Grayson`s traveling carnival comes to Munich with acts that include high-dive artist Frank Collini and silent strongman Groppo. A local girl named Willi picks the pocket of Joe, who works for the carny, but she ends up being offered a job. Joe makes romantic advances to Willi, who tries to resist him but can`t. Collini asks if she would like to become a part of his act, which involves diving into a flaming tank of water from a great height. He also proposes marriage on Willi`s first night as part of the show. Magazine photographer Bill comes to take their picture as The Great Collinis` fame grows. Collini gives a beating to Joe after catching him with Willi, whereupon he plunges to his death after a rung on his high-dive ladder breaks. Willi inherits $5,000. Joe spends the night with her, but next morning is gone, as is her money. She eventually gets Joe to confess that he sawed Collini`s rung in two, deliberately causing his death. As they quarrel, strongman Groppo comes to Willi`s rescue, kills Joe and is led away by the police.