The first serious rumors reached Thatcher in Bermuda, and when he returned to his office his far-sighted perception told him that the business world was face to face with a real crisis. Many of his enterprises were in a condition where to pause in aggressive action meant going backwards, entailing loss upon all concerned; yet to proceed in the face of conditions as they were was to invite disaster and even to imperil the stability of his firm. Cosden had felt the result of the depression in decreased business, but he did not realize as soon as Thatcher the far-reaching results inevitable from the new governmental policy. His horizon was local compared to that of the New York operator, and he regarded the conditions as a phase of 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.