"Waffles," the waitress at "Coffee Dan's" hash-house, is selected by Bert Gallagher and Clara Johnstone, a pair of crooks, to be represented as a missing heiress whose story they have read about in the papers. "Waffles" herself believes the story, as she was orphaned early and remembers little of her childhood, and by adroit coaching is able to convince the estate's none too bright lawyers of the validity of her claim. With this unlimited money, poor little "Waffles" nevertheless has only three desires: to buy the little restaurant for her old benefactor, Shorty Olson, to publish the music written by her lover, Carl Miller, a young, eccentric, absent-minded musical genius, and to adopt the baby that a Mrs. O'Shaughnessy is too poor to care for.