Young wealthy partying bachelor Jay Roundtree (Fairbanks), is in love with the one girl he can't have: his father's secretary Ellen. One night he goes to a wild penthouse party with his fraternity pals, where a group of "party girls" (prostitutes) entice the guests to remove their inhibitions with a flood of alchohol. Miss Lindsey, the madam of the party girls, uses her young, poor women to seduce wealthy men into giving them tons of money. Jay becomes seduced himself into the world of party girls, and later finds that Ellen used to be a party girl herself, and a secret about his father that nearly destroys the family. A tawdry look at prostitution rackets in the 1930's.