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diff --git a/.gitattributes b/.gitattributes new file mode 100644 index 0000000..d7b82bc --- /dev/null +++ b/.gitattributes @@ -0,0 +1,4 @@ +*.txt text eol=lf +*.htm text eol=lf +*.html text eol=lf +*.md text eol=lf diff --git a/LICENSE.txt b/LICENSE.txt new file mode 100644 index 0000000..6312041 --- /dev/null +++ b/LICENSE.txt @@ -0,0 +1,11 @@ +This eBook, including all associated images, markup, improvements, +metadata, and any other content or labor, has been confirmed to be +in the PUBLIC DOMAIN IN THE UNITED STATES. + +Procedures for determining public domain status are described in +the "Copyright How-To" at https://www.gutenberg.org. + +No investigation has been made concerning possible copyrights in +jurisdictions other than the United States. Anyone seeking to utilize +this eBook outside of the United States should confirm copyright +status under the laws that apply to them. diff --git a/README.md b/README.md new file mode 100644 index 0000000..aff86fe --- /dev/null +++ b/README.md @@ -0,0 +1,2 @@ +Project Gutenberg (https://www.gutenberg.org) public repository for +eBook #66607 (https://www.gutenberg.org/ebooks/66607) diff --git a/old/66607-0.txt b/old/66607-0.txt deleted file mode 100644 index 994848a..0000000 --- a/old/66607-0.txt +++ /dev/null @@ -1,7014 +0,0 @@ -The Project Gutenberg eBook of Story of the automobile, by H. L. Barber - -This eBook is for the use of anyone anywhere in the United States and -most other parts of the world at no cost and with almost no restrictions -whatsoever. You may copy it, give it away or re-use it under the terms -of the Project Gutenberg License included with this eBook or online at -www.gutenberg.org. If you are not located in the United States, you -will have to check the laws of the country where you are located before -using this eBook. - -Title: Story of the automobile - Its history and development from 1760 to 1917 with an analysis - of the standing and prospects of the automobile industry - -Author: H. L. Barber - -Release Date: October 24, 2021 [eBook #66607] - -Language: English - -Character set encoding: UTF-8 - -Produced by: Charlene Taylor, Brian Wilcox and the Online Distributed - Proofreading Team at https://www.pgdp.net (This file was - produced from images generously made available by The Internet - Archive/American Libraries.) - -*** START OF THE PROJECT GUTENBERG EBOOK STORY OF THE AUTOMOBILE *** - -Transcriber’s Notes: - -Italic text is clothed with _underscores_. - -The spelling, hyphenation, punctuation and accentuation are as the -original, except for apparent typographical errors which have been -corrected. - -The wide table of Curb Market trading for years 1906, 1909, 1912 and -1916 has been split into two, vertically, the first displays the years -1916 and 1912, the second half displays years 1909 and 1906 for each of -the three folio pages. - - - - -[Illustration: BENJAMIN FRANKLIN - -FIRST GREAT AMERICAN TEACHER OF THRIFT AND INVESTING FOR PROFIT - -CHARLES E. DURYEA - -MAKER OF THE FIRST AMERICAN GASOLINE AUTOMOBILE THAT RAN - -HENRY FORD - -FATHER OF QUANTITY PRODUCTION OF THE AUTOMOBILE] - - - - - Story of the Automobile - - Its History and Development - From 1760 to 1917 - - With an Analysis of the - Standing and Prospects of - the Automobile Industry - - By H. L. BARBER - Economist and Financial Writer - Author of “Making Money Make Money,” etc., etc. - - CHICAGO - A. J. MUNSON & CO. - 1917 - - - - - COPYRIGHT, 1917, BY - H. L. BARBER - - - - -PREFACE. - - -So far as I know, there is no book in circulation that tells, in -concise form, the story of the mechanical and commercial evolution of -the automobile, mirrors its sudden leap into popular use, and shows how -it has demonstrated, in a most amazing way, the power of money to make -money, describes its benefits to the world, and forecasts the future -possibilities of the automobile industry as an investment. - -This book, the “Story of the Automobile,” shows the struggle of man for -one hundred and fifty years to devise a means of propelling a vehicle -without animal power. - -It describes the various stages of the evolution of the idea of motive -force other than animal power, in France, England, Germany and the -United States, and its triumphant culmination in a successful horseless -vehicle. And it makes clear how, when the automobile became of -practical use, its successful commercialization became most profitable -in the shortest period of time of that of any product of man’s -ingenuity supplying an article to meet human wants. - -But if this were all that could be recorded of the story of the -automobile, this book would not have been written. The automobile’s -success demonstrates all this, and something more—something that would -not ordinarily occur to a person unless his attention was called to it. - -The astonishing history of the automobile’s success affords one of the -most convincing and the best modern instance of the opportunities that -are being constantly presented for investing for profit. - -It is a signal example kept in our hearing every day by the -Niagara-like roar of the cars along our boulevards, of the fact that -this is the age of golden opportunities for making money make money—of -opportunities that disclose themselves, sometimes unexpectedly, and, -when embraced, are apt to respond with a veritable avalanche of profits. - -For was it not an avalanche of profits that overwhelmed the man who in -thirteen years made $200,000,000 and was offered another $200,000,000 -for only a small part of his business? And this great fortune made by -Henry Ford did not exhaust the Ford automobile’s possibilities, for -millions are still being taken out of the business, one investor of -$2,000 having received over half a million dollars out of it lately. - -When men who are not 40 years old today came out of high school they -either did not know what an automobile was or, if they had seen one -of the very earliest samples, they had no vision of what it would -develop into—no conception of what the future had in store for the -wabbly horseless vehicle, zig-zagging down the street, as a potential -money-maker. - -And in the early days of the automobile’s struggles for recognition as -a promising investment, no banker or other moneyed man could be brought -to believe that it held out any reasonable hopes of great gain. No one -could foresee, not even the inventors of the automobile, that in less -than two decades the business done through its comparative perfection -would rank fourth in order of the industries of the United States. And -still less was there anybody so foresighted in the possibilities that -lie in money to make more money, as to vision the billions of dollars -of profits to be paid out by this one idea of a horseless vehicle. - -We can find few instances which so forcefully show, as the automobile -industry shows, the chances for profitable investment in a short time -which may come from sources supplying the needs or pleasures of the -great mass of the people. - -The chapters of the “Story of the Automobile” devoted to its -commercialization make clear that its greatest success has been due -to the production of automobiles at a price within reach of people of -ordinary means. For this the one man most responsible is Henry Ford. He -has demonstrated in a manner of many millions that the most money is to -be made out of things used by the greatest number of people—things that -become common needs. - -The enduring truth of the profitableness of Philip D. Armour’s -apothegm, “Make and sell things that are ‘et’ up,” is not discredited -by the automobile industry, for the use of the automobile “eats” up -steel, brass, wood, rubber, leather, gasoline and many other natural -resources. The automobile wears out and has to be replaced, so it -properly comes in the category of things “et” up. - -This truth, that the greatest profits lie in products that can be given -general distribution, with a consequent large sale, which is one I -have maintained in my book, “Making Money Make Money,” in my magazine, -“Investing for Profit,” and in all my teachings on the science -of investing, finds a splendid exemplification in the automobile -industry’s success as a phenomenally profitable form of investment, and -the circumstances of this success are but cumulative evidence of the -soundness of my doctrine. - -And the success of the automobile industry in the measure and with the -speed it has achieved verifies not only this claim I have made and -maintained, but confirms my contention of the value of co-operation. - -I have preached co-operation as urgently as I have advocated, as the -best objects of investment, the value of things used popularly and in -quantities. - -The “Story of the Automobile” could not have had written into it the -glamour of the golden guerdons of Golconda but for Ford’s idea of -quantity production, reinforced by co-operative standardization of -parts. Co-operation between the manufacturers produced standardization, -and standardization enabled quantity production, and the low price -which quantity consumption warranted has caused automobiles to be -bought by millions, and the purchase of the automobile in millions, -instead of thousands, has made the hundreds of millions of dividends -which this wonderful mine of profits has yielded. - -The “Story of the Automobile” is one of the best and most notable -proofs of two of my convictions bedded in the concrete of experience, -namely, that the most promising investments are those made in natural -resources and enterprises which the largest number of people can -patronize, and that co-operation is one of the most effective forces -in nature, and, therefore, applicable to the affairs of men as a -beneficent influence, and, if efficient, the handmaiden of success. - -The story of the automobile has herein been treated in a way that not -only presents a graphic relation of the automobile’s development as an -invention, its commercialization, its benefits to man and the position -it occupies as a notable example of earning power, but in a manner that -develops the many morals taught by its success. The method of treatment -of the subject matter is uncommon, and, for this reason, interesting, I -trust, to those who read the book. - -The chapter contributed by Mr. Edward G. Westlake, automobile editor -of the _Chicago Evening Post_, is a resume of automobile conditions -from the intimate viewpoint of a writer who has specialized in the -automobile, and enjoys a deserved reputation as the dean of the -automobile editors of the daily newspaper press. Every one interested -in automobiles will derive information and entertainment through -reading Mr. Westlake’s presentation of the amazing features of -automobile industrial figures. In it he states interesting facts not -stated elsewhere in the volume. - -The book’s interest and value as a contribution to automobile -literature, of which there is not much in book form, would be less -than they are, but for the participation in its preparation by the -Business Bourse International, Inc., New York, whose vice-president, -Mr. J. George Frederick, is one of the highest authorities on business -economics. - -The chapter by the Business Bourse deals with the automobile industry -from the standpoint of the financial and investment aspects of the -automobile, accessory and tire manufacturers’ securities, and Mr. -Frederick’s reputation in the financial world is a guarantee of the -authoritative accuracy of the facts presented in this chapter. - -Credit for salient facts in the history of the automobile, obtained and -used in the “Story of the Automobile,” is given to a large volume of -nearly 500 pages, “The Romance of the Automobile Industry,” by James -Rood Doolittle, issued lately by The Klebold Press, New York city. -This volume is the most exhaustive work in book form yet published on -the automobile, and covers graphically every phase of its development -and popularization. It is virtually a textbook and reference guide of -facts of motor car history, and devotes particular attention to the -personnel of the founders of the industry and those engaged in it, and -the association features. - -I can only hope that the work entailed in presenting this, the -“Story of the Automobile,” has been done sufficiently well to make it -interesting and instructive to those who read it. - - H. L. BARBER. - -Wheaton, Ill., April 2, 1917. - - - - -CONTENTS - - - PREFACE 1 - - INTRODUCTION 11 - - - CHAPTER I. - - Introductory—Automobile Figures Are - Amazing 27 - - Industry reaches two billion dollar mark—optimistic of - future increase—point of saturation far off—reliability - contest a factor in popularizing automobiles—Ford, the - wizard who converted the industry to price reduction—installment - plan of payment—part machining plays in low - selling prices—women a factor in automobile buying—good - roads now the industry’s greatest aid—farmers as - available prospects. - - - CHAPTER II. - - Mechanical Evolution of the Automobile 49 - - First horseless vehicle constructed by Cugnot, a Frenchman, - over 150 years ago—invention traced in different - countries, down to the first successful gasoline automobile - made in the United States by Charles E. Duryea in 1892—prohibitive - laws in England discouraged invention there—Evans - in 1784 first American to experiment in horseless - vehicles—French and German inventors’ part in development—Selden - first patentor of gasoline motor—inventor’s - difficulties in interesting capital—electrics appear—steam - preceded both electrics and gasoline. - - - CHAPTER III. - - Commercializing the Automobile 77 - - Steam and electric types outstripped by gasoline car—co-operation - partly popularized motor car—standardization - enabled price reduction—tungsten and other alloys, heat - treatment of steel, advertising and invalidation of Selden’s - patent, in the industry’s development—reasons for United - States’ supremacy in industry. - - - CHAPTER IV. - - Automobile Industry As an Investment 139 - - Industry had little original capital invested in it—present - investment largely made up of profits—difficulties in getting - capital—dealers put up money to finance distribution—production - not reached its height—commercial cars and tractors promise great - opportunities—industry a surprise to economists—large as it is, - industry still in comparative infancy. - - - CHAPTER V. - - Benefits Conferred by the Automobile 155 - - A medium of exchange of knowledge and ideas by bringing - people together—uproots bigotry and removes prejudice—revolutionizes - thought and habits, and liberalizes - mind—emancipates woman from drudgery of domesticity—increases - social amenities—a health giver; saves human - life; aid in eugenics—stimulates better roads—saving in - war. - - - CHAPTER VI. - - Reports on Automobiles, Automobile Accessories - and Tire Manufacturers Securities - from a Financial and Investment Stand-point 171 - - Economic history, and its relation to stock trading in - the automobile industry—securities traded in on New York - stock exchange and curb—securities on exchanges in other - cities, and data for 1916—principal securities not generally - traded in—prices and terms—newer entrants—security - issues of tire companies—comparison of automobile with - other securities—present and possible future trend—graphic - charts and comparative tables. - - - CHAPTER VII. - - Passenger Automobiles Manufactured in the - United States 219 - - Range of prices in effect April 1, 1917. - - - CHAPTER VIII. - - Gasoline Trucks and Delivery Cars Manufactured - in the United States 231 - - Range of prices and other data prior to April 1, 1917.—Courtesy - of Everybody’s Magazine. - - - - -INTRODUCTION. - - -“What did Benjamin Franklin have to do with the automobile?” a great -many readers of this book will ask. - -Benjamin Franklin was many-sided, and he had a great deal to do with -much that affects the birth of the American nation; and if it had not -been for what he and other patriots, statesmen and diplomats did, the -automobile business might have been in this country today exactly what -it is in England today—and that is a very insignificant industry. - -Among other things Franklin was a signer of the Declaration of -Independence, and it was the American Revolution that made the -automobile industry of today possible; for, had there been no -revolution, we would probably still be a dominion of Britain beyond the -seas, and it is pretty certain that England would have had in force -in the colonies the laws she kept on her statute books until 1896, -practically prohibiting, by the imposition of excessive road tolls, the -use of the public highways to horseless carriages. - -For, strange as it may seem to us in this country, which Emerson -epitomized as another name for opportunity, the English horse owners -and people generally resented, as early as 1840, the progress -represented by the automobile, and stifled all development of it from -that time to a date when France, Germany and the United States had made -it a real factor in transportation. - -If, therefore, Franklin had not helped to free this land from the -British yoke, the automobile industry might have been in the United -States what it is in England today. France and Germany might now have -been doing the automobile business of the world, with England and this -country buying from them, as England and France are now buying from the -United States, whose automobile supremacy at this date is unquestioned. - -While the gasoline type of automobile today is the most popular, this -is not to say that the electric type is not a success scientifically -and commercially. Indeed, the future extent of the automobile’s use -for commercial purposes is said by experts to depend largely on the -electric driven type. - -And who will deny that but for Franklin the electric motor would not -have been, for it was he who wrested the thunderbolt from heaven, as -well as the sceptre of dominion over our land from the tyrant. Franklin -as the discoverer of electricity may well be accorded the credit -for the electric automobile, which has played no small part in the -development of the automobile industry, a fact which every student of -automobile history will concede. - -It is, however, on an even firmer foundation than either of the -causes mentioned that Benjamin Franklin stands as contributing to the -success of the automobile industry. The inventors could invent and the -manufacturers could make the automobile, but who, pray, was to buy it, -if it was to be in general use, if not the common people? And how, may -we ask, were the people going to buy it without money? - -As the great teacher of frugality and thrift, Franklin laid the -cornerstone, 150 years ago, on which the superstructure of the -American automobile industry has been erected. For, assuredly, -had the seed planted by him failed to germinate and ripen in the -American consciousness, we could as well have been today a nation -of spendthrifts as a people self-denying, thrifty and frugal. He -inculcated those principles of temperance and economy in the lives of -our forefathers which have been handed down to us from one generation -to another, to our advantage and as an aid to our saving habits, by -which we are enabled to buy automobiles. - -Many a motor car today owes its ownership to the teachings of Franklin. -Many an automobile buyer would never have become one had he not heeded -Franklin’s injunction, to “Remember, a patch on your coat and money in -your pocket is better and more creditable than a writ on your back and -no money to take it off,” and the investor would not have put money -in stocks of automobile companies if he had not learned the truth of -Franklin’s teaching that “Money makes money, and the money that money -makes, makes more money.” - -Franklin having done what he could to prepare American citizens to -economize and save against the day of the automobile, and to invest -their money in its manufacture, and the American citizen having -followed his teachings and accumulated enough to buy at least a Ford, -and perhaps a few shares of automobile company stocks, the man appeared -who produced the first gasoline automobile in the United States. That -man was Charles E. Duryea. His reputation rests on the fact that, -though there were steam and electric automobiles in existence, and the -gasoline motor had been developed, he was the first to put gasoline -motor and buggy body into co-ordination and make the first run the -second. To Duryea, the constructor of the “buggy-aut,” is accorded the -credit, by automobile history, of being the father of the American -gasoline car. - -Following Duryea by only one year, came the genius who put into -general circulation the universal car. - -A reading of Henry Ford’s biography discloses that his first idea, that -the big money was in production in quantity—that a million articles -sold at a profit of 50 cents each was a better paying transaction -than ten thousand sold at $3.00 each—was in connection with a watch. -Watches and clocks were the first things that Ford subjected to the -mechanical promptings of his boyish mind, and he had it all planned out -to make a 50-cent watch before Ingersoll had conceived the commercial -possibilities of a dollar one. - -An accident which his father met with called him from Detroit to the -Michigan farm, and this accident deprived the country of a 50-cent -watch and gave it a $350 automobile instead. And most people will agree -that it was a fair exchange and no robbery. Thomas A. Edison, strange -as it may sound, was responsible for the practically universal use of -the Ford automobile, for he it was, who, by the chance remark, “What -you want to do to make money is to make quantity,” started Ford on -his downward price career. We have it from Mr. Ford himself that he -heard this statement by Edison, and that it so impressed him that he -made it the rule and guide of his life; that he never renounced the -idea. When, after building a motor that was a success and commanded -the attention and capital of moneyed men in Detroit, Ford formed -his first company to build his car, this great idea was obstinately -adhered to by him, and was the cause of his falling out with his -moneyed partners. They could not see the light which has given Ford his -halo—the great white light of quantity production. This light burns -with steady brilliancy because it is generated by the great principle -of the greatest good to the largest number. Ford’s associates in his -first company were not believers in this principle, evidently, because -when they fell out with Ford about it, and Ford got out of the company -to start the one he now controls, they went ahead making cars that -sell today for from $2,300 to $3,900. But though they have made fair -profits, they have not made the fabulous sums that Ford has, and one -can only wonder how they feel about it, and if they realize the error -of their views. They are probably wiser if not richer. - -The success of Ford’s idea of quantity sales demonstrates a great fact -in the affairs of life. It is that fields of human endeavor are not -exhausted or worked out until the human race has ceased to exist. Take -any line of enterprise you will, and it has as many facets as a prism. -An idea only is needed, which, if the right one, illustrates the -enterprise as lights thrown on the prism cause it to sparkle in many -colored rays. - -We think, for instance, that the acme has been reached in the making -and marketing of bread, but along comes a man with an idea for making -bread of bran, and he is immediately ushered into the inner sanctum -of the temple of great profits. Or we imagine that the last word has -been said in cereal foodstuffs, when lo, and behold, the man with the -right idea proves that the field has room and to spare for a financial -success in so simple a thing as rice dressed in a palatable and salable -form. And so it is in everything, automobiles especially. The man who -conceives the idea of a sport car supplies a want that others have -neglected. There may be many automobile tractors on the market, but the -human brain conceives one with some feature lacking in others, such, -for instance, as making a Ford automobile interchangeable into a farm -tractor, and it has an immediate and large success. And if anybody had -an idea that the profits from producing petroleum might be limited by -the use of gas and electric light, it was because the automobile’s -enormous consumption of gasoline and the use of oil by ships could not -be foreseen. - -The field for investment is kept constantly fallow, and ready for the -seed that is to fructify into great profits, by the human brain which -is ever active—ever thinking. If its product is not an elemental, -it is a supplementary idea, as the rubber tire, the demountable rim -and the self-starter for automobiles. Until the world has arrived at -perfection in all things, the ultimate will not have been reached. -The opportunities of today and tomorrow are as great as they were -yesterday. It is a question whether they are not greater, for if the -quotation ascribed to Emerson is true, that the world will beat a -path to the door, though it be in a forest, of him who makes a mouse -trap better than his neighbor, the future possibilities of enterprise -are favored by increased population and the element of the cumulative -nature of the wants of man. As inventions and articles of use increase -in number, new needs which demand supplementary products are created. -Each new thing given to the world brings in its train other new things. -The crank of a Ford auto creates a demand for a self-starter. The -increase in population and wealth brings in its train a multiplication -of human units whose use of created things is on a crescendo scale. - -The financial successes in the automobile business, great as they -are, have followed the inexorable law that the richest returns in -all investments are the ground floor ones. The history of no big -business demonstrates more clearly that the way to make money is to -invest in new companies when they are offering the first authorized -capitalization for investment subscription. Money-making opportunities -for new investors are always greatest in enterprises whose development -is ahead and in the future. If they have reached the stage where -development is already producing great profits, the door is closed to -the new investor, or else he must pay a premium to sit in such paying -company. - -In the ground floor days of the Ford money-making machine, Miss Couzens -“risked” $100 on Ford. That $100 produced $100,000 in cold cash. But -it did so only because the inception of the Ford enterprise provided -the opportunity. Having made its half a billion, or more, the Ford -enterprise is no longer enterable on any basis that would give such -returns for each dollar invested. When money is needed enterprise is -willing to pay liberally for its use. When enterprise has all the money -it wants, money’s value to it is less. This is the most natural law. It -is a law that operates in other things besides money. “He that hath, -needs not; he that hath not, wants.” - -The automobile industry illustrates graphically that when an enterprise -develops to the point where it is well grounded and has reached a -period of age and steady earning capacity, it is not new investors -who may come in and gather the richest plums, but the old ones, those -who helped to give it its start, who stood by it when the future was -obscure, and the ultimate outcome not certain. There is probably no -business that shows as many people in it now, who were in it at the -start, as the automobile business. This applies to manufacturers, -distributors and investors, and is, to a certain extent, due to the -industry’s newness. The original Ford investors are practically all -intact. It is the original investors who have reaped the reward of -their courage in embarking in new enterprise, and who have shared in -the division of the juicy melons the automobile companies have cut in -the form of huge stock and other dividends. We need no better proof of -the fact that ground floor investments promise the greatest returns on -money invested than the financial history of the automobile. - -While quantity production and the co-operative spirit which led to -standardization were the keystones in the structure of the present day -automobile success, the history of the successful development of the -automobile demonstrates another fact, which is a vital one in the -realm of investment. - -This fact is that most great financial successes are built on our -natural resources. This is peculiarly so of the automobile industry. -The steel, wood, rubber, leather and glass of which the automobile is -composed, are all products of the ground, the forest or the farm. It -could not be said that the products of the earth directly make the -profits of a stock life insurance company, but this can be said of the -automobile industry, and its history discloses that the automobile -business of the United States was four times rescued from failure, -first, by petroleum, for steam and electric cars would not sell in -quantities, and the gasoline from petroleum was needed to give the -automobile its great vogue, once by tungsten, vanadium and chromium, -again by the quantity production theory, and finally by co-operative -standardization. - -At one period of automobile development, the manufacturers were ready -to give up in despair because cold-rolled and high carbon steels -only were available, and these made the weight of the car and the -price obstacles to its popular adoption. At the stage when failure -to produce a car at popular price was imminent, there entered on -the scene tungsten, chromium, vanadium and aluminum, all natural -resources, and they, combining with standardization, made quantity -production possible. Tungsten, alloyed with steel for valves, chrome -steel for springs, vanadium in steel to impart purity, and aluminum for -lightness, reduced the weight of the automobile 25 per cent, enabled -motors to be made smaller, tires lighter, original cost less, and cut -down upkeep cost to the users of cars. Quantity production thus was -made possible, and natural resources again vindicated their claim to -being premier possibilities of profit. - -Of the future of the automobile and of products allied with it or -sharing in its construction and prosperity, as continuing money-makers, -all indications are that the profits already taken out of the motor -car industry in the United States are but placer croppings, and that -the years to come will record the workings of the real vein. This real -vein, in the opinion of the man who looks ahead, is in the use of -passenger cars, haulage trucks and motor tractors by the fifty million -of the population of this union of states who are on or of the farm. - -As yet, the farmers have not risen to the full possibilities of motor -power in economic superiority over horse power for haulage, ground -cultivation, and other uses to which the horse is now put. Elements -which will hasten this awakening are the scarcity of man labor and -the workings of the immutable law of economics. There is not enough -food being produced by the world to supply the demand. If there were, -prices would be lower. Prices will remain high as long as the supply -falls below the demand. As long as they remain high, the stimulation -to greater production will continue, and this urge can have but one -result, which is to force the producer to adopt the most economical -method of production. - -It has been determined that motor power is cheaper than horse power. It -is, therefore, only a question of time when the horse will go from the -farm as he is disappearing from the cities. In this evolution will be -found the money-making possibilities of investment in the motor tractor -and the motor truck. Their adaptation to the smallest as well as the -largest needs of the tiller of the land is now being assured. - -With the horse, the farmers of the United States have been able to -break up only 70 per cent of the cultivable land not in timber. There -are over two hundred million acres of tillable land that have never -felt the cold steel of a chilled plow. There are two hundred million -more acres in timber that will, much of it, ultimately come under the -plow. Besides crippling the labor supply in this country, the European -war has taken a million horses out of our supply. The case in favor of -the tractor coming ultimately into common use seems from all this to be -completely made out—its adoption in large numbers being only a question -of getting the price down to a basis which will insure quantity -production. As this was done with passenger automobiles, it would be -folly to say it will not be done with tractors and trucks. - -Figures showing the total amount of money that has been taken in -profits out of the automobile industry have never been compiled. It -is a business that has developed so rapidly and feverishly that the -water churned up by the commotion it has made has not yet settled. But -there is a record of enough individual instances of gigantic profits to -prove that the largest individual appetite for dividends should have -been satisfied by the ratio of earnings already made in automobile -manufacture. - -But in every case the greatest profits were in the stock of those -companies that complied with Edison’s rule of large money-making—“What -you want to do to make money is to make quantity.” And they were also -companies which made an automobile that could be “‘et’ up,” as Armour -put it, by time and use, in less time than it takes time and use to eat -up a higher priced machine. - -Ford, Overland, Reo—you will recognize this trinity as the leaders in -sales, and by the same token they have been the leaders in profits. -When it is stated that Henry Ford made $200,000,000 in thirteen years, -and was then offered a like amount for only a small part of his -enterprise, we may well believe that he credits his own statement that -“anything for only a few people is no good. It’s got to be good for -everybody or it won’t survive.” Other Ford investors profited on the -basis of $5,000,000 for each $10,000 invested. After the parent Ford -company had established a record of a million dollars a week in profits -in the United States alone, Ford stepped across the river into Canada -and organized a company there which is earning fifty per cent a year on -its capital of $10,000,000. - -Profits of $52,000,000 in capital stock alone which has been built -up almost entirely of dividends earned, is the record of the -Willys-Overland Company. John North Willys founded the success of -this great money-making business on his personal check of $500, -cashed at great trouble during the panic of 1907, when the Overland -company was ready to go into bankruptcy. Besides the dividends -applied to increasing the capital, an immense amount in profits -has been disbursed by this enterprise. The dividends in 1916 were -$11,000,000, over 20 per cent of the capital. This year they will -likely be nearly double that amount. The Reo Motor Car Company has -paid over $50,000 on an investment of $1,000. These three are not -by any means all the automobile companies which have contributed -to make the automobile industry a signal example of the earning -power of money, but they represent the leaders of the popular or -quantity-production-through-low-price type. There are about 150 -passenger automobile companies that are profitable in varying degrees, -proportioned to their price, not to say anything of trucks and -tractors, in the marketing of which fortunes are also being made. - - - - -CHAPTER I. - -INTRODUCTORY—AUTOMOBILE INDUSTRIAL FIGURES ARE AMAZING. - -BY EDWARD G. WESTLAKE, - -_Automobile Editor, The Chicago Evening Post_. - - -During the year 1916 the automobile industry in the United States -entered the “billion dollar class,” and manufacturers who have -membership in the National Automobile Chamber of Commerce which holds -the industry, as it were, in the hollow of its great hand, made no more -ado over this significant, almost amazing development than to meet in -the annual banquet and reiterate their statements that the critic did -not live who could predict, with certainty, the gain that might be made -in 1917. - -It was expected that the industry would climb into the billion dollar -fold—men said that the fourth industry in the country had the financial -stage set for starring the “Big Billion,” and they never permit -themselves to see a possibility of a recession unless steel becomes -too great to be kept within bounds—in short material price is the only -problem the venturesome automobile maker will put down for earnest -discussion. - -Accurate figures spread on the records of the National Automobile -Chamber of Commerce indicate that retail sales of motor vehicles in -1916 totaled $1,068,028,273. This total includes a production of -1,525,578 cars and 92,130 trucks. The passenger cars were valued at -$921,378,000 and the trucks were listed at $166,650,275. When the -statisticians of the national organization compared figures and found -the gain was 80 per cent, and paused long enough to find that the gain -the year previous had been 36 per cent, they talked about the complete -automobilization of the country and the inevitable addition of more -than 2,000,000 to the total of cars in operation in the United States. - - -PRICE DROP IN ONE YEAR. - -Weight decreased, as the engineers had planned, and the average price -of cars decreased in one year from $671 to $605. In the eight previous -years the average price of automobiles had dropped from $2,125 to $814. -Wall Street, which once had only the cold shoulder for the automobile -producer, took a permanent seat at the table where daily the industry -was dissected, analyzed, weighed, discussed and reviewed; and, as a -result, it is as difficult to keep from the financial eyes of Wall -Street the operations of the great automobile factories as it would -be to hide the clearing house reports. The keenest financial and -commercial experts of the United States have learned to keep the motor -car industry constantly under surveillance—not that they mistrust the -manufacturers, but that they have found the industrial situation is so -firmly linked to the dollars and cents program of the country’s economy -that nothing may successfully act to deprecate the importance of the -auto industry. Time was when General Motors sold as low as 40—what -Stock Exchange expert would expect to see this stock sell for less than -105?