The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-07-27

vestigation of Henry Ford's financial
recovery has the following to say about
the Wall Street phase of the transact
ton:
Bankers of Wall Street who early in
the year sent the offer of financial
aid to Henry Ford in Detroit, only to
have it coldly refused, said yesterday
that Mr.. Ford, through shrewd finan-
cial ability, through liquidation and
through ruthless pressure of the out
put of his factory on his dealers, had
| performed feat that probably would
go down in the annals of financial his
| tory as one of the most remarkable
achievements of postwar liquidation.
They do not doubt, they say, any of
the statements of his past and present
/ financial conditions as outlined by Mr..
Ford in his interview. And they say
that the Ford Motor company evidently
has turned the corner of liquidation
and depression in excellent shape.
Instead of one huge financial oper-
alton, Mr.. Ford succeeded in getting
his dealers to finance his requirements,
each dealer in his own territory.
The bankers who went 10 see Mr..
Ford in January and who offered him
financial aid declined again yesterday
to make a public statement of any
sort about their negotiations with the
manufacturer. They take the position
that it would be extremely bad faith as
well as bad taste for them to make
!. any statement about conversations or
negotiations which have been held in
their official capacity as bankers with
, Mr.. Ford.
Bower Tells of Visit.
M, =,
in the year and who was and is a
lclose personal friend of Mr.. Ford said
he did not propose to be drawn into a
: controversy, that the relations be
! tween himself and Mr.. Ford and the
: relations between his bank and Mr.
Ford were pleasant and that it was his
! intention to keep them thus.
In his account of the ''foiling of Wal
. Street by Henry Ford, written BY
: James Sweetheart, Mr. Sweetheart TOLD
of former Detroit banker, now con
; nected with one of the biggest banks
on Broadway" who, according to Mr.
Ford, visited the automobile manufac
) turer in his Dearborn home las
January and proffered him a Wal
t Street loan. According to Mrs. Swein
harts interview with Mr.. Ford, the
II
Wall Street should have some say il
the selection of new treasurer of the
Ford Motor company when Ford hand
ed the banker his hat and ordered hin
from the house.
Joseph A. Bower, president of The
Liberty Bank of New York, was asked
at his Montclair home last nigh
whether he was the banker referred
n
banker and the description seemed tt
fit him.
Il never had any such experienc,
with Mr.. Ford" Mr.. Brewer asserted
i 1t is true was in Detroit last Januar.
: and that / called on Henry Ford an,
a had discussion of financial matters
y l received the most courteous treat
: ment, such as is usually accorded t
g bankers. I have known Mr.. Ford TO
! 20 years and l never received anythin
/ but courteous treatment from him.
Unable to Identify Banker.
e Mr. Bower said he had heard rumor
b fof such an incident as was describe
l. by Mr.. Ford in the interview, but
had no idea as to the identity of tn
D. banker alleged to have been expelle
q from Mr.. Fords house and never ha
70 received any confederation of the il
Is cident actually having happened.
S, The recovery of the Ford Motor con
d pany from the depression of the earl
year and it's remarkable assembling
y cash without loan to meet its oblig
r tons is considered by bankers familis
Of with Mr.. Fords business to be one
N the most remarkable recoveries
to modern business. None of them ha
d. ever talked for publication in come
lie ton with the Ford financing, but pl
RS vately they did not hesitate to expre
to the opinion that their very proffer
s. aid, under terms of their own maxim
of course, placed Mr.. Ford on h
mettle and added to his Discriminate
to pull through the year without Il
M aid of Wall Street, for which he h
he evidenced dislike and distrust.
h. Outside of his recital of facts al
IN figures in liquidating his inventory
If raw material and finished produt
m there is considerable unwritten h
r. tory of Mr.. Ford's financial activiti
J. in 1921 of which Wall Street is ava