exclaimed.

"Hush!" said J. Rufus, chuckling. "Impossible. Every man gets his
money back. Each member takes out a bond which matures in about four
years, if he keeps up his steady payments of a dollar and a quarter a
week without lapsation beyond four weeks, which four weeks may be made
up on additional payment of a fine of twenty-five cents for each
delinquent week, all fines, of course, going into the expense fund."

Doc Turner's palms were by this time quite red from the friction.

"And how, may I ask, are these bonds to be redeemed?" asked Mr.
Squinch severely.

"In their numbered order," announced Mr. Wallingford calmly, "from
returned loans. When bond number one, for instance, is fully
paid up, its face value will be two hundred and fifty dollars. If
there is two hundred and fifty dollars in the redemption fund at that
time--which the company, upon the face of the bonds, definitely
refuses to guarantee, not being responsible for the honesty of its
bond-holders--bond number one gets paid; if not, bond number one waits
until sufficient money has been returned to the fund, and number
two--or number five, say, if two, three and four have lapsed--waits
its redemption until number one has been paid."

A long and simultaneous sigh from five breasts attested the
appreciation of his auditors for Mr. Wallingford's beautiful plan of
operation.

"No," announced Mr. Squinch, placing his finger-tips ecstatically
together, "your plan is not a lottery."

"Not by any means," agreed Doc Turner, rubbing his palms.

Jim Christmas, who never committed himself orally if he could help it,
now chuckled thickly in his throat, and the scarlet network upon his
face turned crimson.

"I think, Mr. Wallingford," said Mr. Squinch, "I think that we will
accept your offer of two shares of stock each for our list."

Mr. Wallingford, having succeeded in giving these gentlemen a grasping
personal interest in his profits, diplomatically withheld his smile
for a private moment, and, turning over to each of the five gentlemen
two shares of his own stock in the company, accepted the list.
Afterward, in entering the item in his books, he purchased for the
company, from himself, ten shares of stock for one thousand dollars,
paying himself the cash, and charged the issue of stock to the expense
fund. Then he sat back and waited for the next move.

It could not but strike such closely calculating gentlemen as the new
members that here was a co