"Your circulation increases rapidly," remarked Mr. Carter, the shadow of a smile on his face.

"Yes, sir, it does," came innocently from Paul.

"How many numbers would you wish to issue annually?"

"Ten. We'd want to bring out a paper the first of each month from October to June. With our studies, that would be about all we could handle, I guess."

"I guess so, too," agreed Mr. Carter caustically.

"How large a paper do you plan to have?" he added an instant later.

"Oh, I hadn't thought much about that. It would depend on how much space we could fill up. Perhaps twenty-five pages."

The magnate nodded.

It was impossible to fathom what was going on in his mind. Was he preparing to burst into a tirade of ridicule, or was he really considering the proposition?

"We'd want some good sort of a cover, of course," Paul put in as an afterthought.