The Dryden Note Read online

  However, the insertion question proved to be a larger problem than had initially been expected. The Professor’s backers began losing interest in an investment that might be years from commercial application. By the winter of 1899-1900, Cement Products, Inc., was out of funds.

  Mid-spring, 1900, Professor Armbrewster was able to secure a private loan for the Company that allowed him and a new group of graduate students to solve the problem. Unfortunately for the Company, Professor Armbrewster’s health necessitated his retirement the following year, but our Founder’s vision had been correct: he could join new concrete to old. Cement Products, Inc., was in business to stay.

  1921 was a banner year for Cement Products, Inc. Not only did the Company take advantage of the post-war boom, but also conducted its initial stock offering to the public. The Company could accelerate its growth using this additional medium of exchange.

  On July 1, 1940, Cement Products, Inc., was re-named International Construction Products, Inc. The nickname ‘ICP’ soon appeared. International Construction Products had become a household name.

  A major expansion effort began immediately after the close of the World War II, culminating in President Earl White’s acquisition in 1990 of R. H. Smith & Sons, Inc., of Salt Lake City, Utah, for $7,300,000,000 in cash and stock. After this last acquisition was completed, Walter M. Mangrum, then the Company’s Executive Vice President and now our Chairman and Chief Executive Officer, was heard to state, ‘no one anywhere in the free world could possibly build anything, from a skyscraper to a doghouse, without buying some of the materials from ICP’.

  “The inestimable Walter Mangrum. What hogwash!” Harding exclaimed. “Remember your blood pressure, JE,” Monica Lester yelled. Chapter 3

  February 17, Washington. By mid-afternoon the next day, Harding had arranged a luncheon to be held February 23 among the Senate Majority Leader, the Senate Minority Leader, the Speaker of the House, and the House Minority Leader. The House Ways and Means Committee would act as host.

  February 23, Washington. When the brandy snifters had been filled and two cigars lit, Senator James Small, Republican Majority Leader, leaned back and crossed his legs. “All right, Joe Earl, what’s so important I had to be here personally?”

  Harding bent forward across the round ta ble. “You’ve been watching all of the hullabaloo regarding the CPS Task Force?”

  “I have,” Congressman Ray Pilcher chuckled. “I wonder if they’ve got the Russians to admit they need the help?”

  “I don’t know,” Harding said, “but that’s about as far from the point as you can get.”

  “Bullshit, Harding!” Senator Dixie Dehner roared. “That would be the first thing to do.”

  Harding ignored the comment. “If it were a real deal, maybe, but the point is we can’t let them get away with it.”

  “Can’t? How can we..?”

  “Join them. Say that the legislative branch has the people and facilities needed to make it work.”

  “They’ll resist.”

  “Not successfully.”

  “You been smoking something funny, Harding?”

  “I have not, Dixie, I’m trying to find a way to win the election. If the voters imagine this task force is a useful tool and if we let junior get the glory, we’re talking a lot of lost votes.”

  “All right, Joe Earl,” the Speaker interrupted, “I’ve given this excellent luncheon all the time I can. I find the whole matter of minor importance, but I suppose we ought to see how we can get our share of whatever goodies there are.” He stood. “Have your lads call mine.” He looked at his associates. “You guys in?”

  There were nods all around the table.

  March 23, Washington.

  Organized by Robert G. Meyers, Chief Counsel to the House Ways and Means

  Committee, the staffs of the four legislative branch leaders produced acceptable

  legislation matching every aspect of the executive branch’s new task force, from

  highways to health to nuclear security to adoption of a market economy. The task was

  accomplished in five days, a modern record.

  106TH CONGRESS

  1ST SESSION H.R. 201 To establish a means of aiding the citizens and government of Russia and other nations formerly a part of the Union of Soviet Socialist Republics in the improvement of those nations’ commercial, political, and social well being.

  _____________________

  IN THE HOUSE OF REPRESENTATIVES

  April 28, 1999

  Mr. Waldecker introduced the following bill, which was referred to all standing committees of the House

  _____________________

  A BILL To establish a means of aiding the citizens and government of Russia and other nations formerly a part of the Union of Soviet Socialist Republics in the improvement of those nations’ commercial, political, and social well being.

  1 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled…

  The Act passed both houses and was signed into law by the President on August 8, 1999. Unnoticed by all except the staffers concerned was the selection of the House Ways and Means Committee to oversee the study of how major American corporations secured and employed their early financings.

  May 3, Washington.

  It was early evening in the Rayburn House Office Building when Harding called a

  meeting to order regarding the requirements of HR 201.

  Most of Harding’s invitees were certain the application of his or her particular

  expertise would be of primary importance to the effort, but seated at the rear of the

  conference room was an invitee who had said nothing. Harding glanced at a photograph

  in a file on his desk.

  After nearly three hours of discussion, Harding interrupted an impassioned plea for

  the establishment of a fund to produce more bilingual interpreters and ordered the

  attendees to gather the following morning.

