The central character is Cyril "Barmy" Fotheringay-Phipps (pronounced "Fungy Fips"), an amiable young Englishman who falls in love with a spirited American girl named Eileen "Dinty" Moore and finds himself suddenly thrown into the daunting world of Broadway theatre after investing in a play.

He is angered after a hotel guest, the famous but obnoxious actor Mervyn Potter, and Anderson's desk clerk, amiable and impressionable Cyril "Barmy" Fotheringay-Phipps, wake him at 3 a.m. to give him a frog.

It is also mentioned that, before leaving London two years prior, Barmy saw a fortune teller in Wimbledon named Gypsy Sybil who predicted that Barmy would take a long journey, meet a fair girl, have some trouble with a dark man, and acquire a lot of money.

Barmy, who has taken the long journey and got the money, now looks forward to meeting the fair girl, and is not worried about the dark man.

There, Barmy sees a fair girl, Eileen "Dinty" Moore, looking longingly through a shop window at a fancy hat, and instantly falls in love with her.

At the office of Lehmac Productions, business partners Joe Lehman and Jack McClure desperately need an investor (or "angel") and deceive Barmy about their play's chance of success.

The play, titled Sacrifice, has a somewhat incoherent plot, but is essentially about a man who chooses to take the blame for a crime committed by the brother of the woman he loves.

Barmy agrees to invest ten thousand dollars when he sees that Dinty is Lehman's secretary.

The show goes badly, and after the performance, a long disorderly conference ensues in Barmy's hotel room in which the members of the troupe argue about how to improve the play.

Barmy cheerfully sets off with Dinty to marry her and buy Anderson's hotel, where Fritchie will be the manager.