And finally, with a few evasions which were immediately detected and some omissions which were possibly suspected, Smith told the story of the decline of the Guardian.

"So Mr. Gunterson left," commented the girl, when all was said. "What happened then?"

"Why, that's substantially all, to date," returned the New Yorker, dishonestly; "except that I've been sent up here to see what I can do to improve our position in Boston."

"Ah! Who sent you? Who is in charge of the Guardian now?" continued
Miss Maitland, calmly.

"Mr. Wintermuth, of course," replied her victim.

"And under Mr. Wintermuth? Has no one been elected to fill Mr.
Gunterson's place?"

"Well, you see, Mr. Gunterson only resigned a few days ago. Boards of directors don't as a rule move very rapidly. There hasn't really been a great deal of time."

"Who has been elected to fill Mr. Gunterson's place?"

"Are you under the impression that—?"

"Do you wish me to say it again? Who has been elected Vice-President of the Guardian?"