The Arbuser cottage at Lenox was really a magnificent villa. Richardson had built it. At a distance it had the appearance of a mediaeval structure, with its low doorways, picturesque gables, and steep roofs, and in its situation on a gentle swell of green turf backed by native forest-trees it imparted to the landscape an ancestral tone which is much valued in these days. But near to, it was seen to be mediaevalism adapted to the sunny hospitality of our summer climate, with generous verandas and projecting balconies shaded by gay awnings, and within spacious, open to the breezes, and from its broad windows offering views of lawns and flower-beds and ornamental trees, of a great sweep of pastures and forests and miniature lakes, with graceful and reposeful hills on the horizon.

It was, in short, the modern idea of country simplicity. The passion for country life, which has been in decadence for nearly half a century, has again become the fashion. Nature, which, left to itself, is a little ragged, not to say monotonous and tiresome, is discovered to be a valuable ally for aid in passing the time when art is able to make portions of it exclusive. What the Arbusers wanted was a simple home in the country, and in obtaining it they were indulging a sentiment of returning to the primitive life of their father, who had come to the city from a hill farm, and had been too busy all his life to recur to the tastes of his boyhood. At least that was the theory of his daughters; but the old gentleman had a horror of his early life, and could scarcely be dragged away from the city even in the summer. He would no doubt have been astonished at the lofty and substantial stone stables, the long range of greenhouses, and at a farm which produced nothing except lawns and flower-beds, ornamental fields of clover, avenues of trees, lawn-tennis grounds, and a few Alderneys tethered to feed among the trees, where their beauty would heighten the rural and domestic aspect of the scene. The Arbusers liked to come to this place as early as possible to escape the society exactions of the city. That was another theory of theirs. All their set in the city met there for the same purpose.

Margaret was welcomed with open arms.

“We have been counting the days,” said the elder of the sisters. “Your luggage has come, your rooms are all ready, and your coachman, who has been here some days, says that the horses need exercise. Everybody is here, and we need you for a hundred things.”

“You are very kind. It is so charming here. I knew it would be, but I couldn't bear to shorten my visit in Brandon.”

“Your aunt must miss you very much. Is she well?”

“Perfectly.”

“Wouldn't she have come with you? I've a mind to telegraph.”

“I think not. She is wedded to quiet, and goes away from her little neighborhood with reluctance.”

“So Brandon was a little dull?” said Miss Arbuser, with a shrewd guess at the truth.

“Oh no,” quickly replied Margaret, shrinking a little from what was in her own mind; “it was restful and delightful; but you know that we New England people take life rather seriously, and inquire into the reason of things, and want an object in life.”

“A very good thing to have,” answered this sweet woman of the world, whose object was to go along pleasantly and enjoy it.

“But to have it all the time!” Margaret suggested, lightly, as she ran up-stairs. But even in this suggestion she was conscious of a twinge of disloyalty to her former self. Deep down in her heart, coming to the atmosphere of Lenox was a relief from questionings that a little disturbed her at her old home, and she was indignant at herself that it should be so, and then indignant at the suggestions that put her out of humor with herself. Was it a sin, she said, to be happy and prosperous?

On her dressing-table was a letter from her husband. He was detained in the city by a matter of importance. He scratched only a line, to catch the mail, during a business interview. It was really only a business interview, and had no sort of relation to Lenox or the summer gayety there.

Henderson was in his private office. The clerks in the outer offices, in the neglige of summer costumes, winked to each other as they saw old Jerry Hollowell enter and make his way to the inner room unannounced. Something was in the wind.

“Well, old man,” said Uncle Jerry, in the cheeriest manner, coming in, depositing his hat on the table, and taking a seat opposite Henderson, “we seem to have stirred up the animals.”

“Only a little flurry,” replied Henderson, laying down his pen and folding a note he had just finished; “they'll come to reason.”

“They've got to.” Mr. Hollowell drew out a big bandanna and mopped his heated face. “I've just got a letter from Jorkins. There's the certificates that make up the two-thirds-more than we need, anyway. No flaw about that, is there?”

