he water mains in
the streets, of the hydrants, the fire department houses, even the fire
alarm boxes--everything, in short, which the fire underwriter desired to
contemplate when passing on a risk submitted for the company's approval.
By this time they had reached the other end of the big room and were
close to O'Connor's office.

"I really must have taken you on a walk of several miles," said Smith,
contritely; "and if you are going to let me continue this monologue, I
may at least let you sit down. Suppose we go in here; Mr. O'Connor has
just left town, and we may as well use his office."

Again Miss Maitland hesitated, although not sufficiently to attract her
companion's notice. She was not accustomed to interviews in private
offices with strange young men. But she entered, and Smith behind her,
and the glass door closed on them both, shutting out the sound of the
clicking typewriters. Helen seated herself with her back to the window.

"Go on," she said. "I want to hear everything."

Smith went on.

Briefly but clearly he sketched the foundations of insurance. How, in
more primitive times, when a man's house burned, his neighbors used to
provide him with materials and come to help him rebuild; but this proved
onerous, and instead a communal fund for the purpose of assisting fire
sufferers was established. The modern insurance company had gradually
come to assume the management of this fund and eventually to undertake
the function of insuring against fire. But the people were still the
arbiters of the fire cost, and the companies merely barometrically
reflected the condition of the community as to fires. When fires are
numerous and costly, the price of insurance must advance. Insurance is a
tax which the companies collect in premiums from the many and pay out in
losses to the few. But the idea remains the same.

"That is interesting," said the girl. "Now will you think me very stupid
if I ask you to explain what all the terms mean as you go along? You
spoke a moment ago of underwriting: I don't know what underwriting is. I
thought big loans and stock issues and things of that sort were
underwritten. Is this the same?"

"So they are, but this is another matter. Fire underwriting is a thing
all to itself--_sui generis_. Similarly, a fire underwriter is a person
like no other--at all events he likes to persuade himself that he is.
And frequently he succeeds."

Smith smiled at his own reflection