A BAD SEND-OFF
It was almost eight o'clock when the dinner party assembled in the
reception-room of the Waldorf. Leo was first to arrive, and Lucille was
there to receive him. At ten minutes of eight, solicitor Hugh Searles
came; then entered Colonel Harris and his daughters, Alfonso following
with his mother. Mrs. Harris wore a black satin dress with jet trimmings
and Van Dyke lace. Lucille's dress of light blue faille silk, garnished
with pearls and guipure lace, was very becoming. Leo so told Lucille, and
she thanked him but hid behind her lips the thought that Leo never before
seemed half so manly. Mr. Searles evidently admired Leo, and he talked to
him of Italy's greatness in literature and art. He sat at Colonel
Harris's right, opposite Mrs. Harris. Leo and Lucille occupied seats at
the end of the table, and at their right and left sat Alfonso and
Gertrude.
Guests of the hotel and their friends chatted in low conversation at the
many tables of the model dining-room. Electric lights shone soft in the
ceiling, and under pretty shades at each table, which added much to the
general effect.
Long before the sweets and fruits were reached, the conversation had
drifted from one conventional topic to another, until Mrs. Harris asked
Hugh Searles what he thought of higher education for women.
"Yes, yes, Mr. Searles," said Gertrude, "please tell us all about the
English girl."
"Does she go to college, and does she ride a bicycle!" queried Lucille.
Mrs. Harris was eager to listen to the Englishman's reply for often she
had earnestly talked the matter over in her home. Mr. Searles was very
frank in his views, and surprisingly liberal for an Englishman, and well
he might be, for his own mother was a power, and his sisters were strong
mental forces in Lincolnshire. Aided by tutors and their scholarly
mother, they had pursued at home, under difficulties, about the same
course of studies, that Hugh, their brother, had followed in the
university.
Searles believed that absolute freedom should be given to women to do
anything they wished to do in the world, provided they could do it as
well as men, and that nobody had any right to assert they should not.
Colonel Harris, even for a business man, was also advanced in his ideas.
He had advocated for his daughters that they should possess healthy
bodies and minds, and be able to observe closely and reason soundly.
Lucille said that she favored an education which would best conserve and
enlarge woman's graces, her delicate feeling and thought, and her love
for the beautiful.
Then Leo and Alfonso both declared that Lucille had expressed fully their
own opinions.
Colonel Harris added, "Come, Gertrude, tell us what you think."
Her face flushed a little as she replied, for she felt all that she said,
"Father, I like what Mr. Searles has told us. I think higher education
for women should develop purity of heart, self-forgetfulness, and
enlarged and enriched minds."
"Well spoken, daughter," said Colonel Harris. "Now, dear, what have you
to say?"
Mrs. Harris had listened well, as she had been a slave in the interests
of her children, especially of her daughters. She thought that the last
twenty-five years had proved that women in physical and intellectual
capacity were able to receive and profit by a college education. Often
she had longed for the same training of mind that men of her acquaintance
enjoyed. The subject was thus discussed with profit, till the Turkish
coffee was served. Closing the discussion, Searles thought that America
led England in offering better education to woman, but that England had
given her more freedom in politics; the English woman voted for nearly
all the elective officers, except members of Parliament. He believed that
the principle of education of woman belonged to her as a part of
humanity; that it gave to her a self-centered poise, that it made her a
competent head of the home, where the family is trained as a unit of
civilization.
He felt that woman possessed the finest and highest qualities, and that
it was her mission to project and incorporate these elevating qualities
into society. He thought man had nothing to fear or lose, but much to
gain; that to multiply woman's colleges everywhere, was to furnish the
twentieth century, or "Woman's Century" as Victor Hugo called it, with
a dynamic force, that would beget more blessings for humanity than all
previous centuries.
Gertrude thanked Mr. Searles for what he had said, and the party withdrew
to the Winter Garden Café, pretty with palms, where Lucille, Leo, and
Alfonso talked of society matters, of art and music.
Gertrude read to her mother, while Hugh Searles and Colonel Harris
stepped outside into the gentlemen's café for a smoke, as both were fond
of a cigar. There the conversation naturally drifted upon the tariff
question.
Mr. Searles asserted that he favored free trade, and that he was sorry
America was not as far advanced and willing as Great Britain to recognize
the universal and fundamental principle of the brotherhood of mankind,
and the inborn right of everybody to trade as he liked in the world's
cheapest markets. He added that he sometimes felt that Americans were
too selfish, too much in love with the vulgar dollar.
Colonel Harris, wounded in his patriotism, now showed that he was a
little disturbed. He thanked Searles for his deep interest in Americans,
adding, "We are glad you have come to study Americans and America." Then
looking the Englishman full in the face he said, "Mr. Searles, you will
find human nature much the same wherever you travel. Nations usually
strive to legislate, each for its own interest. You say, 'Americans work
for the almighty dollar.' So they do, and earnestly too, but our kith and
kin across the sea worship with equal enthusiasm the golden sovereign.
