Meanwhile the holidays had gone by and the season was beginning. Fifth Avenue had become a nightly torrent of carriages surging upward to the fashionable quarters about the Park, where illuminated windows and outspread awnings betokened the usual routine of hospitality. Other tributary currents crossed the mainstream, bearing their freight to the theatres, restaurants or opera; and Mrs. Peniston, from the secluded watch-tower of her upper window, could tell to a nicety just when the chronic volume of sound was increased by the sudden influx setting toward a Van Osburgh ball, or when the multiplication of wheels meant merely that the opera was over, or that there was a big supper at Sherry's.

Mrs. Peniston followed the rise and culmination of the season as keenly as the most active sharer in its gaieties; and, as a looker-on, she enjoyed opportunities of comparison and generalization such as those who take part must proverbially forego. No one could have kept a more accurate record of social fluctuations, or have put a more unerring finger on the distinguishing features of each season: its dulness, its extravagance, its lack of balls or excess of divorces. She had a special memory for the vicissitudes of the "new people" who rose to the surface with each recurring tide, and were either submerged beneath its rush or landed triumphantly beyond the reach of envious breakers; and she was apt to display a remarkable retrospective insight into their ultimate fate, so that, when they had fulfilled their destiny, she was almost always able to say to Grace Stepney--the recipient of her prophecies--that she had known exactly what would happen.

This particular season Mrs. Peniston would have characterized as that in which everybody "felt poor" except the Welly Brys and Mr. Simon Rosedale. It had been a bad autumn in Wall Street, where prices fell in accordance with that peculiar law which proves railway stocks and bales of cotton to be more sensitive to the allotment of executive power than many estimable citizens trained to all the advantages of self-government. Even fortunes supposed to be independent of the market either betrayed a secret dependence on it, or suffered from a sympathetic affection: fashion sulked in its country houses, or came to town incognito, general entertainments were discountenanced, and informality and short dinners became the fashion.

But society, amused for a while at playing Cinderella, soon wearied of the hearthside role, and welcomed the Fairy Godmother in the shape of any magician powerful enough to turn the shrunken pumpkin back again into the golden coach. The mere fact of growing richer at a time when most people's investments are shrinking, is calculated to attract envious attention; and according to Wall Street rumours, Welly Bry and Rosedale had found the secret of performing this miracle.

Rosedale, in particular, was said to have doubled his fortune, and there was talk of his buying the newly-finished house of one of the victims of the crash, who, in the space of twelve short months, had made the same number of millions, built a house in Fifth Avenue, filled a picture-gallery with old masters, entertained all New York in it, and been smuggled out of the country between a trained nurse and a doctor, while his creditors mounted guard over the old masters, and his guests explained to each other that they had dined with him only because they wanted to see the pictures. Mr. Rosedale meant to have a less meteoric career. He knew he should have to go slowly, and the instincts of his race fitted him to suffer rebuffs and put up with delays. But he was prompt to perceive that the general dulness of the season afforded him an unusual opportunity to shine, and he set about with patient industry to form a background for his growing glory. Mrs. Fisher was of immense service to him at this period. She had set off so many newcomers on the social stage that she was like one of those pieces of stock scenery which tell the experienced spectator exactly what is going to take place. But Mr. Rosedale wanted, in the long run, a more individual environment. He was sensitive to shades of difference which Miss Bart would never have credited him with perceiving, because he had no corresponding variations of manner; and it was becoming more and more clear to him that Miss Bart herself possessed precisely the complementary qualities needed to round off his social personality.

Such details did not fall within the range of Mrs. Peniston's vision. Like many minds of panoramic sweep, hers was apt to overlook the MINUTIAE of the foreground, and she was much more likely to know where Carry Fisher had found the Welly Brys' CHEF for them, than what was happening to her own niece. She was not, however, without purveyors of information ready to supplement her deficiencies. Grace Stepney's mind was like a kind of moral fly-paper, to which the buzzing items of gossip were drawn by a fatal attraction, and where they hung fast in the toils of an inexorable memory. Lily would have been surprised to know how many trivial facts concerning herself were lodged in Miss Stepney's head. She was quite aware that she was of interest to dingy people, but she assumed that there is only one form of dinginess, and that admiration for brilliancy is the natural expression of its inferior state. She knew that Gerty Farish admired her blindly, and therefore supposed that she inspired the same sentiments in Grace Stepney, whom she classified as a Gerty Farish without the saving traits of youth and enthusiasm.

In reality, the two differed from each other as much as they differed from the object of their mutual contemplation. Miss Farish's heart was a fountain of tender illusions, Miss Stepney's a precise register of facts as manifested in their relation to herself. She had sensibilities which, to Lily, would have seemed comic in a person with a freckled nose and red eyelids, who lived in a boarding-house and admired Mrs. Peniston's drawing-room; but poor Grace's limitations gave them a more concentrated inner life, as poor soil starves certain plants into intenser efflorescence. She had in truth no abstract propensity to malice: she did not dislike Lily because the latter was brilliant and predominant, but because she thought that Lily disliked her. It is less mortifying to believe one's self unpopular than insignificant, and vanity prefers to assume that indifference is a latent form of unfriendliness. Even such scant civilities as Lily accorded to Mr. Rosedale would have made Miss Stepney her friend for life; but how could she foresee that such a friend was worth cultivating? How, moreover, can a young woman who has never been ignored measure the pang which this injury inflicts? And, lastly, how could Lily, accustomed to choose between a pressure of engagements, guess that she had mortally offended Miss Stepney by causing her to be excluded from one of Mrs. Peniston's infrequent dinner-parties?

Mrs. Peniston disliked giving dinners, but she had a high sense of family obligation, and on the Jack Stepneys' return from their honeymoon she felt it incumbent upon her to light the drawing-room lamps and extract her best silver from the Safe Deposit vaults. Mrs. Peniston's rare entertainments were preceded by days of heart-rending vacillation as to every detail of the feast, from the seating of the guests to the pattern of the table-cloth, and in the course of one of these preliminary discussions she had imprudently suggested to her cousin Grace that, as the dinner was a family affair, she might be included in it. For a week the prospect had lighted up Miss Stepney's colourless existence; then she had been given to understand that it would be more convenient to have her another day. Miss Stepney knew exactly what had happened. Lily, to whom family reunions were occasions of unalloyed dulness, had persuaded her aunt that a dinner of "smart" people would be much more to the taste of the young couple, and Mrs. Peniston, who leaned helplessly on her niece in social matters, had been prevailed upon to pronounce Grace's exile. After all, Grace could come any other day; why should she mind being put off?

It was precisely because Miss Stepney could come any other day--and because she knew her relations were in the secret of her unoccupied evenings--that this incident loomed gigantically on her horizon. She was aware that she had Lily to thank for it; and dull resentment was turned to active animosity.

Mrs. Peniston, on whom she had looked in a day or two after the dinner, laid down her crochet-work and turned abruptly from her oblique survey of Fifth Avenue.

"Gus Trenor?--Lily and Gus Trenor?" she said, growing so suddenly pale that her visitor was almost alarmed.

"Oh, cousin Julia . . . of course I don't mean . . ."

"I don't know what you DO mean," said Mrs. Peniston, with a frightened quiver in her small fretful voice. "Such things were never heard of in my day. And my own niece! I'm not sure I understand you. Do people say he's in love with her?"

Mrs. Peniston's horror was genuine. Though she boasted an ............