Hackman’s voice: “My call? I didn’t call her.”

“From the tone of her voice I gathered that. You must have had a very rough night.”

“Bet your bottom,” Hackman replied, hearty but guttural with hangover. “It was a doozy.”

Villiers, deliberately eavesdropping, heard a quick rustle, as if the girl had dodged Hackman’s rush. The girl said in a tone like ice, “You live like a bloody sailor on shore leave. You weren’t with your wife, and you weren’t with me-just where the bloody hell were you?”

“You’re getting just like her. I come home early, and she thinks I want something-I come home late, she thinks I’ve already had it. Look, I had business to do last night, okay? Christ.”

There was a snort and the quick hard tap-tap of the girl’s heels. Villiers pushed the door all the way open and strode in just as Hackman growled, “Sca-rew you, doll,” at the girl’s disappearing back.

Hackman turned and gave Villiers a momentary startled glance of red-faced alarm. Villiers pushed the door shut with his heel and allowed himself to smile slightly. Hackman, scowling, with a cigar in his mouth, was a picture of beefy chagrin. He removed the cigar and complained sourly, “She’s just pissed because she knows she’s nothin’ but a piece of tail I can knock off anytime. Shit, one time she begs me for it, I may just let her hang up there and suffer.”

Eliciting no answer, Hackman finally shrugged his heavy shoulders. “Ah, she’ll be okay when she cools off. They all come around, don’t they? Hell. Come on inside.”

Villiers went along with him into the private office. “What did NCI open at?”

“Up a quarter. We got to talk about that.”

“Why?”

“Because right now you’re in trouble either way, the way I see it.”

“Fascinating,” Villiers said, settling in a chair. “Tell me about it, George.”

“Well, look, you’re holding a damn strong position in it. If it starts to slide, you’ll have to start covering the accounts-you’ll have people breathing down your neck for margin calls.”

You don’t know the half of it, he thought. “That’s one way. What’s the other?”

“You’re right in the middle. Suppose it goes up instead of down? It could happen fast, any minute now. All the big firms have got computers scanning the stock lists to spot companies busting out of their usual patterns. Once some shlock analyst notices the uptrend, the word’ll get around fast-they all eat at the same clubs, those guys, they’re always on the phone with each other. One analyst starts to talk NCI up, and every guy he talks to thinks he’s near the top of the list of people being told, so everybody goes out and buys because they know other guys are hearing the same story and the stock’s going to go up. A broker hears the word, he passes it on to the big funds because he figures to land their commission business on it. So you start a little bull market in the stock, and it shoots up so far you can’t afford to buy any more of it. What happens then?”

“I pyramid.”

“With what? You got maybe eighty, ninety thousand shares on the books here. That’s a drop in the bucket. But what I’m really worried about, suppose it takes a plunge? You paid for the stuff with checks written on a dozen corporations.”

“Why shouldn’t I? They’re my corporations.”

“That don’t make it your money to sling around. I’d feel a lot happier if you’d sell off enough NCI shares to pay off the margin. I’m still holding your Amalgamated Elcom check to cover it, but I don’t want to put that check through-I can return it to you, you tear it up, it won’t have to show on anybody’s books. Mace, you’re too deep into the Amalgamated Elcom reserve fund. You got no legal right to draw money out of it at all. I could get in a hell of a mess.”

“Stop sweating,” Villiers said mildly. “Elcom’s as sound as granite. They’ve just discovered four hundred square miles of bauxite aluminum ore in Canada.”

“It says here. Christ, you started that rumor. How much you want to bet there’s no bauxite at all on that lease? All you wanted was to boost the price so you could issue carpets of the stock and trade it for NCI shares.”

“Sometimes you surprise me a little,” Villiers said, and as an afterthought showed a smile.

The yellowish, magnified stock tape moved rapidly across the screen. Villiers said in the same cool, even voice, “You’re wrong on one point, George. I haven’t got ninety thousand shares of NCI. That’s only the part you’ve bought in your street name. My position in NCI, as of this morning, runs to approximately one million, seven hundred thousand shares.”

Hackman just stared at him.

By the time Sidney Isher arrived at ten-thirty, Hackman was sitting back beaming with an H. Upmann cigar jutting from his mouth at a jaunty angle, his glad-handing smile pasted on as if it would never come off.

When Isher sat down, Villiers thought at first-astonished-that Isher was winking at him. Then he remembered it was a tic, a permanent affliction, the quivering of Isher’s eyelid. It flicked and drooped of its own volition, and Isher probably had long ago lost his awareness of it. What unsettled Villiers’ was that he had forgotten it. Not enough sleep, he judged.

Isher said, “I hear Farouk’s nineteen-thirty Alfa Romeo is up for sale in Boston.”

“I’m looking into it,” Villiers said. “Right now we’re going to have a conference. I want both of you wide awake.”

“All right. Go ahead.”

“I’m ready to come out in the open,” Villiers said. “You two would have to know all of it eventually anyhow-I’ve held it back because you both get so damned nervous over the big ones. But now I’m going to spell it out so you’ll know what we’re after and what to look out for along the way.”

Isher slid back in his chair and cleared his throat. “It’s about time,” he muttered.

“Yes sirree Bob,” said Hackman.

“My aim,” Villiers said, spuriously casual, “is to take control of Northeast Consolidated Industries.”

Hackman beamed. “Sure.”

Isher was blinking and rubbing his eyes. “NCI?” He seemed unsure he had heard right.

“Does it make sense now, Sidney?”

Isher’s Adam’s apple bobbed. “I’m, ah, not sure.”

“Melbard was only a preliminary. That’s why I didn’t care what I had to pay to get it. The same with Nuart and Heggins Aircraft. You see-”

“Mace, maybe you ought to start at the beginning and take it slow for the benefit of us country folks.”

Villiers disliked being interrupted but this time he let it go. “You’re probably right. All right, from the top. I started by piling up capital. Used every gimmick I could think of to raise dimes and dollars. I’ve got boiler rooms running around the clock. I’ve nursed more than a dozen companies I own-manipulated the books, fabricated figures, issued glowing annual reports, all of which is designed to show big paper profits and boost the prices of the shares. I borrowed money from myself through dummies, used fresh-printed stock as collateral, and defaulted on the loans. That leaves me free to sell them in the open market without having to register them as a new issue-I dumped the stock in small doses as distress shares, liquidated as foreclosures. We avoid government scrutiny that way, and the public doesn’t have any way of knowing these are fresh new shares with the ink still wet. I slipped them onto the market out of Canada, over the counter and through the boiler rooms-that kind of small investor isn’t likely to offer it soon for resale on the major exchanges, so nobody knows we’ve flooded the market with new paper and diluted the value of the shares.

“I used one trick I learned from you, George-bought small amounts of my own stocks on the exchanges at the close of the trading day, paying a higher price than the last previous quotation. That way the stock shows an uptick on the listings. Keeps the price up and sustains the appearance of activity, which makes the stock more attractive to the over-the-counter buyer.”