Taking place over 24 hours, "New Year's Eve" is the story of Marjorie Ware (Mary Astor), broke and unemployed, who despairs as her ailing younger brother (Freddie Frederick) languishes at home. She runs into rich gambler Larry Harmon (Earle Foxe) and rejects his overtures. She later finds a wallet with 10 $100 bills belonging to Edward Warren (Charles Morton). Edward rewards Marjorie with a $100 bill that has "Happy New Year" written on it. Marjorie goes to a toy store to get a belated Christmas present for her brother, but Steve (Arthur Stone), a pickpocket, steals the money. The toys have already been sent to Mary's home and paid for by the landlady (Helen Ware). Finding that Marjorie is broke, the landlady evicts her. Desperate, Marjorie goes to Larry's apartment to borrow some money. Steve the pickpocket also goes to Larry's apartment, seeking revenge for a fight. Steve kills Larry. Edward, who has followed, finds Mary in the apartment with the now-dead Larry.