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Boker Gets Desperate

Boker’s situation was rapidly becoming desperate. Though the enterprise founded by Herman Boker had been in business 30 years, guns and hardware, he was not possessed of unlimited capital. It seems likely he had obtained many of the guns on consignment, having to pay his numerous suppliers in a specified time. By March 13, , the need for money was urgent, and Boker of New York offered to adjust the prices of arms if desired, but that the United States should please send him half a million dollars needed to tide him over a tight situation.

The accounts rendered by us for arms since December 21, , and the delivery of arms since that date to your or- donance [sic] officer in New York amount to upwards of one million and a half dollars. To save our credit, which we value beyond profit, we require this week $500,000 ... By our proposition, we evince our readiness to risk our legitimate profits to save our credit, which is dearer to us than anything else in business; but the offer also demonstrates our confidence that you will deal uprightly and fairly with us . . .
Stanton directed Hagner to strike up a balance on the Boker deal and (including advances made by San- ford of $402,895.00) found that about $252,000 was still owing Boker. Stanton tossed the whole bundle to Holt and Owen who at once sent notice out to Sanford not to pay any more on Boker’s arms, and not to buy any more guns himself. Then they turned to sorting out the mess.
On March 24, the New York agent of Boker, Mr. Schlesscher, offered to settle the whole deal for cost plus 2Yi per cent commission, so urgentiy did they need the money to pay their European accounts. The proposition was contingent on the United States making an immediate advance of $500,000. The Commission did not dally, and on March 27 made its provisional finding, directing the half million to be paid on account. But Holt and Owen now began to sift the evidence.

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