The Irish standard., 1891-02-07

tie piece Of this city, but with an equal
expenditure we can steal whole town
| in the West or even in New Jersey, II
we can find one there that isn't already
stolen. The question is: Where's there
the most money? I'm rather in favor of
q new place that may grow in State
where legislation hasn't so rigid mar
ket price"
The question was left unsettled for
the time being, and it was decided to-
! market the motors in another way at
first. Russell gave his attention to the
experimenting the preparation OF the
works, and the construction of as
many machines as were necessary
for purposes of exhibition. The stock
had been worked up to salable figure;
indeed, among few who had ''the tip"
it was regarded as good thing. At
Rays suggestion the necessary money
was now raised by the sale of stock
certificates which were to be put on the
market as the machines were made
that is, when ten machines had been
built, hundred shares might be sold
on the treasurer's certifcation- The:
stock was placed on deposit with trust
company. and could be disposed Of only
under the treasurers authorization.
Meanwhile Russell was getting harder
and harder pressed financially. His
means of borrowing seemed exhausted,
and his old-time economy had apparently
fed beyond recall. He was involved in a
dozen difficulties, but had hitherto man
aged, on his original plan Of borrowing
from Peter to pay Paul, to keep his
credit from utterly falling to pieces.
But the sums necessary were larger now,
and harder to manage. And here temp
tation seized upon him. His power to
authorize the sale of the stock certif
Gates and to receive the money thus real
lied was the bait used by Satan. In
this way he drew his own salary ahead
once or twice but succeeded in keeping
only small balance. Ray was occupied
in other schemes just then, and his at
tention was removed from motors tenn
porarily. He thought that for the pres
ent the company (which meant Russell
OF course) should run itself. But Rus
sci found that the sale Of the certif-
Gates, regulated as it must be by the
manufacture of machines, barely suficed
for the necessary expenses. The COM
pany was living from hand TO mouth.
That balance which Russell had used as
a loan fund to relieve the exigencies Of
his own position was no longer sufficient.
There had been delay al the factory;
some mechanical problem had to be
solved, and practically no work was be-
ing done. The sale of certificates had
been carried to the limit, and the treas
sand dollars, and he didn't know where
to get it. For a long time he held out
against temptations: and then, perceiv-
ing that affairs would soon be straight
ened out and the manufacture of motors
proceed again, he yielded to tbs pressure
Of Immediate need, and authorized an
oyerissue That is, he sold certificates
on machines which had not been built.
This was, in reality, method of forcing
loan. If the men who bought the cer-
tihcates had discovered the state Of the
case they would have had no redress
under the law except by 2 suit against
Russell personally, which, as he had
nothing, would have been a useless pro-
ceeding. He knew that in soch case
compromise would be easy II the worst
came he could go to these men and say:
*'You have bought these certificates.
They are worthless. You can sue me,
but you have no redress against the
company. You should feel satisfied it
you get your money back. ! will pay
you that on condition OF your silence"
Tt would not have been the first loan
that had been forced in that way in the
commercial history Of New York.
Having authorized one overissue, 1t
was not SO hard to bring himself to do
it again, and he did it, much to his dis
credit.
About this time Ray turned his atten-
tion to the Motor Company's affairs once
more, and it was not long before Russell
began to be afraid that the old fnancier
t'smelt q mice" He was more fright
ened than he had ever been before in
his life, and nearly tainted away when,
one Gay, Ray proposed to go with him to
the factory and make an inspection.
he succeeded in putting off the catastro-
Pie for time long enough to give him
an opportunity to consider. Ruin OF the
II n l--1 Fl