A crooked producer makes money from Broadway flops by selling more than 100% interest to multiple parties. He only fails if it makes a profit.

Carmen, a maid, steals a locket belonging to the Aragon princess Maria Theresa and sells it to Gaines, a New York art collector, not knowing that the locket contains the clue to the Aragon family fortune's whereabouts. Based on the 1909 Broadway play of the same name by Paul Dickey and Charles W. Goddard.