w York.

He had never met the president of the corporation, and it was with no
little curiosity concerning him that he awaited, in a sumptuously
appointed anteroom, his turn for an audience with the busy man. At
length he was shown into a plainly furnished private office occupied by
but two persons, one somewhat past middle age, with a shrewd,
smooth-shaven face, and the other much younger, who was evidently a
private secretary.

Of course Cabot instantly knew the former to be President Hepburn; and
also, to his surprise, recognised him as one who had occupied a
prominent position on the platform of the Institute hall when he had
graduated two days earlier.

"Yes," said Mr. Hepburn, in a crisp, business tone, as he noted the
lad's flash of recognition, "I happened to be passing through and
dropped in to see our ward graduate. I was, of course, disappointed
that you did not take higher rank. At the same time I concluded not to
make myself known to you, for fear of interfering with some of your
plans for the day. It also seemed to me better that we should talk
business here. Now, with your Institute career ended, how do you
propose to spend the remainder of your minority? I ask because, as you
doubtless know, our instructions are to consult your wishes in all
matters, and conform to them as far as possible."

"I appreciate your kindness in that respect," replied Cabot, who was
somewhat chilled by this business-like reception, "and have decided, if
the funds remaining in your hands are sufficient for the purpose, to
spend the coming year in foreign travel; in fact, to take a trip around
the world."

"With any definite object in view," inquired Mr. Hepburn, "or merely
for pleasure?"

"With the definite object of studying my chosen profession wherever I
may find it practised."

"Um! Just so. Do you propose to take this trip alone or in company?"

"I propose to go with Thorpe Walling, one of my classmates."

"Son of the late General Walling, and a man who failed to graduate, is
he not?"

"Yes, sir. Do you know him?"

"I knew his father, and wish you had chosen some other companion."

"I did not choose him. He chose me, and invited me to go with him."

"At your own expense, I suppose?"

"Certainly! I could not have considered his proposition otherwise."

"Of course not," agreed Mr. Hepburn, "seeing that you have funds quite
sufficient for such a venture, if used with economy. And you have
decide