Get ebook downloads in full at ebookmeta.

com

Fundamentals of Financial Instruments An

Introduction to Stocks Bonds Foreign Exchange and
Derivatives Second Edition Sunil K. Parameswaran

https://ebookmeta.com/product/fundamentals-of-financial-
instruments-an-introduction-to-stocks-bonds-foreign-
exchange-and-derivatives-second-edition-sunil-k-
parameswaran/

OR CLICK BUTTON

DOWNLOAD NOW

Explore and download more ebook at https://ebookmeta.com

 Recommended digital products (PDF, EPUB, MOBI) that
you can download immediately if you are interested.

Fundamentals of Financial Instruments 2nd Edition Sunil K.

Parameswaran

https://ebookmeta.com/product/fundamentals-of-financial-
instruments-2nd-edition-sunil-k-parameswaran/

ebookmeta.com

An Undergraduate Introduction to Financial Mathematics 4th

Edition Buchanan

https://ebookmeta.com/product/an-undergraduate-introduction-to-
financial-mathematics-4th-edition-buchanan/

ebookmeta.com

Management of Foreign Exchange Risk 1st Edition Yew C. Lum

https://ebookmeta.com/product/management-of-foreign-exchange-risk-1st-
edition-yew-c-lum/

ebookmeta.com

Fittingness: Essays in the Philosophy of Normativity 1st

Edition Chris Howard

https://ebookmeta.com/product/fittingness-essays-in-the-philosophy-of-
normativity-1st-edition-chris-howard/

ebookmeta.com
Blockchain for Hospitality and Tourism: A Guide to the
Future 1st Edition Dominika Duziak

https://ebookmeta.com/product/blockchain-for-hospitality-and-tourism-
a-guide-to-the-future-1st-edition-dominika-duziak/

ebookmeta.com

Voices of America Veterans and Military Families Tell

Their Own Stories 1st Edition April Brown Ethan Casey
Kaitlyn Snyder
https://ebookmeta.com/product/voices-of-america-veterans-and-military-
families-tell-their-own-stories-1st-edition-april-brown-ethan-casey-
kaitlyn-snyder/
ebookmeta.com

The Idiot 1st Edition Fyodor Dostoevsky

https://ebookmeta.com/product/the-idiot-1st-edition-fyodor-dostoevsky/

ebookmeta.com

Historical Dictionary of Haiti Michael R Hall

https://ebookmeta.com/product/historical-dictionary-of-haiti-michael-
r-hall/

ebookmeta.com

The Baptized Muse Early Christian Poetry as Cultural

Authority 1st Edition Karla Pollmann

https://ebookmeta.com/product/the-baptized-muse-early-christian-
poetry-as-cultural-authority-1st-edition-karla-pollmann/

ebookmeta.com
A Hero For Ku uipo Delta Force Hawaii Book 2 1st Edition
Reina Torres Torres Reina

https://ebookmeta.com/product/a-hero-for-ku-uipo-delta-force-hawaii-
book-2-1st-edition-reina-torres-torres-reina/

