"Well, we've probably had it long enough," said his subordinate, with a smile. "At least I'd like to have Mr. Griswold's opinion on the point. And you certainly will never lose much by getting out of a security at the highest price it's touched in that entire period."
"Perhaps not. I will speak to Griswold about it," said Mr. Wintermuth.
"I am not a financier, and all this is somewhat outside my province," Smith went on; "but I think we ought to follow more closely the trend of modern business methods. We hold far more than we need of solid railroad bonds that net us four per cent on our investment. With very little extra risk I am sure we can secure a good deal larger return."
It was a rather daring speech to make, for four per cent first-mortgage railroad bonds had been Mr. Wintermuth's idea of finance for almost a generation. It spoke well for his confidence in his Vice-President that he did not regard the remark as an impertinence.
"That may be true, Richard," he said mildly, "although I have held to the contrary for twenty years. Still, times change, and to-day you may be right."
"I think I am, sir," returned Smith, respectfully. "At any rate, why shouldn't the question be laid before the directors?"
"We could do that," agreed Mr. Wintermuth, with, it must be confessed, a covert feeling of relief. After all, the assimilation of new ideas is not the most painless of processes, whatever the age of the assimilator.
"There's no meeting before the January one, is there?"
"No. January fifth—dividend meeting. But that's comparatively soon.
I'll lay it before the board at that time."
"Thank you, sir," said his subordinate, rising; "and I think that at least one person present will approve a little more elastic financial policy for the Guardian."