Mustang Pete slips away with Slippery Slim's diamond ring, and goes to Sophie's home, where he asks her to become his wife. She accepts him and he gives her Slim's ring, which Slim had bought for the purpose of presenting it to her himself. Slim is in despair when he discovers that his ring is missing, and his sorrow is complete when he goes to Sophie's home and finds Mustang holding her on his lap. That night he goes to the theater to forget his troubles. There is a female impersonator in the cast and after the show Slim becomes acquainted with him. He persuades him to pose as a beautiful blonde and make eyes at Mustang. Mustang falls for it, and is having the time of his life, when Slim brings Sophie upon the scene. She throws the ring at Mustang's feet and turns to Slim, whom she accepts as her future husband.