It is a fact worthy of consideration that while a man rarely establishes a claim on a woman by rendering her a service, a woman always establishes a claim on a man by being rendered a service. Perhaps this is as it should be.

'No,' repeated Valerie, thoughtfully, 'he certainly assumes—nothing.'

'What do you mean by that, Valerie?' exclaimed Isolde irritably. 'You are in one of your incomprehensible moods to-day. What do you think of Rallywood?'

'I hardly know what to think yet. Very likely I shall never come to any conclusion about him. He is not my affair, and what can be more uninteresting than a man who has saved some other woman's life?' She laughed. 'You have recommended von Elmur to my notice—I shall certainly spend my time to more profit in studying him.'

A servant entered.

'His Excellency Baron von Elmur wishes to wait upon your ladyship.'

Elmur advanced bowing. After greeting his hostess, he turned to Valerie with a manner that was new in their intercourse. He dropped from the courtier to the man pure and simple.

Kissing the girl's hand he said earnestly:

'I feared you were not to arrive until to-morrow.'

Madame de Sagan, who had raised her eyebrows and made a little grimace at Valerie behind the Minister's back, here interposed: