Mrs. Carshaw was a substantial lady of fifty, a society woman of the type to whom the changing seasons supply the whole duty of man and woman, and the world outside the orbit of the Four Hundred is a rumor of no importance.

She had met Senator Meiklejohn in so many places for so many years that they might be called comrades in the task of dining and making New York look elegant. She was pleased to see him. Their common fund of scandal and epigram would carry them safely over a cheerful hour.

“And as to the good old firm of Carshaw—prosperous as usual, I hope,” said Meiklejohn, balancing an egg-shell tea-cup.

Mrs. Carshaw shrugged.

“I don’t know much about it,” she said, “but I sometimes hear talk of bad times and lack of capital. I suppose it is all right. Rex does not seem concerned.”

“Ah! but the mischief may be just there,” said Meiklejohn. “The rogue may be throwing it all on the shoulders of his managers, and letting things slide.”

“He may—he probably is. I see very little of him, really, especially just lately.”

“Is it the same little influence at work upon him as some months ago?” asked Meiklejohn, bending nearer, a real confidential crony.