A Successful Calamity

Henry Wilton returns to his hometown after a year in Europe, expecting a warm reunion with his family. At the train station he is greeted only by his loyal butler Connors, who informs him that he arrived a day early. He learns Peggy is pursuing acting, Eddie is a polo player, and Emmy hosts a music recital that evening. The family dynamics feel unsettled as Henry surveys their new routine.

The Wiltons visit Eddie at the polo field and glimpse Eddie's polo world. Peggy's engagement to a fortune-hunting fiancé named George Struthers is hinted, underscoring the family's blend of romance and money concerns. Emmy's social life awaits at home, foreshadowing later events. The scene establishes the family's underlying tensions.

Back home, Henry discovers Emmy has invited guests for a music recital by composer Pietro Rafaelo. He also notices that Emmy has redecorated his bedroom in Art Nouveau style and removed his comfortable chair, which Connors has had to hide. The changes symbolize the shift in power and taste within the household. The mood shifts from celebration to unease.

In Connors' room Henry is visited by George Struthers, Peggy's fortune-hunting fiancé, revealing the marriage-driven plan that shapes Peggy’s ambitions. The encounter underscores the tension between genuine affection and financial calculation. Struthers's presence adds pressure to Henry's leadership of the family.

Henry attempts to buy a stock from his rival Partington, but Partington refuses to honor an informal price agreement and cites that it isn’t in writing. The dispute exposes the fragility of their business relationship and foreshadows Henry's later strategic moves. Henry begins to consider how to maneuver to protect his interests.

Henry decides to test his family's loyalty by pretending to be ruined, telling them he has fallen on hard times. The family responds with immediate concern and solidarity, canceling their lavish plans and staying home for dinner. The servants scramble to prepare a frugal meal, highlighting the gap between appearances and reality.

Peggy rejects her engagement to George Struthers in favor of Larry Rivers, signaling a shift in her plans and affections. Emmy's generosity and the new family dynamic push Peggy toward a more authentic relationship. The moment deepens the family's reassessment of values and wealth.

Eddie decides to become a pilot and goes to Partington for a letter of introduction, hoping to start a career that suits his ambitions. Henry's poverty experiment prompts these personal choices as the children seek independence. The scene shows how the crisis influences each member's path.

While Partington is delighted by the prospect that Henry is ruined and wants to unload his stock, Henry moves to buy it using a third party at a price lower than their earlier agreement. The maneuver demonstrates Henry's cunning and his ability to flip the perceived ruin into an advantage. The stock acquisition plants seeds for a later reversal.

Emmy tells everyone she is going out for a walk and then leaves in a car with Pietro Rafaelo. The outing reveals Emmy's independent streak and her willingness to act on her own desires even as the family struggles. The journey foreshadows her return with an important reveal.

Henry returns home and proclaims that he is not ruined after all, prompting a mixed reaction from his children who fear Emmy has deserted him. The moment exposes the fragility of their pretended poverty and the complex web of loyalties within the family.

Emmy explains that she had gone out to pawn her jewelry to help Henry, and she reveals that she was happiest when they were poor and could spend time together as a family. Her revelation reaffirms the value of togetherness over wealth and restores balance to the household. The family embraces a renewed sense of unity and love.