Premise: Dark oiled leather wrapped the handle.

Hypothesis: The blade was wrapped with leather.
Answer: no

Premise: None of the real Hersheimmer's friends or intimates saw him before he sailed though indeed it would hardly have mattered if they had, the impersonation was so perfect.

Hypothesis: Hersheimmer is known for being terrific with impersonations.
Answer: it is not possible to tell

Premise: Except they can show you the tracks, and with them you can cover a good part of the country in question.

Hypothesis: They can show you the tracks, but that won't be of much help.
Answer: no

Premise: so it's the unexpected things that make it awful hard to control the budget

Hypothesis: the most difficult part in balancing the budget is dealing with unexpected expenses
Answer: yes