Graham ("Gray") Fielder returns from Europe to the wealthy resort of Newport, Rhode Island to see his dying uncle Frank Betterman. Rosanna Gaw, the daughter of Betterman's embittered ex-partner Abel Gaw, is also at Newport. She has succeeded in bringing about a partial reconciliation between the two elderly men. Gaw and Betterman both die, and Fielder receives a large inheritance from his uncle. Gray is inexperienced at business, so he entrusts the management of the fortune to the unscrupulous Horton Vint. At this point the novel breaks off. From his extensive notes it appears that James intended Vint to betray Fielder's trust much as Kate Croy did with Milly Theale in The Wings of the Dove. Fielder would then magnanimously forgive Vint, but it's not certain if he would marry Rosanna, who is definitely in love with Gray.