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one of them consent to lower his eyes before those of his rival.

      "Fourteen hundred thousand dollars," said William W. Kolderup.

      "Fifteen hundred thousand!" retorted J. R. Taskinar.

      "Sixteen hundred thousand!"

      "Seventeen hundred thousand!"

      Have you ever heard the story of the two mechanics of Glasgow, who tried which should raise the other highest up the factory chimney at the risk of a catastrophe? The only difference was that here the chimney was of ingots of gold.

      Each time after the capping bid of J. R. Taskinar, William W. Kolderup took a few moments to reflect before he bid again. On the contrary Taskinar burst out like a bomb, and did not seem to require a second to think.

      "Seventeen hundred thousand dollars!" repeated the auctioneer. "Now, gentlemen, that is a mere nothing! It is giving it away!"

      And one can well believe that, carried away by the jargon of his profession, he was about to add—

      "The frame alone is worth more than that!" When—

      "Seventeen hundred thousand dollars!" howled Gingrass, the crier.

      "Eighteen hundred thousand!" replied William W. Kolderup.

      "Nineteen hundred thousand!" retorted J. R. Taskinar.

      "Two millions!" quoth William W. Kolderup, and so quickly that this time he evidently had not taken the trouble to think. His face was a little pale when these last words escaped his lips, but his whole attitude was that of a man who did not intend to give in.

      J. R. Taskinar was simply on fire. His enormous face was like one of those gigantic railway bull's-eyes which, screened by the red, signal the stoppage of the train. But it was highly probable that his rival would disregard the block, and decline to shut off steam.

      This J. R. Taskinar felt. The blood mounted to his brows, and seemed apoplectically congested there. He wriggled his fat fingers, covered with diamonds of great price, along the huge gold chain attached to his chronometer. He glared at his adversary, and then shutting his eyes so as to open them with a more spiteful expression a moment afterwards.

      "Two million, four hundred thousand dollars!" he remarked, hoping by this tremendous leap to completely rout his rival.

      "Two million, seven hundred thousand!" replied William W. Kolderup in a peculiarly calm voice.

      "Two million, nine hundred thousand!"

      "Three millions!"

      Yes! William W. Kolderup, of San Francisco, said three millions of dollars!

      Applause rang through the room, hushed, however, at the voice of the auctioneer, who repeated the bid, and whose oscillating hammer threatened to fall in spite of himself by the involuntary movement of his muscles. It seemed as though Dean Felporg, surfeited with the surprises of public auction sales, would be unable to contain himself any longer.

      All glances were turned on J. R. Taskinar. That voluminous personage was sensible of this, but still more was he sensible of the weight of these three millions of dollars, which seemed to crush him. He would have spoken, doubtless to bid higher—but he could not. He would have liked to nod his head—he could do so no more.

      After a long pause, however, his voice was heard; feeble it is true, but sufficiently audible.

      "Three millions, five hundred thousand!"

      "Four millions," was the answer of William W. Kolderup.

      It was the last blow of the bludgeon. J. R. Taskinar succumbed. The hammer gave a hard rap on the marble table and—

      Spencer Island fell for four millions of dollars to William W. Kolderup, of San Francisco.

      "I will be avenged!" muttered J. R. Taskinar, and throwing a glance of hatred at his conqueror, he returned to the Occidental Hotel.

      But "hip, hip, hurrah," three times thrice, smote the ears of William W. Kolderup, then cheers followed him to Montgomery Street, and such was the delirious enthusiasm of the Americans that they even forgot to favour him with the customary bars of "Yankee Doodle."

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       Table of Contents

      William W. Kolderup had returned to his mansion in Montgomery Street. This thoroughfare is the Regent Street, the Broadway, the Boulevard des Italiens of San Francisco. Throughout its length, the great artery which crosses the city parallel with its quays is astir with life and movement; trams there are innumerable; carriages with horses, carriages with mules; men bent on business, hurrying to and fro over its stone pavements, past shops thronged with customers; men bent on pleasure, crowding the doors of the "bars," where at all hours are dispensed the Californian's drinks.

      There is no need for us to describe the mansion of a Frisco nabob. With so many millions, there was proportionate luxury. More comfort than taste. Less of the artistic than the practical. One cannot have everything.

      So the reader must be contented to know that there was a magnificent reception-room, and in this reception-room a piano, whose chords were permeating the mansion's warm atmosphere when the opulent Kolderup walked in.

      "Good!" he said. "She and he are there! A word to my cashier, and then we can have a little chat."

      And he stepped towards his office to arrange the little matter of Spencer Island, and then dismiss it from his mind. He had only to realize a few certificates in his portfolio and the acquisition was settled for. Half-a-dozen lines to his broker—no more. Then William W. Kolderup devoted himself to another "combination" which was much more to his taste.

      Yes! she and he were in the drawing-room—she, in front of the piano; he, half reclining on the sofa, listening vaguely to the pearly arpeggios which escaped from the fingers of the charmer.

      "Are you listening?" she said.

      "Of course."

      "Yes! but do you understand it?"

      "Do I understand it, Phina! Never have you played those 'Auld Robin Gray' variations more superbly."

      "But it is not 'Auld Robin Gray,' Godfrey: it is 'Happy Moments.'"

      "Oh! ah! yes! I remember!" answered Godfrey, in a tone of indifference which it was difficult to mistake. The lady raised her two hands, held them suspended for an instant above the keys as if they were about to grasp another chord, and then with a half-turn on her music-stool she remained for a moment looking at the too tranquil Godfrey, whose eyes did their best to avoid hers.

      Phina Hollaney was the goddaughter of William W. Kolderup. An orphan, he had educated her, and given her the right to consider herself his daughter, and to love him as her father. She wanted for nothing. She was young, "handsome in her way" as people say, but undoubtedly fascinating, a blonde of sixteen with the ideas of a woman much older, as one could read in the crystal of her blue-black eyes. Of course, we must compare her to a lily, for all beauties are compared to lilies in the best American society. She was then a lily, but a lily grafted into an eglantine. She certainly had plenty of spirit, but she had also plenty of practical common-sense, a somewhat selfish demeanour, and but little sympathy with the illusions and dreams so characteristic of her sex and age.

      Her dreams were when she was asleep, not when she was awake. She was not asleep now, and had no intention of being so.

      "Godfrey?" she continued.

      "Phina?"

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