Rather than give too much away, we'll stop with the plot there, even though it forbids us doing more than mention two important characters: Bill Blaine (Ricardo Cortez) and Eleanor (Margaret Lindsay). The two are pivotal to the plot, and are wonderful. Both show up in the latter half of the film. To say more would be to ruin this wonderful picture for you.
Kay Francis has to age over 20 years in this film. The motif that the director, Robert Flory, uses to demonstrate the passage of time is subtle but effective - we see Peggy playing solitare, as newspapers flash up important events of the day.
The film is also interesting in that it discusses with some seriousness the problems of compulsive gambling. In 1949 Barbara Stanwyck would powerfully portray a woman with a severe gambling problem. This precursor to The Lady Gambles is no less impressive, as it discusses an issue few other films were willing to examine.
When you get to the end of this film, you will understand WHY the code began to be an issue. We suggest you give it a try.