Miss Talcott passed him on Collerton’s arm; she was giving him one of the smiles of which Woburn had fancied himself sole owner. Collerton was a sharp fellow; he must have made a lot in that last deal; probably she would marry him. How much did she know about the transaction? She was a shrewd girl and her father was in Wall Street. If Woburn’s luck had turned the other way she might have married him instead; and if he had confessed his sin to her one evening, as they drove home from the opera in their new brougham, she would have said that really it was of no use to tell her, for she never _could_ understand about business, but that she did entreat him in future to be nicer to Regie Colby. Even now, if he made a big strike somewhere, and came back in ten years with a beard and a steam yacht, they would all deny that anything had been proved against him, and Mrs. Collerton might blush and remind him of their friendship. Well--why not? Was not all morality based on a convention? What was the stanchest code of ethics but a trunk with a series of false bottoms? Now and then one had the illusion of getting down to absolute right or wrong, but it was only a false bottom--a removable hypothesis--with another false bottom underneath. There was no getting beyond the relative. The cotillion had begun. Miss Talcott sat nearly opposite him: she was dancing with young Boylston and giving him a Woburn-Collerton smile. So young Boylston was in the syndicate too! Presently Woburn was aware that she had forgotten young Boylston and was glancing absently about the room. She was looking for some one, and meant the some one to know it: he knew that _Lost-Chord_ look in her eyes. A new figure was being formed. The partners circled about the room and Miss Talcott’s flying tulle drifted close to him as she passed. Then the favors were distributed; white skirts wavered across the floor like thistle-down on summer air; men rose from their seats and fresh couples filled the shining _parquet_. Miss Talcott, after taking from the basket a Legion of Honor in red enamel, surveyed the room for a moment; then she made her way through the dancers and held out the favor to Woburn. He fastened it in his coat, and emerging from the crowd of men about the doorway, slipped his arm about her. Their eyes met; hers were serious and a little sad. How fine and slender she was! He noticed the little tendrils of hair about the pink convolution of her ear. Her waist was firm and yet elastic; she breathed calmly and regularly, as though dancing were her natural motion. She did not look at him again and neither of them spoke. When the music ceased they paused near her chair. Her partner was waiting for her and Woburn left her with a bow. He made his way down-stairs and out of the house. He was glad that he had not spoken to Miss Talcott. There had been a healing power in their silence. All bitterness had gone from him and he thought of her now quite simply, as the girl he loved.