The master of ceremonies opens proceedings by telling the audience that they will see various episodes in the endless waltz of love. A prostitute takes a soldier under a bridge. The soldier picks up a chambermaid at a dance hall. The chambermaid willingly succumbs to the son of her employers. The young man starts an affair with the young wife of an older businessman. She then has an edgy discussion in bed with her husband. The husband takes a shopgirl to a private dining room and gets her drunk. The shopgirl falls for a poet, who is pursuing an affair with an actress. The actress invites a count to visit her in bed next morning. That evening, he gets drunk and ends up in the bed of the prostitute, so completing the circle.