and who because of his
immense budgets for paper, ink, printing, mailing and distribution
generally, was in practical control of the business.

He it was who with Davis' approval said how much was to be paid for
paper, ink, composition, press work, and salaries generally. He it was
who through his henchman, the head of the printing department, arranged
the working schedules by which the magazines and books were to reach the
presses, with the practical power to say whether they were to be on time
or not. He it was who through another superintendent supervised the
mailing and the stock room, and by reason of his great executive ability
was coming to have a threatening control over the advertising and
circulation departments.

The one trouble with White, and this was something which would affect
any man who should come in through Davis' auspices, was that he knew
nothing of art, literature, or science, and cared less, his only
interest being in manufacture. He had risen so rapidly on the executive
side that his power had outrun his financial means. Davis, the present
head above him, had no means beyond his own depreciated share. Because
of poor editorial judgment, the books and magazines were tottering
through a serious loss of prestige to eventual failure. Something had to
be done, for at that time the expenditure for three years past had been
much greater than the receipts.

So Marshall P. Colfax, the father of Hiram Colfax, had been appealed to,
because of his interest in reform ideas which might be to a certain
extent looked upon as related to literature, and because he was reported
to be a man of great wealth. Rumor reported his fortune as being
anywhere between six and eight millions. The proposition which Davis had
to put before him was this: that he buy from the various heirs and
assigns the whole of the stock outside his (Davis') own, which amounted
to somewhere about sixty-five per cent, and then come in as managing
director and reorganize the company to suit himself. Davis was old. He
did not want to trouble himself about the future of this company or risk
his own independent property. He realized as well as anyone that what
the company needed was new blood. A receivership at this juncture would
injure the value of the house imprint very much indeed. White had no
money, and besides he was so new and different that Davis scarcely
understood what his ambitions or his true importance might be. There was
no real