After turning his money over to Moffatt, Ralph feels lightheaded with a sense of freedom from all delusions. He has his son, and that is all that matters for now. His son is growing more interesting each day, drawing Ralph more deeply into his life. Ralph’s book is also becoming a more important focus, and Ralph works on it feverishly each day when he has the time. For a short while, everything Ralph undertakes feels as easy as a dream.

Ralph begins to enjoy Clare as much as he had in his childhood. When Ralph can get away to the countryside, where Clare is spending the summer, they take long walks together, recalling their fantasies from when they were young. Ralph often reaches the limits of Clare’s intelligence, but this does not matter. If she cannot follow and further develop his thoughts, it is of no consequences. He enjoys her just as much for her intuitive silences.

The only tension in Ralph’s life is caused by the waiting period required by his investment with Moffatt. Every day Ralph reads the paper, hoping to find news of the deal into which Moffatt has placed Ralph’s money and that of his friends. Moffatt had hoped that the money would be returned before the end of June. As the last days of the month approach, Ralph phones Moffatt and finds the man to be somewhat evasive. On the same day, Ralph also receives a letter from his lawyer. Undine’s attorneys remind Ralph that she is expecting the cash at the end of the week. This makes Ralph nervous, so he applies for an extension from Undine. He is given another two weeks, but in the end, this does not help. Before those two weeks have ended, Ralph learns that Moffatt’s deal will not come through on time.

Ralph goes to Moffatt’s office in anger. He accuses Moffatt of misleading him. Moffatt reminds Ralph that he had told him the investment was speculative. It will go through, Moffatt states, but it might take more time. Ralph has no more time. He explains the whole story of his need to save his son. Moffatt feels sorry for him but cannot do anything else to help Ralph get the money he needs. When Ralph makes a comment about the difficulty in negotiating with Undine, Moffatt makes a comment about Undine that Ralph finds offensive. He tells Moffatt that he has no right to make such a statement about his wife. This is when Moffatt tells Ralph that he has just as much right as Ralph does: Undine was Moffatt’s wife first. This announcement astonishes Ralph. (It is also the first time readers are made aware of this fact.) Moffatt explains how Undine had run away with him. They were only married for two weeks before Undine’s parents forced Undine to divorce him.

Ralph leaves Moffatt’s office in a delirium. The thought of Moffatt’s having touched Undine nauseates him, and so does the realization that Undine and her parents kept her marriage to Moffatt a secret from him.