ebookmeta.com
Table of Contents
Cover
Title Page
Copyright
Dedication
Preface
Preface to the First Edition
Acknowledgments
About the Author
CHAPTER 1: An Introduction to Financial Institutions,
Instruments, and Markets
THE ROLE OF AN ECONOMIC SYSTEM
A COMMAND ECONOMY
A MARKET ECONOMY
CLASSIFICATION OF ECONOMIC UNITS
AN ECONOMY'S RELATIONSHIP WITH THE EXTERNAL
WORLD
THE BALANCE OF TRADE
THE CURRENT ACCOUNT BALANCE
FINANCIAL ASSETS
MONEY
MONEY AS A UNIT OF ACCOUNT OR A STANDARD OF
VALUE
MONEY AS A MEDIUM OF EXCHANGE
MONEY AS A STORE OF VALUE
MONEY IS PERFECTLY LIQUID
EQUITY SHARES
DEBT SECURITIES
PREFERRED SHARES
FOREIGN EXCHANGE
DERIVATIVES
FORWARD AND FUTURES CONTRACTS
OPTIONS CONTRACTS
SWAPS
MORTGAGES AND MORTGAGE-BACKED SECURITIES
HYBRID SECURITIES
PRIMARY MARKETS AND SECONDARY MARKETS
EXCHANGES AND OVER-THE-COUNTER (OTC)
MARKETS
BROKERS AND DEALERS
THE NEED FOR BROKERS AND DEALERS
TRADING POSITIONS
THE BUY-SIDE AND THE SELL-SIDE
INVESTMENT BANKERS
DIRECT AND INDIRECT MARKETS
MUTUAL FUNDS
MONEY AND CAPITAL MARKETS
THE EUROCURRENCY MARKET
THE INTERNATIONAL BOND MARKET
GLOBALIZATION OF EQUITY MARKETS
DUAL LISTING
FUNGIBILITY
ARBITRAGE
ARBITRAGE WITH ADRs
GDRs
RISK
AFTER THE TRADE – CLEARING AND SETTLEMENT
DEMATERIALIZATION AND THE ROLE OF A
DEPOSITORY
 CUSTODIAL SERVICES
GLOBALIZATION – THE NEW MANTRA
NOTES
CHAPTER 2: Mathematics of Finance
INTEREST RATES
THE REAL RATE OF INTEREST
THE FISHER EQUATION
SIMPLE INTEREST & COMPOUND INTEREST
PROPERTIES
A SYMBOLIC DERIVATION
PRINCIPLE OF EQUIVALENCY
CONTINUOUS COMPOUNDING
FUTURE VALUE
PRESENT VALUE
HANDLING A SERIES OF CASH FLOWS
THE INTERNAL RATE OF RETURN
EVALUATING AN INVESTMENT
ANNUITIES: AN INTRODUCTION
ANNUITY DUE
PERPETUITIES
THE AMORTIZATION METHOD
AMORTIZATION WITH A BALLOON PAYMENT
THE EQUAL PRINCIPAL REPAYMENT APPROACH
TYPES OF INTEREST COMPUTATION
LOANS WITH A COMPENSATING BALANCE
TIME VALUE OF MONEY–RELATED FUNCTIONS IN
EXCEL
COMPUTING THE PRESENT AND FUTURE VALUES OF
ANNUITIES AND ANNUITIES DUE IN EXCEL
AMORTIZATION SCHEDULES AND EXCEL
NOTE
CHAPTER 3: Equity Shares, Preferred Shares, and Stock Market
Indices
INTRODUCTION
PAR VALUE VERSUS BOOK VALUE
ACCOUNTING FOR A STOCK ISSUE
VOTING RIGHTS
DIVIDENDS
TREASURY STOCK
ACCOUNTING FOR TREASURY STOCK
SPLITS AND REVERSE SPLITS
PREEMPTIVE RIGHTS
INTERPRETING STATED RATIOS
HANDLING FRACTIONS
PHYSICAL CERTIFICATES VERSUS BOOK ENTRY
TRACKING STOCK
REPORT CARDS
TYPES OF STOCKS
RISK AND RETURN AND THE CONCEPT OF
DIVERSIFICATION
PREFERRED SHARES
DIVIDEND DISCOUNT MODELS
A GENERAL VALUATION MODEL
THE CONSTANT GROWTH MODEL
THE TWO-STAGE MODEL
THE THREE-STAGE MODEL
THE H MODEL
STOCK MARKET INDICES
PRICE-WEIGHTED INDICES
THE IMPORTANCE OF PRICE
VALUE-WEIGHTED INDICES
CHANGING THE BASE PERIOD CAPITALIZATION
 EQUALLY WEIGHTED INDICES
TRACKING PORTFOLIOS
HANDLING A RIGHTS ISSUE
THE FREE-FLOATING METHODOLOGY
WELL-KNOWN GLOBAL INDICES
MARGIN TRADING AND SHORT-SELLING
TERMINOLOGY
CASE A: THE MARKET RISES
CASE B: THE MARKET DECLINES
CASE A: THE MARKET RISES
CASE B: THE MARKET DECLINES
INTEREST AND COMMISSIONS
CASE A: THE MARKET RISES
CASE B: THE MARKET DECLINES
MAINTENANCE MARGIN
SHORT-SELLING
MAINTENANCE OF A SHORT POSITION
SHORTING AGAINST THE BOX
THE RISK FACTOR
THE ECONOMIC ROLE OF SHORT SALES
THE UPTICK RULE
NOTES
CHAPTER 4: Bonds
INTRODUCTION
TERMS USED IN THE BOND MARKET
VALUATION OF A BOND
PAR, PREMIUM, AND DISCOUNT BONDS
EVOLUTION OF THE PRICE
ZERO-COUPON BONDS
VALUING A BOND IN BETWEEN COUPON DATES
DAY-COUNT CONVENTIONS
ACTUAL-ACTUAL
THE TREASURY'S APPROACH
CORPORATE BONDS
ACCRUED INTEREST
NEGATIVE ACCRUED INTEREST
YIELDS
THE CURRENT YIELD
SIMPLE YIELD TO MATURITY
YIELD TO MATURITY
APPROXIMATE YIELD TO MATURITY
ZERO-COUPON BONDS AND THE YTM
ANALYZING THE YTM
THE REALIZED COMPOUND YIELD
REINVESTMENT AND ZERO-COUPON BONDS
THE HOLDING PERIOD YIELD
TAXABLE EQUIVALENT YIELD
CREDIT RISK
BOND INSURANCE
EQUIVALENCE WITH ZERO-COUPON BONDS
SPOT RATES
THE COUPON EFFECT
BOOTSTRAPPING
FORWARD RATES
THE YIELD CURVE AND THE TERM STRUCTURE
SHAPES OF THE TERM STRUCTURE
