On 21 March, 1929, Blair and Company announced its consolidation with the Bank of America, the third in a series of bank mergers which seemed to point to a brighter tomorrow, and on 25 March, Tony Simmons sent William a note pointing out to him that the market had broken through to yet another all time record, and proceeded to put more of the bank's money into stocks. By then, WilJiam had rearranged his capital so that only twenty - five per cent was in the stock market, a move that had already cost him over two million dollars - and a troubled reprimand from Alan Lloyd.

'I hope to goodness you know what you're doing, William.'

'Alan, I've been beating the stock market since I was fourteen, and I've always done it by bucking the trend.'

But as the market continued to climb through the summer of 1929, even William stopped selling, wondering if Tony Simmons' judgment was, in fact, correct.

As the time for Alan Lloyd's retirement drew nearer, Tony Simmons' clear intent to succeed him as chairman began to take on the look of a fait accompli. The prospect troubled William, who considered Simmons! thinking was far too conventional. He was always a yard behind the rest of the market, which is fine during boom years when things are going wel4 but can be dangerous for a bank in leaner, more competitive times. A shrewd investor, in WiUia&s eyes, did not invariably run with the herd, thundering or otherwise, but worked out in advance in which direction the herd would be turning next. William had already decided that future in - vestment in the stock market still looked risky while Tony Simmons was convinced that America was entering a golden era.

William's other problem was simply that Tony Simmons was only thirty - nine years old and that meant that William could not hope to become chairman of Kane and Cabot for at least another twenty - six years. That hardly fitted into what they had called at Harvard 'ones career pattern.

Meanwhile, the image of Katherine Brookes remained clearly in his mind.

He wrote to her as often as he could about the sale of her stocks and bonds: formal, typewritten letters which elicited no more than formal handwritten responses. She must have thought he was the most conscientious banker in the world. Had she realised her file was becoming as large as any under William's control she might have thought about it - or at least him - more carefully. Early in the autumn she wrote to say she had found a firm buyer for the Florida estate. William wrote to request that she allow him to negodate the terms of the sale on the bank's behalf, and she agreed.

He travelled down to Florida in early September 1929. Mrs. Brookes met him at the station and he was overwhelmed by how much more beautiful she appeared in person than in his memory. Tle slight wind blew her black dress against her body as she stood waiting on the platform, leaving a profile that ensured that every man except William would look at her a second time. Williams eyes never left her.

She was still in mourning and her manner towards him was so reserved and correct that William initially despaired of making any impression on her.

He spun out the negotiations with the farmer who was purchasing Buckhurst Park for as long as he could and persuaded Katherine Brookes to accept one - third of the agreed sale price while the bank took two - thirds.

Finally, after the legal papers were signed, he could find no more excuses for not returning to Boston. He invited her to dinner at his hotel, resolved to reveal something of his feelings for her. Not for the first time, she took him by surprise. Before he had broached the subject, she asked him, twirling her glass to avoid looking at him, if he would like to stay over at Buckhurst Park for a few days.

'A sort of holiday for us both.' She blushed; William remained silent.

Finally she found the courage to continue. 'I know this might sound mad, but you must realise I've been very lonely. The extraordinary thing is that I seem to have enjoyed the last week with you more than any time I can remember.' She blushed again. 'I've expressed that badly, and you'll think the worst of me.'

William's pulse leaped. 'Kate, I have wanted to say something at least as bad as that for the last nine months.'

'Then you'll stay fora few clays, William?'

'Yes, Kate, I will.'

That night she installed him in the main guest bedroom at Buckhurst Park.

In later life William always looked back on these few days as a golden interlude in his life. He rode with Kate, and she outjumped him. He swam with her, and she outdistanced him. He walked with her and always turned back first and so finally he resorted to playing poker with her and won three and a half million dollars in as many hours of playing.

'Will you take a cheque?' she said grandly.