O sapient newspaper! Derwent turned to the first page, the bulk of which was filled by the great ball, where he read of the diamonds and the dresses, how Mrs. Wilton Hay wore a sleeveless satin and a rope of pearls; how Mrs. John Malgam had her corsage cut _en cœur_, and how well looked Mrs. Gower in a simple gown, cut _directoire_, and how well the footmen’s calves in white silk stockings. But just then some young men entered from down-town; and quite a group drew close about them. “Is it all true about Townley?” “Perfect smash, I hear----” “No one knows where Tamms is----” “Canada, they say----” “Charlie Townley was there at the opening, but the fire finished him. A little Starbuck Oil was positively all they had.” The last speaker was Arthur Holyoke. “They say that even he left the State to-night. Poor Charlie, I’m sorry for him,” said Killian Van Kull. “There’s a warrant out for Tamms already,” said another. “Old Fechheimer got it.” “He pledged a lot of Fechheimer’s bonds that he held in a syndicate, I was told,” said Jack Malgam. “Here are the evening papers,” cried another, as a servant entered bearing a bundle of newspapers, which were quickly seized and devoured. For some minutes all was silence, save for an occasional ejaculation of surprise. Derwent continued to watch the club-room silently. Old Mr. Livingstone still sat in his chair, looking at the empty one over against him, which no one had taken. “By Jove, it is worse than I thought,” cried Malgam, with that certain pleasure bad news gives one when it is impressive and not personal. “Look here--the liabilities are said to amount to ten millions; the assets at present prices would not bring half that sum. The family of Mr. Phineas Tamms profess entire ignorance as to his whereabouts; but telegrams from reliable sources report his arrival at Montreal this morning.” “No other houses believed to be as yet involved in the failure.” This latter news was read by De Witt with an air of some relief. “I don’t know about that,” added another. “They held property for a great many people, to my certain knowledge.” “Tamms was to have been arrested to-night,” Malgam read. “It is believed that a warrant has also been sworn out for Mr. Townley Junior.--I wonder where he is?” It was noticeable that no one of them had yet mentioned old Mr. Townley’s name. The company broke up into little groups, each discussing the great failure; which were added to from time to time as new men came in with their quota of news. Even the Duval ball had ceased to be talked about; so soon is one man’s glory eclipsed by another man’s disgrace. But Lionel Derwent marked that not one kindly word was said for Tamms. There was a slight sensation at the door of the room, as young Beverly White entered; for White was Remington’s partner, and had made much money in these last few days. Remington himself was not a member of the club; gossip had said that he could not get in, even though White had proposed him.