THEORIES OF THE TERM STRUCTURE
THE LIQUIDITY PREMIUM HYPOTHESIS
THE MONEY SUBSTITUTE HYPOTHESIS
THE MARKET SEGMENTATION HYPOTHESIS
 THE PREFERRED HABITAT THEORY
THE SHORT RATE
FLOATING RATE BONDS
SIMPLE MARGIN
BONDS WITH EMBEDDED OPTIONS
CALLABLE BONDS
YIELD TO CALL
PUTABLE BONDS
CONVERTIBLE BONDS
USING SHORT RATES TO VALUE BONDS
PRICE VOLATILITY
A CONCISE FORMULA
DURATION AND PRICE VOLATILITY
PROPERTIES OF DURATION
DOLLAR DURATION
CONVEXITY
A CONCISE FORMULA
DOLLAR CONVEXITY
PROPERTIES OF CONVEXITY
IMMUNIZATION
TREASURY AUCTIONS
WHEN ISSUED TRADING
PRICE QUOTES
STRIPS
INFLATION INDEXED BONDS
COMPUTING PRICE GIVEN YIELD AND VICE VERSA IN
EXCEL
COMPUTING DURATION IN EXCEL
NOTES
CHAPTER 5: Money Markets
INTRODUCTION
MARKET SUPERVISION
THE FEDERAL RESERVE SYSTEM
KEY DATES IN THE CASE OF CASH MARKET
INSTRUMENTS
THE MODIFIED FOLLOWING BUSINESS DAY
CONVENTION
THE END/END RULE
THE INTERBANK MARKET
TYPES OF LOANS
LIBOR
LIBID
SONIA
TRANSITIONING FROM LIBOR
INTEREST COMPUTATION METHODS
TERM MONEY MARKET DEPOSITS
MONEY MARKET FORWARD RATES
FEDERAL FUNDS
FEDERAL FUNDS VERSUS CLEARINGHOUSE FUNDS
CORRESPONDENT BANKS: NOSTRO AND VOSTRO
ACCOUNTS
TREASURY BILLS
REOPENINGS
YIELDS ON DISCOUNT SECURITIES
NOTATION
DISCOUNT RATES AND T-BILL PRICES
THE BOND EQUIVALENT YIELD (BEY)
CASE A: TM < 182 DAYS
THE MONEY MARKET YIELD
CASE B: TM > 182 DAYS
HOLDING PERIOD RETURN
VALUE OF AN 01
CONCEPT OF CARRY
CONCEPT OF A TAIL
T-BILL RELATED FUNCTIONS IN EXCEL
TBILLPRICE
TBILLYIELD
TBILLEQ
DISC
TREASURY AUCTIONS
TYPES OF AUCTIONS
RESULTS OF AN AUCTION
PRIMARY DEALERS AND OPEN MARKET OPERATIONS
REPURCHASE AGREEMENTS
REVERSE REPOS
GENERAL COLLATERAL VERSUS SPECIAL REPOS
MARGINS
SALE AND BUYBACK
COLLATERAL
REPOS AND OPEN MARKET OPERATIONS
NEGOTIABLE CDs
NOTATION
COST OF A CD FOR THE ISSUING BANK
TERM CDs
CDs VERSUS MONEY MARKET TIME DEPOSITS
COMMERCIAL PAPER
LETTERS OF CREDIT AND BANK GUARANTEES
YANKEE PAPER
CREDIT RATING
MOODY'S RATING SCALE
S&P'S RATING SCALE
FITCH'S RATING SCALE
 BILLS OF EXCHANGE
DOCUMENTS AGAINST PAYMENT (DAP) VERSUS
DOCUMENTS AGAINST ACCEPTANCE (DAA)
TRANSACTIONS
ELIGIBLE AND NONELIGIBLE BANK BILLS
BUYING AND SELLING BILLS
BANKERS' ACCEPTANCE
ACCEPTANCE CREDITS
EUROCURRENCY DEPOSITS
APPENDIX
NOTES
CHAPTER 6: Forward and Futures Contracts
INTRODUCTION
MARKING TO MARKET FOR A TRADER IN PRACTICE
DELIVERY OPTIONS
PROFIT DIAGRAMS
VALUE AT RISK
THE EXPECTED SHORTFALL
SPOT-FUTURES EQUIVALENCE
PRODUCTS AND EXCHANGES
CASH-AND-CARRY ARBITRAGE
REVERSE CASH-AND-CARRY ARBITRAGE
REPO AND REVERSE REPO RATES
SYNTHETIC SECURITIES
VALUATION
THE CASE OF ASSETS MAKING PAYOUTS
PHYSICAL ASSETS
NET CARRY
BACKWARDATION AND CONTANGO
THE CASE OF MULTIPLE DELIVERABLE GRADES
RISK ARBITRAGE
 THE CASE OF MULTIPLICATIVE ADJUSTMENT
THE CASE OF ADDITIVE ADJUSTMENT
TRADING VOLUME AND OPEN INTEREST
DELIVERY
CASH SETTLEMENT
HEDGING AND SPECULATION
ROLLING A HEDGE
TAILING A HEDGE
THE MINIMUM VARIANCE HEDGE RATIO
ESTIMATION OF THE HEDGE RATIO AND THE
HEDGING EFFECTIVENESS
CROSS-HEDGING
SPECULATION
LEVERAGE
CONTRACT VALUE
FORWARD VERSUS FUTURES PRICES
HEDGING THE RATE OF RETURN ON A STOCK
PORTFOLIO
CHANGING THE BETA
PROGRAM TRADING
STOCK PICKING
PORTFOLIO INSURANCE
IMPORTANCE OF FUTURES
NOTES
CHAPTER 7: Options Contracts
INTRODUCTION
NOTATION
EXERCISING OPTIONS
MONEYNESS
EXCHANGE-TRADED OPTIONS
OPTION CLASS AND OPTION SERIES
FLEX OPTIONS
CONTRACT ASSIGNMENT
ADJUSTING FOR CORPORATE ACTIONS
NONNEGATIVE OPTION PREMIA
INTRINSIC VALUE AND TIME VALUE
TIME VALUE OF AMERICAN OPTIONS
TIME VALUE AT EXPIRATION
PUT-CALL PARITY
IMPLICATIONS FOR THE TIME VALUE
PUT-CALL PARITY WITH DIVIDENDS
IMPLICATIONS FOR THE TIME VALUE
A VERY IMPORTANT PROPERTY FOR AMERICAN
CALLS
EARLY EXERCISE OF OPTIONS: AN ANALYSIS
PROFIT PROFILES
SPECULATION WITH OPTIONS
HEDGING WITH OPTIONS
VALUATION
THE BINOMIAL OPTION PRICING MODEL
THE TWO-PERIOD MODEL
VALUATION OF EUROPEAN PUT OPTIONS
VALUING AMERICAN OPTIONS
IMPLEMENTING THE BINOMIAL MODEL IN PRACTICE
THE BLACK-SCHOLES MODEL
PUT-CALL PARITY
INTERPRETATION OF THE BLACK-SCHOLES FORMULA