  As the group departed, Harding signaled the quiet man to come to his side. He was in

  his late thirties, a bit over six feet in height, with short, blond hair, dark blue eyes, and a ruddy complexion. He was well tailored in a navy blue suit, white shirt, and paisley tie.

  “You didn’t say much, young man,” Harding said.

  “I was listening.”

  “We didn’t ask you here so you could take notes.” There was no response to the

  rebuke. “What’s your name?”

  “Thomas Sloan.”

  “What’s your discipline?”

  “The history of business.”

  “Explain what you do.”

  “I try to determine how various happenings affected the development of business.”

  Harding didn’t respond. “For example, what were the effects of the rise of double entry

  bookkeeping on accounting? What were the effects of the 1933 securities laws?” There

  was still no reaction from Harding. “The effects of reduced union strength. That sort of

  thing.”

  “Hmm.”

  “If this isn’t of use to your efforts, I can...”

  “No, you’ll know when it’s time for you to leave.” Harding scratched his head.

  “Hmm. Well, let me explain my interest in you. I watched you off and on this evening

  and I noticed you were nodding when I was nodding and you were frowning when I was

  frowning. Fellow who thinks like I do can’t be all dumb.”

  Sloan smiled.

  “So what should our group’s next step be?”

  “Basic research. Define our questions, then look at the historical details.” “What would be your first step?”

  “I’d assemble a team of experts who would…”

  “The usual guys with briefcases, fifty miles from home,” Harding scoffed. The man ignored the comment. “I’d select successful American corporations to find

/>   out what made our system what it is. For example, how was General Electric financed in

  its early days? What mistakes were made in funding the General Motors amalgamation?” Harding frowned. “Don’t you already know that?”

  “Oh, I know the answers in relation to the times in which they occurred. What

  neither I nor anyone else has done is think about those incubations in terms of how they

  might be carried out today.”

  “So, you’d look at early records?”

  “Yes,” Sloan answered.

  “Would you like to head our study ?”

  Sloan nodded slowly. “It would be a career-maker for someone like me.” “Your name, again?”

  “Tom Sloan. From the Dupree College of Management at Georgia Tech.” “OK, get ready, Professor.” Harding clapped the young man on the shoulder and

  strode away.

  May 10, Atlanta. Woodruff Tyler entered Sloan’s office. He resembled a bear— of medium height and almost as thick as he was wide. His hair was thick and brown, except for a bit of white in front of his ears.

  The office was standard for a full professor at the Georgia Institute of Technology, but the furnishings, other than the desk and chairs, were not typical. Eschewing the usual floor-toceiling shelves piled with old books and dusty periodicals, Sloan’s office had a single small bookcase, but there were two computer terminals with the latest in internet connectivity and two FAX machines.

  “Well, Woody, we have the ball. Congressman Harding’s secretary FAXed the relevant section of the legislation to me an hour ago, then followed with a call to say the contract with the University is in the works.” He handed the sheet to his visitor.

  “ A million dollars? We ought to be able to hammer out something for that!” he chuckled.

  “It’s not that much money. Eight professionals for six months. Clerical back-ups. New equipment. Travel and lodging. We’re not hurting, but we’re not fat.”

  “Hmm. OK. The ‘questions to be answered’ section seems general enough,” Tyler said, “although there seems to be more emphasis on how the companies were financed than on the other aspects you mentioned when we first talked.”

  “Yes, but Harding thinks finance is the key and I agree. Here’s the list, as I see it.” Sloan handed him a typed sheet.

  From the beginning, for each of the subject corporations: world and national economic situation at the time the enterprise began;

  governmental attitudes toward business during the subject business’ Life-span:

  effects of wars and depressions;

  competition for investment dollars;

  effects of taxes;

  effects of interest rates;

  use of equity versus debt for working capital and improvements;

  research and development levels; and,

  attitudes toward and effects of organized labor.

  “Sounds familiar.”

  “Sure. The concern is how far back we have to go. Looking at the XYZ Corporation last year or last decade is nothing. But from its very first day? There may be some challenges there.”

  “In availability of data?”

  “And accuracy. What’s been lost and what re-writing of history might have been done?”

  “Are we really looking for data?”

  “What do you mean?”

  “We’re looking for techniques, aren’t we? Not actual numbers?”

  “Yes, but we have to work our way through actual numbers to verify the techniques employed.”

  Tyler nodded.

  Sloan handed another typed sheet to his associate. “These are my nominees for subjects.”

  Tyler read the list aloud. “ICP, E. I. du Pont de Nemour, General Motors, General Electric, and IBM.”

  Mr. Harding thought the list should include ICP. What do you think?”

  “There might be a dozen other nominees, but these will work fine. Have they agreed?”

  “Not yet. There’ll be a formal letter from the Vice President.”

  Sloan handed him a new list. “Here are our workers.”

  “Moon, Kaplan, Hayes, Avery. Pretty big guns. Are they all on board?”

  “All but Rex Miller. He’s thinking about it.”

  Tyler nodded.

  “Now, as to the schedule. We have six months. A month at each subject, then a month to prepare the report.”

  “Not much time.”

