ur people, familiar
with the lubricating oil business, would take up the question with
her. As she still expressed a desire to have our company buy her
property, negotiations were taken up by Mr. Jennings, and the only
other thing that I had to do with the matter was that when our experts
reported that in their judgment the value of the works, good will, and
successorship which we had decided to buy were worth a certain sum, I
asked them to add $10,000, in order to make doubly sure that she
received full value. The sale was consummated, as we supposed, to the
entire satisfaction of Mrs. Backus, and the purchase price which had
been agreed upon was paid.

To my profound astonishment, a day or two after the transaction had
been closed, I received from her a very unkind letter complaining that
she had been unjustly treated. After investigating the matter I wrote
her the following letter:

November 13, 1878.

DEAR MADAM:

I have held your note of the 11th inst., received yesterday, until
to-day, as I wished to thoroughly review every point connected with
the negotiations for the purchase of the stock of the Backus Oil
Company, to satisfy myself as to whether I had unwittingly done
anything whereby you could have any right to feel injured. It is
true that in the interview I had with you I suggested that if you
desired to do so, you could retain an interest in the business of
the Backus Oil Company, by keeping some number of its shares, and
then I understood you to say that if you sold out you wished to go
entirely out of the business. That being my understanding, our
arrangements were made in case you concluded to make the sale that
precluded any other interests being represented, and therefore,
when you did make the inquiry as to your taking some of the stock,
our answer was given in accordance with the facts noted above, but
not at all in the spirit in which you refer to the refusal in your
note. In regard to the reference that you make as to my permitting
the business of the Backus Oil Company to _be taken_ from you, I
say that in this as in all else you have written in your letter of
the 11th inst., you do me most grievous wrong. It was but of little
moment to the interests represented by me whether the business of
the Backus Oil Company was purchased or not. I believe that it was
for your interest