air offer. And so the
Imperial Reinsurance Company of Stettin, with assets nearly twice as
great as the once lamented Karlsruhe, agreed to pay as much commission
to the Guardian as the Karlsruhe paid, on an almost equally liberal
form of agreement.

It was only a short time after this matter had been so satisfactorily
arranged that Smith met one morning at the office door the gloomy face
of the once optimistic and combative Cuyler. The mind of the young
Vice-President had been so cheerfully inclined by the events of the
last fortnight that he had almost forgotten there still was depression
in the world.

"For heaven's sake!" he said, stopping the disconsolate one, "you don't
mean to say that you start in a pleasant day feeling the way you look?"

"Yes, of course I do, and why shouldn't I?" returned the misanthrope.
"Business all shot to pieces; the only chance of getting back the
brokers we've lost is to open up a little and fire off a few roman
candles, and the old man won't let me do that; and no sign of a good
branch manager. What more do you want?"

He eyed Smith so hostilely that the younger man, for all his regard for
the veteran, felt inclined to laugh.

"Well, that sounds pretty bad," he agreed; "but absolutely nothing
warrants a face as sad as yours. Those are simply a number of
misfortunes that may be overcome, but your face implies a regular
catastrophe. I don't see how a broker dares to tackle you; I wouldn't,
if I were a broker."

"Oh, it's all very well to be cheerful, if you can," retorted the
other, gloomily; "but I've been a good many years building up this
local business, and I admit I can't take much enjoyment in watching it
float out the door and disappear down the street."

"No, one would hardly expect you to," Smith conceded. "But cheer up,
just a little. I've been waiting for the directors' meeting to tackle
the local situation, and you know they meet to-day."

This was the first directors' meeting since that at which Smith had
been chosen Vice-President. Had there been in the minds of those who
had voted for him any doubt of his dynamic force and ability to cope
with the situation before him, that doubt must have been dispelled by
the brief but satisfactory report upon what had been done, presented to
them by Mr. Wintermuth. Upon the conclusion of this there was a pause,
and Mr. Whitehill spoke.

"That's a good statement, and I think our Vice-president is to be
congratulated