Mr. James M. Cain rings twice. This time it is with a story called "Serenade," one that will give the I-couldn't-put-it-downers and the stayers-up-into-the-wee-hours and the hair-turning-white-over-night industry something to do.

Critical readers who want to know whether "Serenade" and "The Postman Always Rings Twice" are art will have to dope it out for themselves…. "Serenade" whizzes by too fast for any such judgment and yet it leaves the impression that there is a good deal of mature realistic wisdom in its careening, sirening, screeching journey from a Mexican bordello to Hollywood to the Metropolitan Opera House and the penthouse heights of New York's most chi chi set—back to the ole's and the tequila-soaked simplicity of Mexico.

A glittering murder is thrown in for good measure and some of the most toro passion and spine-shaking amor there's been around this sedate neighborhood since love retreated to the...