上世紀二十年(nian)(nian)代，中(zhong)(zhong)國進入軍(jun)(jun)閥(fa)統治和混(hun)戰(zhan)(zhan)時期(qi)。新舊軍(jun)(jun)閥(fa)為了爭地(di)盤，擴(kuo)實(shi)力(li)，經(jing)(jing)常(chang)打仗，鬧(nao)得雞(ji)犬(quan)不寧，民不聊(liao)生(sheng)。棗莊地(di)處(chu)蘇魯豫(yu)皖邊界和津浦、隴海(hai)鐵路的(de)交匯地(di)帶，是軍(jun)(jun)閥(fa)拉(la)鋸戰(zhan)(zhan)的(de)嚴重受(shou)害區。“城(cheng)門失火殃及池(chi)魚”，中(zhong)(zhong)興(xing)(xing)公(gong)(gong)司的(de)煤炭生(sheng)產和運輸遭受(shou)軍(jun)(jun)閥(fa)混(hun)戰(zhan)(zhan)的(de)影響和損(sun)失很大(da)(da)。1923年(nian)(nian)之后，煤炭年(nian)(nian)產量和實(shi)際銷(xiao)量大(da)(da)幅度(du)回落，1928年(nian)(nian)一(yi)度(du)被迫停產。因(yin)生(sheng)產不正(zheng)常(chang)，煤炭運不出，每年(nian)(nian)給中(zhong)(zhong)興(xing)(xing)公(gong)(gong)司造成的(de)營業虧損(sun)都(dou)在百萬元(yuan)以上。不僅如此，大(da)(da)小軍(jun)(jun)閥(fa)為了籌措軍(jun)(jun)費(fei)，經(jing)(jing)常(chang)到(dao)中(zhong)(zhong)興(xing)(xing)公(gong)(gong)司敲詐勒索、搜(sou)刮攤派(pai)，要(yao)求中(zhong)(zhong)興(xing)(xing)公(gong)(gong)司負擔過往(wang)軍(jun)(jun)隊的(de)給養費(fei)、招待(dai)費(fei)、開拔費(fei)等名目繁(fan)多(duo)的(de)費(fei)用(yong)。棗莊駐軍(jun)(jun)有(you)時多(duo)達上萬人，吃喝拉(la)撒都(dou)要(yao)中(zhong)(zhong)興(xing)(xing)公(gong)(gong)司負擔。另外，“時有(you)成群士兵，攜帶槍械，強取(qu)煤焦，并令抬夫抬往(wang)他處(chu)發賣，稍有(you)勸阻，即(ji)將用(yong)武，合(he)計所損(sun)頗巨。”好(hao)端端一(yi)家煤礦(kuang)企(qi)業被軍(jun)(jun)閥(fa)糟蹋得瀕臨(lin)破產。那年(nian)(nian)月沒(mei)有(you)講理(li)的(de)地(di)方(fang)，只(zhi)能(neng)忍辱負重、忍氣吞聲(sheng)、自(zi)嘗苦果。

1927年，蔣(jiang)(jiang)介(jie)石發動了(le)“4.12”反革命政變。為繼(ji)續鎮壓共產(chan)黨(dang)人和革命群眾，與新舊軍(jun)閥(fa)爭奪統治(zhi)權，急需大量軍(jun)費，為此，國民(min)黨(dang)財(cai)政部(bu)發行了(le)所謂的(de)(de)“二五(wu)庫券(quan)”（以征(zheng)收(shou)2.5%的(de)(de)關稅(shui)(shui)附加稅(shui)(shui)為擔(dan)保(bao)。如(ru)果出賣(mai)，只能收(shou)回票面額(e)的(de)(de)70%）。當(dang)(dang)年7月，蔣(jiang)(jiang)介(jie)石的(de)(de)軍(jun)隊進駐棗(zao)莊。當(dang)(dang)時中興(xing)公(gong)司(si)連年積累的(de)(de)債務(wu)已達(da)500多萬(wan)元。為了(le)企業生存，中興(xing)公(gong)司(si)明知上當(dang)(dang)，也不得(de)已向興(xing)業、交通(tong)、中南等(deng)銀(yin)行以公(gong)司(si)資產(chan)作抵押(ya)，認購了(le)“二五(wu)庫券(quan)”100萬(wan)元。并(bing)向蔣(jiang)(jiang)介(jie)石秉陳歷年兵匪(fei)騷擾之苦，請求給予保(bao)護。蔣(jiang)(jiang)介(jie)石在中興(xing)公(gong)司(si)的(de)(de)報告上親筆批(pi)示(shi)：“據稱該(gai)公(gong)司(si)歷受軍(jun)閥(fa)騷擾，瀕于(yu)破產(chan)，自(zi)愿認購庫券(quan)一百萬(wan)元補充軍(jun)需，強(qiang)求保(bao)護等(deng)情(qing)，具見深(shen)明大義，殊堪嘉許，應準分(fen)電前敵(di)各軍(jun)予以保(bao)護，并(bing)分(fen)函(han)財(cai)、交兩(liang)部(bu)查照(zhao)辦理，以維實業。”

