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undoubtedly be successful in controlling the steel output of all this section; and its further growth is not easy to forecast. Its main objects, in the words of one who is high in the councils of the organizers, are to cheapen steel for the consumer, prevent over-production, advance all legitimate economies, and to harmonize and unify the interests of labor as well as those of capital. … The company is to be capitalized at two hundred millions of dollars—one hundred millions of preferred stock, and an equal amount of common. A certain amount of these shares, not yet determined, may be subscribed for by the public; definite announcement with regard to this is deferred for a few weeks. It is the confident expectation of the large interests behind the scheme that the new corporation will begin operations the first of next October, and that its first quarterly dividend will be paid at the beginning of the new year."

Floyd did not see the article until he arrived at his office. He was interrupted in the middle of his reading by a telephone message from Gregg; the superintendent was disturbed; anxiety in New Rome over this announcement had become a "scare;" already the men were wondering which mills were going to be shut down and how much of a cut in wages would be made at the start.

"Tell them," said Floyd bluntly, "that from your point of view the persons to be alarmed are the officers, not the men."

He had hardly hung up the receiver and resumed his reading when he was again interrupted by a telephone call. Mr. Samuel Tustin, chairman of the executive committee of the Affiliated Iron Workers, and two members of the committee desired an appointment with him that afternoon. "Come in at three," Floyd said. "But if it's in connection with what is published in this morning's newspaper, I can tell you nothing."

At intervals that morning he was harassed by clerks and salesmen and other employees of the company's offices