Since writing the foregoing with regard to his coming into the Company, and, as he states, being ruined by it, I have ascertained to my own satisfaction, that our connection with him was the means of ruining the Company. A few days since I was talking with a man who has been more familiar than myself with the whole transaction, and he told me it was his opinion that if we had never seen Barnum we should still have been making clocks in that factory. It was a great mystery to me, and to every body else, how the Company could run down so rapidly during the last year. I think I have found out, and these are my reasons. Instead of having an amount of twenty thousand dollars to cancel of the Terry & Barnum debts and accounts (which the Secretary foolishly agreed to do.) it eventually proved to be about seventy thousand; (this I have found out since the failure.) This great loss the Secretary kept to himself, and it involved the Company so deeply that he became almost desperate; for knowing by this time that he had been greatly embarrassed, he was determined to raise money in any way that he could, honestly, and get out of the difficulty if possible. He had, as he thought, got to keep this an entire secret, because if known it would ruin the credit of the Company. When these extra drafts and notes of Terry & Barnum were added to the debts of the Company, he was obliged to resort to various expedients to raise money to pay them. This led him to the exchange of notes on a large scale, which proved to be a great loss, as many of the parties were irresponsible. There was a loss of thirty thousand dollars by one man, and I am sure that there must have been more than fifty thousand dollars lost in this way. He was also obliged to issue short drafts and notes and raise money on them at fearful rates. The Terry & Barnum stock which was taken in at par, was not worth twenty-five per cent, which had a tendency to reduce the value of the stock of our Company, though I have recently heard that the Secretary bought stock at par for the Jerome Company of some former owners in the Terry & Barnum Company, in Bridgeport, only a short time before the failure. To show the confidence the Secretary had in the standing of the Company, he recommended one of his own brothers, not more than one month before the Company failed, to buy five thousand dollars worth of the stock, which he did. It was owned by a Bridgeport man and he paid par value for it in good gold and silver watches at cash prices. All of these transactions were made without my knowledge, and I have found them out by piece-meal ever since. I do fully believe that if the Secretary had been worth half a million of dollars, he would have sacrificed every dollar, rather than have had the Company failed under his management as it did.