power house,
notwithstanding the presumably fireproof construction of those
buildings, we should quite likely incur a much larger loss than we
would find it convenient to pay at a time when additional financing
might be somewhat embarrassing. I am therefore laying before you
gentlemen the question of doing what we have never previously done, and
carrying fire insurance on our properties. I prefer not to advise you,
and suggest an open discussion of the matter."

Mr. Hurd sat down; his directors surveyed one another and the situation
with concern. Could the old man be losing his grip, or was this merely
a transient eccentricity? In the debate which followed the President
took no part; only once, in answer to a question by Mr. Jonas Green,
much the most penurious man at the table, as to what had brought the
question up at the present time, Mr. Green being an enthusiastic
exponent of the doctrine of _laissez faire_ when any additional
expenditure was proposed, Mr. Hurd made reply:--

"It is represented to me that if it became public knowledge that we
carry no insurance, banking and financial institutions generally may
come to feel that our conservatism is open to criticism and that they
are rating our stock somewhat too highly as collateral. It is
intimated that some of us might conceivably be annoyed by requests to
substitute in part other collateral or somewhat reduce loans secured by
Massachusetts Traction stock."

"But so far as the banks are concerned, we're in exactly the same
position we've always been. How is the fact we don't insure going to
become public knowledge now any more than in the past?" persisted Mr.
Green.

"It is suggested that news spreads--if not of its own volatility, at
least with only the most trifling assistance. And that, I take it,"
concluded Mr. Hurd, "will be supplied."

Mr. Green's face grew almost purple.

"Why!" he exclaimed, "that's--that's pretty close to blackmail!"

The President's lips half concealed the merest trace of a smile.

"Possibly," he assented. "But I am inclined to think it is business."

The controversy continued. And Mr. Hurd, listening, found himself more
and more moved to austere amusement by the effect of Charlie's suave
proposal. When he had placed the matter before the directorate, it was
because he himself had not made up his mind on the question of its
desirability. He had slowly come to feel that his personal prejudice
against carrying insura