to a nicety just when the chronic volume of sound was increased by the sudden influx setting toward a Van Osburgh ball, or when the multiplication of wheels meant merely that the opera was over, or that there was a big supper at Sherry's.

Mrs. Peniston followed the rise and culmination of the season as keenly as the most active sharer in its gaieties; and, as a looker-on, she enjoyed opportunities of comparison and generalization such as those who take part must proverbially forego. No one could have kept a more accurate record of social fluctuations, or have put a more unerring finger on the distinguishing features of each season: its dulness, its extravagance, its lack of balls or excess of divorces. She had a special memory for the vicissitudes of the "new people" who rose to the surface with each recurring tide, and were either submerged beneath its rush or landed triumphantly beyond the reach of envious breakers; and she was apt to display a remarkable retrospective insight into their ultimate fate, so that, when they had fulfilled their destiny, she was almost always able to say to Grace Stepney—the recipient of her prophecies—that she had known exactly what would happen.

This particular season Mrs. Peniston would have characterized as that in which everybody "felt poor" except the Welly Brys and Mr. Simon Rosedale. It had been a bad autumn in Wall Street, where prices fell in accordance with that peculiar law which proves railway stocks and bales of cotton to be more sensitive to the allotment of executive power than many estimable citizens trained to all the advantages of self-government. Even fortunes supposed to be independent of the market either betrayed a secret dependence on it, or suffered from a sympathetic affection: fashion sulked in its country houses, or came to town incognito, general entertainments were discountenanced, and informality and short dinners became the fashion.

But society, amused for a while at playing Cinderella, soon wearied of the hearthside role, and welcomed the Fairy Godmother in the shape of any magician powerful enough to turn the shrunken pumpkin back again into the golden coach. The mere fact of growing richer at a time when most people's investments are shrinking, is calculated to attract envious attention; and according to Wall Street rumours, Welly Bry and Rosedale had found the secret of performing this miracle.

Rosedale, in particular, was said to have doubled his fortune, and there was talk of his buying the newly-finished house of one of the victims of the crash, who, in the space of twelve short months, had made the same number of millions, built a house