had taken more satisfaction in Isabel's accession of fortune than if the money had been left to herself; it had seemed to her to offer just the proper setting for her sister's slightly meagre, but scarce the less eminent figure. Isabel had developed less, however, than Lily had thought likely—development, to Lily's understanding, being somehow mysteriously connected with morning-calls and evening-parties. Intellectually, doubtless, she had made immense strides; but she appeared to have achieved few of those social conquests of which Mrs. Ludlow had expected to admire the trophies. Lily's conception of such achievements was extremely vague; but this was exactly what she had expected of Isabel—to give it form and body. Isabel could have done as well as she had done in New York; and Mrs. Ludlow appealed to her husband to know whether there was any privilege she enjoyed in Europe which the society of that city might not offer her. We know ourselves that Isabel had made conquests—whether inferior or not to those she might have effected in her native land it would be a delicate matter to decide; and it is not altogether with a feeling of complacency that I again mention that she had not rendered these honourable victories public. She had not told her sister the history of Lord Warburton, nor had she given her a hint of Mr. Osmond's state of mind; and she had had no better reason for her silence than that she didn't wish to speak. It was more romantic to say nothing, and, drinking deep, in secret, of romance, she was as little disposed to ask poor Lily's advice as she would have been to close that rare volume forever. But Lily knew nothing of these discriminations, and could only pronounce her sister's career a strange anti-climax—an impression confirmed by the fact that Isabel's silence about Mr. Osmond, for instance, was in direct proportion to the frequency with which he occupied her thoughts. As this happened very often it sometimes appeared to Mrs. Ludlow that she had lost her courage. So uncanny a result of so exhilarating an incident as inheriting a fortune was of course perplexing to the cheerful Lily; it added to her general sense that Isabel was not at all like other people. Our young lady's courage, however, might have been taken as reaching its height after her relations had gone home. She could imagine braver things than spending the winter in Paris—Paris had sides by which it so resembled New York, Paris was like smart, neat prose—and her close correspondence with Madame Merle did much