less formidable than what he feared. Half of his enemies turn out to be
friends in disguise, and half of the other half retire at his approach.
After a while such words as "impracticable" and "impossible" lose their
absoluteness and become only synonyms for the relatively difficult. He
has so often found a way out, where humanly speaking there was none,
that he no longer looks upon a logical dilemma as a final negation of
effort.

* * * * *

The following essays were written partly at home and partly abroad. They
therefore betray the influence of some of the mass movements of the day.
Anyone with even a little leisure from his own personal affairs must
realize that we are living in one of the most stirring times in human
history. Everywhere the old order is changing. Everywhere there are
confused currents both of thought and feeling.

That the old order is passing is obvious enough. That a new order is
arising, and that it is on the whole beneficent, is not merely a pious
hope. It is more than this: it is a matter of observation to any one
with a moderate degree of "Serendipity."




IN THE HANDS OF A RECEIVER


It sometimes happens that a business man who is in reality solvent
becomes temporarily embarrassed. His assets are greater than his