—and if conditions were to become so chaotic that General Motors, -with its prosperous units, were to break to a point or two under par, -what financial student would not search for something akin to a Black -Friday? - -Immutable laws work in the automobile industry. The maker daily takes -a course in the University of Production, because an army of selling -factors constantly is attending to the absorption facilities of the -country’s markets and he rarely permits himself the task of figuring on -the “probable saturation point.” It is a wonderfully important thing -to the maker that the national Organization gets official reports, -guides the policies of standardization, holds an indefinable influence -over the engineers of the industry, and sits as the congress of the -Republic of Motor Car Production. The auto industry of today is, -perhaps, the most intricate thing in the country, and yet so responsive -to the law of supply and demand that there is not an element of -guesswork in it. - -Although more than two hundred automobile concerns that had entered -the arena of business, developing from the “blue print stage” to -manufacturing concerns of considerable output, had failed in the last -twelve years, the automobile industry had been a big paying one. -Pioneers who remain and whose works annually pay dividends, accepted -the failures as the necessary concomitant of a great business that only -showed an output of 3,700 cars in 1899 and only 11,000 vehicles in -1903, the amount growing to 485,000 cars in the year 1913. - -“Our house is a generally well ordered one,” the maker delighted in -saying. “The industry is like a science. The engineer has brought -standardization to almost finality, the matter of styles and body -designs is an exact science, the tire companies have been keen rivals -but beneath their terrific competition they have permitted the stream -of co-operation in tire standardization to run smoothly, and the -manufacturer has spent his money wisely in equipping his plant with -plenty of large-quantity type of machinery and increased his plant -to enable him to handle the large production. Increased production in -economically managed plants spells the maximum of profit.” - - -POINT OF SATURATION FAR OFF. - -And with experts bold enough to say that the field of prospects facing -the industry numbers 5,000,000 probable buyers, little thought is given -to imminence of “saturation” and a consequent rehabilitation of the -motor manufacturing and distributing plans. In the plainest language -that it is possible for the automobile maker to use he says today: “The -maker who has an adequate organization and builds a pleasure car or -truck that is as good as specified and who permits no retrogression in -his organization, will succeed.” - -“Luxury and necessity.” The automobile maker is willing to have his -product classed in this way. For the early years of the industry the -car was a clear cut “luxury.” It weighed so much that its cost was -prohibitive to the big family of “Necessity.” The car simply had to be -“had” by men of large incomes. Automobiles were not sold by intensive -salesmen in those days—the family bought them, even as a fine jewel was -purchased at the great jewelry houses. Tremendous prices were paid, in -comparison to the set prices of the automobile industry at this day. -The “make” of the car that stood in front of the owner’s home often was -accepted as a basis for rating the social position of the owner. Seat -cushions, slip covers, fine upholstery and the name plate on the car -told a big and varied story. - -Immediately following the craze to buy the high priced cars, developed -the “man Friday” of the industry—the chauffeur. And the chauffeur -worked readily with the wealthy man, often advising the purchase of -the foreign machine upon which Uncle Sam collected a very large duty. -But the foreign made car had its stamp of distinction, perhaps much -easier to utilize in the form of extravagant, even snobbish, style -of life that the owner of the foreign car elected to affect, and the -United States manufacturer of cars was not at all prepared to put out -a car that would correct the desire of Americans to drive around in an -imported article. - -But the domestic car had a friend in this contingency. Economical -living was that friend. Ruin often followed the extravagance of -those who bought the high priced and, as many experts said, inferior -imported cars. Homes were mortgaged and all the financial trails were -traversed in the effort to maintain an impossible extravagant life. -The banker began to detest the automobile. It seemed to him that it -was undermining the life of the nation. Something had to be done to -correct, also, the tone of the domestic automobile maker’s life. He -developed a desire for watered stock. Over capitalization of his plant -was suspected by the banking interests, and on every hand the motor car -industry was decried. Waste and inflation stalked arm in arm through -many plants. It even was said that the industry was only a “game”; that -incompetent executives kept their eyes on the broker’s tape, while -corps of associates in the factories were ready to play the “game” for -all it would stand. - -Few were blind to the prospects in the motor industry at that time, if -the financial interests of the country were estranged; but no one was -able to withstand the developments. The fire of criticism cleaned out -the dross. Organization, the big thing needed to eliminate the “game” -and give the industry the foundation upon which the large “billion -dollar business” subsequently was built, began to come into being. Men -of energy and brains got to work. These characters have remained. There -are those veterans of the industry who say that the year 1907 marked -the start of the business on the basis of a real industry. In that year -44,000 cars was the total output, and the value of the product was -registered at $93,400,000. This was the highest total of value for the -output of the industry so far reached in the United States. - -The next year the industry built 85,000 cars, valued at $137,800,000, -and quantity production, efficient buying of material, strict -attention to cost production in the plants, effective steps toward -standardization, engineering methods that abolished a great deal of -weight, etc., began to be set standards among car makers. The official -statements of the industry show how well the improvements fitted in. -In 1909 the production of automobiles amounted to 126,500, valued at -$164,200,000. The following year the output climbed above the 200,000 -mark, and since then the production figures have mounted steadily. -Automobiles were _sold_ and competition became keener, but the output -increased. - - -VALUE OF RELIABILITY CONTESTS. - -With the new era of development in the early nineties came into -prominence farseeing manufacturers who paid heed to the thought that -the best way to put a fit and efficient motor car into the hands -of the public was to test the car, its material and its mechanical -practices, in some officially conducted series of reliability contests. -Besides, it was urged there was a “romance of business” attached to the -motor car industry that would lead to a greatly increased amount of -publicity in the press. - -The national annual reliability competitions grew into wonderful -favor. Makers strove hard to win the reliability titles. The “Glidden” -tours became the tests that attracted not only the attention of every -automobile man, but the general public. The whole country became the -testing ground. For several years these national events did well the -work they were expected to perform. Automobile building received, -perhaps, its most practical aid. Makers learned. They took advantage -both of the mechanical data and the publicity. A complex but valuable -adjunct of the national tours became popular—every region in which the -American Automobile Association was a factor, and this organization -continues to be a powerful aid to the industry, had its reliability or -its endurance classic. - -It has been said that the manufacturers of automobiles lost interest in -national reliability tours after the test of 1911. Perhaps many did. -But the truth, as told by a wonderfully efficient engineer, is that -there remained nothing more that a national tour could teach the car -builder. He had measured the power of his steel to withstand shock, he -had calculated the efficiency of his motor to stand its daily tasks on -a strenuous schedule, he had learned of the troubles of his rivals and -he had spent his money liberally, at the direction of his engineering -department, to make a car that would do anything a less skillful driver -than a national tour pilot could ask of the machine. The national tour -became a luxury. It was revived in 1913 on the long and strenuous grind -from Minneapolis to the Rocky Mountains, and an immense amount of -valuable information was the result. But the national tour seems to be -now chiefly remembered by the occasional discourse of an engineer who -tells of the long struggles in the mud and the hardships of sand and -dust storms. - -With the added development of the plants, came another reason why the -national tour was not necessary. Testing tracks were added to the -maker’s plant assets. Testing on the roads followed the block tests of -the motors, and it began to be accepted as an axiom in the industry -that the engineer knew to a hair’s breadth what his engine could do -before it went out of the secret room where the chief engineer worked. - -Meanwhile prices constantly were beaten down. The field of opportunity -to own a car widened. It was, even then, so much bigger, in comparison -to that in the Old World, that even the clerk and small salaried man in -general looked with a smile toward the day when he would own a car. - -It is recalled that when the manufacturer began boldly to put the -farmer in the class of available prospects—openly declared his idea -of building a car that he could sell in the agricultural districts -as readily as cars were sold in the city districts, one man who this -year is making 750,000 automobiles, gave to the world his edict which -resulted later in the United States court sustaining his contention -that the “Selden patent” under which the organization of makers was -maintaining its official life, “was not basic, in fact was not worth -the paper it was printed on,” and he would refuse ever to recognize -the right of the national organization to grant licenses to make the -internal combustion engine and the chassis that went with it. - -The public read with a strange feeling, the record of the great -litigation against the “basic patent.” It seemed like a battle of -Titans, and ordinary folk thought it might result in danger to the -industry. But only the lawyers were strenuously engaged. They argued -and submitted briefs for more than two years, the national organization -of the makers who accepted the license of the “Selden patent,” honoring -their national organization by paying to the treasury their pro rata -on the amount of cars made. - -An enormous fund grew. But the man who wanted to make from 200,000 to -750,000 cars a year was determined. He won in the Federal court and -almost immediately the “licensed association” began to break up. The -contributions of license fees ceased and soon the association was a -thing of history. It was succeeded by the National Chamber of Commerce -which has become the senate, house of congress—the parliament, if you -please—of the automobile industry in the United States. Some, there -were, who had a very poorly defined idea of the actual mission of the -“licensed association,” believing that it was a “trust,” called its -function destructive. They thought that the officers of the association -would lay an embargo upon certain manufacturers and allot a more -liberal figure on annual output to the larger and stronger firms in the -organization. - - -FORD, A “WIZARD” AND “GENIUS.” - -Unfortunately at that time, the licensed association had not the grasp -on patent protective measures, engineering work, standardization, -etc., that obtains in the present national organization, and the real -mission of the licensed association never became wholly evident to the -public. But the organization did its part in laying the foundations of -the industry. It made the handwriting on the wall for popular price so -large, that every man who subsequently invested a dollar in automobile -making read, pondered and agreed. It placed popular price and -standardization of mechanism in the same category—linked them so that -the words of the Detroit automobile manufacturing wizard became axioms. -The Detroit genius had proved that the depth and capacity of the -automobile market was exactly in ratio to the possible price reduction. -Amazing but true, the big men said, was the field that the lower priced -car opened to the thoughtful maker of cars. Manufacturers began to -talk of some day building and selling as high as a million automobiles -in one year. Others calmly declared that when the motor car sales in -cities began to “slow up,” there would be still more than 5,000,000 -prospects in the agricultural districts. Others drew diagrams intended -to show that there would be a market for any priced cars that were -built in this country, the few persons with large incomes assimilating -all the high priced cars, and the many with average incomes absorbing -the quantity production at popular prices. All allowances were made for -the increase in the cost of labor, materials such as steels and other -metals, leather, etc., and some even went far enough to include the -possibility of a foreign war on large proportions and its effect upon -the industry. - -No one gave concrete thought at that time to the possibility of a -skillfully conducted partial payment organization of a national nature -that would aid the small salaried man in buying his automobile on time -payments. But that came about and still is working out its part in -the great economic scheme of distribution of the factory output. The -makers did not essay digging into the dealers’ and distributors’ plans -for moving cars delivered to them for cash from the factories, and -they were not bold enough to say they could finance any time payment -and chattel mortgage plans. But many of them admitted the great value -of the plan, if a distributer, through a proper alliance with his -banker, could make sales in that manner and realize his money. The -public learned well, early, that the maker of cars rarely consigned -any automobiles to a dealer. The maker sold for cash—the draft had to -be presented by the dealer or distributer before he could unload the -freight car. It would be legitimate business, the public said, for any -automobile dealer to finance himself so that he could sell cars on -time. On time today is a mighty big phrase in the industry. It means -many a car added to the annual output. - -With the growth of incomes in the United States the statisticians found -there were more than 6,000,000 people in this country with annual -incomes of more than $1,200, and 3,500,000 with annual incomes of more -than $1,800. All these things aided in installing confidence in the big -men of the motor industry. Quantity production became the password for -the manufacturer. A new development in distribution was wonderfully -improved—dealers from all over the country were brought to the factory -of the car maker, and after a convention of a few days, the dealers -were invited to sign up for the coming year, nominating the number -and type of models they would buy. The maker pored over his order -blanks when the dealers left, made his plans for material accordingly, -and there was only prosperity in each automobile factory, as a rule, -for the remainder of the year. The orders were indicative of, safely -speaking, sixty per cent of the signed total. Some makers took chances -and built very close to the total agreed on by the dealers, and, except -in few cases, the scheme worked out. Today the maker studies all -conditions and accepts the orders of his dealers, setting the figure of -output after numerous factory conferences. - -Makers who could point to an annual production of, say 400 cars, -took counsel among themselves, and some 50 increased their factory -efficiency and financial responsibility that they can now point to -an output of as many cars in one day as they made early in their -manufacturing experience in one season. - -The writer recalls one manufacturer who, about nine years ago, had an -output of about 500 cars for one season. Only recently he paid close to -a quarter of a million dollars, if indeed his extra expenses did not -bring the total to $300,000, to conduct a twenty-one day convention at -his factory covering a site of seventy-nine acres, at which dealers -from the four quarters of the country were entertained. He had daily -meetings in the big halls of his administration building, and his -lieutenants carefully outlined to all the plans of the company for the -year, and exploited the line of models. - -“We have $30,000,000 in materials purchased, and expect to get all -this material when we need it for manufacturing cars,” said the big -man to his dealers. “But the war in Europe has caused many problems of -price and quantify to arise, and heaven only knows what the material -situation will be after July 1. I advise you to order all the cars -you need—think well of your requirements—and stick by that number. -Then you will not be like many are bound to be, who are indifferent to -manufacturing conditions—you will have cars to meet the biggest demand -the industry ever has known.” - -That automobile president had the pleasure of meeting thousands of -dealers, speaking to more than one thousand of them daily, and with -his factory production manager he figured the probable needs of his -country-wide organization of dealers and branch houses for the year. -It is significant that the few changes he made on his early winter -production table, which the writer was permitted to scan, were made -only in the “increase columns.” - - -THE PART MACHINING PLAYS. - -It would lead to the exhaustion of the reader were many details to -be given showing how the makers made quantity production and economy -of factory operation an assured thing. The largest rooms of wholly -automatic machinery were equipped, so that a large amount of crude -steel wires, rods, etc., practically go into a factory at one end -and come out at the other, fully machined and ready to go into the -assembly of a machine. Cylinder boring, all with one operation, takes -the place of operations that required many hours. Progressive types -of assembly of the finished components of the cars make factories look -like the “last words in manufacturing.” Machining crankcases and work -of that nature that required hours, is done in minutes. Aluminum, that -magic metal of the early days of the automobile industry, when it was -comparatively cheap, now enters so largely into engine and other parts -that at its greatly increased price it is more than a magic metal. It -is no uncommon thing to find in an automobile factory that a machine -costing more than one hundred times the maker’s cost of an automobile, -has been installed to hasten production. - -In all the field of manufacturing there has not been wrought such magic -as in gear cutting. Forges pound out tons of steel forms, but the most -important machinery of a plant soon has these forms turned into gears -and other machined parts for the assembly. - -The medium priced car of today stands as the best exemplification -of the approval of the Society of Automobile Engineers. This is an -organization that has done so much for the manufacturer that most of -the makers of cars are members. They point to the self-starter and -the electric lighted car as the triumph of the Society of Automobile -Engineers. And certainly from the original starter and the early -lighting effects, enormous strides have been made in the industry. -Fully equipped cars predominate now, where only a few years ago even -tops were not provided with the car as sold on the floor. - -The self-starter is considered one of the greatest of the improvements -added to a good automobile. With this feature the car has become so -useful to women that the manufacturers have realized big returns. -Better than that, say some critics, is the verdict that the -self-starter returned—the chauffeur is no longer an indispensible -feature in car driving. Women master the handling of a car and with -the machines requiring less mechanical attention, one might say, every -season, woman accepts the gasoline car as her own. The number of -women drivers has grown so wonderfully that the makers of cars have -registered the woman driver as a constant factor. There’s no cranking -of the car necessary, and the wearing of fine raiment and white shoes -is Milady’s prerogative, even if she drives her car to the party -herself. She handles a multi-cylinder car quite as readily and with -the confidence of a man. The tires, always a problem, have demountable -rims, or they may be set in spare wire wheels, and troubles on the road -from blowouts and punctures no longer deter the woman driver. It would -be difficult to get the details on the number of women drivers added to -the list each season, but one of the best known automobile makers says -that it is so large that he would make his fortune safe if he only made -cars henceforth for women pilots. The entrance of the woman in such an -important manner in the automobile driving situation has made the gas -car maker lose all fear of the greater development of the electric car. -Woman has played an important part in the real estate world, distinctly -due to her eagerness to drive cars, by starting a movement towards -suburbs. The suburbs are “farther out and yet closer” as one maker put -it. - - -GOOD ROADS INDUSTRY’S GREATEST AID. - -When the full effect of the work of good roads advocates is felt in -this country, and regular appropriations are to be available in a -regularly scheduled manner in most of the states, the biggest thing -the automobile industry ever had to help it will have taken up its -task in earnest. Less than ten per cent of the roads in this country -are improved, say the good roads statisticians. One says that at least -two-thirds of the reasons for present road developments are automobile -reasons. When the proportion rises and the Lincoln Highway and scores -of other long distance highways, intended to add to the cross country -touring practice, are made into complete roads that make for genuine -touring pleasure, the automobile industry will reap great benefits—more -than the most enthusiastic ever dreamed would come from concrete, brick -and other forms of specially prepared highways. - -The war? Makers have varied opinions on the effect of the termination -of the war in Europe. A majority have expressed the opinion that our -exports of trucks and pleasure cars will take a big jump soon after -peace is declared. But seeking for a peace after the years of warfare -has become the least of the American auto maker’s trouble. Great war -orders have been received and filled by the American makers of trucks. -In 1914-15 the war orders rose to 14,000 trucks, as compared with only -784 in the season 1913-14. War orders still are being filled by some -American truck makers, or were until the “ruthless submarine warfare” -broke out anew, and after millions of dollars worth of the old models -bought up in the United States and absorbed by the European powers had -been swallowed in the mystery of the continent, United States truck -makers began on later design models. In that way they are able to admit -that the war has been a great blessing to the motor truck feature of -the industry. “All a part of the great scheme of economics that makes -for the approach of the complete automobilization of the country,” is -the way one manufacturer puts it. - -The automobile industry is set—it is fourth in importance in the United -States. It will handle itself, so to speak. The makers know they must -give value for every car and truck they build, and the people have -become ready to continue in the industry every maker who plays the -industry as it should be—not as a “game.” - - - - -CHAPTER II. - -MECHANICAL EVOLUTION OF THE AUTOMOBILE. - - -The history of every advance toward greater perfection in the -achievements of mankind, whether moral or physical, has been one of -slow and laborious development. - -We speak carelessly of the wonderful advance the automobile has made in -a short time. - -As a matter of fact, it has taken the automobile a hundred and fifty -years to arrive mechanically at the point it has reached today. - -We thought the development of the motor car was speedy, but we find -that the measure of time required for its evolution, when put beside -the span of human history, lengthens as the shadows grow longer in the -dying day. - -It is astonishing what stages this development has had to pass through, -what problems have confronted it, and what apparently insuperable -obstacles it has had to overcome. - -In the light which our knowledge of the automobile now sheds on the -present day mechanism of this invention, it is difficult for us to -realize why these persistent struggles toward development of the -mechanical ideas summoned to the aid of the inventors did not produce -speedier results. - -We can hardly conceive as we look upon the perfect limousine, skimming -over the smooth asphalt with a motion that contains no more vibration -than that in the glide of the expert ice skater, the crudeness, -cumbersomeness and racking joltiness of its first forbear, which was -the original expression of the mechanical idea involved in making -wheels revolve by a motive power other than that exercised by man, the -bullock or the horse. - -If we want to relieve our minds of the strain of comprehending the -difference between the automobile de luxe, as we of today know it, -and the first automobile ever produced, and, by putting the two -pictures side by side, span the period of the development of the art of -automobile making, we must journey to Paris. - -For, although internal combustion to drive a piston in a cylinder was -produced with gun-powder in 1678 by Abbe D’Hautefeuille, and a carriage -to be driven without the horse was a chaise propelled by human foot -work, first conceived by John Vevers of England in 1769, there is no -record that the two ideas were combined until it was done in France -somewhere between 1760 and 1770. - -The first automobile ever made was that produced by Nicholas Joseph -Cugnot, a Frenchman, and it is today on exhibition in the Conservatory -of Arts and Trades in Paris. - -There is no record of how Cugnot came to conceive the idea of his -invention, but it is surmised that he had read about James Watt, in -England, having discovered the principle of steam as motive power. This -was about 1755. - -The history of Watt’s experiments in applying steam to run engines does -not, however, disclose that any engines he produced were ever seen by -Cugnot, or that any adequate description of them was published at the -time when Cugnot could have taken advantage of it. - -So all we may actually know of Cugnot’s reasons for thinking he -could make an “animalless” road vehicle is locked up in the rickety -century-and-a-half-old Cugnot invention which we may see in the Paris -Conservatory. - -And what we would see would be: - -An object which might make us laugh, did we not soberly reflect, in the -light of our superior knowledge of today, that it was the first step in -the long, laborious journey, extending over 157 years, that inventors -had to travel to produce our luxurious limousine, our satisfying -touring car and our terrifying speed demon of the oval racing course. - -Cugnot’s body returned to dust 113 years ago, but his idea went -marching on. - -The visible expression of this idea which we can see in the Paris -Conservatory is in the form of a tractor for a field gun, Cugnot having -been a captain in the engineering corps of the French army. - -The tractor has a single drive wheel actuated by two single acting -brass cylinders, connected by an iron steam pipe with a round boiler of -copper containing fire pot and chimneys. - -Attached to this first motor-driven road vehicle is a wagon, on which -it was Cugnot’a idea to have a field gun mounted. - -On either side of the single drive wheel of this clumsy contrivance are -located ratchet wheels. Pistons acting alternately on these ratchet -wheels revolved the drive wheel in quarter revolutions. - -For the copper boiler of this first motor car, additional water was -needed after the machine had travelled a few feet, the exhaust of -steam quickly leaving the boiler dry. The speed attained was very -slow, by reason of the mechanical complications in transmitting power -to the drive wheel. As for running smoothly, the machine wobbled, and -bumped, and strained, and groaned, and finally ran into a wall. This -was because it was overbalanced by its boiler and engine and had no -steering gear. - -Having run into a wall and been partially wrecked, that was the end -of the forerunner of the automobile, except for its subsequent rescue -from a junk heap and its installation in the Paris Conservatory; for, -disheartened by what he regarded as his failure to make a successful -steam-driven tractor to relieve men and other animals of the burden -of transporting field guns, Cugnot turned his attention to devising a -cavalry gun, at which he was so successful that when he died in 1804 he -was enjoying a pension of 1,000 livres a year, given him by Napoleon. - -Cugnot could not, of course, have visioned what his first crude -automobile would develop into in the next century and a half. He -probably never thought of a car holding seven passengers—much less of a -speed for it of 60 miles an hour and more. In truth, since he abandoned -his efforts, he probably concluded the obstacles in the way of even a -practical fulfillment of his idea were insurmountable. - -The one fact remains to keep company with the Cugnot motor tractor -in the Conservatory of Paris, that Cugnot was the father of the idea -out of which the automobile was evolved. He was the first to invent a -motor-driven road vehicle. - - -ENGLISH MAKE AUTOMOBILES ALMOST PRACTICABLE. - -The English people have an enviable record for successful mechanical -inventions, and they were early experimenters on lines similar to those -of Cugnot. About the time that Cugnot ran his machine into a wall, -William Murdock, a mechanic, was working for Watt, the English inventor -of steam. Whether he knew of Cugnot’s automobile attempt or not, there -is no evidence extant. The idea of an engine-run road contrivance may -have come to him through inspiration, or in some other way, as it did -to Cugnot. - -Murdock was quite familiar with Watt’s engines. He helped to build -them, and he was curious to know the different forms in which they -could be used, especially as to a road vehicle. He talked to Watt, -but was sternly discouraged by the latter. Just as Cugnot, no doubt, -concluded that his automobile would never get anywhere, Watt opposed -applying his engine to a road travelling machine, because he was firmly -convinced that no vehicle that could be invented could successfully -negotiate, at a speed to make it worth while, the execrable roads of -that day. - -In this we have a fine illustration of the peculiarities and uncertain -nature of the human mind. It is an organism that astounds by its -perception of possibilities in one direction, while numb of any -sensation whatever in glimpsing the possibilities in another direction. - -Watt could invent steam, but he could not imagine good roads. Had -he possessed the vision, he might have seen that roads, which he so -abhorred as to see nothing good in them, would be reformed if he but -encouraged applying his engines to road travelling mechanism. - -In William Murdock’s way of taking the doleful discouragement of Watt, -we see an illustration of that mental attitude that man has universally -adopted in mechanical advance, toward the lugubrious prophet of -failure. He has matched hope and optimism against despair and pessimism. - -Despite Watt and his mournful views of the impossibility of building an -engine-run road carriage that would advance over English roads, Murdock -went ahead and built a model of an engine-run road carriage; but when -he had it finished, Watt’s discouraging views prevailed, and Murdock -did not attempt to enlarge his model to a full sized form. He stopped -with the model, which is at the present day in the British Museum. - -Murdock’s invention was tested, and the tests showed that an advance -in efficiency over the creation of Cugnot had been made. The model -was driven by a single cylinder of three inch bore. It had a one and -a half inch stroke. A crank converted the reciprocating motion of the -steam engine into rotary motion, the service performed in the Cugnot -invention by the quarter revolution ratchet drive. Murdock’s idea was -patented by a man named Pickard, in 1780. - -The first automobile known to have been constructed and put on the road -was built by Richard Trevithick at Camborne, England, in 1801. It was -in the form of a stage coach, accommodating six or seven persons. The -engine, boiler and firebox were at the rear. The engine was one of the -first high pressure engines. A single cylinder motor was employed, and -spur gear and crank axle were used to transmit the motion of the piston -rod to the drive wheels. - -With this coach Trevithick carried six or seven men over hills for a -mile the first day of the trial. The second day it made six miles. Even -with these performances, the invention’s impracticability must have -been decreed, because it was not continued in operation. - -Trevithick himself felt, no doubt, that it must be improved upon, for, -in 1803, he built another contrivance driven by a horizontal single -cylinder with 5-1/2-inch bore and a 30-inch stroke. But the driving -wheels were ten feet in diameter. Fatal were these great clumsy wheels -to popular approval of the invention, and no further advance was made. -Trevithick had made one further step, and there the matter rested. He -had developed the high pressure steam engine, and he had really made -the first automobile, if such it could be called. - - -AMERICA’S EARLY EFFORTS IN AUTOMOBILE MAKING. - -Just as the English, represented by Murdock and Trevithick, were -laboring on the steam propulsion idea, and France, in the person of -Cugnot, was experimenting with it, so America was groping to find the -solution. Cugnot’s activities began about 1760 and ended with his -death in 1804. Trevithick’s period was from 1780 to 1803. The American -experiments started about 1784. The man whom records show to have been -the pioneer in practical excursions into the realm of carriages driven -by steam, was Oliver Evans, born in Delaware but living in Philadelphia. - -He developed the high pressure, non-condensing engine, although his -only knowledge of steam was derived from reading what little was then -printed about it, and his own discoveries. It appears as if Evans, -who is known to have had knowledge of Cugnot’s construction of a -road carriage, or, more properly speaking, a gun carriage, connected -in his mind his engine with a road travelling vehicle, because in -1787, four years before Trevithick built his steam coach at Camborne, -England, Evans secured a patent from the State of Maryland, giving him -the exclusive right to make and use, within its borders, carriages -propelled by steam. - -That he immediately built a steam carriage in pursuance of this -authority is doubtful. The only authentic record of an attempt is of -one that he constructed in Philadelphia seven years later and under -peculiar circumstances. It is likely that his act in securing the -Maryland patent was done on the spur of a determination to build -an automobile, but it was not immediately carried out. He went on -perfecting steam engines up to 1804, when he accepted an order from the -city of Philadelphia to build a steam flat boat for dock work. - -His mind appears to have then reverted back to the time seven years -before when he contemplated applying an engine to a road vehicle and -got the Maryland patent for that purpose, for, after building the steam -flatboat and installing a 5-horse power engine on it, he announced his -intention of mounting the flatboat on a wagon, on which he proposed to -drive the boat about Philadelphia. - -A horseless carriage, no doubt, had been a hobby with him for years, -and he saw in the steam driven wagon, carrying a steam driven flatboat, -an ocular demonstration of the practicability of the horseless carriage. - -The four wheels of the wagon he built were connected by belts and -gearing with the engine on the boat, and the vehicle was driven up -Market Street by steam, bearing the flatboat and its engine in triumph. -It circled the squares on which the City Hall and the statue of William -Penn now stand, and proceeded to the Schuylkill river. Here flatboat -and wagon were separated, and the former launched on the river. A -paddle wheel was affixed to the stern and connected with the engine. -The boat ran as well as the wagon had done. It steamed down to the -Delaware river and all the way to Trenton. The wagon, divorced of -engine and gearing, became only a wagon again, and whatever became of -it, history does not say. - -The skepticism, the derogatory observations, the pessimistic prophecies -and the contemptuous disapproval of the many persons witnessing the -Evans’ pilgrim’s progress up Market Street aroused the inventor’s ire. - -Had he but been philosophical, he would have appreciated that such has -been the fate and greeting of all inventions. But Evans was choleric. -When a citizen said his wagon was only what might now be dubbed a -“flivver”—that it would never run over five miles an hour, and other -things that the minds of the unimaginative conceive of innovations, -the inventor drew from his wallet $3,000 that the city of Philadelphia -had just paid him for his steamboat, and said the carping critic could -transfer the “roll” to his own pocket, if he could produce a horse that -would run faster for five miles than a steam wagon that Evans would -build. The size of the roll was too much for the pessimist, and he -betook himself and his criticisms off. - -So we see that as there was a first automobile, so was there a first -automobile enthusiast on automobile speed. Why it is that motordom -hasn’t erected a monument to Oliver Evans for his abiding faith in the -future of the motor car as a speed demon, is up to motordom to explain. - - -AUTOMOBILE APATHY CENTURY OLD. - -Oliver Evans tried but was unable to get any one interested in -developing his wagon run by an engine into an improved horseless -carriage. The minds of that day regarded the practicability of his -invention with as much skepticism as we would regard an invention to -visit Mars, if exhibited in our day. - -So Evans gave up any idea of improving his self-running wagon, became -busy with an iron foundry which people could understand, and died rich. - -There was a measure of justification for the lack of popular -imagination and vision toward the automobile in both England and -America when the first samples appeared. They were slow, noisy, erratic -in performance, and positively dangerous—threatening explosions, -collisions, and all sorts of dire things—and it was natural that people -should predict their failure. - -So progress in the development of the horseless carriage lagged. It -was twenty years after Evans’ Philadelphia exhibition when it was next -heard from. Then the scene of operations shifted again to England. - -In 1824, W. H. James, who had patented a water tube boiler for -locomotives, built a passenger coach, of which each drive wheel was -revolved by two cylinders receiving steam by means of a pipe from a -boiler. - -A pressure of 200 pounds of steam to the inch was maintained. The -equivalent of differential action was supplied by independent -application of power to the two drive wheels. The coach accommodated -twenty persons. The contrivance ran satisfactorily on trials, and James -secured financial backing and built another coach weighing 6,000 pounds -which ran 12 to 15 miles an hour. - -But the higher the rate of speed, the worse off the early automobile -builder was. Although James equipped his coach with laminated steel -springs, the road shocks and vibration stopped it every few miles. -Steam joints and connections were broken as fast as they could be -put together. The great need was a method of shock absorption, and -either no one knew that this was the key to the problem, or, if it -was realized, no one knew the remedy. So James failed to make the -auto-coach a success, and died in the poorhouse. - -A year after James built his first motor-coach in England—in -1825—Thomas Blanchard of Springfield, Mass., revived the horseless -carriage subject which, in America, had been last experimented with by -Oliver Evans in 1804. - -Blanchard built a road vehicle that was one of the best produced up to -that time. It was easy of manipulation and climbed hills successfully. -Blanchard took out a patent on it, but when he started to find people -who would buy a completed carriage he could discover none. Nobody -wanted it. And so Blanchard’s efforts ceased. - -At the time James was building his two coaches, and after Blanchard had -given up trying to interest Americans in his invention, a Frenchman -named Pecqueur was experimenting on phases of the auto-carriage. He -discovered the principle of the “differential,” the balance mechanism -which enables one wheel to revolve faster than the other in turning -corners. He invented a planet gearing in this connection, which was -the origin of the idea of the differential, and applied it to a steam -wagon which he built in 1828. The differential of today is based on the -principle discovered by Pecqueur. - -While Pecqueur was evolving this invention, Goldsworthy Gurney in -England made a car which was a practical failure in about everything -except that it demonstrated that sufficient friction between the drive -wheels and the road-bed could be created to produce propulsion. A trip -of almost 200 miles from London and return was made in 1828 by Gurney -in the second vehicle he built, in which the engine was concealed in -the rear. His car made 12 miles an hour for part of the trip. - -From this time—1828 to 1840—the automobile really had a vogue in -England. A number of them were made and run as passenger carriers. For -four months a motor carriage made the nine mile trip from Gloucester -to Cheltenham four times a day. The “Infant” built by Walter Hancock -made trips between London and Stratford. The “Era,” also made by -Hancock, ran from London to Greenwich. To such an extent did the -auto-bus business develop, that speed of 30 miles an hour was claimed, -and one conveyance in 1834 ran over 1,700 miles without repairs or -readjustment. At least, that was the claim made, and as a claim it has -a familiar sound. The twentieth century automobile manufacturers who -claim a run of so many thousand miles without repairs to this and that, -have here a precedent for it that is as old as the industry. - -But there was one feature about these early English motor busses that -was their undoing. They weighed three tons and over, and the wheel rims -were metal. The diameter of the wheels was six feet. The rubber tire -was unthought of. The effect on roads of running a 3-ton, metal rimmed -vehicle, carrying eleven to twenty passengers, was disastrous, and -parliament, incited by horse owners and others, legislated them out of -existence by making the toll charges prohibitive. Where the toll was -$1 for horse drawn vehicles it was made $10 for steam auto buses. The -consequence was that their manufacture and operation ceased about 1840. - -In 1878 Bollee built a steam omnibus which ran between Paris and -Vienna, making 22 miles an hour. In this car was reached the highest -efficiency the art had attained up to that time. Practically an -identical car was built in 1880 by Bollee, which was entered by him 15 -years later and won honors in the Paris-Bordeaux race. - -In 1879 the automobile development germ returned to America. - -In this brief sketch showing the struggle of auto-mechanism to advance, -from the very first inspiration of Cugnot about 1770, we must be -impressed by the determination with which the idea of auto-mechanical -perfection persisted. This persistence was so determined in the face of -all obstacles and opposition that it is almost eerie. - -It was just as if some force of nature was struggling to break through -the crust of man’s consciousness. Or shall we credit it to man, and -say, rather, that it was man’s mind that was the impelling force in the -persistent attempts to read a mechanical riddle? - -Whatever the impelling force, whether man or nature, man heeded its -behests and continued his efforts. - -In 1879 an American did a thing which has had much to do with giving -the United States its long delayed start in the automobile industry. -This man was George B. Selden of Rochester, N. Y. He applied for the -first patent for the gasoline motor, as the driving force of a road -vehicle. This was before any automobile had been equipped with an -internal combustion hydro-carbon motor. This motor had, however, been -in use for some time in running stationary engines. - -The bicycle had, at that time, been an acknowledged success, and in -considerable use for seven or eight years, and had had a great deal of -influence in improving roads. Better roads caused people to look more -favorably on the possibilities of the motor vehicle. - -Selden built a gasoline motor under the specifications contained in -his application for a patent, and it performed satisfactorily in -experiments. But he did not build an automobile containing the gasoline -motor. He did not secure his patent until 1895, 16 years after he had -made application for it. - -In those sixteen years he was endeavoring to interest capital, while at -the same time he was perfecting his motor. While the use of bicycles -had improved roads and this improvement caused a more favorable popular -view of the possibility that automobiles might be made successfully, a -new motive power appeared on the horizon just at this time. - -It was electricity. It was in 1890, eleven years after Selden had -applied for a patent for a gasoline motor, and while he was still -wrestling with the problem of getting capital to aid him, that reports -that the storage battery had been more nearly perfected became rife. - -Men to whom Selden went for financial aid feared that even if the -gasoline motor was feasible, it might be overshadowed by the storage -battery, and held off. Selden even went abroad to raise money, but had -no more success there than here. - -Although an inventor and a skilled mechanic, Selden lacked salesmanship -ability. He was handicapped by impatience and irascibility, and his -predictions of the success of his gasoline motor, its general adoption, -and the extent to which automobiles would in the future be used, were -regarded by people with whom he talked as so extravagant that they -bluntly declared he was crazy, and avoided him. - -He had proceeded so far on one occasion in interesting a Rochester -business man, that he had him in his store and was on the point of -getting him to put up $5,000, when he made a simple remark that -completely “spilled the beans.” - -He said: “Jim, you and I will live to see more carriages on Main Street -run by motor than are now drawn by horses.” - -The prospective investor looked at Selden for half a minute, and came -to a conclusion expressed in these words: - -“George, you are crazy, and I won’t have anything to do with your -scheme,” and with this ultimatum the man stalked out of the store. - -Twenty-five years later this man met Selden, and, extending his hand, -said: “Well, George, you were right years ago when you said there would -be more automobiles in Main Street than horses.” - -But Selden ignored the man’s extended hand, and with passion thrilling -in his tones said: “Yes, and I wasn’t so —— crazy as you and the other -fools said I was,” and walked off. And he never spoke to the man -afterward. - -Selden’s patent could have been issued any time within the sixteen -years that he let it lie dormant. He kept the application alive at the -patent office by legitimate methods, and his reason for not bringing -the matter to a head was that at no time in those sixteen years was he -ready to manufacture under it, and he put off the actual issuance