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Trading Toolbox™
User's Guide

R2020a
How to Contact MathWorks

Latest news: www.mathworks.com

Sales and services: www.mathworks.com/sales_and_services

User community: www.mathworks.com/matlabcentral

Technical support: www.mathworks.com/support/contact_us

Phone: 508-647-7000

The MathWorks, Inc.

1 Apple Hill Drive
Natick, MA 01760-2098
Trading Toolbox™ User's Guide
© COPYRIGHT 2013–2020 by The MathWorks, Inc.
The software described in this document is furnished under a license agreement. The software may be used or copied
only under the terms of the license agreement. No part of this manual may be photocopied or reproduced in any form
without prior written consent from The MathWorks, Inc.
FEDERAL ACQUISITION: This provision applies to all acquisitions of the Program and Documentation by, for, or through
the federal government of the United States. By accepting delivery of the Program or Documentation, the government
hereby agrees that this software or documentation qualifies as commercial computer software or commercial computer
software documentation as such terms are used or defined in FAR 12.212, DFARS Part 227.72, and DFARS 252.227-7014.
Accordingly, the terms and conditions of this Agreement and only those rights specified in this Agreement, shall pertain
to and govern the use, modification, reproduction, release, performance, display, and disclosure of the Program and
Documentation by the federal government (or other entity acquiring for or through the federal government) and shall
supersede any conflicting contractual terms or conditions. If this License fails to meet the government's needs or is
inconsistent in any respect with federal procurement law, the government agrees to return the Program and
Documentation, unused, to The MathWorks, Inc.
Trademarks
MATLAB and Simulink are registered trademarks of The MathWorks, Inc. See
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Patents
MathWorks products are protected by one or more U.S. patents. Please see www.mathworks.com/patents for
more information.
Revision History
March 2013 Online only New for Version 1.0 (Release 2013a)
September 2013 Online only Revised for Version 2.0 (Release 2013b)
March 2014 Online only Revised for Version 2.1 (Release 2014a)
October 2014 Online only Revised for Version 2.1.1 (Release 2014b)
March 2015 Online only Revised for Version 2.2 (Release 2015a)
September 2015 Online only Revised for Version 2.2.1 (Release 2015b)
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September 2016 Online only Revised for Version 3.1 (Release 2016b)
March 2017 Online only Revised for Version 3.2 (Release 2017a)
September 2017 Online only Revised for Version 3.3 (Release 2017b)
March 2018 Online only Revised for Version 3.4 (Release 2018a)
September 2018 Online only Revised for Version 3.5 (Release 2018b)
March 2019 Online only Revised for Version 3.5.1 (Release 2019a)
September 2019 Online only Revised for Version 3.6 (Release 2019b)
March 2020 Online only Revised for Version 3.6.1 (Release 2020a)
 Contents

Getting Started
1
Trading Toolbox Product Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-2
Key Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-2

Installation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-3
Bloomberg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-3
CQG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-3
FIX Flyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-3
Interactive Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-3
Trading Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-4

Trading System Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-5

Supported Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-5
Connection Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-5
Platform Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-6

Create an Order Using IB Trader Workstation . . . . . . . . . . . . . . . . . . . . . . 1-7

Create an Order Using CQG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-10

Create an Order Using Bloomberg EMSX . . . . . . . . . . . . . . . . . . . . . . . . . 1-12

Create an Order Using X_TRADER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-14

Create an Order Using FIX Flyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-17

Writing and Running Custom Event Handler Functions with Bloomberg

EMSX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-21
Write a Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . . . . . 1-21
Run a Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . . . . . . 1-21
Workflow for Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . 1-22

Writing and Running Custom Event Handler Functions with Interactive

Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-23
Write a Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . . . . . 1-23
Run a Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . . . . . . 1-23
Workflow for Custom Event Handler Function . . . . . . . . . . . . . . . . . . . . . 1-23

iii
 Workflow Models
2
Workflow for Bloomberg EMSX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-2

Workflows for Trading Technologies X_TRADER . . . . . . . . . . . . . . . . . . . . . 2-4

Workflow for Interactive Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-6

Request Interactive Brokers Market Data . . . . . . . . . . . . . . . . . . . . . . . . . 2-6
Create Interactive Brokers Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-6
Request Interactive Brokers Informational Data . . . . . . . . . . . . . . . . . . . . 2-7

Workflow for CQG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-8

Transaction Cost Analysis

3
Analyze Trading Execution Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-2

Post-Trade Analysis Metrics Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-5

Implementation Shortfall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-5
Alpha Capture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-5
Benchmark Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-6
Broker Value Add . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-6
Z-Score . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-6

Kissell Research Group Data Sets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-7

Basket Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-7
BrokerNames Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-7
TradeData Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-7
TradeDataCurrent and TradeDataHistorical Variables . . . . . . . . . . . . . . . . 3-9
PortfolioData Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-9
PostTradeData Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-10
TradeDataBackTest Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-12
TradeDataStressTest Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-12
TradeDataPortOpt Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-13
TradeDataTradeOpt Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-14
CovarianceData Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-15
CovarianceTradeOpt Table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-15

Conduct Sensitivity Analysis to Estimate Trading Costs . . . . . . . . . . . . . 3-17

Estimate Portfolio Liquidation Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-20

Optimize Percentage of Volume Trading Strategy . . . . . . . . . . . . . . . . . . 3-23

Optimize Trade Time Trading Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-26

Optimize Trade Schedule Trading Strategy . . . . . . . . . . . . . . . . . . . . . . . . 3-29

Estimate Trading Costs for Collection of Stocks . . . . . . . . . . . . . . . . . . . . 3-33

iv Contents
 Conduct Back Test on Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-35

Conduct Stress Test on Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-38

Liquidate Dollar Value from Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-43

Optimize Long Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-48

Determine Buy-Sell Imbalance Using Cost Index . . . . . . . . . . . . . . . . . . . 3-51

Rank Broker Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-55

Optimize Trade Schedule Trading Strategy for Basket . . . . . . . . . . . . . . 3-60

Create Basket Summary and Efficient Trading Frontier . . . . . . . . . . . . . 3-64

Sample Code for Workflows

4
Listen for X_TRADER Price Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-2

Listen for X_TRADER Price Market Depth Updates . . . . . . . . . . . . . . . . . . 4-4

Submit X_TRADER Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-7

Create and Manage a Bloomberg EMSX Order . . . . . . . . . . . . . . . . . . . . . 4-10

Create and Manage a Bloomberg EMSX Route . . . . . . . . . . . . . . . . . . . . . 4-14

Manage a Bloomberg EMSX Order and Route . . . . . . . . . . . . . . . . . . . . . 4-18

Create and Manage an Interactive Brokers Order . . . . . . . . . . . . . . . . . . 4-22

Request Interactive Brokers Historical Data . . . . . . . . . . . . . . . . . . . . . . 4-27

Request Interactive Brokers Real-Time Data . . . . . . . . . . . . . . . . . . . . . . 4-29

Create Interactive Brokers Combination Order . . . . . . . . . . . . . . . . . . . . 4-32

Create CQG Orders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-37

Request CQG Historical Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-41

Request CQG Intraday Tick Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-44

Request CQG Real-Time Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4-47

v
 WDS Topics
5
Decide to Buy Shares Using Current and Historical WDS Data . . . . . . . . 5-2

Create Order Using Real-Time Snapshot WDS Data . . . . . . . . . . . . . . . . . . 5-4

Functions
6

vi Contents
 1

Getting Started

• “Trading Toolbox Product Description” on page 1-2

• “Installation” on page 1-3
• “Trading System Providers” on page 1-5
• “Create an Order Using IB Trader Workstation” on page 1-7
• “Create an Order Using CQG” on page 1-10
• “Create an Order Using Bloomberg EMSX” on page 1-12
• “Create an Order Using X_TRADER” on page 1-14
• “Create an Order Using FIX Flyer” on page 1-17
• “Writing and Running Custom Event Handler Functions with Bloomberg EMSX” on page 1-21
• “Writing and Running Custom Event Handler Functions with Interactive Brokers” on page 1-23
1 Getting Started

Trading Toolbox Product Description

Access prices, analyze transaction costs, and send orders to trading systems

Trading Toolbox provides functions for analyzing transaction costs, accessing trade and quote pricing
data, defining order types, and sending orders to financial trading markets. The toolbox lets you
integrate streaming and event-based data into MATLAB®, enabling you to develop financial trading
strategies and algorithms that analyze and react to the market in real time. You can build algorithmic
or automated trading strategies that work across multiple asset classes, instrument types, and
trading markets while integrating with industry-standard or proprietary trade execution platforms.

With Trading Toolbox you can analyze and estimate transaction costs before placing an order, as well
as attribute costs post-trade. You can analyze transaction costs associated with market impact,
timing, liquidity, and price appreciation, and use cost curves to minimize transaction costs for single
assets or for a portfolio of assets.

Trading Toolbox lets you access real-time streams of tradable instrument data, including quotes,
volumes, trades, market depth, and instrument metadata. You can define order types and specify
order routing and filling procedures.

Key Features
• Market impact modeling and cost curve generation using Kissell Research Group models
• Trading cost, sensitivity, and post-trade execution analysis
• Access to current, intraday, event-based, and real-time tradable instrument data
• Data filtering by instrument and exchange
• Definable order types and execution instructions
• Access to FIX-compliant trading systems using FIX Flyer™ Engine
• Support for Bloomberg® EMSX, Trading Technologies® X_TRADER®, CQG® Integrated Client, and
Interactive Brokers® TWS

1-2
 Installation

Installation
In this section...
“Bloomberg” on page 1-3
“CQG” on page 1-3
“FIX Flyer” on page 1-3
“Interactive Brokers” on page 1-3
“Trading Technologies” on page 1-4

Bloomberg
To install Bloomberg EMSX from Bloomberg L.P., find the latest installation files at https://
www.bloomberg.com. You need a Bloomberg license to install and run Bloomberg EMSX.

CQG
To install CQG, find the latest installation files at https://www.cqg.com. You need a CQG license to
install and run CQG.

The Trading Toolbox no longer supports connection using a 32-bit version of MATLAB. To configure
CQG to work with a 64-bit version of MATLAB, see https://www.mathworks.com/matlabcentral/
answers/223461-how-can-i-set-up-a-cqg-connection-using-the-trading-toolbox-with-64-bit-version-of-
matlab.

