said they were doing very well, he believed, and Mr. Chapley went on.
" So many of the local booksellers are feeling the competition of the large stores which have begun to deal in books as well as everything else under the sun, nowadays. I understand they have completely disorganized the book trade in some of our minor cities; completely! They take hold of a book like Robert Elsmere, for instance, as if it were a piece of silk that they control the pattern of, and run it at a price that is simply ruinous; besides doing a large miscellaneous business in books at rates that defy all competition on the part of the regular dealers. But perhaps you haven't suffered from these commercial monstrosities yet in Midland? "
" Oh, yes," said Ray; " We have our local Stewart's or Macy's, whichever it is; and I imagine Schmucker & Wills feel it, especially at the holidays." He had never had to buy any books himself, because he got the copies sent to the Echo for review; and now, in deference to Mr. Chapley, he was glad that he had not shared in the demoralization of the book trade. " But I think," he added, cheerfully, " that they are holding their own very well."
" I am very glad to hear it, very glad, indeed," said Mr. Chapley. " If we can only get this international copyright measure through and dam up the disorganizing tide of cheap publications at its source, we may hope to restore, the tone of the trade. As it is, we are ourselves constantly restricting our enterprise as publishers. We scarcely think now of looking at the manuscript of an unknown author."
Mr. Chapley looked at the manuscript of the unknown author before him, as if he divined it through its wrappings of stiff manila paper. Ray had no reason to think that he meant to prevent a possible offer of manuscript, but he could not help thinking so, and it cut him short in the inquiries he was going to make as to the extent of the demoralization the book trade had suffered through the competition of the large variety stores. He had seen a whole letter for the Echo in the subject, but now he could not go on. He sat blankly staring at Mr. Chapley's friendly, pensive face, and trying to decide whether he had" better get himself away without seeing Mr. Brandreth, or whether he had better stay and meet him, and after a cold, formal exchange of civilities, shake the dust of Chapley & Co.'s publishing house from his feet forever. The distant street door opened again, and a small light figure, much like his own, entered briskly. Mr. Kane turned about at the new-comer's step as he had turned at Mr. Chapley's, and sent his cheerful hail across the book counters as before. '' Ah, good morning, good morning! "
"Good morning, Mr. Kane; magnificent day," said the gentleman, who advanced rapidly towards Ray and Mr. Chapley, with a lustrous silk hat on his head, and a brilliant smile on his face. His overcoat hung on his arm, and he looked fresh and warm as if from a long walk. "Ah, good-morning," he said to Mr. Chapley; "how are you this morning, sir?" He bent his head inquiringly towards Ray, who stood a moment while Mr. Chapley got himself together and said:
" This is Mr. — ah — Ray, who brings a letter from our old friends " — he had to glance at the letter-head — "Schmucker & Wills, of — Midland."
" Ah! Midland! yes," said Mr. Brandreth, for Ray felt it was he, although his name had not been mentioned yet. " Very glad to see you, Mr. Ray. When did you leave Midland? Won't you sit down? And you, Mr. Chapley? "
"No, no," said Mr. Chapley, nervously. "I was going to my own room. How is poor Bella this morning? "
" Wonderfully well, wonderfully! I waited for the doctor's visit before I left home, so as to report reliably, and he says he never saw a better convalescence. He promises to let her go out in a fortnight or so, if the weather's good."
" You must be careful! Don't go too fast! " said Mr. Chapley. And the — child? "
"Perfectly splendid! He slept like a top last night, and we could hardly get him awake for breakfast."
" Poor thing! " said Mr. Chapley. He offered Ray his hand, and said that he hoped they should see him often; he must drop in whenever he was passing. " Mr. Ray," he explained, " has come on to take up his residence in New York. He remains connected with one of the papers in — Midland; and I have been referring him to you for literary gossip, and that kind of thing."
" All right, sir, all right! " said Mr. Brandreth. He laughed out after Mr. Chapley had left them, and then said: "Excuse me, Mr. Ray. You mustn't mind my smiling rather irrelevantly. We've had a great event at my house this week — in fact, we've had a boy."
" Indeed! " said Ray. He had the sort of contempt a young man feels for such domestic events; but he easily concealed it from the happy father, who looked scarcely older than himself.
" An eight-pounder," said Mr. Brandreth. " I have been pretty anxious for the last few weeks, and — I don't know whether you married or not, Mr. Ray? "
" No."
" Well, then you wouldn't understand." Mr. Brandreth arrested himself reluctantly, Ray thought, in his confidences. " But you will, some day; you will, some day," he added, gayly; " and then you'll know what it is to have an experience like that go off well. It throws a new light on everything." A clerk came in with a pile of opened letters and put them on Mr. Brandreth's desk, with some which were still sealed; Ray rose again. "No, don't go. But you won't mind my glancing these over while we talk. I don't know how much talk you've been having with Mr. Chapley — he's my father-in-law, you know? "
Ray owned that he did not
" Yes; I came into the firm and into the family a little over a year ago. But if there are any points I can give you, I'm quite at your service."
"Thank you," said Ray. "Mr. Chapley was speaking of the effect of the competition of the big variety stores on the regular booksellers."
Mr. Brandreth slitted the envelope of one of the letters with a slim paperknife, and glanced the letter over. " Well, that's a little matter I differ with Mr. Chapley about. Of course, I know just how he feels, brought up the way he was, in the old traditions of the trade. It seems to him we must be going to the bad because our books are sold over a counter next to a tin-ware counter, or a perfume and essence counter, or a bric-à-brac counter. I don't think so. I think the great thing is to sell the books, and I wish we could get a book into the hands of one of those big dealers; I should be glad of the chance. We should have to make him a heavy discount; but look at the discounts we have to make to the trade, now! Forty per cent., and ten cents off for cash; so that a dollar and a half book, that it costs twenty-five cents or thirty cents to make, brings you in about seventy cents. Then, when you pay the author his ten per cent copyright, how far will the balance go towards advertising, rent, clerk hire and sundries? If you want to get a book into the news companies, you have got to make them a discount of sixty per. cent out of hand."
" Is it possible? " asked Ray. " I'd no idea it was anything like that! "
"No; people haven't. They think publishers are rolling in riches at the expense of the author and the reader. And some publishers themselves believe that if we could only keep up the old system of letting the regular trade have the lion's share on long credit, their prosperity would be assured. I don't, myself. If we could get hold of a good, breezy, taking story, I'd like to try my chance with it in the hands of some large dry-goods man."
Ray's heart thrilled. His own story had often seemed to him good and taking; whether it was breezy or not, he had never thought He wished he knew just what Mr. Brandreth meant by breezy; but he did not like to ask him. His hand twitched nervelessly on the manuscript in his lap, and he said, timidly: " Would it be out of the way for me to refer to some of these facts — they're not generally known — in my letters? Of course not using your name."
" Not at all! I should be
