"The white paper," he continued, "will cost less than four cents a pound--less than one half-cent for each copy. The paper is always the big expense. Every publisher will tell you that. The paper for quarter of a million copies will cost twelve hundred and fifty dollars, the presswork about five hundred dollars. Everything else will cost less than another five hundred, so that a hundred and twenty-five thousand dollars a year will more than cover the cost of getting out the paper; but say it costs that,--we want to figure full, you know,--and then another hundred and twenty-five for premiums, or quarter of a million in all, which will be covered by actual subscription money, to say nothing of advertising returns, which ought to at least, counting three pages a week, be not less than one hundred and fifty thousand the first year, and that will be clear profit to be divided. I've figured it down to that to be on the safe side. With half a million circulation, of course, it would be twice as much and no extra cost except for presswork and white paper. I tell you, boys, it's the greatest scheme ever conceived." He ran the items over glibly and pushed the paper across the table for each to examine in turn. The figures were beautifully made, and seemed to add correctly. If there were a few minor items, such as postage, clerk hire, and cost of circulation, omitted, it was probably because they were too insignificant to be considered. The general feeling was one of elation. In the spell of silence that lay upon them each began to dream on his own account, and to build a castle about which shimmered the radiance of easily acquired wealth. In Livingstone's face there was a look that did not appear in the faces of his companions. It was not more eager, perhaps, but it was also tender. He was ten years younger than the others. Affluence meant much to all of them, but to him it meant something different--something of which the others did not know. "But we'll have to have a little money to start on, won't we, old man?" asked Van Dorn, at last, reflectively, of Barrifield. "Why, yes; I suppose a few hundred will be needed at the start to pay such little bills as may be presented. We want to impress everybody with the fact that we pay cash, don't you see? And discount everything. By paying the first bill the minute it's presented we'll establish the necessary credit, of course, and the next bill will be held till we call for it. Frisby didn't have a dollar,--not a dollar,--but then, the 'Voice of Light' was established, and possibly had some slight income, besides certain fixtures and connections, all of which we would have to secure, and probably at some cost. I could invite in all the money needed--all we need. Of course, it would be better if we could handle everything ourselves and not feel under any outside obligations. I could manage a fourth of it all right, or even a third--" He hesitated and looked dreamily across the table at the others.