FIX Flyer
1 Install FIX Flyer. Find the latest installation files using the Files Provided by FIX Flyer.
2 Download the zip file that contains the installation JAR files. Unzip the file.
3 Search the folders for the JAR file fix-flyer.jar and the folder named core. The JAR file is
located in the folder where FIX Flyer is installed. The JAR file points to the folder core that
contains the other required JAR files.
4 Add the JAR file fix-flyer.jar to the static Java® class path. Edit the javaclasspath.txt
file and enter the path to the file. For example, ..\FIXFlyer\fix-flyer-5.0.1\devkit\lib
\fix-flyer.jar. This file path assumes an installation of FIX Flyer version 5.0.1.

If you are running Linux® or Mac, the JAR file path has a different format. For example, /
FIXFlyer/fix-flyer-5.0.1/devkit/lib/fix-flyer.jar.

For details about modifying the static Java class path, see “Java Class Path” (MATLAB).

You need a FIX Flyer license to install and run FIX Flyer.

Interactive Brokers
1 Download and install the IB Trader Workstation(SM) Desktop Trading Client. Find the latest
installation files at https://www.interactivebrokers.com/en/index.php?f=552.
2 Download and install the Interactive Brokers API software. Find the latest installation files at
https://interactivebrokers.github.io/.

1-3
1 Getting Started

3 Configure IB Trader Workstation to enable connections. Follow these steps in IB Trader

Workstation:

a Select File > Global Configuration under Application Settings.

b Select API > Settings on the left side.
c Select Enable ActiveX and Socket Clients on the right side.
d Click Apply, then OK.
e Restart MATLAB and connect to IB Trader Workstation.

You need an Interactive Brokers license to install and run Interactive Brokers.

Trading Technologies
To install Trading Technologies, find the latest installation files at https://
www.tradingtechnologies.com. You need a Trading Technologies license to install and run
Trading Technologies.

See Also
cqg | emsx | fixflyer | ibtws | xtrdr

Related Examples
• “Create an Order Using Bloomberg EMSX” on page 1-12
• “Create an Order Using CQG” on page 1-10
• “Create an Order Using FIX Flyer” on page 1-17
• “Create an Order Using IB Trader Workstation” on page 1-7
• “Create an Order Using X_TRADER” on page 1-14

1-4
Visit https://textbookfull.com
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 Trading System Providers

Trading System Providers

In this section...
“Supported Providers” on page 1-5
“Connection Requirements” on page 1-5
“Platform Requirements” on page 1-6

Trading Toolbox enables you to connect to various trading system providers. To create a connection,
ensure that you satisfy the license, connection, and platform requirements.

Supported Providers
This toolbox supports connections to financial trading systems provided by the following
corporations:

• Bloomberg EMSX from Bloomberg L.P. (https://www.bloomberg.com)

Note Only the Bloomberg Desktop API is supported.

• CQG (https://www.cqg.com)
• FIX Flyer (https://www.fixflyer.com/)
• IB Trader Workstation from Interactive Brokers (https://www.interactivebrokers.com)

Note IB Trader Workstation versions 9.69 and 9.7 and later are supported.
• X_TRADER from Trading Technologies (https://www.tradingtechnologies.com)
• Wind Data Feed Services (WDS) from The Wind Information Co., Ltd. (http://
www.wind.com.cn/en/product/Wind.DataFeed.html)

See the MathWorks® website for the system requirements for connecting to these trading systems.

Connection Requirements
To connect to these trading systems, additional requirements apply. The following data service
providers require you to install proprietary software on your PC:

• Bloomberg EMSX

Note You need the Bloomberg Desktop software license for the host on which Trading Toolbox
and MATLAB software are running.
• CQG
• FIX Flyer
• Interactive Brokers IB Trader Workstation
• Trading Technologies X_TRADER
• WDS

You must have a valid license for required client software on your machine.

1-5
1 Getting Started

For more information about how to obtain required software, contact your trading system sales
representative.

Platform Requirements
The Trading Toolbox supports 64-bit Windows® only. However, transaction cost analysis from the
Kissell Research Group supports all platforms.

These data service providers work only with the Windows platform:

• Bloomberg EMSX
• CQG
• Interactive Brokers
• Trading Technologies X_TRADER
• WDS

1-6
 Create an Order Using IB Trader Workstation

Create an Order Using IB Trader Workstation

Create a connection to the IB Trader Workstation℠ and create a market order based on historical and
current data for a security. You can also create orders for a different instrument, such as a futures
contract.

Before creating the connection, you must enter your credentials and run the IB Trader Workstation℠
application.

To run this example, you must have the Financial Toolbox™ installed.

Run IB Trader Workstation℠ Application

Ensure the IB Trader Workstation℠ application is running, and that API connections are enabled.
Follow these steps in IB Trader Workstation℠.
1 To open the Trader Workstation Configuration (Simulated Trading) dialog box, select File >
Global Configuration.
2 Select API > Settings.
3 Ensure that the Enable ActiveX and Socket Clients check box is selected.

Connect to IB Trader Workstation℠

Connect to the IB Trader Workstation℠ and create connection ib using the local host and default
port number 7496.
ib = ibtws('',7496);

When the Accept incoming connection attempt message appears in the IB Trader
Workstation℠, click Yes.

Retrieve Historical and Current Data

Create the IB Trader Workstation℠ IContract object ibContract. This object specifies the
security. Retrieve data for Microsoft® stock. Specifying SMART as the exchange lets Interactive
Brokers® determine which venue to use for data retrieval. To clarify any ambiguity, set the primary
exchange for the destination to NASDAQ. To retrieve dollar-denominated stock, set the currency type
to USD. Setting currency type is useful when stocks are dual-listed or multi-listed across different
jurisdictions.
ibContract = ib.Handle.createContract;
ibContract.symbol = 'MSFT';
ibContract.secType = 'STK';
ibContract.exchange = 'SMART';
ibContract.primaryExchange = 'NASDAQ';
ibContract.currency = 'USD';

Define the date range for the last 20 business days, excluding today. To calculate the appropriate
start and end dates, this code uses the daysadd function from Financial Toolbox™.
bizDayConvention = 13; % i.e. BUS/252
currentdate = today;
startDate = daysadd(currentdate,-20,bizDayConvention);
endDate = daysadd(currentdate,-1,bizDayConvention);

Retrieve historical data for the last 20 business days.

1-7
1 Getting Started

histTradeData = history(ib,ibContract,startDate,endDate);

The history function accepts additional parameters that let you obtain other historical data such as
option-implied volatility, historical volatility, bid prices, ask prices, or midpoints. If you do not specify
anything, last traded prices return by default.

Retrieve current price data from the contract.

currentData = getdata(ib,ibContract)

currentData =

struct with fields:

LAST_PRICE: 62.8500
LAST_SIZE: 1
VOLUME: 41273
BID_PRICE: 62.8400
BID_SIZE: 17
ASK_PRICE: 62.8600
ASK_SIZE: 12

Create Trade Market Order

The IB Trader Workstation℠ supports various order types, including basic types such as limit orders,
stop orders, and market orders.

Create the IB Trader Workstation℠ Iorder object ibMktOrder. This object specifies the order. To
buy shares, specify the action BUY. To specify buying 100 shares, set totalQuantity to 100. To
create a market order, specify the order type as MKT.
ibMktOrder = ib.Handle.createOrder;
ibMktOrder.action = 'BUY';
ibMktOrder.totalQuantity = 100;
ibMktOrder.orderType = 'MKT';

Set a unique order identifier and send the order to Interactive Brokers®.
id = orderid(ib);

result = createOrder(ib,ibContract,ibMktOrder,id)

result =

struct with fields:

STATUS: 'Submitted'
FILLED: 0
REMAINING: 100
AVG_FILL_PRICE: 0
PERM_ID: '1621177315'
PARENT_ID: 0
LAST_FILL_PRICE: 0
CLIENT_ID: 0
WHY_HELD: ''

1-8
 Create an Order Using IB Trader Workstation

Specify Different Instrument

You can trade various instruments using the IB Trader Workstation℠ API, including equities, futures,
options, futures options, and foreign currencies.

ibFutures is the E-mini Standard and Poor's 500 futures contract on the CME Globex with a
December 2013 expiry. Specify the symbol as ES, the security type as a futures contract FUT, the
expiry as a YYYYMM date format, the exchange as GLOBEX, and the currency as USD.

ibFutures = ib.Handle.createContract;
ibFutures.symbol = 'ES';
ibFutures.secType = 'FUT';
ibFutures.expiry = '201312'; % Dec 2013
ibFutures.exchange = 'GLOBEX';
ibFutures.currency = 'USD';

Retrieve futures data and send orders using the getdata and createOrder functions.

Close IB Trader Workstation℠ Connection

close(ib)

See Also
close | createOrder | getdata | history | ibtws

Related Examples
• “Create Interactive Brokers Combination Order” on page 4-32
• “Create and Manage an Interactive Brokers Order” on page 4-22
• “Request Interactive Brokers Historical Data” on page 4-27
• “Request Interactive Brokers Real-Time Data” on page 4-29

More About
• “Workflow for Interactive Brokers” on page 2-6

External Websites
• https://www.interactivebrokers.com/en/software/api/api.htm

1-9
1 Getting Started

Create an Order Using CQG

This example shows how to connect to CQG and create a market order.

Connect to CQG

c = cqg;

Establish Event Handlers

Start the CQG session. Set up event handlers for instrument subscription, orders, and associated
events.

startUp(c)

streamEventNames = {'InstrumentSubscribed', ...

'InstrumentChanged','IncorrectSymbol'};

for i = 1:length(streamEventNames)
registerevent(c.Handle,{streamEventNames{i}, ...
@(varargin)cqgrealtimeeventhandler(varargin{:})})
end

orderEventNames = {'AccountChanged','OrderChanged','AllOrdersCanceled'};

for i = 1:length(orderEventNames)
registerevent(c.Handle,{orderEventNames{i}, ...
@(varargin)cqgordereventhandler(varargin{:})})
end

Subscribe to Instrument

Subscribe to a security tied to the EURIBOR.

realtime(c,'F.US.IE')
pause(2)

Create CQGInstrument Object

To use the instrument for creating an order, import the instrument name cqgInstrumentName into
the current MATLAB workspace. Then, create the CQGInstrument object cqgInst.

cqgInstrumentName = evalin('base','cqgInstrument');
cqgInst = c.Handle.Instruments.Item(cqgInstrumentName);

Set Up Account Credentials

Set the CQG flags to enable account information retrieval.

c.Handle.set('AccountSubscriptionLevel','aslNone');
c.Handle.set('AccountSubscriptionLevel','aslAccountUpdatesAndOrders');
pause(2)
accountHandle = c.Handle.Accounts.ItemByIndex(0);

Create Market Order

Create a market order that buys one share of the subscribed security cqgInst using the account
credentials accountHandle.

