r man sat down again.

"Look here," he said, "you know what I'm here for. You're looking for
a man to take charge of the management of the Salamander. You've
looked into the affairs of the company and you know there isn't any one
in that office--Wellwood or any of his understudies--that really knows
his business. Now you think I'm the man you want, but it's your
opener. It's for you to say what you expect done, and how much you'll
give to get it done. You tell me that, and I'll tell you first whether
I think I'm able to do it, and second whether I'll take it at your
price."

For Mr. F. Mills O'Connor was sufficiently shrewd to anticipate that
the presidency of the Salamander would be an empty honor unless it
could be gained on terms which would free its incumbent from the
immediate yoke of Mr. Murch. O'Connor did not intend to be a second
Wellwood, with Old Man of the Sea Murch riding him to the grave.

The wisdom of his outspoken decision was proven by the altered tone in
which the capitalist now said:--

"All right, Mr. O'Connor. No time like the present. We'll go into it."

And for nearly two hours they went into it. They discussed the subject
of fire insurance from top to bottom; the amount of premium a company
could safely accept in comparison to its resources, lines in
conflagration districts, reinsurance treaties, relations with various
unions, boards, and conferences, and underwriting in its relation to
finance.

"So far as I can gather--and it's the general impression," said the
Guardian official, "the Salamander has lost most of its money in the
big cities. And you know as well as I do that the hope of making any
money for the company consists in the chance of getting a profitable
business from such cities as New York, Boston, Philadelphia, Chicago,
and St. Louis. I don't believe your five-year record shows a dollar's
profit from any one of those places, yet nearly every well managed
company has taken good money out of them. Wellwood knows it. He knows
the kind of business he gets doesn't pay, but he doesn't know where or
how to get the kind that does pay."

"Perhaps that may be so," agreed Mr. Murch, cautiously.

"Well, I do know where to get it," rejoined his visitor, "and I also
know--what is much more vital and to the point--_how_."

"And how is that?" inquired his host with innocent curiosity.

"When you've made your proposition, I'll tell you," said the other,
with a smile. "I'l