Ralph finds it strange to be back in his childhood home, particularly with his son. He’s out of sorts with the many changes his life has taken on. Undine writes a weekly but bland letter while she’s in Europe. However, after two months, she stops writing home. Ralph resolves to accept the idea that he’ll never be able to stop working, but he also decides to focus the worth of his work on Paul’s future instead of Undine’s frivolity. Ralph notices that Undine’s parents rebuke any effort on his own family’s part to socialize, and he also notices that her parents have moved from hotel to hotel, each of decreasing quality.

Ralph has difficulty finding a reprieve to balance the stress of his work. He decides to visit Clare Van Degen to find some happiness. With Clare, Ralph can confide his concerns and express his anxieties. When he tells her that the Lipscombs are overdue on their rent, Clare tells him that she read about Mr. Lipscomb’s suspension from the stock market and his wife’s subsequent application for a divorce.

Ralph receives a confidential letter from a Parisian firm that’s investigating misconduct.