1-10
 Create an Order Using CQG

orderType = 1; % Market order flag

quantity = 1; % Positive quantity is Buy, negative is Sell
oMarket = createOrder(c,cqgInst,orderType,accountHandle,quantity);
oMarket.Place

Close CQG Connection

close(c)

See Also
close | cqg | createOrder | realtime | startUp

Related Examples
• “Create CQG Orders” on page 4-37
• “Request CQG Historical Data” on page 4-41
• “Request CQG Intraday Tick Data” on page 4-44
• “Request CQG Real-Time Data” on page 4-47

More About
• “Workflow for CQG” on page 2-8

External Websites
• CQG API Reference Guide

1-11
1 Getting Started

Create an Order Using Bloomberg EMSX

This example shows how to connect to Bloomberg EMSX and create and route a market order.

For details about connecting to Bloomberg EMSX and creating orders, see the EMSX API
Programmer’s Guide.

Connect to Bloomberg EMSX

1 If you are using emsx for the first time, install a Java archive file from Bloomberg for emsx and
other Bloomberg commands to work correctly.

If you already have blpapi3.jar downloaded from Bloomberg, you can find it in your
Bloomberg folders at ..\blp\api\APIv3\JavaAPI\lib\blpapi3.jar or ..\blp\api
\APIv3\JavaAPI\v3.x\lib\blpapi3.jar. If you have blpapi3.jar, go to step 3.

If blpapi3.jar is not downloaded from Bloomberg, then download it as follows:

a In your Bloomberg terminal, type WAPI {GO} to open the API Developer’s Help Site screen.
b Click API Download Center, then click Desktop API.
c After downloading blpapi3.jar on your system, add it to the MATLAB Java class path
using the javaaddpath function.

Execute the javaaddpath function for every session of MATLAB. To avoid executing the
javaaddpath function at every session, add javaaddpath to your startup.m file or add
the full path for blpapi3.jar to your javaclasspath.txt file. For details about
javaclasspath.txt, see “Java Class Path” (MATLAB). For details about editing your
startup.m file, see “Startup Options in MATLAB Startup File” (MATLAB).
2 Connect to the Bloomberg EMSX test service.
c = emsx('//blp/emapisvc_beta')

c =

emsx with properties:

Session: [1x1 com.bloomberglp.blpapi.Session]

Service: [1x1 com.bloomberglp.blpapi.impl.aQ]
Ipaddress: 'localhost'
Port: 8194

MATLAB returns c as the connection to the Bloomberg EMSX test service with the following:

• Bloomberg EMSX session object

• Bloomberg EMSX service object
• IP address of the machine running the Bloomberg EMSX test service
• Port number of the machine running the Bloomberg EMSX test service

Create Market Order Request

Create an order request structure order for a buy market order of 400 shares of IBM®. Specify the
broker as EFIX, use any hand instruction, and set the time in force to DAY.
order.EMSX_ORDER_TYPE = 'MKT';
order.EMSX_SIDE = 'BUY';

1-12
 Create an Order Using Bloomberg EMSX

order.EMSX_TICKER = 'IBM';
order.EMSX_AMOUNT = int32(400);
order.EMSX_BROKER = 'EFIX';
order.EMSX_HAND_INSTRUCTION = 'ANY';
order.EMSX_TIF = 'DAY';

Create and Route Market Order

Create and route the market order using the Bloomberg EMSX connection c and order request
structure order.

events = createOrderAndRoute(c,order)

events =

EMSX_SEQUENCE: 335877
EMSX_ROUTE_ID: 1
MESSAGE: 'Order created and routed'

The default event handler processes the events associated with creating and routing the order.
createOrderAndRoute returns events as a structure that contains these fields:

• Bloomberg EMSX order number

• Bloomberg EMSX route identifier
• Bloomberg EMSX message

Close Bloomberg EMSX Connection

close(c)

See Also
close | createOrderAndRoute | emsx

Related Examples
• “Create and Manage a Bloomberg EMSX Order” on page 4-10
• “Create and Manage a Bloomberg EMSX Route” on page 4-14
• “Manage a Bloomberg EMSX Order and Route” on page 4-18

More About
• “Workflow for Bloomberg EMSX” on page 2-2

External Websites
• EMSX API Programmers Guide

1-13
1 Getting Started

Create an Order Using X_TRADER

This example shows how to connect to Trading Technologies X_TRADER and create a market order.

Connect to Trading Technologies X_TRADER

c = xtrdr;

Create Instrument for Contract

Create an instrument for a contract of CAISO NP15 EZ Gen Hub 5 MW Peak Calendar-Day Real-Time
LMP Futures with an expiration date of August 2014 on the Chicago Mercantile Exchange.

createInstrument(c,'Exchange','CME','Product','2F',...
'ProdType','Future','Contract','Aug14',...
'Alias','SubmitOrderInstrument3')

Register Event Handler for Order Server

Register an event handler to check the order server status.

sExchange = c.Instrument.Exchange;
c.Gate.registerevent({'OnExchangeStateUpdate', ...
@(varargin)ttorderserverstatus(varargin{:},sExchange)})

Create Order Set and Set Order Properties

Create an empty order set. Then, set order set properties. Setting the first property to true (1)
enables the X_TRADER API to send order rejection notifications. Setting the second property to true
(1) enables the X_TRADER API to add order pairs for all order updates to the order tracker list in this
order set. Setting the third property to ORD_NOTIFY_NORMAL sets the X_TRADER API notification
mode for order status events to normal.

createOrderSet(c)

c.OrderSet(1).EnableOrderRejectData = 1;
c.OrderSet(1).EnableOrderUpdateData = 1;
c.OrderSet(1).OrderStatusNotifyMode = 'ORD_NOTIFY_NORMAL';

Set Position Limit Checks

c.OrderSet(1).Set('NetLimits',false)

Register Event Handlers for Order Status

Register event handlers to track events associated with the order status.

registerevent(c.OrderSet(1),{'OnOrderFilled',...
@(varargin)ttorderevent(varargin{:},c)})
registerevent(c.OrderSet(1),{'OnOrderRejected',...
@(varargin)ttorderevent(varargin{:},c)})
registerevent(c.OrderSet(1),{'OnOrderSubmitted',...
@(varargin)ttorderevent(varargin{:},c)})
registerevent(c.OrderSet(1),{'OnOrderDeleted',...
@(varargin)ttorderevent(varargin{:},c)})

1-14
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 Create an Order Using X_TRADER

Enable Order Submission

Open the instrument for trading and enable the X_TRADER API to retrieve market depth information
when opening the instrument.

c.OrderSet(1).Open(1)

Build Order Profile with Existing Instrument

orderProfile = createOrderProfile(c,'Instrument',c.Instrument(1));

Set Customer Default Property

Assign the customer defaults for trading an instrument.

orderProfile.Customer = '<Default>';

Set Up Order Profile as Market Order

Set up the order profile as a market order for buying 225 shares.

orderProfile.Set('BuySell','Buy')
orderProfile.Set('Qty','225')
orderProfile.Set('OrderType','M')

Check Order Server Status

nCounter = 1;
while ~exist('bServerUp','var') && nCounter < 20
% bServerUp is created by ttorderserverstatus
pause(1)
nCounter = nCounter + 1;
end

Verify Order Server Availability and Submit Order

if exist('bServerUp','var') && bServerUp

% Submit the order
submittedQuantity = c.OrderSet(1).SendOrder(orderProfile);
disp(['Quantity Sent: ' num2str(submittedQuantity)])
else
disp('Order server is down. Unable to submit order.')
end

The X_TRADER API submits the order to the exchange and returns the number of contracts sent for
lot-based contracts or the flow quantity sent for flow-based contracts in the output argument
submittedQuantity.

Close Trading Technologies X_TRADER Connection

close(c)

See Also
close | createInstrument | createOrderProfile | createOrderSet | xtrdr

1-15
1 Getting Started

Related Examples
• “Listen for X_TRADER Price Updates” on page 4-2
• “Listen for X_TRADER Price Market Depth Updates” on page 4-4
• “Submit X_TRADER Orders” on page 4-7

More About
• “Workflows for Trading Technologies X_TRADER” on page 2-4

External Websites
• X_TRADER API Resources

1-16
 Create an Order Using FIX Flyer

Create an Order Using FIX Flyer

This example shows how to create a FIX Flyer connection, process event data for sending FIX
messages, and submit various orders using FIX messages.

FIX is a financial industry protocol that facilitates low latency trading. For details about the FIX
protocol, see FIX Trading Community.

To access the example code, enter edit FixFlyerExample.m at the command line.

Connect to FIX Flyer

Import the FIX Flyer Java libraries.

import flyer.apps.*;
import flyer.apps.FlyerApplicationManagerFactory.*;
import flyer.core.session.*;

Create the FIX Flyer Engine connection c using these arguments:

• User name username

• Password password
• IP address ipaddress
• Port number port
• Order information port number orderport
username = 'guest';
password = 'guest';
ipaddress = 'example.fixcomputeserver.com';
port = 12001;
orderport = 13001;

c = fixflyer(username,password,ipaddress,port,orderport);

Add Listener and Subscribe to FIX Sessions

Add the FIX Flyer event listener to the FIX Flyer Engine connection. Listen for and display the FIX
Flyer Engine event data in the Workspace browser by using the sample event handling listener
fixExampleListener.

To access the code for the listener, enter edit fixExampleListener.m. Or, to process the event
data in another way, you can write a custom event handling listener function. For details, see “Create
Functions in Files” (MATLAB).