“No. I'll put these with the balance in the safe. It's all right, if Jorkins has been discreet. It may make a newspaper scandal if they get hold of his operations.”

“Oh, Jorkins is close. But he is a little overworked. I don't know but it would do him good to have a little nervous prostration and go abroad for a while.”

“I guess it would do Jorkins good to take a turn in Europe for a year or so.”

“Well, you write to him. Give him a sort of commission to see the English bondholders, and explain the situation. They will appreciate that half a loaf is better than no bread. What bothers me is the way the American bondholders take it. They kick.”

“Let 'em kick. The public don't care for a few soreheads and impracticables in an operation that is going to open up the whole Southwest. I've an appointment with one of them this morning. He ought to be here now.”

At the moment Henderson's private secretary entered and laid on the table the card of Mr. John Hopper, who was invited to come in at once. Mr. Hopper was a man of fifty, with iron-gray hair, a heavy mustache, and a smooth-shaven chin that showed resolution. In dress and manner his appearance was that of the shrewd city capitalist—quiet and determined, who is neither to be deceived nor bullied. With a courteous greeting to both the men, whom he knew well, he took a seat and stated his business.

“I have called to see you, Mr. Henderson, about the bonds of the A. and B., and I am glad to find Mr. Hollowell here also.”

“What amount do you represent, Mr. Hopper?” asked Henderson.

“With my own and my friends', altogether, rising a million. What do you propose?”

“You got our circular?”

“Yes, and we don't accept the terms.”

“I'm sorry. It is the best that we could do.”

“That is, the best you would do!”

“Pardon me, Mr. Hopper, the best we could do under the circumstances. We gave you your option, to scale down on a fair estimate of the earnings of the short line (the A. and B.), or to surrender your local bonds and take new ones covering the whole consolidation, or, as is of course in your discretion, to hold on and take the chances.”

“Which your operations have practically destroyed.”

“Not at all, Mr. Hopper. We offer you a much better security on the whole system instead of a local road.”

“And you mean to tell me, Mr. Henderson, that it is for our advantage to exchange a seven per cent. bond on a road that has always paid its interest promptly, for a four and a half on a system that is manipulated nobody knows how? I tell you, gentlemen, that it looks to outsiders as if there was crookedness somewhere.”

“That is a rather rough charge, Mr. Hopper,” said Henderson, with a smile.

“But we are to understand that if we do not accept your terms, it's a freeze-out?”

“You are to understand that we want to make the best arrangement possible for all parties in interest.”

“How some of those interests were acquired may be a question for the courts,” replied Mr. Hopper, resolutely. “When we put our money in good seven per cent. bonds, we propose to inquire into the right of anybody to demand that we shall exchange them for four and a half per cents. on other security.”

“Perfectly right, Mr. Hopper,” said Henderson, with imperturbable good-humor; “the transfer books are open to your inspection.”

“Well, we prefer to hold on to our bonds.”

“And wait for your interest,” interposed Hollowell.

Mr. Hopper turned to the speaker. “And while we are waiting we propose to inquire what has become of the surplus of the A. and B. The bondholders had the first claim on the entire property.”

“And we propose to protect it. See here, Mr. Hopper,” continued Uncle Jerry, with a most benevolent expression, “I needn't tell you that investments fluctuate—the Lord knows mine do! The A. and B. was a good road. I know that. But it was going to be paralleled. We'd got to parallel it to make our Southwest connections. If we had, you'd have waited till the Gulf of Mexico freezes over before you got any coupons paid. Instead of that, we took it into our system, and it's being put on a permanent basis. It's a little inconvenient for holders, and they have got to stand a little shrinkage, but in the long-run it will be better for everybody. The little road couldn't stand alone, and the day of big interest is about over.”

“That explanation may satisfy you, Mr. Hollowell, but it don't give us our money, and I notify you that we shall carry the matter into the courts. Good-morning.”

When Mr. Hopper had gone, the two developers looked at each other a moment seriously.

