Steady, dependable Coast Guard Lieutenant Raymond "Ray" Dower and reckless aviator Thomas "Speed" Bradshaw are the closest of friends. Ray saves the life of Captain Tobias Bliss, tramp steamer skipper, in a daring rescue at sea. Speed flies the injured man back to the base hospital, where the two officers later visit him. There Ray meets Nancy Bliss, Bliss' grand-daughter, and falls in love with her. Speed meets her at a dance and urges Ray to propose before some other guy does. Ray is assigned to flood rescue duty, and Speed and Nancy start going out together and discover they are in love.
