The adaptation of Arthur Schnitzler′s eponymous novel sees Elisabeth Bergner in her last silent role: Else, the carefree daughter of a Viennese lawyer, is spending her winter holidays in St. Moritz. Then news about her father′s financial crisis arrive: He lost his clients′ money at the stock exchange. His only saviour could be wealthy art dealer von Dorsday, who is also residing in St. Moritz and has laid his eyes on Else. She asks him for the needed money, but he has one demand: He want to see Else naked. She is agonizing over her decision. Finally, she swallows poison and, only wearing a white fur coat, visits von Dorsady. She lets the coat slide down before his eyes and dies in the very instant.