CHAPTER IX
The opportunity for an explanation between Jacob and his fellowspeculators speedily presented itself. Amongst his letters, on thefollowing morning, Jacob found a somewhat pompous little note fromDane Montague, inviting him to lunch at the Milan at half-past one.Littleham, supremely uncomfortable in a new suit of clothes, was theother guest, and champagne was served before the three men had welltaken their places.
"A celebration, eh?" Jacob observed, as he bowed to his two hosts.
Mr. Montague cleared his throat.
"Our meeting might almost be considered in that light," he admitted."Yesterday afternoon we sold the last plot of land on the CropstoneWood Estate."
"Capital!" Jacob exclaimed. "Full price?"
"Sixpence a yard over."
Jacob nodded approval.
"By the bye," he said, "I see that the Water Company is getting onvery well with its connections. They must have several hundred men atwork there."
Mr. Montague appeared a little startled.
"Well, well! At any rate we shall be able to keep our word. Electriclight and water will be ready for every house as it is built."
"That reminds me of a question I was going to ask you," Jacob went on."What price are we going to charge for the electric light?"
"What price?" Montague murmured, balancing a knife upon his forefingerand watching it meditatively.
"The Company'll have to fix that amongst themselves," Littlehamdeclared brusquely.
"One or two of the people who've bought plots have made enquiries,"Jacob continued, without noticing the last speaker. "I think they'vebegun to realise that they're pretty well at our mercy--or rather atthe mercy of the Company."
"Well, that's not our business, anyway," Montague replied evasively."I dare say it will be rather an expensive affair, connecting them allup."
Jacob smiled knowingly.
"No need for us to bluff one another," he remarked, dropping his voicea little. "We all three know what's in front of those unfortunatetenants. Serves 'em right for trying to buy the land too cheap. By thebye, Montague, there's no mistake about that option?"
Mr. Montague coughed.
"None at all," he answered.
"When do you want my share of the purchase money?"
Mr. Dane Montague and his friend exchanged surreptitious glances.
"Presently ... presently," the former replied. "The option doesn'texpire for two months yet. But there is another little matterconcerning which Littleham and I have a proposition to make to you."
"Go ahead," Jacob invited.
"Every plot of land on the Cropstone Wood Estate has now been sold,"Montague continued. "The purchase price provided by you was twentythousand pounds. The land has been sold for thirty-five thousand, ofwhich sum twenty per cent has been received."
"Precisely," Jacob agreed. "We have fifteen thousand pounds, lessexpenses and interest, to divide between the three of us as the moneycomes in."
"In the ordinary course of events," Mr. Montague proceeded, "it willno doubt be a year at least before the depositors will have paid up infull and a correct balance can be arrived at. Now Littleham and I arescarcely in your position. We need to turn our money over quickly. Wetherefore make to you the following proposition. Let the accounts bemade out at once, allow six per cent interest upon all sums stillowing from depositors, give us a cheque for the whole amount of ourshares on that basis, and Littleham and I are willing to pay you fivehundred pounds each for the accommodation."
"A dissolution of partnership, in fact?"
"Precisely," Montague assented.
"There's the taking over of the Electric Light and Water Company,"Jacob remarked reflectively. "I suppose you want that kept entirelyseparate."
Montague coughed.
"Entirely," he agreed.
"Supposing some of the purchasers should fail to make good theirdeposits?"
"Then the deposit would belong to you," Montague pointed out, "and theland could be resold elsewhere."
"Plenty of applicants for the land still," Littleham interposedgruffly.
Jacob sipped his champagne and found it excellent.
"Very well," he assented, "make it fifteen hundred between you andI'll take the whole thing over."...
Mr. Montague and his companion sat for an hour over another bottle ofwine after their guest had departed. The faces of both were flushedand their voices were a little husky, but they were filled with thecomplacency of men who have come out on the right side of a deal. OnlyMr. Montague, every now and then, gave voice to some faint regret.
