rogress of the new affair. With her practical common
sense, she foresaw disasters, and even regretted that Serge had not
confined himself to cards and reckless living.

Cayrol was most uneasy, and made a confidant of his wife, who, deeply
troubled, told Panine the fears his friends entertained on his account.
The Prince smiled disdainfully, saying these fears were the effect
of plebeian timidity. The mistress understood nothing of great
speculations, and Cayrol was a narrow-minded banker! He knew what he was
doing. The results of his speculations were mathematical. So far they
had not disappointed his hopes. The great Universal Credit Company, of
which he was going to be a director, would bring him in such an immense
fortune that he would 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