Peggy Donovan enters an exclusive but financially-strapped finishing school for girls operated by Colonel Matthews and his sister Emily. Student Lucille Farnsworth discovers the Peggy carries $30,000 in her luggage and reports it to the Colonel. She also writes to a Chicago address on the luggage that Peggy is at the school. The letter puts gambler Dave Vickers on Peggy's trail. Peggy convinces the Colonel that the money is rightfully hers and offers to buy up the school's outstanding notes for a partnership. When Vickers arrives, Peggy confesses that her late father was a professional gambler and Vickers' partner. The latter claims half of the money which her father had saved away for her. She is willing to divide the money but when the Colonel learns it was won in a questionable card game, he turns it over to the police.