in a position to see that he was no longer young. If he did not, it was due wholly to the fact that his state was so well balanced that an absolute change for the worse did not show. Not trained to reason or introspect himself, he could not analyse the change that was taking place in his mind, and hence his body, but he felt the depression of it. Constant comparison between his old state and his new showed a balance for the worse, which produced a constant state of gloom or, at least, depression. Now, it has been shown experimentally that a constantly subdued frame of mind produces certain poisons in the blood, called katastates, just as virtuous feelings of pleasure and delight produce helpful chemicals called anastates. The poisons generated by remorse inveigh against the system, and eventually produce marked physical deterioration. To these Hurstwood was subject. In the course of time it told upon his temper. His eye no longer possessed that buoyant, searching shrewdness which had characterised it in Adams Street. His step was not as sharp and firm. He was given to thinking, thinking, thinking. The new friends he made were not celebrities. They were of a cheaper, a slightly more sensual and cruder, grade. He could not possibly take the pleasure in this company that he had in that of those fine frequenters of the Chicago resort. He was left to brood. Slowly, exceedingly slowly, his desire to greet, conciliate, and make at home these people who visited the Warren Street place passed from him. More and more slowly the significance of the realm he had left began to be clear. It did not seem so wonderful to be in it when he was in it. It had seemed very easy for any one to get up there and have ample raiment and money to spend, but now that he was out of it, how far off it became. He began to see as one sees a city with a wall about it. Men were posted at the gates. You could not get in. Those inside did not care to come out to see who you were. They were so merry inside there that all those outside were forgotten, and he was on the outside. Each day he could read in the evening papers of the doings within this walled city. In the notices of passengers for Europe he read the names of eminent frequenters of his old resort. In the theatrical column appeared, from time to time, announcements of the latest successes of men he had known. He knew that they were at their old gayeties. Pullmans were hauling