One source of the effectiveness of Horace Elton was that he was wont to exercise foresight, and make his plans in advance while other men were slumbering. He had been prepared for the panic because he had been expecting it for more than a year, and the ship of his financial fortunes was close reefed to meet the fury of the overdue gale. Also he was quick to recognize that the wide-spread depreciation of values would inevitably be followed by a period of business inactivity which would throw out of employment a large number of wage earners whose ballots as a consequence would be cast against the political party in power. As far back as the time when he made the acquaintance of Selma at Washington and selected her as the wearer of his cameo pin, he had been incubating on a scheme for the consolidation of the gas companies in the cities and towns of the state into one large corporation. For this corporation he required a liberal charter, which the next legislature would be invited to grant. He expected to be able to procure this franchise from the legislature, but he judged that the majority in favor of the bill would not be large enough to pass it over the Governor's veto. Accordingly it was of the first importance that the Governor should be friendly to the measure.