Mr. Hubert. And what did you do with it?
Mr. Ruby. Nothing, because I then got the sample and saw what they wanted for it. I think they wanted 45 cents just for the bearing part, and then you had to make this board, and knowing something about manufacturing, Jack wanted to sell it for about $2 retail, so I told him if the bearing cost 45 cents and the top cost a quarter and you have got to put it in a box and package it, you can’t come out, because you have got almost 80 cents cost to manufacture it and you have got to give the jobbers 50 and 10 above, that means you get 90 cents. You can’t work on a dime gross profit. And so I discouraged him about getting in it, so that was the end of that.
Mr. Hubert. Did he attempt to interest you in getting into this business?
Mr. Ruby. No; he wanted to make it there in Dallas. He wanted to make it in Dallas. In fact, he said he was going over, he was going to have, I think, the Goodwill. I think they manufacture things at a very reasonable cost, and he said that is how he was going to cut corners. But I discouraged him anyhow. I couldn’t see it, and it was a good thing I did because I checked on the sales of the item in the Detroit area and it was a flop, anyhow.
Mr. Hubert. Apparently this item wasn’t patented.
Mr. Ruby. No.
Mr. Hubert. Now, can you comment as to what you know about an organization called the Gilt Edge Associates, Finishing Corp., in New York City?
Mr. Ruby. Yes; that is owned by Elliott Schwartz and his brother.
Mr. Hubert. What is that corporation? What do they do?
Mr. Ruby. They do finishing on greeting cards. Some of their work is called flocking, and they put that glittery substance on greeting cards and things of that sort, and they also do silk screen work.