"How much cash have we on deposit?" Mr. Murch inquired.
O'Connor handed him the last weekly statement in silence. The fact that the other man had expressed no definite intention was to him encouraging. It might be that all was not over yet.
"Roughly, our surplus," commented the financier. "Now, how about our other assets? Stocks and miscellaneous securities, $1,500,000. Only it won't be a million and a half by the time we get rid of them. Probably a couple of hundred thousand less. Encouraging, isn't it? In other words, this fire is going to cost us $900,000 before we're through. And the present question is, how are we to get through?"
O'Connor looked him over with an appraising glance.
"Well, the Salamander has paid good dividends for years," he said. "Probably more than most companies would have thought it prudent to pay—they'd have put a larger amount into surplus to take care of such a smash as this. And I've made the company a better money-maker on the underwriting side than it's ever been before—you'll admit that, I think. There's no reason why we shouldn't go on. My suggestion would be to assess the stock."
He awaited the answer nervously, toying with a penholder, not daring to glance at the other man. He did not have to wait long.
"Not much!" said Mr. Murch, coldly. "I'm going to get out of this as fast as I can, and I'm going to stay out, you understand. No more fire insurance business for me. It's the only business I ever made a complete mess of. The Salamander would have done better if they had never issued a policy—if they had merely let me invest their money for them. Now the next question is, how to get out. You are an insurance man and supposed to be a competent one—possibly you can tell me how to set about it."
"Do you mean to liquidate the Salamander—close up the company?"
"Whatever one does to extricate himself from this kind of a hole.
What's the usual method?"
"The usual method," replied O'Connor, his face somewhat flushed at the other man's tone, "is for the stockholders to authorize an assessment on their stock, and continue. That apparently does not appeal to you; and if I understand you correctly, you wish to terminate operations and wind up the company."