No one has ever discovered why these things gravitate so unerringly to
him--but they do. He will undoubtedly be pleased to find you a
reinsurer for the Salamander."

He rose from his seat. It was perfectly evident that the game was
over, and only the tumult and shouting remained to die away. But Mr.
Murch was not entirely through.

"Suppose we ask Mr. Belknap to come and talk it over," he proposed.

O'Connor shook his head.

"Don't do it. It would hurt your market. If he were seen coming in
here at this time, the whole Street would know we were in trouble and
getting ready to quit. It would be better to make an appointment with
him somewhere else."

"As you say," agreed Murch. "Please arrange one for us as soon as
possible."

"All right," said the man whom this operation would leave bare of
position and prestige alike. "I'll get him on the phone at once."

It was late that afternoon when a three-cornered interview took place
in a down-town office somewhat outside the customary espionage of
William Street. Most of the talking was done by Mr. Simeon Belknap,
who talked crisply and to the point.

"The figures you have given me, Mr. Murch," he said, "indicate that the
Salamander's capital is impaired to the probable extent of several
hundred thousand dollars. I assume from your coming to me in this way,
that you have decided that it is not worth while trying to put the
company on its feet. Is that correct?"

"How much would it cost to keep going?" asked the financier, bluntly.

"I should think you would have to assess your stock one hundred and
fifty dollars a share. Yes, it would take $750,000 to put the
Salamander in a position to continue in business with proper resources."

"Eliminate that possibility from the discussion," said Mr. Murch,
tersely; and O'Connor's last faint hope died.

"There remains, then, to find some company willing to take over your
outstanding business. Your present reinsurance reserve is about
$1,500,000. Your available assets over capital, including your real
estate and everything, will bring approximately $1,800,000. Mr.
O'Connor tells me you will pay in Boston about $700,000. This leaves
you $1,100,000. For this sum, or perhaps a little less, you can
probably reinsure all your business now in force, leaving you, let us
say, with your capital stock intact and perhaps $100,000 over."

"In other words," said Mr. Murch, "we'll get for our liquidated stock
about 120;-