"Three months ago perhaps they wouldn't have," Smith suggested. "It looks like a reprisal aimed at us, more than any one else. All the other outsiders are old hands and can take care of themselves, but we haven't gotten acclimated--we're liable to have a bad time. And I think I know who accelerated the whole movement, sir." "Yes--I understand whom you mean," said the President, compressing his lips. "No doubt this was part of his plan. Well, you seem to have followed this thing pretty closely, Richard--what do you think we had better do?" "Isn't that rather a matter for Mr. Gunterson to decide now, sir? I don't want him to start with the idea that I am trying to dictate the underwriting policy of the company. Of course, I have my own idea of what would best serve the interest of the company to do--although in some ways I'd hate to see us do it." "And what may it be?" "Go back into the Conference." "What! Go limping back with our tail between our legs? Put O'Connor in a position where he could say that we were strong enough to go out and stand alone when he was with us, but after he left we were too weak to stick it out? Never! I won't go back into the Eastern Conference, if it costs the Guardian every agency in the field. . . . Boy, ask Mr. Gunterson if he will be so good as to step here a moment." In the brief interval before the new Vice-President put in his dignified appearance, neither of the occupants of the office spoke. "Ah, Mr. Gunterson. Good morning once more. You know Mr. Smith, our General Agent, I believe?" Mr. Gunterson bowed with urbanity. Courtesies exchanged--a matter of some little time--the President again spoke. "Did you notice, in this morning's _Journal_, that the Eastern Conference has passed a separation rule, Mr. Gunterson? I do not know whether you are aware that the Guardian is not a member of the Conference; shortly before the resignation of your predecessor we withdrew--largely upon his recommendations. There is no reasonable doubt that at the time Mr. O'Connor believed such a rule would go into effect, and very likely he was more or less instrumental in getting it adopted. At all events it is clear that he wanted us to get out, and here we are--out! And almost any time, now, we are likely to be put out of nearly every agency in the East where Conference companies predominate--which means ninety per cent of our agencies." "I see," observed Mr. Gunterson, sagely. "I see." "Now the question is: what are we going to do? Mr. Smith here advises that we confess our inability to operate in an open field without the invaluable assistance of our late Vice-president, and go back into the Conference. By merely sacrificing our self-respect we could save our Eastern agency plant. I have put you in charge of the underwriting of the Guardian, Mr. Gunterson, and I would like your advice on this."