Besides, what's
to become of 1921 if you sell out the _March Hare_? We couldn't run a
rival paper. If the _Hare_ continued, of course people would take a
thing that was already established and that they knew about, especially
as it had been so bully. It would end us so far as a school magazine
was concerned."

Paul offered no reply.

"I'd call it a darn mean trick if you put such a deal over," persisted
Converse indignantly, "and I guess everybody else would. I suppose you
would have the legal right to sell out if you wanted to; but it has been
tacitly understood from the first that the paper was started for the
good of the school and would be handed down to your successors."

"I don't see why everybody should jump at that conclusion."

"Because it is the natural, square thing to do. Anybody would tell you
so."

"I don't need to take a popular vote to settle my affairs," returned
Paul haughtily.

"You may have to in this case," called Converse, turning on his heel.

The incident left Paul nettled and disturbed, and in consequence the
Latin recitation that followed went badly; so did his chemistry exam.

The instant recess came he signalled to his closest literary associates
and beckoning them into an empty classroom, banged the door.

"See here, you chaps," he began, "I've something to put up to you. We
have had an offer to sell the _March Hare_. How does the proposition
strike you?"

The boys regarded their leader blankly.

"You mean to--to--sell it out for money?" inquired one of the group
stupidly.

Paul laughed.

"What else could we sell it out for, fat-head?" he returned
good-humoredly.

"But--to sell it out for cash, as it stands--you mean that?"

"Righto!"

"Somebody wants to buy it?"

"Yes."

"Gee!"

"We certainly are some little editors," chuckled Melville Carter. "Who
is the bidder, Kip?"

"Yes, Kip, who wants it?" came breathlessly from one and another of the
group.

It was evident they had no inkling who the prospective purchaser was.

"Mr. Carter."

"Carter--of the _Echo_?"

"My father?" gasped Melville, dumfounded.

"Yes, he has offered to buy us out," continued Paul steadily. "He'll
give us a certain sum of money to divide between us."

"But could we sell?" asked Melville slowly.

"The thing is ours, isn't it?" replied Paul. "Haven't we planned it,
built it up, and done all the work?"

"Yes," Melville admitted in a half-convinced tone.

"I suppose, in point of fa