"Everybody is here except the Barclays," Etheridge announced. "There can't be a soul left in any of the hotels. And all the negroes in town are on the sea-wall outside, ready to hurrah when the great man drives away."

"Here's Walter. He is coming this way—he is looking for us," said Chase. "How are you, Walter?"

"Mrs. Chase! Delighted to meet you again," said Willoughby, shaking hands with Ruth with the utmost cordiality.

"My sister is here also," Ruth answered, moving aside so that he could see Dolly. And then Walter greeted Miss Franklin with the same extreme heartiness.

"Bless my soul, what enthusiasm!" commented Etheridge. "One would suppose that you had not met for years."

"And we haven't," said Ruth, surveying Walter, coolly. "Mr. Willoughby has changed. He has a sort of Chinese air."

"Willoughby has been living in California for two years, commodore; didn't you know that?" Chase explained, inwardly enjoying his wife's sally. "I've been to California four times since then. But as he hasn't been east, the ladies have lost sight of him."

"Are you returning to the Pacific?" Etheridge inquired of the younger man, "so as to look more Chinese still?"

"The Celestial air I have already caught will have to do," Walter answered, laughing. "California is a wonderfully fascinating country. But I am not going back; the business which took me there is concluded."

Horace Chase smiled, detecting the triumph under these words. For his Pacific-coast enterprise had been highly successful, and Walter had carried out his part of it with great energy and intelligence, and had profited accordingly. That particular partnership was now dissolved.