Mr. Marston stroked his strip of beard. "In order for our stock to be
what we intend it to be, the Paramount Coast Transportation has got
to operate as a complete monopoly, as you understand, Mr. Fogg. A
beneficent monopoly--consolidation benefiting all--but nevertheless
a monopoly. With one line holding out on us, we've got only a limping
proposition."
"Exactly!"
"What are we going to do about the Vose line?"
"Let it compete, sir. We can kill it in the end."
"Possibly--probably. But that plan will not serve, Mr. Fogg."
"It's business."
"But it is not finance. I'm looking at this proposition solely as a
financier, Mr. Fogg. I hardly know one end of a steamboat from the
other. I'm not interested in rate-cutting problems. I don't know how
long it would take to put the Vose line under. But I do know this, as a
financier, handling a big deal, that the Paramount stock will not appeal
to investors or the bonds to banks unless we can launch our project as
a clean, perfect combination, every transportation charter locked up.
I handle money, and I know all of money's timidity and all of
money's courage. You think the Vose directors are able to hold their
stockholders in line, do you?"
Mr. Fogg uncrossed his legs, put both feet on the floor, hooked
his hands across his paunch, and gazed up at the ceiling, evidently
pondering profoundly.
"I repeat, I'm not viewing this thing as a steamboating proposition,
not figuring what kind of tariffs will kill competition," stated Mr.
Marston. "I'm not estimating what kind of tariffs will make a profit for
the Paramount. I'd as soon sell sugar over the counter. My associates
expect me to make money for them in another way--make it in big lumps
and on a quick turn. The Vose line, competing, kills us from the
financial viewpoint."
"Exactly."
There was silence in the room for some time.
"There's never any telling what stockholders will do," remarked Mr.
Fogg, his eyes still studying the panels of the ceiling.
Mr. Marston did not dispute that dictum.
His field-marshal slowly tipped down his head and gave his superior
another of those bland stares.
"So I'll go right ahead and see what they'll do, sir."
He rose and kicked the legs of his trousers into place.
"You understand that in this affair, as in all matters where you have
been employed, there must be absolutely clean work. There must be no
come-back. Of course, I have instructed you to this effect regularly,
but I wish to have you remember that I have repeated the instructions,
sir."