t's another thing. As things are now, I don't see how he could do
much to hurt us. It would be a bit awkward for us, I don't mind
saying, if he went with some Conference company, for some of the
insiders are none too scrupulous in their methods against
non-Conference competitors. Of course, if the Conference should pass a
separation rule--but no, that's impossible."

"What is a separation rule?"

"Why, it's a kind of boycott. The Conference might pass a rule
reducing the commission of any agent who also represented
non-Conference companies. You see, most agents represent several
companies--a good, big agency may perhaps represent fifteen or
twenty--and the Conference companies are in the majority in most of the
agencies where the Guardian is represented. It would mean that those
agents would have to choose between resigning us and having their
commissions reduced, and there is very little doubt as to which course
they would take. The Conference might even forbid its companies to be
represented at all in mixed agencies--where both Conference and
non-Conference companies were located--and then those agents would
either have to throw us out or lose the bulk of their companies."

"But couldn't they get other non-Conference companies to fill up their
agencies and keep the Guardian?"

"No--hardly. There are only a few really high-class companies on the
outside. And most of the agents couldn't afford to change. They would
simply have to let us go; and that would mean that we'd have to make
our agency plant practically all over again."

"And that would be hard to do, I suppose?"

"It would be just about equivalent to building a new company, for the
company's agents are the company."

"But you say it's impossible they should pass this rule. Why?"

"Several reasons. It's pretty arbitrary--it looks a little like a
combination in restraint of trade, although company organizations in a
lot of states have separation rules. But I doubt whether the Eastern
Conference has the backbone to put such a rule in effect. Besides,
it's scarcely worth while as things now stand--almost all the good
companies are in the Conference, and as for the rest, they're either
used to them or they feel they're hardly worth bothering about."

"But the Guardian is, isn't it?"

"Yes," said Smith, thoughtfully, "I suppose it is. Still, what good
would it do O'Connor? That's what I keep coming back to, because I'm
absolutely certain h