上世紀二(er)十年代，中(zhong)(zhong)國進入軍閥(fa)(fa)統治和混戰(zhan)(zhan)時期(qi)。新(xin)舊(jiu)軍閥(fa)(fa)為了(le)爭地(di)(di)盤，擴實(shi)力，經常(chang)打仗，鬧得雞犬不(bu)寧，民不(bu)聊生。棗(zao)莊地(di)(di)處蘇魯豫皖邊界和津(jin)浦(pu)、隴海鐵(tie)路的(de)(de)(de)交匯(hui)地(di)(di)帶(dai)，是軍閥(fa)(fa)拉鋸戰(zhan)(zhan)的(de)(de)(de)嚴重受害區。“城門失火殃及池魚”，中(zhong)(zhong)興公(gong)司的(de)(de)(de)煤炭(tan)生產(chan)和運(yun)輸遭(zao)受軍閥(fa)(fa)混戰(zhan)(zhan)的(de)(de)(de)影響和損(sun)(sun)失很大。1923年之后，煤炭(tan)年產(chan)量(liang)和實(shi)際(ji)銷量(liang)大幅度回落，1928年一(yi)度被迫停產(chan)。因生產(chan)不(bu)正常(chang)，煤炭(tan)運(yun)不(bu)出，每年給中(zhong)(zhong)興公(gong)司造成的(de)(de)(de)營業虧損(sun)(sun)都在(zai)百(bai)萬元以(yi)上。不(bu)僅(jin)如此，大小軍閥(fa)(fa)為了(le)籌措軍費，經常(chang)到中(zhong)(zhong)興公(gong)司敲詐(zha)勒索、搜刮攤派，要(yao)求中(zhong)(zhong)興公(gong)司負擔過往軍隊的(de)(de)(de)給養(yang)費、招待(dai)費、開拔費等(deng)名目繁多的(de)(de)(de)費用。棗(zao)莊駐(zhu)軍有(you)時多達上萬人，吃喝拉撒都要(yao)中(zhong)(zhong)興公(gong)司負擔。另外，“時有(you)成群士(shi)兵(bing)，攜帶(dai)槍(qiang)械，強取(qu)煤焦(jiao)，并令抬(tai)夫抬(tai)往他處發賣，稍有(you)勸阻，即(ji)將用武，合計所損(sun)(sun)頗巨。”好端(duan)端(duan)一(yi)家煤礦企業被軍閥(fa)(fa)糟蹋得瀕臨破產(chan)。那年月(yue)沒(mei)有(you)講理的(de)(de)(de)地(di)(di)方，只(zhi)能忍辱負重、忍氣吞聲、自嘗苦(ku)果(guo)。

1927年，蔣(jiang)(jiang)介石發(fa)動了(le)“4.12”反革命(ming)政變。為(wei)(wei)繼(ji)續(xu)鎮壓(ya)共產黨人和革命(ming)群眾(zhong)，與新(xin)舊(jiu)軍(jun)(jun)閥(fa)爭奪統(tong)治權，急需(xu)大量軍(jun)(jun)費(fei)，為(wei)(wei)此，國(guo)民黨財政部發(fa)行了(le)所謂的“二五庫(ku)券”（以征(zheng)收2.5%的關(guan)稅附加(jia)稅為(wei)(wei)擔保(bao)。如果出賣，只能(neng)收回票面額的70%）。當年7月，蔣(jiang)(jiang)介石的軍(jun)(jun)隊進(jin)駐棗(zao)莊。當時中(zhong)(zhong)興公(gong)司(si)連年積累(lei)的債務已達500多萬元(yuan)。為(wei)(wei)了(le)企(qi)業(ye)生(sheng)存，中(zhong)(zhong)興公(gong)司(si)明(ming)知上當，也不得已向興業(ye)、交通、中(zhong)(zhong)南等銀行以公(gong)司(si)資產作抵押，認(ren)(ren)購了(le)“二五庫(ku)券”100萬元(yuan)。并向蔣(jiang)(jiang)介石秉陳歷年兵匪騷擾之苦，請求(qiu)給(gei)予(yu)保(bao)護(hu)。蔣(jiang)(jiang)介石在中(zhong)(zhong)興公(gong)司(si)的報(bao)告上親筆批示：“據稱該公(gong)司(si)歷受軍(jun)(jun)閥(fa)騷擾，瀕于破產，自愿認(ren)(ren)購庫(ku)券一百萬元(yuan)補充軍(jun)(jun)需(xu)，強求(qiu)保(bao)護(hu)等情，具(ju)見深明(ming)大義，殊(shu)堪嘉許，應準(zhun)分(fen)電前敵(di)各軍(jun)(jun)予(yu)以保(bao)護(hu)，并分(fen)函財、交兩部查照(zhao)辦理，以維實(shi)業(ye)。”