Look at the monuments to protection in your own city."
"What monuments?" asked Searles.
"Monuments to protection on all your streets, built under British tariff
laws. Every stone in costly St. Paul's Church, or cathedral, was laid by
a duty of a shilling a ton on all coal coming into London. A shilling a
ton profit on coal, mined in America, would create for us fabulous
fortunes. Selfishness, Mr. Searles, and not brotherly love, drove your
country to adopt free trade."
"I do not agree with you," said Mr. Searles.
"'Tis true, and I can prove it," answered Harris. By this time several
patrons of the hotel stood about enjoying the tilt between tariff and
free trade.
"Give us the proof then," replied Searles.
"To begin with," said Harris, "I must reply to your first assertion, for
I deem your first statement a false doctrine that 'everybody has a right
to trade in the world's cheapest markets.' Nobody has a right to trade in
the world's cheapest markets, unless the necessary and just laws of his
own country, or the country he dwells in, permits it. Now as to the much
abused 'brotherhood argument' let me assert that, like England, any
nation may adopt free trade, when it can command at least four important
things: cheap labor, cheap capital, and cheap raw material. Now Mr.
Searles, what is the fourth requisite?"
Searles did not answer. Clearly, he was interested in Harris's novel line
of argument for free trade.
"Well," said Harris, "England is inhabited by a virile people, who
evidently believe in God's command to 'Be fruitful, and multiply, and
replenish the earth, and subdue it.' England, with her centuries of
rising civilization, her charm of landscape, and her command of the
world's affairs, offers at home magnificent attractions for her sons
and daughters, that make them loyal and law-abiding citizens.
"It is true that annually many thousands seek fame and fortune in new
countries, but most of her citizens prefer poverty even, and, if need be,
poverty in the gutters of her thriving cities, to a home of promise in
distant lands. Hence, a rapidly increasing and dense population obtains
in all the British Isles, and labor becomes abundant and cheap, and often
a drug in the market. The repeal of the Corn Laws first became a
necessity, then a fact, and the cheaper food made cheaper labor possible.
Lynx-eyed capital, in the financial metropolis of the world, was quick to
discover surplus labor.
"Already English inventors had made valuable inventions in machinery for
the manufacture of iron, cotton, woolen and other goods, which further
cheapened labor and the product of labor.
"England with cheap capital and cheap labor, now had two of the four
things needed to enable her to go forward to larger trade with the world.
The third requisite, cheap and abundant raw material, she also secured.
Material, not furnished from her own mines and soils, was brought in
plentiful supply at nominal freights, or as ballast, by her vessels,
whose sails are spread on every sea.
"For three centuries Great Britain has vigorously and profitably pursued
Sir Walter Raleigh's wise policy: 'Whosoever commands the sea, commands
the trade, whosoever commands the trade, commands the riches of the
world, and consequently the world itself.'
"On the ceiling of the reading-room of the Liverpool Cotton Exchange is
painted the pregnant words:--'O Lord, how manifold are thy works, in
wisdom hast thou made them all; the earth is full of thy riches.' Under
divine inspiration, therefore, English capital seeks investment
everywhere, and with cheap capital, cheap labor, and cheap raw materials,
she finds herself able to compete successfully with the world. It is
possibly pardonable then that the British manufacturer and politician
should seek earnestly the fourth requisite, viz., a large market abroad.
Hence the necessity of free trade.
"To advocate publicly that other nations should adopt free trade, that
England might have an increased number of buyers, and consequently
greater profit on her products, perhaps would not be judicious; so the
principle of free trade for the world at large must be sugar-coated, to
be acceptable. Therefore your philanthropic and alert Richard Cobden, and
John Bright, and your skilled writers, both talked and wrote much about
the 'brotherhood of mankind,' hoping that the markets of the world might
willingly open wide their doors to British traders. Of course, advocates
of free trade reason that the larger the number of buyers the larger the
prices.
"Mr. Searles, whenever America can command, as Great Britain does
to-day, cheap capital, cheap labor, and cheap raw materials, she too
may vociferously advocate free trade, and that other nations shall open
wide their markets for the sale of American products.
"Don't you see, Mr. Searles, that protection and free trade are equally
selfish and not philanthropic principles?"
"Mr. Harris you are right," shouted several of the by-standers.
But Hugh Searles did not reply. Possibly because it was late or, it may
be, he did not wish to further antagonize Colonel Harris with whom he
hoped in the morning to drive a good bargain, and it may be that he hoped
some time in America to operate mills himself and make money under a
protective tariff.
