The man in the street did not appear to know it, but a great crisis was imminent in New York journalism.

Everything seemed much as usual in the city. The cars ran blithely on Broadway. Newsboys shouted their mystic slogan, "Wuxtry!" with undiminished vim. Society thronged Fifth Avenue without a furrow on its brow. At a thousand street corners a thousand policemen preserved their air of massive superiority to the things of this world. Of all the four million not one showed the least sign of perturbation.

Nevertheless, the crisis was at hand. Mr. J. Brabazon Renshaw, Editor-in-chief of _Peaceful Moments_, was about to leave his post and start on a three-months' vacation.

_Peaceful Moments_, as its name (an inspiration of Mr. Renshaw's own) was designed to imply, was a journal of the home. It was the sort of paper which the father of the family is expected to take back with him from the office and read aloud to the chicks before bedtime under the shade of the rubber plant.

Circumstances had left the development of the paper almost entirely to Mr. Renshaw. Its contents were varied. There was a "Moments in the Nursery" page, conducted by Luella Granville Waterman and devoted mainly to anecdotes of the family canary, by Jane (aged six), and similar works of the younger set. There was a "Moments of Meditation" page, conducted by the Reverend Edwin T. Philpotts; a "Moments among the Masters" page, consisting of assorted chunks looted from the literature of the past, when foreheads were bulged and thoughts profound, by Mr. Renshaw himself; one or two other special pages; a short story; answers to correspondents on domestic matters; and a "Moments of Mirth" page, conducted by one B. Henderson Asher--a very painful affair.

The proprietor of this admirable journal was that Napoleon of finance, Mr. Benjamin Scobell.

That this should have been so is but one proof of the many-sidedness of that great man.

Mr. Scobell had founded _Peaceful Moments_ at an early stage in his career, and it was only at very rare intervals nowadays that he recollected that he still owned it. He had so many irons in the fire now that he had no time to waste his brain tissues thinking about a paper like _Peaceful Moments_. It was one of his failures. It certainly paid its way and brought him a small sum each year, but to him it was a failure, a bombshell that had fizzled.

He had intended to do big things with _Peaceful Moments_. He had meant to start a new epoch in the literature of Manhattan.

"I gottan idea," he had said to Miss Scobell. "All this yellow journalism--red blood and all that--folks are tired of it. They want something milder. Wholesome, see what I mean? There's money in it. Guys make a roll too big to lift by selling soft drinks, don't they? Well, I'm going to run a soft-drink paper. See?"

The enterprise had started well. To begin with, he had found the ideal editor. He had met Mr. Renshaw at a down-East gathering presided over by Mrs. Oakley, and his Napoleonic eye had seen in J. Brabazon the seeds of domestic greatness. Before they parted, he had come to terms with him. Nor had the latter failed to justify his intuition. He made an admirable editor. It was not Mr. Renshaw's fault that the new paper had failed to electrify America. It was the public on whom the responsibility for the failure must be laid. They spoiled the whole thing. Certain of the faithful subscribed, it is true, and continued to subscribe, but the great heart of the public remained untouched. The great heart of the public declined to be interested in the meditations of Mr. Philpotts and the humor of Mr. B. Henderson Asher, and continued to spend its money along the bad old channels. The thing began to bore Mr. Scobell. He left the conduct of the journal more and more to Mr. Renshaw, until finally--it was just after the idea for extracting gold from sea water had struck him--he put the whole business definitely out of his mind. (His actual words were that he never wanted to see or hear of the darned thing again, inasmuch as it gave him a pain in the neck.) Mr. Renshaw was given a free hand as to the editing, and all matters of finance connected with the enterprise were placed in the hands of Mr. Scobell's solicitors, who had instructions to sell the journal, if, as its owner crisply put it, they could find any chump who was enough of a darned chump to give real money for it. Up to the present the great army of chumps had fallen short of this ideal standard of darned chumphood.

Ever since this parting of the ways, Mr. Renshaw had been in his element. Under his guidance _Peaceful Moments_ had reached a level of domesticity which made other so-called domestic journals look like sporting supplements. But at last the work had told upon him. Whether it was the effort of digging into the literature of the past every week, or the strain of reading B. Henderson Asher's "Moments of Mirth" is uncertain. At any rate, his labors had ended in wrecking his health to such an extent that the doctor had ordered him three months' complete rest, in the woods or mountains, whichever he preferred; and, being a farseeing man, who went to the root of things, had absolutely declined to consent to Mr. Renshaw's suggestion that he keep in touch with the paper during his vacation. He was adamant. He had seen copies of _Peaceful Moments_ once or twice, and refused to permit a man in Mr. Renshaw's state of health to come in contact with Luella Granville Waterman's "Moments in the Nursery" and B. Henderson Asher's "Moments of Mirth."

"You must forget that such a paper exists," he said. "You must dismiss the whole thing from your mind, live in the open, and develop some flesh and muscle."

Mr. Renshaw had bowed before the sentence, howbeit gloomily, and now, on the morning of Betty's departure from Mrs. Oakley's house with the letter of introduction, was giving his final instructions to his temporary successor.

This temporary successor in the editorship was none other than John's friend, Rupert Smith, late of the _News_.

Smith, on leaving Harvard, had been attracted by newspaper work, and had found his first billet on a Western journal of the type whose society column consists of such items as "Jim Thompson was to town yesterday with a bunch of other cheap skates. We take this opportunity of once more informing Jim that he is a liar and a skunk," and whose editor works with a pistol on his desk and another in his hip-pocket. Graduating from this, he had proceeded to a reporter's post on a daily paper in Kentucky, where there were blood feuds and other Southern devices for preventing life from becoming dull. All this was good, but even while he enjoyed these experiences, New York, the magnet, had been tugging at him, and at last, after two eventful years on the Kentucky paper, he had come East, and eventually won through to the staff of the _News_.

His presence in the office of _Peaceful Moments_ was due to the uncomfortable habit of most of the New York daily papers of cutting down their staff of repor............