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 used to much larger figures; but the percentage of profit—eighty per cent. on their investment—and made on something new and erratic and uncertain, an automobile; that was what stirred them.

"I move you, Mr. President, that a dividend of eighty per cent. be declared upon the capital stock of the Morris-Judson Automobile Company," proposed the Secretary-Treasurer.

"Eighty per cent? George, you're nutty," chided Uncle Tom humorously. "Success has gone to the head. You'll need a big surplus for future operations. Declare a dividend of ten per cent; that'll satisfy everybody; and then go ahead and create a surplus for an operating fund."

"Mr. Pence," said George, rising and indicating by his manner that he was going to make a very important plea, "This is a matter of honor with me, a matter of making good, and making good is just now bigger than any other issue which confronts this youthful and, as I believe, growing company.

"I promised Mr. Gilman, and every other stockholder, yourself included, something like eighty per cent. profit on their investment. Looking back over the year, I shudder to think how hazardous that was, but we happened to make good on it. Now, gentlemen, I want you to authorize me to take to every stockholder to