while. I fancy I managed to stiffen up the backbone of Crowell,
who's a first-class field man, and I'm going to circularize the local
agents, telling them the facts."

Mr. Wintermuth looked at Smith thoughtfully.

"All right, Richard; go ahead," he said. "I am quite content to leave
it in your hands."

"Now for New York," pursued Smith, inclining his head in acknowledgment
of his superior's commendation. "In New York State we shall have to
accomplish our purpose mainly by means of bluffing, to put it plainly,
for I can't find any law that covers the point; but perhaps we won't
need a law. Mr. Ferguson, the Superintendent of Insurance, is, as you
know, not unalterably opposed to being nominated for Governor this
fall. He has listened before now to the siren voice, and Albany seems
very attractive to him. And this is an anti-combination year. I don't
think he'll need much persuasion to be convinced that much credit and
capital will be gained by a spirited attack on something that more than
faintly resembles a trust."

"That correctly describes the Eastern Conference, in its present
activities," said Mr. Wintermuth. "But what do you expect Mr. Ferguson
to do?"

"Oh, I haven't any idea," said his subordinate, with a smile. "He
hasn't any law on his side; but as you are aware, his office carries
with it very arbitrary and radical powers, and if he thinks that he can
climb into the Governor's chair over the prostrate body of the Eastern
Conference, he'll find some excuse to sandbag it and make it a stepping
stone. He'll do something all right, or I miss my guess."

"Probably you are right, Richard."

"The next thing I do will be to go up to see him and talk it over. New
York's an important factor with us to-day. With a little watching
Pennsylvania and Maryland will take care of themselves. New England is
safe to hold its own, I think. I believe we've covered the high spots,
sir."

"How long have you been Vice-President of the Guardian, Mr. Smith, if I
may ask?" inquired the head of the institution in a tone of
affectionate raillery mixed with genuine pride.

"Oh, about a week," said Smith, laughing; "but I've been sitting around
so long, spoiling for a chance to do something, that there's several
months' stored-up energy which I've got to get out of my system."

"Well, I hope you get around to the local department pretty soon," said
Mr. Wintermuth. "Poor Cuyler has worried himself nearly sick, and