During the touch economic times of 1932-1933, business shrunk nearly 40%.  Bolton & Hay reduced prices at their restaurants by about 20%, featuring a 25¢ noon meal and 5¢ egg sandwiches.  However, they made it through this difficult time and eventually rebounded, continuing to be successful.  An interesting fact about the company is during 1939, they served 38,650 pounds of sausage, 304,494 pounds of beef, 89,242 pounds of pork, 78,195 gallons of milk, 24,000 bottles of catsup, 78,544 pies, and 40,434 pounds of coffee.  After a long and thriving run in the restaurant business, Harry Hay died in 1947. 

The second generation stepped in shortly after when Lewis Bolton’s son, Bob Bolton, joined the company in 1948 upon graduating from Iowa State University with a degree in engineering and serving as an Air Force pilot instructor.  Lewis Bolton retired from Bolton & Hay later that year, leaving James Speicher Sr. and Bob Bolton in charge.   James Speicher Sr.’s son, James (Jim) Speicher Jr., joined the company in 1954 after graduating from Iowa State University with a degree in industrial economics and a tour of duty in the Air Force. 

   
In 1957 James Speicher Sr. died and in 1959 Lewis M. Bolton died, making Bob Bolton and Jim Speicher the active operators of Bolton & Hay.  Both already had some knowledge of the business, having worked at Bolton & Hay throughout high school and college.  Although the two were pretty young when they officially took over Bolton & Hay, together they learned how to run the business.  Bob and Jim helped shape the company for years to come, helping create a reputable name for Bolton & Hay.  They were known to use a company airplane to visit customers throughout the state of Iowa and the Midwest and in order to maintain strong customer relations.  

continue>>>