We knew that we would have to shut down in order to
take an inventory and clean house. We wanted to open with another big
cut and to have cars on hand to supply the demand. Then the new cars
could be built out of material bought at lower prices. We determined
that we were going to get lower prices.
We shut down in December with the intention of opening again in about
two weeks. We found so much to do that actually we did not open for
nearly six weeks. The moment that we shut down the rumours concerning
our financial condition became more and more active. I know that a great
many people hoped that we should have to go out after money--for, were
we seeking money, then we should have to come to terms. We did not ask
for money. We did not want money. We had one offer of money. An officer
of a New York bank called on me with a financial plan which included a
large loan and in which also was an arrangement by which a
representative of the bankers would act as treasurer and take charge of
the finance of the company. Those people meant well enough, I am quite
sure.
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