In this deduction proof was given of the sound judgment and
business acumen of those who bore the brunt of the burden in those hot
days of battle. They took the position that the reputation which the
company had already builded was an asset of almost unlimited value and
realized that the peak of the mountain was just a few steps further on -
that summit from which the company could look out upon the valley of
success and reap the full reward for all the sacrifices its stockholders
had made. Plan after plan was submitted for financing, change after
change was suggested, but for a time concerted action seemed almost
impossible of attainment. Finally, I called upon the largest stockholder
and treasurer of the company, Mr. Geo. L. Payne, in his office at the
Payne Bolt Works. I laid before him the plan of increasing the capital
stock from six thousand shares to ten thousand shares by the sale of
four thousand shares at sixty dollars per share which would realize for
the company a total amount of $240,000 of which $160,000 could be
applied to capital, bringing that item up to $400,000, and $80,000 to
surplus. While this did not make the surplus as much as was desirable,
we were used to economies, to making every dollar count.
Pages:
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52