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policeman, knowing the importance of his own safety, and the insignificance of the gangsman's, permits the opposing forces to hammer each other into a certain distaste for battle, and then, when both sides have begun to have enough of it, rushes in himself and clubs everything in sight. It is an admirable process in its results, but it is sure rather than swift.

Proceedings in the affair below had not yet reached the police interference stage. The noise, what with the shots and yells from the street and the ear-piercing approval of the roof-audience, was just working up to a climax.

Psmith rose. He was tired of kneeling by the trap, and there was no likelihood of Sam making another attempt to climb through. He walked towards Billy.

As he did so, Billy got up and turned to him. His eyes were gleaming with excitement. His whole attitude was triumphant. In his hand he waved a strip of paper.

"I've got it," he cried.

"Excellent, Comrade Windsor," said Psmith. "Surely we must win through now. All we have to do is to get off this roof, and fate cannot touch us. Are two mammoth minds such as ours unequal to such a feat? It can hardly be. Let us ponder."

"Why not go down through the trap? They've all gone to the street."

Psmith shook his head.

"All," he replied, "save Sam. Sam was the subject of my late successful experiment, when I proved that coloured gentlemen's heads could be hurt with a stick. He is now waiting below, armed with a pistol, readyβ€”even anxiousβ€”to pick us off as we climb through the trap. How would it be to drop Comrade Gooch through first, and so draw his fire? Comrade Gooch, I am sure, would be delighted to do a little thing like that for old friends of our standing orβ€”but what's that!"

"What's the matter?"

"Is that a ladder that I see before me, its handle to my hand? It is! Comrade Windsor, we win through. Cosy Moments' editorial staff may be tree'd, but it cannot be put out of business. Comrade Windsor, take the other end of that ladder and follow me."

The ladder was lying against the farther wall. It was long, more than long enough for the purpose for which it was needed. Psmith and Billy rested it on the coping, and pushed it till the other end reached across the gulf to the roof of the house next door, Mr. Gooch eyeing them in silence the while.

Psmith turned to him.

"Comrade Gooch," he said, "do nothing to apprise our friend Sam of these proceedings. I speak in your best interests. Sam is in no mood to make nice distinctions between friend and foe. If you bring him up here, he will probably mistake you for a member of the staff of Cosy Moments, and loose off in your direction without waiting for explanations. I think you had better come with us. I will go first, Comrade Windsor, so that if the ladder breaks, the paper will lose merely a sub-editor, not an editor."

He went down on all-fours, and in this attitude wormed his way across to the opposite roof, whose occupants, engrossed in the fight in the street, in which the police had now joined, had their backs turned and did not observe him. Mr. Gooch, pallid and obviously ill-attuned to such feats, followed him; and finally Billy Windsor reached the other side.

"Neat," said Psmith complacently. "Uncommonly neat. Comrade Gooch reminded me of the untamed chamois of the Alps, leaping from crag to crag."

In the street there was now comparative silence. The police, with their clubs, had knocked the last remnant of fight out of the combatants. Shooting had definitely ceased.

"I think," said Psmith, "that we might now descend. If you have no other engagements, Comrade Windsor, I will take you to the Knickerbocker, and buy you a square meal. I would ask for the pleasure of your company also, Comrade Gooch, were it not that matters of private moment, relating to the policy of the paper, must be discussed at the table. Some other day, perhaps. We are infinitely obliged to you for your sympathetic co-operation in this little matter. And now good-bye. Comrade Windsor, let us debouch."







CHAPTER XXII β€” CONCERNING MR. WARING

Psmith pushed back his chair slightly, stretched out his legs, and lit a cigarette. The resources of the Knickerbocker Hotel had proved equal to supplying the fatigued staff of Cosy Moments with an excellent dinner, and Psmith had stoutly declined to talk business until the coffee arrived. This had been hard on Billy, who was bursting with his news. Beyond a hint that it was sensational he had not been permitted to go.

"More bright young careers than I care to think of," said Psmith, "have been ruined by the fatal practice of talking shop at dinner. But now that we are through, Comrade Windsor, by all means let us have it. What's the name which Comrade Gooch so eagerly divulged?"

Billy leaned forward excitedly.

"Stewart Waring," he whispered.

"Stewart who?" asked Psmith.

Billy stared.

"Great Scott, man!" he said, "haven't you heard of Stewart Waring?"

"The name seems vaguely familiar, like Isinglass or Post-toasties. I seem to know it, but it conveys nothing to me."

"Don't you ever read the papers?"

"I toy with my American of a morning, but my interest is confined mainly to the sporting page which reminds me that Comrade Brady has been matched against one Eddie Wood a month from to-day. Gratifying as it is to find one of the staff getting on in life, I fear this will cause us a certain amount of inconvenience. Comrade Brady will have to leave the office temporarily in order to go into training, and what shall we do then for a fighting editor? However, possibly we may not need one now. Cosy Moments should be able shortly to give its message to the world and ease up for a while. Which brings us back to the point. Who is Stewart Waring?"

"Stewart Waring is running for City Alderman. He's one of the biggest men in New York!"

"Do you mean in girth? If so, he seems to have selected the right career for himself."

"He's one of the bosses. He used to be Commissioner of Buildings for the city."

"Commissioner of Buildings? What exactly did that let him in for?"

"It let him in for a lot of graft."

"How was that?"

"Oh, he took it off the contractors. Shut his eyes and held out his hands when they ran up rotten buildings that a strong breeze would have knocked down, and places like that Pleasant Street hole

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