“Hopper 'll fight,” Hollowell said at last.

“And we have got the surplus to fight him with,” replied Henderson.

“That's so,” and Uncle Jerry chuckled to himself. “The rats that are on the inside of the crib are a good deal better off than the rats on the outside.”

“The reporter of The Planet wants five minutes,” announced the secretary, opening the door. Henderson told him to let him in.

The reporter was a spruce young gentleman, in a loud summer suit, with a rose in his button-hole, and the air of assurance which befits the commissioner of the public curiosity.

“I am sent by The Planet,” said the young man, “to show you this and ask you if you have anything to say to it.”

“What is it?” asked Henderson.

“It's about the A. and B.”

“Very well. There is the president, Mr. Hollowell. Show it to him.”

The reporter produced a long printed slip and handed it to Uncle Jerry, who took it and began to read. As his eye ran down the column he was apparently more and more interested, and he let it be shown on his face that he was surprised, and even a little astonished. When he had finished, he said:

“Well, my young friend, how did you get hold of this?”

“Oh, we have a way,” said the reporter, twirling his straw hat by the elastic, and looking more knowing than old Jerry himself.

“So I see,” replied Jerry, with an admiring smile; “there is nothing that you newspaper folks don't find out. It beats the devil!”

“Is it true, sir?” said the young gentleman, elated with this recognition of his own shrewdness.

“It is so true that there is no fun in it. I don't see how the devil you got hold of it.”

“Have you any explanations?”

“No, I guess not,” said Uncle Jerry, musingly. “If it is to come out, I'd rather The Planet would have it than any, other paper. It's got some sense. No; print it. It'll be a big beat for your paper. While you are about it—I s'pose you'll print it anyway?” (the reporter nodded)—“you might as well have the whole story.”

“Certainly. We'd like to have it right. What is wrong about it?”

“Oh, nothing but some details. You have got it substantially. There's a word or two and a date you are out on, naturally enough, and there are two or three little things that would be exactly true if they were differently stated.”

“Would you mind telling me what they are?”

“No,” said Jerry, with a little reluctance; “might as well have it all out—eh, Henderson?”

And the old man took his pencil and changed some dates and a name or two, and gave to some of the sentences a turn that seemed to the reporter only another way of saying the same thing.

“There, that is all I know. Give my respects to Mr. Goss.”

When the commissioner had withdrawn, Uncle Jerry gave vent to a long whistle. Then he rose suddenly and called to the secretary, “Tell that reporter to come back.” The reporter reappeared.

“I was just thinking, and you can tell Mr. Goss, that now you have got onto this thing, you might as well keep the lead on it. The public is interested in what we are doing in the Southwest, and if you, or some other bright fellow who has got eyes in his head, will go down there, he will see something that will astonish him. I'm going tomorrow in my private car, and if you could go along, I assure you a good time. I want you to see for yourself, and I guess you would. Don't take my word. I can't give you any passes, and I know you don't want any, but you can just get into my private car and no expense to anybody, and see all there is to be seen. Ask Goss, and let me know tonight.”

The young fellow went off feeling several inches higher than when he came in. Such is the power of a good address, and such is the omnipotence of the great organ. Mr. Jerry Hollowell sat down and began to fan himself. It was very hot in the office.

“Seems to me it's lunch-time. Great Scott! what a lot of time I used to waste fighting the newspapers! That thing would have played the devil as it stood. It will be comparatively harmless now. It will make a little talk, but there is nothing to get hold of. Queer, about the difference of a word or two. Come, old man, I'm thirsty.”

“Uncle Jerry,” said Henderson, taking his arm as they went out, “you ought to be President of the United States.”

“The salary is too small,” said Uncle Jerry.

