"Well, what does he want?" This from the old man.
"That's the everlasting mystery and puzzle of it. He doesn't want anything, so far as I can learn. There's some factor in him that I can't get my hands on, try the best that I can. Not that I don't expect to break you wide open eventually, my friends."
"Now why do you want to do that?" asked the older financier. "Why not join in with us and break the bonehead?"
"Fine! But how can we do that? He's sitting pretty tight. The man's played in fine luck. I admit I rather admire him."
"Bah, that's the way with all the new ones; they all play in luck for a time. Each Napoleon has his boom, but after a time boom values shrink—they always do. This chap'll find his level when we get ready to tell him."
"For instance?"
"Well, for instance, then! He's sitting there with a small margin of control in the International. That gave him his start, and he's wise enough to hang on to that. But it didn't give him his money—he's only made dividend money out of that; and who cares for dividend money? He doesn't own control in the Guatemala Oil Company, does he? He's made a lot out of Arizona and Utah coppers, but he doesn't own control in a single company there, does he? He's in with the L.P., but he borrowed to get in. He's made a big killing in Rubber, but he doesn't own any Rubber control of his own, does he? Now, you follow him out in every deal he's made—-iron, copper, steel, oil, rails, timber, irrigation, utilities, industrials—and you'll find he's simply been banking on his inside information and his outside credit. Who gave him both of those things?—Why, we did, didn't we? All right! Suppose we withdraw our credit. What happens?"
VIII
They went silent now, and grouped a little closer about the tabouret which stood between them. The old man's voice went on evenly, with no excitement. Their conversation attracted the attention of none in the wide lounging room, where large affairs more than once had been discussed—even the making of Senators to order.
"I'll tell you what happens," the old man resumed. "He quits using us for a stalking horse, and he comes down to his own system. He's spread out. Banks are all polite, but—well, he has to put up collateral; and then some more. If he doesn't want to put up International, he's apt to find that a bunch of automobiles is poor property when sold at twenty per cent. their cost. He turns off two or three butlers, but still that doesn't serve for margins. The market doesn't suit his book any more.