1930's
FACING THE GREAT DEPRESSION
Following the plunge of the Dow Jones by 89% and the new reality of an economic
crash, Harry and Walter quickly made adjustments to meet a shrinking market
demand. To preserve as much work as possible for existing employees, a pay cut was
activated for all owners and employees. Sensitive to the hard times, the Bankers
Box Company also started the practice of providing free soup and coffee each day.
With banks, the company's primary customer, facing peril the Great Depression
accelerated efforts to grow a more diverse and far-reaching customer base. To
achieve this, Harry's oldest son, Folger, left college in his Senior year to help
his father expand the businesses regions. Harry's other son, John, joined the
business shortly thereafter. By the end of the decade, the business achieved
record orders and regained its momentum, but a new challenge was on the horizon:
World War II.