Acting on his belief that most people become sentimental at Christmas time and are therefore easy prey, New York confidence man "Silk" Wilkins ingratiates himself with millionaire Lawrence Gray, whose wife and little daughter Zelda were lost in a flood eighteen years earlier. After promising to find Gray's daughter, Silk returns to his boardinghouse, where he finds Alice Sheldon attempting to escape her desperate financial straits through suicide. Silk convinces Alice to pose as Zelda Gray and then notifies Lawrence via a note placed in an almond shell that he has found the lost daughter. Lawrence treats Alice so kindly that when Silk demands payment from her on Christmas morning, she refuses. Lawrence, who has overheard the conversation, enters and laughingly reveals that he had known of the frame-up all along. Grateful to Silk for finding him a wife, Lawrence writes the confidence man a large check.