The day just ended marked the close of a most important era in his life; for on it he had been graduated from the Technical Institute, in which he had studied his chosen profession, and the coveted sheepskin that entitled him to sign M.E. in capital letters after his name had been in his possession but a few hours.

Although Cabot came of an old New England family, and had been given every educational advantage, he had not graduated with honours, having, in fact, barely scraped through his final examination. He had devoted altogether too much time to athletics, and to the congenial task of acquiring popularity, to have much left for study. Therefore, while it had been pleasant to be one of the best-liked fellows in the Institute, captain of its football team, and a leading figure in the festivities of the day just ended, now that it was all over our lad was regretting that he had not made a still better use of his opportunities.

A number of his classmates had already been offered fine positions in the business world now looming so ominously close before him. Little pale-faced Dick Chandler, for instance, was to start at once for South Africa, in the interests of a wealthy corporation. Ned Burnett was to be assistant engineer of a famous copper mine; a world-renowned electrical company had secured the services of Smith Redfield, and so on through a dozen names, no one of which was as well known as his, but all outranking it on the graduate list of that day.

Cabot had often heard that the career of Institute students was closely watched by individuals, firms, and corporations in need of young men for responsible positions, and had more than once resolved to graduate with a rank that should attract the attention of such persons. But there had been so much to do besides study that had seemed more important at the time, that he had allowed day after day to slip by without making the required effort, and now it appeared that no one wanted him.

Yes, there was one person who had made him a proposition that very day. Thorpe Walling, the wealthiest fellow in the class, and one of its few members who had failed to gain a diploma, had said:

"Look here, Grant, what do you say to taking a year's trip around the world with me, while I coach for a degree next June? There is no such educator as travel, you know, and we'll make a point of going to all sorts of places where we can pick up ideas. At the same time it'll be no end of a lark."

"I don't know," Cabot had replied doubtfully, though his face had lighted at the mere idea of taking such a trip. "I'd rather do that than almost anything else I know of, but–"

"If you are thinking of the expense," broke in the other.

"It isn't that," interrupted Cabot, "but it seems somehow as though I ought to be doing something more in the line of business. Anyway, I can't give you an answer until I have seen my guardian, who has sent me word to meet him in New York day after to-morrow. I'll let you know what he says, and if everything is all right, perhaps I'll go with you."

With this the matter had rested, and during the manifold excitements of the day our lad had not given it another thought, until he tumbled into bed, wondering what would happen next. Then for a long time he lay awake, considering Thorpe's proposition, and wishing that it had been made by any other fellow in the class.

Until about the time of entering the Technical Institute, from which he was just graduated, Cabot Grant, who was an only child, had been blessed with as happy a home as ever a boy enjoyed. Then in a breath it was taken from him by a railway accident, that had caused the instant death of his mother, and which the father had only survived long enough to provide for his son's immediate future by making a will. By its terms his slender fortune was placed in the hands of a trust and investment company, who were constituted the boy's guardians, and enjoined to give their ward a liberal education along such lines as he himself might choose.

The corporation thus empowered had been faithful to its trust, and had carried out to the letter the instructions of their deceased client during the past five years. Now less than a twelvemonth of their guardianship remained and it was to plan for his disposal of this time that Cabot had been summoned to New 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."

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