"The Parisian Diamond Company--Anglo-American branch."

Charles Bowen, seated, one rainy evening of the Paris season, in a corner of the great Nouveau Luxe restaurant, was lazily trying to resolve his impressions of the scene into the phrases of a letter to his old friend Mrs. Henley Fairford.

The long habit of unwritten communion with this lady--in no way conditioned by the short rare letters they actually exchanged--usually caused his notations, in absence, to fall into such terms when the subject was of a kind to strike an answering flash from her. And who but Mrs. Fairford would see, from his own precise angle, the fantastic improbability, the layers on layers of unsubstantialness, on which the seemingly solid scene before him rested?

The dining-room of the Nouveau Luxe was at its fullest, and, having contracted on the garden side through stress of weather, had even overflowed to the farther end of the long hall beyond; so that Bowen, from his corner, surveyed a seemingly endless perspective of plumed and jewelled heads, of shoulders bare or black-coated, encircling the close-packed tables. He had come half an hour before the time he had named to his expected guest, so that he might have the undisturbed amusement of watching the picture compose itself again before his eyes. During some forty years' perpetual exercise of his perceptions he had never come across anything that gave them the special titillation produced by the sight of the dinner-hour at the Nouveau Luxe: the same sense of putting his hand on human nature's passion for the factitious, its incorrigible habit of imitating the imitation.

As he sat watching the familiar faces swept toward him on the rising tide of arrival--for it was one of the joys of the scene that the type was always the same even when the individual was not--he hailed with renewed appreciation this costly expression of a social ideal. The dining-room at the Nouveau Luxe represented, on such a spring evening, what unbounded material power had devised for the delusion of its leisure: a phantom "society," with all the rules, smirks, gestures of its model, but evoked out of promiscuity and incoherence while the other had been the product of continuity and choice. And the instinct which had driven a new class of world-compellers to bind themselves to slavish imitation of the superseded, and their prompt and reverent faith in the reality of the sham they had created, seemed to Bowen the most satisfying proof of human permanence.

With this thought in his mind he looked up to greet his guest. The Comte Raymond de Chelles, straight, slim and gravely smiling, came toward him with frequent pauses of salutation at the crowded tables; saying, as he seated himself and turned his pleasant eyes on the scene: "Il n'y a pas a dire, my dear Bowen, it's charming and sympathetic and original--we owe America a debt of gratitude for inventing it!"

Bowen felt a last touch of satisfaction: they were the very words to complete his thought.

"My dear fellow, it's really you and your kind who are responsible. It's the direct creation of feudalism, like all the great social upheavals!"

Raymond de Chelles stroked his handsome brown moustache. "I should have said, on the contrary, that one enjoyed it for the contrast. It's such a refreshing change from our institutions--which are, nevertheless, the necessary foundations of society. But just as one may have an infinite admiration for one's wife, and yet occasionally--" he waved a light hand toward the spectacle. "This, in the social order, is the diversion, the permitted diversion, that your original race has devised: a kind of superior Bohemia, where one may be respectable without being bored."

Bowen laughed. "You've put it in a nutshell: the ideal of the American woman is to be respectable without being bored; and from that point of view this world they've invented has more originality than I gave it credit for."

Chelles thoughtfully unfolded his napkin. "My impression's a superficial one, of course--for as to what goes on underneath--!" He looked across the room. "If I married I shouldn't care to have my wife come here too often."

Bowen laughed again. "She'd be as safe as in a bank! Nothing ever goes on! Nothing that ever happens here is real."

"Ah, quant a cela--" the Frenchman murmured, inserting a fork into his melon. Bowen looked at him with enjoyment--he was such a precious foot-note to the page! The two men, accidentally thrown together some years previously during a trip up the Nile, always met again with pleasure when Bowen returned to France. Raymond de Chelles, who came of a family of moderate fortune, lived for the greater part of the year on his father's estates in Burgundy; but he came up every spring to the entresol of the old Marquis's hotel for a two months' study of human nature, applying to the pursuit the discriminating taste and transient ardour that give the finest bloom to pleasure. Bowen liked him as a companion and admired him as a charming specimen of the Frenchman of his class, embodying in his lean, fatigued and finished person that happy mean of simplicity and intelligence of which no other race has found the secret. If Raymond de Chelles had been English he would have been a mere fox-hunting animal, with appetites but without tastes; but in his lighter Gallic clay the wholesome territorial savour, the inherited passion for sport and agriculture, were blent with an openness to finer sensations, a sense of the come-and-go of ideas, under which one felt the tight hold of two or three inherited notions, religious, political, and domestic, in total contradiction to his surface attitude. That the inherited notions would in the end prevail, everything in his appearance declared from the distinguished slant of his nose to the narrow forehead under his thinning hair; he was the kind of man who would inevitably "revert" when he married. But meanwhile the surface he presented to the play of life was broad enough to take in the fantastic spectacle of the Nouveau Luxe; and to see its gestures reflected in a Latin consciousness was an endless entertainment to Bowen.

The tone of his guest's last words made him t............