"Well, I'm ready to talk business," he said.

"And I," rejoined the other, easily. But he made no move to begin. After a strategic pause wherein it was made clear that he was determined not to open the conversation, his caller began to speak.

"Looking over the figures, I see," he suggested.

"Just running through them. They don't seem so bad, on the whole—in fact, rather better than I expected. Wellwood hasn't done so badly this year, after all, considering how heavy the losses have been all over the country—especially in the South."

The other did not reply. Each man fully understood that the other was temporizing, hoping to gain whatever advantage might accrue from letting the other make the initial play. But Mr. Murch was the older and the less nervous, and had himself better in hand. Finally the visitor spoke.

"Well, I don't suppose you sent for me merely to tell me that," he said abruptly. "Go ahead—make your proposition; there's no use beating about the bush between us." He picked up an ornamental paper cutter from the capitalist's desk and examined it with exaggerated care.

Mr. Murch took his time. He reflectively bit the end off a long cigar, and reached for a match box.

"I'm not sure that my mind's sufficiently made up to put a definite proposal up to you," he said, striking the match thoughtfully. "As I say, Wellwood hasn't been doing so badly—comparatively. And it hurts a company to make a change in its presidency—it disturbs the whole organization, especially when an outsider is brought in over the heads of all the subordinates. We have several promising men that might be disaffected by such a move. No, I don't believe I'm decided, at this time, on such radical action."

"Then I'll come again, when you do decide," said the other, and promptly rose to his feet.

In essence all this very much resembled the way an Algerian curio merchant conducts a bargain.