Blow the Man Down - A Romance of the Coast

"I believe so, Mr. Fogg," agreed Julius Marston. "And that's why we feel

it's going to be a good thing for all the coast lines to be under one

management--our management."

"Exactly!"

"It's true progress--true benefit to travelers, stockholders, and all

concerned. Consolidation instead of rivalry. I believe in it."

"Exactly!"

"As a broad-gauged business man--big enough to grasp big matters--you

have seen how consolidation effects reforms."

"No two ways about it," affirmed Mr. Fogg.

"That was very good missionary work you did in the matter of the Sound &

Cape line--very good indeed."

"It's astonishing what high and lofty ideas some stockholders have

about properties they're interested in. In financial matters the poorest

conclusion a man can draw is that a stock will always continue to pay

dividends simply because it always has done so. I had to set off a

pretty loud firecracker to wake those Sound & Cape fellows up. I had to

show 'em what damage the new deals and competition and our combination

would do to 'em if they kept on sleeping on their stock certificates.

Funny how hard it is to pry some folks loose from their par-value

notions." Mr. Fogg delivered this little disquisition on the

intractability of stockholders with reproachful vigor, staring blandly

into the unwinking gaze of Mr. Marston. "I don't want to praise my own

humble efforts too much," he went on, "but I truly believe that inside

another thirty days the Sound crowd would have been ready to cash in at

fifty, in spite of that minority bunch that was hollering for par. That

was only a big yawp from a few folks."

"Fifty was a fair price in view of what's ahead in the way of

competition, but we have made it a five-eighths proposition in order to

clinch the deal promptly. I just sent one of our boys around with the

check."

Mr. Fogg beamed. He used his purple handkerchief on his cheeks once

more. He allowed to himself a few words of praise: "They'll understand

some day that I saved 'em from a bigger bump. But it's hard to show some

people."

"Now, Mr. Fogg, we come to the matter of the Vose line. What's the

outlook?"

Mr. Fogg looked sad. "After weeks of chasing 'em, I can only say that

they're ugly and stubborn, simply blind to their best interests."

"Insist on par, do they?"

"Worse than that. Old Vose and his sons and those old hornbeam

directors--retired sea-captains, you know, as hard as old turtles--they

have taken a stand against consolidation. They belong in the dark ages

of business. Old Vose had the impudence to tell me that forming this

steamboat combine was a crime, and that he wouldn't be a party to a

betrayal of the public. He won't come in; he won't sell; he's going to

compete."