After a divorced New York mother hires a nice old man to play Santa Claus at Macy's, she is startled by his claim to be the genuine article. When his sanity is questioned, a lawyer defends him in court by arguing that he's not mistaken.
Barrymore lampoons himself. A famous actor, given to drink, nearly destroys the show, but his leading lady returns to save it. Meanwhile a young girl tries to reform him.
An adventuresome young man goes off to find himself and loses his socialite fiancée in the process. But when he returns 10 years later, she will stop at nothing to get him back, even though she is already married.
In order to get his way, New York producer Matt Saxon manipulates and controls everyone around him but his latest protégé, novelist Eric Busch, finally stands-up to him.