t to the Salamander office,
and it was but a moment later that he found himself confronting the man
he had come to see.

"Mr. Smith, I believe," said O'Connor, neutrally. "Won't you sit down?"

"Mr. O'Connor, I feel quite sure," said the other, taking the proffered
seat.

"Yes. And to what do I owe the pleasure of this call?" responded the
President of the Salamander, swinging around in his chair to face his
visitor.

"If I can take up a few minutes of your time, there are quite a number
of things I'd like to say, and a few that with your permission I will."

O'Connor waved his hand for the desired assent.

"Go ahead," he said.

"Mr. O'Connor," said Smith, "you owe your position in the fire
insurance world to the Guardian of New York more than to any one other
influence, and your recent acts seem to show that you've forgotten your
obligation. You committed the Guardian to withdrawing from the Eastern
Conference, for one thing, and after the company got out, you took
advantage of its position to raid its agency plant for the benefit of
the Salamander."

"That's most of it nonsense--but what if I did?" asked O'Connor, curtly.

"I am merely here to ask your personal assurance that from now on you
will discontinue your active efforts directed especially against my
company."

The other man looked at him.

"That's cool enough, I'm sure. And what'll you do if I don't grant
your surprising request?"

"If you do not, the Guardian will be obliged to take such steps to meet
you as seem advisable. So far we've been entirely on the defensive;
but we are going to protect our interests, and if the best way to
protect them necessitates a complete change of tactics from the
defensive to the aggressive, we shall make that change. And if we do,
I give you warning that we can make things unpleasantly interesting for
you and your company."

O'Connor laughed, toying with a pencil.

"We don't want to be forced to attack you," Smith continued, "and I
admit we would far rather not; but I warn you that if we are unfairly
injured, the man responsible will be held personally liable. You
understand what 'personally liable' means, don't you?"

The President of the Salamander did not reply for a moment, but Smith
saw a flush come into his face when he answered.

"Pshaw! you're talking of things you know nothing about. I haven't
injured your company--you've done it yourselves. If you don't like it,
being outside the Conf