until -such time as he was prepared to take full advantage of the privileges -it conferred. - -He was alive to the fact that the years of a patent are numbered, and -he aimed to time the issue so that the patent would not expire before -he could derive the benefits from it. - -It was in 1895 that the patent was issued, and in 1900 Selden disposed -of it to the Electric Vehicle Company of New Jersey. - -In the meantime, the development of electric motor vehicles had begun, -and in 1885, Benz, a German, built the first road vehicle to be run -by the internal-combustion, hydro-carbon motor. It was a tricycle, -and its motor was single-cylindered, four-cycled, after the type of -an engine developed in 1876, in Germany, by Otto, and water cooled. -It had electric ignition and a mechanical carburetor. Benz secured -a patent in 1886 on his invention and it ran successfully, making -ten miles an hour. Benz was limited to the use of certain streets in -Mannheim, Germany, for running his machine, out of deference to the -tendency to nerves of horses and their drivers or riders. This tricycle -by Benz was the forerunner of the Benz automobile. This is one of the -most successful and popular cars in Germany—and before the war, in all -Europe. The first automobile imported into the United States was a Benz -car brought to the Chicago World’s Fair in 1893. Up to 1917 the Benz -car was an entrant in most automobile speed contests. - -While Benz was perfecting the gasoline motor in its attachment to the -tricycle, Gottlieb Daimler, another German, was producing, in 1885, the -motor-cycle. Daimler had devoted himself sedulously to the problem -of reducing the weight and increasing the power of the gas engine, in -order to adapt it to high efficiency road vehicles. He invented the hot -tube ignition to take the place of ignition by flame. By regulation of -the heat of the tube, the compressed charge of hydro-carbon vapor could -be fired automatically at a specific point in the cycle. Through the -increased speed thus produced the size and weight of the motor could be -reduced. - -The Daimler motor was a big step in advance, as was proved by the -supremacy which the German and French automobile makers at once -attained. The French secured rights to the Daimler motor and operated -under them with such success that from 1889 to 1894, before the United -States had really waked up to motor car making, they were beginning to -put out gasoline automobiles successfully. - - -AMERICA BUILDS STEAM AND ELECTRIC CARS. - -At this time, we, in this country, were following the steam and storage -battery fetishes. The first steam car in the United States that might -be called modern was built by S. H. Roper of Massachusetts, in 1889. -In 1900, steam car building in America gave promise of disputing the -gasoline car records then being made in France, but by 1905 the -gasoline car manufacturers had taken the cue from the European gasoline -successes, and this form of motor came to the front. - -Contemporaneously with the activities in steam car building in the -United States, was the pioneer electric car construction era. - -The first electric automobile was built in 1891, and made its first -exhibition appearance in the streets of Chicago in September, 1892. -The builder of this, the first electric driven vehicle, was William -Morrison of Des Moines, Iowa. It was bought by J. B. McDonald, -president of the American Battery Company, Chicago. Description of -the street scenes attending the showing of this car bring home to us -the extent to which an automobile was a novelty so short a time ago, -comparatively, as 1892. “Ever since its arrival,” said the _Western -Electrician_ of September 17, 1892, “it has attracted the greatest -attention. The sight of a well loaded carriage moving along the streets -at a spanking pace, with no horses in front, and apparently with -nothing on board to give it motion, was one that has been too much, -even for the wide-awake Chicagoan. In passing through the business -section, way had to be cleared by the police for the passage of the -carriage.” - -To think that this description fits a scene enacted during the period -of the present generation! Eighty-eight years before in Philadelphia, -Oliver Evans’ steam propelled wagon, bearing in triumph a flatboat -surmounted by an engine, moved along Market Street with no horses in -front, and was a sight that was too much for the Philadelphian. - -The world “do move,” but very slowly, and this 88-year span of time -is practically the measure of the period consumed by automobile -development to the point where a motor carriage would really run, and -keep on running. - -The date of the building of the first American gasoline automobile that -ran was 1892. The man who performed the feat was Charles E. Duryea. He -had the assistance of his brother, Frank Duryea, but what was more, he -had the benefit of knowledge of what had been accomplished in Europe in -the gasoline motor field. - -Panhard, Levassor, Peugeot, De Dion, Bouton, and Serpollet were -Frenchmen who had done things with gasoline cars, all (except Serpollet -and Levassor) principally through the manufacture of finished cars. -Levassor conceived the idea of a central frame to carry the power -plant, and thus solved the problem of road shock. - -Serpollet had done more. He had invented the flash boiler, reviving an -art the English had previously discovered, which made the use of dry -or superheated steam possible. Higher pressure could be used, water -economies effected and weight reduced. - -When Duryea and others, about 1892, gave concentrated thought to -gasoline propulsion, all the problems of automobile making had found -solution, except two. They were a method of cushioning wheel rims, and -some method by which the motor could be so placed that it would be -immune from shocks and vibrations. - -So, when Duryea, in 1892, built the first American gasoline car that -would run successfully, he merely “assembled” the ideas that had then -accumulated. - -The first auto-race in the world was run from Paris to Rouen, about 80 -miles. It was run in July, 1894. There were 46 cars entered, of which -twelve only were steam cars. The Petit-Journal, a Parisian newspaper, -was the organizer and patron of the race. The winners were all equipped -with the Daimler gasoline motor. - -A little over one year later—Thanksgiving Day, 1895—the first American -automobile race was run from Chicago to Waukegan. The organizer and -patron was a newspaper—the Chicago Times-Herald. Of two entrants, the -“Buggyaut” of Charles E. Duryea was one. - -Duryea built his first car in 1892. - -Henry Ford built his in 1893. - -Elwood Haynes built his in 1894. - -There were but four gasoline cars in the United States in 1896—Duryea, -Ford, Haynes, and Benz, the last being the German car which was -imported. - -With the accomplishments of the builders of steam, electric and -gasoline motored vehicles at this time—1895—the practical success -of horseless carriages had been definitely settled. Practically all -fundamental problems had been solved. To make them finally an accepted -addition to the world’s methods of transportation in general use, two -things only were needed. - -One was the development of perfecting devices, such as rubber tires, -the production of which began about 1889; and the other was the general -acceptance of automobiles by the people—a cordial, popular approval, -manifested by their purchase and use. And while the development to -greater perfection could be left to work itself out, the popular -approval to the point of enthusiastic general adoption was another -matter. - -Inventors could develop, even if it took over a hundred years, a -complete, perfect machine, finally. But human doubts, mental apathy, -and man’s opposition can be overcome by only one means—enthusiasm. - -Enthusiasm is to man’s opposing mind what the oxyhydrogen flame is to -steel, and it is one of the potent forces that will burn itself into -mentality. - -Around the period of 1893-1898, the attitude of the mass of the -people in this country toward the automobile was one of good natured -toleration, but indifference. A few of the “class” were interested and -convinced that the automobile had arrived, but the “mass” believed it -was a passing fad, and from its practical side, of particular interest -chiefly to mechanics. If, in its opinion, the automobile had any -future, it was as a luxury of the rich. - -The people could not sense what they feel now—the value of the -automobile in time, health and recreation, and in its possibilities -as a factor in economics. They saw the disadvantages of owning an -automobile, but were without appreciation of its benefits. - -So one of the most interesting facts in the history of the development -of the motor car is that the first American made gasoline automobile -sold in the United States was disposed of March 24,1898. The sale of -steamers and electrics had been going on for several years before, but -not very extensively. - -This fact of the date of the first sale of a gasoline motor car fixes -clearly that the use of automobiles in the United States practically -increased from one car to over three million, in less than twenty years. - -The first American gasoline car thus sold was disposed of by Alexander -Winton to Robert Allison of Port Carbon, Pa. - -So that, while Duryea completed his car in 1892, Ford his in 1893, and -Haynes his in 1894, it was six, five and four years, respectively, -later, that the first gasoline car was purchased in the United States. - -From 1898, the time of the sale of the Winton car, dates substantially -the development of the automobile industry in this country. - -Beginning with this date, the first real enthusiasm was put into the -sale of cars. - -Enthusiasm had not existed before. Confidence, which is the mother of -enthusiasm, had hesitated and halted. But now confidence believed the -automobile was a reality—all doubts had been resolved—and confidence -bade enthusiasm run, not creep, crawl or walk; and we see how -enthusiasm obeyed. In the enthusiasm displayed in the manufacture and -sale of automobiles today, we are disposed to think it does more than -run, that it actually flies. - - - - -CHAPTER III. - -COMMERCIALIZING THE MOTOR VEHICLE. - - -In the production of the automobile, America did comparatively little -in the fundamentals of invention which are now found in the modern -perfected car. - -Selden invented the three-cylinder gasoline engine, by which the rapid -revolution of the crankshaft of his day was converted into slower but -higher powered motion of drive wheels. - -White invented a generator for steam cars. - -Haynes was responsible for a discovery that caused alloy and specially -heat-treated steel to be introduced, and Knight produced a superior -motor. - -But these were discoveries, inventions or improvements that were -supplemental and perfecting, not elemental. - -It was chiefly the English, the French and the Germans, with the -exception of Evans of Philadelphia, who first conceived the idea of the -horseless carriage, and helped it to its final development by a series -of successive inventions. The names of Cugnot, Trevithick, James, -Pecqueur, Hancock, Gurney, Lenoir, Bollee, Benz, Daimler, Levassor and -Serpollet should form the nomenclative setting of commemorative friezes -on the walls of the grateful motor clubs of the future, as those of -Liszt, Beethoven, Wagner, Gounod, Handel, Massenet, Bach, Mendelssohn, -Grieg and Chopin take honored place in the shrines of Music, the -“heavenly maid.” - -Even in the production of automobiles in any quantity for use—the -commercializing of the idea they represent—the United States did not -lead at first. This honor belongs to France, as does the original -conception by Cugnot of the horseless vehicle. - -The first steam cars manufactured in the United States, on any basis -entitling their manufacture to the dignity of a business, were made -after 1894, and the names of Riker, White and Stanley are the prominent -ones in the steam automobile field. Electric carriages were sold as -commercial commodities in comparatively small quantities, beginning -with 1897, and the first American gasoline car sold in the United -States was made and sold by Alexander Winton in 1898. - -Beginning prior to 1892, the French were selling automobiles by the -hundred, while manufacturers in America were selling them by the dozen. -Panhard and Peugeot were selling gasoline cars, and DeDion-Bouton was -putting the steam automobile on the world’s market. - -But the race is not always to the swiftest. While France started -bravely on its commercialization of the automobile, and had in its -favor what were then good roads of an old and well settled country to -run them over, and perhaps the thriftiest people of any nation to buy -them, there were causes existing in the United States destined to make -of it the greatest automobile producing country in the world, and its -people the largest users of the new invention, while at the same time -operating to cause the United States to sell more cars outside its -confines, to Europe and elsewhere, than are sold by any other country. - -And inasmuch as these underlying causes, while explaining the -supremacy of this country to this date in the manufacture and sale of -automobiles, also explain the reason for believing that the future of -the automobile business will dwarf the proportions it has up to this -time reached, they will bear analysis. - -In the first place, European manufacturers of automobiles, as well as -of other products generally, with the possible exception in a degree, -of the Germans, are bound hand and foot, and therefore handicapped, -by tradition and convention. They make the automobile, especially the -French and English, so solidly, with such fidelity to tradition and -with such conscientious care as to detail, elaboration and finish, -that the price to the buyer, when it is put beside that of a similar -American made product, will not meet competition. - -The American has a knack of turning out an article which is -mechanically correct, has the wearing qualities, but is simpler in -detail, and hence can be sold at a lower cost. Simplicity is the -American manufacturer’s keynote. - -Back of this is business organization system, standardization of -parts used in the automobile, and that high order of constructive and -executive talent that gives the American business man the distinctive -reputation he enjoys and enables him successfully to compete in -price and quality with the rest of the world. There has been a rare -combination of inventive and business abilities in American automobile -manufacturers. - -American mechanical genius has been given great credit, but wherein -is it any greater than that of the German, French or English? In one -particular—its simplicity. The Europeans are elaborate—the Americans -plain and simple. - -It is possible that no European manufacturer would have conceived an -automobile embodying the essentials of small size, simplicity and -speed represented by a Ford car. His tradition and training would have -impelled him to elaboration in size and finish. In this, he is, of -course, moulded by European needs and tastes which differ, in many -respects, from those of the people of this country. - -He does not possess the American’s practical vision in successful -salesmanship. Ford made his car with an eye to quantity. He was not -only an inventor, but a salesman. As he worked on his motor, he worked -on the problems of sales—producing a car that would sell to the largest -number. The larger the number sold, the smaller the price could be made. - -“Large sales and small profits” has been a principle which has made -many American fortunes. Note how this same idea of Ford has been -followed by Willys in the Overland, Olds in the Reo, the makers of the -Maxwell, and half a score of other manufacturers in varying degrees, -causing the gamut of prices of the most popular cars to run from $360 -to $1,200 each. - -This is one reason why the American car could invade England and her -dominions beyond the seas, why Ford has factories in the British Isles -and Canada, and why our yearly exports of automobiles have increased in -the last five years over $100,000,000 in value. - -Other reasons that make us an exporting country of automobiles through -their low prices are our natural resources of iron, steel, lumber, coal -and alloys, enabling us, by their plentifulness and accessibility, to -manufacture at cheap cost, thus offsetting the higher price we pay for -labor in this country than the European manufacturers pay. - -But the biggest factor in the lead which the United States has taken -in the production of automobiles, both for export and consumption -within her own borders, is the universal method of standardizing in -manufacture, adopted by the automobile producers of the nation. - -The manufacturers of this country shine in the field of cost -production, in the economies of purchase of raw materials, in the -method of manufacture, and in marketing their product. - - -ADVERTISING’S HELP IN MAKING THE AUTOMOBILE. - -The extent to which economic methods of purchase of raw -materials—getting the price down—economic standardization of -manufacture, inventing short cuts as it were—affects production cost, -is shown in the fact that the automobile industry ranks almost at the -top in the manufactures of the United States in the per cent of value -added by manufacture to the cost of material. - -The per cent of value added by manufacture to cost of material in -automobile production is 71 per cent, against 66 per cent in cotton -goods, 55 per cent in iron and steel products, 51 per cent in boots -and shoes, 16 per cent in flour and grist mill products, and 12 per -cent in slaughtering and meat packing. - -Strange as it may sound when first stated, advertising is primarily the -base of this result. We know that the first principle of lowered cost -is buying in quantities; that if we buy for 100, the cost for each is -lower than the cost for one; if for 1,000 it is lower than the cost for -each of 100, and so on. - -So, when Ford buys the materials for 533,921 cars, which was the -number he sold in 1916, he gets the price of the cost of each of these -more than a half million cars down to a less price than if he bought -material for 1,708 cars, the number he made in 1904, or even 168,220, -the number he made in 1913. - -This is patent to any one who ever heard of wholesale and retail prices. - -But how did Ford find a sale for 533,921 cars in 1916? - -By advertising. - -The first thing a manufacturer must do to lower the cost of production -of the single unit is to make in quantities. - -How to insure the disposal of that quantity has been the big problem -that American automobile manufacturers have had to solve. The solution -was at hand. It was advertising. The commercializing of automobiles -with the speed and to the extent to which it was done between 1900 and -1917 could not have been successfully accomplished before this period, -because the recognition of the value of advertising had not become -widespread up to that time. - -Advertising had gone through a process of development that was as slow -as that of the automobile business. Both arts emerged from darkness -into light at about the same time. Here is evidence that a very bright -and smart set of men engaged in automobile production at the very -outset. - -They were mechanical, they were versed in business methods, and they -were conscious of the value of advertising. - -This combination of knowledge by the men engaged in it has made the -automobile industry a record breaker in point of the time consumed -in its development. It has made it stand out as unparalleled by any -other industry in this country in the speed with which it progressed -from final experimentation to an established recognized enterprise, -involving mammoth investment of capital and huge profits. - -That the automobile business has been the most extensively advertised -business of any in which we are engaged, almost anyone will concede -from knowledge gained from his own observation. - -Advertising is like the rainbow—many hued. It may be one form, or -it may be another. It may whisper, or it may shout. We must concede -that the advertising the automobile promoters have done was more -largely of the shouting than the whispering kind. That is not to their -discredit—rather otherwise. The distinct injunction to advertise is -contained in the Bible. It was: “To so let your good work shine that,” -etc., and the people of scriptural days were admonished not to hide -their light under a bushel. - -Newspapers are said, somewhat carelessly, to have made the automobile -business. It is not exactly fair to make this statement so sweepingly. -They did for it a good deal more than they did for any other line of -industry, and are still doing it. - -They never devoted the space that they gave to the automobile to -railroads, steamboats, the telephone, street railways, oil, lumber, -mining, meat packing, or any other commercial industry. It was not, -necessarily, that the automobile manufacturers, in all cases, asked for -this liberal treatment by the newspapers. - -It was that newspapers volunteered it. One started it, and others -followed. The spell which the idea contained in the automobile weaves -over men and women was cast equally over the editors and publishers in -the United States. In recognition of the novelty of the automobile, -they laid liberal offerings of free space on the altar of motordom. Its -peculiar exhilaration penetrated the editorial sanctum, and in this -distinctive exhilaration the automobile has had no parallel except in -golf. - -It has been quite generally accepted as an axiom that if you give, you -receive. We see this statement proved in a hundred ways. A pleasant -smile begets a smile. A good deed is matched in kind. No better reason -for this exists, probably, than that it is ingrained in us to hate to -be under obligations to anybody. So when we get a smile we promptly pay -it back and are square, just as we invite to lunch a man who invited us -to lunch. We are very particular about this. - -The automobile manufacturers were not lacking in this trait, common -to human nature. When publishers put their stamp of approval on the -motor car and unreservedly threw open their columns to the progress -made in its improvements and production, manufacturers appreciated and -reciprocated. - -The result has been that more money has been spent in advertising in -the automobile business in the United States than has been spent in -any other single line of enterprise. Possibly the nearest approach to -it has been patent medicine, or the promotion of various enterprises. - -And it has paid—every automobile maker, and every salesman will admit -this as a matter of course. They will admit it because they know it to -be so—a knowledge derived in their own experience. - -The psychology of advertising shows that there are two principal things -involved in making advertising profitably productive. One is that it -informs, the other that it persuades. If the mind is informed of what -an automobile is, what it does, and all the advantages and benefits it -confers, it has a basis to work on, and from this working basis it will -evolve conclusions. - -The state of the mind in the conclusive stage is fallow field for -persuasive effort. - -In the advertising given in this country to the automobile which has -placed millions of motor cars in the ownership of people in the United -States, not counting those exported, the publishers of our journals -have supplied the information, and the manufacturer the persuasion. - -It is this double teamwork which, supplementing the business ability -of our manufacturers, has put us in the front rank as automobile -producers. But baldly to say that the newspapers made the automobile -is not giving full credit to the other causes which contribute to our -success in this line of enterprise. It has been a combination of causes -working together which has made the automobile. - - -UNITED STATES A FERTILE FIELD. - -There have been other forms of advertising used in automobile selling, -besides space in publications, and they are forms the value of which -cannot be discounted. “A satisfied customer is the best advertisement” -is one of the oldest slogans of advertising. And it is true. The -automobile manufacturers of the United States know it is true, and have -been guided by it. - -Road races, speed and endurance contests, employment of racing drivers -with records, automobile shows, outdoor displays—all have been forms -of advertising employed in the industry, and all have played their -part and exerted their influence to one common end—that of putting the -industry in the United States on the highest pinnacle it has attained -anywhere in the world in seventeen years. - -And while full credit must be given the vision and capabilities of the -manufacturers, and the productive value of advertising in all forms, -meed for the results can not be withheld from that element, which, in -the final analysis, makes all things possible—the people, the base and -groundwork on which all successful industrial structures are erected. - -All the business ability of all the automobile makers, however great, -and all the advertising, however convincing, that could be written, -could not have made the automobile business of today if the people had -not taken hold of the automobile and put their stamp of approval on it. - -“Power of the Press”—what is it but the “Power of the People” expressed -on paper? Power of the People—the force that revolves the world, -revolved the wheels of millions of automobiles, and will go on turning -the wheels of millions more. - -The people of the United States supplied the fertile field in which the -American automobile grew and blossomed. - -The reason France, although it took the lead in the commercialization -of the motor car, could not hold it in the race with this country is to -be found in the difference between the peoples of the two countries. - -France had good roads—has had them as has Europe for hundreds of years. -The French had money—they are the greatest savers in the world. - -But if you put your money in rentes or savings banks, you do not spend -it for automobiles or anything else. The reason the French have money -is the reason they do not buy automobiles. - -No people in the world have learned, as have Americans, to spend money -to make money. No people in the world take the chances Americans do, -and no people win as the Americans do. In this is found one of many -causes for the commercial success of the automobile in America. - -The American is good to himself as is the man of no other nationality. -He is further advanced in general knowledge, mostly gained by -experience through intercommunication with his fellows. His bon -camaraderie is effervescent, giving him opportunities to learn things -denied to the self-restrained European. His school is the broad school -of the world. He doesn’t have to travel to see the world; the world is -in America and comes to him. - -So, with the opportunities natural to a new country, with the standards -of living and the mode of thought that they are in the United States, -the 103,000,000 people of continental United States are a market for -automobiles that dwarf the 464,000,000 people of Europe. - -What such a market has been during the last decade and a half may be -gathered from the fact that in the last sixteen years the population of -the United States increased at a greater rate than ever in its history. -The increase of the people of the United States in the sixteen years -the automobile industry has been commercialized, was 25,887,904. In the -previous twenty years the increase was 25,838,792. - -People without money can not buy automobiles, so what has been the -increase in wealth in the United States in this same period? - -In the last twelve years it has been $99,221,764,315. - -Staggering, you say? Rather, when you know that the increase in wealth -in the United States in the last twelve years was nearly double the -increase in the twenty years which preceded the last twelve years. - -No epoch in the world’s history, therefore, was so favorable as -the period of 1900-1917 for commercializing the automobile. It was -timed just to the moment for quick and dramatic success. The period -was coincident with the high water marks reached in the increase of -population and in the nation’s money-making. Advertising had reached a -stage of development it had not attained before. - - -STARS IN THEIR COURSES FOUGHT FOR THE AUTOMOBILE. - -We must credit enthusiasm for some of the influence in the success of -the industry. We will have to admit that it is present in the factory -and in the selling mart, in the shows and on the road. A satisfied -customer, the best advertisement, finds expression in the loyal -recommendation an owner gives his own make of car; enthusiasm of maker, -of salesman, of owner—it runs along the line, and if advertising is the -gasoline which makes the car go, enthusiasm is the oil which keeps the -bearings of the industry lubricated. - -The year 1898 saw the first real attempts of manufacturers in the -United States, either of gasoline, electric or steam cars, to make them -in any quantity. - -The gasoline cars that were pioneers were the Duryea, the Ford and the -Haynes, but until 1898 these were distinctly still in the field of -experimentation. Ford personally built a car run by a gasoline motor of -the two-cylinder, four-cycle type of his own construction, and this car -ran 25 miles an hour. Ford was second only to Duryea who constructed -the first gasoline car built in the United States. - -Duryea persisted in producing a buggy type of car, and failed to -get any sale for it. Ford and Haynes had no better luck in finding -purchasers for their cars. - -Alexander Winton entered the field after Duryea, Ford and Haynes, and -in 1898 sold the first gasoline car that was bought for use in the -United States. - -Ford built his first car in 1893. It was not a perfect car, but better -than any which had preceded it. He built his second car in 1895, with -a 4 × 4 two-cylinder, four-cycle motor. In this year he organized -the Detroit Automobile Company with a capital of $50,000. Ford owned -one-sixth interest, and drew $100 a month salary as chief engineer. - -In the six years Ford remained with the Detroit Automobile Company it -put out only two or three cars. In 1901 Ford severed his connection -with the company, which shortly became the Cadillac Automobile Company, -and is now the Cadillac Motor Car Company. The Cadillac has had a -successful career, and is one of the cars of which a particularly large -number has been sold. - -Leaving the Detroit Automobile Company, Ford started a machine shop -of his own, and in 1902 produced a car with a 90-inch wheel base, and -which is now regarded as standard gauge, using the two cylinders, 4 × -4, and a double opposed engine. - -After much difficulty he got money from half a dozen persons and -organized the Ford Motor Company with a capital of $100,000. At first -he owned only 25-1/2 per cent of the stock, but later he borrowed -$175,000 and bought 25-1/2 per cent more, and still later by paying 700 -per cent of its face value, secured 7-1/2 per cent more, which makes -his holding in the company at this time 58-1/2 per cent of the stock. - -The first Ford car to be a commercial success was put out in 1903, and -the record of production of Ford cars to date is as follows: - - Year. No. Cars. - 1904 1,708 - 1905 1,695 - 1906 1,599 - 1907 8,423 - 1908 6,398 - 1909 10,607 - 1910 18,664 - 1911 34,528 - 1912 78,440 - 1913 168,220 - 1914 248,307 - 1915 308,213 - 1916 533,921 - -In 1916 the Ford production was over one-sixth of the 3,000,000 cars in -use in the United States. In that year he produced nearly one-third of -all the passenger cars made in that year. - -Ford’s car was a small, low priced car from the start. Haynes’ was a -larger and higher priced car. Winton’s was likewise a large and more -expensive car. - - -A RAIN OF AUTOMOBILE MAKERS. - -The year of the Spanish-American war—1898—saw the beginning of a -veritable rain of automobile manufacturers in the United States. In -that year the Stanley, Stearns, Thomas, Matheson, Winton, and the -Waverley Company entered the field. - -In 1899, there appeared the Locomobile Company, Olds, Baker-Electric -and Pierce-Racine (later absorbed by J. I. Case and now the Case car). - -In 1900, Packard, Peerless, Glide, National Electric, Lambert, Elmore, -Babcock, Jackson, Knox and Lane were entrants in the lists. - -In 1901, Acme, Gaeth, Pierce-Arrow, White, Royal Tourist, -Stevens-Duryea, Waltham-Orient, Pope-Toledo, Welch, Pullman and Rambler. - -In 1902, Cadillac, Franklin, Pope, Studebaker, Sultan, Okey, Walter and -Schacht. - -In 1903, Ford, Auburn, Overland, Moline, Premier, Corbin, Bergdall, -Holsman, Columbus and Chadwick. - -In 1904, Buick, Cleveland, American Napier, Stoddard-Dayton, Marmon, -Mitchell, Jewel, McIntyre, Pittsburgh Electric, Ranch & Lang and -Simplex. - -In 1905, Alco, American, Dorris, Johnson, Jonz, Kisselcar, Maxwell, -Monarch, Reo, Studebaker, Garford and American Mors. - -In 1906, Anderson, A. B. C., Cartercar, Brunn, Thomas-Detroit, Kearns, -Sterling, Mora, Moon, Pennsylvania, Palmer & Singer and Staver. - -In 1907, Albany, Atlas, Brush, Bertolet, Byrider, Carter, Chalmers, -Coppock, De Luxe, Oakland, Regal, Selden, Speedwell, Interstate, Lozier -and Great Western. - -In 1908, Sharp-Arrow, Pittsburgh 6, Crown Midland, Rider-Lewis, -Paige-Detroit, Velie, Cole, E. M. F. and Hupmobile. - -In 1909, Hudson, Advance, Cunningham, Coates-Goshen, Ohio and Abbott. - -Since 1909 to date new cars put on the market include: - -Stutz (1911), Chevrolet (1912), Grand, Chandler, Saxon and -Scripps-Booth (1913), Dodge and Dort (1914), Owen Magnetic (1915), -Drexel and Elgin (1916). Other automobiles in the field are the -Maibohm, Allen, Ben-Hur, Crow-Elkhart, Harroun, Lexington and Madison. - -A table giving a complete list of automobiles is printed elsewhere in -this volume. - -The earlier manufacturers of motor cars included many who had been -engaged in manufacturing bicycles, and following them was a group that -had successfully manufactured wagons and carriages. Still another set -of manufacturers were machinery men. - -In the list of names of automobile companies which have been organized -during the period of the industry’s development, there are some which -have gone out of business, but not many. - -The industry, generally speaking, has had comparatively few complete -failures. Mortality has been lower with it than with many other -business enterprises. - -This is chiefly due to the intelligence which the manufacturers brought -to the business, plus the demand which sprang up for the automobile -as soon as the people, instructed with great and liberal space by the -press, realized it was the vehicle that could give what they wanted. -Never was the value of a concerted campaign of education better -demonstrated. - -That unusually intelligent study of the subject of suiting the popular -desire was given by manufacturers is evidenced in many ways, but in -none that is so typical as was the standardization of motor cars. - -At one stage of the industry its very life was threatened by a lack of -uniformity in the mechanical construction of the various types of the -automobile. - -The big idea that has made Henry Ford’s millions was a combination -one. It was the building of a motor and car combined which could be -constructed at a cost that would command large quantity production. -This conception by Ford, alone, simple though it was, proclaims him the -genius he undoubtedly is. - -The purchase of cars between 1898, when sales first began to be made, -and 1903, when Ford put out his car, was practically confined to -people of wealth and leisure. It required both to own and operate -an automobile. Men bought them at a cost of $3,000 to $12,000 each. -Purchasers were exhilarated by auto-intoxication—with little thought of -the practical uses the invention could be put to. Snobbishness, social -impression and display of superior wealth were back of many purchases. - -But for the manufacturers’ quick recognition that the future of the -automobile did not rest with the rich, that to be a great money-making -industry, they must make automobiles for the mass and not for the -class, the business would probably today be no further advanced than it -was fifteen years ago. A parallel of what might have been may be found -in yachting or motor boating—two methods of deriving pleasure and speed -which are confined to the rich, largely because prohibitive in cost to -the mass. - -Popularization of the automobile demanded standardization. -Automobilization of the nation would never be accomplished if the -hundreds of manufacturers that sprang up produced hundreds of -different cars with different sizes of parts, and different standards, -requiring owners of cars with which something had gone wrong, to wait -indefinitely for a particular device used by a certain company. - -Early owners of cars learned by bitter experience what it meant to have -a screw loose or a tire put out of business in a town where the supply -stores did not sell that particular screw or that particular tire. -The spread of distance, annihilated by the auto, was threatened by -difficulties such as these. - -High maintenance and repair costs ate up many an automobile buyer in -the early days of the craze. It wasn’t the original cost, although that -was high enough; it was the upkeep. - -Men of real ability—competent business men and expert engineers—got -into the business, fortunately, largely for the rewards it promised, -and by standardization and systematization brought the cost production -down. - - -GETTING THE PRICE OF AUTOMOBILES DOWN. - -The engineers banded together and studied standards of hard steel, -screw threads and wheel rims. The manufacturers, preserving open -minds, co-operated, and today automobiles are the most interchangeable -of all assembled mechanisms. - -But for this the farmer, the moderate salaried city man, the mechanic -and the small tradesman would not today be consumers of motor cars. -But for this the average price for passenger cars, originally in 1900 -around $3,000 and by 1911 reduced to $1,000, would never have been -gotten down in 1916 to $605. - -The average price of all motor vehicles, combining pleasure cars and -trucks, was, in 1916, $636. The preponderance of passenger cars at the -lower prices brought the average down, since the average price of motor -trucks alone was about $1,800. For every motor truck sold, eighteen -passenger cars were disposed of in 1916. - -With standardization and the consequent lowering of cost, the -automobile industry acquired a momentum that has carried production -forward on a constantly ascending scale, as witness these figures of -passenger cars alone: - - Year No. of - cars made - 1909 80,000 - 1910 185,000 - 1911 200,000 - 1912 250,000 - 1915 842,249 - 1916 1,617,708 - -The manufacture of motor trucks almost doubled in one year. The number -produced in 1915 was 50,366. In 1916 the number made was 92,130. - -The above table, showing the rate of increase in passenger cars made in -seven years, makes it clear that the greatest growth in the passenger -car business has been since and including the year 1911. - -That was the year in which the largest number of medium and low priced -standardized cars with refinement of detail and added equipments, -selling from $1,500 down to $500, was first put on the market. Ford -almost doubled his output in that year. The next years, 1912 and 1913, -also he more than doubled each year his output of the previous year. -And in 1916 he made nearly one-third of all the passenger cars produced -in the entire United States in that year. - -Could anything demonstrate more conclusively than these facts, that -if you have an article within the price of the mass of the people, it -will sell, if the people want it? The one idea of Henry Ford—quantity -sales—saved to the United States the premiership in automobile making. -For other manufacturers adopted it, some radically, others in a -modified form. Its influence was unquestioned in putting the price of -motor cars at a figure at which a person happening to have less than -the income of a millionaire could afford to buy one, so that when every -one of the many values and benefits of the existence of the modern -automobile is scheduled, let us, in giving credit for them, place the -name of Ford at the head of the list. - -When we have arrived at our destination, or have attained an object -much desired, our satisfaction is such that we are in a forgiving mind -and prone to forget the sacrifices we had to make, the difficulties we -had to overcome, the strenuous work we had to do. The end justified the -means, and we don’t think long about the hardships in the means. - -Preëminence of the United States in the motor field has not been gained -without hardships, sacrifices and disappointments by those engaged in -it, nor was it reached by the immediate and uninterrupted success of -all companies organized to commercialize the invention. - -While, as we have stated before, the number of final failures of -companies was small compared with those in some other avenues of -enterprise in the development stage, the number of individuals and -corporations in the automobile business that started on the wrong -road and found it impassable, was not small. But here again it was -fortunate for humanity, reckoning the automobile as one of the greatest -boons vouchsafed the human race, that the mechanical perfection of -the automobile was reached at a date coincident with more enlightened -thought, a liberalism of view and a clearer vision of the possibilities -of the future by our men of business. - -For automobile enterprises that took the wrong road and got mired -in the mud of mechanical and management difficulties and financial -complications were, most of them, lifted out of the slough by men -who knew the right road and were better drivers. Had the automobile -developed mechanically to near-perfection a score of years before it -did, not only would the people as a mass not have been ready for it, -but it is doubtful if business at that period had developed to the -point of efficiency where it could recognize the possibilities latent -in the motor car as a money-making machine. Where money is, the best -brains go. Capital is timid. But brains and capital want only to be -shown. - -Some of the most successful motor cars and motor car companies of today -were deeply mired in financial difficulties a decade ago, but were -pried and towed out and made great successes by new brains and new -capital administered by a new set of men. - -Nor was the industry immune from the bane of all invention -industries—the patent right. The man who gave it the most trouble was -the man whose name is far up toward the head of the list of men who -were responsible for the inventive ideas involved in the motive feature -of the automobile—Selden. - -He kept the industry in a ferment for ten years or more, whether -designedly or not, through his patent, the mere existence of which -tended toward restraining its development by discouraging inventive -expansion, and ceasing to exercise the depressing effects of a wet -blanket on automobile growth only when the influence of his patent was -neutralized by an adverse court decision. - -The earlier commercialism of the automobile was characterized by many -extravagances in expansive plans, high financing and even recklessness, -not only on