Both Searles and Harris retired for the night with an agreement to meet
at nine o'clock in the morning and talk over business. Searles rose with
the sun, and after eggs, bacon, and tea, he walked to the Battery and
back, before nine, the appointed hour for his first business conference
with Reuben Harris.
A good sleep had refreshed Colonel Harris and at breakfast he appeared in
a joking mood. While he smoked, he glanced at the _Tribune_ and again
examined Searles's letter of introduction from Messrs. Guerney & Barring.
At nine o'clock promptly, Mr. Searles came and Colonel Harris exhibited
to him a brief statement of the business of the Harrisville Iron & Steel
Co., extending over the last ten years, and showing the company's annual
profits.
"A very good business your company did, and you made large profits,
Colonel Harris," said Searles. "And am I to understand that you have made
in your statement a proper allowance for depreciation of values in
buildings and machinery, also for all losses and cost of insurance, and
that after these deductions are made the company's net profits annually
amounted to an average of over one hundred thousand pounds, or a half
million dollars?"
"Yes," replied the colonel.
And Mr. Searles remarked, "Colonel Harris, if your arguments last evening
did not fully convert me to the decided advantage which Americans gain by
protection, this statement of the Harrisville Iron & Steel Co. does. A
year ago, some Americans in London called our attention to your
profitable plant, hence our first letter of inquiries. Your replies
confirmed the report and so we cabled for this initial meeting between
us.
"Messrs. Guerney & Barring have been most successful in financiering some
of the largest business interests in the world, and thus they have
achieved a splendid reputation. It was their wish that I should secure
for them your most favorable terms with an option of purchase of your
plant, the same to hold good for two months, or for a sufficient length
of time to allow them to organize a syndicate, and float necessary
debentures to buy the stock, or a controlling interest in your company,
and so continue the business."
"Mr. Searles, we Americans are not anxious to sell, especially to
foreigners, our best paying concerns. We ought to keep them under our own
control. However, of late, I have been inclined to indulge my family in a
little foreign travel, and myself in more leisure for books, and possibly
for politics, believing that not enough of our good citizens enter
Congress. I might, on certain conditions, name a price for all the stock
of the Harrisville Iron & Steel Co."
"Please state the price and the conditions."
"Well, let me think a moment. The capital stock of the company is not now
as large as it should be.
Total Capital Stock $2,000,000
Par value of shares 100
Present Value per Share, 300
"The entire property and good-will of the Company is worth at least
$6,000,000, and my "fixed price," as the English say, is $5,000,000."
Mr. Searles looked puzzled, for he had hoped to get the stock for less
money. He hesitated, as if in deep study, but not long, for he believed
that, if the Harrisville Iron & Steel Co. for ten successive years could
pay $500,000 or an average annual dividend of 25% on its stock of
$2,000,000, the plant re-organized could easily be marketed at a neat
advance, say for £1,400,000 or $7,000,000, in London, where even sound
3% investments are eagerly sought; so Mr. Searles inquired again:
"Colonel Harris, you omitted to state your conditions." Harris answered,
"I must have cash enough to guarantee the sale, and short time payments
for the balance."
"Well, Colonel Harris, how would the following terms please you?
One-eighth cash $625,000
One-eighth 30 days 625,000
One-fourth 60 days 1,250,000
One-fourth 90 days 1,250,000
One-fourth, Preferred Shares,
6% dividends guaranteed 1,250,000
_________
Total price named 5,000,000
"Colonel Harris, before you answer, please let me outline our London
plan. Suppose I should take for Messrs. Guerney & Barring a contract, or
option of purchase on the property with payments as named, the purchase
to be conditioned upon a verification of the correctness of your
statements. Our experts can examine and report soon on your accounts for
ten years back, and on buildings, machinery, stock on hand, land, etc."
"Mr. Searles, please explain further your 'London plan' of
reorganization."
"Colonel Harris, we would modify the old firm name, so as to read--'The
Harrisville Iron & Steel Co., Limited, of London, England,' and
capitalize it at £1,400,000, or $7,000,000.
Par value of shares £20 or $100
Number of shares 70,000
"When our experts shall have verified your statements at Harrisville,
then the option of purchase is to be signed by us and forwarded to
London, where it will be signed by Messrs. Guerney & Barring, the first
payment made, and the contract underwritten or guaranteed by the
Guardian, Executor & Trust Association, Limited, of London, whose capital
is $5,000,000. The association will also underwrite the bonds and
preference shares. This will practically complete the purchase."
"But what about the last one-fourth payment in preferred shares of
$1,250,000?"
"Pardon me, Colonel Harris, that is just what I desire to explain
further. The new company will issue debentures or bonds, running 30
years, at 4%, for £800,000 or $4,000,000; preference shares £400,000 or
$2,000,000; with dividends 6% guaranteed, and a preference in
distribution of property, if company is dissolved. Ordinary shares
£1,200,000 or $6,000,000. And our London prospects will show that the
ordinary shares can earn at least 5%. For the last one-fourth we wish you
to take 12,500 preferred shares, or $1,250,000.
