Millionaire Herman Whipple backs a new show to be produced and scored by Steve Raleigh when his wife Caroline is impressed by the handsome songwriter. Meanwhile, out-of-work dancers Sonny Ledford and Peter Trot get work in Baltimore training Mrs. Whipple's race horse,"Stargazer." After the horse loses a race because of an injured tendon, Mrs. Whipple decides to sell it. On the train back to New York, she is not happy to find Sally Lee, who had reared Stargazer, in the same car with the horse and his trainers and is more unhappy that Steve seems to be infaturated with Sally. Steve sees Sally dancing and asks Sonny, who is in love with her, to bring her to an audition for his new show, and despite everyone's opposition, he insists on making her the star. Because he, too, is now in love with Sally, he gives Whipple a promisory note for his own half of the show in exchange for a loan of $1200 to secretley help Sally buy Stargazer from the Whipples. Mrs. Whipple becomes jealous, however, and convinces her husband not to back the show if Sally is the star. Although Sally leaves the show, hoping to help Steve, he won't go through with it unless he can find financing for her to play the lead. When Sonny tells Sally that Steve was the person who really gave her the money to buy Stargazer, she is determined to use their $25,000 winnings from a big race to back the show. At first Stargazer shows no inclination to run after the starting gate, but when he hears co-owner Nicki Papaloopas singing "Figaro," his favorite song, over the load speaker, he gallops to first place. With enough money behind it, the show is a huge success and Sally and Steve look as if they will be more than business partners.