Process the FIX Flyer Engine events e using the sample event handling listener
fixExampleListener. Specify e as any letter. fixExampleListener returns a handle to the
listener lh.
lh = addListener(c,@(~,e)fixExampleListener(e,c));

Subscribe to FIX sessions and set up the FIX Flyer Application Manager. Register with the FIX Flyer
session. Connect the FIX Flyer Application Manager to the FIX Flyer Engine and start the internal
receiving thread.
c.SessionID = flyer.core.session.SessionID('Alpha',...
'Beta','FIX.4.4');

1-17
1 Getting Started

c.FlyerApplicationManager.setLoadDefaultDataDictionary(false);
c.FlyerApplicationManager.registerFIXSession(...
flyer.apps.FixSessionSubscription(...
c.SessionID,true,0));
c.FlyerApplicationManager.connect;
c.FlyerApplicationManager.start;

Create FIX Messages

Create two FIX messages using a structure array order. Each structure in the array represents one
FIX message. Both messages denote a sell side transaction for 1000 IBM shares. The order type is a
previously quoted order. The order handling instruction is a private automated execution. The order
transaction time is the current moment. The FIX protocol version is 4.4.

Set the MsgType to 'D' to denote a new order.

order.BeginString{1,1} = 'FIX.4.4';
order.CLOrdId{1,1} = '338';
order.Side{1,1} = '2';
order.TransactTime{1,1} = datestr(now);
order.OrdType{1,1} = 'D';
order.Symbol{1,1} = 'IBM';
order.HandlInst{1,1} = '1';
order.MsgType{1,1} = 'D';
order.OrderQty{1,1} = '1000';
order.HeaderFields{1,1} = {'OnBehalfOfCompID','TRADER'};
order.BodyFields{1,1} = {'NoPartyIDs','3'; ...
'PartyID','1'; ...
'PartyRole','BBVA'; ...
'PartyID','1'; ...
'PartyRole','CVGX'; ...
'PartyID','1'; ...
'PartyRole','GSAM'};
order.BeginString{2,1} = 'FIX.4.4';
order.CLOrdId{2,1} = '339';
order.Side{2,1} = '2';
order.TransactTime{2,1} = datestr(now);
order.OrdType{2,1} = 'D';
order.Symbol{2,1} = 'IBM';
order.HandlInst{2,1} = '1';
order.MsgType{2,1} = 'D';
order.OrderQty{2,1} = '1000';
order.HeaderFields{2,1} = {'OnBehalfOfCompID','TRADER'};
order.BodyFields{2,1} = {'NoPartyIDs','3'; ...
'PartyID','1'; ...
'PartyRole','BBVA'; ...
'PartyID','1'; ...
'PartyRole','CVGX'; ...
'PartyID','1'; ...
'PartyRole','GSAM'};

Send FIX Messages

Use the FIX Flyer Engine connection to send the FIX messages. status contains a logical zero for a
successful message delivery.

status = sendMessage(c,order);

1-18
 Create an Order Using FIX Flyer

Return Order Information

Return and display the order information o for all orders. The Variables editor displays the contents
of o.
o = orderInfo(c);
openvar('o')

Replace an order. Create a FIX message replace with an updated quantity of 3378 shares. Set the
field MsgType to 'G' to specify a replace order.
replace.BeginString{1,1} = 'FIX.4.4';
replace.CLOrdId{1,1} = '338_REPLACE';
replace.origClOrdId{1,1} = '338';
replace.Symbol{1,1} = 'IBM';
replace.OnBehalfOfCompID{1,1} = 'TRADER';
replace.OrdType{1,1} = 'D';
replace.OrderQty{1,1} = '3378';
replace.MsgType{1,1} = 'G';
replace.Text{1,1} = 'REST API REPLACE';

Send the FIX message. To see the replaced order, retrieve and display the order information. The
Variables editor displays the contents of o.
status = sendMessage(c,replace);

o = orderInfo(c);
openvar('o')

Now, cancel the order. Create a FIX message cancel with order number 338. Set the field MsgType
to 'F' to specify a cancel order.
cancel.BeginString{1,1} = 'FIX.4.4';
cancel.CLOrdId{1,1} = '338_CANCEL';
cancel.origClOrdId{1,1} = '338_REPLACE';
cancel.Symbol{1,1} = 'IBM';
cancel.OnBehalfOfCompID{1,1} = 'TRADER';
cancel.OrdType{1,1} = 'D';
cancel.MsgType{1,1} = 'F';
cancel.Text{1,1} = 'REST API CANCEL';

Send the FIX message. Then retrieve and display the canceled order information. The Variables editor
displays the contents of o.
status = sendMessage(c,cancel);

o = orderInfo(c);
openvar('o')

Receive FIX Message

Use the sample event handling listener fixExampleListener to listen for FIX messages from the
FIX Flyer Engine. The listener fixExampleListener returns the raw FIX message in the table
fixResponse. Display the first three columns of the table. The column names of fixResponse
contain FIX tag names from the returned raw FIX message. The data in the columns contain the
values of the returned raw FIX message.
fixResponse(:,1:3)

1-19
Random documents with unrelated
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work with anyone I can’t pay off and discharge. Free labor is the
most expensive. Something for nothing takes the shirt off your back
when you come to pay.”

