Searles inquired again:
"Colonel Harris, you omitted to state your conditions." Harris answered,
"I must have cash enough to guarantee the sale, and short time payments
for the balance."
"Well, Colonel Harris, how would the following terms please you?
One-eighth cash $625,000
One-eighth 30 days 625,000
One-fourth 60 days 1,250,000
One-fourth 90 days 1,250,000
One-fourth, Preferred Shares,
6% dividends guaranteed 1,250,000
_________
Total price named 5,000,000
"Colonel Harris, before you answer, please let me outline our London
plan. Suppose I should take for Messrs. Guerney & Barring a contract, or
option of purchase on the property with payments as named, the purchase
to be conditioned upon a verification of the correctness of your
statements. Our experts can examine and report soon on your accounts for
ten years back, and on buildings, machinery, stock on hand, land, etc."
"Mr. Searles, please explain further your 'London plan' of
reorganization."
"Colonel Harris, we would modify the old firm name, so as to read--'The
Harrisville Iron & Steel Co., Limited, of London, England,' and
capitalize it at L1,400,000, or $7,000,000.
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