A painting in the possession of an old lady, Phoebe Tuttle, is rumored to be a genuine Rembrandt, and Fred Stevens, ace reporter of the "Dispatch" newspaper, is sent to cover the story. The painting he sees is genuine enough but it has been stolen and a copy substituted by the time Irene Donovan, Fred's beautiful rival at the competing "Courier" newspaper arrives, with a famous art critic. Mush to his surprise and dismay, Fred is imprisoned for the theft...and startling developments follow.