He was about to put the question on the adoption of the resolutions, when Mr. Hope said, “Before you put this question to vote, Mr. Smith, I would like to say a word. I have concluded to accept your offer. Here is my certified check for $24,000 to your order, and I demand from you the transfer to me of the stock in this company standing in your name and the names of your sons.” When the Smiths were gone (they left by the next boat) Mr. Hope and I sat down to confer on the business of the company. When these matters were concluded, I said to him, “Mr. Hope, if you had determined to make this grand proof of your confidence in the engine and in myself, why did you not tell me sooner, and save my wife and myself a great deal of distress?” “My dear fellow,” he replied, “I did not know till this morning that I should be able to do it. That is why I was late.” CHAPTER XX Close of the Engine Manufacture in Harlem. My Occupation During a Three Years’ Suspension. In the autumn of ’72, following the above incident, we had a proof of the sagacity of Mr. Smith in rejecting my plan for the establishment of works for the manufacture of the engines, and taking a five years’ lease of an abandoned shanty. The property had changed hands, and we received a note from the new owner, saying that he had purchased the property with a view to its improvement. He should therefore be unable to renew our lease, and he gave us six months’ notice, that we might have time in which to make other arrangements before its expiration. Here was a situation. To move and establish the business in a new locality would require a large expenditure, and we had no money. The natural thing to do would be to enlarge our capital. On consultation with several parties, Mr. Hope found the financial situation at that time would not warrant this attempt. The Civil War had ended between seven and eight years before. Hard times had been generally anticipated after its close, but to the surprise of capitalists these did not come. The country continued to be apparently prosperous. The best observers were, however, convinced that a financial reaction was inevitable, and the longer it was delayed the more serious it was likely to be; an anticipation that was more than realized in Black Friday in September, 1873, and the collapse of values and years of absolute stagnation that followed. For some time before that eventful day capitalists had felt anxious and there had been a growing timidity and indisposition to invest in any enterprise, however substantial it might be, so there was nothing for us to do but to wind up our business and wait for more propitious times, when we might attempt its revival.