This touching romance is based on a play by Rachel Crothers. An aging sea captain squanders his fortune on a bad business deal. Now he faces having to put his beloved wife in a poor house. He himself also has no place to live. Desperate for cash, he sells interest in a ship he has nothing to do with. This money gets her in a decent home for old ladies. To be with her, he dresses as an old woman and goes to live in the home with her. Eventually the administrators allow him to stay and the other residents begin calling him "Old Lady 31." The fortunes of the couple changes after the brave old salt saves a shipwrecked schooner. The salvage rights restore his fortune and all is well.