She was posing in her canoe, well out from the shore. He was
laboring at an effect of luminous shadow that would better bring out
the poetry he had been striving to put into the expression of her
face. A slight sound made him glance at the other shore of the lake
—about two hundred yards away, in that little bay. At a point where
his model’s back was full toward them, two young men were
standing staring at her. The expression of their faces, of their bodies,
made them a living tableau of the phrase, “rooted to the spot.” At
first glance he was angered by their impertinence; but directly came
an intuition that something out of the ordinary was about to happen.
Swift upon the intuition followed its realization. One of the young
men—the shorter, much the shorter—shouted in a voice of angry
amazement:
“Beatrice!”
That shout acted upon Roger’s model like the shot from a gun it so
strongly suggested. She glanced over her shoulder, lost her balance.
Up went her arms wildly; with a shriek of dismay she rolled most
ungracefully into the water. Her flying heels gave the capsized canoe
a kick that sent it skimming and bobbing a dozen yards away. Roger
lost no time in amazement at the sudden and ridiculous
transformation of the serene tranquillity of the scene. The girl was
head downward; her agitated heels were more than merely
ludicrous, they were a danger signal. He flung down palette and
brush, dashed into the shallow water, strode rapidly toward where
Rix was struggling to right herself. He soon arrived, reached under,
seized her by the shoulder and brought her right side up. She
splashed and spluttered and gasped, clinging to him, he holding her
in his arms. It would have been impossible to recognize the lovely
and charming model of two minutes before in this bedraggled and
streaming figure. Yet it was obvious that for Roger there was even
more charm than before. He was holding her tightly and was
displaying an agitated joy in her safety out of all proportion to the
danger she had been in.
“What a mess!” she exclaimed, as soon as she could articulate.
“Where are those two?”
He glanced across the bay, located them running along the shore,
making the wide detour necessary to getting to where he had stood
painting her. “They’re coming,” said he. He spoke gruffly and tried to
disengage himself.
Still clinging to him she cleared her eyes of water and looked. “Yes, I
see,” gasped she. “How cold it is! The one ahead is my brother.
About the only thing he can do is sprint. So he’ll get here first. You
must act as if you knew him—must call him Heck—that’s the short
for Hector. I’ll prompt him all right.”
“Come on. Let’s wade ashore.” Again he tried to release himself from
her. “The water’s not four feet deep.”
“Don’t let go of me,” pleaded she. “I’m a little weak—and oh,
horribly cold!” And she took a firmer hold.
He did not argue or hesitate, but decided for the most expeditious
way ashore. That is, he gathered her up in his arms as easily as if
she had weighed thirty pounds instead of nearly one hundred and
thirty—making no account of the hundred pounds or so of water she
was carrying in her garments. As she had predicted, Hector
distanced his taller and heavier companion and arrived well in
advance of him. When he came panting to within a hundred yards or
so of where she was wringing out her skirts Roger sung out, loudly
enough for his voice to reach the ears of the still distant other youth:
“Hello, Heck. She’s all right.”
“Heck” stopped short in astonishment. Then he came on, but at a
slower gait. “Who are you?” he said to Roger.
Rix looked up from her clothes-wringing. “Call him Chang,” she said
tranquilly to her brother. “Hank mustn’t know.”
“What the dev—” began Heck.
“Shut up, Heck,” Beatrice ordered in the tone members of the same
family do not hesitate to use to one another in moments of extreme
provocation. “Don’t try to think. You know you can’t. You’ve certainly
got sense enough to see that Hank must be made to believe that
Chang and you are old friends.” She added in a still lower tone:
“Drop that hit-on-the-head look. He’s not ten seconds away.”
Hector had barely time for an indifferently successful but passable
rearrangement of his expression when up dashed Hank, puffing, all
solicitude. “You’re not hurt very much, dear—are you?” he panted.
“Might know—Heck’s such an awful fool.”
“Mr. Chang, Mr. Vanderkief,” interrupted Beatrice.
Vanderkief, big and heavy, red and breathless, mechanically bowed.
The effort of that conventional gesture seemed suddenly to recall to
him the state of mind suspended by the catastrophe. He gave the
big artist a second and longer and unpleasantly sharp stare. Roger
returned it with polite affability of eye. “We must build a fire,” said
be, “and dry this young lady. Come on, Heck.” The way “Heck”
winced seemed to delight him—and Beatrice and he exchanged one
of those furtive looks of sympathetic enjoyment of a secret joke that
proclaim a high degree of intimacy and understanding. Said Roger to
the stiff and uneasy “Hank”: “Will you help, Mr. Vandersniff?”
“Mr. Vanderkief,” corrected Beatrice. “While you three are building
the fire I’ll retire into the bushes and squeeze out all I can of the
lake.”
Not without making Hank’s eyes glint jealously and her brother’s
eyes angrily, but without either’s overhearing, she contrived to say to
Roger, “You’ll help me out, won’t you?”
“Sure,” said he. “But my name’s Roger Wade—not Chang.”
“And mine’s Beatrice Richmond.”
“That’s plenty to go on. Now, hide in the bushes. We must hurry up
the fire.” And he cried to Hank: “Come on, Vanderkief!”
Miss Richmond’s teeth were chattering; but she delayed long enough
to engage her brother aside a moment. “His name’s Wade, not
Chang.”
“Good Heaven!” muttered Heck. “What’s the meaning of all this?
Beatrice, who on earth is the fellow? Why, you aren’t even sure of
his name!”
“Mind your own business,” said Beatrice tranquilly. “He’s an old
friend of yours—of mine—of the family—an artist we met in Paris.
Don’t forget that.”
Heck clinched his fists and drew his features into a frown that would
have looked dangerous had his chin been stronger. “I’ll not stand for
it. I’m going to take you bang off home.”
“And put Hank on to the whole business?—and end the
engagement?—and disgrace me?—and yourself?—and the family?”
Everyone of these cumulative reasons why Heck could not refuse to
conspire she emphasized with a little laugh. She ended: “Oh, I guess
not. I care less about it than you do. Be careful, or I’ll give it away,
myself. It would be such fun!”
Hector, despite his anger, gave an appreciative grin, for he had a
sense of humor.
“Behave yourself,” said Beatrice. “Go help get wood.”
“But what’ll mother say—and father! Holy cat! How father will
scream!”
“Don’t you worry. Do your part!” And Beatrice vanished among the
bushes and huge glacial rocks.
Roger conducted his part in the deception with signal distinction. He
so busied himself collecting huge pieces of wood and bearing them
to the central pile they were making in an open space that he had
no breath or time for conversation; and as the other two men could
not but follow so worthy an example, not a word was said. Besides,
a glance at the face of either big Hank or little Heck was enough to
disclose how industriously they were thinking. Once Hank, finding
himself near the picture, began to edge round for a look at it. He
thought Roger was busy far away. He literally jumped when Roger’s
voice—authoritative, anything but friendly—hurled at him: “I say
there, you! Keep away from that picture! I don’t let anybody look at
my unfinished things.”
“I—I beg your pardon,” stammered Vanderkief, hastily putting
himself where no suspicion of even peeping could possibly lie
against him.
The fire was a monster, and Roger and Beatrice—who addressed him
alternately as Chang and Mr. Wade—were soon drying out. They
talked and laughed in the highest spirits, not unmindful of the
gloominess of the silent, listening brother and fiancé, but positively
enjoying it. Presently Beatrice turned to her brother and said, “I’ve
persuaded Mr. Wade to accept mother’s invitation.”
Roger smiled agreeably. “Not exactly, Miss Richmond,” parried he, as
skillfully as if the stroke had not come without the least warning. “I
couldn’t be sure, you know.”
Beatrice looked at the watchful Vanderkief—a handsome fellow,
almost as big as Roger, but having the patterned air of a fashionable
man instead of Roger’s air of unscissored individuality. “Chang is still
the toiling hermit,” said she. “Mother’s having hard work to get him
even for dinner.” She turned to Roger. “You must come, this once,
Chang,” pleaded she. In an undertone she added, “You owe it to me
—to help me out.”
“There’s no resisting that,” said he, but he did not conceal his
dissatisfaction.
Vanderkief’s jealousy would no longer permit him to be silent. He
blurted out: “I don’t see why you annoy Mr.—Mr.——”
“Wade,” assisted Roger easily.
“I thought it was Chang,” said Vanderkief with a slight sneer.
“So it is,” cried Beatrice gayly. “But only for the favored few whom
Mr. Wade admits to friendship. You know he’s not like you and Heck,
Hanky. He’s a real personage. He can do things.”
Hanky looked as if he would like nothing on earth or in Heaven so
much as a chance at this big, impressive-looking mystery, with bare
fists and no referee. “I was about to say,” he went on, “it’s a shame
to annoy so busy and important a chap with invitations.”
Roger looked at him in a large, tolerant way that visibly delighted
Beatrice. “Much obliged, Vanderkief,” said he. “But I’m fond of the
Richmonds, and it’s a pleasure to break my rule for them.” He
beamed on Heck. “I am glad to see you again!” he exclaimed. “I
didn’t realize how much I had missed you till I saw you once more.
Isn’t this like old times?”
“Well, I guess,” said Heck on the broad grin. “It is old times!”
“But you’d better take your sister home now—walk her briskly every
inch of the way. Really, she ought to run.”
“No,” said Beatrice. “I’m going back as I came.”
“But who’s to wade into that icy water for your canoe?” inquired
Roger. “Not I, for one.”
“Certainly not,” cried she. “I spoke without thinking. I’ll send one of
the servants for it in a boat.”
“Now, hurry along,” said Roger; “and walk fast. And if I can arrange
to come to dinner I’ll send up a note this afternoon.”
Beatrice was eying him reproachfully; but as Hank was watching her
she did not venture to protest. “I’ll see you to-morrow morning,”
said she.
“Oh, no—don’t bother to come. I’ll let you know when I need you.”
“So this is where you’ve been spending your mornings?” said
Vanderkief.
“Some of them,” replied Beatrice. “It was to have been a surprise.
Still— You didn’t let them see it, did you, Chang?”
“Not a peep,” he assured her.
Vanderkief’s tension somewhat relaxed. Roger admired the innocent
Miss Richmond. Really, she had been displaying a genius for
deception—whose art lies in saying just enough and leaving it to the
dupe’s own imagination to do the heavy work of deceit. The parting
was accomplished in good order, Vanderkief showing a disposition to
be apologetically polite to Roger now that he had convinced himself
he was mistaken in his first jealous surmises. “If you make a good
job of Miss Richmond,” said he graciously, “I’ll see that a lot of things
are put in your way.”
Roger thanked him with a simple gratitude that put him in excellent
humor with himself. After the three set out Beatrice came running
back. “You saved me,” she said. “I’m so ashamed for having dragged
you into such a mess. But you must do one thing more. You must
come to dinner.”
“Can’t do it,” said Roger. “Here’s where I step out.”
This seemed to astonish her. She looked at him doubtfully, was so
agitated by his expression that she hastily cried, “Oh, no, you’ll not
desert me. I admit it’s my fault. But you wouldn’t be so unfriendly as
to get me into trouble!”
“How would I get you into trouble? It’s just the other way. If I came
to your house it’d make a tangle that even Vanderkief would see.”
“No—no, indeed,” protested she. “I can’t stop to explain now. Don’t
be so suspicious, Chang. I’ll be here to-morrow morning—no, at the
studio. Pete—that is, Hank—might follow me here. And now that you
know who we are, don’t you see there’s no reason for——”
She laughed coquettishly, and away she sped, before he could
repeat his refusal. To call after her would be to betray her.
As he was working in the usual place near the cascade the next
morning she came upon him from the direction of the studio. “What
a fright you’ve given me!” exclaimed she, dropping to the grass a
few yards away. “I went up to the studio as I told you I would.”
He had bowed to her with some formality. His tone was distinctly
stiff as he replied: “My work compelled me to be here. Anyhow, Miss
Richmond, it’s clear to me, and must be to you, that our friendship
must cease.”
“You don’t look at me as you say that,” said she, obviously not
seriously impressed.
“It isn’t pleasant to say that sort of thing to you,” replied he. “But
your coming again, when you ought not, forces me to be frank.”
“Why?” said she, clasping her knees with her hands. “Why must our
friendship cease?”
“There are many reasons. One is enough. I do not care to continue
it.”
“How nasty you are this morning, Chang!”
He took refuge in silence.
“Surely you’re not jealous of Hanky?” said she, with audacious
mischief.
He ignored this.
“Don’t look so sour. I was merely joking. Are you cross because I
made you help me tell—things that weren’t quite so?”
“I don’t like that sort of business,” said he, unconvincingly
industrious with his brush.
“Neither do I,” said she. “But what was I to do? You know, you
