From his first day in his sanctuary Larry spent long hours every day over the accounts and documents Miss Sherwood had put in his hands. They were indeed a tangle. Originally the Sherwood estate had consisted of solid real-estate holdings. But now that Larry had before him the records of holdings and of various dealings he learned that the character of the Sherwood fortune had altered greatly. Miss Sherwood's father had neglected the care of this sober business in favor of speculative investment and even outright gambling in stocks; and Dick, possessing this strain of his father, and lacking his father's experience, had and was speculating even more wildly. Larry had followed the market since he had been in a broker's office almost ten years earlier, so he knew what stock values had been and had some idea of what they were now. The records, and some of the stock Larry found in the safe, recalled the reputation of the elder Sherwood. He had been known as a spirited, daring man who would buy anything or sell anything; he had been several times victimized by sharp traders, some of these out-and-out confidence men. Studying these old records Larry remembered that the elder Sherwood a dozen years before had lost a hundred thousand in a mining deal which Old Jimmie Carlisle had helped manipulate. Larry found hundreds and hundreds of thousands of stock in the safe that were just so much waste paper, and he found records of other hundreds of thousands in safety deposit vaults that had no greater value. The real estate, the more solid and to the male Sherwoods the less interesting part of the fortune, had long been in the care of agents; and since Larry was prohibited from going out and studying the condition and true value of these holdings, he had to depend upon the book valuations and the agents' reports and letters. Upon the basis of these valuations he estimated that some holdings were returning a loss, some a bare one and a half per cent, and some running as high as fifteen per cent. Larry found many complaints from tenants; some threatening letters from the Building Department for failure to make ordered alterations to comply with new building laws; and some rather perfunctory letters of advice and recommendation from the agents themselves. From Miss Sherwood Larry learned that the agents were old men, friends of her father since youth; that they had both made comfortable fortunes which they had no incentive to increase. Larry judged that there was no dishonesty on the part of the agents, only laxity, and an easy adherence to the methods of their earlier years when there had not been so much competition nor so many building laws. All the same Larry judged that the real-estate holdings were in a bad way.