the part of manufacturers, but buyers of automobiles as -well. - -In getting the price down to a figure which is not excessive, -the manufacturers removed the cause which militated most against -popularization of the invention and provided one of the reasons for -opposition to it by many people. To pay the prices which originally -prevailed, men mortgaged their homes and women sold their diamonds -and went bankrupt on the upkeep of the car. Manufacturers expanded -too lavishly, overcapitalized, and attempted great stockjobbing -consolidations, while incompetent officers were paid excessive -salaries, until conservative financiers entered a protest and the banks -called a halt. - -The abuses which were co-existent with one of the eras of the -automobile’s development caused the industry to be regarded by a class -of the people as a luxurious outlaw and a menace to the well-being of -the country. - -Vice-President Fairbanks raised his voice to protest against the new -manifestation of human nature’s appetite for joy and comfort. - -James A. Patten declared a Kansas City bank held fifty-two mortgages -on as many automobiles, and that that sort of loaning was going to be -stopped. - -Certain banks blocked, as far as possible, loans for purchases of -automobiles. A prominent banker as late as 1910 declared that the -initial cost of automobiles to American users, being $250,000,000 -a year, with as much more for upkeep and incidental expense, was -equivalent in actual economic waste each year to twice the value of -property destroyed in the San Francisco earthquake. - -A year after this statement was made, 1911, saw the dawn of the epoch -of low priced cars, and the low priced car has reversed the condition -from an economic waste, if such it was, to an economic gain, which it -undoubtedly is. - -Through all the storms of protest and criticisms, manufacturers went -on their way, just as the automobile inventors had done under similar -circumstances when men laughed and scoffed at them and called them -crazy. - -The depression of 1893 came too early to affect the automobile -industry, but that of 1907 hit it at the time when it was by no means -as strong as it was later; and yet, while in that year dozens of -companies were bankrupted, and in 1910, fifty-two went out of business, -it should be said that the great majority of them were not actually -starters in the race. They were entrants that never toed the scratch. -Their failure to make a start was due to lack of capital or inefficient -organizers. A very large proportion of automobile companies that -actually started in business have survived and are successful. - -Names of automobile manufacturers who are prominent today were familiar -names in the earlier stages of the industry, and more of the original -automobile makers have survived than have fallen by the wayside. - - -REMOVING OBSTACLES TO AUTOMOBILE PRODUCTION. - -One objection the old philosopher has to the automobile is an objection -that is strengthened by the fact that he does not own one. It is that -the automobile contributes toward making the age one in which a really -short time appears to be and is generally regarded as a long time. It -destroys proportions as it annihilates space. - -Seventeen years is a shorter time in the view of the philosopher of -60, accustomed to reviewing events in his past life half a century -back, than it appears to a man of 34. It is just half the length of -this young man’s years. Time, as to duration, is thus comparative to -different views. - -Seventeen years is not long for a commercial industry to take the place -which the automobile business now occupies in a country as great as -this. It is a short time in which to build up a business representing -the figures of two billion on the mark of the American dollar. - -But this business, which has not been a business for even a score of -years, did not arrive at its present estate without vicissitudes, and -without strenuous work in removing obstacles in the way of its progress. - -The seventeen years in which the industry made its record, saw the rise -and the fall of the steamer type of car, the wresting of an Old Man of -the Sea, in the form of a discouraging patent holder from the shoulders -of the manufacturers, the electric car largely depopularized and the -gasoline car established in wellnigh universal favor. - -The procession of the more important earlier pioneers in the -commercialization of the automobile started with the Pope Manufacturing -Company at its head. In 1897 this company, which had successfully made -bicycles, manufactured electric cars at Hartford, but was unable to -find a market for them in the United States. An effort was made to get -the Newport set to take them up, but the wealthy owners of Newport -villas could not be induced to be even mildly interested. - -So the Pope company decided to send them abroad, and shipped them on -the steamer La Bourgogne. But this ship sank at sea and the cars were -lost. The Pope company then made electric cabs, many of which appeared -on the streets of New York in 1898 and 1899, and finally sold its -electric vehicle business to the Columbia Automobile Company of New -Jersey. - -This corporation was formed by a party of capitalists headed by -William C. Whitney of New York, and included P. A. B. Widener of -Philadelphia, A. F. Brady of Albany, and Thomas F. Ryan of New York. -All were interested and actively engaged in street electric traction -development in the East. Whitney, who was in public life as Secretary -of the Navy under Cleveland, was a man of far vision in industrial -possibilities, and recognized early in its development stage that -the automobile had a future. He was as quick to see, also, that the -gasoline motor drive was the coming means of propulsion, and he caused -the Columbia Automobile Company, whose name was changed to the Electric -Vehicle Company, to negotiate for and finally secure complete rights to -the Selden patents for gasoline motors. - -Having a sweeping license agreement with Selden, the Electric Vehicle -Company undertook to enforce its rights, and one of the first concerns -sued for infringement was the Winton Company, whose gasoline car, sold -in 1898, was the first gasoline car disposed of by a manufacturer in -this country. The United States court upheld the patent, and nine -of the then leading automobile manufacturers, finding they must pay -royalties, formed an association under the title of the Association of -Licensed Automobile Manufacturers. - -For thirteen years thereafter, until 1911, gasoline automobile -manufacture in the United States was under tribute to a royalty of -from four-fifths of one per cent to 1-1/4 per cent of the retail -price of all cars sold. The beneficiary of this license fee was the -Electric Vehicle Company, which “split” the fees with Selden, and the -Association of Licensed Automobile Manufacturers itself. The fees -amounted to very large sums, and the licensees wriggled and squirmed; -but the United States District Court having upheld the Selden patent, -there was no way out, unless a deliverer appeared. - -And such a deliverer did appear. - -It was none other than Henry Ford. - -For a pacifist, Henry Ford is about the greatest fighter the American -industrial ranks have ever produced. His history has been a succession -of fights—fights to make a motor that would go inside a hat box, fights -to get anybody to believe in him and invest money with him, fights -to convince people that nearly everybody would buy an automobile if -the price was low enough, and finally the fiercest and most prolonged -fight of all—the fight to break the Selden patent monopoly and free the -industry from serfdom, give it free rein and relieve it of the incubus -of tribute. - -Ford had refused to join the Association of Licensed Automobile -Manufacturers and had gone on making his engine and adapting it to a -car which he put out, as has before been said, in 1903. The Electric -Vehicle Company, which held the reins and was driving all the gasoline -car makers except Ford, cracked its whip in Henry’s direction and -brought him up standing, and bristling as well. - -In the suit for infringement against Ford the Electric Vehicle Company -won in the lower United States court, but it reckoned without its -Ford. That product of a strain of Irish-English fighting blood didn’t -consider he was whipped because one court decided against him, as all -the other manufacturers, who submitted their necks meekly to the Selden -patent yoke, had done. - -He promptly appealed and fought the case like a wildcat up to the -United States Circuit Court of Appeals, and through that tribunal, and -with such success that, in 1911 this court reversed the finding of the -lower court and gave the decision to Henry Ford. - -The original suit in the lower court was begun against Ford in 1903, -so that his fight against the first and only automobile “trust” was an -eight year war. - -But during it all, he never faltered in his activities in perfecting -his car and making his elaborate preparations to build and market it. -His confidence in his final victory was not affected in the slightest -degree. He went on, pursuing his object with unruffled mien. - -It must have been a trying brand of chagrin that the gasoline car -manufacturers, who had tamely submitted to their first setback in -the effort to slip the fetters of patent rights, had to wear around -with them. They had looked askance at Ford. They feared he was likely -to kill the automobile “game” by putting out a car that would make -automobiling common, and put a damper on the purchase of the cars -they made, by people who could afford to buy them. At best, he was -calculated to be a disturbing element in the business—probably driving -down prices to a point where there would be no profit in them. - -And here he had been the savior of the automobile business. - -Many men have written letters that have been their undoing. Selden had -made an entry in a personal notebook or diary that brought about his -downfall and the loosening of his grip on automobile manufacturing. - -The ground on which the United States Circuit Court of Appeals decided -for Ford and against the Selden patent was that the intent of the -inventor had been to patent a motor designed after the type of a motor -invented by Brayton of which the Ford motor was not an infringement, -and not after the type of the gas engine of Otto the German, of which -the Ford motor would have been an infringement, and that Selden had -clearly disclosed this intent, as evidenced by a slurring entry in -his diary regarding the four-cycle Otto engine, characterizing it as -“another of those d—d Dutch engines.” - -The Otto engine for stationary purposes was in use before Selden filed -his application for the patent, and if he did not intend the patent to -cover an engine of that type he had no hold on the manufacturers who, -with scarcely a single exception, were making automobiles, with motors -patterned after the Otto type. These manufacturers could have done what -Ford did—taken the case up and got the same decision, but they didn’t -do it, thereby making Henry Ford the emancipator of the automobile -industry. - -This delivery by Ford of automobile manufacturing from patent restraint -and his quantity production idea, without any other of the many things -he has done, would have made Henry Ford what he is—the most commanding -figure in the automobile industry today. - -There can be no doubt that the very existence of the Selden patent with -the rights it conferred to tax every single automobile, was a deterrent -to the growth of the business, because with the wiping out, through -Ford’s court victory, of the right of William C. Whitney’s Electric -Vehicle Company to take toll of all gasoline autocars produced, -encouragement was given to capital to invest more largely in the -business. - -If, in the springtime, the season when the grass begins to sprout, you -remove an old door that has lain flat on the grass all winter, the -grass in the space covered by that door will literally spring up. - -So when the lid—the Selden patent—was lifted from the automobile -industry, it sprang to the front. The year 1911 was the epochal year -in volume of production in the business. From that year dates the -present era of automobile high production. It wasn’t that many new -companies entered the field. It was that those already in it expanded -and increased their output. There was no longer an Old Man of the -Sea, in the form of a tax on production, clinging to their necks and -shoulders. The age of standardization had come, and the soundness of -Ford’s quantity production idea had been demonstrated. Thence on, -the automobile industry had a clear course, if not in all cases easy -sailing, and it has traversed it on a straight line, with a current of -popular demand running strong in the direction it has been headed. - - -GASOLINE CAR IN POPULAR DEMAND. - -Pioneers in manufacturing gasoline cars during the period beginning -at the time—1898—when the first gasoline car, a Winton, was sold, -were Clarke Bros., makers of the Auto-car, E. R. Thomas whose name -the Thomas Flier took, Stearns, Chalmers, Jeffery, Wilkinson, who -designed the Franklin car, Olds who changed from steam to gasoline, -Brush, Ford, Leland who produced the Cadillac, Haynes and Apperson. -Many familiar cars came into the field later, or were developed and -advertised by men who became identified with them at a later date. -Although its manufacture was started in 1903, the Overland car, which -ranks second to Ford in quantity production, did not become the factor -in the industry it is today until John North Willys, a salesman, -became identified with it and gave it its remarkable vogue through his -personality and spectacular salesmanship. - -The gasoline car was struggling to perfection when the electric and -steam types of cars were reasonably well established on the market. - -In 1896, New England saw its first motor race of electric cars. The -names of make or makers of electric cars familiar from that date -on include those of Riker, Pope, Waverley, Baker, Woods, Barrows, -Studebaker, whose first cars were electric, Columbus Buggy, Rauch & -Lang, Detroit, Ohio and Anderson. - -But the electric car industry never has reached the proportions of the -gasoline car industry. It has never advertised in the lavish manner -adopted by gasoline car makers. It has not entered races to the extent -its gasoline competitors have. It adopted conservative methods which -have given it a slow growth. It is only within the last five years that -shaft drives have been perfected in electric car construction, while -producing controllers that would not arc, whatever the provocation, -have been matters of slow evolution. - -But that the electric car is a perfectly balanced piece of mechanism -and the one type of the automobile with the least fits and starts, is -conceded, and this superiority will doubtless enable the electric type -to make up in the future in the motor truck field what it has lost to -the gasoline type in the passenger field. - -If the passenger automobile has not reached the length of its use and -consumption, and it unquestionably has not, what shall be said of the -freight automobile, the industry in which is yet in embryo? - -The greatest future field for the automobile is without doubt in this -direction, as is evidenced by numberless indications. - -The increase in motor trucks made in 1916 over 1915 was within less -than 8,000 of being double the number of the previous year. The number -produced in 1916 was 92,130, against 50,369 in 1915, with an increase -in retail value of $40,000,000. A business that nearly doubles in -product while showing an increase in total sales of only 33-1/3 per -cent, as the automobile truck business does, is seen by analysis to be -getting the price of its units down, and that is the surest means in -commercial production to insure increased consumption. - -Perfected devices are operating in the motor truck field as they did in -the passenger car field to lower cost, and the lower the cost of motor -trucks is gotten down, the more people will buy them. - -The field of the motor truck’s usefulness is ever widening. The -European war has demonstrated many directions in which it can be -utilized, while its adaptation to the country is as feasible and -economical as its adoption by the city. Its use by national, state and -city governmental departments is growing rapidly, and the best evidence -exists of its superior economy to the horse for many purposes. And when -the high wave of motor truck use rolls in, the electric type will be -found riding on its crest. Already there are upwards of 50,000 electric -trucks alone in use. - -The electric passenger car, while far behind the gasoline car in the -race of automobiles, is distinctly in the lead of the steam type. -Never was the biblical saying, “and the first shall be last,” truer -than of the steam automobile. First to arrive at the starting line, -it was distanced early in the quarter stretch. The first steam car in -the United States was sold in 1889, the first electric in 1892 and the -first gasoline in 1898. And though it had a start over the gasoline car -of nine years, it was never able seriously to compete with it, and 1905 -saw only one large manufacturer left in the steam car industry. - -At one time, about 1900, it looked as though steam and gasoline cars -were running neck and neck in popular favor, and the names of Riker, -White, C. E. Whitney and Stanley were as well known almost as those of -Ford, Chalmers and a score of gasoline car makers are known today, but -the contest was a short one. - -The gasoline car forged ahead. Its success discouraged the steam -car makers, most of whom changed from steam car to gasoline car -manufacturing, and the business of steam car making narrowed down to -two manufacturers—Stanley and White. Finally, in 1911, White gave up -making steam cars and devoted his facilities to gasoline cars only, -leaving Stanley to share only with Doble in the steam field. - -The reason why the car buying public gave enthusiastic patronage to -gasoline cars and scant encouragement to steam cars was that the use -of the steam car requires more mechanical knowledge than does that of -the gasoline car, and the work of making repairs is more complicated. -The man of today wants to do a thing in the easiest way. His education, -through the conveniences supplied in modern life, is all along the line -of short cuts to anywhere and anything. “Why work when you don’t have -to,” is his motto, and he has never been able to see why he should take -the time to become a proficient mechanic to give himself pleasure, when -he can buy a gasoline car and escape doing so—and much work in running -his car and repairing it, as well. - -The steam automobile reached the zenith of its vogue prior to 1905. -Beginning with that year, its use declined and that of gasoline cars -increased. The gasoline type is now almost universal in passenger -automobiles, and the fact that the power units in the operation of the -gasoline motor are more economical than either electricity or steam, -has its bearing on their general popularity. - - -AUTOMOBILE DEMAND MADE ACCESSORIES NECESSARY. - -A history of the commercializing of the automobile which does not make -mention of the manner in which the development of the industry called -into being an almost endless list of incidental and accessory products, -is not complete. - -The production of the finished automobile involves a multiplicity -of units, and as no automobile manufacturer makes all of these, but -depends on independent factories for certain of them, there has been -a multiplication of enterprises supplying products entering in the -construction of automobiles, whose development and financial success -have kept pace with those of the automobile itself. - -Foremost in the list of accessories for the automobile are tires, and -the industry in this product is of vast proportions. The production of -automobiles—passenger and freight—having been 1,617,708 in 1916, and -the manufacturers having delivered each of these vehicles complete with -a set of four tires, the number of tires required for 1916 sales of -automobiles alone was 6,470,832. - -But the tires put out with new automobiles form only a slight -proportion of the total tires sold by tire companies. It is stated -that each of the over three million cars in use in the United States -consumes an average of eight tires a year, so that automobile buyers -are purchasers of probably 20,000,000 tires a year. - -The pneumatic tire was one of the greatest factors in giving the -automobile business its impetus. Charles Goodyear, in a broad sense, -laid the foundation for popularizing the automobile, when, by -accidentally dropping rubber on a stove, he discovered the principle of -vulcanization. - -The development of the automobile was retarded for years, because, -while iron shod horses, it would not successfully shoe automobile -wheels. The greatest obstacle to the mechanical perfection, as well as -to the development of the automobile by general adoption, were road -shock to the automobile and mutilation by the automobile of the roads. - -The pneumatic tire removed both obstacles simultaneously. - -The pneumatic tire was invented by an Englishman named Thompson, who -patented it in 1845. Dunlop, an Irishman, was the pioneer manufacturer -in 1888, and Michelin of France first applied it to the automobile. - -The manufacture of body parts is obviously a tremendous industry, and -while the body is a prime essential to the automobile, it was a part -that existed in horse drawn vehicles, and, therefore, did not play the -part that the pneumatic tire did in accelerating auto development. - -Comparable in importance to the tire was the nonskid chain, the -invention of Parsons, an English engineer, who patented it in 1903. As -the pneumatic tire enabled the automobile to be used more successfully -and in larger numbers in good weather, so the nonskid chain enabled -it to be used in bad weather. Prior to its adoption automobiles were -used to only a limited extent in wet or slippery weather. Its adoption -is credited with having added one month a year to the possible use of -every automobile, a result which would naturally increase the number of -automobiles used, through making them more efficient, and by decreasing -the life of a car through added use. - -Next in importance in extending the field of purchasers of automobiles -was the self-starter, the invention of Coleman, who, though little -known to the public, is the inventor of so many things in electrical -use as to be comparable to Edison. - -The electric self-starter is credited with creating a million -automobile buyers, a large proportion of whom are women, and with -having added nearly 15 per cent to the service of the motor car. - -Other aids to the successful commercialization of the automobile are -solid tires, invented by Grant in 1896; the demountable rim, invented -by Perlman in 1906; sliding transmission, the invention of Dyer; the -nonskid tread, and chambered spark plugs, the latter invented by -Canfield in 1898. Of minor improvements, of which there have been -scores, the most notable were those of side doors, introduced by Marmon -in 1902; tops to bodies, introduced in 1903; speedometer, gasoline -pressure system, carburetor, shock absorber, electric lighting and oil -gauge. - -The evolution of the automobile has been facilitated by every -improvement which makes it easier of operation, and the sale of motor -cars has been increased by them. - -The more one reviews the advance made by the automobile during the -seventeen years of its commercialization, the more one can appreciate -the feverishness characterizing its production, which can be seen and -felt by anyone who visits the automobile manufacturing sections of -Detroit, Cleveland, Indianapolis or Toledo. The demand is so great -for automobiles, and they are being bought in such numbers, that the -factories producing them work at a speed and under a pressure such as -are paralleled in our industrialism only in munitions of war plants. -Busy are the cities where automobile manufacturing forms an important -industry, and busy they are likely to continue for years to come, for -as a commercial industry the business of making and selling automobiles -has not yet even approached high water mark, in the opinion of those -best qualified to judge. - -The country districts have yet to be heard from in louder tones. The -possibilities of the automobile in the country, from a commercial -standpoint, constitute a fascinating subject for speculation. Although -there are over 6,000,000 farm families, only 300,000 automobiles were -bought by them in 1916, indicating that the rural element so far has -not really begun to take hold of the automobile, because the normal -yearly sales of horse drawn vehicles, most of which were sold in the -country, prior to the automobile’s adoption, were over 1,000,000. - -By far the greatest proportion of motor driven vehicles bought in the -country are now passenger vehicles. When the farmer wakes up to the -economic superiority of the motor truck and motor tractor over the -horse, the sales of other forms than passenger cars in the country will -scarcely have any bounds. The best grounds for this belief lie in the -fact that at present there are 5,000,000 horse drawn vehicles in use, -against less than 300,000 motor trucks. - -In this development of the motor freight vehicle in the rural -districts, the matter of education will play its part, as it does in -all evolution, but slowly, as it always does. - -Just as the creation of farm products as a whole is being increased by -educational means, so will the use of the motor wagon in place of the -horse be increased by the farmers’ information and knowledge of its -advantages and saving. - -When the farmers all learn and realize the full extent to which -the use of the work automobile pays dividends on their labor, the -commercializing of this vehicle will be in quantities probably -exceeding those of the passenger car. - - -CO-OPERATION’S PART IN THE AUTOMOBILE’S COMMERCIALIZATION. - -If there is any one idea more than another that is productive of -results in development of large proportions, it would seem to be that -represented by co-operation. - -Individuals may make successes, but they are successes that are limited -in their proportions. - -The era of greatest material development in this country has been that -in the period represented by the last quarter century. This is shown in -the fact that our national wealth during that period has increased in a -ratio unparalleled in any previous period of time. - -Only a little reflection will show that same period to be that period -in which the value and benefits of co-operation in business as a whole -were realized and taken advantage of. - -The principle of co-operation has been known since man learned to -reason. It was applied in the building of the tower of Babel and -of the Pyramids. The foundation of it was a fact that man early in -his evolution from the cave stage discovered—a simple fact plainly -demonstrated, when primitive human beings found that one man could -not lift a battering-ram, but that twenty men could make of it an -instrument with terrifying powers of destruction. - -An aspect of co-operation that was slow in imposing itself on the -understanding of the business world was that if a man conceived a -new idea, and he concealed it from others, he was not only depriving -others of its benefits, but himself as well. In locking the door on his -idea, he locked himself in. He did not reflect that the world rests -on a foundation of co-operation; that nature is co-operative; that -without co-ordination between the planets in space, the cosmic void -would not continue to be occupied; that co-operation is the invisible -chain linking together the world, sun, moon and stars, and without the -binding twine of co-operation they would fall apart like the stalks -from the sheaf when unbound. - -Almost every valuable lesson might be learned from nature if we knew -and fully understood her laws, and co-operation is one of the most -potent of these laws. But it took man a long time to learn even the -rudiments of this law of co-operation—that it supplied a force of a -hundred horsepower where one horsepower was used before; that its moral -influence was tremendous, and that it was to business what the steam -radiator, internal combustion, or the electric storage battery was -to the horseless carriage—a means of propulsion, a driving force, an -agency of high power to produce progression. - -There can be no question that the automobile industry had, in the era -in which fate decreed it should make its debut, favorable conditions. -Not only did this era happen to be the era of a better understanding -of the science and value of advertising, but also the era in which a -better understanding has been gained of the principle and value of -co-operation. - -Standardization in the automobile industry, as has been said herein, -was an important factor in popularizing the motor car. But how could -standardization have been brought about without co-operation? - -Producers of automobiles, even, did not immediately adopt the real -spirit and practice the true principle of co-operation. They formed -an association with that purpose, but in the first meetings they -approached the matter of genuine co-operation like a man walking in his -bare feet on ground strewn with broken glass. - -They kept up the practice of secretiveness; each man was afraid to “put -the other man wise,” still clinging to the ancient practice of hiding -his light under a bushel—an impulse founded on that same semi-savage -selfishness of primitive man which impelled him to hug to his hairy -breast the shin bone of his “kill,” while eyeing his fellow man with -fear, hatred and distrust. - -Gradually, through the influence of minds more original, independent -and far seeing, the glacial reserve was thawed out, and automobile -producers began practicing co-operation in its unrestricted, -untrammelled form. - -With the genial, warming rays of co-operation turned on the industry, -problems of vast quantity production at remarkably low cost, easy and -rapid assembling, inexpensive maintenance, and the vexatious problems -of freight movements to bring in raw material and take out the finished -product for distribution, became no longer work, but fascinating -play. Thus does co-operation make an elysium of the workshop, turn -the darkness of gloom into the light of day, and give grounds for the -belief that if the millennium ever comes, co-operation will be the -vehicle it will be transported in. - -At one stage of the American automobile industry, the European cars -displayed a strength and sturdiness so superior to ours that our -manufacturers nearly despaired. This was another crisis of many in -the industry. But co-operation enabled the cause to be found and the -crisis to be met. The European manufacturers knew why their cars stood -up better than ours, but they wouldn’t tell. This was the same old -dog-in-the-manger that has helped to make the world’s progress slow. -So our manufacturers, co-operating, went to work and found out for -themselves. Tungsten, vanadium and chromium spelled the reason. The -Europeans had been using these and other alloys, and with scientific -heat treatment had been producing a special steel, and keeping it -strictly to themselves. - -Trust the peeking, inquisitorial, persistent “Yankee” to find out when -he once gets well started on the scent. And when there are a lot of -them, all peering and peeking about, what chance has the poor European? -But it is to be doubted if one “Yankee” could have “tumbled” to chrome -steel. It took a combination of them to do it. They didn’t discover the -secret until they were banded together by co-operation. - -Co-operation contributed to the general adoption by the motor industry -of the automatic machining of parts. What that meant in economic -production was the saving of millions in cost of construction, which in -turn got the automobile down to the level of the common people’s price. - -In the adoption of the system which substituted the “machining” of -automobile parts for hand production, the industry instituted savings -of time and labor and therefore cost, one instance of which illustrates -the almost incredible potentialities in scientific economy. - -A block of cylinders, which takes eleven hours to bore by hand, is -bored in two hours by automatic machinery. - - -WORLD YET TO LEARN THE LESSON OF ECONOMY. - -Will the world as a whole ever learn thoroughly the lesson of what the -saving of time means in its equivalent of money? Full realization -of this is practically confined in this day and generation to some -manufacturers, and to most efficiency experts. But the great mass does -not acutely see it. - -The farmer knows that if he takes four hours to go to town when it is -not necessary, he has lost the money represented by four hours’ work. -That is plain to him, but it does not strike him that taking four hours -to haul a load of grain to town by horses when it would take only one -hour to do it by motor truck is throwing money away, and is an economic -waste only in another form. Nor does he quickly see that a motor truck -will perform service more economically than the horse, including -cheaper cost of maintenance. - -He also appears unable to get the same viewpoint on the economic loss -by bad roads, that he does of wasting four hours to go needlessly to -town. - -The farmer has long had demonstration of the economic superiority of -the mechanical reaper over the hand cradle, that of the mechanical -thresher over the flail, and that of the drill over sowing by hand. But -he is slow to see that the motor truck is superior to the horse and a -factor in greater economy as the reaper, the thresher and the drill -were superior to man, while at the same time his liberator from the -hardest types of labor, and an economic saving to boot. - -When all farmers learn the full facts of the superiority of motor -mechanism over horses, only one instance of which is that their cost -per mile haulage is 16-2/3 cents, against 30-7/10 cents for the horse, -a wider use will result. It is only the highly developed efficiency -expert who yet can count a minute of time in its equivalent of cents, -and an hour in its equivalent of dollars. The automobile industry has -had the benefit of the highest quality of efficiency generalship. - -Chalmers was making $70,000 a year with the National Cash Register -Company when an automobile company secured him by promising more. -Flanders was offered by Ford, in addition to his salary, a bonus of -$20,000 if, in the first year of his administration, he would turn out -10,000 cars. By installing the first automatic machine tool system, -which itself was mechanical co-operation, Flanders collected the bonus. - -No industry, except perhaps oil or steel, has paid men such salaries, -bonuses and commissions as has that of the automobile. - -Co-operation by the automobile industry has been pursued in its public -shows for seventeen years—the period of the industry’s greatest -strides—beginning with the first one in 1900 in Madison Square Garden, -New York. The Seventeenth annual auto show was that in New York and -Chicago in January, 1917. - -There are many lines of industrial production in which to this day the -factors have not gotten together in co-operation, lines in which each -producer is working alone, and it is noticeable in many of them that -development is slow and advancement tardy. - -The automobile makers early applied the principle of co-operation -by formal association. They organized the National Association of -Automobile Manufacturers to advertise automobiles at the first auto -show in New York, and to “encourage general practices of mutual -benefit,” a statement of principles that is brief but sweeping. - -Stimulating influences in the formation of this, one of the earliest, -and one of the most comprehensive and sincere co-operative industrial -associations, were the necessity for presenting a united front, which -legislation adverse to the automobile created, and of popularizing and -inspiring confidence in an innovation. Co-operation was further made -imperative by the necessity for better roads. Had the roads of the -United States been better than they were when the automobile first -came into being, the industry might by now be able to write its annual -production in larger figures than 1,600,000 cars made in 1916. - -That the automobile associations have the true principle of -co-operation and not the semi-true or false variety, is evidenced by -the fact that their co-operative efforts have been from the start for -the benefit of the industry as a whole and not for the benefit of -members of the associations alone. They have always admitted to their -councils all manufacturers, whether association members or not, and -co-operated on a free and full basis. - -Broad liberalism has been practiced. The many young men engaged in the -industry have been credited with this. Coming into the business arena -at a late date, they were not handicapped by prejudices and hardening -of the arteries of open-minded thought. They believed in the principle -of “one for all, and all for one,” which is the keynote of co-operation. - -As the world has these men to thank for the constantly enlarging -pleasures and comforts of the automobile, so it has them to thank for -such good roads as there are, for it is as certain that automobiles -have improved roads as it is that automobiles exist. - -The organization of the National Association of Automobile -Manufacturers was followed by that of the co-operative Association of -Licensed Automobile Owners, organized to resist the tightening of the -clasp of the licensor of the Selden patent rights, and by the Society -of Automobile Engineers, and still later by the American Motor Car -Manufacturers Association. The Automobile Board of Trade followed, -and today the trade association is the National Automobile Chamber of -Commerce. Fostering trade, reforming abuses and promoting harmony, were -steadily the aims of all the organizations, and how well they have done -it is attested by the fact that no association of producers has better -demonstrated and more completely justified the valuable principle of -true co-operation. - -Standardization in the automobile business has never discouraged -individuality of the manufacturers in the essentials of form or speed. -It was confined to those directions where appearance was not important. -It never extended to bodies, stream lines or designs that would deprive -a manufacturer of distinctions and selling points. - -It is standardization of detail—uniformity of screws, locks, washers, -spring and bearing parts, water connections, etc. Co-operation -has been practiced intelligently, and the result has been that -standardization favored economical manufacturing by creating a large -demand, calling for quantities that fostered specialization in parts by -manufacturers, with resulting low cost to the automobile maker. It also -left him free to center his efforts, energy and capital on production -in quantity, and himself get down the price of the finished automobile. - -To the thinker, one of the most interesting features of the automobile -industry is this example it has given to the world of efficiency and -co-operation. We are not surprised at efficiency in the steel business -or the oil business, because they are industries conducted practically -by one man power; and if autocratic rule is not efficient, its last -excuse for being might appear to have ceased to exist; but to find -several hundred different manufacturers with divergent ambitions, -ideals and interests benevolently engaged in co-operative competition, -justifies, it would seem, that optimism which sees the world as growing -better. - -Certainly if “by their works ye shall know them,” the progress made -by the automobile industry in the short space of time it has played -the star part on the industrial stage, has been the most splendid -demonstration of the value in commercial industrialism of the -tolerant, broad minded type of co-operation, coupled with efficiency. -It is an example of the value of harmonious co-ordination of the -differing efforts of man in advancing the material progress of the -world, and in the case of the automobile industry, the best assurance -of its continued advance as the moving force in the production of one -of the greatest and most beneficial forms, not alone of transportation, -but of mind culture, of healthful relaxation and of sane recreation. - - - - -CHAPTER IV. - -AUTOMOBILE INDUSTRY AS AN INVESTMENT. - - -A dozen years ago dictionary publishers vied with one another to be the -first to announce that new editions of their wordbooks contained the -word “automobile.” - -Today the automobile industry is the fourth in magnitude—only three -others that are larger. - -Is your imagination equal to the task of forming a vivid picture of the -tremendous activity that has been maintained to produce such results in -so short a time? - -Do you know of any other industry in which money could have been at -work in as great a creative capacity? We will not say in a capacity to -produce immediate profits, because so far the automobile industry has -been largely in the building, in the creative state. - -In 1899 we produced 3,700 automobiles, in this country. In 1915 -we produced 842,249 cars, and in 1916 the production reached the -unexpected number of 1,617,708 cars. - -The value of the production in 1899 was $4,750,000, or about $1,283 a -car. In 1916 the value was $972,336,400, an average of a little over -$601 a car. - -In 1916, also, we produced 92,130 commercial vehicles, valued at -$157,000,000. - -And this is not all. A comprehensive survey of the automobile industry -will include the industries that the automobile has created, as -manufacturing tires and accessories, and not to forget the enlarged -market for gasoline and oil. As the jokesmiths have it, “It isn’t the -original cost, but the upkeep that counts.” - -For illustration, in the matter of tires, C. H. Williams, of the -Goodyear Tire and Rubber Company, who is in a position to know, said -that in 1916 the motorists of the United States took from their wheels -and replaced some 9,000,000 tires, representing an expenditure in that -year of about $300,000,000 for tires. - -Any motorist can draw from his experience and compare the expense for -tires with that for gasoline, and from these tire expense figures -arrive at a reasonably accurate estimate of the tremendous amount of -money that was used in 1916 in paying for gasoline to run automobiles. - -By way of an interpolation, it may here be remarked that these tire -figures show that there is one problem in the automobile industry that -the engineers still have to solve, and that is to produce a wheel that -will give satisfactory service without requiring a pneumatic rubber -tire. - - -LITTLE ORIGINAL CAPITAL INVESTED. - -The remarkable thing about the automobile industry is that, in -comparison with its present magnitude, there has been but little -original capital invested in it. Today the industry represents a large -investment, to be sure, but the bulk of it is made up of profits on -the original small investment. Companies started with small original -capitals, made money, and used some of it to enlarge plants and -increase outputs, until today we have the gigantic institutions that -some of these companies are. - -The automobile industry has been and is one