The sharp sound of our buzzer interrupted us. Because I was on my feet I went to the door. To my amazement I found it was Phelps who was our very early visitor.

"I hope you'll excuse this intrusion," he apologized to Kennedy, pushing by me with the rudeness which seemed inherent in the man. Then he recognized the sheet still spread out on the table. "I see you, too, have been reading the Metropolitan."

"Yes," Kennedy admitted, languidly. "There is nothing about Manton
Pictures, though."

"Manton Pictures, hell!" In an instant Phelps exploded and the thin veneer of politeness was gone. With a shaking finger he pointed to the item which we had just been reading and discussing. "Did you read that! Did you see the reference to stabilizing the industry? STABILIZING! It ought to be spelled stable-izing, for they lead all the donkeys into stalls and tie them up and let them kick." He stopped momentarily for sheer inability to continue.

"I suppose you don't know Manton is behind this Fortune Features?"

"We were aware of the fact," Kennedy told him, quietly.

Phelps looked from one to the other of us keenly, as if he had thought to surprise us and had been disappointed. Nervously he began to pace the floor.

"Perhaps you know also that things haven't been going just right with
Manton Pictures?"

Kennedy straightened. "When I asked you at Tarrytown, just two mornings ago, whether there was any trouble between Manton and yourself, you answered that there was not."

Phelps flushed. "I didn't want to air my financial difficulties with
Manton. My—my answer was truthful, the way you meant your question.
Manton and I have had no words, no quarrel, no disagreement of a
personal nature."