"It is obtaining money under false pretenses, for until you have completed this machinery and made a market for our goods, the stock you have sold is not worth the paper it is printed on. It represents no value whatever." "It represents as much value as treasury stock or any other stock," retorted Mr. Wallingford. "By the way, make a transfer of this fifty-share certificate to Thomas D. Caldwell." "Caldwell!" exclaimed Lamb. "Why, he is one of the very men we have been trying to interest in some of this treasury stock. He is of our lodge. Last week we had him almost in the notion, but he backed out." "When the right man came along he bought," said Wallingford, and laughed. "This money should have gone into our depleted treasury," Lamb declared hotly. "I refuse to make the transfer." "I don't care; it's nothing to me. I have the money and I shall turn over this certificate to Mr. Caldwell. When he demands the transfer you will have to make it." "There ought to be some legal way to compel this sale to be made of treasury stock." "Possibly," admitted Mr. Wallingford; "but there isn't. You will find, my boy, that everything I do is strictly within the pale of the law. I can go into any court and prove that I am an honest man." Lamb sprang angrily from his chair. "You're a thief," he charged, his eyes flashing. "I'm not drawing any salary for it," replied Wallingford, and Lamb halted his anger with a sickened feeling. The two hundred dollars a month that he had been drawing lay heavily upon his conscience. "I'm going to ask for a reduction in my pay at the next meeting," he declared. "I cannot take the money with a clear conscience." "That's up to you," replied Wallingford; "but I want to remind you that unless money is put into this treasury within a day or so the works are stopped," and he went out to climb into his auto, leaving the secretary to some very sober thought.