Wellington Napoleon Dowd - 6. Chapter 6 - Finances

With my junior year ending, it was time to get serious about college, which helped refocus my thoughts somewhat. I knew that despite family name and reputation of wealth, there wasn’t any money for college. I felt shame about telling my guidance counselor about my financial predicament. She assumed, like everyone else, that the family fortunes were intact. I realized my car and clothes were as much a part of a masquerade as they were my attempt at a persona.

I slumped into despair. It wasn’t my fault that there was no money. I wasn’t the parent. It was time at least my father stepped up and did something for me. I stormed into his studio. He sat with his feet propped on the sill of the vast studio window, chair leaning back. He almost fell as I came bursting into the room.

“Dad, I’ve got to do something about college.”

His bleary eyes and slow responses gave me no doubt he was well into his afternoon tipple. He summoned all his personal resources to sit upright and respond. “Of course, you’ll go to the family alma mater.” His face became rapturous, clearly remembering fondly days gone by.

“But there’s no money,” I protested.

He stared at me with incomprehension. “Don’t be daft, boy. We’re Dowds. Call Mr. Whathisname, you know the accountant. Get him up here to get this straightened out.”

“It’s Mr. Selwen. He’s only been the family accountant for a thousand years. You ought to know his name.”

My father looked downcast at my scolding. I regretted my words and understood that while this was my father, he was the child. And as a child, he was not to be sullied for long. “That’s right, Selven. Call him and let me know how it works out. And before you go, Well, freshen me up, won’t you.” He held out his glass. “My own boy, off to college, imagine.” His voice hinted at pride among his usual confusion. Accepting the full glass from me, he returned to whatever distant vision I had interrupted.

***

Mr. Selwen responded with greater enthusiasm than I expected and agreed to come the next day. Upon his arrival, Gardener deposited him in the library. I sprinted up to the studio to get my father.

“Oh, no, dear boy, I am in no condition to discuss business. You’ll handle things just fine. I’m sure. After all, you’re a college man now. Off you go, and close the door gently, my ‘sensitivities’ are upon me.”

I had no choice but to face Mr. Selwen alone. I had had no direct dealings with him. Cook Cooke provided me pocket money out of the household accounts, such as it was. I understood that she applied to Mr. Selwen for money periodically. Those times were followed by periods of economizing, or should I say famine. Somehow she managed to provide, though I suspected the liquor bill was cause of much of the shortage.

I tried to enter the library with confidence. To his credit, Mr. Selwen showed little concern that he was meeting sans parents. He actually seemed eager to see me. We sat on either side of the library table on which he had already set out a number of papers.

“We needn’t bother your father with details,” he proposed. “I’m certain you can make any decisions necessary. Of course, he’ll have to sign any final papers, but I’m sure you can manage that.”

I felt I was being drawn into a conspiracy.

“What kind of decisions?”

“As it happens, you’re call comes at an opportune time. If I’m not mistaken, you’ll be looking for college funds. You are aware that what residue of the estate remains is barely sufficient to support the operation of the household. It’s a good thing this old house is so solid. Any major repair would surely bankrupt the estate.”

I looked on in terror.

“But not to worry. Fate offers a solution,” he added brightly. “I was recently approached with an inquiry about the former Wellington House property.”

Wellington House, my mother’s ancestral home, while majestic and imposing in its day, had tragically burned to the ground many years before. Knowing my family’s history, I suspect drunken negligence as the cause. The property adjoined the Dowd Mansion, beyond the wall to the south. Long fallow, it was a continuation of the wasteland that was our garden. Could gold be spun from this dross? I was all ears.

“A developer contacted me with a proposal to develop the site as a condominium. He was even more enthusiastic when I mentioned that Dowd family holdings included several adjoining properties on both sides of the river. One could conceivably even develop some of the former mill buildings. Frankly, relief from the real estate taxes on even these undeveloped properties would go far to alleviate the financial situation.”

I encouraged him to continue.

“Now, we could sell the property outright, but that would require the developer to acquire financing. That could take years and I agree with the developer that the time to move is now. Two significant projects are underway that will require housing beyond that available in the local market, the first a software and technology firm and the second an additional campus for the state university. If you agree to hold the mortgage, the entire process could be speeded up. In addition to the down payment, it will provide you with a generous income until the project is completed.” He paused meaningfully. “And should the enterprise run into trouble or actually fail, you would retain ownership including any improvements. This could significantly enhance the value.”

The proposal seemed reasonable enough. My expression must have revealed some suspicion.

“Of course, as the party to broker the arrangement, my firm will receive a commission.” Ah yes, at last a chance to make some money on the Dowd account.

***

Mr. Selwen already had the papers in hand. I adopted my most serious expression while reviewing the many pages of nearly incomprehensible jargon. I did sincerely try to comprehend the words and information, but my expression must have given me away. Mr. Selwen kindly advised that all was in order and that he had made certain of this on my behalf. He further suggested that a corporation be founded, naming me as the president, himself as treasurer and our family attorney as counsel. He instructed that it would only require my father’s signatures at the indicated places, a meeting of the principals and an appropriate power of attorney actionable upon my soon to occur eighteenth birthday. After that, a meeting with the construction firm would put in my hand a down payment sufficient to pay for college, pay off outstanding bills and add to the remaining family household balance. Each month the corporation would receive payments for a term of fifteen years until the financial agreement had been satisfied. It was more money than I could imagine, though Mr. Selwen encouraged thrift and caution.

Two things I resolved to do with the windfall, first a rehabilitation of the kitchen and staff quarters. Mrs. Cooke had long suffered under poor conditions and long outdated appliances. Next a car, perhaps used, but a newer model for Gardener. These two loyal members of the household had given me much throughout my life, standing in for my parents only to be neglected themselves. At last I had the means to make some gesture of my appreciation. I would now be leaving for college and would need them to continue to care for my parents.

For myself, I indulged in a small shopping spree for appropriate college attire to augment my more formal wardrobe. College was a chance to reinvent myself, not in opposition as I had in high school, but as a part of the community. I was eager to start this next chapter of my life.

The incorporation meeting and closing session with the contractor were rapidly concluded to everyone’s satisfaction. My father signed all papers as instructed. Mr. Selwen looked relieved to be dealing with me. I was inspired to trust him by his manner. All was in readiness for me to go off to college.