1860 ushers in the era of iron ships, Richard Sibley, a builder of wooden ships, stubbornly resists the change, which leads him to forbid the marriage of his daughter Rose to John Rhead, a proponent of the new method. This injustice outrages John's sister Gertrude so much that she breaks off her engagement to Sibley's son Sam. Meanwhile, John and Rose elope.

A victim of hypnotism begins to have compulsions to steal.