THE GREEKS
OPTION STRATEGIES
FUTURES OPTIONS
PUT-CALL PARITY
THE BLACK MODEL
 NOTES
CHAPTER 8: Foreign Exchange
INTRODUCTION
CURRENCY CODES
BASE AND VARIABLE CURRENCIES
DIRECT AND INDIRECT QUOTES
EUROPEAN TERMS AND AMERICAN TERMS
BID AND ASK QUOTES
APPRECIATING AND DEPRECIATING CURRENCIES
CONVERTING DIRECT QUOTES TO INDIRECT QUOTES
POINTS
RATES OF RETURN
THE IMPACT OF SPREADS ON RETURNS
ARBITRAGE IN SPOT MARKETS
ONE-POINT ARBITRAGE
TWO-POINT ARBITRAGE
TRIANGULAR ARBITRAGE
CROSS RATES
MARKET RATES AND EXCHANGE MARGINS
VALUE DATES
THE FORWARD MARKET
OUTRIGHT FORWARD RATES
SWAP POINTS
BROKEN-DATED CONTRACTS
COVERED INTEREST ARBITRAGE
A PERFECT MARKET
FOREIGN EXCHANGE SWAPS
THE COST
THE MOTIVE
INTERPRETATION OF THE SWAP POINTS
 A CLARIFICATION
SHORT-DATE CONTRACTS
OPTION FORWARDS
NONDELIVERABLE FORWARDS
RANGE FORWARDS
FUTURES MARKETS
HEDGING USING CURRENCY FUTURES
A SELLING HEDGE
A BUYING HEDGE
EXCHANGE-TRADED FOREIGN CURRENCY OPTIONS
SPECULATING WITH FOREX OPTIONS
EXCHANGE RATES AND COMPETITIVENESS
NOTES
CHAPTER 9: Mortgages and Mortgage-backed Securities
INTRODUCTION
MARKET PARTICIPANTS
MORTGAGE ORIGINATION
RISKS IN MORTGAGE LENDING
OTHER MORTGAGE STRUCTURES
PSA PREPAYMENT BENCHMARK
ANALYSIS
EXTENSION RISK AND CONTRACTION RISK
ACCRUAL BONDS
FLOATING RATE TRANCHES
NOTIONAL INTEREST-ONLY TRANCHE
INTEREST-ONLY AND PRINCIPAL-ONLY STRIPS
PAC BONDS
NOTES
CHAPTER 10: Swaps
INTRODUCTION
Other documents randomly have
different content
 Nelson and Ruth came down to the car and watched till every one
was safely in.
“Good-by!” they called, as Mr. Horton started. “Good-by, Sunny!
Have a good time! Good-by!”
Sunny Boy waved to them as long as he could see them, and
even after all he could make out was the blur of pink that he knew
was Ruth’s dress. Then he was ready to talk.
“Where are we going first?” he demanded.
“Why, to get Aunt Bessie and Miss Martinson and Harriet, of
course,” answered Mrs. Horton.
Mr. Horton turned.
“Look here, Sunny Boy,” he said. “I figure out that I’m going to feel
lonesome with four ladies in the car—you’ll have to come up here
with me, and then we’ll be two to four at least. Here we are. I see
Joseph out on the sidewalk with the bags. I’ll go up and help with
whatever else they have.”
The automobile stopped before the apartment house, and Joseph,
the colored elevator boy, grinned delightedly at Sunny Boy.
“You’s going, ain’t you?” he chuckled. “You-all shorely have a fine
day. Yes, Sir, Miss Andrew and Miss Ma’tinson is both ready. Guess
they’s looking out the window. Miss Andrew said to come right up
when you-all came.”
Mr. Horton went in to tell Aunt Bessie they were waiting for her,
and Sunny stayed in the car with Mother.
In a very few minutes Aunt Bessie came out, tying a long green
veil over her pretty gray hat.
“Hello, lambie, kiss your old auntie,” she said to Sunny Boy. Aunt
Bessie wasn’t old at all, though sometimes she pretended to be.
“Olive, I left the canary bird with Mrs. Richards. They’re going to be
in town all summer, and a birdcage and a live bird are not the easiest
things to carry in a car. Was that all right?”
 Aunt Bessie, you see, had been keeping the canary for Mother
and Sunny Boy while they were visiting Grandpa Horton.
“I’m glad you didn’t try to bring him,” said Mrs. Horton frankly. “He
would likely be frightened, and, anyway, I don’t believe in trying to
move pets. Sunny Boy left his collie puppy up on the farm. Here
come Betty and Harriet.”
While Mr. Horton helped them into the car, Sunny got out and
scrambled into the front seat.
“Why, Sunny Boy! I thought of course you’d stay with us,” cried
Miss Martinson.
“Daddy was lonesome with four ladies and only himself up here,”
explained Sunny seriously. “Now we’re two to four.”
Every one laughed, and then Daddy took his place and started the
engine.
“Now we’re off,” sighed Aunt Bessie. “It did seem to me that if I
had to do one thing more I should scream.”
“You’re like Sunny,” answered Mrs. Horton. “When he is going
anywhere he is very impatient of preliminaries.”
