The midland journal. (Rising Sun, Md.) 1885-1947, 1891-02-27
CHAPTER *.
rHD, mANHArrAN rrrcrno. .Moron COMPANY

THE MANHATTAN ELECTRO MOTOR COMPANY.
sGo ahead and organize your com.
pany,' said Gilbert Ray, II haven't
time to attend to it just now"
He and Russell had been discussing
Deering's model. Ray was sure there
was money to be got out of the machine,
and Russell was sure that there was
money to be got out of Ray, and both
were satisfied.
"Of course it isn't worth while for me
to spend much time on this thing at
first," said Ray. stAfter you get it go-
ing SO that we can work deals with it
I'll step in, but the previous develop
ment I'll leave in your hands"
"But can't organize company all
Alone" Russell objected; .there are
some sort of laws governing the pro-
cess, suppose"
.sSure.' replied Ray, ''you'll need q
swyer, and, of course, I'll put up for
LIS fee Then all you'll need will be
three or four friends, and few bottles
of champagne. I'll stand the cham
pagne. won't appear in the company
at the start. You and your friends will
unite in signing an application for q
charter"
"But we don't want to give away the
nature of this machine just yet. !"
"There isn't any need of it. Tell your
friends it's a continuance for making
doughnuts. They won't inquire into it.
They'll be only dummies anyway. After
your company's formed they'll nominal
ly hold share of stock each, par value
ten dollars, but they won't put up any
money. just get some men who will be
handy when you want to hold meetings.
At the start they'll vote to transfer to
you in consideration of the patent, etc.,
half the capital stock. I'll buy the
other half, minus the three shares your
friends hold. You and your friends can
hold meetings without my being present.
I'll tell you what to vote and you can
tell the dummies"
1t was on this plan that the Manhat-
tan Electro-Motor Company, was organ
lied with a capital stock OF one hundred
thousand dollars, which Ray said would
be increased soon. Russell had no diff
Guilty in finding three men who would
lend him their names for this purpose.
He was to have an Office in a room which
was already the headquarters Of several
enterprises, and he chose his incorpora-
tors from among the men who had desks
there. Having no interest in the COM
pany, they would always vote right as a
matter of accommodation.
The first stockholders meeting was
held in comfortable beer saloon across
the way. Three of the stockholders
shook dice for the drinks while Russell
outlined the nature OF various PROPOSE
tions which were fayorably received,
and recorded by the secretary, a young
man who had been engaged to do cleri-
cal work, and who held share OF stock.
Ray had advised postponing any
active operations till fall. This plan
had not struck Russell favorably for he
wanted to get hold of some money as
quickly as possible.
Borrow some on your Stock" sug-
gested Ray. when the young man vent
ured- to hint that he was in need.
'sBut it isn't worth any thing yet.
Nobody knows whether this machine
will amount to any thing"
"Justlet one or two men know quietly
that I'm behind it," said Ray. 'sLet
them hear that there's going to be big
boom on it, and that it's to be worked