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Belknap was handling the Salamander's affairs, and the Vice-President kept on that gifted gentleman as close an espionage as he could contrive to keep. After observing him casually engage in conversation three prominent underwriting executives, any one of whom might be supposed to be in a position to take over the Salamander, Smith determined to take the bull by the horns.
The map desk is really the home of underwriting, just as the stage is of the drama. And just as there are stage conventions, certain things which are taken for granted, such as the idea that a character on the stage cannot escape over the footlights into the audience that there is an imaginary blank wall between the audience and the players so we have our conventions and symbols in the maps."
The Salamander was not the only company which had been hard hit in Boston. Many of the smaller underwriting institutions were tottering very close to the wall. Already two failures were known; a dozen others were suspected. But in Boston, where the stricken city lay impatiently waiting, most of the companies already had men on the ground, adjusting and paying claims.
One other thing of recent occurrence had shaken perhaps out of proportion to its consequences what little confidence he still felt in the judgment of his underwriting manager. That related to the attempt of Mr. Gunterson to inject his advice into the Guardian's affairs financial. Early in February he had suggested to Mr.
"Well, from the underwriting viewpoint," Smith answered, "there is no reason why this year should not be better than last, and several reasons why it should; but if you will pardon the presumption of my going outside of my own department, I think our chance for an increased profit lies more along financial than insurance lines." "Mr. Smith thinks," said Mr.
And Miss Sands could not object to the part you play, as she did at the underwriting, for you will get a big profit anyway." Next day Sugar was lively on the Exchange. Bob bought all in sight and handled the buying in a masterly way.
"Yes?" replied the capitalist, inquiringly. "Yes. What you mean is this. I've had charge of the underwriting of the Guardian for seven years.
Gunterson had been either President or underwriting manager of the Eureka Insurance Company of Pittsburgh, whose demise scarcely surprised those who were aware that its remarkable popularity with its agents was mainly due to the willingness with which it accepted their bad business in almost unlimited quantities; of the Florida Fire and Marine, whose annual premium income of about eight times the amount warranted by its resources attracted the thoughtful attention, although scarcely the respect, of some of the leading underwriters in New York; of the United of Omaha, whose heavy investment in the bonds of a subsequently exploded copper company promoted by Mr.
Gunterson, sagely. "I see." "Now the question is: what are we going to do? Mr. Smith here advises that we confess our inability to operate in an open field without the invaluable assistance of our late Vice-president, and go back into the Conference. By merely sacrificing our self-respect we could save our Eastern agency plant. I have put you in charge of the underwriting of the Guardian, Mr.
Wagstaff, who supervised the Southern and a part of the Western field, was a good enough machine man, capable in a routine way and within his limitations, but helpless outside them; he had no initiative, wholly lacked dash and imagination, and it was out of the question that he be given charge of the general underwriting of the company, even under such a chief as Mr. Wintermuth.
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