Cap'n J. "Jeri" Jericho is an avowed bachelor who tows garbage on his scow the Sea Queen for the U.S. Navy. Jeri makes a habit of listening to the radio "success talks" of Milton J. Bunsey, who inspires him to become a self-made man. Because he needs a bigger boat in order to get his Navy contract renewed, Jeri becomes a skinflint. Jeri's attempts to avoid any obstacles to success are thwarted when he meets Sally Driggs, a runaway taxi-dancer, who tries to kill herself by jumping off a bridge. She lands in Jeri's net, then falls for him romantically as well. Each month Bunsey holds a dinner to discuss ways of cleaning up the city, and this month, he dines at the Silver Harbor, where Sally dances. While drunk, Bunsey steps on her toes, and she steals his wallet for "damages" and flees, again ending up in Jeri's net, then resolving never again to sell herself for money. Shopkeepers Peck and Mom Wealin, with whom Jeri lives with orphaned baby Barney, take Sally in with kindness when they discover her father, a racehorse trainer, died the month before, forcing her to leave the racetrack. Next, a plane crashes in the ocean, and Jeri saves the life of the Navy's Rear Admiral, who tells Sally that Jeri called her a "worthless little runaround." Determined to make money, Jeri prepares for a two-month tuna fishing expedition with his friend, Joe Satsanuki, who is awaiting the arrival of his bride from Japan. Aware of how dangerous tuna fishing can be, Sally urges Jeri to play the track in order to earn enough money for his new boat. Sally's horse wins, but Jeri had been too timid to bet his savings. When she accuses him of being tight, Jeri leaves in anger. While at sea, Joe and Jeri's boat sinks and Joe drowns, but Jeri is rescued by the Rear Admiral, who reimburses Jeri for money lost on the trip and guarantees a renewed garbage contract. Meanwhile, Barney's jailbird mother returns for him, and Sally is forced to pay her off with Jeri's savings in order to keep Barney. Sally and Barney meet Jeri's rescue boat and Bunsey sees her. Jeri clears Sally by threatening to expose Bunsey's licentiousness, then knocks him out and proposes to Sally.