J. RUFUS ACCEPTS A TEMPORARY ACCOMMODATION AND BUYS AN AUTOMOBILE
The experiment was a success. Immediately after lunch they secured a
fresh pine board and pounded all the tacks into it. Not one top came
off. The fact, however, that Mr. Lamb was part inventor, made a vast
difference in the proposition.
"Now, we'll talk cold business on this," said Mr. Wallingford. "Of
course, the main idea is mine, but the patent must be applied for by
both as joint inventors. Under the circumstances, I should say that
about one fourth of the value of the patent, which we shall sell to the
company for at least sixty thousand dollars, would be pretty good for
your few minutes of thought, eh?"
Mr. Lamb, his head swimming, agreed with him thoroughly.
"Very well, then, we'll go right out to a lawyer and have a contract
drawn up; then we'll go to a patent attorney and get the thing under
way at once. Do you know of a good lawyer?"
Mr. Lamb did. There was a young one, thoroughly good, who belonged to
Mr. Lamb's lodge, and they went over to see him. There is no expressing
the angle at which Mr. Lamb held his head as he passed out through the
lobby of the best hotel in his city. If his well-to-do townsmen having
business there wished to take notice of him, well and good; if they did
not, well and good also. He needed nothing of them.
It was with the same shoulder-squared self-gratification that he ushered
his affluent friend into Carwin's office. Carwin was in. Unfortunately,
he was always in. Practice had not yet begun for him, but Lamb was
bringing fortune in his hand and was correspondingly elated. He intended
to make Carwin the lawyer for the corporation. Mr. Carwin drew up for
them articles of agreement, in which it was set forth, with many a
whereas and wherein, that the said party of the first part and the said
party of the second part were joint inventors of a herein described new
and improved carpet tack, the full and total benefits of which were to
accrue to the said parties of the first part and the second part, and to
their heirs and assigns forever and ever, in the proportion of one
fourth to the said party of the first part and three fourths to the said
party of the second part.
Mr. Carwin, as he saw them walk out with the precious agreement, duly
signed, attested and sealed, was too timid to hint about his fee, and
Mr. Lamb could scarcely be so indelicate as to call attention to the
trifle, even though he knew that Mr. Carwin was gasping for it at that
present moment. The latter had hidden his shoes carefully under his desk
throughout the consultation, and had kept tucking his cuffs back out of
sight during the entire time. There were reasons, however, why Mr.
Wallingford did not pay the fee. In spite of the fact that everything
was charged at his hotel, it did take some cash for the bare necessities
of existence, and, in the past three days, he had spent over fifty
dollars in mere incidentals, aside from his living expenses.
Mr. Lamb did not know a patent lawyer, but he had seen the sign of one,
and he knew where to go right to him. The patent lawyer demanded a
preliminary fee of twenty-five dollars. Mr. Lamb was sorry that Mr.
Christopher had made such an unfortunate "break," for he felt that the
man would get no more of Mr. Wallingford's business. The latter drew
out a roll of bills, however, paid the man on the spot and took his
receipt.
"Will a ten-dollar bill help hurry matters any?" he asked.
"It might," admitted the patent lawyer with a cheerful smile.
His office was in a ramshackle old building that had no elevator, and
they had been compelled to climb two flights of stairs to reach it. Mr.
Wallingford handed him the ten dollars.
"Have the drawings and the application ready by to-morrow. If the thing
can be expedited we shall want you to go on to Washington with the
papers."
Mr. Christopher glowed within him. Wherever this man Wallingford went he
left behind him a trail of high hopes, a glimpse of a better day to
dawn. He was a public benefactor, a boon to humanity. His very presence
radiated good cheer and golden prospects.
As they entered the hotel, said Mr. Wallingford:
"Just get the key and go right on up to the room, Eddy. You know where
it is. Make yourself at home. Take your knife and try the covering on
those last tacks we put in. I'll be up in five or ten minutes."
When Mr. Wallingford came in Mr. Lamb was testing the tack covers with
great gratification. They were all solid, and they could scarcely be dug
off with a knife. He looked up to communicate this fact with glee, and
saw a frowning countenance upon his senior partner. Mr. J. Rufus
Wallingford was distinctly vexed.
