St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-03

do you really mean me to infer" eX-
claimed the old gentleman, his voice
shaking with fear and Indignation,
''that you intend returning them I'M
paid? Return Brownlow, Jones 81
Richards paper dishonored-impos-
SibleE'
"Well, unless some arrangement is
come to am afraid that l shall have no
alternative
When Mr.. Brownlow heard these
words he dropped down on his chair in
state of utter collapse. He buried his
face in his hands and remained silent.
Now" thought Mr.. Stormont, Il
dare say | shall find him pliable
enough" He did not break the silence,
however, but engaged himself in look
ing over some correspondence.
Mr.. BrownlOw'S reflections were of
an extremely dOleful nature. His fore
head had suddenly broken out into
cold and clammy sweat at the f1ippant
way the audacious little manager had
talked of returning his firms accept
ances dishonored, and a sickening dread
crept over his heart that it was possible
after all that his affairs might be i'll an
involved and dangerous state. Till now
he had never felt pressure for money.
The fatal facilities in the past of discount
ing drafts on his foreign agencies had
prevented that, and prevented him from
being obliged to investigate whether his
business was carried on at a profit or
not. At length he raised his he ad and
said:
SIS til ere no way-no way whatever
of avoiding this terrible calamity? Take
everything we have got, but DON'T
don't let our name be dlSgraced in the
city"
well, SIR" replied Mr.. Stormont,
thoughfully, there is but one way. that
j know of, and that is for you to turn
your firm into limited liability COM
pa N.Y.
"a limited liability company!'' echoed
Mr.. BroWnlow i'll amaZement.
Precisely. l am, indeed, surprised
that gentleman so distinguished as
you for penetration in business matters
should not have done so long ago."
well. really now, never thought of
such thing. But are not good many
of these concerns little better than big
SWindleS?' 3e
''Oh, | dare say, some unprincipled
people may take advantage of the act
for their own selfish ends. No doubt,
some bogus companies have been flOated.
But no one could say word against an
old, sound. reputable firm like yours
forming itself into limited company.
Why, limited liability will soon become
universal, and | shouldn't wonder if the
London and Calcutta availed itself of
the act one day"
Dear me, dear me-" sighed Mr..
Brownlow. Nothing but changes,
nothing but changes"
CHATS true, and it is shrewd men
like you, Mr.. Brownlow, that foresee
and take advantage of them" The
willy banker then drew a fiattering
picture of the future of the firm as
limited company, and showed how,
with the infusion of fresh blood and
capital. its business operations might be
almost Indefinitely extended.
Mr.. Brownlow's imagination was
daZZled, and he began to share in the
bankers enthusiasm.
tain your proposal, what would be my
position i'll the new company?"
''Oh. chairman of the board of direct
ors, lshould suppose" was the reply.
The old gentleman was charmed
there was something about the phrase
chairman of board of directors that
gently tic1led his vanity. Really, the
new manager was not such bad fellow
after all. He accordingly agreed to
place himself wholly in Mr.. St0rmont's
hands-indeed, he felt that, under the
circumstances, IlC Uuu
but to do so.
The matter thus arranged, Mr.. Brown
low took his departure, having agreed to
bring his partners to the bank the fol-
lowing morning, to get matters put in
shape for the immediate floating of the
new company and to be introduced to
Mr.. Unit, of Unit 81 CIPHER, the emil
nent accountants and financial agents,
who would advise on the necessary
steps to be taken. George Unit was
originally village attorney of
small but sharp practice. Fore
seeing, however. the lucrative field the
limited liability act would open up to
the promoter, he removed to the metrOp-
oils about the time it became law, and
devoted his energies to its cultivation.
Commencing with small things, such as
the Universal Chimney Sweeping COM
pany Uimited), the Metropolitan Water
creSS Supply company, etc, he had
risen by rapid strides to his new infiuen-
tial position. His services were eagerly
sought after, because of his thorough
knowledge of the limited liability act.
He knew all its weak points. and could.
so to speak, ''drive a cOach-and-SiX"
through all the provisions it contained
for the safety of investors. Besides
there was no man,in London who could,
furnish a more elegant or attractive
board of directors for a projected COM
pany. His fine sense for the fitness of
things guided him in this. On his list,
and all anXiOuSly waiting for employ
ment, we're any number of decayed mer-
camille and professional gentlemen, be-
sides variety of impecuniOuS earlS and
barOnets, and it was even said that if
the proposed company was eX facie of
philanthropic nature, he could secure
! Of fchA al De
course.
In due course Mr.. Stormont, the part
ners of Brownlow, Jones & Richards,
and Mr.. Unit, met in the bank parlOr.
Messrs. Jones and Richards had long
retired from active connection with the
firm, They, therefore, readily gave
their assent to the proposed limited
company. and, having done so, hurried
Off to their country residences, glad to
escape the dry details of business.
Mr.. Tape, the firms bookkeeper, pro-
duced balance sheets and ledgerS, which
Mr.. Unit carefully examined. After
totals making notes, ETC.. he declared
himself perfectly satisfied, and, COM
plimen ting Mr.. Tape on the excellent
manner in which the books of the firm
were kept, he opened the parlor door
and bowed him politely out.
well, Mr.. Unit" said Mr.. Storment,
''now that you have seen the books and
balance sheets, what do you say about
the proposed limited company? Do you
think it will f1oat?"
Float! | should rather think So
like a cork !" replied Mr.. Unit, his great
blue eyes dilating with amazement at
such question being asked. "Why, 1
see from the balance sheets that there is
yearly sum of over $4,000 to the
credit of profit and loss account; suf-
ficient, that is to say, to pay dividend
of 10 per cent on paid up capital of
$500. 900.