The decline of his fortunes, then?
037
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.
038
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.
Well, that is clear enough, certainly. But how about the foresight and the moral retrogression?
039
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.
040
But since we see that he has broken the elastic and has not troubled to replace it, it is obvious that he has less foresight now than formerly, which is a distinct proof of a weakening nature.