The title promises a necromancer, someone who calls up the dead, but the poem gives us something quieter and stranger. A figure holds "order in one hand / joy in the other," as if balancing two opposing powers. Then comes a woman playing with her smoke by the fireside. The smoke could be from a hearth, a cigarette, or incense, and the poem leaves that open. Either way, she seems to shape something fleeting, which fits the idea of a conjurer.
The speaker watches from the outside. In the last lines, all they see is "a bright moon / in the clock." That image blends two kinds of light and two ways of measuring time: the natural cycle of the moon and the mechanical ticking of a clock. It suggests the speaker is half-entranced, noticing a hint of magic in something ordinary. The mood is hushed, dreamy, and a little eerie, like a late-night room where the usual rules of time feel loose.