forced me into engaging myself to him.”
He stopped work, stared at her. The light—or something—that
morning was most becoming to her, the smallish, slim, yellow-haired
sprite—most disturbingly becoming.
She went on in the same sweet, even way: “And if it hadn’t been for
my coming here to act as your model I’d not have got into trouble.
And, having got in, what was there to do but get out with as little
damage to poor Peter’s feelings as possible?” Then she looked at
him with innocent eyes, as if she had uttered the indisputable.
Roger surveyed her with admiration. “You are—the limit!” he
exclaimed. “The limit!”
“But isn’t what I said true?” urged she. “What else could I have
done?”
“True? Yes—true,” said he, making a gesture of resignation. “I admit
everything—anything.”
“Now, do be reasonable, Chang!” she reproached. “Where isn’t it
true?”
“If I let myself argue with you I’d be running wild through the woods
in about fifteen minutes. Tell me, does anyone in your family—or
among your acquaintances—does anyone ever dispute with you?”
She reflected, ignoring the irony in his tone. “No,” said she, “I don’t
believe they do. I have my own way.”
“I’d have sworn it,” cried he.
“You are the only one that ever opposes me,” said she.
“I? Oh, no. Never! But in this one thing I must.” He changed to
seriousness. “Rix, I’ll have nothing to do with your deceiving that
nice young chap. That’s flat and final.”
“Isn’t he nice, though!” exclaimed she. “I’ve always liked him since
he was a little boy at dancing school with such a polite, quiet way of
sniffling. He hates to blow his nose. You know, there are people like
that. I wouldn’t hurt his feelings for the world. You see, everybody
can’t be harsh and hard like you. Now, you take a positive delight in
saying unpleasant truths.”
“I’m nothing of a liar,” said he curtly.
“I like that in you,” cried she with enthusiasm. “It makes me feel
such confidence. You’re the only person I ever knew whom I
believed in everything they said.”
He gave her a look of frank surprise and suspicion. “What are you
driving at?” he demanded. “Now, don’t look innocent. Out with it!”
“I don’t understand,” said she, smiling.
“Pardon me, but you do—perfectly. What are you wheedling for?”
“How can we be friends,” pleaded she, “if you’re always suspecting
me?”
“We’re not going to be friends,” replied he positively. “This—here and
now—is the end.”
It was evident that his words had given her a shock—a curious shock
of surprise, as if she had expected some very different reception to
this proffer of hers. However, after a brief reflection she seemed to
recover. “How can so clever a man as you be so foolish?”
expostulated she. “You know as well as you’re sitting there that we
simply can’t help being friends.”
“Friends—yes,” he conceded. “But we’re not going to see each
other.”
“And what would I say to Pete?”
“Something clever and satisfying. By the way, how did you manage
to get away with it when you reached home?”
She laughed delightedly. She was looking her most innocent, most
youthful. “Oh, such a time!” cried she. “Mother— You don’t know
mother, so you can’t appreciate. But you will, when you do know her.
It was a three-cornered row—Heck and mother and I. Heck took a
shine to you, so he was really about half on my side. I told just how
I met you—the whole story—except I didn’t tell the exact truth
about the picture.”
Her look was so queer that he said in alarm: “What did you say
about it?”
“We’ll talk of that later,” replied she—and his knowledge of her
methods did not allow him to receive with an eased mind this hasty
insistence on delay. “Mother wanted to know who you were, and, of
course, I couldn’t tell her—not anything that would satisfy a woman
like mother. She forbade me ever to see you again. I told her that,
on the contrary, I’d see you this morning. She raved—my, how she
did rave!” And Rix burst into peals of laughter. “You ought to have
heard! She’s so conventional. She accused me—but you can
imagine.”
“Yes, I can,” said he dryly. “And she’s right—absolutely right. We’ll
not see each other again.”
“Oh, but she wants to see you,” rejoined Miss Richmond. “She can
hardly wait to see you, herself. She’s badly frightened lest you’ll not
come.”
Roger let his absolute disbelief show in his face. There must
somewhere be bounds to what this resourceful and resolute young
person could accomplish. These assertions of hers were beyond
those bounds—far beyond them.
“It was this way,” pursued Miss Richmond with innocent but intense
satisfaction in her own cleverness. “I pointed out to her that, if I
didn’t go to you and keep on with the picture, Hanky—that’s Peter
Vanderkief—would realize I’d been flirting wildly with a strange man
I had picked up in the woods and would break the engagement. And
mother is set on my marrying Peter. So she sent me off herself this
morning and took charge of Peter to keep him safe. Am I not
clever?”
“I can think of nothing to add to what I have already said on that
point,” observed Roger mildly. “I am actually flabbergasted!”
“So was mother,” said she with innocent, young triumph. “And she
used just that word. Here’s a note from her to you.”
Miss Richmond took a letter from the pocket of her jacket and held it
toward him. He made no move to advance and take it from her.
Instead he made a gesture that was the beginning of a carrying out
of the boyish impulse to put his hands behind his back.
“Do you want me to get up and bring it to you?” said she.
“I want nothing to do with it,” said he coldly. “I don’t know your
mother. I’ve no doubt she’s an estimable woman, but I’ve no time to
enlarge the circle of my acquaintances.”
Miss Richmond once more seemed astounded by this unmistakable
evidence of an intention on his part to end their friendship
absolutely. She looked at him incredulously, then questioningly, then
haughtily. She put the note in her pocket, rose and stood very
straight and dignified. “That is rude,” she said.
“Yes, it is rude,” admitted he. “But you have left me no alternative.
There is only the one way to avoid being drawn into deceptions that
are most distasteful to me.”
She eyed him as if measuring his will. She saw no sign of yielding.
“You think I’m contemptible, don’t you?” said she, her tone friendly
again.
“I do not presume to judge you. You have your own scheme of life, I
mine. They are different—that is all. I don’t ask you to accept mine.
You must not ask me to accept yours. You must not—shall not—
entangle me in yours.”
She leaned against a tree, gazed thoughtfully at the rainbow
appearing and disappearing on the little waterfall. When she
returned to him her face was sweet and sad. He glanced up from his
work, hastily fixed his gaze on it again. “You are right—absolutely
right,” she said. “I’ve always done as I pleased. And everyone round
me—the family, the servants, the governesses—everyone—has
humored and petted me and encouraged me to take my own way.”
“I understand,” said he. “The wonder is—” But he deemed it wise
not to say what the wonder was.
“You really can’t blame me, Chang, can you, for having got into the
habit of thinking whatever I please to do is right?”
“Certainly I don’t blame you, Rix,” said he gently. “Considering what
you’ve probably been through, you’re amazing. In the same
circumstances I’d have been unfit to live.”
“You don’t despise me?” asked she eagerly.
“Despise you? Why, I couldn’t despise anybody. It’s a roomy world—
room for all kinds.”
“You like me? Not love,” she hastened to explain, “just like. Do you?”
He smiled his friendliest. “Sure! You’re about the nicest girl I ever
met—when you want to be.”
“Thank you,” she said, tears in her eyes; and she dropped back into
her reverie, he resuming his work. There was a long pause between
them—a pause filled by the song of birds thronging the foliage
above and around them, and by the soft music of the falling waters.
“Sometimes I think it’s an awful bad thing for people to have all the
money they want—to be rich,” said she pensively. “That’s one trouble
with our family.”
“Why, you told me you had to marry for money,” said Roger, much
surprised. He hated liars; he was loath to believe that she had lied to
him.
She looked miserably confused. “You didn’t understand quite,” she
replied hastily. “And I can’t explain—not now. You mustn’t ask me.”
“Ask you? It’s none of my business.”
“I didn’t mean—I didn’t mean to deceive you,” pleaded she. “But—I
can’t explain now.”
“Don’t think of it again,” said he, with a careless wave of one of his
long brushes. It was no new experience to find that people
supposed to be rich were merely struggling along on the edge of the
precipice of poverty. Poor child, making one of those hideous
sacrifices on the altar of snobbishness!—or, rather, being sacrificed,
for she was too young to realize to the full what she was doing. Still,
Peter Vanderkief did not size up so badly, as husband material went.
Silence for several minutes; she, seated again and studying his
strong, handsome face with its intent, absorbed expression—
concentrated, powerful. She did not venture to speak until he
happened to glance at her with an absent smile. Then she inquired
sweetly: “May I ask you something?”
“Go ahead.”
“Won’t you please come to dinner to-morrow night? That’s what
mother’s note’s about. It would be a great favor to me. It would
straighten everything out. You won’t have to do any further
deceiving.”
He went on with his work. After a while he asked: “Does your Peter
think you love him?”
The color mounted in her cheeks. But it was in the accents of truth
that she replied: “He knows I don’t.”
“And if I came I’d not be helping to deceive him as to what you think
of him?”
“No—on my honor.”
He looked at her. “No’s quite enough,” said he, in a tone that made
her thrill with pride. “I think you are truthful.”
“And I am—with you,” said she, her expression at its very best. “I’d
be ashamed to lie to you. Not that I’ve always been quite—quite—
painfully accurate——”
“I understand. You and I mean the same thing when we say
truthful.”
“Will you come?”
“Yes. Where do you live?”
She laughed. “Why, we’re the Richmonds. Didn’t you guess?” She
nodded as if a mystery had been cleared up for her. “Oh, I
understand now why you’ve acted so differently from what I thought
you would when you found out.”
He smiled faintly. “I suppose I ought to know. But I’m a stranger
here. When I was here as a boy the city lawyers and merchants
hadn’t got the habit of coming up and taking farmhouses for the
summer. Are you boarding or have you a place of your own?”
She had got very red and was hanging her head. Evidently she was
suffering keenly from embarrassment.
“What’s the matter, Rix?”
“I—I rather thought—after yesterday—you sort of—understood
about us,” she stammered.
He laughed encouragingly. “Good Lord, don’t be a snob,” cried he.
“What do I care about where you live? I don’t select my
acquaintances by what’s in their pockets, but by what’s in their
heads. A while ago you said you were rich—and then you said you
weren’t——”
“Oh, I’m all upset,” interrupted she. “Don’t mind the way I act. We
live on Red Hill. The house up there belongs to father.”
“That big, French country house?” said Roger, surprised. “I’ve seen
it. I’ll be glad to see it closer.” He painted a few minutes. “I suppose
you put on a lot of style up there. Well, I’ve got evening clothes
somewhere in my traps. I used to wear them occasionally in Paris,
but not much. Paris doesn’t go in for formalities—at least, not the
Paris I know.... What time’s the dinner?”
“Half past eight.”
He groaned and laughed. “Just my bedtime. But I’ll brace myself and
show up awake.... I wonder if I’ve got an evening shirt.” He
happened to glance at her, was struck by a queer gleam in her gray
eyes. “What now?”
“Nothing—nothing,” she hastened to assure him. “Just some
silliness. I’m full of it.”
He went on painting, and presently resumed his soliloquizing: “May
have to come in ordinary clothes. But that wouldn’t be a killing
matter—would it?... This isn’t town—it’s backwoods.... I’ve heard
some sorts of Americans have got to be worse than the English for
agitation about petty little forms. Are yours that sort?”
“Mother’s a dreadful snob,” said she weakly.
“Well, I’ll do the best I can,” was his careless reply. “Perhaps it’ll be
just as well if I have to horrify her.” He laughed absently.
“I hope you’ll do the best you can,” pleaded she. “For my sake.”
He looked amused. “You don’t want her to think you picked up a
hooligan—eh?”
“Oh, I don’t care what she thinks—not deep down,” cried the girl. “I
don’t care what anybody thinks about you—not really. But on the
surface—I’m—I’m a horrible snob, too.”
“All right. I’ll try not to disgrace you utterly.”
She reflected absently. Presently she interrupted his painting with
“Heck and father are both small. But Hank—I might send you down
one of Hank’s shirts. He’s almost as big as you—in the way of size.
And I could get my maid to borrow one from his valet——”
His expression—amused, intensely, boyishly amused—halted her.
She had been blushing. She flamed scarlet, looked as if she were
about to sink with humiliation. Then she lifted her head proudly and
a strange light came into her eyes—a light that made him quail.
“Anyway you please,” she said—and the words came jerkily
—“Anything you please.” And she fled.
He stared after her until she was lost to view among the rocks and
bushes. He held the brush poised before the canvas—laid it down
again—gazed at the radiant figure he was conjuring in the midst of
his picture. He drew a huge breath. “Well, to-morrow night will be
the finish,” he muttered. “And it’s high time.”
 V
AN ATTEMPT TO DAZZLE

