simplify the securities holdings, cutting down the number of transactions there too. And they had stopped going into new ventures."
"If that's the way it was going, I wonder why Howard didn't leave too."
"I have reason to believe he was considering it. But he was making quite good money. And he had a strong feeling of loyalty toward Mr. Armister. I imagine he would not have remained there much longer. He was a very sound man, Mr. McGee. Excellent investment judgment."
"Speaking as a layman, Mr. Imber, I wonder about one thing. If the policy changed, if they started selling off stuff, wouldn't it give somebody a better chance to siphon off some of that Armister money?"
His eyes bulged. "What an extraordinary thing to say!"
"Wouldn't it be possible?"
"Surely you are joking, Mr. McGee. You have no idea of the impossibility of doing anything like that. There is a practically continuous tax audit of transactions. There are checks and balances within the accounting system. Mr. Armister is very alert. The head of the legal staff, Mr. Baynard Mulligan, is a very able and respected man. Mr. Lucius Penerra, head of the accounting staff, is totally competent and respected. And nothing of any importance happens without Mr. Armister's personal investigation and approval. No, Mr. McGee, it is not only rather stupid to make a formless accusation like that, it could even be dangerous. I suspect it always is dangerous to slander any important and respected organization."
"There would be no way to clip that outfit?"
"Absolutely none. How did we get onto this subject?"
"One more question, Mr. Imber. Do you think the change of policy was smart?"
"That all depends."
"On what?"
"If you wish to take maximum advantage of a fortune of perhaps sixty or seventy millions of dollars, conserve it and increase it, while at the same time taking advantage of every tax break and every change in the economic climate, then the previous operation was better. But there are human values too. For example, Mr. Armister could have decided the work was too confining and restrictive. So he could seek a static rather than an active position. He might eventually have it in mind to cut down to the point where he could disband all operations and turn the holdings over to the trust departments of his banks. It might mean as much as a five percent change in his annual position, say three million dollars. That is what he would be in effect paying for the privilege of not taking risks."
"How old is he?"
"I would say he is about forty-four now. Inherited money is a terrible responsibility Mr. McGee. It can become a crushing burden. Naturally I have no right to make guesses about what Mr. Armister wants or doesn't want."
"Did Howard ever complain about the new policy?"
"Why have you come to see me?"
"I wanted to find out about Howard's job."
"But why?"
"Miss Gibson is curious."
"Why should she be curious?"
"I wish I could tell you, Mr. Imber. But I gave my word."
"I certainly hope she isn't doubting Howard's honesty. He was a completely reliable man."
"Did he complain about the new policy?"
"Just once. Just before I left. Together we had worked out a very sound land-use program for a large tract in Maryland, and figured the investment needed to begin the first phase. Then Mr. Mulligan told Howard they had decided to put it on the market. It was a bitter disappointment. Howard tried to fight the decision but got nowhere. I remember him walking back and forth in front of my desk, cursing the entire organization." He looked at his watch. "I'm very sorry, but…"
I got up quickly. I thanked him for giving me the time. His handshake was abrupt, cold and strenuous. I glanced back at him as I went out his doorway. He was sitting erect, registering disapproval. I had slandered one of his gods. I was a reckless layman. And I suspected that he was annoyed with himself for talking perhaps too much and too freely. There is only one way to make people talk more than
"If that's the way it was going, I wonder why Howard didn't leave too."
"I have reason to believe he was considering it. But he was making quite good money. And he had a strong feeling of loyalty toward Mr. Armister. I imagine he would not have remained there much longer. He was a very sound man, Mr. McGee. Excellent investment judgment."
"Speaking as a layman, Mr. Imber, I wonder about one thing. If the policy changed, if they started selling off stuff, wouldn't it give somebody a better chance to siphon off some of that Armister money?"
His eyes bulged. "What an extraordinary thing to say!"
"Wouldn't it be possible?"
"Surely you are joking, Mr. McGee. You have no idea of the impossibility of doing anything like that. There is a practically continuous tax audit of transactions. There are checks and balances within the accounting system. Mr. Armister is very alert. The head of the legal staff, Mr. Baynard Mulligan, is a very able and respected man. Mr. Lucius Penerra, head of the accounting staff, is totally competent and respected. And nothing of any importance happens without Mr. Armister's personal investigation and approval. No, Mr. McGee, it is not only rather stupid to make a formless accusation like that, it could even be dangerous. I suspect it always is dangerous to slander any important and respected organization."
"There would be no way to clip that outfit?"
"Absolutely none. How did we get onto this subject?"
"One more question, Mr. Imber. Do you think the change of policy was smart?"
"That all depends."
"On what?"
"If you wish to take maximum advantage of a fortune of perhaps sixty or seventy millions of dollars, conserve it and increase it, while at the same time taking advantage of every tax break and every change in the economic climate, then the previous operation was better. But there are human values too. For example, Mr. Armister could have decided the work was too confining and restrictive. So he could seek a static rather than an active position. He might eventually have it in mind to cut down to the point where he could disband all operations and turn the holdings over to the trust departments of his banks. It might mean as much as a five percent change in his annual position, say three million dollars. That is what he would be in effect paying for the privilege of not taking risks."
"How old is he?"
"I would say he is about forty-four now. Inherited money is a terrible responsibility Mr. McGee. It can become a crushing burden. Naturally I have no right to make guesses about what Mr. Armister wants or doesn't want."
"Did Howard ever complain about the new policy?"
"Why have you come to see me?"
"I wanted to find out about Howard's job."
"But why?"
"Miss Gibson is curious."
"Why should she be curious?"
"I wish I could tell you, Mr. Imber. But I gave my word."
"I certainly hope she isn't doubting Howard's honesty. He was a completely reliable man."
"Did he complain about the new policy?"
"Just once. Just before I left. Together we had worked out a very sound land-use program for a large tract in Maryland, and figured the investment needed to begin the first phase. Then Mr. Mulligan told Howard they had decided to put it on the market. It was a bitter disappointment. Howard tried to fight the decision but got nowhere. I remember him walking back and forth in front of my desk, cursing the entire organization." He looked at his watch. "I'm very sorry, but…"
I got up quickly. I thanked him for giving me the time. His handshake was abrupt, cold and strenuous. I glanced back at him as I went out his doorway. He was sitting erect, registering disapproval. I had slandered one of his gods. I was a reckless layman. And I suspected that he was annoyed with himself for talking perhaps too much and too freely. There is only one way to make people talk more than
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