f business life, bound to appear once in so
often, rather than a blow at the basis upon which the commercial world
rested. He cut down his expenses in proportion to his reduced volume of
business, strengthened his relations at his banks, and considered his
sails trimmed to weather any storm.

Thatcher had invited him to call, and Cosden had no idea other than to
make the most of the intimacy which had developed in Bermuda. More than
that, the machinery matter they had touched upon had progressed even
better than he expected. If Thatcher was still curious to learn more
about the details the time had now come when he could safely be told.
But to Cosden's surprise the subject was not once directly referred to
during their interview. Thatcher was cordial and affable, seemingly
interested in the general conversation and frank in his discussion of
various topics which presented themselves, but, as it appeared to
Cosden, strangely reticent upon certain specific subjects on which he
would have been glad to draw him out. It was only when Cosden paused for
a moment at the door of the private office that Thatcher made any remark
which gave his visitor an insight as to what was in his mind.

"The full meaning of these present conditions evidently has not struck
Boston yet," he said. "Let me tell you that these are times when the
wise man learns how to wait. Instead of blaming your customers who
hesitate to give you the usual orders you should scrupulously
investigate the credit of those who do."

"I can wait," Cosden said confidently. "I've always held myself back
from spreading out too thin, and if there's a storm coming on top of
this sloppy weather I'm fixed where I can meet it better perhaps than
some others."

"You are to be congratulated," Thatcher told him with so much feeling
that Cosden took it as a personal compliment and departed well satisfied
with his interview.

When he next met Huntington in Boston they discussed this among other
topics, and Cosden was surprised to have his friend ask him point-blank
whether he had heard rumors regarding Thatcher's firm.

"You're dreaming, Monty," he replied with conviction. "Thatcher is a man
who makes money whichever way the market turns. That's what I admire so
much in him. I only win out when things go one way, but he wins coming
and going. What in the world put that idea in your head?"

The chance remark which Billy had made regarding the reduction in
Philip's allowance