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quite substantial salaries. They're really nice people.
They don't hurt anybody. But heaven knows few of them help
Back to Grosset and Dunlap--you've been with it for
twenty odd years. You talked about Macmillan buying Grosset
stock in the open market. I thought it was owned privately
by your combine.
It was to start; but when the mania came for going
public and we saw how successful these issues were and
publishing stocks were in such demand, it was suggested that
Grosset go public too. So we brought out an issue, and it
was a great success. The stock went soaring along with all
of the other publishing stocks and then of course broke with
all of the other publishing stocks when the dawn arose like
thunder across the bay. But Macmillan suddenly began buying
this public stock on the public market.
We were waiting until they demanded a place on the
board of directors, which indeed they were entitled to
because of all the stock that they owned, but they never
approached us. We knew what they were doing. They knew
that we knew it. They were, I think, waiting for us to
invite them to participate. Suddenly one of their lawyers
told them that they thought that the Government would frown
on Macmillan owning this big share in a paperback house.
They added that Grosset, besides owning Bantam, had a
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