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still there he became interested in the theater, and his first play, “The Firebrand,” was a success. But then “Hamlet in Modern Dress” lost money, and then he put on a musical on which he lost his shirt. Then he began taking stock tips from Mr. Otto Kahn, which worked out disastrously both for him and for Mr. Kahn. Mr. Kahn could afford the losses; Liveright could not. Things went from bad to worse, and finally he couldn't go on any longer--he had to quit. He came to a very sad end. The business was more or less taken over by his old bookkeeper, Mr. Arthur Pell.

Why was that?

Liveright was broke.

But why Pell?

Well, Pell was the one who had gotten him the loans at something like 12 or 13 per cent interest. And finally when the assets were put up for sale, Pell bought most of them with money that somebody had provided him with; so he became really the firm of Horace Liveright. By this time they had changed the name from Boni & Liveright to Horace Liveright, Inc. Liveright, having very little to do, would come to the office and sit around, and one day Pell was heard to say to Horace: “Horace, I'll have to ask you to stop coming around. It looks so bad to have you here when people come in.” This was