The wealthy Mr. Billy gives a party at his palatial residence. He is in love with the handsome widow, Mrs. Constance, and has a deadly rival, the Count De Meaux. During the evening the latter makes a wager for five thousand dollars with Billy that he could not earn his own living for one month without help. Billy takes the bet and the widow promises to marry him if he wins it. He is not to accept assistance of any kind from friends, nor draw any money from his bank, and he is to start out penniless. The wager is to expire at twelve midnight on Hallowe'en. After announcing his plans to the assembled guests and inviting them all to a big party to take place on Hallowe'en, Billy starts out with a firm endeavor to win his wager and the widow. After some terrifying and discouraging experiences, he is finally reduced to the condition of a hobo in the bread line. He is feeling pretty desperate, when he remembers that it is Hallowe'en, and that he may now return home and claim the wager, also the widow. When he arrives at the house, he finds two policemen guarding the steps, who refuse to let him pass for he is unrecognizable in his beard and disheveled appearance. He then sneaks in a back window, but is seen and arrested by the policemen. At 11:15 he is thrown into a cell. Rendered desperate by the thought of losing his wager and the widow, both within the short time of 45 minutes, he raves and storms until he finally gets the sergeant to telephone the house. The widow finally gets the disreputable "tramp" out of jail and he manages to get cleaned up and in more presentable style, appears among his guests on the stroke of twelve. The Count turns out to be a well-known crook and a fraud, so Billy loses the $5,000, but that doesn't worry him. He claims the widow's hand, and all agree he has fairly won her. The marriage takes place then and there among their friends and well-wishers.