l young American, his thick head of hair, which had once been
carefully parted in the middle, a little disheveled, his hard, clean-cut
face flushed with enthusiasm, had risen to his feet and stood with a
brimming glass of champagne high over his head. Almost every one in the
room rose to their feet. A college boy sprang upon a table with extended
arms. The Yale shout split the room. The very glasses on the table
rattled.

"Columbia! Columbia!"

It was an Englishman now who had leaped upon a vacant table with
upraised glass. There was an answering roar of enthusiasm. Every one
drank, and every one sat down again with a pleasant thrill of excitement
at this unique scene. Felix leaned back in his chair and marveled.

"One would have imagined," he murmured, "that America and England
together were at war with the rest of the world and had won a great
victory. To think that this is all the result of a yacht race. It is
incredible!"

"All your life, my dear Felix," Mr. Sabin remarked, "you have underrated
the sporting instinct. It has a great place amongst the impulses of the
world. See how it has brought these people together."

"But they are already of the same kin," Felix remarked. "Their interests
and aims are alike. Their destinies are surely identical."

Mr. Sabin, who had lit his cigarette, watched the blue smoke curl
upwards, and was thoughtful for a moment.

"My dear Felix!" he said. "You are very, very young. The interests of
two great nations such as America and England can never be alike. It is
the language of diplomacy, but it is also the language of fools."

Their conversation was for the moment interrupted by a fresh murmur of
applause, rising above the loved hum of conversation, the laughter of
women, and the popping of corks. A little troop of waiters had just
wheeled into the room two magnificent models of yachts hewn out of
blocks of solid ice and crowned with flowers. On the one were the Stars
and Stripes, on the other the Shamrock and Thistle. There was much
clapping of hands and cheering. Lady Carey, who was sitting at the next
table with her back to them, joined in the applause so heartily that
a tiny gold pencil attached to her bracelet became detached and rolled
unobserved to Mr. Sabin's side. Felix half rose to pick it up, but was
suddenly checked by a quick gesture from his companion.

"Leave it," Mr. Sabin whispered. "I wish to return it myself."

He stooped and picked it up, a certain st