And he grasped the hand of Jacob, and shook it warmly.  From the vale of despondency, the young man was at once elevated to the mountain-top of hope, and felt, for a time, bewildered in prospect of the good fortune awaited him.

Almost in that very hour the capitalist, to whom his friend referred, was in conversation with Mr. A., of the firm of A. & L.

“I have about concluded to associate with myself in business young Jacob Peters,” said the former; “but before coming to a final conclusion, I thought it best to ask your opinion in the matter.  You know the young man?”

“Yes,” replied Mr. A., “I have known him in a business way for several years.  We have considerable dealing with the house in which he is employed.”

“What do you think of him?”

“He is a young man of decided business qualities.”

“So it appear’s to me.  And you think favorably of him?”

“As to the business qualification I do,” replied Mr. A., placing an emphasis on the word business.

“Then you do not think favorably of him in some other respect?”

Mr. A. was silent.

“I hope,” said the, other, “that you will speak out plainly.  This is a matter, to me, of the first importance.  If you know of any reason why I should not associate this young man with me in business I trust you will speak without reserve.”

Mr. A. remained silent for some moments, and then said,—­

“I feel considerably embarrassed in regard to this matter.  I would on no account give a wrong impression in regard to the young man.  He may be all right; is all right, perhaps; but—­”

“But what, sir?”

“I have seen him in company with young men whose characters are not fair.  And I have seen him entering into and coming out of places where it is not always safe to go.”

“Enough, sir, enough!” said the gentleman, emphatically, “The matter is settled.  It may be all right with him, as you say.  I hope it is.  But he can never be a partner of mine.  And now, passing from him, I wish to ask about another young man, who has been in my mind second to Peters.  He is in your employment.”

“Ralph Gilpin, you mean.”

“Yes.”

“In every way unexceptionable.  I can speak of him with the utmost confidence.  He is right in all respects—­right as to the business quality, right as to character, and right as to associations.  You could not have a better man.”

“The matter is settled, then,” replied the gentleman.  “I will take Ralph Gilpin if neither you nor he objects.”

“There will be no objection on either side, I can answer for that,” said Mr. A., and the interview closed.

From the mountain-top of hope, away down into the dark vale of despondency, passed Jacob Peters, when it was told him that Ralph Gilpin was to be a partner in the new firm which he had expected to enter.

“And so nothing is left to us,” he said to himself, in bitterness of spirit, “but go down, while others, no better than we are, move steadily upwards.  Why should Ralph Gilpin be preferred before me?  He has no higher ability nor stricter integrity.  He cannot be more faithful, more earnest, or more active than I would have been in the new position.  But I am set aside and he is taken.  It is a bitter, bitter disappointment!”