Spencer Brydon returns to New York City after thirty-three years abroad. He has returned to "look at his 'property, '" two buildings, one his boyhood home on "the jolly corner." The second, larger structure is now going to be renovated into a big apartment building. These properties have been the source of his income since the deaths of his family members. Spencer finds he is good at directing this renovation, despite never having done this work before, suggesting that his innate ability for business was hiding deep within him unused. Spencer rekindles a relationship with an old friend, Alice Staverton. Both comment on his "real gift" for business and construction which he also finds "vulgar and sordid." He starts to wonder who he would have been if he had stayed in the U.S.He starts to prowl the house at night to try to meet his American alter ego. Brydon has begun to realize that he might have been an astute businessman if he hadn't forsaken moneymaking for a more leisurely life. He discusses this possibility with Alice Staverton, his friend who has always lived in New York
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