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"The decline of his fortunes, then?"

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"This hat is three years old. These flat brims curled at the edge came in then. It is a hat of the very best quality. Look at the band of ribbed silk and the excellent lining. If this man could afford to buy so expensive a hat three years ago, and has had no hat since, then he has assuredly gone down in the world."

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"Well, that is clear enough, certainly. But how about the foresight and the moral retrogression?"

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Sherlock Holmes laughed. "Here is the foresight," said he putting his finger upon the little disc and loop of the hat-securer. "They are never sold upon hats. If this man ordered one, it is a sign of a certain amount of foresight, since he went out of his way to take this precaution against the wind.


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