Now he beheld it not only overclouded, but even menaced--beheld its light in danger of being dimmed if not utterly extinguished. It was absurd, it was tragic, it was unbelievable--yet it was so. And when he was confronted with the fact, there crept back into the old gentleman's heart something of his old fire, as well as a slow, brooding sense of angry injury against the men or forces responsible for his present difficulties. His elder resentment was of course against O'Connor, who was taking advantage in every way of the Guardian's misfortunes; but as the palpably weakening hold of the company brought him more closely in touch with its underwriting affairs, as the questionable losses from Boston and other similar agencies began to arrive in faster and faster succession, and he clearly perceived the weakness and incapability of Gunterson's management, his irritation rightly directed itself more and more against the luckless Vice-President. One other thing of recent occurrence had shaken--perhaps out of proportion to its consequences--what little confidence he still felt in the judgment of his underwriting manager. That related to the attempt of Mr. Gunterson to inject his advice into the Guardian's affairs financial. Early in February he had suggested to Mr. Wintermuth the advisability of purchasing for the Guardian some bonds of an embryonic steel company then erecting a plant in Alabama. Mr. Gunterson knew personally some of the people back of this, the bonds seemed remarkably cheap, and the bonus in common stock made the proposition in his opinion decidedly attractive. Mr. Wintermuth's investigation of the concern and its prospectus had quickly convinced him that its officers were of far more capability in the industry of disposing of what, by a polite extension of the term, might be called securities than in manufacturing steel, and a skeptical investing public evidently reached the same conclusion, for within a month after Mr. Gunterson's friendly suggestion, the Birmingham Bessemer Steel Corporation was in the hands of a receiver, who, after some hesitation, issued a statement to the effect that the bondholders might eventually realize fifteen cents on every dollar they had paid in. On the second day of March an unusual thing happened. Mr. Cuyler entered the elevator and mounted to the top floor of the Guardian building, crossing the floor toward Mr. Wintermuth's office. "Hello! What are you doing up here?" Smith inquired, knowing the stars must be strangely out of their courses to attract Mr. Cuyler to this unaccustomed altitude. A true local department man is always uncomfortable, never at home, above the grade floor. "Has the Sub-Treasury or the Aquarium made a total loss, or what's the matter?" he cheerfully proceeded. "No," said Cuyler, sourly. And without further answer he passed on into the President's room.