The Making of Bobby Burnit Part 41

"You were speaking about following the plans exactly, Mr. Burnit," he said when they were alone upon the street. "I find on an examination of the subsoil that there will be a few minor changes required. The runway, for instance, which goes down to the river northward from the power-house for the purpose of unloading coal barges, would be much better placed on the south side, away from the intake. There is practically no difference in expense, except that in running to the southward the riprap work will need to be carried about three feet deeper and with concreted walls, in place of being thrown loosely in the trenches as originally planned."

"All those things are up to you, Jimmy," said Bobby indifferently.

"You must use your own judgment. Any changes of the sort that you deem necessary just bring before the city council, and I am quite sure that you can secure permission to make them."

"Very well," said Platt, and he left Bobby at the corner with a curious smile.

He was a different looking Jimmy Platt from the one Bobby had found in his office a week before. He was clean-shaven now, and his clothing was quite prosperous looking. Bobby, surmising the condition of affairs, had delicately insisted on making Platt a loan, to be repaid from his salary at a conveniently distant period, and the world looked very bright indeed to him.

The next day work on the new waterworks was resumed. In bitter consultation the Middle West Construction Company had discovered that they would lose less by fulfilling their contract than by forfeiting their twenty per cent., and they dispiritedly turned in again, kept constantly whipped up to the mark by Platt and by the knowledge that every day's non-completion of the work meant a heavy additional forfeit, which they had counted on being able to evade so long as the complaisant Mr. Scales was in charge.

CHAPTER XXIX

JIMMY PLATT ENJOYS THE HAPPIEST DAY OF HIS LIFE

The straightening out of the waterworks matter left Bobby free to turn his attention to the local gas and electric situation. The _Bulletin_, since Bobby had defeated his political enemies, had been put upon a paying basis and was rapidly earning its way out of the debt that he had been compelled to incur for it; but the Brightlight Electric Company was a thorn in his side. Its only business now was the street illumination of twelve blocks, under a munic.i.p.al contract which lost him money every month, and it had been a terrific task to keep it going.

The Consolidated Illuminating and Power Company, however, Bobby discovered by careful inquiry, was in even worse financial straits than the Brightlight. To its thirty millions of stock, mostly water, twenty more millions of water had been added, making a total organization of fifty million dollars; and the twenty million dollars'

stock had been sold to the public for ten million dollars, each purchaser of one share of preferred being given one share of common.

As the preferred was to draw five per cent., this meant that two and one-half million dollars a year must be paid out in dividends. The salary roll of the company was enormous, and the number of non-working officers who drew extravagant stipends would have swamped any company.

Comparing the two concerns, Bobby felt that in the Brightlight he had vastly the better property of the two, in that there was no water in it at its present, half-million-dollar capitalization.

It was while pondering these matters that Bobby, dropping in at the Idlers' Club one dull night, found no one there but Silas Trimmer's son-in-law, the vapid and dissolute Clarence Smythe, which was a trifle worse than finding the place entirely deserted. To-night Clarence was in possession of what was known at the Idlers' as "one of Smythe's soggy buns," and despite countless snubs in the past he seized upon Bobby as a receptacle for his woes.

"I'm going to leave this town for good, Burnit!" he declared without any preliminaries, having waited so long to convey this startling and important information that salutations were entirely forgotten.

"For good! For whose good?" inquired Bobby.

"Mine," responded Clarence. "This town's gone to the bow-wows. It's in the hands of a lot of pikers. There's no chance to make big money any more."

"Yes, I know," said Bobby dryly; "I had something to do with that, myself."

"It was a fine lot of muck-raking you did," charged Clarence. "Well, I'll give you another item for your paper. I have resigned from the Consolidated."

"It was cruel of you."

"It was time," said Clarence, ignoring the flippancy. "Something's going to drop over there."

Bobby smiled.

"It's always dropping," he agreed.

