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Nan Baldwin (Ethel Barrymore) winds up as a dance hall singer in a Western town after the death of her father, who was swindled by an unscrupulous partner. She's in misery over her fate and auctions herself off to the highest bidder. The winner is a stranger (William B. Davidson) who realizes she's not hard and bitter like the other dance hall girls and offers to stake her operatic ambitions for an I.O.U., meaning he can have her on demand. Nan realizes her dreams of stardom as a prima donna and has her revenge on her father's tormentor. Then, instead of merely calling in his I.O.U., the stranger asks her for her hand in marriage.