It is hinted to the Metropolitan Man-about-Broadway, by those in a position to know but who cannot yet be quoted, that Fortune Features is about to absorb a number of the largest competing companies.  Rumors of great changes in the picture world have been current for some weeks, and this is the first reliable information to be given out.  It is premature to give details of the new combination, or to mention names, but Fortune’s strong backing in Wall Street will, we are assured, have a stabilizing influence at a critical time in the industry.

“Seems to be a lot of hot air,” I said.  “There isn’t a name mentioned.  Everything is ‘by those in a position to know’ and ’rumors of and ’it is premature to give details... or mention names’—­Bah!”

Kennedy turned to places he had marked in several of the other periodicals and papers and I read them.  Each was substantially to the effect of the note in the Metropolitan, although worded differently and generally printed as a news item.

“It’s a feeler,” Kennedy stated.  “There’s something back of it.  When I caught the reference to Fortune Features in the Metropolitan, which I’ve been reading the past two days, I sent the boy out for every movie publication he could find.  Result:  half a dozen repetitions of the hint that Fortune is expanding.  That means that it is deliberate publicity.”

“You think this has something to do with the case?”

“I don’t see the name of Manton mentioned once.  Manton is a man who seeks the front page on every opportunity.  You remember, of course, what Millard told us.  Somehow I smell a rat.  If nothing else develops for this morning, I want to find Millard and talk to him again.  I believe Manton is up to something.”

The sharp sound of our buzzer interrupted us.  Because I was on my feet I went to the door.  To my amazement I found it was Phelps who was our very early visitor.

“I hope you’ll excuse this intrusion,” he apologized to Kennedy, pushing by me with the rudeness which seemed inherent in the man.  Then he recognized the sheet still spread out on the table.  “I see you, too, have been reading the Metropolitan.”

“Yes,” Kennedy admitted, languidly.  “There is nothing about Manton Pictures, though.”

“Manton Pictures, hell!” In an instant Phelps exploded and the thin veneer of politeness was gone.  With a shaking finger he pointed to the item which we had just been reading and discussing.  “Did you read that!  Did you see the reference to stabilizing the industry?  Stabilizing!  It ought to be spelled stable-izing, for they lead all the donkeys into stalls and tie them up and let them kick.”  He stopped momentarily for sheer inability to continue.

“I suppose you don’t know Manton is behind this Fortune Features?”

“We were aware of the fact,” Kennedy told him, quietly.

Phelps looked from one to the other of us keenly, as if he had thought to surprise us and had been disappointed.  Nervously he began to pace the floor.