he chimes of Grace Church, mingled
with a pandemonium of horns and whistles, were still roaring in the glad
New Year, when they finally obtained the brown loaf and the cup of hot
coffee, which by this time they needed desperately. The bread they
thrust under their coats, and some minutes later were in the studios.

Colonel Hazard was with them. He had maintained a wonderful
self-possession when overhauled at Fleischmann's.

"Excellent place to study character," he remarked, after the first
moment of surprise. "I come here now and then for the feeling."

And Van Dorn had answered:

"I've got enough to last me forever!"

The coals were still red in their grate, and over them they toasted the
bread. For a while they attended to this busily, and talked but little.
Then came the tobacco. It was like heaven.

Presently Perner told the Colonel of some Egyptian articles wanted by
the "Columbian."

"They offered them to me," he said, "and I took them, because I haven't
had the courage to refuse anything lately. But I had you in mind at the
time to help me on with them, and now I've something else on hand, I'll
turn them over to you altogether, if you'll take them."

The Colonel was very near to losing his quiet dignity at this news. He
was obliged to clear his throat several times before replying. At last
he said, quite naturally:

"I shall be happy to oblige you, Mr. Perner--very happy indeed." Then he
turned suddenly and shook Perner's hand.

They talked on. By and by the Colonel refilled his pipe and leaned back
in his chair.

"Fortune is a fickle jade," he said. "I have won and lost her seven
times. I do not know that I shall ever do so again--it takes money to
make money. Such resources as I have are not at present convertible into
cash. Speculation without capital may win," he continued, "but the
chances are much against it. It takes money to start anything, even a
paper, as you gentlemen can testify."

The others assented silently.

"I might have told you that, in the beginning," Colonel Hazard went on,
"had you asked me. Of course, I did not know the true condition of
affairs until a state of dissolution had been reached. I could have
advised you from past experience and observation."

The Colonel drew a number of luxurious whiffs from his pipe. The others
only listened. The Colonel resumed:

"I knew a man some years ago who started a paper with forty thousand
dollars in cash and an excellent scheme--p