had made. Plan after plan was submitted for financing, change after
change was suggested, but for a time concerted action seemed almost
impossible of attainment. Finally, I called upon the largest stockholder
and treasurer of the company, Mr. Geo. L. Payne, in his office at the
Payne Bolt Works. I laid before him the plan of increasing the capital
stock from six thousand shares to ten thousand shares by the sale of
four thousand shares at sixty dollars per share which would realize for
the company a total amount of $240,000 of which $160,000 could be
applied to capital, bringing that item up to $400,000, and $80,000 to
surplus. While this did not make the surplus as much as was desirable,
we were used to economies, to making every dollar count. This has always
been a feature of the management of the company. With this sum and by a
continuance of conservative methods and proper management we believed it
possible to provide for all contingencies. Mr. Payne listened quietly, a
pad of paper before him and a pencil in his hand. When I had exhausted
every argument and made the best possible statement of the exact
conditions, he stated that he realized fully the gravity of the position
and then came the flood. He said that, if it became necessary, he, as
the largest stockholder in the company, would endorse the proposition to
the extent of taking the entire issue. The balance of the consummation
of the idea was merely a matter of detail. Another meeting of the
stockholders was called and of the many meetings that we had gone
through, this stands out brightest of all. The plan was presented and as
might naturally be expected invoked little enthusiasm and did not appear
to interest anybody. Mr. Payne quietly rose to his feet, explained the
position of the company as he saw it and then shocked the assemblage
into activity by making public the announcement of his willingness to
take the entire issue of additional stock. That was a flash of
optimistic lightning the bolt of which apparently struck every man in
the room. They sat up, took notice, and awoke to the fact that they were