“Forget your grandmother!” yelled Pink. “Go on, tell him about that cat-fight you had with Spaeth this morning!”
Jardin shrugged. “You know, your father and I were equal partners. Whenever he arranged to form a new holding company — he created seven before the government stepped in — the corporation would retain control of the common stock and put the remaining forty-nine percent on the market. The preferred stock we held back, splitting share and share alike.”
“Yes?” said Walter.
“Pop. Don’t,” said Val, looking at Walter’s face.
“Go on, Mr. Jardin.”
“Knowing nothing about these things, I trusted your father and Ruhig completely. Ruhig advised me to hold on to my preferred — it did seem wise, because the basic Ohippi plants were perfectly sound. Secretly, however, through agents, your father sold his preferred as the companies were created. And now, with all the stockholders caught, he’s sitting back there with a fortune.”
“I see,” said Walter; he was pale. “And he led me to believe—”
“With the dough he’s made,” raved Pink, “he could rebuild those power plants and put ’em on their feet again. We got some rights, ain’t we? We—”
“You lost money, too?”
Rhys Jardin winced. “I’m afraid I sucked in a lot of my friends — in my early innocence.”
“Excuse me,” said Walter, and he rose and went down the terrace steps into the rain.
“Walter!” cried Val, flying after him. “Please!”
“You go on back,” said Walter, without stopping.
“No!”
“This is my business. Go back.”
“Just the same,” said Val breathlessly, “I’m coming.”
She clung to his arm all the way around the pool and up the rocky slope to the Spaeth house.
Val remained nervously on the Spaeth terrace. “Walter, please don’t do anything that—” But it was half a whisper, and Walter was already stalking through the glass doors into his father’s study.
Mr. Solomon Spaeth sat at his oval desk, the picture of baronial gravity, shaking his head a little at the rapid-fire questions of a crowd of newspapermen. His reading glasses rested on the middle of his fat nose, and with his paunch and thin gray hair and sober air he did not remotely resemble the devil and worse that the stockholders at the gate were calling him.
“Gentlemen, please,” he protested.
“But how about the flood story, Mr. Spaeth?”
“Are you going on?”
“Where’s that statement you promised?”
“I’ll give you just this.” Solly picked up a paper and fussed with it. The reporters grew quiet. Solly put the paper down. “Owing to the catastrophe in the Ohio and Mississippi Valleys,” he said gravely, “our field men report the complete ruin of our equipment. That hydro-electric machinery would cost millions to replace, gentlemen. I’m afraid we shall have to abandon the plants.”
There was a shocked silence. Then a man exclaimed: “But that means a loss of a hundred cents on the dollar to every investor in Ohippi securities!”
Solly spread his hands. “It’s a great misfortune, gentlemen. But surely we can’t be held responsible for the floods? Floods are an act of God.”
The reporters did not even notice Walter in their scramble for the door.
Walter stood still near the terrace doors. His lips were twisted a little... His father rubbed his right jowl thoughtfully for a moment, and then began to read the afternoon papers.
Winni Moon was drifting about the study with a vague, pleased smile, touching things here and there; a small fire crackled in the grate; and Jo-Jo, Winni’s chimpanzee, was whirling on her pink haunches near the hearth like a dervish, chattering crossly. Jo-Jo whirled incessantly, for she despised the smell of herself, although she was prinkled with a scent that set Solly back fifty dollars an ounce.
On the terrace, watching, Val tingled with hostility. The Moon worm was wearing the boldest creation in burgundy crêpe, with shirrings at the wrists that “dramatize your every gesture, madame” — Val knew the line so well — and her thick wheat-colored hair was done up in a convoluted braid, like a figure eight lying on its side on top of her head.
Hostess gown. Hostess! Protégée! Val’s fingers curled for something to pluck and rend.
“Oh,” cried Winni, “here’s Walter!” And she pounced.
Her clinging act, thought Val bitterly. True, Walter was fending her off with one arm, but that was probably because he knew Val was watching.
“Wally dear, isn’t it awful? The floods, and all those people in the woad. You’d think it was the storming of the Castille, at the very weast! I’ve simply begged Solly — your father — to make the police dwive them away—”
Walter shouted: “Lay off me!”
“Why, Walter!”
Solly took off his glasses. After a moment he said: “Get out, Winni.”
Winni smiled at once. “Of course, daddy. You two men must have—” She clapped her hands prettily. “Jo-Jo!”
Oh, you — thing! thought Val, seeing it all from the terrace through the glass doors.
The unhappy beast leaped to Winni’s shoulder and she went out with it, her hips swaying from side to side under the clinging stuff as if they were set in gimbals. She turned, smiled again, and carefully closed the study door.
Thing! THING!
Walter strode forward and faced his father across the marbled leather top of the desk.
“Let’s get down to cases,” said Walter. “You’re a crook.”
Solomon Spaeth half-rose from his chair; then, blinking, he sat back. “You can’t talk to me that way!”
“You’re still a crook.”
Solly’s complexion deepened. “Ask the United States Attorney! There’s nothing illegal about my operations.”
“Oh, I’m sure of that,” said Walter, “with Ruhig to handle it. But that doesn’t make you any the less a crook.”
“If you call me that once more—” began his father balefully. Then he smiled. “Pshaw, you’re excited, Walter. I forgive you. Have a drink?”
“I don’t want your forgiveness!” roared Walter.
Walter, Walter, thought Val desperately.
“Before the floods our cash position was sound. It was just the government — Congress undermined the confidence of the public—”
“Look,” said Walter. “How much money have you made out of the sales of your preferred stock since you began creating holding companies around Ohippi?”
“A few dollars, Walter,” said Solly soothingly. “But so could Jardin, only he says he hung on to his stock.”
“You got that rat Ruhig to advise him to hold on!”
“Who says so? Who says so?” spluttered Solly. “Prove that. Let him prove—”
“You weren’t satisfied with swindling the investing public, you had to doublecross your partner, too!”
“If Jardin says I doublecrossed him, he’s a liar!”
Val gritted her teeth. You oily rascal! she thought. If only you weren’t Walter’s father...
“Jardin’s broke, and you know it!” shouted Walter.
A strange smile fattened Solly’s features. “Is that so? Really? Did Jardin tell you that?”
Valerie felt her heart skip a beat. And there was almost a dazed look on Walter’s face. What did the man mean? Was it possible that—
“The fact remains,” muttered Walter, “you’ve made millions while your stockholders have been wiped out.”
Spaeth shrugged. “They could have sold at peak, too.”
“And now you’re abandoning the plants!”
“They’re useless.”
“You could put them back on their feet!”