At a quarter past eight the following night Roger drove up to the

vast entrance to Red Hill in the buggy he had hired from Burke, the
Deer Spring liveryman. Five lackeys in gorgeous livery, with
powdered hair and white silk stockings—five strapping fellows with
the dumb faces and the stalwart figures the rich select as menial
showpieces—appeared in the huge doorway. Three of them
advanced to assist Roger. A fourth disappeared—to telephone the
stables about this unexpected, humble equipage. The fifth stood
upon the threshold, ready to take the hat and coat of the evening’s
one guest from without. The moon was high, almost directly above
the towers of the great, gray chateau. By the soft, abundant light
Roger surveyed the splendid, broad terraces that broke the long and
steep descent to Lake Wauchong; the enormous panorama of
untouched wilderness covering little mountain, big hill and valley far
as the eye could reach—all of it the property of Daniel Richmond.
Nearer, in the immediate neighborhood of the house were the
elaborations of the skilled landscape gardener. It was indeed a scene
of beauty—beauty as well as magnificence—an interesting exhibit of
the grandiose style of living wherein the rich sacrifice practically all
the joys of life and most of its comforts for the sake of tickling their
own vanity and stimulating the envy of their fellow-beings.
As Roger advanced into the lofty, gloomily paneled entrance hall—its
carvings had cost a fortune—he drew off his overcoat, disclosing
evening dress that would have passed muster on a figure far less in
need of ornamentation than his massive yet admirably proportioned
frame with its climax of godlike head. And the most impressive
feature of that head was the frank simplicity of the expression of the
face—that expression which marks the man who is something and
lifts him high above the flocks and herds of men who are trying—not
too successfully—to seem to be something. The modern evening
dress for men is one of the few conventions—perhaps the only one—
not designed to bolster up insignificance by reducing all to the same
level of smooth elegance. It is one of the curiosities of the history of
manners how such a blunder came to be firmly established as a
propriety. In evening dress, as in no other kind of costume or lack of
costume, the personality, the individuality, of the wearer obtrudes
itself to every eye. At a glance one may classify any number of men
by their qualities and quantities of head and heart. Beatrice
Richmond, coming along the corridor leading into the entrance hall
from the east, stopped short at sight of her artist.
She herself, in an evening gown of pale silver, with lovely shoulders
bare and graceful head looking exquisite under its crown of simply
arranged, yellow hair, was quite a different person from the rather
hoydenish elf of wood and stream whom Roger had been painting.
But she had lost, instead of gaining, in the transformation. She was
more beautiful, but much less fascinating. She had been leveled
down toward the conventional. She merely looked what the
newspapers call “a beautiful, young, society girl.” Roger, on the other
hand, had gained. He was retaining all his charm of the large, the
free, the sincere, the natural; he now had in addition a certain
refinement that yet had nothing of conventionality’s cheapness. It
was somewhat like the difference between a thoroughbred uncurried
and curried. His natural proportions showed to better advantage in
this sleekness than they had in the rough.
“What’s the matter?” demanded Roger, as he took her hand. “Am I
late, or is it the wrong evening?”
“Neither,” she assured him, and it delighted her to note that he did
not dream of taking to himself her pale and trembling joy in his
splendor of manhood. “Nothing much. Just—I was thinking this is
the first time we’ve seen each other in civilized dress.”
“Oh!” Roger evidently thought this not worth pursuing. “This is a
wonderful place you’ve got here. It’d be hard to blame anybody for
making any sort of sacrifice to keep it.” He glanced round with the
expression of a man used to such surroundings. In fact, there was
nothing about him which in the remotest degree suggested the ill-at-
easeness she had anticipated and feared. She felt humbled. He was
again—and where she had least expected it—rebuking her
nervousness over trifles and exaggeration of them. As they stood in
the corridor, talking, she could discover not a trace of the awe she
had confidently expected and hoped for. He treated her precisely as
he had in the woods. But she was not discouraged. She felt that he
must be deeply impressed, that he must be understanding now why
she had taken the proposing upon herself—and must be appreciating
what a fine thing that proposal was. He was concealing his feelings,
reasoned she—was perhaps unconscious of them; later on they
would show in results.
“I’ll take you to mother,” said she.
They turned in at one of the several doors, were facing a roomful of
the sort of people one always finds in houses of that kind—carefully
dressed, carefully patterned people, leading the monotonous life
fashion imposes upon the upper class throughout the world. Beatrice
looked round, then looked proudly up at the huge, young man
whose expression made him seem to tower and loom, even among
those physically his equals. “Father isn’t here,” she explained. “He
hates this sort of thing for himself, though he tolerates it for us.”
Roger found himself being welcomed by a youngish, shrewd-looking
woman with a cold, discontented face. Beatrice’s mother was merely
a type—one of the kind the development of great fortunes is turning
out by the score in every city and large town from New York to San
Francisco: an indefatigable and not unintelligent seeker after the
correct aristocratic pose. She was in simple black velvet. Her graying
hair made her too-sharp face softer and more youthful. Her figure
was as slim and straight as her daughter’s, though not without
evidences of toil and corset manipulation to give it that girlish
appearance. Peter Vanderkief—Hanky—was beside her.
“So, you are really here?” she said cordially to Roger, as she gave
him a warm hand clasp and the smile of an old friend. “I can hardly
believe my own eyes.”
“Impossible to resist,” said Roger. “It’s indeed a pleasure to see you
again. How d’ye do, Mr. Vanderkief?”
Vanderkief forced a smile to his lips and extended a tardy hand. But
his brow remained sullen—not the sullenness of suspicion now, but
of jealousy.
“How is the picture coming on?” asked Mrs. Richmond of Roger.
“Oh, you know how those things go with me,” was Roger’s subtly
noncommittal reply.
“I remember,” laughed Mrs. Richmond. “You are the true artist.
You’re to take in Beatrice. She tells me you still have your old horror
of strangers.”
“Not horror—shyness,” protested Roger, with no more shyness or
suggestion of it than a well-brought-up child.
Then a small, slim, dark man—obviously a Continental foreigner—
joined the group. In dress and bearing he was a most elegant-
looking person—or, rather, personage. His fine, sensitive face was
exceedingly handsome. “Ah, my dear Wade!” cried he, pronouncing
the name as if it were spelled Vahd.
Roger’s face lighted up. “D’Artois!” exclaimed he, and they shook
hands with enthusiasm.
“How are you in this country without my hearing of it?” said Count
d’Artois. “I’d not have believed one so famous could move about
quietly.”
Mrs. Richmond and Beatrice—and Hank—were intensely interested
spectators and listeners. D’Artois turned to Mrs. Richmond. “Vahd
must be extremely fond of you, that you are able to get him. In Paris
they run after him in vain. He keeps himself hidden.”
Mrs. Richmond smiled nervously. Peter stared despondently at the
big man thus suddenly disclosed as a great man. As for Beatrice, her
eyes sparkled and her cheeks flushed proudly. Roger’s expression
was good-natured tolerance, perhaps touched with annoyance.
Dinner was announced and Beatrice took his arm. “I might have
known!” she exclaimed, gazing up at him.
He reddened and frowned. “Known what?” said he.
“That you were famous.”
“Trash!” observed Roger carelessly. “D’Artois is polite. Also, he is my
friend.”
“Oh, I know,” said the girl. “At lunch he was talking about you—what
a great painter you are—how rapidly you, though an American, were
making yourself famous in Europe. We didn’t dream he was talking
of you. He pronounces your name peculiarly.”
“I’m enormously hungry,” said Roger. “Where do these people come
from? I had no idea this was such a fashionable neighborhood.”
“Oh, they’re stopping in the house. Most of them came last night
and to-day.”
Roger ate and listened to the girl on his left—Alicia Kinnear, the
tennis player. Mrs. Richmond had Count d’Artois on her right, and he
talked steadily of “Vahd.” She listened sourly and from time to time
shot a glance down the table at him—the glance of the alarmed and
angry mother of a rather unmanageable heiress. Peter—directly
opposite Roger—was as silent as he, but instead of covering his
silence with appreciation of the Richmond chef he stared at the lace
insertion of the tablecloth and crumbled and messed his roll.
Beatrice was the happiest of the thirty-two at that table. She was
radiant, ecstatic.
“Aren’t you going to say a single word to me?” she inquired of Roger
when he had finished the game course. “You can’t still be ravenously
hungry.”
“I’ve eaten too much,” replied he. “I’m stupid.”
“It really doesn’t matter, as I’ll see you to-morrow morning.”
“I’m not working to-morrow. I’ve got to go to town.”
“Then the day after?”
“I may stay in town several days.”
Her expression was so hurt, so depressed, that he felt guilty, mean.
“It’s terribly hard to be friends with you, isn’t it?” said she.
“Because I refuse to spend my time idling about? You must choose
your friends in your own class. No good ever comes of going out of
it.”
“I’m surprised at your talking about classes in this country.”
“There are classes everywhere—and always will be. A class simply
means a group of people of similar sympathies, tastes, habits and
means.”
“Means!” said she. “I was under the impression you despised
money!”
“I?” He laughed. “No more than I despise food. Money is a kind of
food. I want—and I try to get—all of it I need. My appetite is larger
than some, smaller than others. I take—or try to take—in proportion
to my appetite.”
She nodded thoughtfully. It was in a queer, hesitating voice that she
went on to ask: “And you really don’t care to be rich?”
“No more than I want to be fat. And I want to be poor no more than
I want to be emaciated.”
Again she reflected. Suddenly she asked: “Do you like this house?”
“Certainly. It is beautiful of its kind.”
“I mean, wouldn’t you like to have such a house?”
“God forbid!” said he, and she knew he was speaking sincerely. “I’ve
other things to do in my brief life than take care of property.”
“But one can hire those things done.”
“Yes, I suppose so,” said he to close the subject; but unconsciously
his glance traveled round the room, rested here and there for an
instant on the evidences of slovenly housekeeping which always
disfigure any great house for a critical observer. Her glance followed
his. Presently she colored, for she understood. “You are a terrible
man,” said she. “You see everything.”
“I wish I did,” replied he, not realizing what she had in mind. “Then
I’d paint the picture I dream about.”
“Do you like these people?” asked she.
“Certainly. They seem very nice. They’re most attractive to look at.”
“But you wouldn’t be friends with them?”
“Couldn’t be,” said he. “We have too little in common.”
“Don’t you want any friends?” she said wistfully.
“I have friends. I shall have more. People of my own sort—people
who can give me what I want and who want what I have to give.”
“You despise us—don’t you?” cried she.
“Haven’t I told you,” protested he, “that I don’t despise anybody?
Why should I think people despicable because they are different?”
“You’d despise my sister Rhoda, who married the Earl of Broadstairs
for his title.”
“Not at all. I approve of her for taking what she wanted. Why should
she have been a hypocrite and married for love when she didn’t
want love, but splurge?”
“Do you know why I was so anxious to have you come here?”
“How you do jump about!” laughed he. “Well—why? To smooth
down——”
“No,” she interrupted, coloring furiously. “I must be truthful with you.
I wanted it because I thought you’d be impressed.”
“And I am,” he assured her, a friendly smile of raillery in his eyes. “I
had no idea you were such a grand person.”
“Don’t jeer at me,” she pleaded. “I’m in earnest. It isn’t fair to mock
at anyone who’s in earnest—is it?”
“No. It’s contemptible,” said he. “But I understand you better than
you understand yourself.”
In defiance of conventionality she looked at him with eyes whose
meaning no observer could have mistaken. He glanced hastily round.
“Don’t do silly, sensational things,” said he. “You’re making us both
ridiculous.”
“I don’t in the least care,” she declared.
He said sternly: “Now, my friend, I’m getting just a little tired of this.
You’ve always had your own way. You are piqued because you can’t
make a fool of me. So, you are willing to go to any lengths. I
understand you perfectly.”
Her gaze was steady and earnest—not at all proper for a public
place. “Do you think I’m simply coquetting? Don’t you realize that
I’m in earnest?”
“Perhaps you think you are,” admitted he. “You’re so wrought up by
your game of make-believe that you have partly convinced yourself.
Luckily, I remain cool.”
“If I were a poor girl you wouldn’t act like this!”
“How did I act when I thought you were a poor girl?”
That silenced her for the moment. He went on: “You and I are going
to be as good friends as our separate lots permit. And you are going
to marry in your own class—are going to do your duty. I’ll admit I
did think it strange that a girl like you should be deliberately
marrying for money. But at that time I thought you were poor. Now
that I have seen what your life is, I don’t blame you. I can see how
you simply couldn’t give up all this magnificence that has become
necessity to you. It’d be like asking me to give up my painting.”
She looked at him with a puzzled expression. “But I’m not marrying
to keep it. My father’s much richer than Hank. Hank’s not so very
rich.”
Over his dark features slowly crept a look like the fall of a winter
evening. “Oh,” said he coldly. “I thought— No matter.”
“What did you think?”
“Naturally, I assumed—from your saying so much about your duty—I
assumed your father had lost, or was about to lose, his money.”
“Mercy, no!” exclaimed she, brightening hopefully. “I meant my
family—my social—duty.”
His expression was quizzical. “To be sure—to be sure. I never
thought of that.”
“You see, we’re newcomers among fashionable people, while the
Vanderkiefs—they’re right at the top of the heap.”
He nodded smilingly. “Of course—of course. A very sensible
marriage.”
“But I’m not going to marry him,” cried she. “I never intended to.”
He forgot where he was for a moment in his astonishment. “Then
why did you engage yourself to him?”
“It isn’t that kind of engagement,” she explained sweetly. “I did it
because you acted so. But I was square with Peter. I warned him I
didn’t love him and couldn’t. Our engagement is simply that he is
having a chance to make me care for him if he can.”
“You’ll be married within six months,” said Roger lightly; and he
lifted a glass of champagne to his lips.
“Not to him,” replied she. “If to anybody, to the man I love—the man
who loves me.”
Her words, so direct, and her tone, so simple, disconcerted him to
such an extent that he choked upon the champagne. While he was
still coughing Mrs. Richmond rose, and the men were left alone.
Roger went with the first man who rejoined the women. He made
straight for Mrs. Richmond, bade her good night and got himself out
of the house before Beatrice, hemmed in by several people, could
extricate herself and intercept him.
He did the homeward drive slowly, preyed upon by swarms of
disagreeable thoughts. His experience of women had taught him to
be more than suspicious of any feminine show of enthusiasm for a
man; women were too self-centered, too prudent by nature and
training, to give themselves out freely, even when encouraged—
unless there were some strong, sordid motive. In this case sordid
motive simply could not be. Nor could he conceive any practical
reason why Beatrice should pretend to care for him—any practical
reason why she should wish to marry him. He felt like a fool—as a
normal man not swollen with conceit is bound to feel in
circumstances such as Beatrice had made for him. And what vanity
she had!—to fancy herself so fascinating that it simply could not be
that he did not love her. And how poor an opinion she had of him!
How little respect for him!—to believe that his reason for hiding his
love was awe of her wealth and social position. “What can I have
said or done to give her such an impression of me?” He could recall
nothing that might have been twisted by her into a suggestion of
that sort. No, the mystery was without a clew. “Am I crazy, or is
she?” he demanded of the moonlit night.... And when was this thing
to stop? Could Fate have dealt more irritatingly with him? He had
come back home to make the grand effort of his life—to concentrate
his whole being, every power of mind and body, every thought and
feeling, upon the realization of his lifelong dream. And here was this
girl, a nice enough girl, no doubt, an unusually attractive girl, as girls
go, but still a mere idle, time-wasting woman with no real
seriousness—here she was, harassing him, retarding his work,
distracting his thoughts, involving him with a lot of people who had
neither importance nor interest for him. In spite of himself he was
being dragged into her life, whirled about by her caprices. He felt
not only like a fool, but like a weak fool. “And what the devil can I
do about it? How can I be insulting to a sweet, friendly girl who
doesn’t realize what she’s doing and has been so brought up that
she can’t be made to realize?”
The only hopeful course that suggested itself was flight. “Yes—if she
keeps this up I’ll have to take to my heels.” There his sense of
humor came to the rescue and he jeered at himself. “A delightful
person I’m becoming!—discussing what to do to escape from a girl
who is madly in love with me!”

