Books: Fiduciary Matters

THE PARTNERS by LOUIS AUCHINCLOSS 254 pages. Houghton Mifflin. $6.95.

Snobbery is no slave to the pull of gravity. It can move from the bottom up as well as from the top down. Take, for example, the case of the novelist and short-story writer Louis Auchincloss. In part because he is widely read, he has been consistently snubbed by what is conveniently called the critical community. Auchincloss, 56, a graduate of Groton and Yale and a practicing Wall Street lawyer, writes mainly about the declines and cushioned falls of good-family New Yorkers. He is a lucid, confident and tidy observer of this...

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