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Carol King, Trixie Lorraine and Polly Parker, three out-of-work showgirls living together in a cheap New York City apartment, are down to their last pair of stockings when rival Fay Fortune informs them that Broadway producer Barney Hopkins is putting on a show. Carol brings Barney to the apartment, where the girls have gathered their friends, including Polly's boyfriend, Brad Roberts, an aspiring songwriter, to audition. After Barney hears the songs, he admits that he has no backers, but Brad offers to put up the money on the condition that Polly is featured in the show. Trixie and Carol are sure that Brad is broke and fear that he has stolen the money when he refuses to appear on stage. On opening night, Brad is forced to replace the juvenile. The musical is a success, but Brad is recognized as Robert Treat Bradford, the heir to a prominent Boston family's fortune. When the news breaks, Brad's brother Lawrence and the family banker, Faneuil H. Peabody, come to New York to stop Brad's career and plans to marry Polly. Matters are further complicated when Carol poses as Polly, pretending to be the gold digger whom Lawrence expects. Trixie also plays along and seduces Peabody. As Polly, Carol accepts Lawrence's pay-off not to marry Brad, but because she has fallen in love with him, admits her true identity. Lawrence realizes he is in love with Carol as well and changes his attitude about showgirls. Finally, Brad marries Polly, and Trixie weds Peabody.