But suddenly, through causes that no one had foreseen, or which all had discounted so often that they had feared to consider them again, iron began to look up; some small orders, of a long-absent kind, began to creep into the market, prices improved a little as stock depleted, several mills made haste to open, and prudent dealers, who had been keeping down expenses for months and years, now began to talk hopefully of what they expected to do in the line of private expenditures. Good news flies fast; the upward tendency of iron was soon talked of in New York’s thousands of down-town offices, where, to an outside observer, talk seems the principal industry. Men in other businesses that were depressed began to consult iron-men who had weathered the storms and endured the still more destructive calms of the long period of depression. Bankers began to greet iron-men with more cordiality than of late. Announcements of large orders for iron given by certain railroads and accepted by certain mills began to appear on the tapes of the thousands of stock-indicators throughout the city. It naturally followed that Mr. Marge, to whom the aforesaid “tape” seemed the breath of life, began to wonder whether, in the language of Wall Street, he had not a “privilege” upon which he might “realize.” If the upward movement of iron was to continue and become general, Tramlay would undoubtedly be among those who would benefit by it. Would the result be immediate, or would Tramlay first have to go into liquidation, after the manner of many merchants who through a long depression keep up an appearance of business which is destroyed by the first opportunity for actual transactions? Marge had long before, for business purposes, made some acquaintances in the bank with which Tramlay did business, but he did not dare to inquire too pointedly about his friend’s balance and discounts. Besides, Marge had learned, through the published schedules of liabilities of numerous insolvents, that some business-men have a way of borrowing privately and largely from relatives and friends.