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Updated: May 3, 2025
In 1919 my son Edsel purchased the remaining 41-1/2 per cent of the stock because certain of the minority stockholders disagreed with my policies. For these shares he paid at the rate of $12,500 for each $100 par and in all paid about seventy-five millions. The original company and its equipment, as may be gathered, were not elaborate. We rented Strelow's carpenter shop on Mack Avenue.
To that extent the bankers had envisaged our condition correctly. I asked my son Edsel to be treasurer as well as president of the company. That fixed us up as to a treasurer, so there was really nothing at all that the bankers could do for us. Then we began our house-cleaning.
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