"Though on pleasure bent, he had a frugal mind."

Now, however, there seemed a chance of getting a gold watch at a low
price. Nick reasoned rightly that at an auction it would go much
below its value, and it would be a good thing for him to buy it--even
as an investment--as he would probably have chances enough to trade
it off at a handsome profit.

"I shouldn't wonder if I could double my money on it," he reflected.

Accordingly, when the watch was put up, Nick eagerly bid two
dollars.

Philip's lip curled when he heard this generous bid, and he heartily
hoped that this treasured possession of his dead father might not
fall into such hands.

Nick rather hoped that no one would bid against him, but in this he
was destined to be disappointed.

"Five dollars!" was next heard.

And this bid came from Mr. Dunbar, the father of his friend Frank.
Philip's eyes brightened up, for there was no one he would sooner
see the possessor of the watch than his kind friend.

Nick looked chopfallen when he heard this large increase on his
original bid, and hesitated to continue, but finally mustered up
courage to say, in a rather feeble tone: