l amplify at the proper time."

"Oh, very well, then," replied the capitalist, apologetically. "Very
well." But at this last sticking point he temporized again. His
caller gave him no help, but waited in silence until he was ready.

"Mr. O'Connor," said Mr. Murch, "I have a high opinion of your
underwriting ability. It is pretty well understood that you have had
immediate charge of the underwriting of the Guardian for some years
past, and they have been much more profitable years for your company
than for ours."

He paused.

"The figures show that," said the other man.

"I do not conceal from you the fact that we are not wholly satisfied
with Mr. Wellwood's operations. I have talked the matter over
unofficially with two or three of my fellow directors, and I believe
they would ratify officially the offer which I am going to make you.
This offer is made upon certain agreements, restrictions, and
presumptions. It is made contingent on your ability to carry out these
agreements--in short, to deliver the goods."

"I understand," said O'Connor, with composure.

"The offer of which I speak is based on your taking the presidency of
the Salamander, with a five-year contract, at a salary of twenty
thousand dollars a year. You will be required to purchase as a matter
of good faith--backing your entry, as it were--a certain amount of the
company's stock; indeed, I presume you would wish to do so, and that is
a feature that can be easily arranged. And we, of the Salamander, want
a man qualified to turn the company into a money maker, and who can
assure us at the same time of a reasonable increase in our premium
income--say in the five years, from two and a half up to three
millions."

O'Connor smiled rather cynically.

"You don't want much, do you?" he observed. "Those are modest
requests."

"And," continued Mr. Murch, disregarding the interruption, "we wish to
be assured by reasonable show of proof that the new business will be of
a class that will be more profitable than the old--in other words, that
it will not increase the company's present loss ratio."

"Which is quite high enough already," commented the other, dryly.

"In short, Mr. O'Connor, we must be assured not only that you can
secure this increase in income, but we feel that we are entitled to be
shown where it is likely to come from, and how you are going to stop
the loss on our present business, before the matter goes before our
directorate."