“I understand very little about company promoting,” said Steele dubiously.
“I understood just as little a short time since, but it was necessary that I should learn, and I have learnt. Besides, I have secured letters of introduction to Far-well Brothers, the most substantial and honest firm connected with that business in Chicago. The same people introduced me to them that introduced me to you. Suppose, for instance, the combined factories were to cost us ten million dollars. With such prospects as there are ahead, we would be quite justified in forming a company for twenty millions. If the public subscribed only half of what we demanded, we would have our factories for nothing, and still control the combination.”
“How about your working capital?”
“We don’t need working capital. Every factory is making money.”
“Well, candidly, Mr. Metcalfe, that project seems too easy and simple to be entirely feasible. There must be something lying in wait to wreck it.”
“Nothing so far as I can see,” said Metcalfe confidently.
“What if the public do not subscribe a penny?”
“Oh, I’ve looked out for that. When I got the options, there was, of course, no longer any need for keeping the affair secret, and I have already been promised subscriptions to the new company to the extent of one-third the proposed capital of twenty millions. That one-third will be subscribed in Michigan and Wisconsin alone, without touching the State of Illinois or the capitalists of Chicago.”
“Very well, Mr. Metcalfe, you appear to have thought of everything. I’ll accept your invitation, so long as it binds me to nothing, and will go wherever you lead me, beginning, let us say, with one of your own factories. I understand figures, and I shall want to see the books and make a somewhat thorough search into the income of at least the principal factories. You have no objection to that, I suppose?”
“No, not in the least. Big as our capitalisation will be, this is a thoroughly sound industrial proposition, and before five years are over I am certain that we will be justified in doubling our normal capital if we wish to do so, and paying a mighty good percentage on the same. Of course, I stand by the business. I suppose you wish to pull out as quickly as possible.”