“I thought it best, Mr. Steele, to ask you to come here, as what I have to say is extremely private, and I wish to incur no interruptions, and to obviate the possibility of eavesdroppers.”
“Yes?” interpolated John, thinking this opening must certainly pertain to the episode of the previous evening in the room beneath.
“You said to me once,” went on the Colonel, “that you were an investor, not a speculator.”
“Yes,” repeated his listener.
“Has it ever occurred to you that a man may be both, or rather, that he may indulge in all the advantages of successful speculation without any of the risks that occur through playing in the open market?”
“If such a thing could be done,” said John with a smile, “it would be the very heaven of financiering.”
“Such a thing not only can be done, but it is done, every day. It is the outsider who speculates, and who must incur the uncertainties which accompany speculation. Those on the inside do not speculate, but operate in a security as absolute as that of a bank which receives a certain amount from a depositor. Now, I told you last night that although Mr. Rockervelt’s visit was brief, it was important. Its importance lies in this. The financial year now drawing to a close—the financial year, I mean, so far as the Rockervelt system is concerned—has been far and away the most prosperous in its existence. Manateau Midland stock to-day stands at 162 1/2, which is much under its intrinsic worth. But before I proceed with this exposition of values, I should like to ask you a question or two. Am I right in surmising that you owe your position entirely to Mr. Rockervelt?”
“Yes, to him through Philip Manson’s recommendation.”
“Ah, Philip Manson! I believe he is one of Mr. Rockervelt’s favourites, too. He was your predecessor, wasn’t he?”
“Yes. Mr. Rockervelt took him to New York, and put me in his place here.”