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American showman Thadeus Spencer is stuck without money in the Swiss Alps with his wife, a girls' band, a comedy trio and a recent harmonica-playing discovery when the group learns that the Grand Palace Hotel in Ardetz, where they were to perform, has burned down. Upon seeing Greta Muller, an innkeeper's daughter, ice-skate, Spencer has a vision of her performing with a skating ballet that will make him millions. Spencer arranges for her to skate in a tryout performance at a St. Moritz casino for which he will get paid 950 francs. American reporter Bob Harris from the Paris Herald arrives at the inn to investigate the hotel fire which, rumor has it, was an attempt to kill a European premier. Bob has his photographer, Danny Simpson, trail Ratoffsky, a suspicious-looking bearded guest, and tries to romance Greta, who is sullen after a band member has Bob massage her neck. When Bob learns that Greta's father Heinrich, a 1908 Olympic figure skating champion who lost his medal because he accepted money as a gift for teaching, has trained Greta for twelve years for the upcoming Olympics, he follows the troupe to St. Moritz and stops Greta after her first number, warning that she is risking her Olympic eligibility. Unaware that her exhibition involved money, Greta is grateful to Bob as they ride back on a sleigh. At the Olympics, Greta wins first place in figure skating, but when she refuses to turn professional and skate for Spencer in New York, he threatens to expose her St. Moritz performance to the ruling committee. Heinrich returns Greta's medals himself when he learns of the St. Moritz exhibition, but Bob takes Spencer to explain the situation to the secretary of the committee, Sir Frederick Brooks, who earlier was vacationing in the Alps incognito as Ratoffsky. As Greta received no payment and Spencer used all the money he received for expenses, Brooks declares Greta's eligibility proven, and the whole troupe, with Greta now as the star, performs in Madison Square Garden.