"Well, what did you do?" was Mr. Wintermuth's greeting, as he looked up to find Smith before him.

"The Attorney-General of Pennsylvania," said Smith slowly, "is going into court to-morrow to ask for an injunction, alleging conspiracy and restraint of trade, forbidding the Eastern Conference from enforcing a separation rule anywhere within the boundaries of the state."

"What's that?" said the President, sharply. "A restraining order, you say?"

"Yes. Mr. Prior, the Attorney-General, thinks he will have little trouble in securing a temporary injunction. Later on he will move to make this permanent, and there will doubtless be a fight on that; but he thinks he can beat them under the new Anti-Trust Law. In the meantime it ties up the Philadelphia and Pittsburgh boards, and I think we can get back most of the smaller Pennsylvania agents we've lost. Most of them are well disposed toward us; other things being equal, they'd be glad to restore the status quo, and none of them are anxious to be made joint defendants with the Conference companies in a conspiracy suit."

Mr. Wintermuth said nothing for a long minute; then his face broke into almost the first sincere smile which had been seen on it since the opening of the year.

"That's very well done—a good idea and well executed, Richard," he said.

"Thank you, sir," said Smith.

There was more discussion to follow, and the two went over the situation as a whole more fully than had been hitherto possible.

"Of course," Smith pointed out, "this is just a beginning. But
Philadelphia and Pittsburgh are safe—that's something. And Baltimore
will never dare make a move after this, for Maryland always follows
Pennsylvania. No, our chief problem at present is New York and New
England."

"Yes," agreed the older man. His face darkened. "Boston! How about
Boston? What can we do up there?"