Get-Rich-Quick Wallingford: A Cheerful Account of the Rise and Fall of an American Business BuccaneerChester, George Randolph
General
Get-Rich-Quick Wallingford: A Cheerful Account of the Rise and Fall of an American Business Buccaneer
Chester, George Randolph
Businessmen -- Fiction; New York (N.Y.) -- Fiction; Swindlers and swindling -- Fiction
Doctor Feldmeyer, encouraged by Wallingford, became an unofficial
attache of the family in the following weeks. Vain, susceptible, and
considering himself very much of a ladies' man, he exerted himself to be
agreeable, and J. Rufus helped him to opportunities. If he had any
ulterior purpose in this he did not confide it to his wife, or even let
her suspect it. It would not have been safe. In the meantime the affairs
of the Pneumatic Sales Recorder Company moved speedily onward. One
entire end of his shop Carl Klug devoted to its affairs, putting in
special machinery and hiring as many men as he could use, and here
Wallingford reported every day, his suggestions being nearly always
sound and inspiring Mr. Klug's respect. He held his standing with the
rest of them in a different way. When they called at the shop they found
Wallingford's cab always standing outside, and it was soon noised about
that this cab was hired by the day! "Blackie" Daw, levying his dubious
contributions on a gullible public, was paying for this and wiping out
his debt.
But little more than two months had elapsed when Carl had his first lot
of recorders ready for the market, and the treasury was depleted. Now it
became necessary to have money for marketing, and that meant the
remaining three thousand dollars of J. Rufus Wallingford's subscription
or an evasion of it. Prepared for this, he took the floor as soon as the
matter was mentioned at the meeting which was called to levy this
assessment.
"What is the use?" he demanded to know. "Why use our own money? I
understand that Mr. Schmitt must get his three thousand from the
building loan association, to which he must pay six per cent. I
understand that Mr. Jensen has his now out at five per cent. Let me show
you how to finance this concern. I will put in ten thousand at once, and
take the company's note. This note I can then discount, and put the
money right back into my business, and in that way my ten thousand
dollars is doing twenty thousand dollars' worth of work--a bank carrying
the burden of both operations."
It was a financial argument entirely new to these men, unused to tricks
of money manipulation, and it took them some little time to grasp it.
When they did, however, they were as pleased as a boy with his first
watch, and Wallingford was a dazzling hero, as, with a nonchalant air,
after glancing at the clock to make sure that it was after banking
hours, he wrote them a check on "his bank in Boston" for ten thousand,
and took their note, signed by the Pneumatic Sales Recorder Company and
indorsed jointly by all its members.
That night Wallingford drove up in hot haste to Jens Jensen's house.
Public-domain text, read in full here on John Shaqi.
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