“MOTOR-CAR KING."

Otago Witness, Issue 3525, 4 October 1921, Page 25

“MOTOR-CAR KING."

Tho stor.y of how Mr Henry Ford, the ” motor car king,” evaded tho clutches of Wall street is printed here (says the New York correspondent of the Daily Telegraph), and is considered a veritable epic of modern business. Mr Ford admitted owing £12,000,000 last January, with only £4,000,000 cash in hand, when a banker connected with one of the biggest firms in New York called upon him to offer assistance. This banker, formerly of Detroit, said he knew Mr Ford’s obligations and the amount of his cash reserves, and suggested a financial plan by' which he could be assisted. Mr Ford replied that ho did not. want any Wall street help, but, from courtesy, allowed th© banker to rend a document. The reading went on for several minutes, and when the caller displayed great interest in the appointment of the new treasurer of the Ford Company, Mr Ford became infuriated, told the banker that the new treasurer was none of his business, and finally closed the interview by showing the banker to the door. Then Mr Fold got busy. Before April 1 he had converted liis stock in hand into £5,000,000 cash, raised £6,000,000 by speeding-up the delivery of goods, sold some of hi 3 Liberty Bonds collected from agents in foreign countries, and finally raised in money close upon £6,000,000 more than he owed. Then lie reduced the price of his cars, enlarged his business, and at the time when almost every other firm in the country was complaining of slack times and that the motor business was going l into bankruptcy he was employing his tens of thousands of men as usual, and to-day his business is booming. In January last I recall that scores of people in Wall street whispered to me a 3 evidence of the bad times that Mr Ford was “ broke,” and if his works ever opened up again they said that the trade would be in new hands. That was the time when tho “ tentacles of the Wall street octopus ” were advanced towards the Detroit manufacturer, offering loans in varying terms. Now it appears that the only representative of high finance who ever succeeded in making overtures was shown to the door. Mr Ford is now turning out a ” tin Lizzie ” every lit seconds, and the description of the way he reorganised this immense business to meet adversity' and. above all, how he routed Wall street single-handed, has given him great national glory.