Of all this there was nothing to write to Margaret, who was passing her time agreeably in the Berkshire hills, a little impatient for her husband's arrival, postponed from day to day, and full of sympathy for him, condemned to the hot city and the harassment of a business the magnitude of which gave him the obligations and the character of a public man. Henderson sent her instead a column from The Planet devoted to a description of his private library. Mr. Goss, the editor, who was college bred, had been round to talk with Henderson about the Southwest trip, and the conversation drifting into other matters, Henderson had taken from his desk and shown him a rare old book which he had picked up the day before in a second-hand shop. This led to further talk about Henderson's hobby, and the editor had asked permission to send a reporter down to make a note of Henderson's collection. It would make a good midsummer item, “The Stock-Broker in Literature,” “The Private Tastes of a Millionaire,” etc. The column got condensed into a portable paragraph, and went the rounds of the press, and changed the opinions of a good many people about the great operator—he wasn't altogether devoted to vulgar moneymaking. Uncle Jerry himself read the column with appreciation of its value. “It diverts the public mind,” he said. He himself had recently diverted the public mind by the gift of a bell to the Norembega Theological (colored) Institute, and the paragraph announcing the fact conveyed the impression that while Uncle Jerry was a canny old customer, his heart was on the right side. “There are worse men than Uncle Jerry who are not worth a cent,” was one of the humorous paragraphs tacked on to the item.

Margaret was not alone in finding the social atmosphere of Lenox as congenial as its natural beauties. Mrs. Laflamme declared that it was the perfection of existence for a couple of months, one in early summer and another in the golden autumn with its pathetic note of the falling curtain dropping upon the dream of youth. Mrs. Laflamme was not a sentimental person, but she was capable of drifting for a moment into a poetic mood—a great charm in a woman of her vivacity and air of the world. Margaret remembered her very distinctly, although she had only exchanged a word with her at the memorable dinner in New York when Henderson had revealed her feelings to herself. Mrs. Laflamme had the immense advantage—it seemed so to her after five years of widowhood of being a widow on the sunny side of thirty-five. If she had lost some illusions she had gained a great deal of knowledge, and she had no feverish anxiety about what life would bring her. Although she would not put it in this way to herself, she could look about her deliberately, enjoying the prospect, and please herself. Her position had two advantages—experience and opportunity. A young woman unmarried, she said, always has the uneasy sense of the possibility—well, it is impossible to escape slang, and she said it with the merriest laugh—the possibility of being left. A day or two after Margaret's arrival she had driven around to call in her dog-cart, looking as fresh as a daisy in her sunhat. She held the reins, but her seat was shared by Mr. Fox McNaughton, the most useful man in the village, indispensable indeed; a bachelor, with no intentions, no occupation, no ambition (except to lead the german), who could mix a salad, brew a punch, organize a picnic, and chaperon anything in petticoats with entire propriety, without regard to age. And he had a position of social authority. This eminence Mr. Fox McNaughton had attained by always doing the correct thing. The obligation of society to such men is never enough acknowledged. While they are trusted and used, and worked to death, one is apt to hear them spoken of in a deprecatory tone.

“You hold the reins a moment, please. No, I don't want any help,” she said, as she jumped down with an elastic spring, and introduced him to Margaret. “I've got Mr. McNaughton in training, and am thinking of bringing him out.”

She walked in with Margaret, chatting about the view and the house and the divine weather.

“And your husband has not come yet?”

“He may come any day. I think business might suspend in the summer.”

“So do I. But then, what would become of Lenox? It is rather hard on the men, only I dare say they like it. Don't you think Mr. Henderson would like a place here?”

“He cannot help being pleased with Lenox.”

“I'm sure he would if you are. I have hardly seen him since that evening at the Stotts'. Can I tell you?—I almost had five minutes of envy that evening. You won't mind it in such an old woman?”

“I should rather trust your heart than your age, Mrs. Laflamme,” said Margaret, with a laugh.

“Yes, my heart is as old as my face. But I had a feeling, seeing you walk away that evening into the conservatory. I knew what was coming. I think I have discovered a great secret, Mrs. Henderson to be able to live over again in other people. By-the-way, what has become of that quiet Englishman, Mr. Lyon?”

“He has come into his title. He is the Earl of Chisholm.”

“Dear me, how stupid in us not to have taken a sense of that! And the Eschelles—do you know anything of the Eschelles?”

