Briefly but clearly he sketched the foundations of insurance. How, in more primitive times, when a man's house burned, his neighbors used to provide him with materials and come to help him rebuild; but this proved onerous, and instead a communal fund for the purpose of assisting fire sufferers was established. The modern insurance company had gradually come to assume the management of this fund and eventually to undertake the function of insuring against fire. But the people were still the arbiters of the fire cost, and the companies merely barometrically reflected the condition of the community as to fires. When fires are numerous and costly, the price of insurance must advance. Insurance is a tax which the companies collect in premiums from the many and pay out in losses to the few. But the idea remains the same. "That is interesting," said the girl. "Now will you think me very stupid if I ask you to explain what all the terms mean as you go along? You spoke a moment ago of underwriting: I don't know what underwriting is. I thought big loans and stock issues and things of that sort were underwritten. Is this the same?" "So they are, but this is another matter. Fire underwriting is a thing all to itself--_sui generis_. Similarly, a fire underwriter is a person like no other--at all events he likes to persuade himself that he is. And frequently he succeeds." Smith smiled at his own reflection. "A fire underwriter, to be a real one," he went on, "should be a chemist, financier, mechanic, lawyer, engineer, and diplomat, and a dash of a clairvoyant, too. He should know everybody's business, including his own. Consider what he is expected to know: there is no class of industry which can dispense with insurance." "Except the Massachusetts Light, Heat, and Traction Company," interposed Helen, quickly. "That is true up to the present time," Smith assented; "but their wisdom in having done so is not sufficiently proved, and Mr. Charles Wilkinson, whom I met in your uncle's office, is in hopes of being able to change their ideas on that subject. But I have my doubts if he will succeed, from what is said of Mr. Hurd." "I think Mr. Wilkinson spoke of having met you," the girl said carelessly; which was positive disingenuousness, for she remembered very well indeed. And here she sat, talking to the man whose suggestion, as Charles quoted it, had roused her interest in the business. Helen was not sufficiently Oriental to find anything predestined in this meeting, but it nevertheless seemed a little odd. Abruptly she spoke, to rid her of her own thoughts. "Mr. Hurd believes in carrying his own risk--isn't that the expression?" "Absolutely. No life-long fire insurance man could have phrased it more correctly." "I'm afraid it was mere plagiarism. I think Mr. Wilkinson used it."