“I aim so to do to the best of my ability,” said Mr. Gubb, delighted to find Mr. Medderbrook in a good humor. “I hope to get the eleven thousand two hundred and sixty dollars I owe you paid up—”
“Where do you get that?” asked Mr. Medderbrook. “You owe me twelve thousand dollars, Gubb.”
“It was eleven thousand seven hundred and fifty,” said Mr. Gubb, “and this here payment of four hundred and ninety—”
“Ah!” said Mr. Medderbrook, “but the Utterly Hopeless Gold-Mine has declared a dividend—”
“But,” ventured Mr. Gubb timidly, “I thought dividends was money that came to the owner of the stock.”
“Often so,” said Mr. Medderbrook. “I may say, not infrequently so. But in this case it was a compound ten per cent reversible dividend, cumulative and retroactive, payable to prior owners of the stock, on account of the second mortgage debenture lien. In such a case,” he explained, “unless the priority is waived by the party of the first part, you have to pay it to me.”
“Oh!” said Mr. Gubb.
“Luckily,” said Mr. Medderbrook, “I was able to prevail upon the registrar of the company to make the dividend only ten cumulative per cents instead of eleven retroactive geometrical per cents, or you would now owe me thirteen thousand dollars.”
“Well, I’m sure I’m much obliged to you,” said Mr. Gubb with sincere gratitude. “I appreciate your kindness of good-will most greatly.”
He stood for a minute or two uneasily, while Mr. Medderbrook frowned like a great financier burdened with cares.