不久，蔣介(jie)石(shi)撤軍(jun)(jun)南下，棗莊又落入(ru)奉(feng)系軍(jun)(jun)閥(fa)的統治(zhi)之下。1928年4月，蔣介(jie)石(shi)的軍(jun)(jun)隊再次占領了棗莊，要求中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)再報(bao)效(xiao)軍(jun)(jun)餉(xiang)500萬(wan)元(yuan)。中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)借(jie)貸無(wu)門，只好硬抗。蔣介(jie)石(shi)立即下令委派(pai)國民黨(dang)大員俞(yu)(yu)飛(fei)鵬(peng)(peng)帶領人馬組成“整理中(zhong)(zhong)(zhong)興(xing)煤礦委員會”，進礦強行接管營業管理權。一方面不準中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)自(zi)行銷(xiao)售煤炭(tan)；一方面在上(shang)海登報(bao)招(zhao)標出(chu)售中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)的存煤30萬(wan)噸（約(yue)(yue)售價300萬(wan)元(yuan)）。妄圖以高壓手段脅迫中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)交(jiao)出(chu)500萬(wan)元(yuan)軍(jun)(jun)費(fei)。5月上(shang)旬，中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)派(pai)代表與俞(yu)(yu)飛(fei)鵬(peng)(peng)談判交(jiao)涉，而俞(yu)(yu)飛(fei)鵬(peng)(peng)限5月底交(jiao)清100萬(wan)元(yuan)以充軍(jun)(jun)餉(xiang)。當時(shi)中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)確實無(wu)錢可(ke)交(jiao)，談判陷入(ru)僵局。蔣介(jie)石(shi)認為(wei)中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)是(shi)軍(jun)(jun)閥(fa)奸商(shang)，竟敢(gan)“朋(peng)比為(wei)奸，背約(yue)(yue)要挾，企(qi)圖阻撓軍(jun)(jun)餉(xiang)”，下令沒收(shou)中(zhong)(zhong)(zhong)興(xing)公(gong)(gong)司(si)全部資產，“如敢(gan)違抗，定予嚴辦不貸。”

面(mian)對(dui)生死存(cun)亡的(de)(de)(de)(de)(de)緊要(yao)(yao)(yao)關口，中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)在天(tian)津召(zhao)開(kai)股東會議(yi)研究對(dui)策，并(bing)聯(lian)(lian)系主要(yao)(yao)(yao)債(zhai)權人——江浙財團(tuan)的(de)(de)(de)(de)(de)五大銀(yin)(yin)行(xing)、華(hua)北財團(tuan)的(de)(de)(de)(de)(de)四大銀(yin)(yin)行(xing)共(gong)同(tong)出面(mian)交(jiao)涉(she)。因為(wei)這時(shi)(shi)中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)已欠各(ge)銀(yin)(yin)行(xing)債(zhai)務達500多(duo)(duo)萬元(yuan)。如果蔣(jiang)(jiang)介石(shi)沒收(shou)中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)，這些銀(yin)(yin)行(xing)欠款將無法(fa)償還(huan)。為(wei)此(ci)各(ge)大銀(yin)(yin)行(xing)聯(lian)(lian)名委托律(lv)師(shi)登(deng)報聲明：“銀(yin)(yin)行(xing)財團(tuan)擁有中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)存(cun)煤的(de)(de)(de)(de)(de)抵押物品權，堅決反對(dui)有損債(zhai)權人權益(yi)的(de)(de)(de)(de)(de)任(ren)何交(jiao)易。”要(yao)(yao)(yao)求留煤抵債(zhai)，并(bing)恢復煤炭生產。