“Yes; they are at their house in Newport.”

“Do you think there was anything between Miss Eschelle and Mr. Lyon? I saw her afterwards several times.”

“Not that I ever heard. Miss Eschelle says that she is thoroughly American in her tastes.”

“Then her tastes are not quite conformed to her style. That girl might be anything—Queen of Spain, or coryphee in the opera ballet. She is clever as clever. One always expects to hear of her as the heroine of an adventure.”

“Didn't you say you knew her in Europe?”

“No. We heard of her and her mother everywhere. She was very independent. She had the sort of reputation to excite curiosity. But I noticed that the men in New York were a little afraid of her. She is a woman who likes to drive very near the edge.”

Mrs. Laflamme rose. “I must not keep Mr. McNaughton waiting for any more of my gossip. We expect you and the Misses Arbuser this afternoon. I warn you it will be dull. I should like to hear of some summer resort where the men are over sixteen and under sixty.”

Mrs. Laflamme liked to drive near the edge as much as Carmen did, and this piquancy was undeniably an attraction in her case. But there was this difference between the two: there was a confidence that Mrs. Laflamme would never drive over the edge, whereas no one could tell what sheer Carmen might not suddenly take. A woman's reputation is almost as much affected by the expectation of what she may do as by anything she has done. It was Fox McNaughton who set up the dictum that a woman may do almost anything if it is known that she draws a line somewhere.

The lawn party was not at all dull to Margaret. In the first place, she received a great deal of attention. Henderson's name was becoming very well known, and it was natural that the splendor of his advancing fortune should be reflected in the person of his young wife, whose loveliness was enhanced by her simple enjoyment of the passing hour. Then the toilets of the women were so fresh and charming, the colors grouped so prettily on the greensward, the figures of the slender girls playing at tennis or lounging on the benches under the trees, recalled scenes from the classic poets. It was all so rich and refined. Nor did she miss the men of military age, whose absence Mrs. Laflamme had deplored, for she thought of her husband. And, besides, she found even the college boys (who are always spoken of as men) amusing, and the elderly gentlemen—upon whom watering-place society throws much responsibility—gallant, facetious, complimentary, and active in whatever was afoot. Their boyishness, indeed, contrasted with—the gravity of the undergraduates, who took themselves very seriously, were civil to the young ladies,—confidential with the married women, and had generally a certain reserve and dignity which belong to persons upon whom such heavy responsibility rests.

There were, to be sure, men who looked bored, and women who were listless, missing the stimulus of any personal interest; but the scene was so animated, the weather so propitious, that, on the whole, a person must be very cynical not to find the occasion delightful.

There was a young novelist present whose first story, “The Girl I Left Behind Me,” had made a hit the last season. It was thought to take a profound hold upon life, because it was a book that could not be read aloud in a mixed company. Margaret was very much interested in him, although Mr. Summers Bass was not her idea of an imaginative writer. He was a stout young gentleman, with very black hair and small black eyes, to which it was difficult to give a melancholy cast even by an habitual frown. Mr. Bass dressed himself scrupulously in the fashion, was very exact in his pronunciation, careful about his manner, and had the air of a little weariness, of the responsibility of one looking at life. It was only at rare moments that his face expressed intensity of feeling.

“It is a very pretty scene. I suppose, Mr. Bass, that you are making studies,” said Margaret, by way of opening a conversation.

“No; hardly that. One must always observe. It gets to be a habit. The thing is to see reality under appearances.”

“Then you would call yourself a realist?”

Mr. Bass smiled. “That is a slang term, Mrs. Henderson. What you want is nature, color, passion—to pierce the artificialities.”

“But you must describe appearance.”

“Certainly, to an extent—form, action, talk as it is, even trivialities—especially the trivialities, for life is made up of the trivial.”

“But suppose that does not interest me?”

“Pardon me, Mrs. Henderson, that is because you are used to the conventional, the selected. Nature is always interesting.”

“I do not find it so.”

