“Yes; she’s one of the few. In my youth,” Miss Jackson rejoined, “it was considered vulgar to dress in the newest fashions; and Amy Sillerton has always told me that in Boston the rule was to put away one’s Paris dresses for two years. Old Mrs. Baxter Pennilow, who did everything handsomely, used to import twelve a year, two velvet, two satin, two silk, and the other six of poplin and the finest cashmere. It was a standing order, and as she was ill for two years before she died they found forty-eight Worth dresses that had never been taken out of tissue paper; and when the girls left off their mourning they were able to wear the first lot at the Symphony concerts without looking in advance of the fashion.”

“Ah, well, Boston is more conservative than New York; but I always think it’s a safe rule for a lady to lay aside her French dresses for one season,” Mrs. Archer conceded.

“It was Beaufort who started the new fashion by making his wife clap her new clothes on her back as soon as they arrived: I must say at times it takes all Regina’s distinction not to look like … like …” Miss Jackson glanced around the table, caught Janey’s bulging gaze, and took refuge in an unintelligible murmur.

“Like her rivals,” said Mr. Sillerton Jackson, with the air of producing an epigram.

“Oh,—” the ladies murmured; and Mrs. Archer added, partly to distract her daughter’s attention from forbidden topics: “Poor Regina! Her Thanksgiving hasn’t been a very cheerful one, I’m afraid. Have you heard the rumours about Beaufort’s speculations, Sillerton?”

Mr. Jackson nodded carelessly. Every one had heard the rumours in question, and he scorned to confirm a tale that was already common property.

A gloomy silence fell upon the party. No one really liked Beaufort, and it was not wholly unpleasant to think the worst of his private life; but the idea of his having brought financial dishonour on his wife’s family was too shocking to be enjoyed even by his enemies. Archer’s New York tolerated hypocrisy in private relations; but in business matters it exacted a limpid and impeccable honesty. It was a long time since any well- known banker had failed discreditably; but every one remembered the social extinction visited on the heads of the firm when the last event of the kind had happened. It would be the same with the Beauforts, in spite of his power and her popularity; not all the leagued strength of the Dallas connection would save poor Regina if there were any truth in the reports of her husband’s unlawful speculations.

The talk took refuge in less ominous topics; but everything they touched on seemed to confirm Mrs. Archer’s sense of an accelerated trend.

“Of course, Newland, I know you let dear May go to Mrs. Struthers’s Sunday evenings—” she began; and May interposed gaily: “Oh, you know, everybody goes to Mrs. Struthers’s now; and she was invited to Granny’s last reception.”