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 BY ORDER OF THE CZAR. 127 "Yes, and will be livelier yet," said Sam.

"A tremendous company boom on — the Americans call everything a boom. Everybody with a fine flourishing business making thousands a month wants to share their profits with the public," said Walter.

"Quite so," said Sam. "Traders, manufacturers, brewers, miners, have suddenly become philanthropists."

"No other desire than to endow the general public with twenty-five per cent, for capital for which a niggardly Government will only give two and a half."

"Punch couldn't put the situation better," said Swynford, laughing, " unless, perhaps, it added that the Peerage, the Army and Navy, and the House of Commons had joined in the benevolent scheme as directors, with a unanimity of belief in joint stock enterprises that made guinea-pigging a positive virtue."

Philip drank his wine, stretched his legs, and looked into the fire, feeling himself entirely out of the conversation.

"You don't speculate, Forsyth?" said Walter, turning to Philip.

"I do indeed, very much," replied Philip.

"Do you, though?" said Sam.

"Not in the city," the artist replied; " but in many ways and about many things."

"Ah, yes," said Walter; " but you have not to pay for your fancies."

"It don't matter, for example," remarked Sam, " whether your futures come off or not; but in the city, whether you bull or bear futures, the results are matters of the highest banking importance, eh, Walter?"

"Yes," said Walter, examining his cigar as if he loved it. Walter was a luxurious smoker; he literally fondled his cigars.

"It is a good thing we are not all in the same line of