When the crash of Tom’s prospects came as to finances Carmichael was disagreeably taken by surprise. The manifestation to his friend of the exact condition of his feelings on this subject was, on the whole, more trying to Tom than the original blow. The first public move in the disintegration of their friendship was Tom’s withdrawal from the expensive rooms they had occupied together since freshman year into much cheaper lodgings. Ash promptly installed in his place a wealthy and inane classmate whom the “crowd” had antecedently styled “Miss Willie.” There was a groan of derision among the fellows for this substitute for Tom; and at an impromptu meeting of leading spirits in Tom’s new rooms, in an old and shabby quarter, it was voted to give Carmichael henceforth what they called the “icy nod.” After the Christmas holidays, which Ash spent with “Miss Willie’s” family, something occurred to bring upon Tom’s former chum a ban more serious than what had preceded it. The offense, the discovery of it, the discussion, and the verdict were known to only a few of Tom Oliver’s most devoted henchmen. Outsiders, aware of some dark mystery in process of solution, talked of it--speculated curiously--but got no farther. That Carmichael had done something awfully shady was generally believed. What that something was nobody could find out. But during the whole time of the agitation Tom went about black as a thunder-cloud and silent as the grave. If the Faculty knew anything of these proceedings it was based upon vague rumor only, or came by intuition. They had nothing to take hold of, on which to condemn Carmichael. It was generally believed, among them and the undergraduates, that a few men under Oliver’s leadership had rectified whatever wrong was done; had saved Carmichael from disgrace and exposure; and had then agreed to hush the matter up. Before graduating, Carmichael took a prize for an uncommonly clever essay, which he delivered with ease and distinction before an audience of whom the strangers applauded him to the echo. When he took his degree, and the class was about to scatter, he was so much alone that nobody thought of asking what he meant to do in the future. When next heard from by his late associates Mr. Carmichael had set out on a journey to Europe to end in the circuit of the globe, as the companion of “Miss Willie,” whose family defrayed all expenses.