Smith read the news with stolid eyes. He did not credit O'Connor with having had sufficient influence to carry the separation act through the Conference, but all that the astute President of the Salamander had hoped for, and in anticipation of which had laid his plans, had come to pass—the Guardian was out of the Conference, the separation rule was to take effect almost immediately—and Gunterson was at the wheel. Smith well knew what a leverage would be used against his company. He was still brooding over the fateful item when Mr. Wintermuth sent for him.
"Have you met your new chief yet?" asked the President, in a friendly manner.
"Yes," said the other, shortly. He held out the paper. "Have you seen this yet?" he inquired, in turn.
"The Journal of Commerce? No. Is there anything especial in it?"
For answer Smith laid the paper open on the desk, pointing silently to the item which meant so much to the Guardian—and to every company outside the Conference.
Mr. Wintermuth adjusted his glasses and read the article carefully.
"Well, well!" he said thoughtfully. "So they passed it, after all! I never believed they would dare. It's a little too much like a boycott—it gives them too much the appearance of a combination in restraint of trade. Tariff and rate-making associations are proper and necessary, but to attempt to dictate to agents what companies they shall not represent—or at any event penalize them for so doing—is going pretty far. No, I didn't think they'd dare."
"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."