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The telephone lines of members of the New York social register are buzzing as their debutante daughters discuss the forthcoming house party at prestigious Kingsford College.  On the weekend before the big party, Kingsford dandy Philip S.  Griswold, the son of a wealthy Wall Street broker, and his college roommates, Homer Ten Eyck and Greg Smith, visit New York City where Phil becomes drunk and invites dime-a-dance hostess Jane Thomas to the party.  Jane eagerly accepts, causing Phil some embarrassment when she appears at the Kingsford train station along with his girlfriend, Carol Christy.

Jane is about to return home in disgrace when Blimpy, a Kingsford collegiate who believes that she is a member of the Philadelphia social set, asks her to be his date.  After Blimpy snubs Jane when he learns that she comes from a Kansas farm and not Philadelphia society, however, Phil asks her to stay.  As Phil dances with Jane, Carol dances with Joe, one of Kinsgford's less fortunate students who must work his way through school.  During the dance, Carol confesses to Joe that she is seeing Phil for his money because her father has lost the family fortune, and Phil confesses to Jane that he feels unfulfilled by his life.

The next morning, Daphne Graves, a spiteful deb, prods Phil and Carol into announcing their engagement, prompting the despondent Jane and Joe to leave the party.  Meanwhile, Betty Ainsbrudge, who is slightly older than the rest of the girls, overhears the debs deriding her as a hanger-on and, desperate to be accepted, tries to persuade the drunken Homer to marry her.  She almost succeeds until he sobers up and refuses to go through with the ceremony.  Depressed, Betty commits suicide by stalling her car on the railroad tracks.  The glamorous life of the upper crust reveals yet another crack when Phil's father is indicted for fraud, thus forcing Phil to recognize the superficial values of those around him and realize his love for Jane.