of the most convincing of -modern proofs of the efficacy of the science of investment in operation. - -During the first few years of experimenting, before the engineers -produced a car that would run in a reasonably satisfactory manner, -the industry offered investors only what might have been called the -inventor’s chance. These years were followed by a short period devoted -to determining whether there was a market for the automobile. - -During the time of experimenting and determining the market the -average person could not be expected to become very enthusiastic -over an investment in the industry. The average person has not clear -vision in matters of this kind, and, lacking vision, he can not bring -imagination to his aid. - -And in those early days it required clear vision, good imagination -and exceptional ability to reason from probability to fact to see the -coming greatness of the automobile industry. - -A few courageous men had this vision and this ability, and to them is -due all credit for the establishing of the industry. In time others -might have done it, but these men did it. - -The making and marketing of automobiles that would run had but fairly -begun when their popularity became so manifest that even an average -person could see that the automobile industry was bound to become great -and profitable. - -Here, then, was an opportunity for scientific investment that was -prodigious in possibilities. - -Those who were intelligent enough to see it and progressive and -courageous enough to avail themselves of it, and did so, today form -another set of rich men. - - -DIFFICULTY IN GETTING CAPITAL. - -The industry had great difficulty in getting capital. It was a new -line, a new venture. Bankers and other “conservatives” could see -nothing in it. They used their pet weapon of crying “speculation”, -“hazard”, “risk”, and so on, to keep people from investing in it, and, -of course, did not invest in it themselves, or aid it in any way to get -started. - -But since the beginning of this century, when the automobile industry -began growing, many of our people have, among many other things, built -the great automobile industry into what it is, and made money. Not only -this, but they will build it still greater, and make still more money. - -Before we get through with this little analysis we will see that the -automobile industry has not been more than half built thus far, and -that the really big profits in it are yet to come, because so far much -of the profits have been used in building the industry. - -This industry is, therefore, a fertile field for scientific investment. -Many companies that are quite well established need more capital to -enlarge their activities, and there are comparatively new companies, -and there will be more, having very good propositions in which the -prudent investor can find excellent openings for putting a little money -at work under advantageous conditions. - - -DEALERS PUT UP THEIR OWN MONEY. - -In speaking of the early financiering of the automobile industry, it -would be unjust not to mention the aid that automobile dealers gave -it. It is a fact that if dealers had not supported it in the way they -did, it would not be where it is today. - -Bankers who could have furnished the money and should have done so, did -nothing. They were too “conservative” to recognize a new industry. - -And so dealers stepped into the breach and became bankers to the -industry. - -In the days when the automobile manufacturer was confronted with the -problem of getting money to pay for making cars for which he had or -could get orders, some financiering genius devised the plan of giving -the dealer exclusive territory for the sale of a car. In return the -dealer placed an order for a certain number of cars to be delivered in -small lots from month to month throughout the period of the agency. - -Another consideration for this exclusive agency was that the dealer -made a cash deposit on each car at the time of entering into the -contract. The monthly shipments were then made C.O.D. for the balance -due on the cars in each shipment. - -The advance deposit enabled the manufacturer to make cars for the first -shipment, and the collection on the shipment enabled him to make cars -for the second shipment, and so on. - -To manufacture and sell 1,617,708 cars in a year, as we did last year, -appears like an impossible task, especially when we consider that only -a negligible number was sold abroad. - -The fact is that nearly all the manufacturers, especially those of -popular cars, could have sold many more, had they had the facilities to -make them. - -In the midst of this condition some persons of narrow vision were -wondering if there was a further market for cars, and were talking -learnedly, as they thought, about the point of “saturation” having been -reached. - -In the meantime the big men in the industry were saying nothing. -Instead of talking, they were laying their plans to make and sell twice -as many cars in 1917 as in 1916. - - -PRODUCTION NOT YET AT ITS HEIGHT. - -There will come a time when the automobile industry will reach its -height in production, but that time has not yet arrived, nor is it -within calculable distance. - -Statisticians show us that there are over 5,000,000 rich people in this -country. Many of these have, and more of them will want, each several -cars, each of a different type and for a different purpose. - -We have about 8,000,000 farms. Many farmers already have cars, but only -a few compared with the many who will have them as soon as they have -become convinced of their utilitarian value aside from pleasure. The -farmer is a practical person and “must be shown.” Give it time, and the -automobile will prove itself to him. - -Then we have several million persons who can not be classed among the -rich, but who are in such reasonably comfortable circumstances that -gradually they will become owners of popular priced cars. - -And we must not forget the element that is “keeping up with Lizzie.” -Those of this class will also pay toll to the automobile industry. - -And so far only between three and four million cars, including pleasure -and commercial cars, are registered in this country. - -Talk about the point of saturation. As yet it hasn’t begun “casting its -shadow before”, much less having arrived. - -Nor does it require prophetic vision to say at this time that the -commercial car is destined in due time to surpass the pleasure car in -number. - -So far the commercial car has but fairly been tested. In 1915 we -produced 50,369 commercial cars. In 1916 the number reached 92,130. -From now on this branch of the industry is likely to increase more -rapidly than did that of the pleasure car. - -It has already been proved that the commercial car has a possible -larger field than has the pleasure car. - -A man may not feel that he can afford a pleasure car, but his business -is such that a commercial car is profitable in it. - -Then again a man may have two or three pleasure cars, but in his -business he may have use for two or three hundred commercial cars. - -The business world is just beginning to realize the value of the -commercial car. Not only does it cost less by the ton or trip to haul -in a motor car than with horses, but more can be accomplished in the -same time. The teamster may require six hours to make a trip that the -motor car driver can make in less than an hour. Business men, great and -small, will soon learn this, and the commercial car industry will grow -accordingly. In fact, the demand is already ahead of the supply. - - -TRACTOR AS A PROMISING INVESTMENT. - -The tractor, a motor vehicle used to haul other vehicles or machinery, -is a product that must also be classed as a branch of the automobile -industry. - -It has already been demonstrated that a good tractor is the lowest -priced power that can be applied in the work of hauling tools or -machinery that must move forward to do their work. Also that it is the -only form of power with which a man can perform a prodigious amount of -work in a day. - -The tractor industry is, comparatively, in its infancy, but it has -already assumed substantial proportions. It seems destined, in one form -and another, to surpass the commercial car industry. - -Recently one of the Ford Motor Company’s leading engineers secured a -patent on a device to convert an automobile into a tractor. This is -done by substituting tractor wheels in place of the rear wheels of the -automobile, and by reducing the power transmission gear so that the -power of the motor will be used in pulling a load instead of giving -speed. In other words, the car in the form of a tractor will be run -very slow and the power saved in this way will be applied to pulling -the load. - -The wheels may be changed in a few minutes from pleasure to tractor, -and from tractor to pleasure. With this device the farmer can have his -car for pleasure and business trips, and when he gets ready to do farm -work he can convert it into a tractor to do the work of half a dozen -horses or more, and at very much less expense. - -A valuable feature of this invention is that when a car becomes worn -out for pleasure use it will still be as good as a new one to form a -tractor with this device. - -The device was thoroughly tested in all kinds of farm work throughout -the season of 1916, and found to work perfectly and highly -satisfactorily in every way. - -The progress of the automobile industry has surprised some of our -ablest economists, and it has given the long-faced, wiseacre, -conservative financier a clean knock-out blow. - -Having no precedent to guide them but human nature, the economists were -unable to arrive at satisfactory conclusions in regard to the future of -the industry and it ran away from their estimates. - -Mr. J. George Frederick, of the New York Business Bourse, is perhaps -in possession of more business facts, figures and data of all kinds -than anyone else in this country, and is regarded as one of the highest -authorities on business economics. - -“Writing on this phase of the automobile industry in the October, 1915, -number of the American Review of Reviews, Mr. Frederick said: - -“With 2,000,000 automobile owners today, and every indication that -the annual production will be more than the 703,000 produced this -year, we face in plain facts a probable annual sale of over 1,000,000 -automobiles every year, on an average, for the next five years at -least. Until the automobile became popular there were about 1,000,000 -carriages sold each year, and as these were undoubtedly sold mainly to -rural and suburban population there is sound reason to believe that -2,000,000 automobiles per year is not an extravagant future prediction -in the slightly more distant future.” - - -PRODUCTION RAN AWAY FROM ESTIMATES. - -Note that this was written at least three months before the close of -the year 1915. The production of automobiles for that year, as we have -seen, was 139,249 greater than that given by Mr. Frederick at the time -he wrote. - -The interesting thing in Mr. Frederick’s prediction for the future -is that the industry ran away from his estimate the first year after -he made his prediction. He prophesied a production of 1,000,000 -automobiles a year for the next five years. The following year, 1916, -the production reached 1,617,708 cars. This is not against him, because -the automobile industry is going forward by such leaps and bounds as -to smash all conservatism. His estimate but indicates that his further -prediction of a probable production later of 2,000,000 automobiles a -year is likely to be more than fulfilled. - -In this connection we must take into consideration that the earlier -made cars are beginning to wear out and are being replaced by new ones. - -Also that many persons who bought so-called cheap cars at first are -discarding them and buying higher priced new ones. - -The time will come, of course, when the sale of automobiles to new -users will begin to decrease, but as these sales decrease the sales of -cars to take the place of old ones will increase. When we reach the -time when the decrease of the one will equal the increase of the other -we will arrive, approximately, at the point of saturation that is now -worrying timid and unimaginative persons, and not until then. Every -feature of the industry indicates that we have not travelled more than -half the distance to reach that point. A more rational estimate is that -we have not travelled much more than a fourth of the distance. - -Until we reach that point the automobile industry will be in the -formative period, in the creative state. It will be growing larger -and larger, and will be earning more and more from year to year. But -some of the earnings will have to be kept in the business to acquire -additional equipment and as a greater working capital. But earnings -used in this way will become additional assets back of automobile -securities to enhance their values—to create accretive values. - -When the saturation point is finally reached the industry will settle -down to be one of our most stable and profitable manufacturing lines. -Not until then can the tremendous profit possibilities in it be -definitely reckoned. - - -EARLIER THE INVESTMENT, GREATER THE PROFITS. - -These conditions being true, it should be clear that the earlier an -investment is made in the industry, the greater will be the profits. -Spectacular profits will be made before the saturation point is -reached, and to get all the tremendous accretive values that accrue -in this industry the investment must be made at the beginning. The -further removed from the beginning the investment is made, the more the -investment will cost and the lesser will be the accretive value as well -as the income on the investment. - -This is a fundamental principle in the science of investment. - -When the saturation point is reached manufacturing automobiles will -settle into an industry to supply a daily necessity. There will be -keener competition, the price of cars will be lowered, and the profit -on each will be correspondingly less. The industry will be similar to -those of making hats, plows and shoes. It will carry a substantial -profit, but not a spectacular one as now and for many years to come. - -It seems, then, that, large as it already is, the automobile industry -is still in its comparative infancy—that it has before it a reasonable -possibility of more than doubling its present proportions. - -While there are several large companies that will continue to produce -large numbers of cars each year, it is not reasonable to expect that -these companies will grow from this time forward as they have in the -past. - -The expansion of the industry may rather be looked for in younger and -smaller companies that will put out cars to meet some particular demand. - -The investor in the industry could scarcely be said to be using good -judgment if he undertook to help to build a company to put out a car -to compete with the Ford car, for illustration; that is, to put out a -car at the same price and that he would expect the public to buy in -preference to the Ford. It may be possible that the thing can be done, -but off hand it would seem like taking an undue chance. - -Nor is a Ford proposition necessary to make money in the automobile -industry. This has been demonstrated sufficiently. - -The Ford car fills a particular want of many people, but in the main it -is a builder of the industry as applied to more elaborate and higher -priced cars. It prepares a market for others. - -The investor should seek to get into the business of supplying the -demand in that market. - - - - -CHAPTER V. - -BENEFITS CONFERRED BY THE AUTOMOBILE. - - -That the automobile is one of the greatest boons to mankind will -probably be admitted if all its benefits are fully understood. - -The best teacher, it has been demonstrated, is one’s own experience. In -learning anything, the mind can never grasp the lesson it is told, with -the same understanding it receives when the lesson is visualized by the -eye. - -Travel is acknowledged to be a good educator and to broaden the mind. -This is because the eye sees and takes its own impressions, and does -not depend on the impressions of others. Reading books of travel never -instruct as does travelling itself. - -The automobile is a healthful, exhilarating method of conveying people -to persons, places and scenes that, before the automobile, they knew of -only by hearsay, or by reading of them. - -To estimate the extent to which this informs and instructs, we need -only go back in memory to the isolated farm of a quarter of a century -ago, and vision the limited horizon of the general knowledge at first -hand of the farmer’s family. Practically all the current knowledge they -had was from reading, occasionally going to town or through visitors -whose appearance was rare and made at long intervals. Seeing a new face -in those days was a rarity. - -The situation with a majority of the people in the country, before the -automobile, was very much like the isolated farm family. It was like -that of the entire country before the advent of the railroad. - -No greater agencies for instruction in first hand knowledge than the -railroad, the steamboat and the telephone had been introduced into -civilization up to the time of the automobile. Now the motor car -penetrates into places where the railroad, the steamboat, or even the -telephone does not go. - - -MEDIUM OF DISTRIBUTION OF KNOWLEDGE. - -Exchange of ideas between people is the life of wider knowledge, as the -exchange of commodities is the life of world trade, and the automobile -is the medium of exchanging information as money is a medium of -exchange of commodities. - -From time immemorial the greatest advancement of the human race has -been made in groups; and the larger the groups, the higher the thought, -and the more progressive the accomplishments have been. Big cities have -surpassed small towns; small towns have been in advance of the country. - -The reason for this is the greater opportunity afforded by numbers -for the exchange of ideas and knowledge. The citizen of Rome or of -Venice had the advantage of personal contact with numbers of citizens -which the isolated rural Latin was denied, as the citizen of London, -Paris, New York or Chicago has, before his own eyes, the thought and -achievements of millions which the citizens of the country only hear of -or read about. - -The railroad first enabled the resident of the country to go to the -small town, and the resident of the small town to go to the big city, -and by personal contact gather the fruits of himself seeing the results -of community or group work, which, before, had been monopolized by his -city brother. - -The automobile supplements this work of the railroad, and is even -more widespread as it enables more frequent visits to be made, and -penetrates regions the railroad does not reach. What was a frontier is -now a suburb, while the suburb has become the downtown. The motor car -has opened up the far reaches as nothing else has done. - -Bigotry and prejudice are the fruits of ignorance. Where knowledge is -they will not abide. In enabling people to acquire knowledge in their -own way—the way that most impresses knowledge on them—the automobile -is changing the thought and the habits of the denizens of the entire -country. It is broadening the human mind, by giving it a solid -foundation to work on. - -In the courts of law, among judges, lawyers and court attendants, it -is notorious that no two witnesses ever testify exactly to the same -set of facts. There is a variation of detail, and many times there has -been such a difference in the statement of material facts that the -dispensing of exact justice has been defeated. - -This condition is ascribed to the fact that few people are trained -observers. The automobile is correcting this popular defect more than -any other one agency—by education. It is educating people to exact -observation and precise knowledge. - - -LIBERALIZING THE PEOPLE. - -The automobile is a factor in creating open minds. When one travels -extensively, notions and prejudices, based on false conceptions, are -amended and revised by observance of the facts. In this respect the -automobile is conferring on the masses a benefit which, before its -advent, was confined to the classes. Time was when broad and liberal -views were generally the possession of the rich, who alone could afford -to indulge in contact with their fellows many miles distant. Now the -automobile has aided in making broader views the possession of anybody -able to own a motor car. - -The degree in which the social life of the world has been benefited -by the automobile is the favorite theme of the enthusiast on the -automobile’s advantage to mankind. This phase of the automobile’s value -is of less importance than is its benefit in informing and enlarging -the horizon of the mind, but the social advantages which the use of -the motor car confers are not to be underrated in an age when the most -favorable mental conditions are recognized as of equal importance to a -desirable physical state. - -The happiness of the human race is added to by social enjoyment, and -the automobile is a most important link between isolation and human -intercourse. It has rendered the means of communication between -people so easy and pleasant that it has encouraged and increased -their association. Everybody is brought into greater accessibility -to everybody else. The farmer with his family can visit his neighbor -farmer and his family, many times now to once formerly. - -What was formerly a long, arduous journey taken at the expense of -pleasure as well as of time, is now an exhilarating spin. The farmer’s -wife and daughters can now go to town more frequently, and multiply the -number of their visits to friends. The automobile is the emancipator of -the farm woman, bringing the scope of her activities out of the narrow -circle of routine drudgery and monotony into the larger circle of -inspiring activities. - -Farm women’s clubs have been given an impetus, through the fact that a -woman may attend one in the afternoon with the assurance that by the -use of the automobile she can return home in sufficient time to get -dinner, which she could not do by the use of the horse. - - -FACTOR IN PROMOTING SOCIABILITY. - -The city man’s wife in the suburbs can visit her friends oftener -and more quickly, and the facility of speedy movement has given to -suburbanites the benefit of the last acts at the theatre and the opera, -whereas, before the automobile, they missed them in order to catch the -last train. - -The benefit of clergy has been immeasurably enhanced by the automobile, -which, also, in addition to being itself an educational agent, has -employed its speed and facilities in economizing time to increase the -attendance in the schools. There are districts in the United States -where children can not reach school in time without the use of the -automobile. - -What the automobile does for the city dweller, in enabling him to see -the last act at the theatre or hear the last act of the opera, it does -for the people of the farm in enabling them to spare the time to attend -dances, sociables, entertainments and motion picture shows. Where -formerly the time required to drive a horse made it impossible to spare -the time, now time is scarcely a factor. The change must inevitably -react to the advantage and benefit of humanity, if all work and no play -makes Jack a dull boy. - -The health advantage of the automobile is a subject on which there is -a difference of opinion among medics. The ordinary layman, however, is -disposed to cast his verdict in its favor in this respect also. Some -physicians have expressed the opinion that the only respect in which -the automobile is noticeably not a benefit is in the matter of health. -Some of them think it does not give people enough exercise, and that at -the rate its use is increasing it will not be long before man loses his -ability to use his legs! - -It would be a catastrophe indeed if the human race, through the -automobile, reverted to the condition when primitive man, according to -the Darwinian theory, swung by his hairy arms from tree limb to tree -limb, using his feet only as a stabilizer. But nobody, unless a writer -for a newspaper Sunday magazine section, is likely to maintain this -seriously, and he only pretends to be serious. - -Whatever man loses in disuse of his legs by riding, as compared with -walking, may be said to be made up for by his use of them on levers of -automobiles and in the other exercise or operation of a car. The fresh -air and the sunlight—the great outdoors—are the big health factors in -motoring, and man will go on taking a chance to experience these and -other delights the automobile has to give. - - -AS AN ELEMENT IN EUGENICS. - -And as still further offsetting the possibilities of decay of the human -legs, which certain physicians predict, more constructive medical men -have discovered that automobiling is becoming a factor in one phase of -eugenics. It may not receive endorsement as a benefit in all eugenics -as long as the charge can be made that since the use of the motor -car the birthrate in Kansas has decreased, the discoverer accounting -for this alleged fact on the theory that the expense of keeping an -automobile discourages Kansans from assuming the expense of large -families, but in one direction it is attempted to prove that the breed -of certain Americans is being improved by the automobile, and in this -way: - -In certain parts of the country, particularly the Southeastern states -close intermarriage is said to have been, in part, due to the inferior -facilities for transportation, before the automobile came into use. -Young men, it is said, courted and married their sweethearts, in the -days when the buggy was king of local communication, within an average -radius of five to ten miles, which accounted for people in those -sections being cousins or otherwise related to one another. - -Now that the automobile makes a thirty-mile or fifty-mile radius the -equivalent of the five-mile or ten-mile buggy radius, the swains are -seeking mates further afield, thus getting away from alliances with -relatives, and there is a consequent decrease in the mixing of blood -strains. - -If this is true, tally one more in the score of benefits for the -automobile, for it is the verdict of science that intermarriage between -those of the same blood does not produce the best types, any more than -does the interbreeding of other animals. - -But in enumerating the benefits of the automobile its economic value -easily comes next in importance to its service in imparting knowledge. -Its health value may be a matter of difference of opinion, and its -social benefits are comparative, but there can be no dispute about its -educational value, and still less about its economic worth. - -The factor time has taken on a new meaning and significance with the -automobile’s accomplishments in speed. Time is a vital element in -the affairs of life. If the automobile’s educational value can be -expressed by the adage, “Seeing is believing”, its economic value can -be similarly expressed by the adage, “Time is money”. - - -PART PLAYED IN ECONOMICS. - -Time is likewise life under some circumstances, and because of this -fact, the professional men who were first to make practical use of the -automobile were physicians, commandeering it in behalf of life itself. -How many lives have been saved by the automobile, which would have -been lost through the slow going gig or phaeton, it is not possible to -say, because there is, of course, no exact record, but the number is -large. The mortality of today among people is greatly reduced from that -of twenty years ago. The advance of science has, of course, brought -this about, but the automobile is an important instrument of medical -science, just as are the X-ray, the stethoscope and the pulmotor. - -And the same cause—the element of time—which operated in the adoption -of the automobile by the physician to the human body, has forced the -veterinarian to use the automobile. This is irony—for the horse—and -another nail in the equine coffin, but it is at the same time another -demonstration of the automobile’s superiority in efficiency over that -animal. - -The farmer demands that the veterinarian shall come in an auto to -attend his sick horses or cattle, because he will not take the chance -of death through delay. And this is scarcely gratitude—by the farmer to -the horse—but it is economic pressure. - -At every turn in the road of the automobile’s advance, we see its -economic value. We see in cities that the big department store is able -to cut down its delivery expense from $990 to $350 a day by using a -fleet of motor trucks instead of horse drawn wagons; that coal, ice, -groceries, feed—practically all commodities in cities—can be delivered -by motor trucks at a large saving of cost. Contractors, plumbers, -plasterers, tinners, and craftsmen in substantially all lines, -have figured it out and concluded that with the facilities of the -automobile available, the horse is a distinct economic waste in their -businesses. - -The possibilities of similar economy by the farmer in the substitution -of motor power for horse power have been indicated by many progressive -farmers who have by experiments demonstrated that the cost of hauling -and cultivating with motor wagons and machinery is less than by using -horses, but the general economic saving by the use of the motor vehicle -in hauling cannot get its fullest and conclusive demonstration until -better roads are more numerous. Where roads are nearly perfect, results -have shown the cost of horse hauling to be 30 cents a ton, against 14 -cents a ton by motor truck, by the mile, figuring everything. - - -INFLUENCE IN GETTING BETTER ROADS. - -By far the direction in which the automobile has forced on conviction -most strongly its economic potentialities, is in the matter of better -roads. No greater tribute to the educational value of the automobile -could have been paid than was paid to it by President Wilson when he -signed the Federal Good Roads bill which puts $85,000,000 of national -money against an equal amount by the states, into making better -highways. It was the popular demand for better roads, following the -general use of the automobile, that gave the country the improvements -made in roads in the last fifteen years, and it was the demand from the -same source for more of these improvements that resulted in the Federal -Good Roads law. - -Until the coming of the motor car the good roads issue possessed little -vitality. For seventy-five years the Federal government exercised a -passive policy toward building permanent highways. Railroads pushed -into virgin territory, cities sprang up along the right of way, but the -rural arteries of travel remained in the same hopeless condition as -when the pioneers waded through them afoot or on horseback. - -With the first motor car came the first feeble impulse to the good -roads movement. The first cars were sold to city men, who very quickly -found out that where city pavements ended, there ended all hopes of -further travel. Pneumatic tires availed nothing against trackless -stretches of gumbo mud or corduroy roads. With the mechanical -improvements in motor cars, the owners chafed at their limitations and -demanded better state roads. - -As a result of the agitation, many states have become active in -promoting their own road systems, and quite a little has been -accomplished in some localities; but the sum total of improved roads -in the United States today is only 250,000 miles out of a total of -2,275,000 miles of roads. The Federal roads bill will give an impetus -to state work on roads, and as its appropriation covers the next five -years, 1922 should see a large increase in the miles of improved roads -in the country. - -The results in benefit to the agriculture of the country in a general -system of good roads, will be most felt through the facility it -will give the farmer in marketing his products. With the aid of the -motor truck, the farmer may be able to meet, in many cases, the -congestion-of-freight-by-railroad problem. - -Adding to its other benefits, the automobile promises to be an element -in the reduction of the high cost of living, and if it does aid in this -it will be in two directions, first, as a freight carrier, and, second, -by displacing the horse. - - -FACILITATING THE PASSING OF THE HORSE. - -A horse, it is estimated, consumes each year the production of five -acres of land. There are 21,000,000 horses in the United States, and -therefore the fertility of 100,000,000 acres is enlisted annually in -behalf of this animal. If this area, which is as great as Ohio, Indiana -and Illinois combined, were released from this burden, and the products -were human food, a very large addition would be made to the food -stuffs of which the world is in such sore need. - -The elimination of the horse is progressing at a very rapid rate -in cities, and the prediction is made that it will come to an end -ultimately in the country, and that a horse in future will be only a -pet or an element in sport. Thomas A. Edison has decreed the horse’s -life for practical, general use, to be only ten years. Those who -foresee his passing on the farm say that automobile engineers are -working on small tractors which will be practicable in the cultivation -of farms as small as 60 acres, and that they will ultimately be gotten -down to a price which will not exceed the original cost and upkeep of a -horse, and will do more and better work in the field. - -The list of benefits conferred by the automobile is incomplete, if its -use in war is omitted. It has been said that it saved France twice -during its latest war. When the onrush of Germans in 1914 brought them -almost within sight of Paris, General Gallieni, then Governor of Paris, -rushed troops by the thousands in motor vehicles to the aid of General -Foch. They turned the tide and made possible the victory of the Marne. - -Motor trucks saved Verdun. The German advance had cut the French -railway connections. Horse drawn wagons never could have brought the -supplies. Motor trucks did. Had there been no such things as motor -trucks, nothing, it is claimed, could have saved Verdun. - -In war or peace, then, the automobile is a factor. As an agent in the -advance of civilization it occupies a secure place. It has doubled the -population of at least one city, and has given new life to others. - -In forcing good roads it has enhanced the value of agricultural land. -It is a well settled fact that the increase in selling price of farm -lands through good main market roads is from one to three times the -cost of the road improvements. - -The likelihood is that with the increased use of the automobile, -benefits from it will multiply. These benefits are, naturally, not as -great with only three and a half million automobiles in use as we can -well imagine they would be with the use of the motor car practically -universal for passenger, hauling and farm cultivation purposes. - -Much bigger things for the automobile than it has yet accomplished can -be safely predicted. - - - - -CHAPTER VI. - -REPORT ON AUTOMOBILES, AUTOMOBILE ACCESSORIES AND TIRE MANUFACTURERS’ -SECURITIES FROM A FINANCIAL AND INVESTMENT STANDPOINT. - -Compiled specially for use in this book by THE BUSINESS BOURSE -INTERNATIONAL, INC. New York City. - -(1) Economic history and its relation to stock trading in the -automobile industry. - -(2) Securities of companies traded in on New York Stock Exchange. - -(a) Names of companies. - -(b) Amount of stocks and bonds outstanding. - -(c) Par value traded in during 1906-1909-1912-1916. - -(d) High and low prices—range of each class by chart. - -(e) Dividends or interest paid. - -(3) Securities of companies traded in on New York Curb Market -1906-1909-1912-1916. - - (a) Names of companies 1906-1909-1912-1916. - - (b) Amount of stocks and bonds outstanding 1906-1909-1912-1916. - - (c) Number of shares traded in during 1906-1909-1912-1916. - - (d) High and low prices—range of each class by chart. - -(4) Securities on various exchanges in other cities and data for 1916. - -(5) Principal companies whose securities are not generally traded in. - -(6) Some leading examples of prices and terms and promotion plans upon -which securities were put out. - -(7) Newer entrants into the security market. - -(8) Security issues of tire companies. - -(9) Some leading examples of appreciation or depreciation in value of -such stocks since they were put out. - -(10) General comparison with - - (a) Railroad securities. - (b) Steel and iron. - (c) General industrials. - (d) Mining. - (e) Chart illustrating above. - -(11) Present trend of values of - - (a) Automobile securities. - (b) Automobile accessory securities. - (c) Tire securities. - -(12) Possible future trend in automobile industry as a basis for the -future outlook for 1917 on its securities. - - -ECONOMIC HISTORY AND ITS RELATION TO STOCK TRADING IN THE AUTOMOBILE -INDUSTRY. - -That it may be possible to comprehend the tendencies and probable -trend of activity in the motor stock market, it will be necessary to -look back at economic conditions which prevailed at the time of the -automobile’s infancy, and at the conditions during various periods -since then. - -No industry in our times has shown such phenomenal growth and in no -country has its development been so marked or reached such proportions -as in our own. - -In the earliest stage of the industry, the automobile was accepted as a -fad, and it has been stated that the American people took hold of the -fad as an intoxicant, paying as high as from $6,000 to $12,000 for a -car, and reveled in all the natural resultant vices of extravagance, -snobbishness, excess and carelessness. Houses were mortgaged and ruin -was accomplished for many who paid high prices and then could not stand -maintenance and repair cost. - -The relative effect on business then became apparent. Bankers protested -and entered complaint against the automobile as a degenerating factor -in life. Automobile manufacturers expanded lavishly, over-capitalized, -undertook to effect great stock-jobbing consolidations, until -conservative financiers took steps to stop the harmful waste and -inflation and many bubbles burst. - -During this period, therefore, stocks of the automobile group were -looked upon skeptically, and were scarcely known in the legitimate -market before 1912, with the exception of a few scattered stocks, some -of which are now altogether out of existence or merged in new companies. - -While stock trading did not come into general prominence until within -the last five years, it is agreed that economic conditions have had a -big influence in bringing about this recognition. - -In further considering the outlook in this industry, it is necessary to -analyze the buying power of the population. This will have a decided -effect upon stock activity, which the remarkable history of this -industry has placed in a class almost by itself. - -The people of the country never before enjoyed the money earning -possibilities now in order, but to offset this is the high cost of -all articles going to make up the necessities and luxuries of our -increasingly complex modern existence. - -In 1906 there were registered (mostly by buyers of an earning capacity -of $3,000 or more) 48,000 automobiles. Since then registration has -increased 5,000 per cent, due to the changes in the average price -of automobiles. Investigation shows that the average price of an -automobile in 1907 was $2,123, while in 1916 it dropped to $820. - -_The following chart shows the changes in the average price of -automobiles since 1904:_ - -[Illustration: Chart] - -In very few years this infant industry has grown to rank as one of the -most important in this country, and it is plain to see how conclusively -the industry’s influence has produced an economic effect upon our -national life. The farmer’s life has been made more attractive. Cities -have expanded into suburbs, thus affecting and influencing values on -both urban and suburban real estate. Good highways are demanded. Thus -it can be recognized the strong hold this industry has upon the nation -at large, nor do present signs indicate that it will cease to grow. - - -SECURITIES OF COMPANIES TRADED IN ON NEW YORK STOCK EXCHANGE. - -In making an analysis of this subject an expose along the following -lines will disclose a definite basis upon which to make a survey of -the history of past activity in the securities of a given industry, -comparisons with other parallel industries, the present condition of -markets for securities of these industries, and a forecast of what the -general tendencies are likely to be. - -The securities of the companies manufacturing automobiles, automobile -accessories, and tires which have been traded in on the New York Stock -Exchange for the years 1906, 1909, 1912 and 1916 are shown in the -following tabulation, which gives an interesting exhibit from which it -is readily seen how this young giant of modern industry is the product -of comparatively recent growth: - - 1916 1912 - Name High Low High Low - Ajax Rubber Co. 89-1/8 63 ..... ..... - Chandler Motor Co. 131 88 ..... ..... - General Motors Co. (C) 850 405 42-7/8 30 - (P) 128-1/2 108 82-3/4 70-1/4 - B. F. Goodrich Co. (C) 80 57-1/8 81 60-1/4 - (P) 116-3/4 110 109-1/2 105 - Kelly-Springfield Tire Co. (C) 85-1/4 56 ..... ..... - (P) 101 95-3/8 ..... ..... - Lee Tire & Rubber Co. 56-1/2 25-1/8 ..... ..... - Maxwell Motors (C) 99 44 ..... ..... - (1-P) 93 65 ..... ..... - (2-P) 60-7/8 32 ..... ..... - Saxon Motors Co. 84-3/4 63-7/8 ..... ..... - Stutz Motor Co. 79-1/2 48-1/2 ..... ..... - Studebaker Motor Co. (C) 167 100-1/8 49-1/2 30 - (P) 114 108-1/4 98-1/8 90-1/2 - U. S. Rubber Co. (C) 70-3/4 47-3/4 67-7/8 45-1/4 - (P) 115-1/4 106-1/8 116 105-5/8 - ..... ..... 85-1/2 75 - White Motor Co. 59-3/8 45 ..... ..... - Willys-Overland Co. (C) 81-1/4 34 ..... ..... - (P) 117 94 ..... ..... - Rubber Goods Mfg. Co. ..... ..... 107 105 - ..... ..... ..... - - 1909 1906 - High Low High Low - Ajax Rubber Co. ..... ..... ..... ..... - Chandler Motor Co. ..... ..... ..... ..... - General Motors Co. (C) ..... ..... ..... ..... - (P) ..... ..... ..... ..... - B. F. Goodrich Co. (C) ..... ..... ..... ..... - (P) ..... ..... ..... ..... - Kelly-Springfield Tire Co. (C) ..... ..... ..... ..... - (P) ..... ..... ..... ..... - Lee Tire & Rubber Co. ..... ..... ..... ..... - Maxwell Motors (C) ..... ..... ..... ..... - (1-P) ..... ..... ..... ..... - (2-P) ..... ..... ..... ..... - Saxon Motors Co. ..... ..... ..... ..... - Stutz Motor Co. ..... ..... ..... ..... - Studebaker Motor Co. (C) ..... ..... ..... ..... - (P) ..... ..... ..... ..... - U. S. Rubber Co. (C) 57-5/8 27 59-1/2 38 - (P) 123-1/2 98 115 104-3/4 - 89-1/2 67-1/2 87-1/2 75 - White Motor Co. ..... ..... ..... ..... - Willys-Overland Co. (C) ..... ..... ..... ..... - (P) ..... ..... ..... ..... - Rubber Goods Mfg. Co. 105 105 43 42 - ..... ..... 108-1/2 100 - - - Sales in - Dividends Bonds 1,000 High Low - Name Paid Outstanding 1916 1916 1916 - - Ajax Rubber Co. 1916—10 % None ..... ..... - Chandler Motor Co. 1916— 7 % None ..... ..... - General Motors Co. (C) 1915—50 % - 1916—25 % - 1909—150 % Stk. Div. - (P) 1911 to 1916 (inc.)—7% None - B. P. Goodrich Co. (C) 1912—2 % - 1916—4 % - (P) 1912—3-1/2% - 1913 to 1916 (inc.)—7% None - Kelly-Springfield - Tire Co. (C) 1915— 6 % - 1916—16 % $270,000 - (1-P) 1914—3% - 1915-6 6 % - Lee Tire & Rubber Co. 1916—$2.25 per share None - Maxwell Motors (C) 1916—2-1/2 % - (1-P) 1915—5 % - 1916—7 % - (2-P) 1916—1-1/2% None - - Sales in - Dividends Bonds 1,000 High Low - Name Paid Outstanding 1916 1916 1916 - - Saxon Motors Co. 1916— 3-1/4% - Stutz Motor Co. 1916— $1.25 per share None - Studebaker Motor Co. (C) 1915— 5% - 1916— 10% - (P) 1912 to 1916 (inc.)