"He's such a prize mug, James," he said. "It seems a shame we couldn'thave handled him for something bigger."
"What are you grumbling at?" Mr. Littleham replied, letting looseanother button of his waistcoat. "We're getting four thou apieceprofit on the sale of the land, and he's standing the racket for allof 'em who don't pay up, and there'll be a good few more of them thanhe fancies. Then by this time next week we can take up our option onthe Cropstone Wood, Water and Electric Light Company, and if Mr. JacobPratt thinks he's in on that deal, he's making the mistake of hislife. I ain't surprised so much at the land purchasers," the builderwent on reflectively. "They're all the same. They buy a plot of land,and they think the Lord will send them gas and water and that sort ofthing, and that the price is fixed by Act of Parliament and they can'tbe diddled. But a man like Pratt, laying out the money he has, andsimply knowing that there was a water and electric light plant onwhich you and I had an option, and imagining we should take him inwithout an agreement or even a letter--take him in on a propositionlikely to pay at least thirty per cent--well, it's a fair knockout!"
"We ought to have made our fortunes out of a jay like that," Mr.Montague agreed, with a shade of sadness in his tone.
* * * * *
About a fortnight later, two very agitated looking visitors burstprecipitately into Jacob's outer office. Mr. Montague's complexion wasof that pasty hue described as chalky white. He was breathingheavily, and he had lost all that nice precision of speech intended toconvey the suggestion that in his leisure hours he was a man ofculture. Mr. Littleham was still more out of breath. His necktie haddisappeared around his neck, and beads of perspiration were standingout upon his forehead.
"Where's the guv'nor?" Mr. Montague almost shouted.
"Boss in?" Mr. Littleham demanded simultaneously.
Dauncey rose from his seat and eyed the visitors coldly.
"Have you an appointment with Mr. Pratt?" he asked.
"Appointment be damned!" the builder began. "We want--"
"Look here," Mr. Montague interrupted, the methods of his raceasserting themselves in his persuasive tone, "it is most importantthat we should see Mr. Pratt at once."
"Nothing wrong Cropstone way, is there?" Dauncey enquired. "I thoughtyou were out of that now."
"Is the guv'nor in or isn't he?" Littleham demanded, mopping hisforehead.
Dauncey spoke through an office telephone, and after a very briefdelay threw open the door of the private office and ushered in the twocallers. Jacob looked up from some papers as they entered and staredat them a little blankly.
"Good morning, gentlemen," he said. "I thought we'd parted company fora time."
Littleham, usually the silent partner, asserted himself then. Hepushed the trembling Montague to one side and stood squarely beforethe desk.
"Look here, Pratt," he demanded, "have you bought the Cropstone Wood,Water and Electric Light Company?"
"Certainly I have," Jacob replied. "What about it?"
"When?"
"Oh, within a few days of your first coming to me."
"Within a few days?" Mr. Montague almost shrieked.
Jacob leaned back in his chair, crossed his legs, and glanced with amomentary satisfaction at his well-polished brown shoes and whitegaiters.
"My good friends," he said, "you could scarcely expect me to put downtwenty thousand pounds for land, without makin
g arrangements for thewater supply and lighting? I went into the matter with a localsolicitor and found that, as the Company was practically moribund, thebest way was to buy it outright. I am going to incorporate it with theCropstone Wood Estates and make one concern."
"You bought the Water Company behind our backs and never said a wordabout it?" Montague demanded thickly.
"Why on earth should I say anything to you?" Jacob retorted.
"We had an option ourselves!" Littleham thundered, striking the deskwith his clenched fist.
"I remember your telling me so," Jacob observed. "I also remember yourtelling me that it had another two months to run, whereas it expiresto-morrow. What I don't seem to remember, though, is your asking mefor my share of the contributing money."
Jacob had never appeared more guileless. The two men became speechlessin the face of his bland equanimity. Then Montague cleared his throat.
