Two stories intersect here: one, that of the New York underground of performers waiting for that big break, to be discovered, but still a "family" helping each other out through the tough times until that happens (see Stage Door, 1937, made only a year before this one and with much of the same cast) and two, that of a father and daughter reconnecting after years of not meeting. Need I mention that both the father (Adolphe Menjoe) and the daughter (Andrea Leeds) are in show business?
And so another 1930's-style Hollywood glamour job on theater life.
The other half of the film however works real hard to sell Edgar Bergen and Charlie McCarthy to us, both (how else?) given mucho screen time, but unfortunately with only a poor script. It's not their best presentation.