About the time that Burke, the liveryman, was once more in
possession of his “rig,” Beatrice, undressing for bed with the aid of
her maid Valentine, received a peremptory summons from her
mother by way of her mother’s maid, Marthe.
Mrs. Richmond was established in splendor in five big rooms on the
second floor of the east wing. She received her daughter in her
office—a luxurious, library-like room with few signs that it was the
seat of the administration of a household of forty-two servants.
Indeed, Mrs. Richmond was little of an administrator. She nagged at
and criticised Pinney, the superintendent, and Mrs. Lambert, the
housekeeper. She picked flaws in accounts, usually in the wrong
places. She delivered sharp talks on economy and extravagance. But
things were run sloppily, as is bound to happen where the underlings
learn that there is no such thing as justice, that criticism is as likely
to fall upon good work as upon bad. The stealing and the waste
grew apace; and though Richmond, each year, largely increased his
wife’s allowance for the maintenance of their various establishments,
she was never able to put by more than twenty-five thousand or
thereabouts for her own secret, privy purse.
Yet she was a most industrious woman, up early, to bed late. How
did she occupy her time? Chiefly in taking care of her person. She
was not highly intelligent about this. She wasted much of the time
and most of the money she invested in the tragi-comic struggle for
youth. Still, she got some results. Perhaps, however, most of her
success in keeping down fat and wrinkles, and holding in her hair
and her teeth in spite of self-indulgence as to both food and drink,
was due to the superb constitution she had inherited. Mrs. Richmond
came originally from Indiana; and out there they grow—or, in former
days grew—a variety of the human species comparable to an oak
knot—tough of fiber beyond belief, capable of resisting both fire and
steel, both food and drink.
There was small resemblance between mother and daughter save in
the matter of figure. Beatrice’s sweet and pretty face was an
inheritance from the Richmonds, though not from her father direct.
Her shrewdness and persistence were from her father direct. The
older woman in the pale-blue dressing gown looked up sharply as
the younger, in pink and white, entered. But the sharp, angry glance
wavered at sight of the resolute little face wearing an expression of
faintly amused indifference. She had long since taken her daughter’s
measure—and she knew that her daughter had taken hers.
“What did you send for me about?” Beatrice asked.
“You know very well.”
“Chang?”
“Chang! What does that mean?”
“It’s my pet name for our dear old friend Roger—Roger Wade. He
calls me Rix. I call him Chang.”
Mrs. Richmond seemed stupefied for the moment by this cool and
candid shamelessness.
“I hate beating round the bush,” pursued Beatrice. “So, I might as
well tell you at the outset that I intend to marry him.”
“Beatrice!” exclaimed her mother, electrified into panic.
“You know me, mother. You know I always do what I say I’ll do.
Didn’t I cut off my hair close to my head when I was eight because
you insisted on those foolish curls? Didn’t I——”
“You have always been obstinate and troublesome,” interrupted her
mother. “I’ve warned your father you would make a wreck of your
life. But he wouldn’t heed me.”
“Father and I understand each other,” said Beatrice.
“You think he will consent to your marrying that common, poor
artist?” demanded her mother excitedly. “Well, for once you are
mistaken. In some ways I know your father better than you do. And
when it comes to any such insanity as that——”
“Don’t agitate yourself, mother.”
“He’ll cut you off if you do it. I shouldn’t be surprised if he should
turn against you as soon as he hears you have thought of such a
thing.”
Beatrice listened calmly. “That remains to be seen,” said she.
“I think you’ve lost your mind, Beatrice,” cried her mother, between
railing and wailing.
“I think so, too,” replied Beatrice, dreamy-eyed. “Yes, I’m sure I
have.”
“This isn’t a bit like you.”
“No, not a bit. I thought I was hard as—as you’ve brought me up to
be. I thought I cared only for the material things.”
“What is the matter with you?”
“I want him,” said the girl, lips compressing resolutely. Presently she
added, “And I’m going to get him—at any cost.”
“Trapped by an adventurer! You!”
Beatrice laughed. “You ought to hear Chang on that subject.”
Her mother started up. “You don’t mean it’s gone as far as that?”
“As what?”
“You haven’t talked about such things to him?”
“Long ago,” said the daughter coolly.
Mrs. Richmond, all a-quiver with fright and fury, moved toward the
door. “I shall telephone for your father at once!”
“Do.”
“We will have you put away somewhere.”
“I’m of age.”
Mrs. Richmond could not altogether conceal how this terse reminder
had discomfited her. “Your father will know how to deal with this,”
said she, trying to cover the essential weakness of the remark by a
savagely threatening tone.
“I hope so,” said the girl, unmoved. “You see—the fact is—Chang
has turned me down. I’ve got to get father to bring him round—
some way.”
Her mother, at the door into the anteroom where the telephones
were, halted and whirled round. “What are you talking about?” she
demanded.
“I asked Mr. Wade to marry me. He refused. He is still refusing.”
Mrs. Richmond, hand on the knob, seemed to give careful thought to
each of these three highly significant little sentences. Her comment
was even more compressed; she laughed harshly.
“I saw that he was an unusually clever, experienced man.”
Beatrice looked quickly at her mother with shrewd, inquiring eyes.
“You think he’s afraid father will cut me off?”
“Of course that’s it.”
“I wonder?” said the girl thoughtfully. “I hope so—yet I’m afraid.”
Mrs. Richmond’s mouth dropped open and her eyes widened with
horror. At last she said witheringly: “You—hope—so!”
The girl did not answer; she was deep in thought.