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former university lecturer whose practical business experience was nil.

But Reid had worked closely with California's incumbent Governor through

two election campaigns and insiders now believed that when the Governor

moved from Sacramento to the White House, as he hoped to, Cy Reid would

go with him as chief of staff.

According to a confidential file which Nim had read, Commissioner Reid

was once an ardent believer in Keynesian economics, but had recanted, now

accepting that the deficit spending doctrines of John Maynard Keynes had

led to economic disaster worldwide. A recent report from a senior vice

president of GSP & L, Stewart Ino, who had cultivated Reid, declared that

the commissioner had "faced up to the realities of income statements and

balance sheets, including those of public utilities." But perhaps, Nim

thought, Cy Reid the politician had been laughing at them all along, and

was doing so right now.

"During the pendency of the case," the chairman persisted, "surely there

were backstage discussions with commission staff? Weren't compromises

reached?"

Sbarlett Underhill answered, "The answer to both questions is yes."

"Then if compromises were agreed on, what happened to them?"

Mrs. Underhill shrugged. "Nothing done behind scenes is binding. Three

of the commissioners, including Reid, ignored recommendations of their

staff."

Something else most people never knew about, Nim thought, were

negotiations which proceeded, out of sight, during and after public

hearings.

Utilities like GSP & L, when seeking more revenue through a rate in-

crease, often asked more than was needed and more than they expected to

get. What followed was a ritualistic dance in which PUC commissioners

joined. The commissioners lopped off some of what was asked, thus

appearing to be vigilant in their public duty. The utility, though

seemingly rebuffed, in fact got what it wanted, or thereabouts.

Essential details were worked out by the commission's staff during

off-the-record talks with other staff from the public utility. Nim had

once attended such a session in a small, closed room and heard a PUC

staffer ask, "Now how big an increase do you people really need? Never

mind the public hearings bullshit. just tell us, and we'll tell you how

far we can go. Frankness

M_ ------ -on both sides- had followed, with the outcome settled

privately in much less time than was occupied in public hearings.

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On the whole, the system was reasonable and it worked. But this time,

obviously, it hadn't.

Aware that the chairman was still seething, Nim said cautiously, "It

doesn't look as if inquests, at this moment, will do a lot of good."

Humphrey sighed. "You're right." He addressed the finance vice president.

"Sharlett, financially speaking, how do we get through next year?"

"The options are limited," Mrs. Underhill said, "but I'll go over them."

She spread out several sheets of complex calculations.

The discussions continued through most of the day, with still more staff

members summoned to the chairman's office, their input sought. But in the

end it became evident there were two choices only. One was to cut back

on all planned construction, curtail maintenance and reduce customer

service. The other was to cease paying dividends to shareholders. It was

affirmed that the first was unthinkable, the second could be disastrous

because it would send GSP & L's stock plummeting and place the company's

future in jeopardy. However, it was also agreed that no other courses of

action were possible.

Late in the afternoon, J. Eric Humphrey, visibly tired and downcast,

pronounced the verdict which the small top-level coterie had known from

the beginning to be inevitable. "Management will recommend to the board

of directors that payment of all dividends on the company's common stock

be suspended immediately and indefinitely."

It was a historic decision.

Since the formation of Golden State Power & Light three quarters of a

century earlier when its predecessor company was combined with several

others to become a single entity, the corporation bad been a model of

financial rectitude. Never in the ensuing years had it failed to meet its

obligations or to pay a dividend on its stock. As a result, GSP & L was

known among investors large and small as "old faithful" and "the widows'

and orphans' friend." Retirees in California and elsewhere put their life

savings confidently into GSP & L shares, relying on regular dividends as

their means of support. Cautious trustees of other people's money did the

same. Thus the omission of dividends would have widespread effect, not

only in lost income but in reduction of capital when the value of the

shares dropped, as was bound to happen.

Shortly before the chairman's anguished pronouncement, the original

morning quartet had reassembled-Eric Humphrey, Oscar O'Brien, Sbarlett

Underhill, and Nim-plus Teresa Van Buren. The p.r. bead had been called

in because of the major public impact the decision would soon have.

A regular board of directors meeting was already scheduled for io A.M.

next Monday, and the directors' finance committee would meet a half hour

earlier. Presumably at both sessions the management decision would be

confirmed, after which an immediate public statement would be made.

Meanwhile, precautions were necessary to guard against infor-

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mational. leaks which might trigger speculative trading in the company's

stock.

"Outside this room," Sharlett Underhill now reminded the others, "there

must be no whisper of what is intended until that official statement.

