- As Wilhelm and Dr. Tamkin walk towards the brokerage office, Wilhelm takes in all of the sights, sounds, and smells of New York City.
- Inside the brokerage office, they see that the lard prices are holding steady for now—though they're still down from when Wilhelm and Tamkin first made their purchases.
- Tamkin and Wilhelm find places to sit in the crowded office. Tamkin tells Wilhelm about some of the regulars, and reassures Wilhelm that things will be alright.
- Tamkin also reveals to Wilhelm that he recently "closed out one of the lard contracts and bought a hedge of December rye" (5.23). Since the rye prices are going up, Tamkin feels sure that the hedge will help them to cover the losses they'll take with the lard.
- Tamkin gets up to mingle with the other regulars. Meanwhile, Wilhelm sits in his chair and contemplates the mess he's gotten himself into. He still can't decide whether Tamkin is a lunatic or not.
- Mr. Rappaport, an elderly man sitting beside him, keeps interrupting Wilhelm's train of thought to ask what the figures are. Mr. Rappaport's vision is poor, and he can't see the boards.
- When the December rye takes a jump, Wilhelm tries to convince Tamkin to put in a selling order. He'd rather get out with a small loss than risk losing everything.
- Tamkin refuses.
- Wilhelm gets worked up, and has a coughing fit. Tamkin gives him a series of mental exercises to calm him down, as the doctor drones on and on, Wilhelm's memories take him back to a happier time, early in his marriage to Margaret.