At one corner he saw a shabby man lurking in the shadow of the side street; as the hansom passed, a policeman ordered him to move on. Farther on, Woburn noticed a woman crouching on the door-step of a handsome house. She had drawn a shawl over her head and was sunk in the apathy of despair or drink. A well-dressed couple paused to look at her. The electric globe at the corner lit up their faces, and Woburn saw the lady, who was young and pretty, turn away with a little grimace, drawing her companion after her.

The desire to see Miss Talcott had driven Woburn to the Gildermeres’; but once in the ball-room he made no effort to find her. The people about him seemed more like strangers than those he had passed in the street. He stood in the doorway, studying the petty manoeuvres of the women and the resigned amenities of their partners. Was it possible that these were his friends? These mincing women, all paint and dye and whalebone, these apathetic men who looked as much alike as the figures that children cut out of a folded sheet of paper? Was it to live among such puppets that he had sold his soul? What had any of these people done that was noble, exceptional, distinguished? Who knew them by name even, except their tradesmen and the society reporters? Who were they, that they should sit in judgment on him?

The bald man with the globular stomach, who stood at Mrs. Gildermere’s elbow surveying the dancers, was old Boylston, who had made his pile in wrecking railroads; the smooth chap with glazed eyes, at whom a pretty girl smiled up so confidingly, was Collerton, the political lawyer, who had been mixed up to his own advantage in an ugly lobbying transaction; near him stood Brice Lyndham, whose recent failure had ruined his friends and associates, but had not visibly affected the welfare of his large and expensive family. The slim fellow dancing with Miss Gildermere was Alec Vance, who lived on a salary of five thousand a year, but whose wife was such a good manager that they kept a brougham and victoria and always put in their season at Newport and their spring trip to Europe. The little ferret-faced youth in the corner was Regie Colby, who wrote the Entre-Nous paragraphs in the Social Searchlight: the women were charming to him and he got all the financial tips he wanted from their husbands and fathers.

And the women? Well, the women knew all about the men, and flattered them and married them and tried to catch them for their daughters. It was a domino-party at which the guests were forbidden to unmask, though they all saw through each other’s disguises.

And these were the people who, within twenty-four hours, would be agreeing that they had always felt there was something wrong about Woburn! They would be extremely sorry for him, of course, poor devil; but there are certain standards, after all—what would society be without standards? His new friends, his future associates, were the suspicious-looking man whom the policeman had ordered to move on, and the drunken woman asleep on the door-step. To these he was linked by the freemasonry of failure.

Miss Talcott passed him on Collerton’s arm; she was giving him one of the smiles of which Woburn had fancied himself sole owner. Collerton was a sharp fellow; he must have made a lot in that last deal; probably she would marry him. How much did she know about the transaction? She was a shrewd girl and her father was in Wall Street. If Woburn’s luck had turned the other way she might have married him instead; and if he had confessed his sin to her one evening, as they drove home from the opera in their new brougham, she would have said that really it was of no use to tell her, for she never could understand about business, but that she did entreat him in future to be nicer to Regie Colby. Even now, if he made a big strike somewhere, and came back in ten years with a beard and a steam yacht, they would all deny that anything had been proved against him, and Mrs. Collerton might blush and remind him of their friendship. Well—why not? Was not all morality based on a convention? What was the stanchest code of ethics but a trunk with a series of false bottoms? Now and then one had the illusion of getting down to absolute right or wrong, but it was only a false bottom—a removable hypothesis—with another false bottom underneath. There was no getting beyond the relative.

The cotillion had begun. Miss Talcott sat nearly opposite him: she was dancing with young Boylston and giving him a Woburn-Collerton smile. So young Boylston was in the syndicate too!

Presently Woburn was aware that she had forgotten young Boylston and was glancing absently about the room. She was looking for some one, and meant the some one to know it: he knew that Lost-Chord look in her eyes.

A new figure was being formed. The partners circled about the room and Miss Talcott’s flying tulle drifted close to him as she passed. Then the favors were distributed; white skirts wavered across the floor like thistle-down on summer air; men rose from their seats and fresh couples filled the shining parquet.

Miss Talcott, after taking from the basket a Legion of Honor in red enamel, surveyed the room for a moment; then she made her way through the dancers and held out the favor to Woburn. He fastened it in his coat, and emerging from the crowd of men about the doorway, slipped his arm about her. Their eyes met; hers were serious and a little sad. How fine and slender she was! He noticed the little tendrils of hair about the pink convolution of her ear. Her waist was firm and yet elastic; she breathed calmly and regularly, as though dancing were her natural motion. She did not look at him again and neither of them spoke.