Moran Chambers is sentenced to 10 years in Sing Sing Prison for financial crimes. He is found guilty because of the testimony of his one-time partner Reuben Argels. As he is leaving the courtroom, Chambers smiles at Argels. Haunted by the feeling that Chambers will exact revenge, Argels flees on the next boat to London, where he finds their third partner, the dour Scotchman Andrew Pulwitter, and Moran's mistress, the lovely actress Ambouyna Kotinzi.
Argels becomes a financial success in London, a wizard of the stock exchange and an underwriter. All the time he is pursued by irrational fear that Chambers is plotting revenge. The closing action of the novel takes place during the month of October, 1929.
Oppenheim writes knowingly of the frenzy which possessed financial markets at the end of the Roaring 20's. His description of how a bull market collects it's victims is excellent. Oppenheim's descriptions of how emotion is reflected on characters facial movements is particularly apt.