The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-07-25
HENRY FORD
Continued from Page one)

back. We'll have to have some say
a TO who the new treasurer shall be"
That remark closed the interview.
II handed him his hat" says Mr..
Ford. showed him where the door
was and told him to take his things
and get out right quick. The next
time | saw Edsel | told him that, IN
the future, he was to be the treasurer
as well as president OF the Ford MO
tor Co."
That meeting was the showdown in
a situation which, developing for
months, had been watched with IN
tense interest by industrial America.
During the previous summer and fall
industry generally, the country over,
had been gradually slowing down. In
Detroit, plant after plant had closed
down or reduced production to a min
imum The numbers of the unem-
ployed was rising steadily. Every
where there was talk of black
winter" Only at the Ford Motor
company production rushed on I'M
abated With full forces and three
shifts day it was the ''wonder-plant'
not only of Detroit but of the whole
country. 1t engendered strong feel
ing of confidence in the community.
Then. in September, the country
was startled and electrified by an
nouncement of a big cut in the price
of the Ford car The company an
nounced that it made the cut In an
ticipation of lowered prices OF raw
materials in the future, that for time
ii must manufacture at loss, but
that, in the hope of Fastening gen.
eral return to the basic prices OF
peace times, it would take its loss now
and it charged off to loss $4,000
600. That is, it put value OF $685.
600, 900 on stock, raw and manufac-
tured that had cost it S105,OOO,OOO,
and continued full production on the
new basis.
Shutdown Everywhere.
In the weeks following Ford bust
ness was appreciably stimulated, but
generally speaking, on both the local
and national basis, the closing down OF
industry went steadily on. Then, sud
denly. overnight it seemed, sprang VI
a host of rumors that even the Ford
company was affected. Vague, in
tangible reports spread over the coun
try that, due to the cut in price anc
to other causes, grave financial prob
lens now confronted the Ford com
pany and. shortly. it must close down
or go bankrupt or both. Reports
ostensibly emanating in New York
Chicago, London and about every
place else except the South Sea Isl
ands. and always ION highly credible
authority" had it that Mr.. Ford, hi:
back to the wall, was making a su
preme effort, using every resource a
his command. TO borrow money in ev
cry market at home and abroad-bu
always in vain; the end was not TO b'
far off. And when, early in Decem
Der. came an official announcement
that, on Dec. %, the great plant a
Highland Park would close down "twt
weeks for inventory" in the popula
mind. confirmation was given the rum
ors and. with a hundred variations
there seemed to be sufficient of fac
behind them to get them on the new
wires and thus they were carried t
the ends of the earth. Even sober
leyel-headed business men began I
believe that within the Hord organize
ton something fundamentally wa
wrong. Two weeks passed, but no re
opening: and then announcement tina
the time of resumption of operation
was indefinite" Wall Street clamoi
ed that Ford was "broke" and that,
the plants ever opened up again, the
would be in new hands; that M
Ford was ready to retire"
Wall Street Learns.
Just at this juncture, according I
Mr.. Ford's associates, different Ne
York banking. groups sent represent;
lives to Detroit offering loans on oil
ferent terms. According to Mr.. For
only one of these representatives eve
discussed such an offer He was tn
gentleman who was shown the door
20 minutes Wall Street found out yer