I
know that's true. Also that the company is earning sixteen per cent. and
will always pay eight per cent. or over. Something to that effect."

"Do you suppose, Lawson," said Mr. Rogers, straightening up and speaking
very impatiently, "that the public will swallow any statement of that
kind? Just think it over--William Rockefeller, James Stillman, and
myself, to say nothing of others, openly spending our money for
advertisements to induce Tom, Dick, and Harry to buy stock at par which
we know is earning sixteen per cent. and will always pay eight!"

"Why not?" I responded. "I have practically stated the same thing scores
of times as your agent, until, so far as the public is concerned, my
telling it is the same as though 'Standard Oil' had said it."

"Well and good," Mr. Rogers went on dryly. "But, Lawson, you know
there's a heap of real difference between your telling it and our
putting it over our signature."

I well knew the difference, but I had my point to make; so I said:

"All right. Let the City Bank and Mr. Stillman put it their own way."

"Lawson, that's foolish," Mr. Rogers returned. "They must not be allowed
to have anything to do with it save to O. K. what we are to advertise
over their signature. Stillman would never agree to our using the City
Bank to hawk any stock but a gilt-edged one."

"Isn't this a gilt-edged one?"

Mr. Rogers glared at me.

"Why waste time and words over a matter that you know as well as I must
be handled very, very gingerly? It is not because it is not gilt-edged,
but because of the peculiar situation of it. The public thinks this
stock which is to be offered to it belongs to the Amalgamated Company,
and that the City Bank is selling it for the Amalgamated treasury just
as in any of the ordinary first-class issues they offer for
subscription; whereas we know that the stock belongs to us and the bank
is selling it for our profit. If the public suspected that this stock
was ours, and that we were not going to subscribe on the same basis as
themselves, it would demand to know what we paid for it, and if we
didn't tell, it would be figured out as a clear case of false
representation. Where would that leave us? Mr. Rockefeller, myself, the
bank, and Stillman would be held for every cent of the capital forever.
We cannot put our heads into any such halter."

"I cannot see why not," I expostulated. "You and I know there is no more
chance of loss than if we were dealing in the C