CHAPTER XII
MONEY--MASTER OR SERVANT?
In December, 1920, business the country over was marking time. More
automobile plants were closed than were open and quite a number of those
which were closed were completely in the charge of bankers. Rumours of
bad financial condition were afloat concerning nearly every industrial
company, and I became interested when the reports persisted that the
Ford Motor Company not only needed money but could not get it. I have
become accustomed to all kinds of rumours about our company--so much so,
that nowadays I rarely deny any sort of rumour. But these reports
differed from all previous ones. They were so exact and circumstantial.
I learned that I had overcome my prejudice against borrowing and that I
might be found almost any day down in Wall Street, hat in hand, asking
for money. And rumour went even further and said that no one would give
me money and that I might have to break up and go out of business.
It is true that we did have a problem. In 1919 we had borrowed
$70,000,000 on notes to buy the full stock interest in the Ford Motor
Company.
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