Polly Emerson, has aspirations to be an actress. Her husband, Don, is a successful advertising man, who yearns to be a playwright, and has a shelf of unproduced plays to his credit. Don, understandably, isn't too happy when Polly comes home with Deerfield Prescott, a very young man who has written Broadway's next musical hit - or so he tells Polly and Don.

A beleaguered husband stands before the judge, trying to explain why his wife has disappeared. The police suspect foul play, offering as evidence the strained relationship of the couple and the debts incurred by her gambling. Only he knows (or thinks he knows) the incredible truth: his wife has been magically transformed into a horse!