operations which would eclipse in importance any in which he had hitherto been engaged.  In answer to Selma’s questions he discoursed alluringly concerning the methods of the Stock Exchange, and gave her to understand that for an intelligent and enterprising man speculation was the high road to fortune.  No doubt for fools and for people of mediocre or torpid abilities it was a dangerous trade; but for keen and bold intellects what pursuit offered such dazzling opportunities?

Selma listened, abhorrent yet fascinated.  It worried her to be told that what she had been accustomed to regard as gambling should be so quickly and richly rewarded.  Yet the fairy scene around her manifestly confirmed the prosperous language of her host and left no room for doubt that her neighbors were making brilliant progress.  Apparently, too, this business of speculation and of vast combinations of railroad and other capital, the details of which were very vague to her, was, in his opinion, the most desirable and profitable of callings.

“Do you know,” she said, “that I have been taught to believe that to speculate in stocks is rather dreadful, and that the people of the country don’t approve of it.”  She spoke smilingly, for the leaven of the New York manner was working, but she could not refrain from testifying on behalf of righteousness.

“The people of the country!” exclaimed Gregory, with a smile of complacent amusement.  “My dear Mrs. Littleton, you must not let yourself be deceived by the Sunday school, Fourth of July, legislative or other public utterances of the American people.  It isn’t necessary to shout it on the house-tops, but I will confide to you that, whatever they may declaim or publish to the contrary, the American people are at heart a nation of gamblers.  They don’t play little horses and other games in public for francs, like the French, for the law forbids it, but I don’t believe that any one, except we bankers and brokers, realizes how widely exists the habit of playing the stock-market.  Thousands of people, big and little, sanctimonious and highly respectable, put up their margins and reap their profits or their losses.  Oh no, the country doesn’t approve of it, especially those who lose.  I assure you that the letters which pass through the post-office from the godly, freeborn voters in the rural districts would tell an eloquent story concerning the wishes of the people of the country in regard to speculation.”

Flossy was rising from table as he finished, so he accompanied the close of his statement with a sweeping bow which comported with his jaunty dignity.

“I am afraid you are a wicked man.  You ought not to slander the American people like that,” Selma answered, pleased as she spoke at the light touch which she was able to impart to her speech.

“It’s true.  Every word of it is true,” he said as she passed him.  He added in a low tone—­“I would almost even venture to wager a pair of gloves that at some time or other your husband has had a finger in the pie.”