Ted Talbott

July 20, 1923

My Dear Son,

Enclosed find an article from this morning's paper. If you will read it carefully you will see what wonderful prosperity there is all over the United States. I am anxious that you learn a lesson from my experience rather than to have to learn it later through bad business and failure. Some years ago times were good in K.C. I owed $180,000 and I made up my mind it was time for me to get out of debt no matter how bright the future looked. In other words to "clean up" and "cash in" and pay any debts. Dr. Leiberman at that time offered me $75,000 cash capital, I to have full management and to receive half the profit. He believed it was just the time to plunge. I refused his offer and gave my whole time to cleaning up my business and paying off my debts. This required a lot of nerve for it looked as if I could make a barrel of money by accepting Leiberman's offer. My friends thought I was a jack ass no to do so. But I did what I had determined to do, took no new business, sold what I had, cashed in and paid every cent I owed.

Looking back, I know now that I would have been a bankrupt if I had not taken advantage of the good times to slow up and get out from under. I would never have been able to have done it since and right now you and Jean and Mary and Burton between you, would have to support Mama & I instead of our being able to help you folks get started.

Now my boy you have got a real good start in your business. You have plunged & succeeded. Now your danger is right at this point. The temptation to keep on plunging instead of going slow and paying your debts. Most of you chicken farmers fail. You know that. And they fail right where you are now by being too hopeful. Very few chicken men have as sure a chance at winning as you have, if you have nerve enough right now to get out of debt. It takes more nerve & wonderful patience & great self control. I wonder if you have got it. It all depends if you don't help yourself. And excuses after bankruptcy don't count. If you can pay for the house you have, pay for the chickens you have, & pay all your other debts and accumulate $500 to $1000 in the bank you will be a successful man, otherwise you will be a failure. Use the same grit you have used in getting started to hold yourself back now from going too fast. It all depends on you for times are good now to help you get out. But times are not always going to be good you can depend on that. Sooner or later hard times will come and then if you are out of debt you can laugh at hard times otherwise you go broke. A little well taken care of is better than a million dollars in the clouds. I have been frustrated several times, as you know but I finally learned the lesson by hard knocks, and the last time got out of debt. Now I give you my experience for nothing. I took me 40 years and three failures to get sense enough to pay my debts. I hope you have better luck.

Your loving father

Edward G. Dudley