— 7% None - U. S. Rubber Co. (C) 1911— 1% - 1912— 4% - 1913— 5-1/2% - 1914— 6% - 1915— 3% $69,000,000—5% ..... ..... ..... - (1-P) 1906-16 (inc.)— 8% 16,500,000—6% 1782 103-1/2 101¾ - (2-P) 1906-16 (inc.)— 6% - White Motor Co. 1916— 5-1/4% None - Willys-Overland Co. (C) 1913— 11% - 1914— 6% - 1915— 11% - 1916— 14% - (P) 1913 to 1916 (inc.)— 7% None - Rubber Goods Mfg. Co. None - - Stocks Shares Shares - Traded in Traded in - Name Outstanding 1916 1912 1909 1906 - - Chalmers Motor Co. $ 464,000 36,566 ..... ..... ..... - Chevrolet Motor Co. 23,909,000 660,550 ..... ..... ..... - Emerson Motor Co. 7,000,000 116,990 ..... ..... ..... - Falls Motor Co. 24,850 ..... ..... ..... - Grant Motor Co. 2,000,000 93,240 ..... ..... ..... - Preferred 1,000,000 ........ ..... ..... ..... - Hupp Motor Co. 5,000,000 130,130 ..... ..... ..... - Preferred 1,500,000 ........ ..... ..... ..... - Imperial Carbon Chaser Co. 1,000,000 637,850 ..... ..... ..... - Keystone Tire & Rubber Co. 1,000,000 137,200 ..... ..... ..... - Preferred 500,000 33,800 ..... ..... ..... - Mitchell Motor Co. 125,000 80,495 ..... ..... ..... - National Auto Corporation 61,865 ..... ..... ..... - Peerless Motor Co. 10,000,000 135,263 ..... ..... ..... - Pierce Arrow Motor Co. 250,000 52,300 ..... ..... ..... - Preferred 10,000,000 1,600 ..... ..... ..... - Republic Motor Truck Co. 62,500 20,870 ..... ..... ..... - Scripps Booth Co. 70,000 27,725 ..... ..... ..... - Smith Motor Truck Co. 10,000,000 39,500 ..... ..... ..... - Springfield Body Co. 1,750,000 26,481 ..... ..... ..... - Preferred 750,000 11,461 ..... ..... ..... - Standard Motor Co. 1,800,000 47,490 ..... ..... ..... - Stromberg Carburetor Co. 50,000 72,050 ..... ..... ..... - United Motors 1,195,000 1,297,355 ..... ..... ..... - Studebaker Co. ......... ......... 16,973 ..... ..... - Preferred ......... ......... 4,717 ..... ..... - U. S. Motors Co. ......... ......... 53,393 ..... ..... - Preferred ......... ......... 54,433 ..... ..... - Willys-Overland Co. ......... 2,570 13,045 ..... ..... - Preferred ......... 4,350 11,045 ..... ..... - Goodrich B. F. Co. ......... ......... 40,846 ..... ..... - Preferred ......... ......... 32,211 ..... ..... - General Motors Co. ......... ......... ..... 1,406 ..... - Consolidated - Rubber Tire Co. ......... ......... ..... ..... 2,843 - Preferred ......... ......... ..... ..... 410 - Ajax Rubber Tire Co. ......... 102,065 ..... ..... ..... - Alliance Rubber Tire Co. ......... 14,400 ..... ..... ..... - Preferred ......... 3,200 ..... ..... ..... - Electric Vehicle Co. ......... ......... ..... ..... 1,000 - Preferred ......... ......... ..... ..... 3,705 - American Motor Co. ......... 24,500 ..... ..... ..... - Pope Mfg. Co. ......... ......... ..... ..... 1,250 - 1st preferred ......... ......... ..... ..... 3,790 - 2nd preferred ......... ......... ..... ..... 5,450 - Chandler Motor Co. ......... 40,985 ..... ..... ..... - Enger Motor Car Co. ......... 7,456 ..... ..... ..... - Essex Motor Co. ......... 9,950 ..... ..... ..... - Fisk Tire Co. 8,000,000 1,695 ..... ..... ..... - Fisher Body Corporation 200,000 20,130 ..... ..... ..... - Preferred 5,000,000 3,900 ..... ..... ..... - General Motor Co. ......... 89,250 ..... ..... ..... - Preferred ......... 13,416 ..... ..... ..... - Intereon Rubber Co. ......... 76,848 ..... ..... ..... - International Motors Co. ......... 8,441 ..... ..... ..... - Preferred ......... 3,626 ..... ..... ..... - Kelly-Springfield ......... 435 ..... ..... ..... - Kelsey Wheel ......... 4,500 ..... ..... ..... - Lee Tire ......... 41,175 ..... ..... ..... - Met. Motors Co. ......... 2,825 ..... ..... ..... - Motor Products Co. 100,000 17,370 ..... ..... ..... - Perlman Rim 100,000 119,780 ..... ..... ..... - Princess Motor Co. ......... 6,362 ..... ..... ..... - Republic Motor - Truck Co. preferred ......... 300 ..... ..... ..... - Saxon Motor Car Co. ......... 102,226 ..... ..... ..... - Stutz Motor Co. ......... 200,245 ..... ..... ..... - Times Sq. Auto Sup. ......... 13,750 ..... ..... ..... - Universal Motor Co. ......... 68,450 ..... ..... ..... - White Motor Co. ......... 626,220 ..... ..... ..... - - -NEW YORK STOCK EXCHANGE. - -The rise in average price of the automobile securities traded in on the -New York Stock Exchange, as shown on the chart, is due to the general -expansion and increase of the automobile industry which was naturally -reflected in the securities. - -_The following chart shows average price of all automobile and -automobile tire stocks traded in on the New York Stock Exchange for -years 1906-9-12-16:_ - -[Illustration: Chart] - - -SECURITIES OF COMPANIES TRADED IN ON NEW YORK CURB MARKET. - -The securities of companies manufacturing automobiles, automobile -accessories and tires, which were traded in on the New York Curb -during the years 1906, 1909, 1912 and 1916 are shown in the following -tabulation. Some of these curb stocks have graduated to the big -exchange. - - 1916 1912 - Name High Low High Low - Chalmers Motor Co. 39-1/2 33 ..... ..... - Chevrolet Motor Co. 278 114 ..... ..... - Emerson Motors Co. 4-1/2 1-1/4 ..... ..... - Falls Motor Co. 13 6-1/2 ..... ..... - Grant Motor Co. 14 7 ..... ..... - Hupp Motor Co. 11-3/4 5-1/8 ..... ..... - Imperial Carbon Chaser Co. 53 12-1/2 ..... ..... - Keystone Tire & Rubber Co. 19-5/8 11 ..... ..... - Preferred 18-1/4 12 ..... ..... - Mitchell Motor Co. 73-1/2 51-1/2 ..... ..... - National Auto Corporation 44-1/2 33 ..... ..... - Peerless Motor Co. 31-1/2 18 ..... ..... - Pierce Arrow Motor Co. 65 42 ..... ..... - Preferred 109 101 ..... ..... - Republic Motor Truck Co. 74 54 ..... ..... - Scripps Booth Co. 62 35 ..... ..... - Smith Motor Truck Co. 6-1/8 4-1/2 ..... ..... - Springfield Body Co. 55-1/2 51 ..... ..... - Preferred 139 101 ..... ..... - Standard Motor Co. 10-1/2 5-7/8 ..... ..... - Stromberg Carburetor Co. 45-1/4 38 ..... ..... - United Motors Co. 94 42-3/4 ..... ..... - - 1909 1906 - High Low High Low - Chalmers Motor Co. ..... ..... ..... ..... - Chevrolet Motor Co. ..... ..... ..... ..... - Emerson Motors Co. ..... ..... ..... ..... - Falls Motor Co. ..... ..... ..... ..... - Grant Motor Co. ..... ..... ..... ..... - Hupp Motor Co. ..... ..... ..... ..... - Imperial Carbon Chaser Co. ..... ..... ..... ..... - Keystone Tire & Rubber Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Mitchell Motor Co. ..... ..... ..... ..... - National Auto Corporation ..... ..... ..... ..... - Peerless Motor Co. ..... ..... ..... ..... - Pierce Arrow Motor Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Republic Motor Truck Co. ..... ..... ..... ..... - Scripps Booth Co. ..... ..... ..... ..... - Smith Motor Truck Co. ..... ..... ..... ..... - Springfield Body Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Standard Motor Co. ..... ..... ..... ..... - Stromberg Carburetor Co. ..... ..... ..... ..... - United Motors Co. ..... ..... ..... ..... - - 1916 1912 - High Low High Low - Studebaker ..... ..... 59-1/4 34 - Preferred ..... ..... 104 94 - U. S. Motors Co. ..... ..... 9 1/16 - Preferred ..... ..... 30-1/2 3/4 - Willys-Overland Co. 47-1/4 41 72 67-1/2 - Preferred 106-3/8 104-1/2 101-1/2 99 - Goodrich, B. F. Co. ..... ..... 86-1/2 70-1/2 - Preferred ..... ..... 109-1/2 106-3/4 - General Motors Co. ..... ..... ..... ..... - Rubber Tire Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Ajax Rubber Tire Co. 73-1/4 63 ..... ..... - Alliance Rubber Tire Co. 5-3/4 5 ..... ..... - Preferred 8-3/4 8-1/4 ..... ..... - Electric Vehicle Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - American Motor Co. 65-1/2 60 ..... ..... - Pope Mfg. Co. ..... ..... ..... ..... - 1st preferred ..... ..... ..... ..... - 2nd preferred ..... ..... ..... ..... - Chandler Motors 94 79 ..... ..... - Enger Motor Car Co. 8 7-3/8 ..... ..... - - 1909 1906 - High Low High Low - Studebaker ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - U. S. Motors Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Willys-Overland Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Goodrich, B. F. Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - General Motors Co. 162-1/4 155 ..... ..... - Rubber Tire Co. 4-1/2 3 5-5/8 2-1/8 - Preferred 23 18 16 12 - Ajax Rubber Tire Co. ..... ..... ..... ..... - Alliance Rubber Tire Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Electric Vehicle Co. ..... 18 13 ..... - Preferred ..... 23 15 ..... - American Motor Co. ..... ..... ..... ..... - Pope Mfg. Co. ..... 6 4 ..... - 1st preferred ..... 74 69 ..... - 2nd preferred ..... 21 14-3/4..... - Chandler Motors ..... ..... ..... ..... - Enger Motor Car Co. ..... ..... ..... ..... - - - 1916 1912 - High Low High Low - Essex Motor Co. 5-1/8 3-7/8 ..... ..... - Fisk Tire Co. 168 115 ..... ..... - Fisher Body Corporation 42-1/2 35 ..... ..... - Preferred 95-1/2 93 ..... ..... - General Motors Co. 175 117 ..... ..... - Preferred 100 88 ..... ..... - Intereon Rubber Co. 19 10 ..... ..... - Inter. Motors Co. 25 3 ..... ..... - Preferred 45 17 ..... ..... - Kelly-Springfield 299 280 ..... ..... - Kelsey Wheel 61 53 ..... ..... - Lee Tire 66 44 ..... ..... - Met. Motors 3-3/4 2-3/4 ..... ..... - Motor Products 87 56 ..... ..... - Perlman Rim 162-1/2 111 ..... ..... - Princess Motor Co. 1-1/8 1 ..... ..... - Republic Motor Truck Co. pfd. 98 98 ..... ..... - Saxon Motor Oar Co. 87 60 ..... ..... - Stutz Motor Co. 78 53-3/8 ..... ..... - Times Sq. Auto Sup. 41 28-1/2 ..... ..... - Universal Motor 9-1/8 4 ..... ..... - White Motor Co. 60 46 ..... ..... - - 1909 1906 - High Low High Low - Essex Motor Co. ..... ..... ..... ..... - Fisk Tire Co. ..... ..... ..... ..... - Fisher Body Corporation ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - General Motors Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Intereon Rubber Co. ..... ..... ..... ..... - Inter. Motors Co. ..... ..... ..... ..... - Preferred ..... ..... ..... ..... - Kelly-Springfield ..... ..... ..... ..... - Kelsey Wheel ..... ..... ..... ..... - Lee Tire ..... ..... ..... ..... - Met. Motors ..... ..... ..... ..... - Motor Products ..... ..... ..... ..... - Perlman Rim ..... ..... ..... ..... - Princess Motor Co. ..... ..... ..... ..... - Republic Motor Truck Co. pfd...... ..... ..... ..... - Saxon Motor Oar Co. ..... ..... ..... ..... - Stutz Motor Co. ..... ..... ..... ..... - Times Sq. Auto Sup. ..... ..... ..... ..... - Universal Motor ..... ..... ..... ..... - White Motor Co. ..... ..... ..... ..... - - Par Stock —Number of Shares Traded in— - Name Value Outstanding 1916 1912 1909 1906 - Ajax Rubber Co. $ 50 $10,000,000 107,950 ....... ....... ....... - Chandler Motor Co. 100 7,000,000 291,640 ....... ....... ....... - General Motors Co. 100 (C) 14,985,200 43,215 55,436 ....... ....... - (P) 16,506,783 129,933 48,869 ....... ....... - B. F. Goodrich Co. 100 (C) 60,000,000 604,055 65,169 ....... ....... - (P) 27,300,000 25,444 15,525 ....... ....... - Kelly-Springfield - Tire Co. 25 (C) 4,360,100 524,329 ....... ....... ....... - (P) 3,593,000 5,335 ....... ....... ....... - 100 (2-P) 547,100 ....... ....... ....... ....... - (shares) - Lee Tire - & Rubber Co. ... 100,000 477,025 - Maxwell Motors 100 (C) 12,778,058 2,009,100 - 100 (P) 13,764,121 20,585 - 100 (2-P) 10,127,468 300,935 - Saxon Motors Co. 100 6,000,000 17,920 - (shares) - Stutz Motor Co. ... 73,301 116,900 ....... ....... ....... - Studebaker Motor Co. 100 (C) 30,000,000 3,045,440 50,652 ....... ....... - (P) 10,965,000 11,411 109,020 ....... ....... - U. S. Rubber Co. 100 (C) 36,000,000 1,165,881 661,765 517,411 598,628 - 100 (P) 59,692,100 69,147 78,734 199,512 123,611 - 100 (2-P) 458,400 ....... 35,695 61,790 59,875 - White Motor Co. 50 16,000,000 89,300 ....... ....... ....... - Willys-Overland Co. 25 (C) 38,655,710 1,852,745 ....... ....... ....... - (P) 15,000,000 9,530 ....... ....... ....... - Rubber Goods - Mfg. Co. 100 .......... (C) 253 150 500 - 100 .......... (P) ....... ....... 625 - - -CURB MARKET. - -Some of the big fluctuations shown in the charts are accounted for by -the abnormal irregularities of one or two giants of the industry, whose -volume of trading produced a marked effect upon the totals traded in, -and their average prices. Instances like United States Motors Company -and B. F. Goodrich Company may be cited as examples. The accessory -shares have seen a general rise since first traded in, in 1912. - -_The following chart shows average price of automobile, automobile tire -and automobile accessory manufacturing stocks traded in on the New York -Curb for 1906-9-12-16:_ - -[Illustration: Chart] - -SECURITIES ON VARIOUS EXCHANGES IN OTHER CITIES AND DATA FOR 1916. - -Securities traded in on various stock exchanges of other cities show -very little activity or regularity. - -Below is shown the trading in the great automobile center of the world. - - DETROIT. 1916 - High Low - Auto Body Co. 48-1/2 32 - Chalmers Motor 255 90 - Chevrolet 277 171-1/8 - Continental Motors 42-1/8 7-1/2 - Ford Motor Co. of Canada 415 275 - General Motors 800 418 - Preferred 127 112-1/2 - Maxwell Motors 95-1/8 57-5/8 - Packard Motor 260 160 - Preferred 104-1/2 100-1/4 - Paige-Detroit 57-1/8 32 - Reo Motor 47-1/2 32-1/4 - Reo Truck 45-1/4 23-3/8 - Studebaker 161-1/8 120-7/8 - -Cleveland shows greatest activity in the tire stock on account of its -proximity to the great rubber center of Akron, Ohio. - - 1916 - High Low - Firestone Tire & Rubber Co. 1,700 740 - Goodrich Co. 78-1/2 60-3/8 - Goodyear Tire & Rubber Co. 402 198 - Portage Rubber Co. 183-1/2 62-1/2 - Republic Rubber Co. 145 128-1/2 - Swinehart Tire & Rubber Co. 110 79 - White Motor Co. 60 47-1/4 - - -PRINCIPAL COMPANIES WHOSE SECURITIES ARE NOT GENERALLY TRADED IN. - -Until the past two or three years, motor and motor accessory stocks -were traded in but little on the open market. Even today, when these -securities are traded in much more generally, there is a large number -of companies whose stocks are very closely held and it requires some -unusual occurrence to loosen them for trading on the open market. - -A notable example of this is the Ford Motor Company. The Ford car -is widely distributed, yet the two million dollar capital stock is -almost entirely held by seven men. Another case is the H. H. Franklin -Manufacturing Company, of Syracuse. This company has $1,800,000 -outstanding capital stock which is held largely by Mr. H. H. Franklin. - -Further, out of a total of 81 companies reported upon (including the -two above mentioned) at least 16, or practically 20 per cent, fall into -the “closely held” class. Among these companies are the following: - - Apperson Brothers - Consolidated Car Co. - Dodge Brothers - Federal Motor Truck - Ford Motor Co. - Ford Motor Co. of Canada - H. H. Franklin Manufacturing Co. - Gramm Motor Truck Co. - Haynes Auto Co. - Kissel Motor Car Co. - Mitchell Lewis Motor Co. - Mutual Motors Co. - Pierce-Arrow Motor Car Co. - Republic Motor Truck Co. - Stearns Co. - Winton Co. - - -SOME LEADING EXAMPLES OF PRICES AND TERMS AND PROMOTION PLANS UPON -WHICH SECURITIES WERE PUT OUT. - -Perhaps one of the most notable examples of plans for flotation of -securities was the 8 per cent cumulative convertible preferred stock -of the Pierce-Arrow Motor Car Company, offered by prominent brokers in -1916. This stock must be redeemed at 125 up to the amount of cash paid -on common stock in excess of $5.00 a share in any year. The preferred -is convertible into common stock, share for share, at the holder’s -option (preferred stock $10,000,000) earnings five times preferred -dividends; the common shares are without par value (common 250,000 -shares). - -Among other issues by banking houses of New York and other cities may -be mentioned in 1912, General Motors Company’s 6 per cent first lien -sinking fund gold notes dated 1910, due 1915, $200,000,000 (since paid -off); 1913 Chalmers Motor Company of Michigan, 7 per cent cumulative -preferred stock (no bonds) $1,500,000, redeemable at $115 a share, -earnings over 9-1/2 times preferred interest; company taken over by new -company in 1916. January, 1916, Willys-Overland Company convertible 7 -per cent cumulative preferred stock, redeemable at $110, interest 6-1/2 -times earnings; November, 1916, Chalmers Motor Corporation of New York, -shares at no par value, at $35 a share (264,000 shares), book value $29 -a share, earnings, $5.40 a share; National Motor Car & Vehicle Company -common shares at no par value (80,000 shares), no bonds, no preferred -stock. Offered at $42.50 a share, earnings old company equal to 12-1/2 -per cent on new stock. - -Most motor companies started with a small capitalization and business, -and to provide additional working capital, as their business expanded, -issued preferred or common stock. - -Most of the better grade issues were for preferred stock, usually -carrying with it a proviso that it could be retired at will at a -stated price, some as high as $125. - -Very few companies in the motor field have any bonded debt. Some -companies which incurred such indebtedness in the past have paid it -off; for example, the General Motors Company, and the Pierce-Arrow -Motor Car Company. - -The issues of securities by established motor companies have, as a -rule, shown large liquid assets, and earning capacity record, and have -been of the same general class. - -In the automobile accessory line many flotations were put out in 1916 -and a few in 1917, among which were: - - (a) Edmunds & Jones Corporation. - (b) Perlman Rim Corporation. - (c) Motor Products Corporation. - (d) Fischer Body Corporation. - (e) United Alloy Steel Corporation. - (f) Transue & Williams Steel Forging Co. - -(a) Edmunds & Jones Corporation (manufacturers of automobile lamps). -This corporation issued $1,000,000 worth of preferred 7 per cent -cumulative stock (no bonds), redeemable at $120, earning over six times -preferred dividends. - -(b) A somewhat unusual plan was the Perlman Rim Corporation -(manufacturers of demountable automobile rims) which issued 100,000 -shares of stock of no par value, divided into two classes as follows: - - Class “A,” having voting power.... 3,000 shares - Common, no par value or voting power 97,000 shares - -The estimated earnings of this company for 1917 are $3,000,000. -In addition the company has been allowed claims for infringements -sustained by the courts, amounting to $2,000,000. - -(c) The Motor Products Corporation issued 100,000 shares, divided as -follows: - - Class “A,” no par value, non voting .. 95,000 shares - Class “B,” no par value, voting ....... 5,000 shares - -This corporation has taken over five companies manufacturing -miscellaneous products, such as automobile radiators, windshields, etc. -Their earnings for 1916 were $788,000. - -(d) A more usual form is the $5,000,000 issue of 7 per cent cumulative -preferred stock and 200,000 shares common stock, of the Fischer Body -Corporation. It is not contemplated to pay a dividend on the common -until the company has $1,000,000 surplus earnings. Its net profits for -the year 1916 were $1,000,000 on a total volume of business amounting -to $20,000,000. The preferred stock is redeemable at $120. - -(e) The United Alloy Steel Corporation issued 525,000 shares without -par value, of which 500,000 were used to acquire United Steel Company, -manufacturing alloy steel parts for the automobile trade. - -For expansion purposes to provide more adequate equipment to supply the -increasing demand for its product, $4,000,000 additional cash capital -was to be provided. The estimated net earnings for 1916 were about $7 a -share on 500,000 shares. - -(f) Transue & Williams Steel Forging Company issued 110,000 shares -without par value. One hundred thousand shares and $750,000 cash was to -be paid for company subscriptions at $45.50 a share. The net earnings -for 7 months of 1916 were $648,026 or $12 a share. - - -SECURITY ISSUES OF TIRE COMPANIES. - -Among the tire company stock issues a few leading examples may be cited. - -The Firestone Tire & Rubber Company issued $5,000,000 of 6 per cent -cumulative preferred stock. A sinking fund is provided to redeem this -stock at $110, beginning 1921. There are no bonds, and the company is -required to maintain at all times total net assets equal to 250 per -cent and net quick assets equal to 150 per cent of the aggregate par -value of this stock outstanding. - -The earnings for 1916 were $4,482,554.52, or over seven times the -dividend requirements on the total issue of preferred stock. This -stock was sold at $107. - -Another representative issue was that of the Fisk Rubber Company, -which consisted of $5,000,000 of cumulative 7 per cent first preferred -convertible stock. This is redeemable at $110 upon 60 days’ notice. - -The earnings for the year ending August 31, 1916, were $1,992,043, or -three times the dividend requirements. There are no bonds or other form -of funded debt. - -One of the few instances of an issue of bonds by a tire company is the -issue of $60,000,000 of 5 per cent gold bonds by the United States -Rubber Company. Of course, tires are only a part of this company’s -output. The proceeds of the sale of these bonds are to be used to -retire certain obligations of subsidiaries, to provide additional -working capital, etc. - - -NEWER ENTRANTS INTO THE SECURITY MARKET. - -While in the foregoing chapter are noted some of the securities of -representative manufacturers attracting the most pronounced attention, -there are several others on the border line, or that have not as yet -“arrived,” and possibly may never do so. - -There has, therefore, been so little activity in these securities, -that examples of their flotations are negligible in this report. - -Those most in the public eye are perhaps: - - The Harroun Motors Corporation - The Emerson Motors Company, Inc. - The Ford Tractor Company, Inc., etc. etc. - - -SOME LEADING EXAMPLES OF APPRECIATION OR DEPRECIATION IN VALUE OF SUCH -STOCKS SINCE THEY WERE PUT OUT. - -An example of depreciation in automobile stocks of an exaggerated -type was that of the United States Motor Company, a combination of -the Maxwell-Briscoe, Columbia, Stoddard-Dayton, Brush, and Sampson -Companies. With an issue of about $35,000,000 stock, New York Curb -prices in 1912 for the common ranged from 9 down to 1/16 and for the -preferred from 30-1/2 down to 3/4. - -The properties of this company have since been taken over by the -Maxwell Motors Companys, which issued the following securities: - - $13,000,000 1st preferred - 11,000,000 2nd preferred - 13,000,000 common - -The prices of these stocks have ranged as follows: - - 1914 1917 - Common 3 47-1/2 - 1st preferred 22 64 - 2nd preferred 7 32 - -This instance gives an extreme example of the fluctuations possible in -motor stocks in one year, in 1912 the market values reaching as high as -7,200 per cent of the value indicated at low. The re-organized company -in less than five years showed a market value of possibly 38,000 per -cent of the market value of the old company at its low, and 500 per -cent of its value at its high. - -These great increases in volume and values are what have made so -many motor millionaires, and, conversely, have swept away some large -fortunes. - -Another instance is the stock of the Studebaker Corporation, which -sold as low as 20 in 1914 and which now brings 102. Also the -Kelly-Springfield Tire Company’s stock rose from 50 to 299, due to -their great increase in business and consequent large earnings. - - -GENERAL COMPARISON. - -The attached chart, showing the average high and low prices of -representative groups of securities during 1916, may be used as a -comparison of the average selling price of the motor group with that of -railroads, industrials, and mining. - -It will be seen that the greatest fluctuations occur in the mining, -steel and iron stocks of the standard list, and that a similar -fluctuation occurs in the tire and automobile stocks of the motor group. - -This comparison would tend to show that the tire and motor stocks are -still in the class which fluctuates considerably and therefore, except -in special cases, are more or less speculative. In this light these -figures and comparisons are very interesting and may be carefully -considered from the investment standpoint. - -_The following chart compares the average high and low prices of -representative groups of stocks during 1916 with similar groups in the -automobile field:_ - -[Illustration: Chart] - - -PRESENT TREND OF VALUES. - -After the great rise in prices, the trend of values of the securities -of motor accessory and tire companies, during the first quarter of -1917, was generally downward. During the past two years a large number -of such stocks have been put on the market (see table 1 and 3) and a -great deal of speculation has taken place, with the result that the -market seems overloaded at the high prices at which the public has -bought these stocks. At the time of the market reaction at the end of -1916, under various influences, motor stocks suffered considerable -losses. - -A few prominent instances may be cited. Studebaker, which sold as high -as 67 in 1916, sold down to 102. Chevrolet Motor, whose high mark in -1916 was 278, sold down to 120. United Motors, which sold at 95 in -1916, sold down to 42-3/4. Similar conditions obtain through most of -the list. - -Among tire companies a few instances will show the same general -downward tendency. - -Lee Tire & Rubber Company’s stock, which sold for 50-1/4 in 1915, is -now selling around 23. Goodrich stock, which brought around 80 in 1915 -and 1916, ranges between 51 and 58. The Kelly-Springfield Tire Company, -which sold as high as 85-1/4 in 1916, now sells around 60. - -During the year 1916, the range of high and of low of 25 leading -railroad stocks traded in on the New York Exchange was between 76 and -85. Twenty-five leading industrials for the same period ranged between -90 and 113. The range of all the motor stocks traded in during this -time was from 119 to 231; while that of the tire companies was from 45 -to 76. - -On the Curb, motor stocks in 1916 ranged from 39-3/4 to 57-3/4; tire -stocks from 67 to 79; and accessories from 58 to 73, all of these -figures representing average high and low of each class. - - -POSSIBLE FUTURE TREND IN AUTOMOBILE INDUSTRY AS A BASIS FOR THE FUTURE -OUTLOOK FOR 1917 ON ITS SECURITIES. - -As was stated in the opening introduction, economic conditions are -perhaps the greatest factor to be considered in constructing any -forecast for the operation of such an industry as that of the motor, -motor accessory and tire group. - -These economic conditions have mainly to do with: - - (a) The increase of population, its effect reflected in increased - registration, and automobile production. - - (b) The uneven distribution of automobiles in the United States. - -(a) Following is a chart which shows graphically the comparison between -the growth of population, increased registration, and increased -automobile production since 1911. - -_The following chart shows the rate of growth of automobile production -and registration compared with increase in population:_ - -[Illustration: Chart] - -This would indicate that, while the population is gaining slowly and -consistently, the production of automobiles has taken a decided jump, -and a natural inference is that, even with so remarkable an industry -as the motor group, it is beginning to prove food for speculation -as to whether or not manufacturers, at the present increasing ratio -of production and distribution, will bring a more or less complete -saturation of the public, able to buy and support pleasure automobiles. - -Many conservative judges have figured that this may not come for some -years, possible five or more. It may be that new conditions will arise -to put that period further ahead, or indefinitely postpone it. - -(b) In this connection, the following chart is of interest. This shows -the ratio of voting men to each registered automobile in the United -States by states. - -_The following chart shows the ratio by states of men over 21 to each -registered automobile:_ - -[Illustration: Chart] - -Attention is invited to the diverging range of distribution. -Territorial and community economics account for this very largely. For -example, an analysis of three sections will show a decided variation, -say for New York (with one automobile for 15 voting men); Arkansas -(with one automobile for every 54 voters); and Alabama (with one -automobile for every 43 voters). - -The state of New York is very largely industrial, and one might -commonly infer that, due to the great wealth represented in this state, -the ratio should be much smaller. States like Arkansas, Kansas and -Iowa are distinctively rural sections—where the population is not so -clustered as in cities like New York, and automobile transportation -is more utilitarian than a luxury or pastime. For this reason it is -estimated that practically every voter, almost, in Kansas and Iowa is a -possible prospect in figuring future consumption. - -Still another diversion notably exists in the ratio shown for the -Southern states, and this is readily explained by reason of a paucity -of buying power, since the majority population is negro. - -To indicate how the various types of automobiles have been distributed -in three different states, the following chart is included in this -report. - -_The following chart shows the distribution of leading motor cars in -different states:_ - -[Illustration: Chart] - -The following factors may be instrumental in the automobile industry in -preventing the reaching of an absolute saturation point: - - (1) Increase in earning or buying power of those now unable to support - an automobile; - - (2) A very low average price; - - (3) Production finally being held at the point where it keeps pace - with the increase in population; - - (4) Increase in the utilitarian need of the automobile. - -In making up a quota for the possible consumption in the automobile -industry, the following chart may be considered as a conservative basis -to work on. - -_The following chart shows the estimated automobile market for 1917:_ - -[Illustration: Chart] - -There being, therefore so many elements entering into the question of -influence upon this group of securities, it is rather venturesome to -presume any prediction for their future, for fear such prediction may -prove unfounded, as have many former guesses on their probable rise and -fall. - -The immediate outlook for 1917 is at present somewhat baffling, aside -from the economic tendencies, charted in this chapter, but there may -be a change for improvement at any time in the motor car industry, -especially if our government should place large orders for cars and -supplies in the event of war, or the foreign trade should take on large -quantities for the remainder of the year. - -It must be remembered that the supply of parts for cars is now, and -will be more and more, an extensive business of the motor car industry. - -One prominent New York newspaper which censors very carefully its -advertising is very cautious in handling offerings on motor stocks. - -It might be safe to assume that motor stocks in well managed companies -making popular cars will be as secure an investment for reasonable -earnings on products as other industrials for some years to come and -possibly indefinitely. - -The future of automobile accessories is possibly not subject to -fluctuations in the same degree, nor as apt to reach the saturation -point as might be the development in the automobile industry, for -the reason that with the increase in the number of cars in use, the -purchase of many accessories will be made by car owners, even though -the manufacturers should not continue to buy an increasing, or even -equal, volume. - -It is natural to expect that the earnings on and the price of -automobile accessory stocks should therefore remain firm, if conditions -of trade or competition do not unduly affect them. - -The future of the tire industry and stocks seems reasonably secure, as -unless some satisfactory substitutes for rubber tires are discovered, -apparently an increasing number of tires for replacements, if not new -cars, should be demanded each year. - -The present earnings of the tire companies are very large and should -continue favorable. It must be remembered that the cost of material and -labor are as important considerations to this class of manufacturers as -to all industrials, and that their undue rise in cost might affect the -industry more or less temporarily. But as they have come to be classed -as necessities, the prices would naturally adjust themselves to the -cost of manufacture. - -With all popular cars sold far in excess of their capacity, barring -the interference or lack of transportation, labor friction, or -other unexpected or disturbing elements, it is safe to assume that -1917 should be a record year in the motor, motor accessory and tire -industries, and that their earnings should be reflected in the -intrinsic and probably the market values of their securities. - - - - -CHAPTER VII. - -PASSENGER AUTOMOBILES MANUFACTURED IN THE UNITED STATES. - - -The following is, as near as possible, a complete list of the passenger -automobiles manufactured in the United States, with the number of -cylinders and the retail price of each. New cars are being put on the -market so rapidly that it is difficult to keep track of them. - -The prices quoted may not be exact in every case, as manufacturers are -putting up prices quite generally as this volume goes to press. They -are the prices at which the cars sold for a long time, and they are -given without the intention to be exact to the dollar, but merely as -relative figures of retail cost. - -An automobile quoted at $1,195 may have undergone a price raise to -$1,350, but the former price quotation fixes the car’s retail price -status as compared with a car that sells for $360 or $550. - -One hundred manufacturers are said to have raised their prices, -and forty made increases from $10 to $700 on each car, the average -advance being $146. Freight conditions and the uncertainties of the -international situation were advanced as reasons for the increase. - -Practically all the American manufacturers of tires also raised prices -a second time within a year, the range of the last increase being from -6-1/2 to 12 per cent. Where price is not given, it was not available. - - Cylinders Price - - “Abbott-Detroit” Abbott Corporation, - Cleveland, O. 6 $1,195 to $1,820 - “Allen” Allen Motor Car Co., - Fostoria, O. 4 850 to 1,195 - “Alter” Alter Motor Car Co., - Grand Haven, Mich. 4-6 675 to 850 - “American” American Motors - Corporation, New York, - N. Y. 6 1,285 and 845 - “Ams-Sterling” Sterling Automobile - Manufacturing Co., - New York, N. Y. 4 825 to 845 - “Anderson” Anderson Motor Co., - Rock Hill, S. C. 6 1,250 and 1,275 - “Apperson” Apperson Bros. Auto Co., - Kokomo, Ind. 6-8 1,690 to 2,000 - “Arbenz” Arbenz Motor Car Co., - Chillicothe, O. - “Auburn” Auburn Automobile Co., - Auburn, Ind. 6 1,145 to 1,785 - “Austin” Austin Automobile Co., - Grand Rapids, Mich. 6-12 3,400 to 5,250 - “Beardsley” Beardsley Electric Co., - Los Angeles, Cal. - (Electric) .... 1,285 to 3,000 - “Bell” Bell Motor Car Co., - York, Pa. 4 875 - “Ben-Hur” Ben Hur Motor Co., - Cleveland, O. 6 1,875 to 2,750 - “Biddle” Biddle Motor Car Co., - Philadelphia, Pa. 4 2,285 to 3,900 - “Bimel” Bimel Automobile Co., - Sidney, O. 4 550 to 995 - “Bour-Davis” Bour-Davis Motor Car Co., - Detroit, Mich. 6 1,250 to 1,500 - “Brewster” Brewster & Co., - New York, N. Y. 4 6,500 to 7,900 - “Briscoe” Briscoe Motor Corporation, - Jackson, Mich. 4-8 685 to 985 - “Brunswick” Brunswick Motor Car Co., - New York, N. Y. - “Buick” Buick Motor Co., - Flint, Mich. 4-6 660 to 1,835 - “Bush” Bush Motor Co., - Chicago, Ill. 4 725 - “Cadillac” Cadillac Motor Car Co., - Detroit, Mich. 8 2,240 to 3,910 - “Cameron” Cameron Car Co., - Norwalk, Conn. 6 1,250 - “Case” J. I. Case Threshing - Machine Co., - Racine, Wis. 4 1,190 - “C-B” Carter Brothers Co., - Hyattsville, Md. 6-8 700 to 1,000 - “Chalmers” Chalmers Motor Car Co., - Detroit, Mich. 6 1,090 to 2,550 - “Chandler” Chandler Motor Car Co., - Cleveland, O. 6 1,395 to 2,695 - “Chevrolet” Chevrolet Motor Co., - Flint, Mich. 4-8 490 to 1,285 - “Classic” Classic Motor Co., - Chicago, Ill. - “Coey Flyer” Coey Motor Co., - Chicago, Ill. 4 695 - “Cole 8” Cole Motor Car Co., - Indianapolis, Ind. 8 1,695 to 2,295 - “Columbia” Columbia Motor Co., - Detroit, Mich. 6 on application - “Crawford” Crawford Automobile Co., - Hagerstown, Md. 6 1,750 to 2,250 - “Crockett” The J. B. Co., - New York City - (exported only) - “Crow Elkhart” Crow Elkhart Motor Car Co., - Elkhart, Ind. 4 795 and 845 - “Crowther-Duryea” Crowther Motors - Corporation, - Rochester, N. Y. 4 650 - “Cunningham” James Cunningham Son & Co., - Rochester, N. Y. 8 3,750 to 7,500 - “Daniels” Daniels Motor Car Co., - Reading, Pa. 8 2,600 to 4,200 - “Davis” George W. Davis Motor - Car Co., Richmond, Ind. 6 1,195 to 1,795 - “Detroit” Anderson Electric Car Co., - Detroit, Mich. - (Electric) ... 1,875 to 2,475 - “Detroiter” Detroiter Motor Car Co., - Detroit, Mich. 6 1,195 to 1,495 - “Dey” Dey Electric Corporation, - New York, N. Y. - (Electric) - “Dispatch” Dispatch Motor Car Co., - Minneapolis, Minn. 4 1,135 to 1,400 - “Dixie” Dixie Manufacturing Co., - Vincennes, Ind. - “Dixie Flyer” Dixie Motor Car Co., - Louisville, Ky. 4 840 to 1,275 - “Doble” General Engineering Co., - Detroit, Mich. - (Steam) 4-7 1,800 - “Dodge” Dodge Bros., - Detroit, Mich. 4 785 to 1,185 - “Dorris” Dorris Motor Car Co., - St. Louis, Mo. 6 2,475 - “Dort” Dort Motor Car Co., - Flint, Mich. 4 695 to 1,065 - “Downing” Downing Motor Car Co., - Detroit, Mich. - “Drexel” Drexel Motor Car - Corporation, - Chicago, Ill. 4 985 to 1,650 - “Drummond” Drummond Motor Co., - Omaha, Neb. 8 1,600 - “Dunn” Dunn Motor Works, - Ogdensburg, N. Y. 4 295 - “Duryea Gem” Duryea Motors, Inc., - Philadelphia, Pa. - (3 wheels) 2 250 - “Eagle Rotary” Eagle-Macomber Motor - Car Co., Sandusky, O. 5 700 - “Economy” Economy Motor Co., - Tiffin, O. 4-8 985 to 1,350 - “Elcar” Elkhart Carriage & - Motor Car Co., - Elkhart, Ind. 4 845 - “Elgin” Elgin Motor Car Co., - Chicago, Ill. 6 985 - “Emerson” Emerson Motors Co., - New York, N. Y. 4 470 - “Empire” Empire Automobile Co., - Indianapolis, Ind. 4-6 985 to 1,095 - “Enger” Enger Motor Car Co., - Cincinnati, O. 12 1,295 - “Erie” Erie Motor Car Co., - Painesville, O. 4 795 - “Fageol” Fageol Motors Co., - Oakland, Cal. - (Aviation motor) 6 9,500 to 12,500 - “F. I. A. T.” Fiat, - Poughkeepsie, N. Y. 5-7 4,850 to 6,300 - “Ford” Ford Motor Co., - Detroit, Mich. 4 345 to 645 - “Ford” Ford Motor Co. - of Canada, Ltd., - Ford, Ont. 4 345 to 645 - “Franklin” Franklin Automobile Co., - Syracuse, N. Y. 6 1,800 to 3,000 - “Fritchie” Fritchie Electric Co., - Denver, Colo. - (Electric) .... 2,400 to 3,200 - “Frontenac” Frontenac Motor Co., - Detroit, Mich. (Racing) 4 8,000 to 10,000 - “F. B. P.” Porter, Finley - Robertson Co., - Port Jefferson, N. Y. 4 6,000 - “Glide” Bartholomew Company, - Peoria, Ill. 6 1,195 to 1,395 - “Grant” Grant Motor Car Corporation, - Cleveland, O. 6 875 to 1,100 - “Hackett” Hackett Motor Car Co., - Jackson, Mich. 4 888 - “Hal Twelve” Hal Motor Car Co., - Cleveland, O. 12 2,600 to 5,000 - “Halladay” Barley Motor Car Co., - Streator, Ill. 6 1,185 to 1,650 - “Harroun” Harroun Motors Corporation, - Detroit, Mich. 4 595 - “Harvard” Harvard Pioneer Motor Car - Corporation, - Troy, N. Y. 4 750 - “Hatfield” Cortland Cart & - Carriage Co., - Sidney, N. Y. 4 875 - “Haynes” Haynes Automobile Co., - Kokomo, Ind. 6-12 1,485 to 2,750 - “Hewitt” Hewitt Motor Co., - New York, N. Y. - “Hollier” Lewis Spring & Axle Co., - Jackson, Mich. 6-8 895 to 1,185 - “Homer- - Laughlin” Homer-Laughlin Engineers’ - Corporation, - Los Angeles, Cal. 8 1,050 - “Howard” The A. Howard Co., - Galion, O. - “Hudson” Hudson Motor Car Co., - Detroit, Mich. 6 1,650 to 3,025 - “Hupmobile” Hupp Motor Car Corporation, - Detroit, Mich. 4 1,185 to 1,735 - “Hupp-Yeats” Hupp-Yeats - Electric Car Co., - Detroit, Mich. - (Electric) .... 1,500 to 1,750 - “Interstate” Interstate Motor Co., - Muncie, Ind. 4 850 to 1,250 - “Jackson” Jackson Automobile Co., - Jackson, Mich. 8 1,295 to 1,395 - “Jeffery” Nash Motors Co., - Kenosha, Wis. 4-6 1,095 to 1,630 - “Jones” Jones Motor Car Co., - Wichita, Kas. 6 1,475 - “Jordan” Jordan Motor Car Co., - Cleveland, O. 6 1,650 to 3,000 - “Kent” Kent Motors Corporation, - Newark, N. J. 4 985 - “King” King Motor Car Co., - Detroit, Mich. 8 1,350 to 1,900 - “Kissel Kar” Kissel Motor Car Co., - Hartford, Wis. 6 1,195 to 2,100 - “Kline Kar” Kline Car Corporation, - Richmond, Va. 6 1,175 to 1,195 - “Lambert” Buckeye Manufacturing Co., - Anderson, Ind. 4-6 685 to 985 - “Laurel” Laurel Motor Car Co., - Richmond, Ind. 4 850 to 895 - “Lenox” Lenox Motor Car Co., - Boston, Mass. 6 on application - “Leslie” Leslie Motor Car Co., - Detroit, Mich. (Kerosene) - “Lexington” Lexington-Howard Co., - Connersville, Ind. 6 1,185 to 2,875 - “Liberty” Liberty Motor Car Co., - Detroit, Mich. 6 1,095 to 2,350 - “Locomobile” Locomobile Co. of America, - Bridgeport, Conn. 6 4,600 to 6,800 - “Lozier” Lozier Motor Co., - Detroit, Mich. 4-6 1,695 to 4,650 - “Luverne” Luverne Automobile Co., - Luverne, Minn. 6 1,500 - “Lyons-Knight” Lyons-Atlas Co., - Indianapolis, Ind. - “Macon” All Steel Motor Car Co., - Macon, Mo. 4 875 to 975 - “Madison” Madison Motors Co., - Anderson, Ind. 6 1,050 to 1,150 - “Maibohm” Maibohm Motors Co., - Racine, Wis. 4 795 - “Majestic” Majestic Motor Co., - New York, N. Y. .... on application - “Marion Handley” Mutual Motors Co., - Jackson, Mich. 6 1,275 to 1,575 - “Marmon” Nordyke & Marmon Co., - Indianapolis, Ind. 6 3,050 to 5,800 - “Maxwell” Maxwell Motor Co., - Detroit, Mich. 4 620 to 985 - “McFarlan” McFarlan Motor Co., - Connersville, Ind. 6 3,500 to 5,300 - “Mercer” Mercer Automobile Co., - Trenton, N. J. 4 3,250 to 5,000 - “Metz” Metz Company, - Waltham, Mass. 4 600 - “Milburn” Milburn Wagon Co., - Toledo, O. (Electric) .... 1,285 to 1,995 - “Mitchell” Mitchell Motors Co., - Racine, Wis. 6 1,150 to 2,785 - “Mohawk” Mohawk Motor Corporation, - New Orleans, La. 4-6 985 to 1,150 - “Moline-Knight” Moline Automobile Co., - East Moline, Ill. 4 1,450 to 2,400 - “Monarch” Monarch Motor Car Co., - Detroit, Mich. 8 1,500 - “Monitor” Monitor Motor Car Co., - Columbus, O. 4-6 895 to 1,095 - “Monroe” Monroe Motor Co., - Pontiac, Mich. 4 565 and 985 - “Moon” Moon Motor Car Co., - St. Louis, Mo. 6 1,295 to 2,350 - “Moore” Moore Motor Co., - Minneapolis, Minn. 4 550 - “Morse” Morse Cyclecar Co., - Pittsburgh, Pa. 2 300 and 350 - “Murray” Murray Motor Car Co., - Pittsburgh, Pa. 8 2,000 to 2,500 - “Napoleon” Napoleon Auto - Manufacturing Co., - Napoleon, Ohio 4 735 to 845 - “National” National Motor Car - & Vehicle Corporation 6-12 1,750 to 2,800 - “New Era” New Era Engineering Co., - Joliet, Ill. 4 685 - “Norwalk” Norwalk Motor Car Co., - Martinsburg, W. Va. - “Ogren Six” Ogren Motor Works, Inc., - Chicago, Ill. 6 2,500 - “Oakland” Oakland Motor Car Co., - Pontiac, Mich. 6-8 875 to 1,585 - “Ohio” Ohio Electric Car Co., - Toledo, O. (Electric) .... 