"You imagine! That is an event!"

"I have not so much imagination as you, but I have some," retorted the General, somewhat put out by the laugh Pepa's speech had raised.

Pepa enjoyed the reputation in society of being a very funny person, though, in fact, her wit was hardly to be distinguished from audacity. Speaking always with an affectation of anger, calling things bluntly by their names, however coarse they might be, saying the most insolent things without respect of persons—these were the characteristics which had won her a certain popularity. She had been left a widow while still young, with two children, a boy who had entered the navy and was at sea, and a girl who had now been married about a year. Her husband had been a merchant, and in his later years had gambled successfully on the Bourse. At that time Pepa had caught the same passion, and, as a widow, she had cultivated it. Prudence, or more probably the timidity which generally hampers a woman in such a business, had hitherto saved her from the ruin which, as a rule, inevitably overtakes gamblers. She had somewhat impaired her fortune, but still enjoyed a very enviable competency.

"Pepa, the matter is going on famously," said Pinedo. "Zaragoza wishes to have one volcano, and at Coruña the authorities have decided on making two, one on the east and one on the west of the town."

"I am glad; I am delighted. So that the shares will not be put on the market?"

"No; the syndicate has ample security that they will be at three hundred before the month is out."

The few who were in the joke laughed at this. The rest stared at them with intense curiosity.

"What is all this about volcanoes, Pepa?" asked Señora de Calderón.

"Señora, a society has been formed for establishing volcanoes in various districts."

"Indeed. And of what use are volcanoes?"