"Come, come," he remonstrated, "no need for any of us to lose ourtempers. Let us sit down and discuss this little matter likegentlemen. I am quite sure Mr. Pratt will do the square thing. Ipropose that we adjourn to the Milan. A bottle of the old sort, eh,Pratt?"
Jacob leaned back in his chair, his finger tips pressed together, andshook his head sorrowfully.
"I do not think," he said, "that I shall ever drink with either of youagain. You entered into a conspiracy behind my back to keep theCropstone Wood, Water and Electric Light Company in your jointpossession, your scheme being to make use of the old charter thecompany possessed and to charge outrageous prices for the water andlighting. With that in view, you relieved yourselves of your interestin the land at some sacrifice, expecting to land me with the wholeestate, and leaving me to bear the whole brunt of the complaints andthe failure of the depositors to carry out their purchases. That, Ibelieve, is a fair outline of your scheme, Messrs. Montague andLittleham--elaborated, mark you, after you had mentioned the matter ofthe water and the lighting to me, on your first visit, and pointed outthe additional source of profit. You relied, I presume, either on myblind confidence in you or my bad memory."
"I can assure you, Pratt," Mr. Montague began piteously,--
"Damn!" his confederate ejaculated with fervour.
"Fortunately," Jacob continued, "I am not quite such a mug as I musthave seemed to you. Before I parted with the money for the land, Ipaid a visit to the offices of the Cropstone Wood, Water and ElectricLight Company, examined your option, and finding it illegal, as it wassigned only by the Chairman of the company, without notice to theshareholders, I obtained one in my own name, which I exercised withina few hours. I am now the sole owner of the Cropstone Wood, Water andElectric Light Company and the Cropstone Wood Estates. Also of thisoffice, gentlemen, from which I beg that you will depart as quickly aspossible."
"I'm damned if I stir a foot!" Littleham declared furiously. "We'vebeen swindled!"
Jacob struck his bell, and Dauncey came in with a very grim look uponhis face. Mr. Dane Montague caught up his hat and plucked at thesleeve of his companion.
"You shall hear from our solicitors," he spluttered.
"Delighted!" Jacob replied. "I should keep the six-and-eightpence,though, if I were you."
Two very angry men were escorted off the premises. Then Daunceyreturned with a grin upon his face.
"I beg your pardon, Jacob," he said humbly. "I never dreamed that youhad them pickled. Tell me about it?"
"It was really very simple," Jacob explained. "They came to me withtwo schemes, one legitimate, the other illegitimate. The legitimateone appealed to me. I found the money, bought the estate, and saw thatthey had a decent profit. As regards the illegitimate one, I met themon their own ground. I got that young fellow whom we came across downat Cropstone to look into the affairs of the Water and LightingCompany, found that they were an absolutely moribund concern, boughtthem out for cash, with the sole condition of secrecy, and sat tight.If Montague and Littleham had kept their bargain--that is to say ifthey had let me into their scheme for purchasing the Company--I shouldhave told them the truth, a few plain words would have passed, and Ishould have compensated them for their disappointment. As it was, theytried to be too clever. They tried to land me with the remainder ofthe property, after they had made their profit, and with the money Ipaid them they were going to take over what they imagined to be themore profitable side of the deal, the Water and Lighting Company, andleave me out of it. That's the long and short of it, Dick."
A gleam of admiration shone in Dauncey's eyes.
"My congratulations, Jacob," he murmured. "I have underestimated yourtalents."
Jacob smiled benevolently.
"Dick," he rejoined, "we haven't yet had time to gain much experiencein the world of high finance, but here's one little truism which youcan take to heart. It's easier to get the best of a rogue than of ajay. The jay as a rule knows he's a jay, and is terrified all the timelest other people should find it out. The rogue believes that he'scleverer than he is, and that other people are bigger fools than theyare.... Shall we--"
"By all means," Dauncey acquiesced, reaching promptly for his hat.
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