“I do not.”
“Did you ever hear of Bradley, of Bay City?’
“I did not.”
“Well, what Bradley accomplished may be understood by a ten-year-old boy. He went over to Germany, and came back with a parcel of seeds in his handbag, which seeds he planted. From that parcel has grown the beet root industry of Michigan. There are now factories in that State capitalised at ten millions of dollars. There are nearly a hundred thousand acres of Michigan land in beets. Ten years ago I hadn’t a penny; to-day I think I could put as much money on the table as you, and all on account of those seeds Bradley brought from Germany. I own three big factories in Michigan, and four others in States further west. You hinted that you didn’t wish to deal in probabilities; but, if you will forgive me for saying it, there is no industry in this country at the present moment which offers greater promise than the manufacture of sugar out of beetroot.”
“I dare say,” remarked Steele indifferently. “I am quite willing to applaud the excellent Bradley, who made millions of beets grow where none had grown before. I admire such a man exceedingly, even though unprepared to follow in his steps. You see, Mr. Metcalfe, I am not a useful citizen like yourself and Mr. Bradley. I simply make a raid at some project, filch what I can, and get back into my den. As I told you, I am not building factories, not even those that squeeze the succulent beet. I squeeze my opponents on the Stock Exchange. My motto is large profits and quick returns.”
“I am here to offer you immense profits and immediate returns. I understand the sugar business down to the ground, and have realised its possibilities for several years past. Therefore I determined to combine all the big sugar factories at present existing in the United States. Rapidly as I myself have acquired wealth, the sugar business has been growing too quickly for me, and at the beginning of this year I saw I had to put my project into action, or else interest a body of financiers, which I did not wish to do, for my ambition is to control the sugar-beet industry of the United States, and ultimately of the world.”
“Ah, you hope to become a sort of sweetened Peter Berrington,” said Steele, with a smile, and he thought of this remark somewhat grimly later on.
“Exactly,” said Metcalfe seriously, without duplicating the other’s smile. “As I told you, I own outright seven factories. I secured options on all the rest, and in each case have paid down a forfeit, for I shall be compelled to buy outright within the next month if I am to hold them. Now, the total cost of all the factories in the States at present, built or building, comes to almost double the capital I possess. If you will put up dollar for dollar with me, we will purchase these factories outright. Then we will form the whole into a gigantic company. When this is done, you can withdraw your money, and probably as much more as you put in. If the public does not subscribe the full amount we demand, I will guarantee to relieve you at par of all the shares that may fall to your portion.”
“How can you guarantee to do that when at the present moment you have not got more than half the necessary capital for forming the company?”
“I can guarantee it because I am certain the public will subscribe; but even if they do not, the moment the company is formed there is a bank in this city willing to advance me cash to the amount of three-quarters of our capital. Therefore I can guarantee that you will double your money within a month—that is, within a month of your putting it in. You say you care nothing for the opinions of experts; neither do I, therefore I propose that you become my guest for two weeks, and visit most of the factories now under my control. You can see the books and balance-sheets of my own concerns, and from what you learn under my tuition you will be able to form a very good estimate of how the other factories are placed.”