So they let Thompson go and I took his place. That, of course, is where I got my real start, because, you see, I could control the output and run the costs up and down just where I liked. I suppose you don't know anything about costs and all that—they don't teach that sort of thing in colleges—but even you would understand something about dividends and would see that an energetic man with lots of character and business in him, If he's general manager can just do what he likes with the costs, especially the overhead, and the shareholders have just got to take what he gives them and be glad to. You see they can't fire him—not when he's got it all in his own hands—for fear it will all go to pieces.

Why would I want to run it that way for? Well, I'll tell you. I had a notion by that time that the business was getting so big that Mr. Evans, the managing director, and most of the board had pretty well lost track of the details and didn't understand it. There's an awful lot, you know, in the shoe business. It's not like ordinary things. It's complicated. And so I'd got an idea that I would shove them clean out of it—or most of them.

So I went one night to see the president, old Guggenbaum, up at his residence. He didn't only have this business, but he was in a lot of other things as well, and he was a mighty hard man to see. He wouldn't let any man see him unless he knew first what he was going to say. But I went up to his residence at night, and I saw him there. I talked first with his daughter, and I said I just had to see him. I said it so she didn't dare refuse. There's a way in talking to women that they won't say no.

So I showed Mr. Guggenbaum what I could do with the stock. "I can put that dividend," I says, "clean down to zero—and they'll none of them know why. You can buy the lot of them out at your own price, and after that I'll put the dividend back to fifteen, or twenty, in two years."

"And where do you come in?" says the old man, with a sort of hard look. He had a fine business head, the old man, at least in those days.

So I explained to him where I came in. "All right," he said. "Go ahead. But I'll put nothing in writing." "Mr. Guggenbaum, you don't need to," I said. "You're as fair and square as I am and that's enough for me."