"I say," returned Smith, "that the Salamander is far more likely to
reinsure than to stand a heavy assessment. And we want that business
of theirs. We have a little score to settle with the Salamander, sir."

"Yes, yes," admitted the President. "O'Connor has treated us very
badly; still, it has worked out very fortunately for us. And at any
rate," he added, "I do not believe in allowing personal animus to
govern one's business acts or policy."

It was a sounding phrase, although not quite new.

"Neither do I," said Smith, promptly; "but this is more than an act of
poetic justice. Of course there's a certain satisfaction in finding
that one of the packages stolen from us contained a bomb which blew up
the burglar--but how much more appropriate it would be if the same
explosion hurled the rest of the stolen property into the hands of the
original and rightful owners. And besides that, the Salamander
business is well worth putting on our books--and there's a lot of it."

"Yes. Too much, in fact," said his chief. "Our resources are not
sufficient to permit our taking on such a load."

"I admit that," replied the younger man. "We will have to increase our
capital a half a million. And now's the time to get it. We can issue
it at 200, which is rather less than the present stock is selling for,
and the premium will take care of our surplus when we take on this new
business. I believe our stockholders will back us up. While other
companies are asking their stockholders for more money to pay their
Boston losses, we are asking ours to put us in the first rank of
underwriting institutions in the United States."

Mr. Wintermuth looked at the young man before him, a long, grave look.

"Richard," he said at last, "I am fond of you, and I suppose that
having no son of my own to be proud of, I am proud of you, too. But
sometimes you make me feel a hundred years old."

"You needn't," answered Smith, affectionately, "for you've taught me
almost all I know. If I am a little more aggressive than I might be,
perhaps you were too, at my age. The question is, what is to the best
interest of the Guardian?"

"That is a question," said Mr. Wintermuth, "for the directors to
decide."

"Of course," returned the other. "But I should be surprised if our
directorate didn't take a broad and liberal view of it. Immediately
following this conflagration, when so much insurance capital has been
wiped out, there will be a need