"Yes, but that was last week. Most of our old investors are here in the East, scattered between here and Chicago. Over fifteen thousand of 'em. Our schedule of operation is airtight. Consolidated, for example, owns Food Products, pockets some of the commission for selling the stock, profits by the operation of the company—and it all comes back to the investors. And our corporate funds are growing fast."
"Then what's to hinder the spread?" asked Macgowan, teeth clamped on cigar.
"Too much expense." Armstrong puffed thoughtfully. "We don't want to splurge, to go after the whole country and over-reach ourselves. I don't want to be classed with these birds who flood the country with stock not worth half its price. For next year, we'll play safe with what we have. We can lay out a big program, but hold back with it."
"You're selling stock on the coast now," argued Macgowan.
"Yes, but only a small allotment of Food Products is being handled there." Armstrong became crisp, decisive, closed to all protest. "I'm writing our men out there to-day, calling them in by the first of the year. The less they sell of Food Products out there, the better pleased I'll be; but if they can get rid of their allotment next month, all right."
Behind his veil of gray smoke, Macgowan's brilliant, arrogant eyes narrowed in reflection. One would have thought that this change of program on Armstrong's part, instead of being a mere detail of organization, was something that affected him vitally. Even Armstrong was mildly surprised that Macgowan should be so interested in this detail.
"You see, Mac," he explained, "I'm going to cut down all expenses. Food Products is the biggest thing we've taken over, and I'm getting stingy. The time to retrench is before the pinch comes. Some day, trouble will hit us; when it hits, I want the organization as compact and impervious as possible, and funds all in shape. We have competitors and—"
The lawyer threw up his hands.
"You're right, Reese, dead right! I suppose I'm like the others; a bit hypnotized by our success and the size of the bankroll. Then you'll not draw in your horns before the first of the year?"
"No."