the United
of Omaha, whose heavy investment in the bonds of a subsequently
exploded copper company promoted by Mr. Gunterson's brother-in-law
precipitated its insolvency even before its underwriting losses could
overtake it; of the Planters of Oklahoma, which the Insurance
Commissioner of Massachusetts one day examined with the interesting
discovery that its liabilities were nearly three times its assets; and
of the Constitution Fire of Washington, D.C., which ceased to issue
policies by request of the United States Government. From each of
these unfortunate endeavors Mr. Gunterson had emerged with unblemished
reputation, and even enhanced gravity and authority due to his wider
experience, and with his air of slightly melancholy urbanity diminished
not at all.

Four years prior to the time when fate led Mr. Wintermuth to his door,
he had been the nerve if not the brains of the general agency of Hill
and Daggett of William Street, representing in an extensive territory a
fleet of some seven small companies with more sporting spirit than
assets, and his astute helmsmanship had resulted in running all seven
soundly and irrevocably upon the rocks. From the wreck he emerged, in
the first lifeboat to leave, with his broad white brow as untroubled
and serene as ever. The collapse, however, left him without visible
means of support, so he took a short trip abroad, returning in a month
or two as the American manager of a large German company which was just
entering the United States.

It is doubtful by what, if any, method these Continental-European
companies select their representatives in this country. Ability and
probity seem to be regarded lightly--as scarcely worth careful
investigation. But no well-known man whose lack of success has left
unimpaired his fluency of speech need despair. So long as new foreign
companies continue to establish American branches and appoint managers,
any amiable detrimental with sufficient verbosity may secure for
himself a comfortable berth. Mr. Gunterson had now for almost two
years been in charge of the United States business of the
Elsass-Lothringen on a loss ratio so surprisingly satisfactory that he
himself was absolutely at a loss to explain it. For the first time in
a considerable period he felt himself to be in a strong strategic
position, and he received Mr. Wintermuth in what only his extreme
courtesy prevented from being an offhand manner. It was obvious that
he had no in