We had one or two conferences, and Ned speedily lost himself in a maze of figures. His nimble fancy was recalcitrant to mental discipline, and he excused his inattention with the plea that he had no head for business.

“All I know is that it’s a colossal undertaking, and that short of living on bread and water—” and then we turned anew to the hard problem of retrenchment.

At the close of the second conference we fixed a date for a third, when Ned’s business adviser was to be called in; but before the day came, I learned casually that the Halidons had gone south. Some weeks later Ned wrote me from Florida, apologizing for his remissness. They had rushed off suddenly—his wife had a cough, he explained.

When they returned in the spring, I heard that they had bought the Brereton house, for what seemed to my inexperienced ears a very large sum. But Ned, whom I met one day at the club, explained to me convincingly that it was really the most economical thing they could do. “You don’t understand about such things, dear boy, living in your Diogenes tub; but wait till there’s a Mrs. Diogenes. I can assure you it’s a lot cheaper than building, which is what Daisy would have preferred, and of course,” he added, his color rising as our eyes met, “of course, once the Academy’s going, I shall have to make my head-quarters here; and I suppose even you won’t grudge me a roof over my head.”

The Brereton roof was a vast one, with a marble balustrade about it; and I could quite understand, without Ned’s halting explanation, that “under the circumstances” it would be necessary to defer what he called “our work —” “Of course, after we’ve rallied from this amputation, we shall grow fresh supplies—I mean my wife’s investments will,” he laughingly corrected, “and then we’ll have no big outlays ahead and shall know exactly where we stand. After all, my dear fellow, charity begins at home!”

IV

THE Halidons floated off to Europe for the summer. In due course their return was announced in the social chronicle, and walking up Fifth Avenue one afternoon I saw the back of the Brereton house sheathed in scaffolding, and realized that they were adding a wing.

I did not look up Halidon, nor did I hear from him till the middle of the winter. Once or twice, meanwhile, I had seen him in the back of his wife’s opera box; but Mrs. Halidon had grown so resplendent that she reduced her handsome husband to a supernumerary. In January the papers began to talk of the Halidon ball; and in due course I received a card for it. I was not a frequenter of balls, and had no intention of going to this one; but when the day came some obscure impulse moved me to set aside my rule, and toward midnight I presented myself at Ned’s illuminated portals.

I shall never forget his look when I accosted him on the threshold of the big new ballroom. With celibate egoism I had rather fancied he would be gratified by my departure from custom; but one glance showed me my mistake. He smiled warmly, indeed, and threw into his hand-clasp an artificial energy of welcome—“You of all people—my dear fellow! Have you seen Daisy?”—but the look behind the smile made me feel cold in the crowded room.

Nor was Mrs. Halidon’s greeting calculated to restore my circulation. “Have you come to spy on us?” her frosty smile seemed to say; and I crept home early, wondering if she had not found me out.

It was the following week that Halidon turned up one day in my office. He looked pale and thinner, and for the first time I noticed a dash of gray in his hair. I was startled at the change in him, but I reflected that it was nearly a year since we had looked at each other by daylight, and that my shaving-glass had doubtless a similar tale to tell.

He fidgeted about the office, told me a funny story about his little boy, and then dropped into a chair.

“Look here,” he said, “I want to go into business.”

“Business?” I stared.

“Well, why not? I suppose men have gone to work, even at my age, and not made a complete failure of it. The fact is, I want to make some money.” He paused, and added: “I’ve heard of an opportunity to pick up for next to nothing a site for the Academy, and if I could lay my hands on a little cash—”

“Do you want to speculate?” I interposed.

“Heaven forbid! But don’t you see that, if I had a fixed job—so much a quarter—I could borrow the money and pay it off gradually?”

I meditated upon this astounding proposition. “Do you really think it’s wise to buy a site before—”

“Before what?”

“Well—seeing ahead a little?”

His face fell for a moment, but he rejoined cheerfully: “It’s an exceptional chance, and after all, I shall see ahead if I can get regular work. I can put by a little every month, and by and bye, when our living expenses diminish, my wife means to come forward—her idea would be to give the building —”

He broke off and drummed on the table, waiting nervously for me to speak. He did not say on what grounds he still counted on a diminution of his household expenses, and I had not the cruelty to press this point; but I murmured, after a moment: “I think you’re right—I should try to buy the land.”

We discussed his potentialities for work, which were obviously still an unknown quantity, and the conference ended in my sending him to a firm of real-estate brokers who were looking out for a partner with a little money to invest. Halidon had a few thousands of his own, which he decided to embark in the venture; and thereafter, for the remaining months of the winter, he appeared punctually at a desk in the brokers’ office, and sketched plans of the Academy on the back of their business paper. The site for the future building had meanwhile been bought, and I rather deplored the publicity which Ned gave to the fact; but, after all, since this publicity served to commit him more deeply, to pledge him conspicuously to the completion of his task, it was perhaps a wise instinct of self- coercion that had prompted him.

It was a dull winter in realty, and toward spring, when the market began to revive, one of the Halidon children showed symptoms of a delicate throat, and the fashionable doctor who humoured the family ailments counselled— nay, commanded—a prompt flight to the Mediterranean.

“He says a New York spring would be simply criminal—and as for those ghastly southern places, my wife won’t hear of them; so we’re off. But I shall be back in July, and I mean to stick to the office all summer.”

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