He was shown an official report of the directors of the company, exhibiting a capital of $400,000 with a surplus of $187,000. They were in need of money to tide over a dull season and a market glutted with goods. The company also was represented as being extremely loth to dismiss any of their employees, who would suffer greatly if their means of livelihood were taken from them. The company was reputed to be rich; the President, Mr. Chauncey Jerome, had built a church in New Haven, at a cost of $40,000, and proposed to present it to a congregation; he had given a clock to a church in Bridgeport, and these things showed that he, at least, thought he was wealthy. The Jerome clocks were for sale all over the world, even in China, where the Celestials were said to take out the "movements," and use the cases for little temples for their idols, "Thus proving that faith was possible without 'works,' " as Mr. Barnum said. Further testimony came in the form of a letter from the cashier of one of the New Haven banks, expressing the highest confidence in the financial strength of the company. Barnum afterwards learned that his correspondent represented a bank which was one of the largest creditors of the concern. Barnum finally agreed to lend the clock company his notes for a sum not to exceed $50,000, and to accept drafts to an amount not to exceed $60,000. He also received the written guarantee of the President, Chauncey Jerome, that in no event should he lose by the loan, as he would be personally responsible for the repayment. Mr. Barnum was willing that his notes should be taken up and renewed an indefinite number of times just so the maximum of $110,000 was not exceeded. Upon the representation that it was impossible to say exactly when it would be necessary to use the notes, Barnum was induced to put his name to several notes for $3,000, $5,000 and $10,000, leaving the date of payment blank, it being stipulated that the blanks should be filled to make the notes payable in five, ten, or even sixty days from date. On the other hand, it was agreed that the Jerome Company should exchange its stock with the Terry and Barnum stockholders, thus absorbing that concern, and unite the whole business in East Bridgeport. Three months later Barnum's memoranda showed that the entire $110,000 had been used. He was then solicited by the New York agent of the company for five additional notes for $5,000 each. The request was refused unless they would return an equal amount of his own cancelled notes, since the agent assured him that they were cancelling these notes "every week." The cancelled notes were brought him next day and he renewed them. This he did afterwards very frequently, until at last his confidence in their integrity became so firmly established that he ceased to ask to see the notes that had been taken up, but furnished new paper as often as it was desired.