um income in its place. Now, nobody outside the office knew the
conditions of our contract with the Karlsruhe--except O'Connor. No,
there's no question about it. He probably offered them a little better
commission arrangement and a bigger business--and they fell for it."

"Very likely that is so," agreed Mr. Wintermuth.

"The only question now is: what can we do?" Smith continued.

"Schroeder has been dead six years. And I don't know the present
managing director at all; I've never even seen this man that signed the
letter."

"It would have done us no good if you had known him," said the younger
man, slowly. "This is a cut and dried affair. All we can do now is to
look for another treaty. We must try to get a contract as good as the
one we have with the Karlsruhe."

"I'm afraid we can never do it," the President responded.

"Perhaps not--and again, perhaps we can. Still, I admit it won't be
easy." He fell thoughtfully silent.

"Cuyler tells me he's lost another broker--Spencer and Carrick have
begun to drop their expirations with us," remarked Mr. Wintermuth, with
an irrelevance that was more apparent than real.

"Does he think the Salamander's getting them?" Smith inquired, his eyes
narrowing.

The older man nodded.

The other rose from his chair.

"I think," he said deliberately, "that I will go and see Mr. F. Mills
O'Connor. I will give him just one chance to let up in this campaign
of his and restrict his energies to ordinary business competition; and
then, if he refuses, I will ask you and the other directors of the
Guardian to let me open things up and fight him on his own ground, if
it costs us every dollar of prospective profit for the next three
years."

Mr. Wintermuth's face assumed an expression of manifest concern.

"Don't be hasty, Richard," he said quickly; "the fault with all you
younger men is that you're apt to go too fast. I myself have
confidence in you, you understand, but I don't know that I could
promise the support of the directors for any campaign of reprisals.
I'm afraid the idea of spending three years' prospective profit
wouldn't strike them with any degree of favor."

His perturbation was so sincere that Smith turned back in the doorway
to reassure him.

"Well, don't worry," he said lightly. "Probably my remarks will so
abash Mr. O'Connor that he will immediately promise to be good. I
guess I'll try it on, anyway."

Fresh in his determination, he went straigh