"Nice thing!" he growled. "Just got a notice that there is an overdraft
in my bank. Now, I'll have to order some bonds sold at a loss, with the
market down all around; but that will take a couple of days and here I
am without cash--without cash! Look at that! Less than five dollars!"
He threw off his coat and hat in disgust and loosened his vest. He
mopped his face and brow and neck. Mr. Wallingford was extremely vexed.
He ordered a quart of champagne in a tone which must have made the
telephone clerk feel that the princely guest was dissatisfied with the
house. "Frappe, too!" he demanded. "The last I had was as warm as tea!"
Mr. Lamb, within the past day, had himself begun the rise to dizzy
heights; he had breathed the atmosphere of small birds and cold bottles
into his nostrils until that vapor seemed the normal air of heaven; the
ordinary dollar had gradually shrunk from its normal dimensions of a
peck measure to the size of a mere dot, and, moreover, he considered how
necessary pocket money was to a man of J. Rufus Wallingford's rich
relationship with the world.
"I have a little ready cash I could help you out with, if you will let
me offer it," he ventured, embarrassed to find slight alternate waves of
heat flushing his face. The borrowing and the lending of money were not
unknown by any means in Mr. Lamb's set. They asked each other for fifty
dollars with perfect nonchalance, got it and paid it back with equal
unconcern, and no man among them had been known to forget. Mr.
Wallingford accepted quite gracefully.
"Really, if you don't mind," said he, "five hundred or so would be quite
an accommodation for a couple of days."
Mr. Lamb gulped, but it was only a sort of growing pain that he had. It
was difficult for him to keep up with his own financial expansion.
"Certainly," he stammered. "I'll go right down and get it for you. The
bank closes at three. I have only a half hour to make it."
"I'll go right with you," said Mr. Wallingford, asking no questions, but
rightly divining that his Lamb kept no open account. "Wait a minute.
I'll make you out a note--just so there'll be something to show for it,
you know."
He hurriedly drew a blank from his pocket, filled it in and arose from
the table.
"I made it out for thirty days, merely as a matter of business form,"
stated Mr. Wallingford as they walked to the elevator, "but, as soon as
I put those bonds on the market, I'll take up the note, of course. I
left the interest in at six per cent."
"Oh, that was not necessary at all," protested Mr. Lamb.
The sum had been at first rather a staggering one, but it only took him
a moment or two to get his new bearings, and, if possible, he held his
head a trifle higher than ever as he walked out through the lobby. On
the way to the bank the capitalist passed the note over to his friend.
"I believe that's the right date; the twenty-fifth, isn't it?"
"The twenty-fifth is right," Mr. Lamb replied, and perfunctorily opened
the note. Then he stopped walking. "Hello!" he said. "You've made a
mistake. This is for a thousand."
"Is that so? I declare! I so seldom draw less than that. Well, suppose
we let it go at a thousand."
Time for gulping was passed.
"All right," said the younger man, but he could not make the assent as
sprightly as he could have wished. In spite of himself the words
drawled.
Nevertheless, at his bank he handed in his savings-book and the check,
and, thoroughly permeated by the atmosphere in which he was now moving,
he had made out the order for eleven hundred dollars.
"I needed a little loose change myself," he explained, as he put a
hundred into his own pocket and passed the thousand over to Mr.
Wallingford.
Events moved rapidly now. Mr. Wallingford that night sent off one
hundred and fifty dollars to his wife.
"Cheer up, little girl," he wrote her. "Blackie came here and reported
that this was a grouch town. I've been here three days and dug up a
thousand, and there's more in sight. I've been inquiring around this
morning. There is a swell little ten-thousand-dollar house out in the
rich end of the burg that I'm going to buy to put up a front, and you
know how I'll buy it. Also I'm going over to-morrow and pick out an
automobile. I need it in my business. You ought to see what long, silky
wool the sheep grow here."
The next morning was devoted entirely to pleasure. They visited three
automobile firms and took spins in four machines, and at last Mr.
Wallingford picked out a five-thousand-dollar car that about suited him.
"I shall try this for two weeks," he told the proprietor of the
establishment. "Keep it here in your garage at my call, and, by that
time, if I decide to buy it, I shall have my own garage under way. I
have my eye on a very nice little place out in Gildendale, and if they
don't want too much for it I'll bring on Mrs. Wallingford from Boston."
