“One million sacks.”
“Paid for any of it?”
“Half of it. Balance in sixty days.”
“Where is the rice?”
“Scattered in various warehouses throughout the upper Sacramento valley.”
“I didn’t notice that our bank account had been particularly depleted during the month I was in Hawaii. You bought the rice on open credit, hypothecated the warehouse receipts with various banks, paid for half the rice with the proceeds and used the remainder of the loan to pyramid with. I suppose you sunk that in a little jag of Philippine rice.”
“I did,” Casson admitted, flushed and anxious. He had seated himself, facing Dan.
“Holding your warehoused rice for a rising market, eh?”
“Exactly.”
“Suppose the bottom drops out?”