Ralph eagerly awaits the news of the success of his stock. Elmer has become a well-respected fixture on Wall Street, but his deal didn’t work out, which left Ralph with nothing. Ralph explains why he needs the money, and Elmer reveals the truth about his relationship with Undine: He and Undine had married secretly nine years ago, and her family had forced a divorce.

Ralph desperately spirals. He realizes that Undine had lied to him from the very beginning of their relationship. He sees no way out of his financial woes, now that he’ll certainly lose his son to Undine and be incapable of repaying back his family and friends. Ralph takes a revolver and holds it to his temple.

After Ralph’s death by suicide, Paul is sent to Europe to live with Undine. Undine worries about where to fit Paul into her life; a marriage into nobility hasn’t been as lucrative as she thought it would be. She likes that Raymond is infatuated with her, although he’s controlling in ways that keeps her dependent on him. Ralph’s death meant that she no longer needed an annulment, and Undine assumes that once she marries Raymond, she can help him modernize his family’s property and use it for more lucrative endeavors.