They adjourned, as stockholders, and reconvened immediately as
Directors; and the first matter that came up was a proposition from
Buckbee to market a hundred million shares of common stock.
"You have here," he said, "a phenomenal property--one that will stand
the closest of scrutiny; and with the name of Whitney H. Stoddard
behind it. More than that, you are on the eve of an enormous
production at a time when copper is going up. It is selling now for
over eighteen cents and within a year it will be up in the twenties.
Within a very few months, unless I am mistaken, there will be a battle
royal in the copper market. The Hackmeister interests have had copper
tied up, but the Tecolote Company can break that combine and at the
same time gain an enormous prestige. There will be a fight, of course,
but this stock will cost you nothing and you can retain a controlling
share. My proposition is simply that you issue the common and divide
it pro rata among you, your present stock then becoming preferred.
Then you can put your common on the market in such lots as you wish and
take your profits at the crest. In conclusion let me say that I will
handle all you offer at the customary broker's charge."
He sat down and Rimrock looked out from under his eyebrows at Stoddard
and Mary Fortune.
"Very well," said Stoddard after waiting for a moment. "It's agreeable
to me, I'm sure."
"I'm against it," declared Rimrock promptly. "I'm against any form of
reorganization. I'm in favor of producing copper and taking our
profits from that."
"But this is plain velvet," protested Buckbee, smilingly. "It's just
like money picked up in the road. I don't think I know of any company
of importance that hasn't done something of the kind."
"I'm against it," repeated Rimrock in his stubborn way and all eyes
were turned upon Mary Fortune. She sat very quiet, but her anxious,
lip-reading gaze shifted quickly from one to the other.
"Did you get that, Miss Fortune?" asked Buckbee suavely, "the
proposition is to issue a hundred million shares of common and start
them at, say, ten cents a share. Then by a little manipulation we can
raise them to twenty and thirty, and from that on up to a dollar. At
that price, of course, you can unload if you wish: I'll keep you fully
informed."
"Yes, I understood it," she answered, "but I'm not in favor of it. I
think all stock gambling is wrong."
"You--_what_?" exclaimed Buckbee, and Whitney H. Stoddard was so
astounded that he was compelled to unmask. His cold, weary eyes became
predatory and eager and a subtle, scornful smile twisted his lips.
Even Rimrock was surprised, but he leaned back easily and gave her a
swift, approving smile. She was with him, that was enough; let the
stock gamblers rage. He had won in the very first bout.
"But my dear Miss Fortune," began Stoddard, still smiling, "do you
realize what you have done? You have rejected a profit, at the very
least, of one or two million dollars."
Public-domain text, read in full here on John Shaqi.
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