At a converted military pier in Key West, a watchman blocks entrance to a group of yachtsmen trying to get to their boat. Moving past the watchman, Henry Carpenter and Wallace Johnston reach their luxurious yacht and settle down for a drink. They wonder what was the matter with the watchman at the gate, and they speak of Tom Bradley, whom Wallace cannot bear. Wallace also cannot stand Mrs. Bradley. Carpenter objects, saying that he likes Helene because she enjoys a good time. They wonder over the fact that the Bradleys do not have any children, speculating that Tom Bradley is impotent. Wallace says that the Bradleys epitomize everything he hates in either gender. Carpenter says that he is in a bad mood, mainly because he lost three hundred dollars at the gambling hall. He sees it as symbolic of his life—having lost the jackpot. He says that he should go to bed because he is on the verge of becoming objectionable and rude.

Wallace Johnston, the owner of the boat, is a composer. He is also independently wealthy and unmarried. Henry Carpenter, his guest, has a trust fund that is rapidly losing value because of his bank's bad investments. Formerly, Carpenter was known to be invariably good company, but his recent financial reversals have changed that. Wallace Johnston is Carpenter’s last hope, delaying a likely suicide by some fair amount of time. The narrative points out that Carpenter’s monthly allowance from his trust fund is one hundred and seventy dollars more than Albert Tracy had to support his entire family.

Aboard another yacht, a grain broker is reading, but cannot keep his mind on his book. He usually does not bring a woman to his room; he instead prefers going to hers when necessary. He has just done so and is now ready to settle down for the night. His wife divorced him ten years before, following twenty years of marriage. He had married her for her money, so he does not really miss her. Their two sons are fools, he judges, just like their mother. He cannot sleep now because of remorse for his unpaid tax situation. The people he has ruined along the way do not bother him at all.

On the next yacht over, a “pleasant, dull, and upright family” sleeps. They are happy and honorable, treating others fairly. Jon Jacobson, the father, has made his millions in an honorable way, so all aboard sleep soundly. In the next yacht are Estonians who are part of a larger group sailing around the world, writing about their travels. Next to it, a rich man and his mistress (the daughter of a Hollywood director) also sleep, though he is drinking himself to death. The director’s wife is awake and looking out over the water. She cannot sleep and decides to take some sleeping pills. She is pleased with her appearance, though she accepts the fact that she is not perfect.

There are also two other yachts with sleeping passengers when the Coast Guard brings in Freddy’s boat.