though she knows the show will have to close. After Tom arrives from Chicago and reconciles with Belita, both she and Danny agree that they will have to cancel their wedding plans. Belita adds that she never intended to marry Danny but was only trying to make Tom come to his senses. Later, Claire and Danny marry and adopt Katrina, and the show goes on.