“What’s that?” he asked Daddy.
“Preliminaries?” said Daddy. “Oh, things that come first—like
eating breakfast and locking the doors and packing boxes and so
on.”
“An’ killing flies,” added Sunny Boy. He turned so that he could talk
to his mother more easily.
“You said you’d tell me,” he urged her. “Why did you laugh when
Daddy said the fly would starve?”
Mrs. Horton smiled.
“Oh, because he likes to tell about the first summer we were
married, and I wasn’t a very experienced housekeeper,” she
explained. “We were closing the apartment the day before we were
to go to the country for a month, and I found a little live mouse in a
trap I had set. I opened the trap and let him go and when your father
asked me why I did that, I answered that I couldn’t bear to think of
the poor creature starving to death.”
Aunt Bessie and Miss Martinson laughed, but Sunny was puzzled.
“It would be mean to let him starve,” he declared. “Wouldn’t it,
Daddy?”
“Well, yes,” admitted Mr. Horton. “But you see, Sunny Boy, we
catch mice to prevent them from eating up our good clean food. And
Mother let the mouse go, and he probably lived on our pantry
shelves that summer. What we should have done was to drown him.”
“Oh,” said Sunny Boy.
While he thought this over the car purred through the city streets
into the suburbs and finally out into the open country. The road was
dry and white, but not too dusty, for a recent rain had laid the dust.
“I’m getting hungry,” announced Mrs. Horton. “We had such an
early breakfast that an eleven o’clock lunch wouldn’t be out of the
way at all. Let’s keep on the look-out for a cool shady spot, and
when we find it, stop and have a picnic.”
They found the cool, shady spot sooner than they expected. A turn
in the road brought them to a white farmhouse with an apple orchard
that grew almost up to the front door.
“Ask if we can eat our lunch under the trees, Harry,” said Mrs.
Horton. “And if we can get some milk for Sunny, that will be fine.”
Mr. Horton went up to the door and knocked. A young woman
opened it. The folk in the car couldn’t hear what he said, but he
came back in a few moments, smiling.
“She says we may take down the bars and drive right in,” he
reported. “And she’ll bring us out a pitcher of cold milk and will be
glad to make a cup of hot tea if any one wants it.”
No one wanted hot tea, and when Lucy, that was her name she
told them, brought out the ice-cold milk, they assured her it was far
more delicious than any tea could be. Lucy couldn’t stay, for the
dinner was on the stove and she expected the farmer men home to
dinner at twelve. Mr. Horton paid her for the milk, and she said that
the money would go into her school fund. She was saving to have
enough to go away to school in the fall.
“I’m hungry, too,” declared Sunny Boy, watching Mother place the
goodies on a white cloth as Harriet opened the boxes and handed
them to her.
“I’m glad you have an appetite,” said Mother. “Things will taste
good to you then. Come, girls and boys, we’re ready for you.”
Aunt Bessie and Miss Martinson passed their box of sandwiches
and every one took one. Those were the egg ones Sunny Boy had
remembered to tell his mother about. Then Mrs. Horton passed her
box, and after all were served and Harriet was putting down the box,
meaning to take up the fruit box, she saw something in it.
“What’s this?” she asked, putting in her hand and drawing out a
round, rather flat box. “Is it something you put in for the sandwiches,
Mrs. Horton? Pepper and salt, maybe? It was down under the paper,
and I most missed it.”
“That’s my s’prise!” cried Sunny Boy, who had forgotten about the
box he had taken from the closet shelf. “I put it in, Mother. I like to
pack boxes.”
“I knew it was nothing I had packed,” said Mrs. Horton
wonderingly.
But Mr. Horton, who had been leaning over her shoulder to see the
box, now rolled over on his back in the grass, shouting with laughter.
“It’s the stove polish!” he half-choked. “What won’t that child do
next!”
 CHAPTER VI
ON THE WAY

