the
city business has been hit very hard; premiums are away off for the
year so far."

"Yes; I want to talk that over with you, too. But I think Mr. Ferguson
comes first."

"Very well, Richard; use your own judgment," said his chief. "So far,
I think you have done good work for us."

"I'm glad you're satisfied, and I'll try to keep it up, I assure you,"
said Smith. He hesitated a moment. "But there is one phase of all
this thing which I haven't forgotten and which I don't think you have,
either, and that is how we came originally to be dragged out of the
Conference and exposed to all these attacks."

"I have not forgotten it," said Mr. Wintermuth, stiffly; "but I think
there can be no advantage in discussing it."

"I beg your pardon, sir, but I do not agree with you in that--and for
this reason," rejoined the other. "Just one man is responsible for
most of our trouble. He caused us to resign from the Conference, he
tried to steal our agents and our business when we were out and
succeeded in some pretty important cases, he got our branch manager
away from us, and alienated some of our best local brokers, and--I have
no proof of this last and perhaps I should not discredit my
predecessor--but I can't help feeling that he induced some mutual
friends of yours and his to suggest Mr. Gunterson's name to you."

"No," said the President, shaking his head. "The man who mentioned
Gunterson to me is a real friend of mine--it was merely his judgment
that was at fault."

"Well, I'm glad to hear it," the other responded. "But the point is
this: is O'Connor likely to stop now? That's what we've got to
consider."

"It is no particular concern of mine what Mr. O'Connor does or where he
stops," said the President, with magnificent but impractical dignity.

"Well, it is of mine," Smith retorted, "because I want to know what
he's going to do next. O'Connor has played several very shabby tricks
on you and on the Guardian--things that must, even in his own eyes,
seem discreditable. The fact that we know what a rascal he is doesn't
help us much if we just sit here with our hands folded. And the fact
that at last we have begun to defend ourselves will not endear us to
him the more--on the contrary it will make him even more vicious toward
us. No, he won't stop where he is; we shall hear from him again."

Smith was possibly correct in his conclusion; but for the moment all
was very quiet along the Salamander battle fro