Upon this basis the negotiation was promptly concluded.

We, however, gave to all parties the option to take cash, and most fortunately for us, all elected to do so except Mr.George Singer, who continued with us to his and our entire satisfaction.

Mr.Singer told us afterwards that his associates had been greatly exercised as to how they could meet the proposition I was to lay before them.

They were much afraid of being overreached but when I proposed equality all around, dollar for dollar, they were speechless.
This purchase led to the reconstruction of all our firms.

The new firm of Carnegie, Phipps & Co.