The money market did not seem to be half so tight as it was the day before.
Mr.Bolton spent a very pleasant day in his office, and went home revolving some new plans, and the execution of some projects he had long been prevented from entering upon by the lack of money.
The day had been spent by Philip in no less excitement.

By daylight, with Philip's letters to the mail, word had gone down to Ilium that coal had been found, and very early a crowd of eager spectators had come up to see for themselves.
The "prospecting" continued day and night for upwards of a week, and during the first four or five days the indications grew more and more promising, and the telegrams and letters kept Mr.Bolton duly posted.
But at last a change came, and the promises began to fail with alarming rapidity.

In the end it was demonstrated without the possibility of a doubt that the great "find" was nothing but a worthless seam.
Philip was cast down, all the more so because he had been so foolish as to send the news to Philadelphia before he knew what he was writing about.

And now he must contradict it.

"It turns out to be only a mere seam," he wrote, "but we look upon it as an indication of better further in." Alas! Mr.Bolton's affairs could not wait for "indications." The future might have a great deal in store, but the present was black and hopeless.
It was doubtful if any sacrifice could save him from ruin.