Diplomats -- United States -- Biography; Morgenthau, Henry, 1856-1946; United States -- Foreign relations -- 20th century
Behning greatly appreciated what I had accomplished. He wanted to give
me something to prove it. As he had no spare cash, he offered, and with
Yeaman’s consent I accepted, one share of the Celluloid Piano Key
Company stock. At that time, Arnold, Cheney & Company had cornered the
word’s ivory market, driving up the price of ivory for piano keys to
$30.00 a set. The piano manufacturers tried alabaster and other
substitutes with small success, when Behning thought of using celluloid
and formed the Celluloid Piano Key Company, securing for it the
exclusive right for the use of that substance in piano and organ keys.
The company was so successful that its president began to intrigue for
its control. The president was an Englishman, the treasurer a Dane, the
secretary an American, and most of the rest Germans. Themselves densely
ignorant of the manipulations of corporations, they finally feared that
the president was in a fair way to get the company away from them,
whereupon those representing over 70 per cent. of the stock held a
hurried meeting, but they could not agree on a common policy because
each mistrusted the others. I proposed that they all give their proxies
to one man who should obligate himself faithfully to represent the
interests of all against the president; they replied that this was
excellent, but they could not agree on the one man.
Then Behning spoke:
“What’s the use of fencing any longer? The only one we _all_ trust is
Henry. Let’s give him all our proxies.”
They did so, slated me for secretary, and as I wanted to prevent any
mischief until the next annual meeting, I called on the president, told
him I had the proxies of 70 per cent. and, with the audacity of my
years, warned him that, if he did anything improper for the remainder of
his term, I would bring him into court.
He asked me:
“Are you going to be an officer?”
“I am to be secretary,” I said.
“Will you protect my interest, and see that I get my proportionate share
of the profits?”
I went back to the others and obtained the authority to give him this
assurance, which I did.
“All right,” he declared, “make out my proxy to you and I’ll sign it.”
I had bearded a lion in his den and brought a lamb out with me. My
connection with this concern, in one capacity or another, continued
through two decades, and I was its president when I left it.
This adventure in celluloid put me in a position where it was possible
to realize my ambition to stop clerking and start for myself.
Public-domain text, read in full here on John Shaqi.
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