"Oh, that won't be necessary," he tried to say, calmly. "This reduction applies from the original date of the policies. It's just as if they had been written up at the new rate." Hilmer ripped open a letter that he had been toying with. "Better cancel," he announced, dryly. "It's a good excuse, and I'm a little pressed for money. It will delay a big expenditure." There was no room for further argument. Fred left, crestfallen. Was Hilmer making sport of him, he wondered. He must wait then until July for an easy financial road. And would July see him? out of the woods? Suppose Hilmer were to conjure up another excuse for canceling and reissuing just as the second batch of premiums fell due? He voiced his fears and anxieties to Helen. She shrugged indifferently. "You told me when you went into business that you weren't counting on Hilmer," she observed, with a suggestion of a sneer. So he had thought or, at least, so he had pretended. What colossal braveries he had assumed in his attempts to play a swaggering role! He had started in with the determination to set a new standard in the insurance world. _He_ was going to show people that a young man could begin with nothing but honesty and merit and walk away with the biggest kind of business. He knew that his hands were clean, but he realized that not one in ten believed it. He had to confess that appearances were against him. Scarcely anyone believed the Hilmer myth. And underneath the surface was Brauer. Fred felt sure that Brauer's ethical lapses were still in progress. At intervals Brauer always contrived to place an insurance line other than fire and insist that he was compelled to grant a discount. These premiums were always settled promptly and, in their wake, a list of fire premiums paid in full were turned in by Brauer. It was plain that Peter was being robbed to pay Paul. Starratt even grew to fancy that there was a substantial balance left over from these alleged discounts to clients, which Brauer pocketed himself. But he had to smile and pretend that he did not suspect. Were his hands clean, after all? Well, just as soon as it was possible he intended to rid himself of Brauer. But how soon _would_ that be possible? And meanwhile Kendrick was sniffing out disquieting odors.