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When the Tobler Soap Company of Vienna sponsors a slogan contest, the first prize winner is unemployed Fritz Hagedorn, and the second place winner is Edward Schultz. Unknown to all, Schultz is really a pseudonym for Rudolph Tobler, the millionaire president of Tobler Industries. Because Tobler is tired of being bossed by his housekeeper, Mrs. Kunkel, and yearns to see how the common man lives, he decides to go incognito with his butler, Johann Kesselhut, to the Palace Hotel in the Alps, the site of the two week trip given as a prize. Meanwhile, Fritz, a perennial contest winner, decides that going there will enable him to make important contacts and possibly get a job. As Johann and Tobler journey to the hotel, Mrs. Kunkel telephones Mr. Bold, the manager, and informs him that an eccentric incognito millionaire will be staying there for whom she will send a draught to pay for "special treatment." Their conversation is cut off, however, before Bold learns the man's name. When Fritz arrives, Bold thinks that he is the millionaire and gives him the royal treatment. Tobler, however, who is traveling under the name Edward Schultz, is thought to be a nobody and is given the worst room in the hotel. Mrs. Irene Mallebre, a divorced fortune hunter, has heard the gossip about Fritz and tries to ingratiate herself to him. When they have a drink in his suite with Tobler, however, she observes Tobler's knowledge of fine brandy and realizes that he must be the real millionaire. She confirms her suspicion when she finds Tobler's picture in a book about industrialists. Several days later, Johann telegrams Mrs. Kunkel that Irene is pursuing the unsuspecting Tobler, and she and Tobler's daughter Hilde go to the Palace. When Fritz saves Hilde from a near accident on the ski slopes, the two begin a romance. She says that her last name is Schultz and claims to be Mrs. Kunkel's niece. After a costume ball, Fritz tells Hilde that they can't see each other after the holiday is over, as he doesn't fit in with the rich, but she then claims only to be a poor relation to Mrs. Kunkel. That same night, Tobler visits Irene in her room and discovers that she knows his identity. When Mr. Polter, the bell captain, is sent to Irene's room by Mrs. Kunkel, Irene claims shock and Tobler leaves. Later, when he turns the water off in the hotel, he is ordered out. Back in Vienna, Tobler has Fritz hired as his general advertising manager at a very high salary and sends Hilde to him. She cannot admit her deception, even when he proposes, but goes out with him that evening. The same day, Tobler summons Polter, Bold and Sepp, a kindly dishwasher, to his office and hires Sepp as the manager, leaving Bold and Polter's fates in his hands. When Sepp and Tobler learn that Irene has filed a breach of promise suit against Tobler, Sepp secretly sneaks into her hotel room and is discovered in the bed next to hers when the management comes looking for a fire that has been anonymously reported. Confronted by Sepp, Irene has to drop her suit. Finally, when Fritz accompanies Hilde home late at night, everyone is awakened and, after some grumbling when he learns the whole truth about the eccentric household, Fritz agrees that he and Hilde should get married.