In the local department the atmosphere was charged with the contagious mourning of Mr. Cuyler, who with funereal face sat contemplating the shrinkage of his business. For with the loss of his branch manager and his two best brokers, there was a deficit in his premium returns which he could not overcome. And certainly his melancholy countenance did not attract business; it was a bold placer indeed who tried with quip and banter to secure Mr. Cuyler's acceptance of a doubtful risk. His world was awry, and all who ran might read it. His brow became unpleasantly corrugated, his smile a thing of the past. If Mr. O'Connor had wanted evidence of the success of his local campaign, he could have gained it from one look at Mr. Cuyler.

Above stairs, however, doom being still a matter of immediate prospect rather than a thing accomplished, Mr. Gunterson still held forth, maintaining a sort of fictitious calm. At times he was even cheerful, and did his best to rally his dazed and despondent subordinates. But Bartels, seeing slip away accounts of agents he had audited for twenty years, was in a state of stubborn, uncompromising rage which closely resembled the dementia of a dumb animal, and Mr. Gunterson could do nothing with him. Still the Vice-President struggled manfully to keep his head above water, to seem cheerful and optimistic. He came from his room one morning, and spoke briskly to Smith.

"I notice that some of your clerks leave their hats around loose instead of hanging them up," he said. "That should not be allowed in a well-conducted office. Please give the necessary orders."

Smith looked at him. This was the closest Mr. Gunterson had come to real contact with the vital problems before him. A company in his charge was disintegrating under his hesitant and futile hand—and he talked about clerks' hats which should properly be hung up!

"Yes, sir," said Smith, quietly. "I'll speak about it."

The weeks followed one another with intolerable slowness. March began, and dragged its weary length along, and still the darkness increased in the Guardian's skies. From Boston the Sternberg, Bloom, and McCoy losses were beginning to come with the frequency and regularity of the shots from a rapid-fire gun. The East was thoroughly disorganized, and even the West, apparently by some subtle psychological influence, was beginning to experience a sympathetic slump. Philadelphia still hung on, the local agents not having been able to agree on any plan of compensation for separating its Conference sheep from their alien goat associates.

Mr. Wintermuth, silent and noncommittal, had returned to the office, but took little part in the conduct of his company's underwriting affairs. And in this manner March wore itself almost out—and it seemed as though the Guardian's span of life were growing rapidly shorter.

On the last day of the month there was a meeting of the directors in the closed room off the President's own. It was a short meeting, and Mr. Wintermuth did the most of the talking, while Mr. Whitehill, who had advocated the election of Mr. Gunterson, had little to say. And so it befell that the directors, after voting him salary in advance for a liberal term, accepted the resignation from the Guardian of Samuel Gunterson; and to fill the vacancy so created, there was unanimously elected to be Vice-President and under-writing manager, Richard Smith.

CHAPTER XVI

Smith took office at nine o'clock on the first business day of April. The fifteen minutes following were spent by him in patiently listening to Mr. Wintermuth's diagnosis of the various ills with which the Guardian was afflicted, related supposedly for his education. When the first pause was reached, the new Vice-President said:—