Lily receives the first dividend — one thousand dollars — from the investment made on her behalf by Trenor. Trenor tells Lily that she has already earned five thousand dollars from a tip he received from Rosedale. Lily continues to humor Trenor, which she believes is enough to repay him for his efforts. Her new friendship of convenience with Trenor is encouraged by his wife, Judy, who believes Lily keeps Trenor in high spirits. Judy places Lily in a favorable light in comparison to Carry, whom she characterizes as a "vulture."
Lily is willfully ignorant of the risks of the stock market. She also is ignorant of the derivation of the initial investment that Trenor has made for her when she assumes he has borrowed from her securities. She considers the money she earns through Trenor to be hers alone.
Lily's cousin, Stepney, and Gwen marry in an elaborate ceremony. At the wedding, she sees both Gryce and Selden. She still perceives Gryce as a potential suitor. She also meets with Selden's cousin, Gerty, a young woman of simple means and undistinguished appearance. The two women admire the jewels that are gifts to the newlyweds, including a large diamond pendant, which is Rosedale's gift.
Gerty tells Lily that she has heard Gryce will soon announce his engagement to Evie Van Osburgh, whom Lily considers to be the least attractive and interesting of the four Van Osburgh sisters.
A mildly intoxicated Trenor approaches Lily with the news that he has sold her stock as it was rising, and has a check for four thousand dollars for her. Lily pays little attention to Trenor, and is scheming to steal Gryce away from Evie. Trenor complains that Lily has been avoiding his household since he has begun investing money for her. Lily regards spending time with Trenor a reckoning for his helping her, and agrees to attend to Rosedale as a partial return of Trenor's favor.
