2. Further, Macgowan was purchasing all the preferred stock of Consolidated that he could secure around seventy, using company funds paid out on company checks. This stock was being resold to new investors at nearly double that price. About a thousand shares per week were changing hands in this fashion, and on each share Macgowan and Findlater received ten dollars commission as private loot.
3. The back salaries given Macgowan and the other looters were confirmed. Henderson also swore to a statement regarding the financial solvency of Consolidated—a statement showing that the value of Consolidated stock was dropping with alarming rapidity.
With these affidavits, the Protective Association swept into action. Burton, Sessions and Holcomb took the stump, addressing meetings wherever two or three investors could be gathered together. They blew away the dust from Macgowan's tracks, centered the entire battle upon the management of Findlater and his associates, appealed to the investors to alter this management at the forthcoming annual meeting.
Dorns armed them well with photographic copies from Consolidated's books and with letters written or received by Findlater. Henderson's affidavits fortified them with startling facts. And all the while the Armstrong Review hammered away, reaching each individual investor, backing up everything with the printed word.
Nor did the committee end here. To the stockholders they presented a constructive program, with guarantees that the proxies would be used to put it into effect. The chief points of this program were the removal of the present management, a strict investigation of the company's affairs, and an enforced accounting for misused funds. Through all these weeks of campaigning swept the battle-cry of "Show the books!"—a cry to which Findlater turned a deaf ear. Neither he nor Macgowan were insensible to the danger that threatened them, however.
They darted forth sudden and vicious attacks in a desperate effort so to discredit Armstrong and his associates that the investors would withhold proxies from them. The hand that launched these attacks was that of Findlater, but the brain behind them all was that of Macgowan, bitter and virulent. In half a dozen states Macgowan was seeking to obtain indictments against Armstrong on any sort of charge—but Armstrong, too, was fighting. Dorns and his men were vigilant, Mansfield was quick to parry and strike back. So transparent were the artifices of Macgowan that Armstrong was almost lulled into a feeling of security.
The tide steadily set in favor of the Protective Association. The body of stockholders were whipped into a frantic condition; suit and counter-suit, charge and counter-charge, all contributed to lash them into wild alarm. Upon some the crafty wiles of Macgowan prevailed; his campaign for proxies was reaching a desperate climax. The majority, however, came to realize the actual facts, and the magic of Armstrong's name and personality was not lost. For, despite the most incredible efforts, Macgowan was unable to discredit this man who had been his friend. One would have said that every move of Macgowan's was blocked by some invisible hand, or was brought to fruitless issue by some unseen agent.
By the final week in March, the campaign ended. Weary, still athrill with the fight they had waged, the committee of three returned to the city, ready for the meeting at Wilmington. Armstrong had remained in charge of the home offices, attending to the vast detail work that was necessary. Now, when he came to check up with his associates, they found cause for exultation indeed.
"Nearly all the outstanding shares," said Judge Holcomb, as they went over the lists, "are owned in lots of one or two. So far, we seem to be in control of a good ten thousand votes—"
"And more coming in with every mail," put in Sessions. "Besides what we've bought up in the open market. How does she stand, Armstrong?"