"London holders, of course, will elect all the officers, a managing board
of directors, with general office in London. For a time they will expect
you to advise in the management of the business at Harrisville."
After some further explanations, Harris agreed to sign a contract or
option of purchase, drawn as specified, if after investigation, he should
become satisfied with the responsibility of the London parties. On
Tuesday morning, contracts in duplicates were presented for Colonel
Harris's inspection. After twice carefully reading the contract, he gave
his approval and wrote Mr. Searles a letter of introduction to Mr. B.C.
Wilson, his manager at Harrisville, requesting the latter to permit Mr.
Searles and his experts to examine all property and accounts of the
Harrisville Iron & Steel Co. for ten years back.
It was also arranged that on Wednesday, at 12 o'clock noon, Mr. Searles
should see the Harrises off to Europe, then Mr. Searles and his experts
were to go to Harrisville in Colonel Harris's private car. Later Mr.
Searles and Colonel Harris were to meet in London, and then, if
everything was mutually satisfactory, all parties were to affix their
signatures to the agreement, and the cash payment was to be made at the
London office of Guerney & Barring.
Wednesday, Colonel Harris rose early as had been his habit from
childhood. He was exacting in his family, and also as a manager of labor.
Every morning at six o'clock all the family had to be at the breakfast
table. Colonel Harris always asked the blessing. Its merit was its
brevity: sometimes he only said--"Dear Lord, make us grateful and good
to-day. Amen." Thirty minutes later, summer and winter, his horses and
carriage stood at his door, and punctually at fifteen minutes of seven
o'clock he would reach his great mills. His first duty was to walk
through his works, as his skilled laborers with dinner pails entered the
broad gates and began the day's work. Devotion like this usually brings
success.
After breakfast, Mrs. Harris and her daughters walked down Fifth Avenue
to make a few purchases. Alfonso and Leo hurried off to get their baggage
to the "Majestic," while Jean busied himself in seeing that a transfer
was made to the steamer of all the trunks, valises, etc., left at the
depot and hotel.
At ten o'clock Jean called at the dock to learn if the half-dozen steamer
chairs and as many warm blankets had arrived, and he found everything in
readiness. It was 10:30 o'clock when the Waldorf bill was paid, and the
good-bye given. The young people were jubilant, as the long hoped-for
pleasure trip to Europe was about to be realized.
The carriages for the steamer could not go fast enough to satisfy the
old, or the young people. Several schoolmates, artists, business and
society friends met them on the dock. Many fashionable people had already
arrived to say "_Bon Voyage_" to the Harrises and to Leo. Hundreds of
others had come to see their own friends off. It was all excitement among
the passengers, and carriages kept coming and going.
Not so with the English officers and sailors of the "Majestic." They were
calm and ready for the homeward passage.
The last mail bag had been put aboard, and the receipts to the government
hurriedly signed. Mr. Searles had said good-bye, and last of all to
Colonel Harris. As the colonel went up the gangway, the bell rang and the
cries "All aboard" were given. For once, Colonel Harris felt a sense of
great relief to thus cut loose from his business, and take his first long
vacation, in twenty-five years from hard work.
"Now, I shall have a good time, and a much needed rest," he said. But
just as he stepped into the steamer's dining-saloon, Mr. Searles, who had
hastily followed, touched him on the shoulder and said. "Here, Colonel
Harris, is a telegram for you."
Harris quickly tore it open. It was from Wilson, his manager, and it read
as follows:--
Harrisville, June 9, 18--.
_Colonel Reuben Harris,
Steamer Majestic, New York_.
Our four thousand men struck this morning for higher wages. What shall
we do?
B.C. Wilson.
Harris was almost paralyzed. His wife and daughters ran to him. The
steamer's big whistle was sounding. All was now confusion. There was only
a moment to decide, but Harris proved equal to the situation. He stepped
to the purser, surrendered his passage ticket, kissed his wife and two
daughters, saying to his son, "Alfonso, take charge of the party as I go
back to Harrisville."
Gertrude, insisting, accompanied her father, and remained ashore. On the
dock stood Colonel Harris, Gertrude, and Mr. Searles, all three waving
their white handkerchiefs to Mrs. Harris, Lucille, Alfonso, and Leo. What
a bad send-off!
The best laid schemes o' mice an' men,
Gang aft a-gley,
And leave us nought but grief and pain,
For promised joy.
The Harrises on the steamer, and the Harrises on the pier had heavy
hearts, especially Colonel Harris and Gertrude so suddenly disappointed.
It was soon agreed that the three should start that evening for
Harrisville.