"With pleasure, Mr. Wallingford," said the proprietor.
Mr. Lamb walked away with a new valuation of things. Not a penny of
deposit had been asked, for the mere appearance of Mr. Wallingford and
his air of owning the entire garage were sufficient. In the room at the
hotel that afternoon they made some further experiments on tacks, and
Mr. Wallingford gave his young partner some further statistics
concerning the Eureka Company: its output, the number of men it
employed, the number of machines it had in operation, the small start
it had, the immense profits it made.
"We've got them all beat," Mr. Lamb enthusiastically summed up for him.
"We're starting much better than they did, and with, I believe, the best
manufacturing proposition that was ever put before the public."
It was not necessary to supply him with any further enthusiasm. He had
been inoculated with the yeast of it, and from that point onward would
be self-raising.
"The only thing I am afraid of," worried Mr. Wallingford, "is that the
Eureka Company will want to buy us out before we get fairly started,
and, if they offer us a good price, the stockholders will want to
stampede. Now, you and I must vote down any proposition the Eureka
Company make us, no matter what the other stockholders want, because, if
they buy us out before we have actually begun to encroach upon their
business, they will not give us one fifth of the price we could get
after giving them a good scare. Between us, Eddy, we'll hold six tenths
of the stock and we must stand firm."
Eddy stuck his thumbs in his vest pocket and with great complacency
tapped himself alternately upon his recent luncheon with the finger
tips of his two hands.
"Certainly we will," he admitted. "But say; I have some friends that I'd
like to bring into this thing. They're not able to buy blocks of stock
as large as you suggested, but, maybe, we could split up one lot so as
to let them in."
"I don't like the idea of small stockholders," Mr. Wallingford objected,
frowning. "They are too hard to handle. Your larger investors are
business men who understand all the details and are not raising eternal
questions about the little things that turn up; but since we have this
tack so perfect I've changed my plan of incorporation, and consequently
there is a way in which your friends can get in. We don't want to
attract any attention to ourselves from the Eureka people just now, so
we will only incorporate at first for one thousand dollars, in ten
shares of one hundred dollars each--sort of a dummy corporation in which
my name will not appear at all. If you can find four friends who will
buy one share of stock each you will then subscribe for the other six
shares, for which I will pay you, giving you one share, as I promised.
These four friends of yours then, if they wish, may take up one block of
twenty-five thousand when we make the final corporation, which we will
do by increasing our capital stock as soon as we get our corporation
papers. These friends of yours would, necessarily, be on our first board
of directors, too, which will hold for one year, and it will be an
exceptional opportunity for them."
"I don't quite understand," said Mr. Lamb.
"We incorporate for one thousand only," explained Mr. Wallingford,
slowly and patiently, "ten shares of one hundred dollars each,
all fully paid in. The Eureka Company will pay no attention to a
one-thousand-dollar company. As soon as we get our corporation papers,
we original incorporators will, of course, form the officers and board
of directors, and we will immediately vote to increase our
capitalization to one hundred thousand dollars, in one thousand shares
of one hundred dollars each. We will vote to pay you and I as inventors
sixty thousand dollars or six hundred shares of stock for our
patents--applied for and to be applied for during a period of five years
to come--in carpet-tack improvements and machinery for making the same.
We will offer the balance of the forty thousand dollars stock for sale,
to carry us through the experimental stage--that is, until we get our
machinery all in working order. Then we will need one hundred thousand
dollars to start our factory. To get that, we will reincorporate for a
three-hundred-thousand capital, taking up all the outstanding stock and
giving to each stockholder two shares at par for each share he then
holds. That will take up two hundred thousand dollars of the stock and
leave one hundred thousand for sale at par. You, in place of fifteen
thousand dollars' worth of stock as your share for the patent rights,
will have thirty thousand dollars' worth, or three hundred shares, and
if, after we have started operating, the Eureka Company should buy us
out at only a million, you would have a hundred thousand dollars net
profit."
A long, long sigh was the answer. Mr Lamb saw. Here was real
financiering.
"Let's get outside," he said, needing fresh air in his lungs after this.
"Let's go up and see my friend, Mr. Jasper."
In ten minutes the automobile had reported. Each man, before he left the
room, slipped a handful of covered carpet tacks into his coat pocket.