In his youth--that is to say, almost a third of a century away--Mr. Bayard had been of open, frank, and generous impulse. He believed in humanity and relied upon his friends. Mr. Bayard at sixty was changed from that pose of thirty years before. He was cold and distant and serene in a cloud-capped way of ice. He trusted no one but himself, took no man's word save his own, was self-reliant to the point of bitterness, and rife of proud suspicions. Also, he had carried concealment to the plane of Art, and those who knew him best were most in the dark concerning him. And yet Mr. Bayard made a specialty of verbal truth, and his word was a word of gold. It was not that Mr. Bayard deceived men, he allowed them to deceive themselves. They watched and they listened; and in the last they learned, commonly at the cost of a gaping wound in their bank balances, that what they thought they saw they did not see, and what they were sure they heard they did not hear; that from the beginning they had been the victims of self-constructed delusions, and were cast away by errors all their own. Once burned, twice wise; and the paradox crept upon Wall and Broad Streets, as mosses creep upon stones, that the more one knew of Mr. Bayard the less one was aware of. The feeling was expressed by a gentleman rich in Exchange experiences when he said: "If I were to meet him in Broadway, I wouldn't believe it." And that experienced one spoke well. For as the tiger, striped black and gold, is made to match and blend with the sun-slashed shadows of the jungle through which he hunts his prey, so was Mr. Bayard invisible in that speculation whereof he crouched a most formidable factor, with this to add to the long-toothed peril of it, that, although always in sight, he was never more unseen than at the moment of his spring. The change from faith and friendship and a genial warmth that had taken place in Mr. Bayard and left him their rock-bound opposites, had its origin in the treachery of a friend. Mr. Bayard those years before was, in his stock sailing, beaten upon by a sudden squall of treason and lying ingratitude; his nature was capsized, and those softer and more generous graces were spilled out. They went to the bottom, as things golden will; and they never came up. Mr. Bayard was betrayed by one who had taken his hand in friendship not the hour before--one who was his partner in business and had risen through his favor. Struck in the dark, Mr. Bayard stood at the ticker and watched his fortune of eight millions bleed away; when he dropped the tape he was two millions worse than bankrupt. It was that case-hardening experience which had worked the callous metamorphosis. "It has taught me caution," was all he said as the quotations chattered off the loss of his last dollar.