“A man who drops a payment on his bond gets nothing back—that is a part of his contract—and the steady investor reaps the benefit, as he should. Suppose you hold bond number ten; suppose at the time of maturity, bonds number three, five, six, eight and nine have lapsed, after having paid in from one-fourth to three-fourths of their money; that leaves only bonds one, two, four, seven and ten to be paid from the redemption fund. I don’t suppose you understand how large a percentage of lapsation there is. Let me show you.”
From his pocket Mr. Wallingford produced a little red book, showing how in industrial and fraternal insurance the percentage of lapsation amounts to a staggering percentage, thus reducing by forfeited capital the cost of insurance in those organizations.
“So you see, Mr. Wright,” concluded Wallingford, snapping shut the book and putting it in his pocket, “this, in the end, is only a splendid device for saving money and for using it while you are saving it.”
On this ground, after much persuasion, he sold a bond to the careful Mr. Wright, and quit work for the day, well satisfied with his two dollars’ commission. At a fifteen-dollar dinner that evening Mr. Merrill found him a good fellow, and, being interested not only in Wallingford’s “lottery” but in Wallingford himself, gave him the names of a dozen likely members. Later he even went so far as to see some of them himself on behalf of the company.
Two days after that Mr. Wallingford called again on his careful carpenter, and from that gentleman secured a personal recommendation to a few friends of Mr. Wright’s particular kind.
CHAPTER XI
WHEREIN BLACKIE DAW PLAYS A BRIEF CHARACTER
BIT
Andy Grout came into Doc Turner’s office in a troubled mood, every down-drooping line in his acid countenance absolutely vertical.