“I’d call it the Salvation Company,” drawled Harris, “as it is likely to delay your trip to Sing Sing.”
A general laugh, in which Ketchim joined heartily, followed the remark.
“I suggest we call it the Simití Development Company,” said Cass, after a moment’s dignified reflection.
“Great!” cried Ketchim. “It has a prosperous ring! And now its capitalization? We must make it big!”
“Hem!” returned Cass. “If these gentlemen can acquire that mine, I think I would capitalize for, say, about three millions.” He went to the desk and made some calculations. “I assume,” he continued somewhat pompously after a few moments’ figuring, “that you wish to retain me, and that I am to take my compensation in stock?”
Ketchim quickly assented. He knew that Cass had correctly concluded that in no other way was he likely to be reimbursed. And, at best, it was only a hazard, a wild gamble. In fact, it 41 was a last desperate chance. Moreover, stock was always available; while cash was a rare commodity.
“Suppose, then,” continued the sapient young lawyer, “that we capitalize for three millions; set aside one million, five hundred and one thousand as treasury stock, to be sold to raise money for development purposes; transfer to the Ketchim Realty Company one million, as compensation for acting as fiscal agents of the new company; transfer to these two gentlemen, as part compensation for past and future services, the sum of four hundred thousand in stock; give to the stockholders of the Molino Company the sum of fifty-nine thousand in stock for all the assets, machinery, good will, et cetera, of that company; and to me, for services to be rendered, forty thousand dollars’ worth of the stock. All of us shall agree not to sell any of our personal holdings of stock until the company shall be placed upon a dividend-paying basis. And Mr. Reed, or Mr. Harris, or both, will return to Colombia immediately to relocate the mine, and prepare for its development, while the Ketchim Realty Company at once endeavor to sell the treasury stock.”
Having delivered himself of this comprehensive plan, Cass settled back in his chair and awaited remarks.
“Well,” observed Ketchim at length, “that’s all right––only, I think we should be allowed to sell our personal stock if we wish. Of course,” with a deprecating wave of his hand, “there isn’t the slightest likelihood of our ever wanting to do that––with a mine such as you have described, fellows. But––why hedge us about?”
“Not one dollar’s worth of your stock shall you be permitted to sell!” cried Harris, bringing his fist down upon the desk.