He ought to see Gerald at once, but somehow he could not in decency appear personally on the heels of his loan. A certain interval must elapse between the loan and the lecture; in fact he didn't see very well how he could admonish and instruct until the loan had been cancelled—that is, until the first of the New Year.

Pacing the floor, disturbed, uncertain as to the course he should pursue, he looked up presently to see Miss Erroll descending the stairs, fresh and sweet in her radiant plumage. As she caught his eye she waved a silvery chinchilla muff at him—a marching salute—and passed on, calling back to him: "Don't forget Gerald!"

"No," he said, "I won't forget Gerald." He stood a moment at the window watching the brougham below where Nina awaited Miss Erroll. Then, abruptly, he turned back into the room and picked up the telephone receiver, muttering: "This is no time to mince matters for the sake of appearances." And he called up Gerald at the offices of Neergard & Co.

"Is it you, Gerald?" he asked pleasantly. "It's all right about that matter; I've sent you a note by your messenger. But I want to talk to you about another matter—something concerning myself—I want to ask your advice, in a way. Can you be at the Lenox by six? . . . You have an engagement at eight? Oh, that's all right; I won't keep you. . . . It's understood, then; the Lenox at six. . . . Good-bye."

There was the usual early evening influx of men at the Lenox who dropped in for a glance at the ticker, or for a cocktail or a game of billiards or a bit of gossip before going home to dress.

Selwyn sauntered over to the basket, inspected a yard or two of tape, then strolled toward the window, nodding to Bradley Harmon and Sandon Craig.

As he turned his face to the window and his back to the room, Harmon came up rather effusively, offering an unusually thin flat hand and further hospitality, pleasantly declined by Selwyn.

"Horrible thing, a cocktail," observed Harmon, after giving his own order and seating himself opposite Selwyn. "I don't usually do it. Here comes the man who persuades me!—my own partner—"

Selwyn looked up to see Fane approaching; and instantly a dark flush overspread his face.

"You know George Fane, don't you?" continued Harmon easily; "well, that's odd; I thought, of course—Captain Selwyn, Mr. Fane. It's not usual—but it's done."