The billiard-room is in the Indian style. Magnificent panoplies unite Rajpoot shields, Mahratta scimitars, helmets with curtains of steel, rings belonging to Afghan chiefs, and long lances ornamented with white mares' tails, wielded by the horsemen of Cabul. The walls are painted from designs brought from Lahore. The panels of the doors were decorated by Gerome. The great artist has painted Nautch girls twisting their floating scarves, and jugglers throwing poignards into the air. Around the room are low divans, covered with soft and brilliant Oriental cloth. The chandelier is quite original in form, being the exact representation of the god Vishnu. From the centre of the body hangs a lotus leaf of emeralds, and from each of the four arms is suspended a lamp shaped like a Hindu pagoda, which throws out a mellow light.

Madame Desvarennes was entertaining her visitors in these celebrated apartments that evening. Marechal and Pierre had just come in, and were talking together near the fireplace. A few steps from them was a group, consisting of Cayrol, Madame Desvarennes, and a third person, who had never until then put his foot in the house, in spite of intercessions in his favor made by the banker to Madame Desvarennes. He was a tall, pale, thin man, whose skin seemed stretched on his bones, with a strongly developed under-jaw, like that of a ravenous animal, and eyes of indefinable color, always changing, and veiled behind golden-rimmed spectacles. His hands were soft and smooth, with moist palms and closely cut nails—vicious hands, made to take cunningly what they coveted. He had scanty hair, of a pale yellow, parted just above the ear, so as to enable him to brush it over the top of his head. This personage, clad in a double-breasted surtout, over a white waistcoat, and wearing a many- colored rosette, was called Hermann Herzog.

A daring financier, he had come from Luxembourg, preceded by a great reputation; and, in a few months, he had launched in Paris such a series of important affairs that the big-wigs on the Exchange felt bound to treat with him. There were many rumors current about him. Some said he was the most intelligent, most active, and most scrupulous of men that it was possible to meet. Others said that no greater scoundrel had ever dared the vengeance of the law, after plundering honest people. Of German nationality, those who cried him down said he was born at Mayence. Those who treated the rumors as legends said he was born at Frankfort, the most Gallic town beyond the river Rhine.

He had just completed an important line of railway from Morocco to the centre of our colony in Algeria, and now he was promoting a company for exporting grain and flour from America. Several times Cayrol had tried to bring Herzog and Madame Desvarennes together. The banker had an interest in the grain and flour speculation, but he asserted that it would not succeed unless the mistress had a hand in it. Cayrol had a blind faith in the mistress's luck.

Madame Desvarennes, suspicious of everything foreign, and perfectly acquainted with the rumors circulated respecting Herzog, had always refused to receive him. But Cayrol had been so importunate that, being quite tired of refusing, and, besides, being willing to favor Cayrol for having so discreetly managed the negotiations of Micheline's marriage, she had consented.

Herzog had just arrived. He was expressing to Madame Desvarennes his delight at being admitted to her house. He had so often heard her highly spoken of that he had formed a high idea of her, but one which was, however, far below the reality; he understood now that it was an honor to be acquainted with her. He wheedled her with German grace, and with a German-Jewish accent, which reminds one of the itinerant merchants, who offer you with persistence "a goot pargain."

The mistress had been rather cold at first, but Herzog's amiability had thawed her. This man, with his slow speech and queer eyes, produced a fascinating effect on one like a serpent. He was repugnant, and yet, in spite of one's self one was led on. He, had at once introduced the grain question, but in this he found himself face to face with the real Madame Desvarennes; and no politeness held good on her part when it was a question of business. From his first words, she had found a weak point in the plan, and had attacked him with such plainness that the financier, seeing his enterprise collapse at the sound of the mistress's voice-like the walls of Jericho at the sound of the Jewish trumpets—had beaten a retreat, and had changed the subject.

He was about to float a credit and discount company superior to any in the world. He would come back and talk with Madame Desvarennes about it, because she ought to participate in the large profits which the matter promised. There was no risk. The novelty of the undertaking consisted in the concurrence of the largest banking-houses of France and abroad, which would hinder all competition, and prevent hostility on the part of the great money-handlers. It was very curious, and Madame Desvarennes would feel great satisfaction in knowing the mechanism of this company, destined to become, from the first, the most important in the world, and yet most easy to understand.

Madame Desvarennes neither said "Yes" nor "No." Moved by the soft and insinuating talkativeness of Herzog, she felt herself treading on dangerous ground. It seemed to her that her foot was sinking, as in those dangerous peat-mosses of which the surface is covered with green grass, tempting one to run on it. Cayrol was under the charm. He drank in the German's words. This clever man, who had never till then been duped, had found his master in Herzog.

Pierre and Marechal had come nearer, and Madame Desvarennes, profiting by this mingling of groups, introduced the men to each other. On hearing the name of Pierre Delarue, Herzog looked thoughtful, and asked if the young man was the renowned engineer whose works on the coast of Africa had caused so much talk in Europe? On Madame Desvarennes replying in the affirmative, he showered well-chosen compliments on Pierre. He had had the pleasure of meeting Delarue in Algeria, when he had gone over to finish the railroad in Morocco.