“I T’S a s’prise,” Sunny Boy insisted, his lower lip trembling.

Aunt Bessie and Miss Martinson were trying not to laugh.
Harriet looked completely mystified. Mr. Horton was wiping his eyes.
Sunny Boy looked at his mother. She wasn’t even smiling. Her
clear, direct gaze met his squarely.
“What’s it for, precious?” she asked quietly. “Tell us why you put it
in the lunch. You didn’t know it was stove polish, did you?”
“No, ’course not,” returned Sunny eagerly, glad to find some one
sensible enough to understand. “I thought it was lic’rish ’cause it
smelled so good when I opened the box. An’ it was on the shelf,
Mother.”
“I did that closet in kind of a hurry,” admitted Harriet. “I guess
plenty of things are not in the right place. And so you thought it was
something good to eat, and we could maybe spread it on our bread,
did you, Sunny?” Harriet began to laugh. It usually took Harriet a
long time to see a joke, and when she did begin to laugh she never
stopped very quickly.
The more Harriet laughed, the funnier it seemed. Presently every
one, even Sunny Boy, was laughing with her. And by the time they
had their laugh out, and had eaten the rest of that picnic lunch, it was
time, Mr. Horton said, to think about starting again.
Lucy was at the gate as the car backed out, and she and Mr.
Horton and Sunny Boy put the bars up. She waved them good-by as
they rolled down the road.
“She’s never seen the ocean,” remarked Mrs. Horton. “I’ve her
name and address; she asked me if any one ever wanted somebody
to help out down at the Cove this summer to write her.”
 “If she’s saving money for school, she might make some this
summer,” agreed Aunt Bessie thoughtfully. “We’ll remember that.”
“Has Sunny Boy ever seen the ocean?” asked Miss Martinson.
“Yes,” that small person assured her. “Twice when I don’t
remember, and twice last year. Mrs. Hadley took us down in the
automobile. I went in wading.”
Mr. Horton, whose eyes were on the road ahead, suddenly put on
his brakes and stopped the automobile.
“Can we help?” he asked.
Sunny Boy had turned in his seat to speak to Miss Martinson and
so had not seen the car ahead of them. Two men were working over
the engine, and a lady and a little girl sat in the back.
“We’re stumped,” said one of the men with a smile. “Been here
half an hour.”
Mr. Horton jumped out and went over to them.
Sunny Boy, curled up in the seat, smiled vaguely at the little girl,
who smiled back. Somewhere, hidden in the trees along the roads,
insects were humming. A faint wind rustled the dry, dusty grass. The
engine of the other car started chugging with a gay, determined
sound. Mr. Horton shook hands with the men and came back to the
car.
“Mother,” he said carelessly, putting his tools away in the box, “I
think some one is going to sleep.”
Sunny wondered who was going to sleep, and who was lifting him
over the back of the seat, and whose lap was so soft—and why—
and what—and then—
“Well, precious, you’ve had a nice little nap. We’re almost at Nestle
Cove. Sit up, and smell the salt in the air,” said Mrs. Horton.
Sunny Boy rubbed his eyes. He had been asleep.
“Harry,” Mrs. Horton leaned forward, and touched her husband’s
arm. “There’s a little inn; couldn’t we stop there a minute? We’d like
to look half-way presentable when we go through the town. Every
one will be out on the porches, you know.”
“And my hair’s a sight,” declared Aunt Bessie positively.
“I would like to wash my face,” announced Miss Martinson.
“Old man, what do you want to do?” asked Mr. Horton, turning the
car into the pretty white driveway bordered on either side with
dazzling white clam shells.
“I could eat,” ventured Sunny Boy cautiously.
“My sentiments exactly,” agreed his father.
“But we’ll have an early supper,” protested Mrs. Horton. “I’d rather
you waited, Sunny Boy. The time won’t seem long.”
“Well, but, Mother, couldn’t I have an ice-cream cone?” asked
Sunny Boy. “Time is quicker when you have a cone.”
“Yes, Mother,” teased Mr. Horton. “Time is ever so much quicker
when we have a cone. Please, Mother?”
Mrs. Horton laughed.
“We’ll all have cones,” she decided. “First we’ll get tidied up, and
then we ladies will sit down a minute on this charming front porch
and rest, and you and Sunny Boy may bring us the cones.”
So they all went upstairs and a lovely little old lady with red cheeks
and white, white hair, brought them clean towels and warm water,
and showed them into a tiny bedroom with pretty chintz curtains and
furniture to match.
Sunny was ready first and he came downstairs to find Daddy
awaiting him.
“And now we can buy the cones,” they both said happily.
“How did you know the kind we liked?” asked Aunt Bessie, when
they came up the steps a few minutes later. She and Miss Martinson
and Mother were rocking in a nice little row.
 “They only had vanilla,” answered Sunny Boy, matter-of-factly.
“Where’s Harriet?”
“She’s telephoning for an ice-man,” said Mrs. Horton. “Isn’t she
good, Harry? She wanted us to have ice to-night, and the proprietor
of the inn gave her the name of the man in town who sells ice. We’d
better hurry, or we’ll find it melting on our front doorstep.”
Harriet came out in time to get her ice-cream cone, and then they
went back to the automobile again and got in.
“Smell the ocean now?” said Mr. Horton, as he turned the car
around. “We’re going through the town now, Sunny Boy. You look
about and decide what you want to do when I come down again and
we come over for a little fun.”
Sunny watched with interest. First they went through very clean,
straight streets, with small square lawns before the houses—“like
little green pocket-handkerchiefs”—Aunt Bessie declared. Nearly
every house had a porch, and on every porch were groups of ladies,
dressed in white, knitting or sewing or just talking. Children played
croquet on the lawns, or sat in swings.
“He has a pail,” said Sunny, pointing to a little bare-footed boy
coming up the street swinging a spade and shovel.
“Mercy, isn’t he sunburned!” cried Aunt Bessie. “Sunny Boy, I hope
you’ll be more respectful to your nose!”
From the straight, clean streets, the automobile turned into a wider
thoroughfare, with nothing but stores on either side.
“I see the ocean!” Sunny Boy stood up in the car and shouted.
Sure enough, if one looked down the street straight ahead there
was dark blue water, tossing in the sun.
“There’s where you can buy your pail and shovel,” said Harriet,
pointing out a one-story shop with tin pails and shovels hanging up in
its doorway.
“See all the children,” said Sunny Boy suddenly. “Are they going to
the movies? And oh, look, Daddy!”
 “Well, what do you know about that!” and Mr. Horton slowed down
the car in surprise.
“That” was a merry-go-round on a vacant lot next to a brown frame
building marked “Post-office.” The organ was playing merrily and the
children on the prancing animals waved gayly to Sunny Boy as they
spun round. A crowd of youngsters, tickets in hand, stood awaiting
their turn.
“Let’s go on it,” suggested Sunny.
“Not this afternoon,” replied his father. “You see, I think we really
should get to where we are going first, don’t you? I understand the
ice is likely to melt and drown the whole house if we don’t hurry.”
“And it’s five now,” said Mrs. Horton, glancing at the pretty watch
on her wrist. “You’ll have plenty of chances to ride this summer,
Sunny.”
And when Sunny Boy saw the sea on the other side of the road he
quickly forgot the merry-go-round.
Nestle Cove was really divided into three parts. There was the
town, through which they had just passed; there was a beautiful
stretch of shore road, with the ocean on one side and sand dunes,
with dark pines back of them, on the other; and then the road led into
the bungalow colony where the cottage Aunt Bessie and Miss
Martinson had rented stood.
“We’re some distance from the town,” Aunt Bessie remarked, as
they saw the roofs of the bungalows and cottages beginning to
appear; “but this is one reason Betty and I liked it. There’s a jitney
that runs every half hour anyway.”
Sunny was watching the waves that ran up the beach almost to
the edge of the road, but never quite; always they seemed to think
better of it and go rushing back into the sea again.
“I see shells,” he remarked, standing up to see better. “An’ pebbles
and fringe—”
“Seaweed,” corrected Mrs. Horton. “Oh, you’ll have the best of
times, dear. And you’ll have Daddy to play with all day to-morrow.
Think of that!”
Mr. Horton looked back at Aunt Bessie.
“How does one know one’s new house?” he inquired seriously.
Aunt Bessie stared, then laughed.
“I haven’t the slightest idea how it looks,” she confessed. “I’ve
seen it only once, and Betty never has. I think it was shingled and
painted green.”
“There’s the ice-man,” said Sunny placidly. “He’s going in our
house.”
And so it proved. Harriet had given the ice-man the address, and
he had found the house without a bit of trouble. Aunt Bessie’s key
fitted the front door, and that was another sign they had found the
right house. And before they had taken off their hats, the wife of the
owner came in to explain that she had had the windows up all day so
that the place would be cool and airy for them; and then they knew
they had the right bungalow.
“Why is it a bungalow?” asked Sunny, out in the small garage at
the back of the house, where he had gone to help his father put up
the car.
“That’s the name of it,” said Mr. Horton, busy with folding and
putting away the robes and curtains.
“Is a bungalow a house?” persisted Sunny.
“Yes,” answered Mr. Horton. “When all the rooms are on one floor,
it is called a bungalow. You’ll like sleeping on the first floor, Sunny
Boy; we can fall out of the window for an early swim and no one will
miss us. And now let’s go in and offer to set the table for supper.
Perhaps we can hurry things up.”
 CHAPTER VII
A DAY WITH DADDY

