4.8 • 1.5K Ratings
🗓️ 2 November 2023
⏱️ 40 minutes
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Milton Hershey steers his company and town through a catastrophic bet, the Great Depression, and criticisms from the press. But not even a king in his chocolate city can keep the outside world at bay forever.
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0:00.0 | It's October 1920 at the National City Bank in New York City. Milton Hershey crosses |
0:23.1 | the grand lobby, passing wooden booths where tellers sit in hushed conversation with customers. |
0:28.6 | Milton is nervous. The 63-year-old recently made an ill-advised financial move that cost |
0:34.1 | the Hershey chocolate company millions of dollars. Now he's come to the bank for a bailout |
0:39.3 | to save his business. Fleeting for money is not something he's had to do in many years |
0:44.3 | and Milton doesn't like it. But he has no choice. Either he gets his loan or the Hershey |
0:50.1 | chocolate company will go bust. Milton rounds a corner into a hallway and knocks on an |
0:55.6 | office door. A stocky middle-aged banker looms up from behind his desk and shakes Milton's |
1:02.8 | hand. Mr. Hershey, what an honor, sir. Would you like some coffee, sir? I can have some |
1:08.1 | sent in. No, thank you. I'd prefer to get straight to it if you don't mind. Certainly, sir. |
1:13.3 | We've taken a look at your request, and I must say it's a rather large amount you're |
1:16.9 | asking for. Well, yes, we are a large company, and we are in a large hole. Sugar futures, |
1:23.5 | isn't it? I hope you fired whoever was responsible for that. Well, that would be me, unfortunately. |
1:29.1 | I thought sugar prices were going to increase, so I took a risk to keep a cost down. But |
1:33.7 | I was wrong. I'm asking for your bank's assistance, your temporary assistance, mind you, |
1:39.0 | so that I can correct my mistake. I see. But even so, Mr. Hershey, 30 million dollars |
1:44.6 | is a very large sum of money. The company brand is stronger than ever. Our sales are |
1:49.3 | still rising, and we made more than six million in profit last year. This is a sound |
1:54.0 | investment for the National City Bank. The banker pauses to give the appearance of mulling |
1:59.1 | over Milton's words. But in reality, he's delighted to have such a prominent figure in |
2:04.2 | his office asking for help. Well, Mr. Hershey, I will tell you my bosses were skeptical. |
2:09.3 | But I told them your reputation is as good as any of our clients if not better, and we |
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