The Wednesday Afternoon Fine Arts League decides to put on a play with the money in their treasury account. Lucy, the treasurer explains to Ethel after the other ladies leave that there is no money in the treasury account. She's been borrowing from it to make her household account balance and somewhere along the way "lost the ball".
Desperate, Lucy decides to write the musical herself, saving royalty fees. She then starts renting scenery and costumes, post dating checks for a day after the performance.
On the night of the performance of Lucy's play "The Pleasant Peasant" things start going amiss.
Collectors show up on the stage and start hauling off scenery and even costumes as Lucy tries her best to save the show herself by breaking into her star turn from the show "I'm Am The Queen Of The Gypsies".