on of Park Row. Already
he had accepted one modification of his contract, and his takings for
new circulation were now twenty-five cents per unit per year instead of
fifty cents as formerly.

But Tertius Marrineal and his business manager, a shrewd and practical
gentleman named Haring, had done a vast deal of expert figuring, as a
result of which the owner strolled into his editor's office one noon
with his casual air of having nothing else to do, and pleasantly
inquired:

"Busy?"

"If I weren't, I wouldn't be worth much," returned Banneker, in a
cheerful tone.

"Well, if you can spare me fifteen minutes--"

"Sit down." Banneker swiveled his chair to face the other.

"I needn't tell you that the paper is a success; a big success," began
Marrineal.

"You needn't. But it's always pleasant to hear."

"Possibly too big a success. What would you say to letting circulation
drop for a while?"

"What!" Banneker felt a momentary queer sensation near the pit of his
stomach. If the circulation dropped, his income followed it. But could
Marrineal be serious?

"The fact is we've reached the point where more circulation is a luxury.
We're printing an enormous paper, and wood-pulp prices are going up. If
we could raise our advertising rates;--but Mr. Haring thinks that three
raises a year is all the traffic will bear. The fact is, Mr. Banneker,
that the paper isn't making money. We've run ahead of ourselves. You're
swallowing all the profits."

Banneker's inner voice said warningly to Banneker, "So that's it."
Banneker's outer voice said nothing.

"Then there's the matter of advertising. Your policy is not helping us
much there."

"The advertising is increasing."

"Not in proportion to circulation. Nothing like."

"If the proper ratio isn't maintained, that is the concern of the
advertising department, isn't it?"

"Very much the concern. Will you talk with Mr. Haring about it?"

"No."

Early in Banneker's editorship it had been agreed that he should keep
free of any business or advertising complications. Experience and the
warnings of Russell Edmonds had told him that the only course of
editorial independence lay in totally ignoring the effect of what he
might write upon the profits and prejudices of the advertisers, who
were, of course, the principal support of the paper. Furthermore,
Banneker heartily despised about half of the advertising which the paper
carried; dubious financial proffers, flamboyant merc