同(tong)時(shi)(shi)致(zhi)電“整(zheng)(zheng)委會”，要(yao)(yao)(yao)求接管中(zhong)興(xing)礦權后，履行(xing)銀(yin)(yin)行(xing)和中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)的(de)(de)(de)(de)(de)契約，償還(huan)中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)所欠各(ge)銀(yin)(yin)行(xing)500多(duo)(duo)萬元(yuan)的(de)(de)(de)(de)(de)貸款。中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)還(huan)利用新聞媒體展開(kai)宣(xuan)傳攻勢，《大公(gong)(gong)(gong)(gong)(gong)(gong)(gong)報》發表了中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)總經理朱啟鈐(qian)致(zhi)蔣(jiang)(jiang)介石(shi)的(de)(de)(de)(de)(de)電文，要(yao)(yao)(yao)求蔣(jiang)(jiang)介石(shi)認(ren)真(zhen)履行(xing)國(guo)(guo)(guo)民(min)(min)政(zheng)府(fu)對(dui)內五項宣(xuan)言(yan)中(zhong)保護(hu)實(shi)業的(de)(de)(de)(de)(de)承諾(nuo)。當(dang)時(shi)(shi)的(de)(de)(de)(de)(de)上海銀(yin)(yin)行(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)會、總商會、全國(guo)(guo)(guo)礦業聯(lian)(lian)合會紛紛公(gong)(gong)(gong)(gong)(gong)(gong)(gong)開(kai)致(zhi)電蔣(jiang)(jiang)介石(shi)，一致(zhi)認(ren)為(wei)，沒收(shou)中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)財產沒有法(fa)律(lv)依據，將失去(qu)整(zheng)(zheng)個實(shi)業界、金融(rong)界對(dui)國(guo)(guo)(guo)民(min)(min)政(zheng)府(fu)的(de)(de)(de)(de)(de)信任(ren)和合作。此(ci)外，中(zhong)興(xing)公(gong)(gong)(gong)(gong)(gong)(gong)(gong)司(si)(si)還(huan)通(tong)過各(ge)種(zhong)關系找(zhao)到與蔣(jiang)(jiang)介石(shi)私交(jiao)甚好的(de)(de)(de)(de)(de)國(guo)(guo)(guo)民(min)(min)政(zheng)府(fu)財政(zheng)次長(chang)錢新之、曾任(ren)民(min)(min)國(guo)(guo)(guo)總統(tong)的(de)(de)(de)(de)(de)黎(li)元(yuan)洪、國(guo)(guo)(guo)民(min)(min)黨高官宋子(zi)文等(deng)要(yao)(yao)(yao)員(yuan)直接向蔣(jiang)(jiang)介石(shi)疏通(tong)講情。

在(zai)(zai)各方(fang)面的(de)(de)壓力(li)下，蔣介(jie)石命令俞(yu)飛(fei)鵬暫緩沒(mei)收(shou)中(zhong)興(xing)公(gong)司(si)(si)(si)。后經過(guo)艱難的(de)(de)談判(pan)，中(zhong)興(xing)公(gong)司(si)(si)(si)被迫上交“整委會”100萬元；沒(mei)收(shou)安徽軍(jun)閥倪嗣(si)沖和(he)湖北(bei)軍(jun)閥張敬堯(yao)在(zai)(zai)中(zhong)興(xing)公(gong)司(si)(si)(si)的(de)(de)所(suo)謂“逆股(gu)”26萬元，這才(cai)平(ping)息(xi)了“沒(mei)收(shou)中(zhong)興(xing)公(gong)司(si)(si)(si)”的(de)(de)風(feng)波。接受這次(ci)事(shi)件(jian)的(de)(de)教訓，中(zhong)興(xing)公(gong)司(si)(si)(si)更加注(zhu)重借(jie)助銀行(xing)財(cai)團的(de)(de)經濟實(shi)力(li)，利用國民黨的(de)(de)上層關系。在(zai)(zai)1928年改選公(gong)司(si)(si)(si)董(dong)事(shi)會時(shi)，將興(xing)業銀行(xing)總經理葉揆初推舉為董(dong)事(shi)會長；將一直居(ju)間斡旋的(de)(de)蔣介(jie)石的(de)(de)財(cai)政顧問(wen)錢新(xin)之聘為中(zhong)興(xing)公(gong)司(si)(si)(si)的(de)(de)總經理，使(shi)公(gong)司(si)(si)(si)的(de)(de)生(sheng)產(chan)經營逐步走向正軌(gui)。