The wisdom of his outspoken decision was proven by the altered tone in which the capitalist now said:-- "All right, Mr. O'Connor. No time like the present. We'll go into it." And for nearly two hours they went into it. They discussed the subject of fire insurance from top to bottom; the amount of premium a company could safely accept in comparison to its resources, lines in conflagration districts, reinsurance treaties, relations with various unions, boards, and conferences, and underwriting in its relation to finance. "So far as I can gather--and it's the general impression," said the Guardian official, "the Salamander has lost most of its money in the big cities. And you know as well as I do that the hope of making any money for the company consists in the chance of getting a profitable business from such cities as New York, Boston, Philadelphia, Chicago, and St. Louis. I don't believe your five-year record shows a dollar's profit from any one of those places, yet nearly every well managed company has taken good money out of them. Wellwood knows it. He knows the kind of business he gets doesn't pay, but he doesn't know where or how to get the kind that does pay." "Perhaps that may be so," agreed Mr. Murch, cautiously. "Well, I do know where to get it," rejoined his visitor, "and I also know--what is much more vital and to the point--_how_." "And how is that?" inquired his host with innocent curiosity. "When you've made your proposition, I'll tell you," said the other, with a smile. "I'll amplify at the proper time." "Oh, very well, then," replied the capitalist, apologetically. "Very well." But at this last sticking point he temporized again. His caller gave him no help, but waited in silence until he was ready. "Mr. O'Connor," said Mr. Murch, "I have a high opinion of your underwriting ability. It is pretty well understood that you have had immediate charge of the underwriting of the Guardian for some years past, and they have been much more profitable years for your company than for ours." He paused. "The figures show that," said the other man. "I do not conceal from you the fact that we are not wholly satisfied with Mr. Wellwood's operations. I have talked the matter over unofficially with two or three of my fellow directors, and I believe they would ratify officially the offer which I am going to make you. This offer is made upon certain agreements, restrictions, and presumptions. It is made contingent on your ability to carry out these agreements--in short, to deliver the goods." "I understand," said O'Connor, with composure.