sies exchanged--a matter of
some little time--the President again spoke.

"Did you notice, in this morning's _Journal_, that the Eastern
Conference has passed a separation rule, Mr. Gunterson? I do not know
whether you are aware that the Guardian is not a member of the
Conference; shortly before the resignation of your predecessor we
withdrew--largely upon his recommendations. There is no reasonable
doubt that at the time Mr. O'Connor believed such a rule would go into
effect, and very likely he was more or less instrumental in getting it
adopted. At all events it is clear that he wanted us to get out, and
here we are--out! And almost any time, now, we are likely to be put
out of nearly every agency in the East where Conference companies
predominate--which means ninety per cent of our agencies."

"I see," observed Mr. Gunterson, sagely. "I see."

"Now the question is: what are we going to do? Mr. Smith here advises
that we confess our inability to operate in an open field without the
invaluable assistance of our late Vice-president, and go back into the
Conference. By merely sacrificing our self-respect we could save our
Eastern agency plant. I have put you in charge of the underwriting of
the Guardian, Mr. Gunterson, and I would like your advice on this."

The attitude to be assumed by the Vice-president was too obvious to be
creditable to his sense of perception.

"I would not give them the satisfaction of seeing us reverse our policy
and confess ourselves defeated--surrender before a gun was fired. We
can fight and win," said Mr. Gunterson, promptly.

It was rudimentary cleverness; a babe could have perceived what reply
Mr. Wintermuth desired.

"Good!" said that gentleman, much encouraged. "I'm glad to hear you
say so. That's exactly the way I feel about it, myself. I'll see
O'Connor damned before I'll let him think he has forced our hand. I
think your attitude is quite correct, Mr. Gunterson--I like the way you
begin."

"Thank you, sir," said the Vice-president, modestly; then,
deprecatingly nodding toward Smith:--

"Probably from a strictly conservative viewpoint Mr. Smith's advice is
good. And the Guardian is a conservative company. But a little
properly placed radicalism is not a bad thing at times--is not that
true, Mr. Wintermuth?"

To which Mr. Wintermuth assented with a smile.

"At all events the fight, if there is one, will be confined to the
smaller places. They can't touch us