I04 AUTOBIOGRAPHY OF JOHN FRITZ
the opposition would be in the minority but could not well back out. For several days but Uttle was done beyond some smaU skirmishes about the propriety of putting more money into a manufacturing business that had made two failures in two years. This seemed to be the knock¬ down argument, and the fact could not be ignored.
During tMs time I fortunately made the acquaintance of Mr. Edward Y. Townsend and soon gained Ms confidence. He was connected with the mercantile house of Wood, Bacon & Company, one of PMladelpMa's best-knovm houses. TMs gave Mm a standing with capitalists, the men that were wanted. His firm looked upon the project with favor, wMch was encouraging. Then came up the question as to the amount of money that would be wanted. Here I was again placed in a vexatious predicament, being called on to name the amount required for the mill, well knowing that, if the three-Mgh imll and other all-important improve¬ ments that really should be made were named, it would surely defeat the whole scheme. I concluded to make the amount as smaU as possible. Some of the party were incUned to tMnk well of the property.
We met at Mr. Charles Wood's office to talk over some plan of orgamzation, and see what amount of money could be raised and how it could be done. They had previously decided it would require about one hundred and eighty thousand doUars, that tMs amount should be divided into six shares of tMrty thousand doUars, that each share should have one representative only, but without Umit as to the number of persons that it might take to make up each share, and that the name of the firm should be Wood, Morrell & Company. TMs was a vnse arrangement and probably at that ti'me the only way the project could be accompUshed.
The six representatives of the shares, who were aU the stockholders that were known to outsiders, were the busi-