“No? Nature has been covered up; it has been idealized. Look yonder,” and Mr. Bass pointed across the lawn. “See that young woman upon whom the sunlight falls standing waiting her turn. See the quivering of the eyelids, the heaving of the chest, the opening lips; note the curve of her waist from the shoulder, and the line rounding into the fall of the folds of the Austrian cashmere. I try to saturate myself with that form, to impress myself with her every attitude and gesture, her color, her movement, and then I shall imagine the form under the influence of passion. Every detail will tell. I do not find unimportant the tie of her shoe. The picture will be life.”

“But suppose, Mr. Bass, when you come to speak with her, you find that she has no ideas, and talks slang.”

“All the better. It shows what we are, what our society is. And besides, Mrs. Henderson, nearly everybody has the capacity of being wicked; that is to say, of expressing emotion.”

“You take a gloomy view, Mr. Bass.”

“I take no view, Mrs. Henderson. My ambition is to record. It will not help matters by pretending that people are better than they are.”

“Well, Mr. Bass, you may be quite right, but I am not going to let you spoil my enjoyment of this lovely scene,” said Margaret, moving away. Mr. Bass watched her until she disappeared, and then entered in his notebook a phrase for future use, “The prosperous propriety of a pretty plutocrat.” He was gathering materials for his forthcoming book, “The Last Sigh of the Prude.”

The whole world knows how delightful Lenox is. It even has a club where the men can take refuge from the exactions of society, as in the city. The town is old enough to have “histories”; there is a romance attached to nearly every estate, a tragedy of beauty, and money, and disappointment; great writers have lived here, families whose names were connected with our early politics and diplomacy; there is a tradition of a society of wit and letters, of women whose charms were enhanced by a spice of adventure, of men whose social brilliancy ended in misanthropy. All this gave a background of distinction to the present gayety, luxury, and adaptation of the unsurpassed loveliness of nature to the refined fashion of the age.

Here, if anywhere, one could be above worry, above the passion of envy; for did not every new “improvement” and every new refinement in living add to the importance of every member of this favored community? For Margaret it was all a pageant of beauty. The Misses Arbuser talked about the quality of the air, the variety of the scenery, the exhilaration of the drives, the freedom from noise and dust, the country quiet. There were the morning calls, the intellectual life of the reading clubs, the tennis parties, the afternoon teas, combined with charming drives from one elegant place to another; the siestas, the idle swinging in hammocks, with the latest magazine from which to get a topic for dinner, the mild excitement of a tete-a-tete which might discover congenial tastes or run on into an interesting attachment. Half the charm of life, says a philosopher, is in these personal experiments.

When Henderson came, as he did several times for a few days, Margaret's happiness was complete. She basked in the sun of his easy enjoyment of life. She liked to take him about with her, and see the welcome in all companies of a man so handsome, so natural and cordial, as her husband. Especially aid she like the consideration in which he was evidently held at the club, where the members gathered about him to listen to his racy talk and catch points about the market. She liked to think that he was not a woman's man. He gave her his version of some recent transactions that had been commented on in the newspapers, and she was indignant over the insinuations about him. It was the price, he said, that everybody had to pay for success. Why shouldn't he, she reflected, make money? Everybody would if they could, and no one knew how generous he was. If she had been told that the family of Jerry Hollowell thought of him in the same way, she would have said that there was a world-wide difference in the two men. Insensibly she was losing the old standards she used to apply to success. Here in Lenox, in this prosperous, agreeable world, there was nothing to remind her of them.

In her enjoyment of this existence without care, I do not suppose it occurred to her to examine if her ideals had been lowered. Sometimes Henderson had a cynical, mocking tone about the world, which she reproved with a caress, but he was always tolerant and good-natured. If he had told her that he acted upon the maxim that every man and woman has his and her price she would have been shocked, but she was getting to make allowances that she would not have made before she learned to look at the world through his eyes. She could see that the Brandon circle was over-scrupulous. Her feeling of this would have been confirmed if she had known that when her aunt read the letter announcing a month's visit to the Eschelles in Newport, she laid it down with a sigh.