"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 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."