eried the other.

"No need of superfluous friction and unpleasantness, that's all. If
we--agree, he'll find out everything soon enough; if we don't, no call
to excite him."

"No doubt you're right," assented the visitor, lightly. He had by this
time removed his overcoat and laid it over the arm of a convenient
couch. He then selected a chair near Mr. Murch's own but facing that
gentleman squarely, and sat down.

"Well, I'm ready to talk business," he said.

"And I," rejoined the other, easily. But he made no move to begin.
After a strategic pause wherein it was made clear that he was
determined not to open the conversation, his caller began to speak.

"Looking over the figures, I see," he suggested.

"Just running through them. They don't seem so bad, on the whole--in
fact, rather better than I expected. Wellwood hasn't done so badly
this year, after all, considering how heavy the losses have been all
over the country--especially in the South."

The other did not reply. Each man fully understood that the other was
temporizing, hoping to gain whatever advantage might accrue from
letting the other make the initial play. But Mr. Murch was the older
and the less nervous, and had himself better in hand. Finally the
visitor spoke.

"Well, I don't suppose you sent for me merely to tell me that," he said
abruptly. "Go ahead--make your proposition; there's no use beating
about the bush between us." He picked up an ornamental paper cutter
from the capitalist's desk and examined it with exaggerated care.

Mr. Murch took his time. He reflectively bit the end off a long cigar,
and reached for a match box.

"I'm not sure that my mind's sufficiently made up to put a definite
proposal up to you," he said, striking the match thoughtfully. "As I
say, Wellwood hasn't been doing so badly--comparatively. And it hurts
a company to make a change in its presidency--it disturbs the whole
organization, especially when an outsider is brought in over the heads
of all the subordinates. We have several promising men that might be
disaffected by such a move. No, I don't believe I'm decided, at this
time, on such radical action."

"Then I'll come again, when you do decide," said the other, and
promptly rose to his feet.

In essence all this very much resembled the way an Algerian curio
merchant conducts a bargain.

"Still, it would do no harm to talk the situation over a little
to-day," suggested Mr. Murch.

The othe