subject. She knew that I was accustomed to make loans for my father,
and she was familiar with the rates secured. But all the arguments in
the world did not change the rate, and it came down only when the
supply of money grew more plentiful.

I have usually found that important alterations in public opinion in
regard to business matters have been of slow growth along the line of
proved economic theory--very rarely have improvements in these
relationships come about through hastily devised legislation.

One can hardly realize how difficult it was to get capital for active
business enterprises at that time. In the country farther west much
higher rates were paid, which applied usually to personal loans on
which a business risk was run, but it shows how different the
conditions for young business men were then than now.


A NIMBLE BORROWER

Speaking of borrowing at the banks reminds me of one of the most
strenuous financial efforts I ever made. We had to raise the money to
accept an offer for a large business. It required many hundreds of
thousands of dollars--and in cash--securities would not answer. I
received the message at about noon and had to get off on the
three-o'clock train. I drove from bank to bank, asking each president
or cashier, whomever I could find first, to get ready for me all the
funds he could possibly lay hands on. I told them I would be back to
get the money later. I rounded up all of our banks in the city, and
made a second journey to get the money, and kept going until I secured
the necessary amount. With this I was off on the three-o'clock train,