"Well, from the underwriting viewpoint," Smith answered, "there is no reason why this year should not be better than last, and several reasons why it should; but if you will pardon the presumption of my going outside of my own department, I think our chance for an increased profit lies more along financial than insurance lines." "Mr. Smith thinks," said Mr. Wintermuth, "that there has not been a sufficient flexibility in our investments--that we could do better with a larger cash balance and more liquid--or easily liquidated--assets." "And so we could," said Mr. Griswold. He leaned forward with more interest than he had yet shown. "I have felt for some time," he continued, "that our management of our resources was substantial and safe, but--without wishing to reflect on our President, whose conservatism has been a tower of strength to us--I have also felt we were financially just a little old-fashioned." "What would you suggest that we do?" inquired the President. "My mind is entirely open on the subject." "Let me see the statement," 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."