A FTER supper that night, Sunny Boy had a dim idea that he
would like to go down and look at the ocean “in the dark” as he
said. But Mr. Horton announced that he was going to bed and get up
early in the morning, so Sunny decided that perhaps after all that
was the wiser plan.
As usual, he went to sleep at once and woke up a minute later—or
so it seemed to him. The sunlight was very bright and there was a
great deal of it in the room. Daddy was nearly dressed, but Mother
was still asleep.
“Don’t make a noise,” whispered Mr. Horton. “I thought we’d have
a little swim, but I guess the bathing suits are in the trunks. They’re
in the hall and not unlocked yet. We’ll go down to the beach and
have a little walk before breakfast.”
Sunny Boy struggled into his brown linen sailor suit, Daddy helping
him with the most stubborn buttons, and together they stole out of
the house. Not even Harriet was awake.
“Is it dreadful early?” asked Sunny curiously, and whispering,
because he felt so strange.
Mr. Horton laughed.
“It’s six o’clock,” he answered. “The sun has been up a long time.
Some morning you and I must struggle up to see a sunrise, Sunny
Boy. Ah, there’s the sea. Doesn’t it sparkle this morning?”
The little waves were running up and down, just as Sunny Boy had
seen them yesterday. He wondered if they had done that all night,
and then he knew they had. The last thing he had heard the night
before was the dull roar of the waves as they broke on the sand, and
he had heard it that morning, too. The sea, he thought, never rested.
 “There’s a little girl, Daddy.” Sunny’s quick eyes had spied a small
figure farther down the beach. “What’s she got in her box?”
“You ask her,” suggested Mr. Horton. “She probably lives in one of
the cottages, and you’ll want to be friends. Ask her what she is
doing.”
They walked down toward the little girl, and when she heard their
feet in the sand she turned. She was a pretty child, with big brown
eyes and short, curly, brown hair. She smiled at Sunny Boy and her
smile showed that several front teeth were missing. This made her
lisp when she talked.
“’Lo!” she said pleasantly. “Are you hunting thells?”
“Is that what you’ve got in your box?” asked Sunny Boy. “Let me
see?”
The little girl held up her box; it was half full of odd shells.
“Ellen! Ellen! Breakfast!” called some one clearly.
“I have to go,” announced Ellen hastily. “I’ll be out after breakfast.
’Bye.”
She ran up the beach as fast as her short legs could carry her, and
Sunny Boy and Daddy saw her scramble up the sand and disappear
over the road.
“Now she’s gone,” said Sunny Boy wistfully, “and I wanted to play
with her. She’s a nice little girl, and I liked her, and I wanted to see
the shells she had in that box.”
“You’ll see her again,” said Mr. Horton. “I hope you’ll soon know
plenty of children to play with. Now we’ll take a short walk down this
way, and then we must go back and have our own breakfast.”
When they went back to the bungalow, they found the others on
the porch looking for them.
“Harriet sounded the gong five minutes ago,” announced Mrs.
Horton. “Where were you? Aren’t you hungry? Why didn’t you wake
me up?”
 “We’ve brought real seashore appetites to breakfast,” answered
Mr. Horton. “Sunny Boy and I just went on a scouting trip. We’ve
found the bathing beach, and made the acquaintance of Ellen.
Sunny, have you said good morning to Miss Martinson?”
“Do you know,” said that little lady, smiling warmly at Sunny Boy, “I
think it would be ever so nice if Sunny Boy would call me Aunt Betty.
I haven’t a single nephew in this wide world—just two nieces. ‘Miss
Martinson’ is such a long name to remember.”
So it was settled that Sunny Boy should have another auntie.
After breakfast Mrs. Horton went to unpack the trunks and find the
bathing suits. Aunt Bessie and Aunt Betty volunteered to make the
beds. Harriet and a big basket took the jitney for town to buy things
to eat, and Sunny Boy and Daddy were told to go and amuse
themselves till lunch time.
“We’ll surprise them,” declared Mr. Horton, leading the way to the
garage. “I have a package they don’t know about and you and I will
take it down to the beach and then we’ll see what Mother and the
aunties say.”
This mysterious bundle Mr. Horton had spoken of was long and
thin and rather heavy. They found it on the floor of the automobile
where it had not been noticed because of the many other bundles
and luggage they had carried with them.
“What is it, Daddy?” asked Sunny Boy as he took one end and Mr.
Horton the other, and they headed for the beach.
“It’s a secret,” was all Daddy would say.
Down on the beach, he laid it in the sand, and, taking out his
strong pocket knife, cut the heavy string.
“Why, it’s only umbrellas!” Sunny’s voice sounded disappointed.
Mr. Horton chuckled.
“Yes, but you wait,” he advised. “I open the umbrella so, and I
stand it up this way; then I open the other, and I stand it up so, in the
sand. And now when Mother and Aunt Bessie and Aunt Betty come
down with their fancy-work, they have a fine, shady place to sit and
sew.”
“Oh,” said Sunny Boy.
Secretly, he didn’t think those large white canvas umbrellas were
very much fun, but when, a little later, his mother and aunts came
down to the beach, they were delighted. And before the summer was
over Sunny himself had spent many a hot afternoon under their
comfortable shade while his mother or Harriet read aloud to him.
After the umbrellas were in position, he and Daddy strolled up the
beach. Sunny Boy soon took off his shoes and stockings and then
he could walk along the edge of the water and let the waves come
up over his feet.
“There’s Ellen,” he cried presently. “I know, ’cause she has on a
yellow dress. And there’s a little boy with her. Look, Daddy.”
Ellen saw them, and waved her hand.
“’Lo!” she called, running up to them. “This is my brother, Ralph.
Are you going bathing?”
“When Mother finds the bathing suits,” Sunny assured her. “Come
on wading. That’s heaps of fun.”
Ellen shook her head.
“Can’t to-day,” she responded briefly. “Yesterday Ralph an’ I took
our shoes and stockings off after Mother said we shouldn’t, and we
went in too far and got our best clothes wet. We can’t go wading
again for two days.”
“Then why not build a sand fort?” suggested Mr. Horton
sympathetically. “Three of you can build a fine one. I’ll sit right here
and keep a look-out for Mother so she won’t miss us.”
“Yes, that would be fun,” agreed Ellen. “Come on, Sunny.”
“All right,” responded Sunny Boy briefly. “Are you going to play,
Ralph?”
“Course. I like to build in the sand.”
 The three children set to work to build a fort, and as Sunny Boy
could go down and scoop up water in Ellen’s pail, they had plenty of
damp sand to make the walls shape well. They made an elaborate
fort with five gates and a high wall, and they were molding soldiers
for it when Mrs. Horton and Aunt Bessie came and found them.
“Betty’s getting into her bathing suit,” Aunt Bessie announced.
“Hello, chicks, you seem to be having a fine time. And Sunny Boy
has seven freckles on his nose already.”
Aunt Bessie’s small nephew tried to look down at his nose to see
the seven freckles, of which he was prepared to be rather proud, but,
as the nose was very little and, as all noses are, very close to his
eyes, he could scarcely see the nose, much less the freckles that
might be on it.
Sunny Boy introduced his new friends politely, though they had to
tell him their last names.
“Ellen and Ralph Gray,” repeated Mrs. Horton. “Then I think you
must be the little folk who live in the white house on the street next
but one to ours. I met your mother in the embroidery store this
morning when I was matching some wool. It is nice you live so near
Sunny Boy.”
“Is the water cold? Aren’t you lazy people going in?” asked Aunt
Betty, dancing before them in her pretty black and white bathing suit.
She held her rubber cap in her hand.
“Sunny and I are going,” declared Mr. Horton scrambling to his
feet. “Come on, Son, we must get dressed. ’Scuse us, friends.”
Mrs. Horton and Aunt Bessie decided to stay under the umbrellas
and knit, and Ellen and Ralph had an errand to do in the town for
their mother. So Sunny Boy and Daddy raced each other up to the
bungalow and found their bathing suits neatly spread out for them in
the built-in bathing houses next to the side porch.
“Can you swim, Daddy?” Sunny Boy asked, struggling with his
jersey.
 “Yes, indeed,” was the cheerful answer. “You’ll learn this summer,
too. I want to teach Mother to drive the car, so I can leave it down
here sometimes; and I want to teach you to swim.”
Sunny Boy looked ready for a good time when he finally stood up
in his trim little suit. It was dark blue with a red stripe at the neck and
wrists. Daddy’s was just like it. They took hold of hands and raced
down the beach.
“In we go,” said Mr. Horton, lifting Sunny Boy high.
Sunny Boy held on tightly and tried not to be afraid. The waves
looked very big and fierce when he got out among them, but all
about him were people laughing and ducking and having the
merriest time.
“You’re all right, Son,” Daddy’s kind voice assured him. “I won’t
duck you, but I want you to get wet all over, as then the water won’t
feel cold. Stand up, now, and hold my hand.”
He put Sunny Boy down and a great wave broke over them both.
“O-oh!” gasped Sunny Boy, and laughed.
He began to splash and paddle around, though he was careful to
keep tight hold of Daddy.
“And now we come out,” declared Mr. Horton after ten or fifteen
minutes.
“Not yet,” teased Sunny. “I like it. And I can’t swim, Daddy.”
“We’re going out now,” repeated Mr. Horton firmly. “Mustn’t stay in
too long the first time. You couldn’t learn to swim in one morning,
anyway. Run over and speak to Mother a moment if you want to, and
then we’ll get dressed.”
 CHAPTER VIII
MAKING NEW FRIENDS