不(bu)久，蔣介石(shi)(shi)(shi)撤軍(jun)南下，棗(zao)莊又落入奉系軍(jun)閥的(de)統(tong)治之下。1928年4月(yue)，蔣介石(shi)(shi)(shi)的(de)軍(jun)隊再次占領了(le)棗(zao)莊，要求中(zhong)興(xing)(xing)公(gong)(gong)司再報(bao)效軍(jun)餉500萬(wan)(wan)(wan)元。中(zhong)興(xing)(xing)公(gong)(gong)司借(jie)貸(dai)無(wu)門，只好(hao)硬抗(kang)。蔣介石(shi)(shi)(shi)立即(ji)下令委(wei)派(pai)國民黨大員俞飛鵬(peng)帶領人馬組成“整理中(zhong)興(xing)(xing)煤礦(kuang)委(wei)員會”，進礦(kuang)強行接管(guan)營業管(guan)理權。一方面(mian)不(bu)準中(zhong)興(xing)(xing)公(gong)(gong)司自行銷(xiao)售(shou)煤炭；一方面(mian)在(zai)上海(hai)登報(bao)招標出(chu)售(shou)中(zhong)興(xing)(xing)公(gong)(gong)司的(de)存煤30萬(wan)(wan)(wan)噸（約售(shou)價300萬(wan)(wan)(wan)元）。妄(wang)圖以高壓手段脅(xie)迫中(zhong)興(xing)(xing)公(gong)(gong)司交(jiao)出(chu)500萬(wan)(wan)(wan)元軍(jun)費。5月(yue)上旬(xun)，中(zhong)興(xing)(xing)公(gong)(gong)司派(pai)代表與俞飛鵬(peng)談判(pan)交(jiao)涉，而俞飛鵬(peng)限5月(yue)底交(jiao)清100萬(wan)(wan)(wan)元以充軍(jun)餉。當(dang)時中(zhong)興(xing)(xing)公(gong)(gong)司確實無(wu)錢可交(jiao)，談判(pan)陷(xian)入僵局。蔣介石(shi)(shi)(shi)認為中(zhong)興(xing)(xing)公(gong)(gong)司是軍(jun)閥奸商，竟敢(gan)“朋比(bi)為奸，背約要挾，企(qi)圖阻(zu)撓軍(jun)餉”，下令沒收中(zhong)興(xing)(xing)公(gong)(gong)司全部資產，“如敢(gan)違抗(kang)，定予嚴辦(ban)不(bu)貸(dai)。”

面(mian)對(dui)(dui)生(sheng)(sheng)死存亡的(de)緊要(yao)關(guan)口，中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)在天津(jin)召開股東會議(yi)研究對(dui)(dui)策，并聯(lian)(lian)系主(zhu)要(yao)債權(quan)人——江浙財(cai)(cai)團(tuan)的(de)五大(da)(da)銀(yin)(yin)行(xing)(xing)、華北(bei)財(cai)(cai)團(tuan)的(de)四大(da)(da)銀(yin)(yin)行(xing)(xing)共(gong)同出面(mian)交(jiao)涉。因為這時(shi)中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)已欠各(ge)銀(yin)(yin)行(xing)(xing)債務達500多萬元(yuan)。如果蔣介(jie)石(shi)沒收中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)，這些銀(yin)(yin)行(xing)(xing)欠款(kuan)將(jiang)(jiang)無法(fa)償(chang)還(huan)。為此各(ge)大(da)(da)銀(yin)(yin)行(xing)(xing)聯(lian)(lian)名委托律師(shi)登報(bao)聲明：“銀(yin)(yin)行(xing)(xing)財(cai)(cai)團(tuan)擁有(you)中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)存煤(mei)(mei)的(de)抵押物品權(quan)，堅決反(fan)對(dui)(dui)有(you)損債權(quan)人權(quan)益的(de)任(ren)何交(jiao)易。”要(yao)求留(liu)煤(mei)(mei)抵債，并恢復煤(mei)(mei)炭生(sheng)(sheng)產。同時(shi)致(zhi)(zhi)電“整委會”，要(yao)求接管中(zhong)(zhong)(zhong)興(xing)(xing)礦權(quan)后，履行(xing)(xing)銀(yin)(yin)行(xing)(xing)和(he)中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)的(de)契約，償(chang)還(huan)中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)所欠各(ge)銀(yin)(yin)行(xing)(xing)500多萬元(yuan)的(de)貸款(kuan)。