  “We’ll have to curb our natural tendency to make a career of this.”

  Tyler nodded.

  “Now, since ICP is local, Joe Earl suggests we begin with them.”

  “They’ve consented?”

  “I’m sure they will.”

  “When do we begin?”

  “Soonest. Our experts will be here Monday. 9:00 in Conference Room B.”

  May 12, Washington. Louis Trudeau, a Department of Commerce staffer, telephoned for the President of ICP, WernerHeinz P. von Scherner. Von Scherner’s secretary explained he was out of the country and not expected to return in the near future. Would Mr. Trudeau care to speak with Chairman Mangrum, who was, she believed, available?

  In 1992, at age forty-one, Walter Melvin Mangrum, the internationally acclaimed wunderkind of construction products, had moved into Earl White’s monstrous office. Mangrum’s body fit the huge office perfectly. He was five feet eight inches tall and weighed two hundred forty pounds. His physicians continually warned him of the consequences of not losing fifty pounds, but Mangrum had not been able to curb his appetite. His florid complexion, accentuated by a cap of tight, white curls, was evidence of the excesses in food consumption, plus, it was rumored, other excesses he had developed in a lifetime of world travel. There were those who worried about his episodes of seeming mania and related depression, but whatever lack of stability beset the man, he was a superb business manager.

  Mangrum was not pleased to talk with the government. Some of the new hands at Justice were taking their antitrust responsibilities too seriously. Still, it wasn’t prudent to show his ire.

  Mangrum and the staffer exchanged greetings. “Now, what can I do for you?” “Have you received your letter from the Task Force?”

  “I haven’t seen a thing from Washington since that fool from Justice—no, nothing.” “Well, there’s a letter to you somewhere regarding the CPS Task Force.” “What’s that?”

  “The full name is ‘The Joint Task Force…”

  “Joint?”

  “The executive and legislative branches working together to…”

  “That ought to worth watching.”

  The staffer carried on, “…on the Improvement of Commercial, Political, and Social

  Well-Being in Russia and Other Nations of the Former Soviet Union. The CPS Task Force, for short.”

  “Quite a mouthful. Explain.”

  “The Task Force is charged with aiding the governments of former Soviet nations in

  accelerating their progress toward reaching our standards in the listed areas.” “Those people have agreed they need our help?”

  “Sir?”

  The irony of Mangrum’s questions was lost.

  “And what do you want with us?”

  “You’re obviously in the commercial area, but I don’t know what will be said of you.

  I’m sure that…”

  “That’s enough, Trudeau. I have the picture. Tell whoever is working with us to

  contact Dan McQuade, my Corporate Secretary, when you’re ready to go.”

  Mangrum told his secretary to summon his Corporate Secretary. “I want to know about this government study we’re to be involved in.” Daniel R. McQuade was a slight, stooped middle-aged man in a gray, Ivy League suit. His thinning hair and protuberant eyes matched his suit’s color exactly.

  “Sorry, sir. I was just on the phone with Dudley.”

  “The FAX from Commerce? I saw a copy, but didn’t read it.”

  “I got a couple of paragraphs into it, realized the lawyers needed to
see it, too, and had it FAXed over to them.”

  “What do you think?”

  “Politics. The Vice President seen as international leader.”

  “Of course.”

  “I can’t think of any way we can refuse—a refusal would be viewed as a display of petulance over the attitude at Justice—or the Cockerham defeat.

  “How can anyone imagine how ICP arranged its early financing has anything to do with how the government will continue to pick the fastest way to shovel money to the Kremlin?” He paused. “Who else is being researched?”

  “In the business area, Du Pont, GM, GE, and IBM, but it isn’t limited to business. They’re looking at social aspects, political reform, and so forth. I don’t think we’re being picked on—that tiff with Justice was minor and it’s unlikely the Vice President of the United States is bent on causing us trouble.”

  “ Wonderful! If our secret files are to be believed—and I am a believer, McQuade— we are exposed to a gigantic corporate risk so the Vice President can be viewed as presidential. Damn it!”

  McQuade didn’t respond.

  “I’m CEO of one of the great corporations on Earth, but I can never quite forget there’s a bomb in our past that might explode any day. Ever give any thought to what the effects of the detonation would be?”

  “When I first learned about it, but it was too big to contemplate.”

  Mangrum nodded. “When I learned about it, I gave it a lot of thought—all the way from settling it to making a preemptive strike. But in the end, I decided to do nothing.”

  “Which is what our predecessors have done. Maybe there’s a bomb and maybe there isn’t. The only possibility is a single piece of paper no one has seen for almost a hundred years and may have ceased to exist long ago.”

  “Yes—except there’s the shadow of 1966 hanging over us.”

  “But our people never saw anything other than our letter to the woman. There was never any indication the man had done anything more than make a lucky guess.”

  “Lucky guess? No, Earl White must have thought the man had something. He didn’t order people killed on the off chance.”

  The Secretary didn’t respond.

  “Disturbed by the idea?” He paused. “OK. Tell this Trudeau we’ll be delighted to participate in the study.”