basis. If Boston burned to-morrow, I don't believe the Guardian would
lose more than a hundred thousand dollars."

"That sounds to me like quite a loss."

"So it is, but it's only a small fraction of what most companies have
at risk here. I'm really not sure but that a year ago we didn't have
more than we should. I certainly know a lot of companies that would
sit up and take notice with a vengeance if a big fire ever did occur."

"Do you think one likely?" asked Helen. "It makes one shudder just a
little to think of it."

"No--probably not. Still, there's really no reason why one shouldn't
happen here as well as elsewhere. And big fires are certain to happen
somewhere. The city's improving right along, but it's still got its
possibilities."

"Yes," said the girl. "For now that I come to think of it, I remember
that the conflagration hazard in the congested district is not a thing
one can precisely calculate, but it would be difficult to overestimate
its gravity. Isn't that so?"

Smith looked at her, turning in the taxi to do so. By the flash of a
street lamp that they were passing he could see she was smiling
whimsically.

"Where did you get that?" he demanded.

"Don't you recall?" she rejoined. "Whether it's greatly to his credit
or not, I can't judge, but certainly he himself hath said it."

"That's true," her companion admitted, with a laugh. "I remember now.
But how in the world did you happen to?"

"Should an humble apprentice--an ignorant pupil--forget the first pearl
of wisdom that fell from the master's lips? It was the first speech of
Mr. Richard Smith that I ever heard repeated--the first time I ever
heard his name mentioned."

"If I'd had any idea it would have lived so long, I certainly would
have tried to say something more eloquent," the other returned.
"However, I still stand by the sentiment. And incidentally, I don't
mind saying that if Boston is going to burn, I hope it does so inside
of the next two or three months--before Mr. Osgood puts the Guardian
back with a half a million dollars' liability scattered about down
town."

"Don't talk of so terrible a possibility as the burning of Boston,"
said the girl. "There has been one very great fire here. Surely there
will never be another."

"Surely not," agreed Smith. "At least for the sake of your fellow
citizens and my fellow underwriters I cordially hope not. But here we
are, apparently."

The taxi was coming to a sto