It appeared that there was only water in this region covered with ice of considerable thickness. But this was the risk of the purchaser. In any case he would not be disappointed in the nature of his merchandise by any misrepresentation.

At 12 o'clock exactly the public auctioneer entered by a little trap-door cut in the boards of the floor and took his place before the desk. His crier, Flint, had already arrived, and was walking up and down as agitated as a bear in a cage. Both were glad at the prospect, as they thought that the sale would run up to an enormous sum and put a large and acceptable percentage in their pockets. Of course the sale would have to be made under the regular, real American rule, "ready cash."

The amount of money, no matter how large it would be, must be raised by the delegates. At this moment a large bell ringing with vigor indicated that the bidding was going to begin. What a solemn moment! Many hearts quivered in that neighborhood. A minor riot spread among the crowd outside and reached into the hall, and Andrew R. Gilmour, the auctioneer, had to wait until quiet was restored. He got up and looked steadily at his assistants. Then he let his eyeglasses fall on his breast and said in as quiet a voice as possible: "Gentlemen, according to the plan of the Federal government, and thanks to the acquiescence given it by the European powers, we will sell a great fixed mass, situated around the North Pole, all that is within the limits of the 84th parallel, continents, waters, bays, islands, icebergs, solid parts or liquid, whatever they may be." Then, turning towards the wall, he said "Look at this chart, which has been outlined according to the latest discoveries. You will see that the surface of this lot contains 407,000 square miles. Therefore, to make the sale easier, it has been decided that the bids should be made for each square mile. Each cent bid, for instance, will be equal to 407,000 cents and each dollar 407,000 dollars on the total purchase. A little silence, please, gentlemen."

This request was not superfluous, because the impatience of the public had reached such a degree that the voice of a bidder would hardly be heard. After partial silence had been established, thanks to the industry of the crier, Flint, who roared like a foghorn, Mr. Gilmour resumed as follows: "Before beginning I will mention only one condition of the sale. No matter what changes should happen, either from a geographical or meteorological standpoint, this region after being sold to the highest bidder is absolutely his own beyond any dispute, and the other countries have no right of possession whatever as long as the territory is not outside of the limits of the 84th degree north latitude." Again was this singular phrase mentioned at a very important moment. Some laughed at it, others considered it very seriously. "The bids are open," said the public auctioneer in a loud voice, and while his little ivory hammer was rolling in his hand he added in an undertone: "We have offers at 10 cents the square mile. Ten cents or the tenth part of a dollar-this would make an amount of $40,700 for the whole of this immovable property." Whether the auctioneer had had such offers or not does not matter, because the bid was covered by Eric Baldenak in the name of the Danish Government. "Twenty cents," said he.

"Thirty cents," said Jan Harald, for Sweden-Norway.

"Forty cents," said Col. Boris Karkof, for Russia.

This represented already a sum of $162,800 to begin with. The representative of England had not as yet opened his mouth, not even moved his lips, which were pressed tightly together. On the other side Wm. S. Forster kept an impenetrable dumbness. Even at this moment he seemed absorbed in reading a newspaper which contained the shipping arrivals and the financial reports of the markets each day.

"Forty cents per square mile," repeated Flint, in a voice which resembled a steam whistle, "40 cents."

The four colleagues of Major Donellan looked at each other. Had they already exhausted the credit allowed them at the beginning of the bidding? Were they already compelled to be silent?

"Go on, gentlemen," said the Auctioneer Gilmour, "40 cents.