on what new moves would flash from behind this seeming curtain of
inaction.

Almost at the very time of this speculation on his part, a train was
carrying toward Boston no less a person than F. Mills O'Connor of the
Salamander. Almost at the very hour of a Tuesday morning, when Mr.
Gunterson was gravely assuring Mr. Wintermuth that he believed he would
be able, in spite of the Eastern Conference, to preserve the company's
agency force without the loss of a single important agent, Mr.
O'Connor, after more or less indirect preliminary conversation, was
presenting his desires quite bluntly to Mr. Silas Osgood.

"To be perfectly frank, Mr. Osgood, the Salamander has never gotten the
premium income it should get from Boston, and worse than that, it has
always lost money. Now you've got a place for us in your office, and
it's the Guardian's place. No--hold on a minute--let me finish. I
know that Mr. Wintermuth is an old friend of yours, but Mr. Wintermuth
is about finished with the fire insurance business. Now you know that
your relations with Gunterson, who is a hopeless incompetent, will
never be satisfactory, and you also know that Gunterson will probably
put the company out of business within two years. You appreciate also
that the Salamander is a bigger company than the Guardian--it has twice
the Guardian's premium income--"

"And half the Guardian's surplus," interrupted Mr. Osgood, softly.

"No matter about the surplus. Edward E. Murch and his people are back
of us, we've got the premium income, and we're in the game to stay,
while you as a practical insurance man know, no matter how far your
sympathies may go in the opposite direction, that the days of the
Guardian are numbered. I'm offering you the chance to take on one of
the livest companies in the field to-day in place of a concern that's
headed for oblivion by the most direct route. It's a chance I would
jump at if I were in your place, but I understand the sentimental
consideration enters in,--it does credit to your heart, Mr. Osgood, and
I respect you for it,--and in view of all that sort of thing I came
here prepared to give you certain inducements to switch the Guardian's
business to the Salamander."

"Inducements? Of what sort do you mean?" inquired Mr. Osgood, mildly,
although his face was a little flushed.

"Well, increased latitude on lines and classes--a larger authorization
in the congested district--those are some things. Possibly also