"Well, I have been in the business so long, my dear, that I have come to look at this sort of thing more from the standpoint of my companies than my own. I am ashamed--yes, sorry and ashamed--to have my city hurt my companies so sorely." "But you couldn't have helped it--it isn't your fault," said Mrs. Maitland, somewhat mystified, but guessing a little of what he felt. "No," said Mr. Osgood, slowly; "I couldn't have helped it. But if it had to happen in Boston, I'm sorry it didn't wait until I was through." "Then I hope it would be never!" Helen said, a little incoherently; but the point was plain. "On the business side there is only one feature that cheers me," continued Mr. Osgood, "and that is the fact that my old friend James Wintermuth and his company, the Guardian of New York, are practically out of it all." "How do you mean--out of it?" Helen's mother asked. "You see, the Guardian, when it had to leave my office, lost all its local business. A good deal of it was naturally in this very part of the city which is burning. They undoubtedly have some term lines still in force,--policies written for three or five years,--but not many. They will escape with a very light loss indeed--whereas two years ago this conflagration would have involved them for an amount such as not many companies would care to meet." "Then there must be other companies now who will lose more in this fire than they can pay?" "Without a doubt. There has never been a fire of this magnitude that has not absolutely ruined many of the smaller companies. It takes either a very strong or a very conservative insurance company to weather a great conflagration. After each of our big city fires in this country many and many a company has found that after it paid its losses there would be nothing left to carry it to further existence--capital and surplus were both wiped out. And it must be said to their credit that most of them, at a time like this, pay every cent they owe, even if they have to go out of business directly afterwards." "But if they haven't enough money to pay their losses? Suppose their capital and surplus isn't sufficient?" "Then they either fail, and the receiver pays what he can to each claimant, or else they call upon their stockholders--assess them. Once in a while you will find a company refusing to pay, on the ground that so great a calamity is an act of God, which no indemnity was ever designed or intended to cover. Quite a few foreign companies took this stand after the San Francisco earthquake-fire; but the leading companies, American and foreign, paid dollar for dollar. The smaller fry tried to compromise a bit; but most of them eventually made pretty fair settlements, in the main. We'll see what they'll do in Boston." "After the fire is out." "Yes; and I really must go now, for I'm very anxious to see how they're handling it." "It was very good of you to come."