Part 25 (1/2)
”The report of our treasurer,” said Jepson in closing, ”shows a net profit of several million dollars, but I wish to point out our losses.
Chief of these is the enormous wastage which comes from s.h.i.+pping our concentrates. There is no doubt in my mind that the Tecolote properties contain an inexhaustible supply of ore; nor that that ore, if economically handled, will pay an increasing profit. The princ.i.p.al charges, outside the operating expenses, have been freight and the smelting of our concentrates. As you doubtless know, the long haul to El Paso, and the smelter charges at that end, have materially reduced our net profits. The greater part of this loss is preventable and I therefore recommend that the Company construct its own smelter.”
He went on with estimates of costs and the estimated saving per ton, but Mary Fortune allowed her attention to stray. She was thinking of Rimrock Jones, and she was watching Rimrock's proxy. Like a criminal on trial L. W. sat glowering, his dead cigar still in his teeth; and before the end of the report was reached the sweat was beading his face.
”Well, I, for one,” began Stoddard diplomatically, ”most heartily approve of this plan. It will necessitate, of course, a postponement of profits, but I think we can all stand that. I therefore suggest that we apply this year's profits to the immediate construction of a smelter and, if I hear a motion, we will consider the question of pa.s.sing the annual dividend.”
He paused and as Mary went on with her writing a dead silence fell upon the room. L. W. glanced at Jepson and then at Stoddard and at last he cleared his throat.
”Well, Mr. President,” he said, half-heartedly, ”this is a new proposition to me. I regret very much that Mr. Jones isn't here, but--well, I make a motion that we build the smelter and pa.s.s the annual dividend.”
He spoke with an effort, his eyes on the table, and at the end he sank back in his chair.
”Did you get that, Miss Fortune?” asked Stoddard solicitously and Mary nodded her head.
”Yes, I second the motion,” she answered sweetly and an electric thrill pa.s.sed round the room. It had not been expected by the most optimistic that the vote would be unanimous.
”All in favor, say 'Ay!' spoke up Stoddard sharply, but L. W. had sprung to his feet.
”Mr. President!” he began, suddenly panting with excitement, and Stoddard fixed him with his steely eyes.
”Very well, Mr. Lockhart,” he responded curtly, ”what is it you wish to say?”
”Why, I--I didn't know,” began L. W. haltingly, ”that she was going to vote--that way.”
”Well, you know it now,” answered Stoddard freezingly, ”does that conclude your remarks?”
”Oh, no!” burst out L. W., his drawn face twitching. ”I--in that case, I change my vote. I don't think Mr. Jones----”
”You haven't voted yet,” corrected Stoddard shortly, ”all in favor please say: 'Ay!'”
”Ay!” said Mary and as Stoddard echoed it he cast a sneering glance at L. W.
”Do I understand, Mr. Lockhart,” he enquired pointedly, ”that you wish to go on record as voting 'No'?”
”Yes, put me down 'No!'” directed L. W. feverishly. ”I don't approve of this at all. Rimrock needs the money--he wrote me particularly--I wouldn't put him out for the world.” He straightened the stoop from his long, bent back and his eyes opened up appealingly. ”Put me down for a 'No,'” he repeated wildly. ”My G.o.d, he'll kill me for this. I wouldn't cross that boy for anything in the world--he's the best friend a man ever had. But put me down 'No'--you will, won't you, Miss? I don't want Rimrock to know.”
”Mr. Lockhart votes 'No,'” broke in Stoddard peremptorily, ”the 'Ayes'
have it and the motion is carried. Is there any other business?”
His cold, incisive words seemed almost to stab, but L. W. still swayed on his feet.
”I'd like to explain,” he went on brokenly. ”I never go back on a friend. But Rimrock, he's wasting his money back there--I thought it would be a kindness.”
”Yes, yes, Mr. Lockhart,” interrupted Stoddard impatiently, ”we all know the goodness of your heart. Do I hear a motion to adjourn?”
He s.h.i.+fted his keen, commanding eyes to Mary, who nodded her head in return. She was watching L. W. as he stood there sweating, with the anguish of that Judas-like thought. He had betrayed his friend, he had sold him for gold; and, already, he was sorry.
”Second the motion,” said Stoddard. ”All in favor say 'Ay!' The meeting stands adjourned.”
He rose up quickly and gathering up his papers, abruptly left the room.