be independent of Madame Desvarennes.

Jeanne, terrified at this blind confidence, tried to persuade him. Serge
took her in his arms, kissed her, and banished her fears.

Madame Desvarennes had forbidden her people to tell Micheline anything of
what was going on, as she wished her to remain in perfect ignorance. By a
word, the mistress, if she could not have prevented the follies of which
Serge was guilty, could, at least, have spared herself and her daughter.
It would have only been necessary to reveal his behavior and betrayal to
Micheline, and to provoke a separation. If the house of Desvarennes were
no longer security for Panine, his credit would fall. Disowned by his
mother-in-law, and publicly given up by her, he would be of no use to
Herzog, and would be promptly thrown over by him. The mistress did not
wish her daughter to know the heartrending truth. She would not willingly
cause her to shed tears, and therefore preferred risking ruin.

Micheline, too, tried to hide her troubles from her mother. She knew too
well that Serge would have the worst of it if he got into her black
books. With the incredible persistence of a loving heart, she hoped to
win back Serge. Thus a terrible misunderstanding caused these two women
to remain inactive and silent, when, by united efforts, they might,
perhaps, have prevented dangers.

The great speculation was already being talked about. Herzog was boldly
placing his foot on the summit whereon the five or six demigods, who
ruled the stock market, were firmly placed. The audacious encroachments
of this newcomer had vexed these formidable potentates, and already they
had decided secretly his downfall because he would not let them share in
his profits.

One morning, the Parisians, on awakening, found the walls placarded with
notices advertising the issue of shares in the Universal Credit Company,
and announcing the names of the directors, among which appeared that of
the Prince. Some were members of the Legion d'Honneur; others recent
members of the Cabinet Council, and Prefets retired into private life. A
list of names to dazzle the public, but all having a weak point.

This created a great sensation in the business world. Madame
Desvarennes's son-in-law was on the board. It was a good speculation,
then? People consulted the mistress, who found herself somewhat in a
dilemma; either she must disown her son-in-law, or speak well of the
affair. Still she did not hesitate, for she