GISELA had been to Philadelphia, and she was unusually gay, communicative; she was dressed in lavender-and-rose net, with black velvet, and about her throat she wore a sparkling pendant that he had never before noticed.

"I hope you'll like it," she said, fingering the diamonds; "the shape was so graceful that I couldn't resist. And you are so generous, Alexander!"

He was always glad, he told her briefly, to see her in new and fine adornments. He repressed an involuntary grimace at the thought of the probable cost of the ornament. She could hardly have chosen a worse time in which to buy jewels. Not only his own situation, but the whole time, was one for retrenchment. The impulse to tell her this was speedily lost in his pride of her really splendid appearance. He himself had commanded her to purchase whatever she fancied; he had explained that that—the domain of beauty—was exclusively hers; and it was impossible to complain at her first considerable essay.

Here his feeling was rooted in the deepest part of his being—he was, after all, twenty-five years older than Gisela; and, as if in a species of reparation for the discrepancy, he owed her all the luxury possible. This he had promised her—and himself; and an inability to provide gowns and necklaces and gewgaws was a most humiliating confession of failure, a failure unendurable to him on every plane. Alexander, too, had told her finally that she had no place in his affairs of business; and after that he could not very well burden her with the details of a stupid—and momentary—need for economy.

"I got a sweet bouquet holder," she continued; "in chased gold, with garnets. And a new prayer book; you must see that—bound in carved ivory, from Paris." He listened with a stolid face to her recital, vaguely wondering how much she had spent; how long the jeweler would wait for settlement. "And there was a wonderful Swiss watch I thought of for you; it rang the hours and———"

"That," he said hastily, "I don't need. I have two excellent watches."

"But you are always complaining!" she returned, mildly surprised. "I didn't get it, but told the man to put it aside. I'll write if you don't want it."

"Do!"

Suddenly he felt weary, a twinge of sciatica shot through his hip; he must keep out of the damp cast houses, with their expanses of wet sand. But actually he was as good as he had ever been; better, for he now saw clearly what he must accomplish, satisfy. The present national crisis would lift; there was already a talk of the resumption of gold payment by the state banks; and the collapse of a firm associated with him in a rolling mill had thrown its control into his hands. Steam power had already been connected, and he could supply the railroad corporation with a certain number of finished rails direct, adding slightly to his profit.

The smallest gain was important, a scrap of wood to keep him temporarily afloat on disturbed waters; he saw before him, close by, solid land. But meantime more than one metaphorical wave swept over his head, leaving him shaken. The Columbus people returned a shipment of iron, with the complaint that it was below the grade useful for their purpose. He inspected the rejected bars with his head forgeman, and they were unable to discover the deficiency.

"That's good puddled iron," the forgeman asserted. "I saw the pig myself, and it could have been wrought on a co............