So, what to do?
Therefore, in all Hoosier modesty, I suggest we adopt an
Incentive Stock Option Plan for our Directors only, patterned
after that proposed by Standard Oil (Indiana) for Key Executives.
We must do something for our financially hard-pressed Directors,
and I am one to help.
Please understand this communication is confidential between me
and 18 of you Directors. I want to leave out that 30-share man
because he is fairly well-up in an organization whose System pass
I have proudly carried for lo, these many years. In righteous
indignation he might rise up and take that pass away from me . . .
So let's centralize on our 25-share Director, Mr. W--, as the
example. He needs help--and badly. And who knows? If I should be
the Good Samaritan to start him up the AT&T stock ladder, maybe
he in gratitude would have me appointed Special Attorney for the
Atlantic Coast Line and Louisville and Nashville Railroads (to
avoid any Federal complications), and that way I could get to
that American Shangri-La, Florida, for free. The possibilities of
my strategy are intriguing.
But let it be clearly known to each of you (except the 30-share
man) that if our 25-share man does not up his holdings to at
least the low 30s between now and next year's Annual Meeting, and
he is up again for re-election, and I am there which I won't be,
and he is there which he should be, and is pointed out to me, I
shall strike him for those two passes before all and sundry.
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