"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 for more. We will need our share, for we're going to do a bigger business. Even if we don't take over the Salamander or some other company, we're going to swing a much heavier premium income this year than last." "Well," said the President, "since you have brought up the question, I should fail in my duty to the company if I should let an opportunity for extending our business pass by without submitting the matter to the directors. If you find that the Salamander business is for sale, and they want us to make a bid for it, I will call a special meeting of the board and lay the facts before our friends." It was not for some little time that there was any palpable result of the meeting, when secured, for neither Smith nor Mr. Simeon Belknap was a man to hurry a matter to the prejudice of his interests. Following his conference with O'Connor and Mr. Murch, Mr. Belknap spent parts of several days moving quietly and almost imperceptibly about on investigations of his own. It was not every company which had facilities for extending its premiums some three million dollars a year; and besides that, most of them were being kept so busy in Boston that they had no leisure to consider so large a proposition.