I have already a
certain number of shares. The possession of yours will give me control.
The shares to-day stand at a dollar and an eighth. That would make your
holding, Mr. Wingate, worth, say, one million, four hundred thousand
dollars. I am going to offer you a premium on the top of that, say one
million, six hundred thousand dollars at today's rate of exchange."
"For trading purposes between Japan and China," Wingate reflected.
"That is the scheme," Phipps assented.
Wingate indulged in a few moments' reflection. He had no particular
interest in the Universal Steamship Company--a company trading between
San Francisco and Japan--and from all that he could remember of their
position and prospects, the price was a generous one. Nevertheless, he
was conscious of a curious disinclination to part with his shares. The
very fact that he knew he was being watched with a certain amount of
anxiety stiffened his impulse to retain them.
"A very fair offer, Mr. Phipps, I have no doubt," he said at last. "On
the other hand, I am not a seller."
"Not a seller? Not at a quarter premium?"
"Nor a half," Wingate replied, "nor, as a matter of fact, a hundred per
cent. premium. You see, I don't trust you, Phipps. You may have told me
the truth. You may not. I shall hold my shares for the present."
"Mr. Wingate," Phipps exclaimed incredulously, "you astonish me!"
"Very likely," was the unconcerned reply.
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