“What is this I hear about a new journal?” asked Struve, who had come in unobserved, slipping into a chair beside Pelisson.

The newspaper man explained whilst Toto and Gaillard breakfasted.

“And Toto pays for all this?”

“He has good security; besides, he only pays a third. I have two hundred thousand francs from a little syndicate, and the promise of five hundred thousand if the thing takes. Toto has a lien on the advertisements; he is perfectly safe.”

“What’s De Nani’s salary?”

“I give him a dinner every day and ten francs.”

“Have you a cash-box?”

“Why?”

“Keep it locked. Pelisson, you are a fool.”

“Why?”