The vaudeville act of Harriet and Queenie Mahoney comes to Broadway, where their friend Eddie Kerns needs them for his number in one of Francis Zanfield's shows. When Eddie meets Queenie, he soon falls in love with her—but she is already being courted by Jock Warriner, a member of New York high society. Queenie eventually recognizes that, to Jock, she is nothing more than a toy, and that Eddie is in love with her.

Gene Kelly and Fred Astaire present more golden moments from the MGM film library, this time including comedy and drama as well as classic musical numbers.

This short showcases composers and lyricists of songs that are now considered standards of American popular music. For several of these song writers, this is their only known appearance in a theatrically released film.