wn
securities.

"I'll take cost, $3,500,000, if it is cash or the equivalent, or I will
take $4,500,000 if it is to be credit of a nature that assures me my
money eventually, and I will divide my profit of a million equally with
you. This sum will of course be in addition to anything you may be paid
by Addicks."

Instantly, as if we had agreed upon it in advance, our eyes met--his
cold, clear, and steely business--mine, I hoped, the same. For a second
neither of us said a word. Then I said: "Thank you for the offer of the
$500,000 profit, but we will cut all such offers out. My pay comes from
my side. I never yet have known the man who could take pay from both
sides and do his work properly." I slowly drew out the word
"_properly_," and he in the same tone of voice said:

"'Properly' is better than 'honestly.' You know, Lawson, there is much
cant in these times of which 'honesty' is the refrain."

"You and I will make no headway discussing moral ethics, Mr. Rogers,
although we may in discussing business practices," I said, and I chalked
up on my mental black-board: "Test One." Then I went on:

"I agree that $4,500,000, in anything we can pay in, is as fair a price
as $3,500,000 cash, provided we find a credit guarantee satisfactory to
you; unless indeed you are willing to allow us the $500,000 you just
offered me."

"What I offered you was part of my profit. I will not allow any of it.
My price is the same whether I pay you anything or not."

"Very well, Mr. Rogers, then the situation is this: In any trade that is
made it will first be necessary for you to turn your property over to us
to manage in conjunction with our own. When the public see it in our
hands, our securities will advance and we can, by issuing additional Bay
State stock, sell it and secure whatever sum it will be necessary for us
to have beyond what we can borrow on your securities. Do you agree with
me?"

He saw it as I did.

"I imagine you will never consent to turn your property over to us on
our say-so that we will later pay you for it?"

"You are right there. I would not take J. Edward Addicks' guarantee in
any form he could possibly put it. Once he got his hands on my company,
for even thirty days, he would so far misuse it that he would
deliberately default for the purpose of returning it to me in a damaged
condition, and, in addition, would play some of those tricks which are
second nature to him."

"It will be necessary for us th