The Morrills and Reminiscences (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...of drought, panic, and general business depression, and it was impossible for them to pay another assessment. It was evident that the bank must fail unless some man, strong financially, came to the rescue. After considering my report Mr. Perkins said to me, "Morrill, no man has ever lost one dollar by reason of being encouraged by me to invest in any business. I am a director in this bank. I do not know how many people may have deposited in the bank on that account, but I presume many have done so. You say there will be over five hundred thousand dollars absolutely lost and that it will take one million dollars to make the bank sound. I have made up my mind to assume this responsibility alone, if none of the stockholders will join me in the task. I cannot possibly raise one million dollars at once in these hard times, but I will send two hundred and fifty thousand in a very short time with which to begin the work of weeding out bad assets." This seemed to me to be an impossible task for anyone to accomplish at a time when all banks were refusing to make loans. Mr. Perkins afterward informed me that in order to raise this money he was forced to sell his very best securities at a great loss. Most men are inclined to be honestly considerate of the interests of others when their own interests are not attacked, but when they conclude that their interests will suffer they are likely to be as ruthless with the rights of others as they dare. The course taken by Mr. Perkins showed that he practically set aside or refused to be influenced by any personal interests in this matter. He at once formed the Boston Investment Company, a corporation with one million dollars capital, to take over the bad assets and to replace with cash the amount so taken out of...