On April 1st we had $87,300,000, or
$27,300,000 more than we needed to wipe out all our indebtedness. That
is what boring into the business did for us! This amount came to us in
these items:
Cash on hand, January $20,000,000
Stock on hand turned into cash, January 1 to April 1 24,700,000
Speeding up transit of goods released 28,000,000
Collected from agents in foreign countries 3,000,000
Sale of by-products 3,700,000
Sale of Liberty Bonds 7,900,000
TOTAL $87,300,000
Now I have told about all this not in the way of an exploit, but to
point out how a business may find resources within itself instead of
borrowing, and also to start a little thinking as to whether the form of
our money may not put a premium on borrowing and thus give far too great
a place in life to the bankers.
We could have borrowed $40,000,000--more had we wanted to.
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