se to that gentleman's
invitation he entered and seated himself near the desk, holding in his
hand a number of papers pinned together. From his expression it would
have seemed that disquieting reflections occupied his mind.

"What's the matter? Loss?" inquired his chief, taking the cue O'Connor
had proffered.

"No," said the Vice-President, slowly. He glanced down at the papers
that he held. "Mr. Wintermuth," he said, "what is your opinion of--or
no, let me put it another way: how deeply are we committed to the
Eastern Conference?"

"What do you mean--how deeply are we committed?"

"Just that. We were among the original subscribers to the Eastern
Conference agreement, as you are aware. What I want to know is whether
we are bound to a more rigid observance of its rules than other
companies that are members of it."

"We are not, sir," returned the President. "Of course we are not. Why
do you ask?"

"Well, sir, I hardly like to say so, but for a long time I have
been growing to feel that our strict adherence to our obligations
was affecting our business unfavorably at some points. In other
words, I have been growing more and more sure that we are too
honest--comparatively."

"How is that? How is that?" said Mr. Wintermuth, sharply.

"Perhaps I should say that some of our associates in the Conference are
not quite honest enough, at least in the construction they put upon
_their_ pledges."

"You will have to be more specific, sir," returned the President,
somewhat sternly.

"Very well, sir; I will be as specific as you please. Bluntly, then, I
know that at least three of the leading Conference companies are
violating the conditions of the Conference agreement, which they are
pledged to observe, in no less than four cities in New England, and
probably a dozen in New York and Pennsylvania. Some of them are in
agencies where the Guardian is represented, and it's hurting us. I
know it to be a fact."

"But I thought we went into this recently in New York State. I
remember there was a lot of talk about crookedness, and Smith went up
to find out what was going on. We made some charges, didn't we? And
didn't we get a satisfactory answer?"

"Satisfactory, I presume, to the companies that made it. And possibly
satisfactory to Smith, who seemed to me at the time, I confess, a
little too easily satisfied for a man with his eyes open. But not to
me. I wasn't satisfied at all, or rather I was entirely s