Also, as financial officer, I must caution everyone that because of the

inside information the five of us possess, any personal trading in the

company's shares, prior to Monday's announcement, would be a criminal

offense under Securities and Exchange Commission laws."

In an attempt at lightness, Nim said, "Okay, Sharlett, we won't sell

short and make our fortunes." But no one laughed.

"I presume," Teresa Van Buren observed, "that everyone has remembered the

annual meeting is in two weeks. We're going to face a lot of angry

shareholders."

"Angry!" O'Brien grunted; he was relighting his cigar, which had gone

out. "They're all be foaming at the mouth and that meeting will need a

riot squad to handle it."

"Handling it will be my job," J. Eric Humphrey said; for the first time

in several hours the chairman smiled. "I've been wondering, though, if

I shouldn't wear a bulletproof vest."

4

Twice since receiving Karen Sloan's letter at Devil's Cate Camp, Nim bad

talked to her on the telephone. He promised to visit her again when he

could.

But the letter had arrived on the day that was marred by Wally Talbot's

tragic accident and, since then, other events had crowded in, so Nim's

intended visit was postponed. He still hadn't made it. Karen had

remembered him, however-with another letter.

He was reading it now, in his office, in a moment of quietness.

Across the top of Karen's elegant blue stationery she had typed in

capitals:

I WAS SAD WHEN YOU TOLD ME OF YOUR FRIEND'S ACCIDENT AND WHEN I READ

ABOUT HIS INJURIES

Below was still more of her immaculate stick-in-mouth typing.

Tell him from one who knows: A sputtering candlewick Though

burning dimly Is brighter by far Than cimmerian blackness.

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For life, On whatever terms, Outranks oblivion.

Yes!-the "if onlys" do persist forever As hovering, wraithlike,

used-up wishes, Their afterburners spent: "If only" this or that

On such and such a day Had varied by an hour or an inch; Or

something neglected had been done Or something done had been

neglected! Then "perhaps" the other might have been, And other

others . . . to infinity. For "perhaps" and "if only" are first

cousins Addicted to survival in our minds.

Accept them, And all else.

For what seemed a long time Nim sat still and silent, reading and rereading

Karen's words. At length be became aware that his telephone was buzzing and

realized it had done so twice before.

As he picked it up his secretary's voice said brightly, "Did I wake you?"

"Yes, in a way."

"Mr. London would like to see you," Vicki said. "He can come now if you're

free."

"Tell him okay."

Nim put the sheet of blue stationery away in a desk drawer where be kept

private papers. When the right moment came he would show it to Wally

Talbot. The thought reminded him that he had not spoken to Ardythe since

their unsatisfactory encounter at the hospital, but be decided he would

leave that problem on the shelf for the time being.

Ile door of Nim's office opened. "Here's Mr. London," Vicki announced.

"Come in, Harry." Nim was aware that the Property Protection head had been

dropping in more frequently of late, sometimes with a workrelated purpose,

more often without. But Nim had no objection. He enjoyed their growing

friendship and exchange of views.

"Just read about that no-dividend deal," London said, settling into a

chair. "Thought you could stand a bit of good news for a change."

Announcement of the dividend's cancellation, reluctantly agreed to by the

board of directors, had made big news yesterday afternoon and today.

Reaction in the financial world had been one of incredulity and stockholder

protests were already flooding in. On the New Yor~ and

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Pacific stock exchanges, panic selling, after a four-hour trading suspen-

sion, had depressed GSP & L stock a devastating nine dollars a share, or a

third of its pre-announcement value.

Nim asked, "Which good news?"

"Remember D-day in Brookside?"

"Of course."

"We just got four court convictions."

Nim ran his mind over the meter-tampering incidents he had seen personally

that day. "Which ones?"

"T'he guy with the gas station and car wash was one. He might have got away

with it, but his lawyer made the mistake of putting him on the witness

stand. When he was cross-examined he tripped himself up a half-dozen times.

Another was the tool-and-die maker. Remember that?"

"Yes." Nim recalled the small tract house where no one was at home but

which London bad put under surveillance. As the investigators hoped,

neighbors reported the GSP & L activity and the man had been caught trying

to remove the illegal wire device from his meter.

"In both those cases," London said, "and two others you didn't see, the

court handed down five-hundred-dollar fines."

"What about the doctor-the one with the bridging wires and switch behind

his meter?"

"And the haughty wife with the dog?"

"Right."

"We didn't prosecute. That woman said they had important friends, and so

they did. Pulled every string, including some inside this company. Even

then we might have gone to court, except our legal department wasn7t sure