LESTER VALIANT came back from Oxford with the degree of B. Litt., some unpaid tailors' bills, and the conviction that the world owed him a living because he had been suffered within the sacred precincts of Balliol College for three years. A Rhodes scholarship is one of the most bounteous gifts the world holds for a young man; but in Lester's case Oxford piled upon Harvard left him with a perilous lot to unlearn. You can tell a lot about a man when you know what he is proud of; and Lester was really proud of having worn a wrist watch and a dinner jacket with blue silk lapels three or four years before they became habitual in the region of Herald Square. But let us be just: he was also proud of his first editions of Conrad and George Moore; for he was much afflicted with literature. Lester originated in the yonder part of Indiana, but when he returned from Oxford he made up his mind to live in New York. He felt it appropriate that he should be connected in some way with the production of literature, and after hiring a bedroom on the fourth floor of an old house on Madison Avenue, where two friends of his were living, he set out to visit the publishers. There is a third-rate club in London called the Litterateurs' Club. A few years ago it was in urgent need of funds, and a brilliant idea struck the managing committee. Every writer listed in the American “Who's Who” was circularized and received a very flattering letter saying that, owing to the distinction of his contributions to contemporary letters, the Litterateurs' Club of London would be very much pleased to welcome him as a member, upon a nominal payment of five guineas. About seven hundred guileless persons complied, and transatlantic travel became appreciably denser on account of these men of letters crossing to England to revel in their importance as members of a club of which no one in London has ever heard. And by some fluke the managing committee had got hold of the name of Lester Valiant, then at Oxford--perhaps because he had once published a story in the _Cantharides Magazine_. Probably they bought a mailing list from some firm in Tottenham Court Road. Cecil Rhodes's executors paid his five guineas, and he had his cards engraved: LESTER G. P. VALIANT The Litterateurs' Club, London