"This is the big drop," the other went on, with a wine-laden man's pride in the fact of possessing valuable secrets. "They're going to make a million-dollar bond issue."

"What for?" inquired Bobby.

"They need the money," chuckled Mr. Smythe. "Those city bonds, you know."

"What bonds?" demanded Bobby eagerly, but trying to speak nonchalantly.

Mr. Smythe suddenly realized the solemn gravity of his folly. Once more he was talking too much. Once more! It was a thing to weep over.

"I'm a fool," he confessed in awe-stricken tones; "a rotten fool, Burnit. I'm ashamed to look anybody in the face. I'm ashamed----"

"It's highly commendable of you, I'm sure," Bobby agreed, and took his hasty leave before Clarence should begin to sob.

Immediately he called up Chalmers at his home.

"Chalmers," he demanded, "why must the Consolidated Illuminating and Power Company purchase city bonds?"

Chalmers laughed.

"Originally so Sam Stone could lend money to the Consumers' Electric.

It is a part of their franchise, which is renewable at their option in ten-year periods, and which became a part of the Consolidated's property when the combine was effected. To insure 'faithful performance of contract,' for which clause every crooked munic.i.p.ality has a particular affection, they were to purchase a million dollars'

worth of city bonds. Each year one hundred thousand dollars' worth were retired. In the tenth year, in renewing their franchise for the next ten years, they were compelled to renew also their million dollars of city bonds. These bonds they then used as collateral. Stone carried all that he could, at enormous usury, I understand, and let some of his banker friends in on the rest; and I suppose the banks paid him a rake-off. The ten-year period is up this fall, and their bonds are naturally retired; but, of course, they will renew."

"I'm not so sure about that," said Bobby. "Look up everything connected with it in the morning, and I'll see you at noon."

When they met the next day at noon, however, before Bobby could talk about the business in hand, Chalmers, with a suppressed smile, handed him a folded slip of paper.

Bobby examined that legal doc.u.ment--a dissolution of the injunction which had tied up a hundred and fifty thousand dollars in his bank for more than two years--with a sigh of relief.

"It seems," said Chalmers dryly, "that at the time you laid yourself liable to Madam Villenauve's breach-of-promise suit she had an undivorced husband living, Monsieur Villenauve complacently hiding himself in France and waiting for his share of the money. Let this be a lesson to you, young man."

Bobby hotly resented that grin.

"I'll swear to you, Chalmers," he a.s.serted, "I never so much as thought of the woman except as a nuisance."

"I apologize, old man," said Chalmers. "But at least this will teach you not to back any more grand opera companies."

"I prefer to talk about the electric situation," said Bobby severely.

"What have you found out about it?"

"That the Ebony Jewel Coal Company, a former Stone enterprise, has threatened suit against the Consolidated for their bill. The Consolidated is in a pinch and must raise money, not only to buy that allotment of the new waterworks bonds, but to meet the Ebony's and other pressing accounts. It must also float this bond issue, for it is likely to fall behind even on its salary list."

"Fine!" said Bobby. "I can see a lot of good citizens in this town holding stock in a bankrupt illuminating concern. Just watch this thing, will you, Chalmers? About this nice, lucky hundred and fifty thousand, we may count it as spent."

"What in?" asked Chalmers, smiling. "Do you think you can trust yourself with all that money?"

"Hush," said Bobby. "Don't breathe it aloud. I'm going to buy up all the Brightlight Electric stock I can find. It's too bad, Chalmers," he added with a grin, "that as mayor of the city you could not, with propriety, hold stock in this company," and although Chalmers tried to call him back Bobby did not wait. He was too busy, he said.

His business was to meet Agnes and Mrs. Elliston for luncheon down-town, and during the meal he happened to remark that Clarence Smythe had determined to shake the dust of the city from his feet.

"I thought so," declared Agnes. "Aunt Constance, I'm afraid you'll have to finish your shopping without me. I must call upon Mrs.

Smythe."