“S EE how wet I am, Mother?” Sunny Boy danced up and down

before the big umbrella.
“You certainly are!” Mrs. Horton agreed with him. “And it seems to
me you’d better run along and get dressed. There comes Aunt Betty
—she’s looking for us. Wave your hand, Sunny Boy. And now we’ll
all go up to the house; it must be getting near lunch-time.”
Sunny and Daddy were both dressed and “starving to death” they
told each other, fifteen minutes before Harriet rang the gong.
“Wasn’t the water fine this morning?” asked Miss Martinson, at the
lunch table. “I was hoping for a chance to duck Sunny Boy, but he
never came within reach.”
“Daddy was there, Aunt Betty. I don’t p’sume he’d let you duck
me,” replied Sunny Boy.
“Didn’t Daddy duck you?” asked Aunt Betty.
“I don’t know. Did you, Daddy?”
“No, not exactly. Instead of putting you under the water—ducking
you—we let the water cover us, heads and all. You see, it would not
be very bad to be ducked.”
“What do you say to a drive this afternoon?” said Mr. Horton. “I
have to go on the first train in the morning, you know, and until Olive
learns to drive the car you’re going to be dependent on the jitneys
and trolleys. All in favor of driving down the shore road after lunch,
say ‘Aye.’”
“Aye!” cried all the grown-ups to Sunny’s astonishment.
“What do you say, Laddie?” his father smiled at him.
“I say ‘me,’” declared Sunny Boy firmly.
 And then those grown-ups had to laugh.
“That settles it,” announced Mr. Horton. “We’ll keep as close to the
beach as we can; and we’ll take the field glasses, and perhaps we
can sight a coast steamer.”
As soon as they were through lunch Mr. Horton brought the car
around, and Mrs. Horton, Aunt Bessie and Aunt Betty and Sunny
Boy got in, only this time Sunny rode in the back. Mrs. Horton
wanted to learn to drive herself, and she meant to watch her
husband and see what he did.
Sunny Boy was secretly hoping for another glimpse of the merry-
go-round, but they drove in the opposite direction and did not go
through the town at all.
“Now you take the wheel,” said Mr. Horton, stopping the car on a
smooth straight stretch of road.
So Mrs. Horton exchanged seats with him and drove, very slowly
and carefully.
“Just as well as Daddy,” Sunny Boy encouraged her. And indeed,
before the month was half gone, his mother was able to drive the
automobile as well as his father.
She soon tired of the excitement this afternoon, though, and was
glad to give it up and come back into the tonneau with Aunt Bessie
and Miss Martinson. Sunny Boy then slipped into the front seat.
“I see a ship!” he shouted a moment later.
Sure enough, there against the sky they saw the outline of a ship
with three funnels, or smokestacks, as Sunny called them.
“The meadow glasses, Mother!” he cried. “Daddy’s meadow
glasses to see the ship through!”
“Field glasses,” laughed Aunt Betty.
“Sunny Boy is thinking of the meadows he played in at Brookside
farm,” explained Mr. Horton.
 Sunny Boy, screwing his eyes to look through the glasses,
nodded. Daddy always understood what he meant to say.
“I see men on it,” he announced.
Then every one looked and saw the sailors walking about the
decks of the vessel.
Sunny Boy was much interested, and as Daddy drove on he asked
a great many questions about the sea and ships. He rather thought
he should like to be a sailor when he grew up. Either that, or an
aviator.
Hm’m, hm’m—buz-zz. A great droning sounded back of them.
“Mother, Mother, Mother!” Sunny Boy shouted at the top of his
lungs. “It’s an airplane!”
It was, too; a beautiful, graceful, swift airplane that came out of the
sky and sped over them and was gone almost before they knew it.
“You’ll see ever so many of them this summer,” Mr. Horton said,
when his family were sitting down properly in their places again. You
know how every one stands up and tilts his head backward to watch
an airplane.
That was the end of adventures for that afternoon, though they
drove several miles further along the road that followed the line of
the beach closely. They got back to the bungalow just in time to
freshen up a little before Harriet announced that dinner was ready.
“What are we going to do to-night?” Sunny Boy asked pleasantly,
playing that a piece of bread was a fish and his spoon a net.
Daddy laughed.
“Why, I think you’re going to bed,” he answered, gazing intently at
the bowl before Sunny Boy and the spoon which threatened to
spatter milk presently. “I may take Mother down to the beach to see
the moon a little later, but we are all going to bed early. I have to go
back to the city early, you know.”
“I wish—” said Sunny Boy earnestly. “I wish you would stay and
play with me all the time, Daddy—Oh, my!”
 For the spoon had slipped and a great splash of milk went on
Harriet’s spandy tablecloth.
“That’s a two-cent spot, isn’t it, Mother?” asked Sunny Boy sadly.
But Mother shook her head.
“We’ll not begin to count till to-morrow,” she said kindly. “Only, do
remember what I’ve told you about playing with your food, Sunny
Boy.”
You see, Mother and Sunny Boy had decided that when a boy was
five years old and came to the table just like other folks, he shouldn’t
make any more crumbs about his chair, or spill any food on the
tablecloth. If he went a whole week without getting a spot on the
cloth, Mother put ten cents in his Christmas bank; and for every spot
he had to pay a little fine. That is, he had to give up a part of the ten
cents he would otherwise have earned.
“Great big splashy spots are two cents,” Sunny Boy explained to
Aunt Betty, who had not heard of the plan. “Little spicky spots are
only half a cent. And things that you can’t help spilling—like
huckleberries and blackberries and cranberry sauce—don’t count at
all.”
After supper Sunny Boy was so tired and sleepy that, although he
said he wanted to go down on the beach and see the moon, he knew
in his own mind he’d go to sleep walking there; and he stumbled
down the hall and into his pretty bedroom and went to sleep on the
bed without even taking off his shoes.
Daddy undressed him, only waking him as he kissed him good-
night.
“I may be gone before you’re awake, Laddie,” he whispered. “But
you know I’m coming down next Saturday, and we’ll have great
times. You’re the man of the house while I’m away, remember.”
“All right,” sighed Sunny Boy drowsily.
In the morning he remembered and jumped out of bed to find
Daddy and love him a little more before he should hurry away to
catch his train.