Leaving the Twenty-ninth Street plant in Thane’s hands, with funds for overhauling it, he consulted with Jubal Awns and set out the next morning on his errand.
The nail makers were responsive for an obvious reason. They were all losing money. In a short time John laid before Awns a sheaf of papers.
“There’s the child,” he said. “Examine it.”
He had got options in writing on every important nail mill in the country save one. The owners agreed to sell out to the North American Manufacturing Co., Ltd., taking in payment either cash or preferred shares at their pleasure. The inducement to take preferred shares was that if they did they would receive a bonus of fifty per cent. in common stock.
“But they will take cash in every case,” said Awns, “and where will you find it?”
“They won’t,” said John. “I’ll see to that. What have you done with Gib?”
Awns had been to see Enoch. The New Damascus mill produced in its nail department a fifth of all the nails then made. There was no probability of buying him out. John well knew that. Yet his nail output had to be controlled in some way, else the combine would fail. So he had sent Awns to him with alternative propositions. The first was to buy him out of the nail making business. And when he had declined to sell, as of course he would, Awns was to negotiate for his entire output under a long term contract.
“He wouldn’t sell his nail business,” said Awns.
“I knew that,” said John.
“But I’ve got a contract for all his nails,” said Awns, handing over the paper. “The price is stiff,—fifty cents a keg more than nails are worth. It was the best I could do.”