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 raised his eye-brows with an ironic grimace that warned the other of the watching damsel behind the lattice. Nothing could be worse "form" the look reminded Archer, than any display of temper in a public place.

Archer had never been more indifferent to the requirements of form; but his impulse to do Lawrence Lefferts a physical injury was only momentary. The idea of bandying Ellen Olenska's name with him at such a time, and on whatsoever provocation, was unthinkable. He paid for his telegram, and the two young men went out together into the street. There Archer, having regained his self-control, went on: "Mrs. Mingott is much better: the doctor feels no anxiety whatever"; and Lefferts, with profuse expressions of relief, asked him if he had heard that there were beastly bad rumours again about Beaufort.

That afternoon the announcement of the Beaufort failure was in all the papers. It overshadowed the report of Mrs. Manson Mingott's stroke, and only the few who had heard of the mysterious connection between the two events thought of ascribing old Catherine's illness to anything but the accumulation of flesh and years.

The whole of New York was darkened by the tale of Beaufort's dishonour. There had never, as Mr. Letterblair said, been a worse case in his memory, nor, for that matter, in the memory of the far-off Letterblair who had given his name to the firm. The bank had continued to take in money for a whole day after its failure was inevitable; and as many of its clients belonged to one or another of the ruling clans, Beaufort's duplicity seemed doubly cynical. If Mrs. Beaufort had not taken the tone that such misfortunes (the word was her own) were "the test of friendship," compassion for her might