better informed among them
feared and expected. Mr. Wintermuth heard nothing on every hand but
flattering comments on his own acumen, and praises of the sterling
qualities and experience of his new appointee. In fact, the insurance
press as a whole spoke of Mr. Gunterson almost as kindly as though he
had died, and it was--unofficially--understood that Mr. O'Connor
realized that he had made a great mistake. Mr. O'Connor, however,
having with considerable satisfaction moved into the Salamander's big
room with "President" in brass letters on the door, ably restrained any
irritation he may have felt. Privately he assured Mr. Murch that
things could not have turned out better if he had ordered them himself.

"Gunterson is the very man for our purposes," he said. "He's a stuffed
shirt if there ever was one. I couldn't have made a better
appointment--for us--myself. We can bleed the Guardian of every
desirable agent they've got, and he won't know how to stop us."

And Mr. Murch, smiling, suggested that the bleeding begin as soon as
possible.

In the Guardian itself, opinion was divided. No one in the office knew
much, if anything, about the new underwriter, and most of the men were
inclined, in view of Mr. Wintermuth's recommendation, to take him at
his own assessed valuation. But not so Wagstaff, and not so Smith.
Wagstaff because it hung in his memory how, many years before, this
same Gunterson had by rather questionable methods worsted him in a
transaction affecting a schedule of cotton compresses in Georgia; Smith
because he believed Mr. Gunterson to be a fraud of such monumental
proportions that he deserved a place among the storied charlatans of
the world.

His company and its reputation being more to Smith than almost anything
else, he felt this thing very nearly in the light of a tragedy.
Gloomily regarding the prospect, all he could see ahead was trouble and
disgrace. And he knew that his own hands were tied. He was of course
only an employee of the company, which could select as officers whom it
chose, and any protest from him would very properly be disregarded--and
worse than that, he would naturally and inevitably be suspected of
speaking once for the company and twice for himself.

It was a rather troubled face that in spite of himself he presented in
Washington Square North an evening or two after that eventful ninth of
December.

"What is the matter with you? You look too discouraged for word