2,400 to 3,250 - “Oldsmobile” Olds Motor Works, - Lansing, Mich. 8 1,295 to 1,850 - “Olympian” Olympian Motors Co., - Pontiac, Mich. 4 845 - “Overland” Willys-Overland Co., - Toledo, O. 4-6 665 to 1,585 - “Owen Magnetic” Baker B. & L. Co., - Cleveland, O. 6 3,300 to 5,200 - “Packard” Packard Motor Car Co., - Detroit, Mich. 12 3,050 to 5,150 - “Paige” Paige-Detroit Motor - Car Co., - Detroit, Mich. 6 1,175 to 2,750 - “Partin-Palmer” Commonwealth Motors Co., - Chicago, Ill. 4 495 to 695 - “Paterson” W. A. Paterson Co., - Flint, Mich. 6 1,095 to 1,125 - “Path-finder” Pathfinder Co., - Indianapolis, Ind. 12 3,250 - “Peerless” Peerless Motor Car Co., - Cleveland, O. 8 1,890 to 3,260 - “Pennsy” Pennsy Motors Co., - Pittsburgh, Pa. 4 855 - “Phianna” Phianna Motors Co., - Newark, N. J. 4 5,000 to 6,000 - “Pierce-Arrow” Pierce-Arrow Motor Car Co., - Buffalo, N. Y. 6 4,600 to 7,600 - “Pilliod” Pilliod Motor Co., - Toledo, O. 4 1,485 - “Pilot” Pilot Motor Car Co., - Richmond, Ind. 6 1,150 - “Premier” Premier Motor Corporation, - Indianapolis, Ind. 6 1,885 to 3,150 - “Princess” Princess Motor Car - Corporation, - Detroit, Mich. 4 775 - “Pullman” Pullman Motor Car Co., - York, Pa. 4 825 to 1,150 - “Rauch & Lang” Baker R. & L. Co., - Cleveland, O. - (Electric) .... 2,800 to 3,000 - “Regal” Regal Motor Car Co., - Detroit, Mich. 4 745 - “Reo” Reo Motor Car Co., - Lansing, Mich. 4-6 875 to 1,750 - “Richard” Richard Auto - Manufacturing Co., - Cleveland, O. 4 7,500 - “Richmond” The Wayne Works, - Richmond, Ind. 6 on application - “Roamer” Barley Motor Co., - Streator, Ill. 6 1,850 - “Rose” Rose Automobile Co., - Detroit, Mich. 8 1,550 - “Saurer” Saurer Motor Co., - New York, N. Y. - “Saxon” Saxon Motor Corporation, - Detroit, Mich. 4-6 495 to 1,250 - “Scripps-Booth” Scripps Booth - Corporation, - Detroit, Mich. 4-8 825 to 2,575 - “Seneca” Seneca Motor Car Co., - Fostoria, O. 4 735 - “Simplicity” Evansville Automobile Co., - Evansville, Ind. - “Simplex” Simplex Automobile Co., - New York, N. Y. - (Chassis only) 6 6,000 - “Singer” Singer Motor Car Co., - New York, N. Y. 6 3,800 to 5,300 - “Standard” Standard Steel Car Co., - Pittsburgh, Pa. 8 1,950 to 2,000 - “Stanley - Steam Car” Stanley Motor - Carriage Co., - Newton, Mass. - (Steam) .... 2,200 to 2,300 - “States” States Motor Car - Manufacturing Co., - Kalamazoo, Mich. 4 845 - “Stearns” F. B. Stearns Co., - Cleveland, O. 4-8 1,450 to 3,500 - “Stephens” Stephens Motor Branch, - Moline Plow Co., - Freeport, Ill. 6 1,150 - “Studebaker” Studebaker Corporation, - Detroit, Mich. 4-6 930 to 2,600 - “Stutz” Stutz Motor Car Co., - Indianapolis, Ind. 4 2,275 to 2,550 - “Sun” Sun Motor Car Co., - Elkhart, Ind. 6 1,095 to 1,295 - “Thomas” E. R. Thomas Motor - Car Co., - Buffalo, N. Y. 6 4,000 to 5,000 - “Velie” Velie Motors Corporation, - Moline, Ill. 6 1,115 to 2,200 - “Waco” Western Automobile Co., - Seattle, Wash. 4 950 - “Westcott” Westcott Motor Car Co., - Springfield, O. 6 1,500 to 2,190 - “White” White Motor Co., - Cleveland, O. 4 4,600 up - “Willys-Knight” Willys-Overland Co., - Toledo, O. 6 1,325 - “Willys-Knight” Willys-Overland Co., - Toledo, O. 4-8 1,285 to 1,950 - “Winton” Winton Co., - Cleveland, O. 6 2,685 to 4,750 - “Woods” Woods Mobilette Co., - Chicago, Ill. 4 380 - “Wood’s Dual - Power” Woods Motor Vehicle Co., - Chicago, Ill. - (Electric) .... 2,650 - “Yale Eight” Saginaw Motor Car Co., - Saginaw, Mich. 8 1,550 - - - - -CHAPTER VIII. - -GASOLINE TRUCKS AND DELIVERY CARS MANUFACTURED IN THE UNITED STATES. - - -This chapter is reprinted from _Everybody’s Magazine_ through the -courtesy of its publishers, who were kind enough to grant this -permission. This list was compiled so ably by the editorial staff of -_Everybody’s Magazine_ that it could not possibly have been improved -upon for publication in this volume. - -A part of the information in the preceding chapter is also from -_Everybody’s Magazine_, and is reprinted here through the courtesy of -the publishers. - -The cars and trucks listed have four cylinders, unless stated -otherwise. The prices are those that were in effect prior to April 1, -1917. - - Capacity Tons Prices - “Acason,” Acason Motor Truck Co., - Detroit, Mich., 2 models. Chassis - only. Hotchkiss drive 2 and 3-1/2 On application - “Acme,” Cadillac Auto Truck Co., - Cadillac, Mich., 3 models. Bodies - extra. Worm drive 1 to 3-1/2 $1575 and $3000 - “Armleder,” The O. Armleder Co., - Cincinnati, Ohio, 2 models. Bodies - extra. Worm drive 2 and 3-1/2 2800 and 3500 - “Atlas,” Martin Carriage Works, York, - Pa., 1 model. Bodies extra. Hotchkiss 1000 to - drive 1500 lbs. 750 - “Atterbury,” Atterbury Motor Car Co., - Buffalo, N. Y., 4 models. Chassis - only. Worm drive 1 to 3-1/2 1875 to 3375 - “Autocar,” The Autocar Co., Ardmore, - Pa., 1 model, 2 cylinders. Bodies - extra. Shaft drive 1-1/2 to 2 $1650 - “Available,” Available Truck Co., Chicago, - Ill., 4 models. Worm drive 1 to 5 1700 to $4400 - “Avery,” Avery Company, Peoria, Ill., - 3 models. Bodies extra. Chain drive 2 to 5 2700 to 4500 - “Beck,” Beck & Sons, Cedar Rapids, - Iowa, 4 models. Bodies extra. Internal - Gear drive 1 to 2-1/2 1080 to 2000 - “Beech Creek,” Beech Creek Truck - & Auto Co., Beech Creek, Pa., 1 - model. Chassis only. Gear drive 3 3850 - “Bessemer,” Bessemer Motor Truck - Co., Grove City, Pa., 4 models. Bodies - extra. Worm drive 1 to 5 1075 to 4000 - “Brinton,” Brinton Motor Truck Co., - Philadelphia, Pa., 2 models. Chassis, - including Cab 1 and 2-1/2 995 to 2250 - “Briscoe,” Briscoe Motor Corp., Jackson, - Mich., 2 models. Complete Shaft - drive 3/4 700 and 725 - “Brockway,” Brockway Motor Truck - Co., Cortland, N. Y., 6 models. - Complete. Worm drive 1 to 2-1/2 1500 to 2250 - “Burford,” Burford Motor Truck Co., - Fremont, Ohio, 2 models. Chassis - only. Worm and Internal Gear - drive 2 and 4 2250 to 3600 - “Chase,” Chase Motor Truck Co., Syracuse, - N. Y., 5 models. Complete. - Worm drive 3/4 to 3-1/2 1500 to 3200 - “Coey,” Coey Motor Co., Chicago, Ill., - 1 model. Express bodies extra. - Shaft drive 1/2 695 - “Collier,” Collier Motor Truck Co., - Sandusky, Ohio, 1 model. With or - without body. Direct bevel drive 3/4 900 and 995 - “Commerce,” Commerce Motor Car Co., - Detroit, Mich., 2 models, 6 bodies. - Internal and Bevel Gear drive 3/4 and 1 875 to 1140 - “Corbitt,” Corbitt Motor Truck Co., - Henderson, N. C., 6 models. Bodies - extra. Worm drive 1 to 5 1450 to 3850 - “Couple Gear,” Couple Gear Freight - Wheel Co., Grand Rapids, Mich., 3 - models. Four-wheel drive. Complete. - (Gas electric.) 3-1/2 to 7 5200 to 6000 - “Crane & Breed,” Crane & Breed Mfg. - Co., Cincinnati, Ohio, Funeral cars. - etc. 6 cylinders 3000 to 4200 - “Crowther-Duryea,” Crowther Motor - Co., Rochester, N. Y., 1 model. Complete. - Roller drive 1/2 600 - “Dart,” Dart Motor Truck Co., Waterloo, - Iowa, 3 models. Bodies extra. - Worm drive 1/2 to 2-1/2 1200 to 2470 - “Dayton,” Dayton Motor Truck Co., - Dayton, Ohio, 6 models. Chain and - Worm drive 2 to 7-1/2 2650 to 4950 - “D-E,” Day-Elder Motors Co., Newark, - N. J., 3 models. Bodies extra. - Worm drive 1/2 to 1-1/2 975 to 1800 - “De Kalb,” DeKalb Wagon Co., DeKalb, - Ill., 2 models. Bodies extra 2 to 2-1/2 2100 to 2450 - “Denby,” Denby Motor Truck Co., Detroit, - Mich., 4 models. 1-ton complete. - Other bodies extra. Internal - gear drive 1 to 2-1/2 1275 to 2150 - “Den Mo,” The Denneen Motor Co., - Cleveland, Ohio., 1 model. Chassis - only. Internal gear drive 1-1/4 to 1-7/8 1385 - “Diamond T,” Diamond T Motor Car - Co., Chicago, Ill., 5 models. Chassis - only 1 to 5 1485 to 4100 - “Dispatch,” Dispatch Motor Car Co., - Minneapolis, Minn., 2 models. Complete. - Internal chain drive 3/4 1100 to 1200 - “Dorris,” Dorris Motor Car Co., St. - Louis, Mo., 1 model. Chassis only. - Worm drive 2 2185 - “Downing,” Downing Motor Truck - Co., Detroit, Mich., 2 models 3/4 to 1-1/2 600 and 750 - “Duplex 4-Wheel Drive,” Duplex - Truck Co., Lansing, Mich., 1 model. 3-1/2 3600 - “Ellsworth,” Mills-Ellsworth Co., Keokuk, - Iowa, 1 model. Complete 1/2 695 and 720 - “Erie,” Erie Motor Truck Mfg. Co., - Erie, Pa., 3 models. Bodies extra. - Worm drive 1 to 3-1/2 1500 to 3000 - “Fargo,” Fargo Motor Car Co., Chicago, - Ill., 1 model. Bodies extra. - Internal Gear drive 2 1390 - “F. W. D.,” Four-Wheel Drive Auto - Co., Clintonville, Wis., 1 model. - Chassis only. Bevel Gear drive 3 4000 - “Federal,” Federal Motor Truck Co., - Detroit, Mich., 5 models. Bodies - extra. Worm drive 1 to 5 1650 to 4000 - “Gabriel,” Gabriel Auto Co., Cleveland, - Ohio, 3 models. Chassis only. - Worm drive 3/4 to 1-1/2 1600 to 2300 - “Garford,” The Garford Motor Truck - Co., Lima, Ohio, 10 models. Bodies - extra. Worm and Chain drive 1 to 10 1750 to 6000 - “Gary,” The Gary Motor Truck Co., - Gary, Ind., 5 models. Worm drive 3/4 to 3-1/2 On application - “Globe,” Globe Motor Truck Co., - Northville Mich., 2 models, 6 cylinders. - Chassis only. Worm and Internal - Gear drive 1 and 2 1375 and 1985 - “G. M. C.,” General Motors Truck Co., - Pontiac, Mich., 6 models. Bodies - extra. Chain and Worm drive 3/4 to 5 1150 to 4150 - “Gramm-Bernstein,” Gramm-Bernstein - Motor Truck Co., Lima, Ohio., 6 - models. Bodies extra. Worm drive 1 to 6 On application - “Hahn,” Hahn Motor Truck & Wagon - Co., Hamburg, Pa., 4 models. Worm - drive 3/4 to 3-1/2 1150 to 4150 - “Hall,” Lewis Hall Iron Works, Detroit, - Mich., 3 models. Worm and - Chain drive 2 to 5 2000 to 3600 - “Harley-Davidson,” Harley-Davidson - Motor Co., Milwaukee, Wis., 3 models. - Cycle delivery 300 lbs. 310 to 380 - “Harvey,” Harvey Motor Truck Company, - Harvey, Ill., 3 models. Bodies - extra. Worm drive 2-1/2 to 5 2500 to 4000 - “Hatfield,” Cortland Cart & Carriage - Co., Sidney, N. Y., 3 models. Complete. - Bevel Gear drive 1000 lbs. 765 to 820 - “Hawkeye,” Hawkeye Mfg. Co., Sioux - City, Iowa, 1 model. Chassis only. - Internal Gear drive 1-1/4 1300 - “Henderson Bros.” Henderson Bros., - North Cambridge, Mass., 2 models. 1200 lbs. - Chassis only. Worm drive and 1 ton 1225 and 1500 - “Hewitt-Ludlow,” Hewitt-Ludlow Auto - Co., San Francisco, Cal. 5 models. - Chassis only. Worm and Chain - drive. Also tractors 1 to 5 1800 to 4550 - “Hoover,” Hoover Wagon Co., York, - Pa., 1 model. Bodies to order. - Worm drive 3/4 1190 - “Horner,” Detroit-Wyandotte Motor - Truck Co., Wyandotte, Mich., 4 - models. Bodies extra. Worm drive 1 to 5 2350 to 4200 - “Houghton,” The Houghton Motor Car - Co., Marion, Ohio, hearses and ambulances. - Worm drive 3/4 1585 to 1650 - “Hurlburt,” Hurlburt Motor Co., New - York City, N. Y., 5 models. Worm - drive. Chassis only 1-1/2 to 7 2250 to 5000 - “Independent,” Independent Motors - Co., Port Huron, Mich., 2 models. - Worm drive 1 and 2 1385 and 1850 - “Indiana,” Indiana Truck Co., Marion, - Ind., 4 models. Bodies extra 1 to 5 1385 to 3500 - “International,” International Harvester - Co., Chicago, Ill., 2 models. - Bodies extra. Internal Gear drive. 3/4 and 1 1225 and 1500 - “Jeffery,” The Nash Motors Co., Kenosha, - Wis., 3 models. Bodies extra. - Bevel and Internal Gear drive 3/4 to 2 965 to 2850 - “Kearns,” Kearns Motor Truck Co., - Beavertown, Pa., 1 model. Complete. - Shaft drive 1000 lbs. 785 - “Kelly,” The Kelly-Springfield Motor - Truck Co., Springfield, Ohio, 8 models. - Chassis only. Worm and - Chain drive 1-1/2 to 6 2250 to 4600 - “King,” A. R. King Mfg. Co., Kingston, - N. Y., 1 model. Chassis only. Chain - drive 3-1/2 2600 - “Kissel,” The Kissel Motor Co., Hartford, - Wis., 7 models. Bodies extra. - Worm and bevel drive 3/4 to 5 950 to 2850 - “Kleiber,” Kleiber & Co., Inc., San - Francisco, Cal., 5 models. Bodies - extra. Worm drive 1-1/2 to 5 2250 to 4500 - “Knickerbocker,” Knickerbocker Motors, - Inc., N. Y. City, 3 models. - Bodies extra. Worm drive. Also - 3-ton tractor 3 to 5 3500 to 4500 - “Koehler,” H. J. Koehler Motors Corp., - Newark, N. J., 1 model. Bodies - extra. Internal Gear drive 1 895 - “Koenig & Luhrs,” Koenig & Luhrs - Wagon Co., Quincy, Ill., 1 model 3/4 900 - “Krebs,” Krebs Commercial Car Co., - Clyde, Ohio, 4 models. Bodies extra. - Worm drive 1-1/2 to 5 2050 to 4000 - “Lambert,” Buckeye Mfg. Co., Anderson, - Ind., 5 models. Also tractors. - Chain drive 1/2 to 2 900 to 2200 - “Lamson,” Zeitler & Lamson Truck - Co., Chicago, Ill., 4 models. Chassis - only. Worm drive. Also tractor - and dumping equipment 1 to 5 1550 to 4350 - “Lange,” Lange Motor Truck Co., - Pittsburgh, Pa., 2 models. Bodies - extra 1 to 3-1/2 1850 to 2450 - “Larrabee,” Larrabee-Deyo Motor - Truck Co., Binghamton, N. Y., 4 - models. Bodies extra. Worm drive 1 to 2-1/2 1600 to 3300 - “Lenox,” Lenox Motor Car Co., Boston, - Mass., 2 models, 4 and 6 cylinders. - 12 to 28 tons haulage Tractor On application - “Leslie,” Leslie Motor Car Co., Detroit, - Mich., 1 model. Kerosene fuel 3/4 On application - “Lippard-Stewart,” Lippard-Stewart - Motor Car Co., Buffalo, N. Y., 5 - models. Bodies extra. Worm drive 1/2 to 2 1000 to 2600 - “Little Giant,” Chicago Pneumatic - Tool Co., Chicago, Ill., 3 models. - Bodies extra. Chain and Worm - drive 1 to 5 1400 to 4250 - “Maccar,” Maccar Truck Co., Scranton, - Pa., 4 models. Chassis only. - Worm drive 1 to 5-1/2 2100 to 4150 - “Mack,” International Motor Co., N. - Y. City, 6 models. Chassis only. - Chain and Worm drive 1 to 7-1/2 2150 to 4600 - “Maxim,” Maxim Motor Co., Middleboro, - Mass., 2 models, 4 and 6 cylinders. - Bodies extra. Fire apparatus - special. Worm drive 2 2500 and 3500 - “M. H. C.,” Michigan Hearse & Motor - Co., Grand Rapids, Mich., funeral - cars, etc., 6 cylinders On application - “The Menominee,” Menominee Motor - Truck Co., Menominee, Mich., 5 - models. Bodies extra. Worm drive. 3/4 to 3-1/2 1295 to 2775 - “Mercury,” The Mercury Mfg. Co., - Chicago, Ill., tractor, 3 models 3400 - “Modern,” Bowling Green Motor Truck - Co., Bowling Green, Ohio, 2 models. - Chassis only. Worm drive 1 and 2 1500 and 2000 - “Moeller,” New Haven Truck & Auto - Works, New Haven, Conn., 3 models. - Bodies extra. Chain drive 1-1/2 to 5 2500 to 4500 - “Mogul,” Mogul Motor Truck Co., St. - Louis, Mo., 4 models. Bodies extra. - Worm and Chain drive 1-1/2 to 6 1600 to 4000 - “Monarch,” Monarch Light Truck Co., - Milwaukee, Wis., 2 models. Bodies - extra. Worm drive 1/2 and 1 750 and 950 - “Moon,” Jos. W. Moon Buggy Co., St. - Louis, Mo., 2 models. Bodies extra. - Chain and Shaft drive 3/4 to 1-1/2 950 and 1650 - “Moreland,” Moreland Motor Truck - Co., Los Angeles, Cal., 4 models. - Chassis only. Worm drive 3/4 to 5 1290 to 4250 - “Morton,” Morton Truck and Tractor - Co., Harrisburg, Pa., 1 model. - Chassis only. Worm drive 3 4250 - “Nelson Lemoon,” Nelson & LeMoon, - Chicago, Ill., 4 models. Worm drive. - Chassis only 1 to 5 1700 to 4200 - “Netco,” New England Truck Co., - Fitchburg, Mass., 3 models, 4 and 6 - cylinders. Bodies and fire apparatus - extra. Worm drive 1-1/2 to 2 2350 to 4250 - “Niles,” Niles Car & Mfg. Co., Niles, - Ohio, 2 models. Bodies to order. - Worm drive 1 and 2 1500 to 2400 - “Northwestern,” Star Carriage Co., - Seattle, Wash., 1 model. Bodies - extra. Worm drive 1-1/2 2150 - “Old Hickory,” Kentucky Wagon Mfg. - Co., Louisville, Ky., 1 model. Bodies - extra. Bevel Gear drive 1250 lbs. 825 - “Old Reliable,” Old Reliable Motor - Truck Co., Chicago, Ill., 12 models. - Bodies and trailers extra. Chain - and Worm drive 1-1/2 to 7 1950 to 5000 - “Packard,” Packard Motor Car Co., - Detroit, Mich., 7 models. Bodies - extra. Worm drive 1 to 6 2200 to 4550 - “Palmer-Moore,” Palmer-Moore Co., - Syracuse, N. Y., 2 models. Bodies - extra. Internal Gear drive 1 and 2 1075 and 1675 - “Paragan,” Paragan Motor Truck Co., - Auburn, Ind., 1 model, 4 bodies 1 975 - “Peerless,” Peerless Motor Car Co., - Cleveland, Ohio, 6 models. Bodies - and tractors extra. Chain and - Worm drive 2 to 6 3000 to 5000 - “Pierce-Arrow,” Pierce-Arrow Motor - Car Co., Buffalo, N. Y., 2 models. - Bodies extra. Worm drive 2 and 5 3000 to 4500 - “Piggins,” Piggins Motor Truck Co., - Racine, Wis., 4 models. Chassis - only. Enclosed Spur Gear drive 1 to 5 1750 to 3850 - “Rainer,” Rainer Motor Corp., N. Y. - City, 1 model. Bodies extra. Worm - drive 1/2 875 - “Reo,” Reo Motor Car Co., Lansing, - Mich., 2 models 3/4-ton with express - body. Other, chassis only. Shaft - and Chain drive 3/4 and 5 1000 and 1650 - “Republic,” Republic Motor Truck Co., - Alma, Mich., 4 models, 3/4-ton complete. - Other bodies extra. Internal - Gear drive 3/4 to 5 750 to 2550 - “Riker,” The Locomobile Co. of America, - Bridgeport, Conn., 2 models. - Bodies, tractor, etc., extra. Worm - drive 3 and 4 3600 to 3750 - “Rowe,” Rowe Motor Mfg. Co., Downington, - Pa., 5 models. Chassis only. - Fire apparatus special 1 to 5 2450 to 4500 - “Rush,” Rush Motor Truck Co., Philadelphia, - Pa., 1 model. Bodies extra. - Bevel Gear drive. 1/2 735 - “Sandow,” Sandow Motor Truck Co., - Chicago, Ill., 4 models. Bodies extra. - Worm drive 1 to 3-1/2 1150 to 3250 - “Sanford,” Sanford Motor Truck Co., - Syracuse, N. Y., 3 models. Chassis - only. Internal Gear drive 3/4 to 2 1290 to 2100 - “Saurer,” International Motor Co., N. - Y. City, 2 models. Chassis only. 5 and - Chain drive 6-1/2 4800 to 5800 - “Schacht,” The G. A. Schacht Motor - Truck Co., Cincinnati, Ohio, 3 models. 1-1/2 - Bodies extra. Worm drive to 3 2650 to 3200 - “Selden,” Selden Truck Sales Co., - Rochester, N. Y., 5 models. Bodies 3/4 - extra. Worm drive to 3-1/2 985 to 3150 - “Service,” Service Motor Truck Co., - Wabash, Ind., 5 models. Bodies - extra. Worm drive 1 to 5 1375 to 4000 - “Signal,” Signal Motor Truck Co., Detroit, - Mich., 5 models. Bodies extra. - Worm drive 1 to 5 1550 to 4000 - “Standard,” Standard Motor Truck - Co., Detroit, Mich., 3 models. Chain - and Worm drive 2 to 5 2300 to 3700 - “Stanley,” Stanley Motor Carriage - Co., Newton, Mass., 2 models, steam 3/4 - power. Bodies extra to 1-1/4 1775 to 2200 - “Stegeman,” Stegeman Motor Car Co., - Milwaukee, Wis., 5 models, 6 cylinders. - Bodies extra. Worm drive 2 to 7 2250 to 4600 - “Sterling,” Sterling Motor Truck Co., - Milwaukee, Wis., 4 models. Chassis - only. Worm and Chain drive 2-1/2 to 7 2800 to 5250 - “Stewart,” Stewart Motor Corp., Buffalo, - N. Y., 3 models. Bodies extra. 3/4 - Internal Gear drive to 1-1/2 795 to 1485 - “Studebaker,” Studebaker Corp. of - America, Detroit, Mich., 2 models. - With and without bodies. Shaft - drive 1/2 and 1 876 to 1250 - “Superior,” E. G. Willingham’s Sons, - Atlanta, Ga., 2 models. Bodies - extra. Internal Gear drive 1 and 2 1350 and 1800 - “Thomas,” Thomas Auto Truck Co., - Inc., New York City, 1 model. Bodies - extra. Worm drive 2 to 2-1/2 2700 - “Ton A Ford” (Extension Chassis), - Ton A Ford Truck Co., Racine, Wis. - Ford chassis and motor. Bodies - extra 1 685 - “Tower,” Tower Motor Truck Co., - Greenville, Mich., 5 models. Bodies - extra 3/4 to 3 1150 to 2500 - “Trabold,” Trabold Truck Mfg. Co., - Johnstown, Pa., 2 models. Chassis - only 1 and 2 975 and 1750 - “Trojan,” The Commercial Truck Co., - Cleveland, Ohio, 2 models. Bodies - extra. Worm drive 1 1500 and 1600 - “United,” United Motors Co., Grand - Rapids, Mich., 4 models. Bodies - extra. Worm drive 2 to 5 2250 to 3900 - “U. S.,” United States Motor Truck - Co., Cincinnati, Ohio, 5 models. - Bodies extra. Chain and Worm 2-1/2 - drive to 5 2500 to 4400 - “Universal,” Universal Service Co., - Detroit, Mich., 4 models. Bodies 1-1/2 - extra. Chain and Worm drive to 3 2000 to 3400 - “Veerac,” Veerac Company, Minneapolis, - Minn., 3 models, 2 cylinders. 3/4 - Complete. Chain drive and 1 950 to 1150 - “Velle,” Velle Motors Corp., Moline, - Ill., 2 models. Bodies extra. Worm - drive 2 and 3-1/2 2250 and 3350 - “Viall,” Viall Motor Car Co., Chicago, - Ill., 4 models. Chassis only. Chain - and Worm drive 1-1/2 to 5 1650 to 3250 - “Vim,” Vim Motor Truck Co., Philadelphia, - Pa., 12 delivery bodies. - Complete. Bevel Gear drive 695 to 1385 - “Voltz,” Voltz Brothers, Chicago, Ill., - 2 models. Bodies extra. Chain - drive 3 and 5 2750 and 3600 - “Walter,” Walter Motor Truck Co., N. - Y. City., 6 models. Also tractor. - Bodies extra. Internal Gear drive 3 to 7-1/2 4000 to 4500 - “Ware,” Twin City Four Wheel Drive - Co., St. Paul, Minn., 3 models. Complete. - Direct Shaft drive 2-1/2 and 5 2800 to 4800 - “Watson,” Watson Wagon Co., Canastota, - N. Y. Tractor and Trailer 5 On application - “White,” The White Co., Cleveland, - Ohio, 4 models. Bodies extra. Fire - apparatus, etc., special. Chain and 3/4 to - Shaft drive 5 2100 to 4500 - “Wichita,” Wichita Falls Motor Co., - Wichita Falls, Texas, 8 models. - Bodies extra. Worm and Chain - drive 1 to 5 1650 to 3850 - “Wilcox Trux,” Wilcox Motor Truck - Co., Minneapolis, Minn., 5 models. 3/4 to - Bodies extra. Worm drive 3-1/2 On application - “Wilson,” J. C. Wilson Co., Detroit, - Mich., 4 models, 5-ton haulage. - Body extra. Worm Gear drive 1 to 3 1375 to 2650 - “Wisconsin,” Myers Machine Co., Sheboygan, - Wis., 4 models. Bodies - extra. Worm drive 1-1/4 to 5 1650 to 4500 - “Wonder,” Wonder Motor Truck Co., - Chicago, Ill., 1 model, 3 bodies. - (Truck and Pleasure.) 1 800 to 850 - - - ELECTRIC COMMERCIAL VEHICLES - - “Atlantic,” Atlantic Electric Vehicle - Co., Newark, N. J., 4 models. With - or without bodies. Chain drive 1 to 5 On application - “Beardsley,” Beardsley Electric Vehicle - Co., Los Angeles, Cal., 2 models. 150 and - Shaft drive 2000 lbs. 1185 and 2000 - “C. T.” Commercial Truck Co. of - America, Phila., Pa., 5 models. - Chassis only. Gear drive 1/2 to 5 1500 to 3500 - “Couple Gear,” Couple Gear Freight - Wheel Co., Grand Rapids, Mich., 2 - models. Four-wheel drive. Complete 3-1/2 and 5 4400 and 5000 - “Fritchie,” Fritchie Electric Co., Denver, - Colo., 1 model. Complete 1/2 2000 - “G. V.,” General Vehicle Co., Inc., - Long Island City, N. Y., 6 models. - Bodies extra. Worm and Chain - drive 1/2 to 5 1700 to 3700 - “Lansden,” Lansden Co., Inc., Brooklyn, - N. Y., 6 models. Chassis only. - Chain and direct drive 1/2 to 6 1460 to 3500 - “Mercury,” The Mercury Mfg. Co., - Chicago, Ill., 3 models Tractor 1274 to 4435 - “Walker,” Walker Vehicle Co., Chicago, - Ill., 6 models. Chassis only. - Tractors up to 10 tons. Balance - drive 1/2 to 5 On application - “Ward,” Ward Motor Vehicle Co., - Mount Vernon, N. Y., 5 models. - Chassis only. Worm and Helical - Bevel drive 1/3 to 5 760 up - - - - -GENERAL INDEX - - - Page - Abbott Corporation, 96-221 - - Accessories; importance in the automobile industry, 120 - - Advertising; influence in popularizing automobiles, 83, 84, 85, 86, - 87, 88, 91, 97 - - Aid by dealers in promoting automobile industry, 143, 144 - - Ajax Rubber Tire Co., 178, 179, 182, 188, 190 - - Alliance Rubber Tire Co., 182, 188 - - Allison, Robert, purchaser of first American gasoline car, 76 - - Allen Motor Car Co., 96, 221 - - Aluminum, extent of use in automobiles, 44 - - American Automobile Association, 35, 133, 135 - - American Motors Corporation, 95, 182, 188, 221 - - America’s part in inventing fundamentals of the automobile, 77 - - America’s part in the first commercialization of the automobile, 78 - - Apperson Brothers, 115, 194, 221 - - Appreciation in value of automobile stocks, 201, 202 - - Association of Licensed Automobile Manufacturers, 37, 38, 39, 109, - 112, 135 - - Attitude of people toward the automobile in 1893-8, 75 - - Auburn Automobile Co., 95, 221 - - Auto Body Co., 193 - - Automobile, accessories and tire securities traded in on New York - Curb 1906, 1909, 1912 and 1916, 187-191 - - Automobile market for 1917, estimated, 215, 216, 217, 218 - - Automobiles, commercial—names, capacity, maker, price, 231-242 - - Automobile securities traded in on New York Stock Exchange, 1906, - 1909, 1912 and 1916, 178-183 - - Automobiles, passenger—names, cylinders, maker, price, 221-229 - - Average price all motor vehicles, 1916, 100, 139, 174, 175 - - Average price of automobile and tire stocks traded in on New York - Stock Exchange 1906, 1909, 1912 and 1916, 185 - - Average price of automobile tire and accessories stocks traded in on - New York Curb 1906, 1909, 1912 and 1916, 192 - - - Benefits of the automobile in affording first hand knowledge—social - and economic value, 155-166 - - Ben-Hur Motor Co., 96, 221 - - Benz, builder of first internal combustion road vehicle, 69, 74, 77 - - Blanchard, Thomas, early American auto builder, 62 - - Bollee, Frenchman who attained highest efficiency in early automobile - construction, 64, 65, 67 - - Bouton, French maker of gasoline cars, 72, 78 - - Brady, A. F., early automobile capitalist, 108 - - Brush Automobile Co., 201 - - Buick Motor Co., 95, 221 - - - Cadillac Motor Co., 93, 95, 115, 222 - - Capital invested in automobiles, 141 - - Case, J. I., T. M. Co., 95, 222 - - Chalmers Motor Car Co., 96, 115, 118, 181, 187, 193, 196, 222 - - Chandler Motor Co., 96, 178, 179, 182, 188, 190, 222 - - Character of American people largely responsible for automobile’s - commercial success, 89, 90 - - Chevrolet Motor Co., 96, 181, 187, 193, 205, 222 - - Chromium—value in automobile construction, 129 - - Cole Motor Car Co., 96, 222 - - Columbia Motor Co., 201, 222 - - Columbia Automobile Co. of New Jersey, 108 - - Companies whose securities are not generally traded in, 184, 185 - - Consolidated Car Co., 194 - - Continental Motors, 193 - - Consolidated Rubber Tire Co., 182, 188 - - Co-operation in automobile industry, 125, 126, 127, 128, 129, 130, - 132, 133, 134, 135, 136, 137 - - Crow-Elkhart Motor Car Co., 96, 221 - - Cugnot, Nicholas Joseph, inventor of first automobile, 50, 51, 52, - 53, 54, 57, 77, 78 - - Cunningham, Jas. Son & Co., 96, 222 - - - Daimler, Gottlieb, inventor of hot tube ignition, 69, 70, 77 - - Decrease in average price of automobiles, 28, 100, 175 - - De Dion, French maker of gasoline cars, 72, 78 - - Depreciation in automobile stocks, 201, 202 - - Detroit Automobile Co., 93 - - Difficulty in getting capital, 142 - - Distribution of leading motor cars by states, 213 - - Doble, builder of steam cars, 118, 223 - - Dodge Brothers, 96, 194, 223 - - Dorris Motor Car Co., 95, 223 - - Dort Motor Car Co., 96, 223 - - Drexel Motor Car Corporation, 96, 223 - - Duryea, Charles E., builder of first gasoline automobile in America - that ran (frontispiece), 72, 74, 76, 92, 93 - - - Economy of factory operation, 43, 130, 131, 132 - - Edmunds & Jones Corporation, 197 - - Electric automobiles; when first sold in commercial quantities in the - United States, 78 - - Electric Vehicle Co., 182, 188 - - Electric Vehicle Co. of New Jersey, 69, 114 - - Elgin Motor Car Co., 96, 223 - - Emerson Motors Co., 181, 187, 201, 223 - - Enger Motor Car Co., 182, 188, 223 - - Enthusiasm part in industry’s success, 92 - - Essex Motor Co., 183, 189 - - Evans, Oliver, first known American experimenter with steam - automobile, 57, 58, 59, 60, 72 - - - Falls Motor Co., 181, 187 - - Federal Motor Truck Co., 194, 234 - - Firestone Tire & Rubber Co., 193, 199 - - First automobile ever made, 50, 51, 52, 53 - - First auto race in America, 73 - - First auto race in the world, 73 - - First automobile run on a road with any success, 56 - - First chaise propelled by other than horse power, 50 - - First electric automobile built and first sold in the United States, - 71, 118 - - First automobile built in America that ran; first sold in the United - States, 72, 73, 74, 75, 76, 118 - - First modern steam car built in the United States; first sold in the - United States, 70, 118 - - First use of internal combustion to drive piston in cylinder, 50 - - Fisher Body Corporation, 183, 189, 197, 198 - - Fisk Tire Co., 183, 189, 200 - - Ford, Henry (frontispiece), 37, 38, 39, 74, 76, 81, 83, 92, 93, 94, - 98, 101, 102, 110, 111, 112, 113, 114, 115 - - Ford Motor Co., 94, 95, 194, 224 - - Ford Motor Company of Canada, 193, 195, 224 - - Ford Tractor Co., 201 - - Franklin, Benjamin Frontispiece, - - Franklin, H. H. Mfg. Co., 95, 115, 195, 224 - - Frederick, J. George, quotation, 148, 149 - - Future of automobile accessories, 216, 217 - - Future of automotive inventions in rural districts, 124, 125 - - Future of commercial automobiles, 116, 117 - - Future of electric automobile industry, 116 - - Future of automobile industry as an investment, 145, 146, 147, 149, - 150, 151, 152, 153, 154, 216, 217 - - Future of the tire industry and stocks, 217 - - Future trend of automobile securities, 206, 207, 209 - - - General Motors Co., 29, 178, 179, 182, 183, 188, 189, 190, 193, 196, - 197, 234 - - Glide automobile, 95, 224 - - Goodrich, B. F. Co., 178, 179, 182, 188, 190, 193 - - Good roads; aid to automobile increase, 46, 47, 133, 166 - - Goodyear Tire & Rubber Co., 193 - - Gramm Motor Truck Co., 195, 234 - - Grant Motor Car Corporation, 181, 187, 224 - - Growth, record for rapidity held by automobile industry, 173 - - Gurney, Goldsworthy, early English automobile builder, 63, 77 - - - Hancock, Walter, early English automobile builder, 63, 77 - - Harroun Motors Corporation 96, 201, 224 - - Haynes Automobile Co., 195, 224 - - Haynes, Elwood, builder of third successful gasoline car made in - America, 74, 76, 77, 92, 93, 94, 115 - - High and low prices during 1916 of representative mining, steel, - industrial and railroad groups of securities compared with - similar groups in automobile field, 204 - - Horses, what each consumes and number in United States, 168 - - Hudson Motor Car Co., 96, 225 - - Hupp Motor Car Corporation 96, 225, 181, 187 - - - Imperial Carbon Chaser Co., 181, 187 - - Increase in production of motor trucks, 100, 139, 140 - - Increase of population in United States in 16 years, 91 - - Increase of wealth in United States in 12 years, 91 - - Intercon. Rubber Co., 183, 189 - - Inter. Motors Co., 189 - - Interstate Motor Co., 96, 225 - - - James, W. H., English inventor and auto builder, 61, 62, 77 - - - Kelly Springfield Tire Co., 178, 179, 183, 189, 190, 202, 205 - - Kelsey Wheel, 183, 189 - - Keystone Tire & Rubber Co., 181, 187 - - Kissel Motor Car Co., 96, 195 - - Knight, inventor of motor, 77, 229 - - - Lee Tire & Rubber Co., 178, 179, 183, 189, 190, 205 - - Leland, of the Cadillac Co., 115 - - Levassor, who solved problem of road shock, 72, 77 - - Lexington motor car, 96, 225 - - Locomobile Company of America, 95, 225 - - - Madison Motors Co., 96, 226 - - Machining, part played by, 43, 44, 130 - - Maibohm Motors Co., 96, 226 - - Marmon automobile, 95, 226 - - Maxwell-Briscoe, 201 - - Maxwell Motor Co., 96, 178, 179, 190, 193, 201, 226 - - McDonald, J. B., purchaser first electric automobile built, 71 - - Mechanical imperfections of early automobiles, 61 - - Metropolitan Motors Co., 183, 189 - - Mitchell Motors Co., 95, 181, 187, 195, 226 - - Moline-Knight, 95, 226 - - Monarch Motor Car Co., 96, 226 - - Money-earning possibilities of automobile investments now the - greatest, 174 - - Moon Motor Car Co., 96, 226, 237 - - Morrison, William, builder first electric automobile, 71 - - Motor Products Co., 183, 189, 197, 198 - - Murdock, William, builder of model of second automobile, 54, 55, 56 - - Mutual Motors Co., 195 - - - National Automobile Chamber of Commerce, 28, 29, 30, 38, 135 - - National Auto Corporation, 181, 187 - - National Motor Car & Vehicle Corporation, 196, 227 - - Newer entrants into securities market, 200, 201 - - Non-Skid chain, 122 - - Non-Skid tread, 123 - - Number of automobile manufacturers who failed, 30, 97, 106 - - Number of automobiles produced in 1903, 30 - - Number of automobiles produced in 1907, 33 - - Number of automobiles produced in 1908, 34 - - Number of automobiles produced in 1909-10-11-12-13-14-15-16, 30, 34, - 100, 139, 150 - - Number of commercial vehicles produced in 1915, 146 - - Number of commercial vehicles produced in 1916, 28, 140, 147 - - Number of farms in United States, 146 - - Number of miles of roads improved and unimproved in United States, 168 - - Number of passenger automobiles produced in 1916, 28 - - Number of people in United States with incomes over $1,800, 41 - - Number of people in United States with incomes over $1,200, 41 - - Number of “rich” people in the United States, 145 - - - Oakland Motor Car Co., 96, 227 - - Ohio Electric Car Co., 96, 227 - - Olds, successful American auto builder, 81, 95, 115, 227 - - Opposition, early, to automobile “craze”, 104, 105 - - Otto, inventor of gas engine, 69, 113 - - Output of automobile makers, how planned, 41 - - - Packard Motor Car Co., 95, 193, 227, 238 - - Paige-Detroit Motor Car Co., 96, 193, 227 - - Panhard, French maker of gasoline cars, 72, 78 - - Pecqueur, discoverer of principle of “differential”, 62, 63, 77 - - Peerless Motor Car Co., 95, 181, 187, 227 - - Percentage gain automobile production 1915 over 1914, 28 - - Percentage gain automobile production 1916 over 1915, 28 - - Per cent of value added by manufacture to automobiles, 82 - - Period of automobile industry’s greatest development in the United - States, 76 - - Perlman Rim Corporation, 183, 189, 197, 198 - - Peugeot, French maker of gasoline cars, 72, 78 - - Pierce-Arrow Motor Car Co., 95, 181, 187, 195, 197, 227 - - Pope Manufacturing Co., 108, 182, 188 - - Portage Rubber Co., 193 - - Premier Motor Corporation, 95, 228 - - Present trend of automobile, accessories and tire securities, 205, - 206, 228 - - Princess Motor Car Corporation, 183, 189, 228 - - Prospects when war ends for automobile industry, 47, 48 - - Pullman Motor Car Co., 95, 228 - - - Quantity production of automobiles, 41, 43, 92, 98, 101 - - - Rate of growth of automobile production and registration compared - with population, 208 - - Ratio of voting men to each registered automobile in United States, - 210, 211 - - “Rauch & Lang” automobile, 95, 228 - - Regal Motor Car Co., 96, 228 - - Registration of automobiles; increase since 1906, 174 - - Reliability contests; value of, 34, 35, 36 - - Reo Motor Car Co., 96, 193, 228, 239 - - Republic Motor Truck Co., 181, 187, 189, 195, 239 - - Republic Rubber Co., 193 - - Retail sales of motor vehicles in 1916, 28 - - Riker, builder of steam cars, 78, 115, 118, 239 - - Rims, demountable, 123 - - Roper, S. H., builder of first modern steam car in United States, 70 - - Rubber Goods Manufacturing Co., 178, 180, 190 - - Ryan, Thomas F., early automobile capitalist, 108 - - - Sampson, 201 - - Saturation, point of, not imminent, 31, 145, 146, 151, 176, 209, 214 - - Saxon Motors Co., 96, 178, 180, 183, 189, 190, 228 - - Scripps-Booth Corporation, 96, 181, 187, 228 - - Securities, leading examples of prices, terms and promotion plans on - which they were put out, 195-200 - - Securities, trading in, Cleveland Stock Exchange, 193 - - Securities, trading in, Detroit Stock Exchange, 193 - - Selden, Geo. B., first patentor of gasoline motor, 65, 66, 67, 68, - 69, 77, 104, 114 - - Selden “patent”, 37, 104, 107, 108, 109, 110, 111, 112, 113, 114 - - Self-starter, the, 44, 45, 122 - - Serpollet, made use of dry steam possible, 73, 77 - - Sliding transmission, 123 - - Society of Automotive Engineers, 44, 135 - - Smith Motor Truck Co., 181, 187 - - Spark plug, chambered, 123 - - Springfield Body Co., 181, 187 - - Standardization of manufacture of automobiles, 82, 97, 99, 100, 135, - 136 - - Standard Motor Co., 181, 187, 239 - - Stanley, builder of steam cars, 78, 118, 119, 228, 240 - - Stearns, B. F. Co., 95, 115, 195, 229 - - Stocks of automobile companies; when they became known in the - legitimate market, 173 - - Stoddard-Dayton, 201 - - Stromberg Carburetor Co., 181, 187 - - Studebaker Corporation, 95, 178, 180, 182, 188, 190, 193, 202, 205, - 229, 240 - - Stutz Motor Car Co., 96, 178, 180, 183, 189, 190, 229 - - Supremacy of United States in automobile industry, 79, 80, 81, 82, 102 - - Swinehart Tire & Rubber Co., 193 - - - Thomas, E. R., Motor Car Co., 95, 115, 229, 240 - - Time payment plan in buying automobiles, 40, 41 - - Time required to develop automobile, 49 - - Times Square Auto Supply Co., 183, 189 - - Tires, rubber; history of, 74, 120, 121, 122, 140 - - Tires, solid, 123 - - Tractors, economical value and future, 147, 148, 149 - - Transue & Williams Steel Forging Co., 197, 199 - - Trevithick, Richard, early English automobile maker, 56, 57, 58, 77 - - Tungsten, value in automobile construction, 129 - - - United Alloy Steel Corporation, 197, 198, 199 - - United Motors Co., 182, 187, 205, 240 - - United States Motors Co., 182, 188, 201, 240 - - United States Rubber Co., 178, 180, 190, 200 - - Universal Motor Co., 183, 189 - - - Value of automobiles produced 1899 to 1916, 139 - - Value of automobiles produced 1907 to 1909, 34 - - Value of motor trucks produced in 1916, 28 - - Value of passenger cars produced in 1916, 28 - - Vanadium; value in automobile construction, 129 - - Velie Motors Corporation, 96, 229 - - - War orders for automobile trucks, 1913-14, 47 - - War orders for automobile trucks, 1914-15, 47 - - War use of trucks; value in warfare, 169-170 - - Watt, James, inventor of steam engine, 51 - - When early automobile had a “vogue” in England, 63 - - When French began selling automobiles in quantity, 78 - - White, inventor of generator for steam cars, 77, 78, 95, 118, 119 - - White Motor Co., 95, 178, 180, 183, 189, 190, 193, 229, 241 - - Whitney, William O., early automobile capitalist, 108 - - Why early English automobiles failed, 64 - - Why gasoline cars are preferred, 118 - - Widener, P. A. B., early automobile capitalist, 108 - - Willys-Overland Co., 42, 43, 81, 95, 115, 178, 180, 182, 188, 190, - 196, 227, 229 - - Winton, Alexander, sold first American gasoline car, 76, 78, 93, 94, - 95, 115 - - Winton Co., 195, 229 - - Women as auto owners and drivers, 45, 46, 123 - - - Year automobile industry entered “billion dollar class”, 27 - - Year of start of automobile business as a “real” industry, 33 - - -*** END OF THE PROJECT GUTENBERG EBOOK STORY OF THE AUTOMOBILE *** - -Updated editions will replace the previous one--the old editions will -be renamed. - -Creating the works from print editions not protected by U.S. copyright -law means that no one owns a United States copyright in these works, -so the Foundation (and you!) can copy and distribute it in the -United States without permission and without paying copyright -royalties. 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L. Barber</div> - -<div style='display:block; margin:1em 0'> -This eBook is for the use of anyone anywhere in the United States and -most other parts of the world at no cost and with almost no restrictions -whatsoever. You may copy it, give it away or re-use it under the terms -of the Project Gutenberg License included with this eBook or online -at <a href="https://www.gutenberg.org">www.gutenberg.org</a>. If you -are not located in the United States, you will have to check the laws of the -country where you are located before using this eBook. -</div> - -<p style='display:block; margin-top:1em; margin-bottom:0; margin-left:2em; text-indent:-2em'>Title: Story of the automobile</p> -<p style='display:block; margin-top:0; margin-bottom:1em; margin-left:2em; text-indent:0;'>Its history and development from 1760 to 1917 with an analysis of the standing and prospects of the automobile industry</p> - -<div style='display:block; margin-top:1em; margin-bottom:1em; margin-left:2em; text-indent:-2em'>Author: H. L. Barber</div> - -<div style='display:block; margin:1em 0'>Release Date: October 24, 2021 [eBook #66607]</div> - -<div style='display:block; margin:1em 0'>Language: English</div> - -<div style='display:block; margin:1em 0'>Character set encoding: UTF-8</div> - -<div style='display:block; margin-left:2em; text-indent:-2em'>Produced by: Charlene Taylor, Brian Wilcox and the Online Distributed Proofreading Team at https://www.pgdp.net (This file was produced from images generously made available by The Internet Archive/American Libraries.)</div> - -<div style='margin-top:2em; margin-bottom:4em'>*** START OF THE PROJECT GUTENBERG EBOOK STORY OF THE AUTOMOBILE ***</div> - -<div class="figcenter illowp48" id="frontis" style="max-width: 81.5625em;"> - <img class="w100" src="images/frontis.jpg" alt="" /> - <p class="caption"><span class="smcap large">Benjamin Franklin</span><br /> -<span class="smcap">First great American -teacher of thrift -and -investing for profit</span><br /> -<br /> -<span class="smcap large">Charles E. Duryea</span><br /> -<span class="smcap">Maker of the -first american -gasoline -automobile -that ran</span><br /> -<br /> -<span class="smcap large">Henry Ford</span><br /> -<span class="smcap">Father of quantity -production of the -automobile</span></p></div> - -<h1> -Story of the Automobile</h1> -<p class="center noindent"><span class="larger"> -Its History and Development -From 1760 to 1917</span> - -With an Analysis of the -Standing and Prospects of -the Automobile Industry</p> -<h2> -By H. L. BARBER</h2> -<p class="center noindent">Economist and Financial Writer -<span class="smaller">Author of “Making Money Make Money,” etc., etc.</span></p> - -<p class="center noindent padt2">CHICAGO -<span class="larger">A. J. MUNSON & CO.</span> -1917 -</p> - -<hr class="chap x-ebookmaker-drop" /> - -<p class="center noindent small padt2 padb2"><span class="smcap">Copyright, 1917, by</span> -H. L. BARBER -</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_1">1</span></p> - -<h2 class="nobreak" id="PREFACE">PREFACE.</h2> -</div> - -<p>So far as I know, there is no book in circulation -that tells, in concise form, the story of -the mechanical and commercial evolution of the -automobile, mirrors its sudden leap into popular -use, and shows how it has demonstrated, in -a most amazing way, the power of money to -make money, describes its benefits to the world, -and forecasts the future possibilities of the -automobile industry as an investment.</p> - -<p>This book, the “Story of the Automobile,” -shows the struggle of man for one hundred and -fifty years to devise a means of propelling a -vehicle without animal power.</p> - -<p>It describes the various stages of the evolution -of the idea of motive force other than animal -power, in France, England, Germany and -the United States, and its triumphant culmination -in a successful horseless vehicle. And it -makes clear how, when the automobile became -of practical use, its successful commercialization -became most profitable in the shortest -period of time of that of any product of man’s -ingenuity supplying an article to meet human -wants.</p> - -<p>But if this were all that could be recorded of -the story of the automobile, this book would not<span class="pagenum" id="Page_2">2</span> -have been written. The automobile’s success -demonstrates all this, and something more—something -that would not ordinarily occur to a -person unless his attention was called to it.</p> - -<p>The astonishing history of the automobile’s -success affords one of the most convincing and -the best modern instance of the opportunities -that are being constantly presented for investing -for profit.</p> - -<p>It is a signal example kept in our hearing -every day by the Niagara-like roar of the cars -along our boulevards, of the fact that this is the -age of golden opportunities for making money -make money—of opportunities that disclose -themselves, sometimes unexpectedly, and, when -embraced, are apt to respond with a veritable -avalanche of profits.</p> - -<p>For was it not an avalanche of profits that -overwhelmed the man who in thirteen years -made $200,000,000 and was offered another -$200,000,000 for only a small part of his business? -And this great fortune made by Henry -Ford did not exhaust the Ford automobile’s -possibilities, for millions are still being taken -out of the business, one investor of $2,000 having -received over half a million dollars out of it -lately.</p> - -<p>When men who are not 40 years old today -came out of high school they either did not<span class="pagenum" id="Page_3">3</span> -know what an automobile was or, if they had -seen one of the very earliest samples, they had -no vision of what it would develop into—no -conception of what the future had in store for -the wabbly horseless vehicle, zig-zagging down -the street, as a potential money-maker.</p> - -<p>And in the early days of the automobile’s -struggles for recognition as a promising investment, -no banker or other moneyed man could be -brought to believe that it held out any reasonable -hopes of great gain. No one could foresee, -not even the inventors of the automobile, that in -less than two decades the business done through -its comparative perfection would rank fourth -in order of the industries of the United States. -And still less was there anybody so foresighted -in the possibilities that lie in money to make -more money, as to vision the billions of dollars -of profits to be paid out by this one idea of a -horseless vehicle.