He held out the paper. "Have you seen
this yet?" he inquired, in turn.

"_The Journal of Commerce_? No. Is there anything especial in it?"

For answer Smith laid the paper open on the desk, pointing silently to
the item which meant so much to the Guardian--and to every company
outside the Conference.

Mr. Wintermuth adjusted his glasses and read the article carefully.

"Well, well!" he said thoughtfully. "So they passed it, after all! I
never believed they would dare. It's a little too much like a
boycott--it gives them too much the appearance of a combination in
restraint of trade. Tariff and rate-making associations are proper and
necessary, but to attempt to dictate to agents what companies they
shall not represent--or at any event penalize them for so doing--is
going pretty far. No, I didn't think they'd dare."

"Three months ago perhaps they wouldn't have," Smith suggested. "It
looks like a reprisal aimed at us, more than any one else. All the
other outsiders are old hands and can take care of themselves, but we
haven't gotten acclimated--we're liable to have a bad time. And I
think I know who accelerated the whole movement, sir."

"Yes--I understand whom you mean," said the President, compressing his
lips. "No doubt this was part of his plan. Well, you seem to have
followed this thing pretty closely, Richard--what do you think we had
better do?"

"Isn't that rather a matter for Mr. Gunterson to decide now, sir? I
don't want him to start with the idea that I am trying to dictate the
underwriting policy of the company. Of course, I have my own idea of
what would best serve the interest of the company to do--although in
some ways I'd hate to see us do it."

"And what may it be?"

"Go back into the Conference."

"What! Go limping back with our tail between our legs? Put O'Connor
in a position where he could say that we were strong enough to go out
and stand alone when he was with us, but after he left we were too weak
to stick it out? Never! I won't go back into the Eastern Conference,
if it costs the Guardian every agency in the field. . . . Boy, ask Mr.
Gunterson if he will be so good as to step here a moment."

In the brief interval before the new Vice-President put in his
dignified appearance, neither of the occupants of the office spoke.

"Ah, Mr. Gunterson. Good morning once more. You know Mr. Smith, our
General Agent, I believe?"

Mr. Gunterson bowed with urbanity. Courte