Vice-President of the Guardian fell meekly into step. At the Board
rooms the agents were gathered; the meeting came to order; the order of
business began. After the transaction of a few routine affairs Mr.
Spence of Spence and Hardiwick rose and moved that the Eastern
Conference separation rule be extended to cover Boston. His motion was
seconded. There was no debate, and the only speaker was cut short by a
call for the question.

In the chorus of ayes, Mr. Osgood's negative went unheard and unnoted.
The motion was carried almost unanimously, Cole not voting, but
permitting the senior partner to cast the vote for the firm. And all
this time there sat at Mr. Osgood's side the restless but impotent form
of Mr. Gunterson. Twice he started to speak, and then repressed
himself, his face a little flushed with helpless shame. Beside Mr.
Osgood he sat until the meeting concluded, and not a word did he say.

The meeting adjourned. In the hum of conversation Mr. Osgood turned to
his junior partner.

"I'm through, Ben. You will have to go on without me. I cannot
dismember my whole office organization; but James Wintermuth is one of
my oldest and dearest friends, and when Silas Osgood and Company resign
the Guardian--some one else must be in command."

Cole did not answer. The three moved slowly toward the door, and there
in the doorway stood the author of their perplexity and distress.
O'Connor saw them coming, and held out his hand to the veteran
underwriter.

"How do you do, Mr. Osgood," he said. "I hope you don't bear any ill
will to me for what has just happened. I said I thought the rule would
go through, and you can see for yourself that it was passed almost
unanimously. Perhaps we may be able to do business together after all.
Let us consider this as two sensible business men. Of course I'm glad
the rule went through; but please don't think that I did it. I don't
own the Boston Board."

The other man regarded him steadily.

"Probably you are right, Mr. O'Connor," he replied. "I do not seem to
have correctly estimated the sentiment of to-day. No doubt you used
your influence on the side of your company's interests. But I do not
care to do business with you, sir--on that point my mind is unchanged."

"Well, I'm sorry you feel that way about it," said the other, with the
good nature which as victor he could afford to maintain. "Good-day,
Mr. Osgood."

Mr. Osgood passed through the doorway, but G