Life in 1847 Paris is as spirited as champagne and as unforgiving as the gray morning after. In gambling dens and lavish soirees, men of means exert their wills and women turned courtesans exult in pleasure. One such woman is Marguerite Gautier, who begins a sumptuous romance with Armand Duval.

Julie Cavendish comes from a family of great Broadway actors. Her mother Fanny staunchly continues acting. Her boisterous brother Tony is fleeing a breach of promise suit in Hollywood. Her daughter Gwen must decide between going on stage, or settling down in a conventional marriage. Julie is just thinking that it would be nice to retire and get married, when who should turn up but her old beau, Gilmore Marshal, the platinum magnate from South America.

Spendthrift Willie Hale again returns penniless to the family home in London. His father is none too pleased, but Willie smooth-talks him into letting him stay. At the same time he turns the charm on Dorothy Hope, whose father is big in linoleum and who, before Willie's arrival, was about to become engaged to a Russian aristocrat.

A young man and woman are considering marriage; eugenicist Harry J Haiselden warns that they are ill-matched and will produce defective offspring. He is right; their baby is born defective, dies quickly and floats into heaven.

A young man proposes a lottery with himself as the prize in marriage. However he finds himself very much in love with a woman other than the winner.