中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)還(huan)利(li)用新聞媒(mei)體(ti)展開宣傳攻勢(shi)，《大(da)(da)公(gong)(gong)報(bao)》發表了中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)總經(jing)理朱啟(qi)鈐致(zhi)(zhi)蔣介(jie)石(shi)的(de)電文，要(yao)求蔣介(jie)石(shi)認(ren)(ren)真履行(xing)(xing)國(guo)民(min)(min)(min)政(zheng)府對(dui)(dui)內五項宣言(yan)中(zhong)(zhong)(zhong)保護(hu)實(shi)業(ye)的(de)承諾。當時(shi)的(de)上海銀(yin)(yin)行(xing)(xing)公(gong)(gong)會、總商(shang)會、全(quan)國(guo)礦業(ye)聯(lian)(lian)合(he)會紛紛公(gong)(gong)開致(zhi)(zhi)電蔣介(jie)石(shi)，一致(zhi)(zhi)認(ren)(ren)為，沒收中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)財(cai)(cai)產沒有(you)法(fa)律依據，將(jiang)(jiang)失(shi)去整個實(shi)業(ye)界、金融界對(dui)(dui)國(guo)民(min)(min)(min)政(zheng)府的(de)信任(ren)和(he)合(he)作。此外，中(zhong)(zhong)(zhong)興(xing)(xing)公(gong)(gong)司(si)(si)還(huan)通過各(ge)種(zhong)關(guan)系找到與蔣介(jie)石(shi)私(si)交(jiao)甚好(hao)的(de)國(guo)民(min)(min)(min)政(zheng)府財(cai)(cai)政(zheng)次長錢新之、曾任(ren)民(min)(min)(min)國(guo)總統的(de)黎元(yuan)洪、國(guo)民(min)(min)(min)黨高官宋(song)子文等要(yao)員直接向(xiang)蔣介(jie)石(shi)疏通講情。

在(zai)各方面的(de)(de)(de)(de)(de)(de)壓力下，蔣介石(shi)命令俞飛鵬暫(zan)緩沒收(shou)中興(xing)(xing)公(gong)(gong)司(si)。后經過艱難的(de)(de)(de)(de)(de)(de)談判，中興(xing)(xing)公(gong)(gong)司(si)被(bei)迫(po)上交“整委會(hui)(hui)”100萬元；沒收(shou)安徽軍(jun)閥(fa)倪嗣(si)沖和湖北(bei)軍(jun)閥(fa)張(zhang)敬堯在(zai)中興(xing)(xing)公(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)所謂“逆股(gu)”26萬元，這才平息了(le)“沒收(shou)中興(xing)(xing)公(gong)(gong)司(si)”的(de)(de)(de)(de)(de)(de)風波。接受(shou)這次(ci)事(shi)(shi)件的(de)(de)(de)(de)(de)(de)教訓(xun)，中興(xing)(xing)公(gong)(gong)司(si)更加注(zhu)重借助銀(yin)行財團的(de)(de)(de)(de)(de)(de)經濟實力，利用國(guo)民黨的(de)(de)(de)(de)(de)(de)上層(ceng)關系。在(zai)1928年改選(xuan)公(gong)(gong)司(si)董事(shi)(shi)會(hui)(hui)時，將興(xing)(xing)業銀(yin)行總經理(li)葉揆初(chu)推舉為董事(shi)(shi)會(hui)(hui)長；將一直居間斡旋的(de)(de)(de)(de)(de)(de)蔣介石(shi)的(de)(de)(de)(de)(de)(de)財政顧(gu)問錢新之聘為中興(xing)(xing)公(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)總經理(li)，使公(gong)(gong)司(si)的(de)(de)(de)(de)(de)(de)生產經營(ying)逐步走向正軌(gui)。