Josephine Spiggins is thinking of marrying John Spear, the stuffed-shirt son of a department store owner. When John's free-spirit brother Tony returns from touring the South Seas in his boat, the "Vagabond Lady," Jo is attracted to him instead.

The travails of a third-rate traveling theatre company and its wardrobe lady / maid who dreams of stepping in as their melodramatic production's (Flaming Women) female lead.