In 1901, when they came to me, he had invested in the enterprise about $950,000, and as he wanted to buy a new factory in Hartford, and increase his facilities, he wanted to secure an additional capital of $500,000 and that was the proposition that Strauss had suggested to me. We discussed the matter, and I proposed that he rearrange his capitalization; sell $500,000 of 6 per cent. First Preferred stock; have issued to himself, Strauss, and others who had advanced the $950,000, Second Preferred of $1,000,000; and that he issue $2,000,000 Common stock, of which he could give the First Preferred stockholders $500,000. Messrs. Hugh J. Grant and James M. Jarvie of the Executive Committee of the Trust Company subsequently joined me in the deliberations, and in the course thereof Mr. Underwood told us that the Trust had offered him $2,000,000 for his proposition. Jarvie said to him: “You are a bachelor, you have no under-study. You have no one dependent upon you. Your enterprise is a one-man enterprise, and much as I would like to go into this matter with you, I strongly recommend that you sell to the Trust.” Jarvie talked so convincingly that Underwood again opened negotiations with the Trust. They renewed their offer, but insisted upon making their payments in installments, which, when analyzed, practically meant that they would pay Underwood largely, if not entirely, out of his own profits. Underwood and Strauss rebelled at that and determined to continue their enterprise. It was then February, 1903, and the panic of that year was imminent, and Grant and Jarvie declined to go into anything new. It rather discouraged me, but I took a small subscription of the First Preferred stock, more out of compliment to Strauss and Underwood than for the sake of investment. Strauss made a proposition to me, saying that they desired to have me on the Board of Directors, and if I would agree to serve for five years, they would give me $30,000 of Common stock for nothing. I consented to do so upon one condition, that all meetings would have to be held at the Trust Company office, as I did not wish to take the time it would require for me to go up to their office. They promptly accepted my condition, as they said they had no meeting room and, in fact, they considered this, instead of being a condition, an accommodation. I attended the directors’ meetings pretty regularly until 1909, when at one of the meetings I was very much gratified to see that during the current month, the Company had earned more than the $90,000, their fixed charges on the First and Second Preferred stock for the entire year. I invited Underwood and Strauss to lunch with me, and I then told them that I had been a director now for six years, and the time had arrived when I could be useful in creating a market for the stock, which was not being dealt in at all. I asked them whether they would be willing to sell me one half of their holdings, and I would undertake to popularize the stock. Mr.