Capitalists and financiers -- Fiction; Chicago (Ill.) -- Fiction; Meat industry and trade -- Fiction; Political fiction
_The great fit of dumps--Keeping afloat--Interest on bonds--A sudden
financial frost--Strauss shows his hand--I beard the lion in his
den--He soars--I give him food for thought--The thermometer rises
once more--They treat me with consideration at the bank_
As every one knows, the recovery of business from that awful fit of
depression which followed '93 was slow. At times it would seem that the
country was ready to throw off its fit of sickness and begin to grow
again. Then there would come along some new set-back, and we were all in
the dumps once more.
It had been a great fight to keep the Meat Products Company afloat
during these hard times. It was all we could do to pay our fixed
charges, which were heavy, as most of the concerns that formed the
corporation had demanded bonds in payment for their properties before
they would consent to join us. There was also, of course, a big issue of
stock, preferred and common, which, by a mutual agreement, was not to be
marketed for three years. We had not yet come in sight of a dividend on
this stock; hence there were signs of dissatisfaction among the little
fellows, who had expected wonders of the company. And the time was fast
approaching when they would be at liberty to dump their stock on the
market for what they could get for it.
The Strauss crowd, since their secret attempt through the tool Frost and
his "syndicate" to thwart our plans, had kept their hands off us. They
knew well enough what was our financial condition, and were biding their
time to strike. But so far, clear down to the winter of '96, we had been
able to meet all interest charges promptly, and had thus kept the
corporation from foreclosure. That year as the time approached for the
March payment of interest on the bonds and sinking-fund requirement, it
became evident that our treasury would not be able to meet the sum
required, and that it would be necessary for us to borrow for the
immediate emergency. We already had a good deal of our paper out in
Chicago, and so Slocum and I went East to raise what we needed. That was
not so easy as it would have been in the days when we could rely on
Farson's aid. But after considerable efforts we got together in New York
what was needed for the emergency, and I left for home. That was the
fourteenth of February. I congratulated myself that the danger was past,
for I was sure that, with the opening of our new plant in Kansas City,
and the constant improvement in our business, we ought to be beyond
attack when the next payment was due in the fall. After that period we
should be on the road to dividends.
Public-domain text, read in full here on John Shaqi.
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