"To raise the twenty thousand he formed a stock company of two hundred and fifty shares at one hundred dollars each. One hundred of these shares were in his own name. Fifty were in the name of one 'Thomas A. Craven,' a clerk at that time in his office. Craven was only a dummy, however. Do you understand what I mean by a dummy?""I can guess. Sort of a wooden image that moved when 'Bije pulled the strings. Like one of these straw directors that clutter up the insurance companies, 'cordin' to the papers. Yes, yes; I understand well enough. Go ahead! go ahead!""That's it. The fifty shares were in Craven's name, but they were transferred in blank and in Mr. Warren's safe. Together with his own hundred, they gave him control and a voting majority. That much we know by the records.""I see. But this rubber con--contraption wa'n't really wuth anything, was it?""Worth anything! Captain Warren, I give you my word that it was worth more than all the rest of the investments that your brother made during his lifetime.""NO!" The exclamation was almost a shout.
"Why, yes, decidedly more. Does that surprise you, Captain?"Captain Elisha did not answer. He was regarding the lawyer with a dazed expression. He breathed heavily.
"What's the matter?" demanded the watchful Kuhn, his gaze fixed upon his client's face. "Do you know anything--"The captain interrupted him. "Go on!" he commanded. "But tell me this fust: What was the name of this rubber concern of 'Bije's?""The Akrae Rubber Company."
"I see. . . . Yes, yes. . . . Akry, hey! . . . Well, what about it? Tell me the rest.""For the first year or two this company did nothing. Then, in March, of the third year, the property was released by Mr. Warren to persons in Para, who were to develop and operate. The terms of his new lease were very advantageous. Royalties were to be paid on a sliding scale, and, from the very first, they were large. The Akrae Company paid enormous dividends.""Did, hey? I want to know!"
"Yes. In fact, for twelve years the company's royalties averaged $50,000 yearly.""Whe-e-w!" Captain Elisha whistled. "Fifty thousand a year!" he repeated slowly. "'Bije! 'Bije!""Yes. And three years ago the Akrae Company sold its lease, sold out completely to the Para people, for seven hundred and fifty thousand dollars.""Godfreys mighty! Well," after a moment, "that's what I'd call a middlin' fair profit on a twenty thousand dollar investment--not to mention the dividends.""Captain," Sylvester leaned forward now; "Captain," he repeated, "it is that sale and the dividends which are troubling us. I told you that the Akrae Company was organized with two hundred and fifty shares of stock. Your brother held one hundred in his own name and fifty transferred to him by his dummy, Craven. What I did not tell you was that there were another hundred shares, held by someone, someone who paid ten thousand dollars for them--we know that--and was, therefore, entitled to two-fifths of every dollar earned by the company during its existence, and two-fifths of the amount received for the sale of the lease. So far as we can find out, this stockholder has never received one cent."The effect of this amazing announcement upon the uniniated member of the council was not as great as the lawyers expected it to be.
"You don't tell me!" was his sole comment.
Graves broke in impatiently: "I think, Captain Warren," he declared, "that you probably do not realize what this means. Besides proving your brother dishonest, it means that this stockholder, whoever he may have been--""Hey? What's that? Don't you know who he was?""No, we do not. The name upon the stub of the transfer book has been scratched out."Captain Elisha looked the speaker in the face, then slowly turned his look upon the other two faces.
"Scratched out?" he repeated. "Who scratched it out?"Graves shrugged his shoulders.
"Yes, yes," said the captain. "You don't know, but we're all entitled to guess, hey? . . . Humph!""If this person is living," began Sylvester, "it follows that--""Hold on a minute! I don't know much about corporations, of course--that's more in your line than 'tis in mine--but I want to ask one question. You say this what-d'ye-call-it--this Akrae thingamajig--was sold out, hull, canvas and riggin', to a crowd in Brazil? It's gone out of business then? It's dead?""Yes. But--"
"Wait! Ain't it customary, when a sale like this is made, to turn over all the stock, certificates and all? Sometimes you get stock in the new company in exchange; I know that. But to complete the trade, wouldn't this extry hundred shares be turned in? Or some sharp questionin' done if 'twa'n't?"He addressed the query to Sylvester. The latter seemed more troubled than before.
"That," he said with some hesitation, "is one of the delicate points in this talk of ours, Captain Warren. A certificate for the missing hundred shares WAS turned in. It was dated at the time of the original issue, made out in the name of one Edward Bradley, and transferred on the back by him to your brother. That is, it was presumably so transferred.""Presumably. Pre-sumably? You mean--?"
"I mean that this certificate is--well, let us say, rather queer.
To begin with, no one knows who this Bradley is, or was. His name appears nowhere except on that certificate, unless, of course, it did appear on the stub where the scratching has been done; we doubt that, for reasons. Nobody ever heard of the man; and his transfer to your brother was made, and the certificate signed by him, only three years ago, when the Akrae Company sold out. It will take too long to go into details; but thanks to the kindness of the Para concern, which has offices in this city--we have been able to examine this Bradley certificate. Experts have examined it, also.
And they tell us--"
He paused.
"Well, what do they tell?" demanded the captain.