“If we can hold the big local advertisers.”

Galpin looked down on his employer with sorrowful eyes. He cleared his throat, scratched his head, spat upon the floor, and was apologetic about it; hummed, hawed, and glowered. Jeremy regarded these maneuvers with surprise.

“Baby got a pin stickin’ into ums?” he inquired solicitously.

“Oh, hell, Boss!” broke out the other. “I hate to tell you. They’re on our trail now. The Botches’ game is working. Ellison, of Ellison Brothers, is in your office waiting to see you.”

Jeremy left for his own den and the interview.

Visibly ill at ease, the head of Fenchester’s oldest department store rose to greet Jeremy, resumed his seat and proceeded volubly to say a great deal of nothing in particular, about the uncertainty of the business outlook and the necessity, apparent to every thoughtful merchant, of retrenchment. Adjured to get down to details, he painfully brought himself to the point of announcing that Ellison Brothers felt it best to drop out of The Guardian’s columns.

“Just temporary, Mr. Robson, you understand,” he said in a tone which assured his auditor that it was nothing of the sort. “We hope to resume soon.”

“But, Mr. Ellison,” said Jeremy in dismay, “there must be some reason for this. Is it our editorial course that you object to?”

The visitor began to babble unhappily.

“No, no, Mr. Robson! You must n’t think that. I—I quite approve of your editorial course. Quite! Personally, I mean to say.... As a merchant—Well, of course, you have been a little hard on our German fellow-citizens. Have n’t you, now? You must admit that, yourself.... Oh, it’s all right, of course! Very praiseworthy, and all that. Loyalty; yes, indeed; loyalty above everything.... But for a business man—We can’t afford—”