Under pretext of examining the horses now entering the race-course, Giannetto turned his field-glass upon the two. His hands trembled visibly. Every smile, every movement, every glance of Ippolita's was a sword-thrust in his heart. When he dropped his glass, he was deadly pale. He had surprised a look in the eyes that met Sperelli's which he knew full well of old. Everything seemed crumbling to ruins around him. The love of years was over—irrevocably lost—slain by that glance. The sun was the sun no longer, life was not life any more.

The grand stand was rapidly refilling; the signal for the third race was about to be given. The ladies stood up on their seats. A murmur ran along the tiers like a breeze over a sloping garden. The bell rang. The horses started like a flight of arrows.

'I shall ride in your honour, Donna Ippolita,' said Andrea Sperelli as he look leave of her to get ready for the next race, which was for gentlemen riders—'Tibi, Hippolyta, Semper!'

She pressed his hand warmly for luck, never remembering that Giannetto Rutolo was also among the competitors. When, a moment later, she noticed him going down the stairs, pale and alone, the unconcealed cruelty of indifference shone in her beautiful dark eyes. The old love had fallen away from her like a useless garment, and had given place to the new. This man was nothing to her, had no claims of any kind upon her now that she no longer loved him. It is inconceivable how quickly a woman regains entire possession of her own heart once she has ceased to love a man.

'He has stolen her from me!' he thought to himself, as he made his way to the Jockey Club tent, and the grass seemed to give beneath his feet like sand. At a little distance in front of him walked the other with a firm and elastic step. In his long gray overcoat his tall and shapely figure had that peculiar and inimitable air of elegance which only breeding can give. He was smoking, and Giannetto Rutolo, coming up behind him, caught the delicate aroma of the cigarette with every puff, causing him an intolerable nausea as if it had been poison.

The Duke di Beffi and Paolo Caligaro were at the entrance, already in racing dress. The duke was making gymnastic movements to test the elasticity of his leather breeches and the strength of his knees. Little Caligaro was execrating last night's rain, which had made the ground heavy.

'You have a very good chance with Miching Mallecho, I consider,' he remarked to Sperelli when he came up.

Giannetto Rutolo heard this forecast with a bitter pang. He had founded a vague hope on the event of his own victory. He represented to himself the advantage he might gain over his enemy by a victorious race and a successful duel. As he changed his clothes his every movement betrayed his preoccupation.

'Here is a man who before getting on horseback sees the grave open before him,' said the duke, laying his hand on the young man's shoulder with a serio-comic air—'Ecce homo novus.'

Andrea Sperelli, who felt in the best of spirits at that moment, gave vent to one of those frank bursts of laughter which were the most engaging trait of his youth.