"Yours, etc.,
"JACKSON & MARSH.
"Per C."

Perner looked up from the letter at Van Dorn. The artist regarded him a
full minute in silence. Then he said huskily:

"Don't that beat hell?"

"It does," groaned Livingstone. "Bully for Bates!"

XIV

A LETTER FROM MR. TRUMAN LIVINGSTONE OF NEW YORK TO MISS DOROTHY CASTLE
OF CLEVELAND

"MY DEAREST DORRY: I have not written to you as promptly as
usual, because there have been other things that had to be
attended to a good deal _more_ promptly, and there was an
uncertainty about everything lately that made whatever I
might say to you more or less guesswork. I mean about the
paper. It seems that 'cash terms' doesn't mean when the
advertising is out, after all, but _before it goes in_, and
this misunderstanding made matters about as lively as
anything you can imagine in the financial department of the
'Whole Family' office for a day or two. I think Bates was
mostly to blame, but we couldn't say anything to him because
it would expose the weakness of our capital; and then, we
_did_ tell him that we wanted to pay cash, though I am sure
he knew we understood that that meant to pay as Frisby
did--when advertising came out.

"However, we got through with it. We thought at first we'd
have to capitalize, but Barry sold a small piece of property
he had somewhere, and the rest of us skirmished about where
we could. I did not let you know, because I have made up my
mind to go through with this as I began, whatever happens.
It can't take a great deal more now until it begins to come
our way, and what you have said about sticking it out is the
right thing, and I mean to follow it to the letter. With
your money, however, it is different. That is just your own,
and as for having an interest in the paper, if I stay by it,
as I mean to, and get through safely, as I'm sure I can, you
will have that anyway. We are going right ahead now with
matter and pictures for the second and third issues, and if
it were not for the salaries and rent and incidentals we
could feel pretty easy, for Barry says he is sure we can get
'the first round of the first issue' from 'the man who
stands with his sleeves rolled up, wiping his hands on the
prehistoric towel while he talks,' without the money down.

"That, of course,