tement," said Mr. Griswold. He regarded it
carefully through his glasses. "Well," he said, "there are several
items on this, representing securities of which I advised the purchase.
This Schuylkill and Susquehanna Railroad and this Ninth National Bank."

"Ninth National--that's the bank the Duane crowd is trying to buy,
isn't it?" asked another director.

"Yes. It's higher now than it has been for twenty years," said Mr.
Wintermuth.

"And a great sight more than it's worth," Mr. Griswold commented. "If
it were mine, I'd get out at the present price. And I'd get out of
Schuylkill and Susquehanna, too. I don't want to be quoted on this,
you understand, but there's no reason for its selling at 160 except the
expectation of an extra dividend, and in my opinion all this talk of an
extra dividend is just rubbish. I believe if we sold what we have
to-morrow, we could get it back within six months, if we wanted, at
135."

The gentlemen around the table were visibly impressed, as Mr.
Griswold's reputation for sagacity in such matters was more than
metropolitan.

"Well, I move that the Finance Committee be empowered to recommend the
sale of any of our securities," said another well-intentioned director.
"And that on their recommendation the securities be sold," he added
somewhat lamely.

"The Finance Committee doesn't need any such resolution passed," said
Mr. Griswold, with a laugh. "If I'm not greatly mistaken, it's always
had such powers. But I'm glad to learn that it is now the desire of
the directorate that we should use them."

It was only a few days after this that Smith, having stopped on his way
home to see a Pittsburgh man who always put up at the Waldorf, met Mr.
Griswold in the lobby of that hotel.

"Well, our Ninth National stock is sold," remarked that gentleman,
casually. "Four ninety-two."

"Good!" said the underwriter. "I think we're well out."

"So do I," returned the other. "By the way, did you notice the market
to-day?"

"No."

"Closed weak. Schuylkill and Susquehanna off two points and a half."

"Too bad we didn't get out of that, too," said Smith. "I remember you
said it was too high."

"It still is," returned the financier, dryly. "But we got out. We
sold every share we had, at the opening, this morning."

Smith looked at him.

"You mean--?" he asked.

"I mean that a good big cash balance is often a handy thing to have.
And just now I'd rather have cash than stocks.