Track Five of Frank Sinatra’s Watertown is the concluding song of Side One (or Part One, as it is labelled on the packaging). Remember when albums had sides?
The segmentation is appropriate on an album like this one. You can even look at the the two sides as separate acts in a play, with the flipping of your vinyl record playing the role of intermission. I believe the composers plotted and sequenced the album with exactly that in mind.
This concluding song of Part One has our protagonist looking back at the events that have led him to this point and deciding that he wouldn’t trade the past for a better present.