the bankers without giving them, or their purchasers,
any of the Common stock as a bonus. My experience
as president of the Central Realty Trust Company had
taught me that this could be done, and I insisted upon
trying it, so that when we finished with the entire opera-
tion, Wertheim and I and our sons were owners of very
substantial amounts of the Common stock at a very mod-
erate price. Underwood and Strauss and the other Pre-
ferred and Common stockholders of the Company were
all, and still are, pleased with the refinancing, as every-
body concerned was benefitted by the operation.

In the meantime, the Underwood Company has com-
pletely outstripped all the other companies, and Under-
wood has had the satisfaction of metamorphosing from the
discharged purveyor of supplies to the Remington and
other typewriter companies, into the unquestioned, out-
standing leader of the typewriter business, and he is still
the same modest, energetic, tireless executive that he was
in 1903. It has been no small satisfaction for all of us
to see the steady, healthy growth of this infant into the
magnificent giant that it is to-day, and some of the credit
is due to our most efficient superintendent, Mr. Charles A.
Rice.

In 1919, when the Underwood commenced to manufac-
ture the portable machines, I asked Mr. Underwood to
give me No. 1, so that I could present it to President
Wilson, as I was about to go to Europe, and expected to
see him in Paris. I sent it to the President, and a few
days thereafter I met Miss Benham, Mrs. Wilson's secre-
tary, and she told me that unintentionally I had almost
caused a little quarrel between the Presidential couple,
and when I inquired how, she told me that Mrs. Wilson
had annexed the Underwood machine over the President's
protest.

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