"Do you know," she said, "that I have been taught to believe that to speculate in stocks is rather dreadful, and that the people of the country don't approve of it." She spoke smilingly, for the leaven of the New York manner was working, but she could not refrain from testifying on behalf of righteousness.

"The people of the country!" exclaimed Gregory, with a smile of complacent amusement. "My dear Mrs. Littleton, you must not let yourself be deceived by the Sunday school, Fourth of July, legislative or other public utterances of the American people. It isn't necessary to shout it on the house-tops, but I will confide to you that, whatever they may declaim or publish to the contrary, the American people are at heart a nation of gamblers. They don't play little horses and other games in public for francs, like the French, for the law forbids it, but I don't believe that any one, except we bankers and brokers, realizes how widely exists the habit of playing the stock-market. Thousands of people, big and little, sanctimonious and highly respectable, put up their margins and reap their profits or their losses. Oh no, the country doesn't approve of it, especially those who lose. I assure you that the letters which pass through the post-office from the godly, freeborn voters in the rural districts would tell an eloquent story concerning the wishes of the people of the country in regard to speculation."

Flossy was rising from table as he finished, so he accompanied the close of his statement with a sweeping bow which comported with his jaunty dignity.

"I am afraid you are a wicked man. You ought not to slander the American people like that," Selma answered, pleased as she spoke at the light touch which she was able to impart to her speech.

"It's true. Every word of it is true," he said as she passed him. He added in a low tone—"I would almost even venture to wager a pair of gloves that at some time or other your husband has had a finger in the pie."

"Never," retorted Selma.

"What is that Gregory is saying?" interrupted Flossy, putting her arm inside Selma's. "I can see by his look that he has been plaguing you."

"Yes, he has been trying to shatter my ideals, and now he is trying to induce me to make an odious bet with him."

"Don't, for you would be certain to lose. Gregory is in great luck nowadays."

"That is evident, for he has had the good fortune to make the acquaintance of Mrs. Littleton," said Williams gallantly.