other?" she asked. "What has happened? Is it something to do
with O'Connor?"

"Well, it's all part of the same thing, I suppose," he said. "I had
almost forgotten O'Connor, though, since Gunterson drove him out of my
head."

"Who or what is Gunterson, please?"

Smith told her.

"If O'Connor can get the Eastern Conference to put through a separation
rule now, we're absolutely helpless," he concluded. "Gunterson
wouldn't have the vaguest idea of what to do--and wouldn't let any one
else tell him. I can pretty nearly see the Guardian, under Samuel
Gunterson's suicidal direction, setting sail with all flags flying, and
heading straight for the bottom of the sea."

Helen could think of nothing to say.

"And you are leaving for Boston!" Smith added. "Well, it looks to me
as though I might be out of a job before long, and perhaps I'll come up
to Boston and strike your Uncle Silas for one. I think Mr. Osgood
always rather liked me. And Boston's a pretty good town--or will be
after next week."

He spoke a little bitterly, for it seemed that the possibility he
mentioned was perhaps not so remote, after all. Even if the Guardian
survived the staggering load of its Vice-President, he felt that he
could not serve very long under such a man as Gunterson. And if such a
thing should come to pass, he would be in no position to hope as he was
now hoping, or to dream as he was now dreaming. Yet, after all, no
wall that was ever built can shut out dreams.

CHAPTER XIV

The second day of January, 1913, was marked by the installation of
Samuel Gunterson as underwriting head of the Guardian and by the
announcement of a radical separation rule by the combined companies of
the Eastern Conference. Each was likely to have a far-reaching effect.

Smith read the news with stolid eyes. He did not credit O'Connor with
having had sufficient influence to carry the separation act through the
Conference, but all that the astute President of the Salamander had
hoped for, and in anticipation of which had laid his plans, had come to
pass--the Guardian was out of the Conference, the separation rule was
to take effect almost immediately--and Gunterson was at the wheel.
Smith well knew what a leverage would be used against his company. He
was still brooding over the fateful item when Mr. Wintermuth sent for
him.

"Have you met your new chief yet?" asked the President, in a friendly
manner.

"Yes," said the other, shortly.