Living in the New York slums with her lazy father, Bessie takes imaginary voyages to "Dream Valley" on a "yacht" she has built in the backyard. Gilbert Byfield, posing as a poor man while completing his book, falls in love with Bessie and secretly arranges for her to spend a month at the Byfield country estate. Bessie, elated with her new home, believes that her father has finally earned his fortune, but she returns to the tenements when she learns from the jealous Enid Crane that their newfound wealth is a sham. Gilbert visits her in Dream Valley to patch things up and wins her heart.