"B—u—t—" stammered Paul and then stopped helplessly.

"The thing is not worth much as it now stands," went on Mr. Carter, puffing rings of smoke airily toward the ceiling, "but in time we could remodel it into a publication of real merit—make a winner of it."

Paul did not speak.

"How do you like newspaper work?" inquired Mr. Carter, shifting the subject adroitly.

"Very much—the little I've seen of it."

"If you were to come in here you might work up to a place on the Echo."

The boy started.

"You're a bright chap and I like you. I'd see you had a chance if you made good."

"You're very kind, sir, but—"

"Well, out with it! What's the matter?"