</p> - -<p>We can find few instances which so forcefully -show, as the automobile industry shows, the -chances for profitable investment in a short time -which may come from sources supplying the -needs or pleasures of the great mass of the -people.</p> - -<p>The chapters of the “Story of the Automobile” -devoted to its commercialization make -clear that its greatest success has been due to<span class="pagenum" id="Page_4">4</span> -the production of automobiles at a price within -reach of people of ordinary means. For this -the one man most responsible is Henry Ford. -He has demonstrated in a manner of many millions -that the most money is to be made out of -things used by the greatest number of people—things -that become common needs.</p> - -<p>The enduring truth of the profitableness of -Philip D. Armour’s apothegm, “Make and sell -things that are ‘et’ up,” is not discredited by -the automobile industry, for the use of the automobile -“eats” up steel, brass, wood, rubber, -leather, gasoline and many other natural -resources. The automobile wears out and has to -be replaced, so it properly comes in the category -of things “et” up.</p> - -<p>This truth, that the greatest profits lie in -products that can be given general distribution, -with a consequent large sale, which is one I have -maintained in my book, “Making Money Make -Money,” in my magazine, “Investing for -Profit,” and in all my teachings on the science -of investing, finds a splendid exemplification -in the automobile industry’s success as a phenomenally -profitable form of investment, and -the circumstances of this success are but cumulative -evidence of the soundness of my doctrine.</p> - -<p>And the success of the automobile industry in -the measure and with the speed it has achieved<span class="pagenum" id="Page_5">5</span> -verifies not only this claim I have made and -maintained, but confirms my contention of the -value of co-operation.</p> - -<p>I have preached co-operation as urgently as -I have advocated, as the best objects of investment, -the value of things used popularly and in -quantities.</p> - -<p>The “Story of the Automobile” could not -have had written into it the glamour of the -golden guerdons of Golconda but for Ford’s -idea of quantity production, reinforced by -co-operative standardization of parts. Co-operation -between the manufacturers produced -standardization, and standardization enabled -quantity production, and the low price which -quantity consumption warranted has caused -automobiles to be bought by millions, and the -purchase of the automobile in millions, instead -of thousands, has made the hundreds of millions -of dividends which this wonderful mine of -profits has yielded.</p> - -<p>The “Story of the Automobile” is one of the -best and most notable proofs of two of my convictions -bedded in the concrete of experience, -namely, that the most promising investments -are those made in natural resources and enterprises -which the largest number of people can -patronize, and that co-operation is one of the -most effective forces in nature, and, therefore,<span class="pagenum" id="Page_6">6</span> -applicable to the affairs of men as a beneficent -influence, and, if efficient, the handmaiden of -success.</p> - -<p>The story of the automobile has herein been treated in a way that -not only presents a graphic relation of the automobile’s development -as an invention, its commercialization, its benefits to man and the -position it occupies as a notable example of earning power, but in a -manner that develops the many morals taught by its success. The method -of treatment of the subject matter is uncommon, and, for this reason, -interesting, I trust, to those who read the book.</p> - -<p>The chapter contributed by Mr. Edward G. -Westlake, automobile editor of the <i>Chicago -Evening Post</i>, is a resume of automobile conditions -from the intimate viewpoint of a writer -who has specialized in the automobile, and -enjoys a deserved reputation as the dean of the -automobile editors of the daily newspaper press. -Every one interested in automobiles will derive -information and entertainment through reading -Mr. Westlake’s presentation of the amazing -features of automobile industrial figures. In it -he states interesting facts not stated elsewhere -in the volume.</p> - -<p>The book’s interest and value as a contribution -to automobile literature, of which there is -not much in book form, would be less than they<span class="pagenum" id="Page_7">7</span> -are, but for the participation in its preparation -by the Business Bourse International, Inc., -New York, whose vice-president, Mr. J. George -Frederick, is one of the highest authorities on -business economics.</p> - -<p>The chapter by the Business Bourse deals -with the automobile industry from the standpoint -of the financial and investment aspects of -the automobile, accessory and tire manufacturers’ -securities, and Mr. Frederick’s reputation -in the financial world is a guarantee of the -authoritative accuracy of the facts presented in -this chapter.</p> - -<p>Credit for salient facts in the history of the -automobile, obtained and used in the “Story of -the Automobile,” is given to a large volume of -nearly 500 pages, “The Romance of the Automobile -Industry,” by James Rood Doolittle, -issued lately by The Klebold Press, New York -city. This volume is the most exhaustive work -in book form yet published on the automobile, -and covers graphically every phase of its development -and popularization. It is virtually a -textbook and reference guide of facts of motor -car history, and devotes particular attention to -the personnel of the founders of the industry -and those engaged in it, and the association -features.</p> - -<p>I can only hope that the work entailed in presenting<span class="pagenum" id="Page_8">8</span> -this, the “Story of the Automobile,” has -been done sufficiently well to make it interesting -and instructive to those who read it.</p> - -<p class="right"> -<span class="smcap">H. L. Barber.</span> </p> - -<p>Wheaton, Ill., April 2, 1917.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_9">9</span></p> - -<h2 class="nobreak" id="CONTENTS">CONTENTS</h2> -</div> -<table class="autotable" summary="toc"> -<tr> -<th class="tdl normal"><span class="smcap">Preface</span></th> -<th class="tdr normal vertb"><a href="#PREFACE">1</a></th> -</tr> -<tr> -<td class="tdl"><span class="smcap">Introduction</span></td> -<td class="tdr vertb"><a href="#INTRODUCTION">11</a></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter I.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Introductory—Automobile Figures Are Amazing</p></td> -<td class="tdr vertb"><a href="#CHAPTER_I">27</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -Industry reaches two billion dollar mark—optimistic of -future increase—point of saturation far off—reliability -contest a factor in popularizing automobiles—Ford, the -wizard who converted the industry to price reduction—installment -plan of payment—part machining plays in low -selling prices—women a factor in automobile buying—good -roads now the industry’s greatest aid—farmers as -available prospects.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter II.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Mechanical Evolution of the Automobile</p></td> -<td class="tdr vertb"><a href="#CHAPTER_II">49</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -First horseless vehicle constructed by Cugnot, a Frenchman, -over 150 years ago—invention traced in different -countries, down to the first successful gasoline automobile -made in the United States by Charles E. Duryea in 1892—prohibitive -laws in England discouraged invention there—Evans -in 1784 first American to experiment in horseless -vehicles—French and German inventors’ part in development—Selden -first patentor of gasoline motor—inventor’s -difficulties in interesting capital—electrics appear—steam -preceded both electrics and gasoline.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter III.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Commercializing the Automobile</p></td> -<td class="tdr vertb"><a href="#CHAPTER_III">77</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -Steam and electric types outstripped by gasoline car—co-operation -partly popularized motor car—standardization -enabled price reduction—tungsten and other alloys, heat -treatment of steel, advertising and invalidation of Selden’s -patent, in the industry’s development—reasons for United -States’ supremacy in industry.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter IV.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Automobile Industry As an Investment</p></td> -<td class="tdr vertb"><a href="#CHAPTER_IV">139</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -Industry had little original capital invested in it—present -investment largely made up of profits—difficulties in<span class="pagenum" id="Page_10">10</span> -getting capital—dealers put up money to finance distribution—production -not reached its height—commercial cars -and tractors promise great opportunities—industry a surprise -to economists—large as it is, industry still in comparative -infancy.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter V.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Benefits Conferred by the Automobile</p></td> -<td class="tdr vertb"><a href="#CHAPTER_V">155</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -A medium of exchange of knowledge and ideas by bringing -people together—uproots bigotry and removes prejudice—revolutionizes -thought and habits, and liberalizes -mind—emancipates woman from drudgery of domesticity—increases -social amenities—a health giver; saves human -life; aid in eugenics—stimulates better roads—saving in -war.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter VI.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Reports on Automobiles, Automobile Accessories -and Tire Manufacturers Securities -from a Financial and Investment Stand-point</p></td> -<td class="tdr vertb"><a href="#CHAPTER_VI">171</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -Economic history, and its relation to stock trading in -the automobile industry—securities traded in on New York -stock exchange and curb—securities on exchanges in other -cities, and data for 1916—principal securities not generally -traded in—prices and terms—newer entrants—security -issues of tire companies—comparison of automobile with -other securities—present and possible future trend—graphic -charts and comparative tables.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter VII.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Passenger Automobiles Manufactured in the -United States</p></td> -<td class="tdr vertb"><a href="#CHAPTER_VII">219</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"><p> -Range of prices in effect April 1, 1917.</p></td> -</tr> -<tr> -<td class="tdc" colspan="2"><span class="smcap">Chapter VIII.</span></td> -</tr> -<tr> -<td class="tdl"><p class="indent">Gasoline Trucks and Delivery Cars Manufactured -in the United States</p></td> -<td class="tdr vertb"><a href="#CHAPTER_VIII">231</a></td> -</tr> -<tr> -<td class="tdl smaller" colspan="2"> -Range of prices and other data prior to April 1, 1917.—Courtesy -of Everybody’s Magazine.</td> -</tr></table> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_11">11</span></p> - -<h2 class="nobreak" id="INTRODUCTION">INTRODUCTION.</h2> -</div> - -<p>“What did Benjamin Franklin have to do -with the automobile?” a great many readers of -this book will ask.</p> - -<p>Benjamin Franklin was many-sided, and he -had a great deal to do with much that affects the -birth of the American nation; and if it had not -been for what he and other patriots, statesmen -and diplomats did, the automobile business -might have been in this country today exactly -what it is in England today—and that is a very -insignificant industry.</p> - -<p>Among other things Franklin was a signer -of the Declaration of Independence, and it was -the American Revolution that made the automobile -industry of today possible; for, had there -been no revolution, we would probably still be -a dominion of Britain beyond the seas, and it is -pretty certain that England would have had in -force in the colonies the laws she kept on her -statute books until 1896, practically prohibiting, -by the imposition of excessive road tolls, the -use of the public highways to horseless carriages.</p> - -<p>For, strange as it may seem to us in this country, -which Emerson epitomized as another name -for opportunity, the English horse owners and<span class="pagenum" id="Page_12">12</span> -people generally resented, as early as 1840, the -progress represented by the automobile, and -stifled all development of it from that time to a -date when France, Germany and the United -States had made it a real factor in transportation.</p> - -<p>If, therefore, Franklin had not helped to free -this land from the British yoke, the automobile -industry might have been in the United States -what it is in England today. France and Germany -might now have been doing the automobile -business of the world, with England and this -country buying from them, as England and -France are now buying from the United States, -whose automobile supremacy at this date is -unquestioned.</p> - -<p>While the gasoline type of automobile today -is the most popular, this is not to say that the -electric type is not a success scientifically and -commercially. Indeed, the future extent of the -automobile’s use for commercial purposes is -said by experts to depend largely on the electric -driven type.</p> - -<p>And who will deny that but for Franklin -the electric motor would not have been, for it -was he who wrested the thunderbolt from -heaven, as well as the sceptre of dominion over -our land from the tyrant. Franklin as the discoverer -of electricity may well be accorded the<span class="pagenum" id="Page_13">13</span> -credit for the electric automobile, which has -played no small part in the development of -the automobile industry, a fact which every -student of automobile history will concede.</p> - -<p>It is, however, on an even firmer foundation -than either of the causes mentioned that Benjamin -Franklin stands as contributing to the -success of the automobile industry. The inventors -could invent and the manufacturers -could make the automobile, but who, pray, was -to buy it, if it was to be in general use, if not -the common people? And how, may we ask, -were the people going to buy it without money?</p> - -<p>As the great teacher of frugality and thrift, -Franklin laid the cornerstone, 150 years ago, -on which the superstructure of the American -automobile industry has been erected. For, -assuredly, had the seed planted by him failed to -germinate and ripen in the American consciousness, -we could as well have been today a nation -of spendthrifts as a people self-denying, thrifty -and frugal. He inculcated those principles of -temperance and economy in the lives of our -forefathers which have been handed down to -us from one generation to another, to our advantage -and as an aid to our saving habits, by -which we are enabled to buy automobiles.</p> - -<p>Many a motor car today owes its ownership -to the teachings of Franklin. Many an automobile<span class="pagenum" id="Page_14">14</span> -buyer would never have become one -had he not heeded Franklin’s injunction, to -“Remember, a patch on your coat and money -in your pocket is better and more creditable -than a writ on your back and no money to -take it off,” and the investor would not have -put money in stocks of automobile companies -if he had not learned the truth of Franklin’s -teaching that “Money makes money, and the -money that money makes, makes more money.”</p> - -<p>Franklin having done what he could to prepare -American citizens to economize and save -against the day of the automobile, and to invest -their money in its manufacture, and the American -citizen having followed his teachings and -accumulated enough to buy at least a Ford, and -perhaps a few shares of automobile company -stocks, the man appeared who produced the first -gasoline automobile in the United States. That -man was Charles E. Duryea. His reputation -rests on the fact that, though there were steam -and electric automobiles in existence, and the -gasoline motor had been developed, he was the -first to put gasoline motor and buggy body into -co-ordination and make the first run the second. -To Duryea, the constructor of the “buggy-aut,” -is accorded the credit, by automobile history, of -being the father of the American gasoline car.</p> - -<p>Following Duryea by only one year, came the<span class="pagenum" id="Page_15">15</span> -genius who put into general circulation the -universal car.</p> - -<p>A reading of Henry Ford’s biography discloses -that his first idea, that the big money was -in production in quantity—that a million -articles sold at a profit of 50 cents each was a -better paying transaction than ten thousand -sold at $3.00 each—was in connection with a -watch. Watches and clocks were the first things -that Ford subjected to the mechanical promptings -of his boyish mind, and he had it all -planned out to make a 50-cent watch before -Ingersoll had conceived the commercial possibilities -of a dollar one.</p> - -<p>An accident which his father met with called -him from Detroit to the Michigan farm, and -this accident deprived the country of a 50-cent -watch and gave it a $350 automobile instead. -And most people will agree that it was a fair -exchange and no robbery. Thomas A. Edison, -strange as it may sound, was responsible for -the practically universal use of the Ford automobile, -for he it was, who, by the chance remark, -“What you want to do to make money is to -make quantity,” started Ford on his downward -price career. We have it from Mr. Ford -himself that he heard this statement by Edison, -and that it so impressed him that he made it -the rule and guide of his life; that he never<span class="pagenum" id="Page_16">16</span> -renounced the idea. When, after building a -motor that was a success and commanded the -attention and capital of moneyed men in -Detroit, Ford formed his first company to build -his car, this great idea was obstinately adhered -to by him, and was the cause of his falling out -with his moneyed partners. They could not see -the light which has given Ford his halo—the -great white light of quantity production. This -light burns with steady brilliancy because it is -generated by the great principle of the greatest -good to the largest number. Ford’s associates -in his first company were not believers in this -principle, evidently, because when they fell out -with Ford about it, and Ford got out of the -company to start the one he now controls, they -went ahead making cars that sell today for -from $2,300 to $3,900. But though they have -made fair profits, they have not made the fabulous -sums that Ford has, and one can only -wonder how they feel about it, and if they -realize the error of their views. They are probably -wiser if not richer.</p> - -<p>The success of Ford’s idea of quantity sales -demonstrates a great fact in the affairs of life. -It is that fields of human endeavor are not -exhausted or worked out until the human race -has ceased to exist. Take any line of enterprise -you will, and it has as many facets as a prism.<span class="pagenum" id="Page_17">17</span> -An idea only is needed, which, if the right one, -illustrates the enterprise as lights thrown on -the prism cause it to sparkle in many colored -rays.</p> - -<p>We think, for instance, that the acme has been -reached in the making and marketing of bread, -but along comes a man with an idea for making -bread of bran, and he is immediately ushered -into the inner sanctum of the temple of great -profits. Or we imagine that the last word has -been said in cereal foodstuffs, when lo, and -behold, the man with the right idea proves that -the field has room and to spare for a financial -success in so simple a thing as rice dressed in -a palatable and salable form. And so it is in -everything, automobiles especially. The man -who conceives the idea of a sport car supplies -a want that others have neglected. There may -be many automobile tractors on the market, but -the human brain conceives one with some feature -lacking in others, such, for instance, as -making a Ford automobile interchangeable into -a farm tractor, and it has an immediate and -large success. And if anybody had an idea that -the profits from producing petroleum might be -limited by the use of gas and electric light, it -was because the automobile’s enormous consumption -of gasoline and the use of oil by ships -could not be foreseen.</p> - -<p><span class="pagenum" id="Page_18">18</span></p> - -<p>The field for investment is kept constantly -fallow, and ready for the seed that is to fructify -into great profits, by the human brain which is -ever active—ever thinking. If its product is -not an elemental, it is a supplementary idea, as -the rubber tire, the demountable rim and the -self-starter for automobiles. Until the world -has arrived at perfection in all things, the ultimate -will not have been reached. The opportunities -of today and tomorrow are as great as -they were yesterday. It is a question whether -they are not greater, for if the quotation -ascribed to Emerson is true, that the world will -beat a path to the door, though it be in a forest, -of him who makes a mouse trap better than his -neighbor, the future possibilities of enterprise -are favored by increased population and the -element of the cumulative nature of the wants -of man. As inventions and articles of use -increase in number, new needs which demand -supplementary products are created. Each new -thing given to the world brings in its train other -new things. The crank of a Ford auto creates a -demand for a self-starter. The increase in -population and wealth brings in its train a -multiplication of human units whose use of created -things is on a crescendo scale.</p> - -<p>The financial successes in the automobile -business, great as they are, have followed the<span class="pagenum" id="Page_19">19</span> -inexorable law that the richest returns in all -investments are the ground floor ones. The -history of no big business demonstrates more -clearly that the way to make money is to invest -in new companies when they are offering -the first authorized capitalization for investment -subscription. Money-making opportunities -for new investors are always greatest in -enterprises whose development is ahead and -in the future. If they have reached the stage -where development is already producing great -profits, the door is closed to the new investor, -or else he must pay a premium to sit in such -paying company.</p> - -<p>In the ground floor days of the Ford money-making -machine, Miss Couzens “risked” $100 -on Ford. That $100 produced $100,000 in cold -cash. But it did so only because the inception -of the Ford enterprise provided the opportunity. -Having made its half a billion, or more, -the Ford enterprise is no longer enterable on -any basis that would give such returns for each -dollar invested. When money is needed enterprise -is willing to pay liberally for its use. -When enterprise has all the money it wants, -money’s value to it is less. This is the most -natural law. It is a law that operates in other -things besides money. “He that hath, needs -not; he that hath not, wants.”</p> - -<p><span class="pagenum" id="Page_20">20</span></p> - -<p>The automobile industry illustrates graphically -that when an enterprise develops to the -point where it is well grounded and has reached -a period of age and steady earning capacity, -it is not new investors who may come in and -gather the richest plums, but the old ones, those -who helped to give it its start, who stood by it -when the future was obscure, and the ultimate -outcome not certain. There is probably no business -that shows as many people in it now, who -were in it at the start, as the automobile business. -This applies to manufacturers, distributors -and investors, and is, to a certain extent, -due to the industry’s newness. The original -Ford investors are practically all intact. It is -the original investors who have reaped the -reward of their courage in embarking in new -enterprise, and who have shared in the division -of the juicy melons the automobile companies -have cut in the form of huge stock and other -dividends. We need no better proof of the fact -that ground floor investments promise the -greatest returns on money invested than the -financial history of the automobile.</p> - -<p>While quantity production and the co-operative -spirit which led to standardization were -the keystones in the structure of the present -day automobile success, the history of the successful -development of the automobile demonstrates<span class="pagenum" id="Page_21">21</span> -another fact, which is a vital one in the -realm of investment.</p> - -<p>This fact is that most great financial successes -are built on our natural resources. This -is peculiarly so of the automobile industry. The -steel, wood, rubber, leather and glass of which -the automobile is composed, are all products of -the ground, the forest or the farm. It could -not be said that the products of the earth -directly make the profits of a stock life insurance -company, but this can be said of the automobile -industry, and its history discloses that -the automobile business of the United States -was four times rescued from failure, first, by -petroleum, for steam and electric cars would not -sell in quantities, and the gasoline from -petroleum was needed to give the automobile -its great vogue, once by tungsten, vanadium -and chromium, again by the quantity production -theory, and finally by co-operative -standardization.</p> - -<p>At one period of automobile development, -the manufacturers were ready to give up in -despair because cold-rolled and high carbon -steels only were available, and these made the -weight of the car and the price obstacles to its -popular adoption. At the stage when failure -to produce a car at popular price was imminent, -there entered on the scene tungsten, chromium,<span class="pagenum" id="Page_22">22</span> -vanadium and aluminum, all natural resources, -and they, combining with standardization, made -quantity production possible. Tungsten, alloyed -with steel for valves, chrome steel for springs, -vanadium in steel to impart purity, and aluminum -for lightness, reduced the weight of the -automobile 25 per cent, enabled motors to be -made smaller, tires lighter, original cost less, -and cut down upkeep cost to the users of cars. -Quantity production thus was made possible, -and natural resources again vindicated their -claim to being premier possibilities of profit.</p> - -<p>Of the future of the automobile and of products -allied with it or sharing in its construction -and prosperity, as continuing money-makers, all -indications are that the profits already taken -out of the motor car industry in the United -States are but placer croppings, and that the -years to come will record the workings of the -real vein. This real vein, in the opinion of -the man who looks ahead, is in the use of passenger -cars, haulage trucks and motor tractors -by the fifty million of the population of this -union of states who are on or of the farm.</p> - -<p>As yet, the farmers have not risen to the full -possibilities of motor power in economic superiority -over horse power for haulage, ground -cultivation, and other uses to which the horse -is now put. Elements which will hasten this<span class="pagenum" id="Page_23">23</span> -awakening are the scarcity of man labor and -the workings of the immutable law of economics. -There is not enough food being produced by -the world to supply the demand. If there were, -prices would be lower. Prices will remain high -as long as the supply falls below the demand. -As long as they remain high, the stimulation -to greater production will continue, and this -urge can have but one result, which is to force -the producer to adopt the most economical -method of production.</p> - -<p>It has been determined that motor power is -cheaper than horse power. It is, therefore, only -a question of time when the horse will go from -the farm as he is disappearing from the cities. -In this evolution will be found the money-making -possibilities of investment in the motor -tractor and the motor truck. Their adaptation -to the smallest as well as the largest needs -of the tiller of the land is now being assured.</p> - -<p>With the horse, the farmers of the United -States have been able to break up only 70 per -cent of the cultivable land not in timber. There -are over two hundred million acres of tillable -land that have never felt the cold steel of a -chilled plow. There are two hundred million -more acres in timber that will, much of it, ultimately -come under the plow. Besides crippling -the labor supply in this country, the European<span class="pagenum" id="Page_24">24</span> -war has taken a million horses out of our supply. -The case in favor of the tractor coming -ultimately into common use seems from all -this to be completely made out—its adoption -in large numbers being only a question of getting -the price down to a basis which will insure -quantity production. As this was done with -passenger automobiles, it would be folly to say -it will not be done with tractors and trucks.</p> - -<p>Figures showing the total amount of money -that has been taken in profits out of the automobile -industry have never been compiled. It -is a business that has developed so rapidly and -feverishly that the water churned up by the -commotion it has made has not yet settled. But -there is a record of enough individual instances -of gigantic profits to prove that the largest -individual appetite for dividends should have -been satisfied by the ratio of earnings already -made in automobile manufacture.</p> - -<p>But in every case the greatest profits were -in the stock of those companies that complied -with Edison’s rule of large money-making—“What -you want to do to make money is to -make quantity.” And they were also companies -which made an automobile that could be “‘et’ -up,” as Armour put it, by time and use, in less -time than it takes time and use to eat up a -higher priced machine.</p> - -<p><span class="pagenum" id="Page_25">25</span></p> - -<p>Ford, Overland, Reo—you will recognize this -trinity as the leaders in sales, and by the same -token they have been the leaders in profits. -When it is stated that Henry Ford made -$200,000,000 in thirteen years, and was then -offered a like amount for only a small part of -his enterprise, we may well believe that he -credits his own statement that “anything for -only a few people is no good. It’s got to be good -for everybody or it won’t survive.” Other Ford -investors profited on the basis of $5,000,000 for -each $10,000 invested. After the parent Ford -company had established a record of a million -dollars a week in profits in the United States -alone, Ford stepped across the river into Canada -and organized a company there which is -earning fifty per cent a year on its capital of -$10,000,000.</p> - -<p>Profits of $52,000,000 in capital stock alone -which has been built up almost entirely of dividends -earned, is the record of the Willys-Overland -Company. John North Willys founded -the success of this great money-making business -on his personal check of $500, cashed at great -trouble during the panic of 1907, when the Overland -company was ready to go into bankruptcy. -Besides the dividends applied to increasing the -capital, an immense amount in profits has been -disbursed by this enterprise. The dividends<span class="pagenum" id="Page_26">26</span> -in 1916 were $11,000,000, over 20 per cent of -the capital. This year they will likely be nearly -double that amount. The Reo Motor Car Company -has paid over $50,000 on an investment -of $1,000. These three are not by any means -all the automobile companies which have contributed -to make the automobile industry a signal -example of the earning power of money, -but they represent the leaders of the popular -or quantity-production-through-low-price type. -There are about 150 passenger automobile companies -that are profitable in varying degrees, -proportioned to their price, not to say anything -of trucks and tractors, in the marketing of -which fortunes are also being made.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_27">27</span></p> - -<h2 class="nobreak" id="CHAPTER_I">CHAPTER I.<br /> -<br /> -<span class="smallest"><b>INTRODUCTORY—AUTOMOBILE INDUSTRIAL -FIGURES ARE AMAZING.</b></span><br /> - -<span class="smaller smcap">By Edward G. Westlake</span>,<br /> - -<span class="smaller"><i>Automobile Editor, The Chicago Evening Post</i>.</span></h2></div> - -<p>During the year 1916 the automobile industry -in the United States entered the “billion dollar -class,” and manufacturers who have membership -in the National Automobile Chamber -of Commerce which holds the industry, as it -were, in the hollow of its great hand, made no -more ado over this significant, almost amazing -development than to meet in the annual banquet -and reiterate their statements that the critic -did not live who could predict, with certainty, -the gain that might be made in 1917.</p> - -<p>It was expected that the industry would -climb into the billion dollar fold—men said that -the fourth industry in the country had the financial -stage set for starring the “Big Billion,” -and they never permit themselves to see a possibility -of a recession unless steel becomes too -great to be kept within bounds—in short -material price is the only problem the venturesome -automobile maker will put down for -earnest discussion.</p> - -<p><span class="pagenum" id="Page_28">28</span></p> - -<p>Accurate figures spread on the records of -the National Automobile Chamber of Commerce -indicate that retail sales of motor vehicles in -1916 totaled $1,068,028,273. This total includes -a production of 1,525,578 cars and 92,130 trucks. -The passenger cars were valued at $921,378,000 -and the trucks were listed at $166,650,275. When -the statisticians of the national organization -compared figures and found the gain was 80 -per cent, and paused long enough to find that -the gain the year previous had been 36 per cent, -they talked about the complete automobilization -of the country and the inevitable addition of -more than 2,000,000 to the total of cars in operation -in the United States.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Price Drop In One Year.</span></h3></div> - -<p>Weight decreased, as the engineers had -planned, and the average price of cars decreased -in one year from $671 to $605. In the -eight previous years the average price of automobiles -had dropped from $2,125 to $814. Wall -Street, which once had only the cold shoulder -for the automobile producer, took a permanent -seat at the table where daily the industry was -dissected, analyzed, weighed, discussed and -reviewed; and, as a result, it is as difficult to -keep from the financial eyes of Wall Street the -operations of the great automobile factories as<span class="pagenum" id="Page_29">29</span> -it would be to hide the clearing house reports. -The keenest financial and commercial experts -of the United States have learned to keep the -motor car industry constantly under surveillance—not -that they mistrust the manufacturers, -but that they have found the industrial -situation is so firmly linked to the dollars and -cents program of the country’s economy that -nothing may successfully act to deprecate the -importance of the auto industry. Time was -when General Motors sold as low as 40—what -Stock Exchange expert would expect to see this -stock sell for less than 105?—and if conditions -were to become so chaotic that General Motors, -with its prosperous units, were to break to a -point or two under par, what financial student -would not search for something akin to a Black -Friday?</p> - -<p>Immutable laws work in the automobile -industry. The maker daily takes a course in -the University of Production, because an army -of selling factors constantly is attending to the -absorption facilities of the country’s markets -and he rarely permits himself the task of figuring -on the “probable saturation point.” It is -a wonderfully important thing to the maker -that the national Organization gets official -reports, guides the policies of standardization, -holds an indefinable influence over the engineers<span class="pagenum" id="Page_30">30</span> -of the industry, and sits as the congress of the -Republic of Motor Car Production. The auto -industry of today is, perhaps, the most intricate -thing in the country, and yet so responsive to -the law of supply and demand that there is not -an element of guesswork in it.</p> - -<p>Although more than two hundred automobile -concerns that had entered the arena of business, -developing from the “blue print stage” to -manufacturing concerns of considerable output, -had failed in the last twelve years, the automobile -industry had been a big paying one. Pioneers -who remain and whose works annually -pay dividends, accepted the failures as the -necessary concomitant of a great business that -only showed an output of 3,700 cars in 1899 -and only 11,000 vehicles in 1903, the amount -growing to 485,000 cars in the year 1913.</p> - -<p>“Our house is a generally well ordered one,” -the maker delighted in saying. “The industry -is like a science. The engineer has brought -standardization to almost finality, the matter -of styles and body designs is an exact science, -the tire companies have been keen rivals but -beneath their terrific competition they have -permitted the stream of co-operation in tire -standardization to run smoothly, and the manufacturer -has spent his money wisely in equipping -his plant with plenty of large-quantity<span class="pagenum" id="Page_31">31</span> -type of machinery and increased his plant to -enable him to handle the large production. -Increased production in economically managed -plants spells the maximum of profit.”</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Point of Saturation Far Off.</span></h3></div> - -<p>And with experts bold enough to say that the -field of prospects facing the industry numbers -5,000,000 probable buyers, little thought is given -to imminence of “saturation” and a consequent -rehabilitation of the motor manufacturing and -distributing plans. In the plainest language -that it is possible for the automobile maker to -use he says today: “The maker who has an adequate -organization and builds a pleasure car or -truck that is as good as specified and who permits -no retrogression in his organization, will -succeed.”</p> - -<p>“Luxury and necessity.” The automobile -maker is willing to have his product classed in -this way. For the early years of the industry -the car was a clear cut “luxury.” It weighed -so much that its cost was prohibitive to the big -family of “Necessity.” The car simply had -to be “had” by men of large incomes. Automobiles -were not sold by intensive salesmen in -those days—the family bought them, even as a -fine jewel was purchased at the great jewelry -houses. Tremendous prices were paid, in comparison<span class="pagenum" id="Page_32">32</span> -to the set prices of the automobile -industry at this day. The “make” of the car -that stood in front of the owner’s home often -was accepted as a basis for rating the social -position of the owner. Seat cushions, slip covers, -fine upholstery and the name plate on the -car told a big and varied story.</p> - -<p>Immediately following the craze to buy the -high priced cars, developed the “man Friday” -of the industry—the chauffeur. And the chauffeur -worked readily with the wealthy man, often -advising the purchase of the foreign machine -upon which Uncle Sam collected a very large -duty. But the foreign made car had its stamp -of distinction, perhaps much easier to utilize -in the form of extravagant, even snobbish, style -of life that the owner of the foreign car elected -to affect, and the United States manufacturer -of cars was not at all prepared to put out a -car that would correct the desire of Americans -to drive around in an imported article.</p> - -<p>But the domestic car had a friend in this -contingency. Economical living was that friend. -Ruin often followed the extravagance of those -who bought the high priced and, as many -experts said, inferior imported cars. Homes -were mortgaged and all the financial trails were -traversed in the effort to maintain an impossible -extravagant life. The banker began to detest<span class="pagenum" id="Page_33">33</span> -the automobile. It seemed to him that it was -undermining the life of the nation. Something -had to be done to correct, also, the tone of the -domestic automobile maker’s life. He developed -a desire for watered stock. Over -capitalization of his plant was suspected by -the banking interests, and on every hand the -motor car industry was decried. Waste and -inflation stalked arm in arm through many -plants. It even was said that the industry was -only a “game”; that incompetent executives -kept their eyes on the broker’s tape, while corps -of associates in the factories were ready to play -the “game” for all it would stand.</p> - -<p>Few were blind to the prospects in the motor -industry at that time, if the financial interests -of the country were estranged; but no one was -able to withstand the developments. The fire -of criticism cleaned out the dross. Organization, -the big thing needed to eliminate the -“game” and give the industry the foundation -upon which the large “billion dollar business” -subsequently was built, began to come into -being. Men of energy and brains got to work. -These characters have remained. There are -those veterans of the industry who say that -the year 1907 marked the start of the business -on the basis of a real industry. In that year -44,000 cars was the total output, and the value<span class="pagenum" id="Page_34">34</span> -of the product was registered at $93,400,000. -This was the highest total of value for the output -of the industry so far reached in the United -States.</p> - -<p>The next year the industry built 85,000 cars, -valued at $137,800,000, and quantity production, -efficient buying of material, strict attention to -cost production in the plants, effective steps -toward standardization, engineering methods -that abolished a great deal of weight, etc., began -to be set standards among car makers. The -official statements of the industry show how well -the improvements fitted in. In 1909 the production -of automobiles amounted to 126,500, valued -at $164,200,000. The following year the output -climbed above the 200,000 mark, and since then -the production figures have mounted steadily. -Automobiles were <i>sold</i> and competition became -keener, but the output increased.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Value of Reliability Contests.</span></h3></div> - -<p>With the new era of development in the early -nineties came into prominence farseeing manufacturers -who paid heed to the thought that the -best way to put a fit and efficient motor car into -the hands of the public was to test the car, its -material and its mechanical practices, in some -officially conducted series of reliability contests. -Besides, it was urged there was a “romance of -business” attached to the motor car industry<span class="pagenum" id="Page_35">35</span> -that would lead to a greatly increased amount -of publicity in the press.</p> - -<p>The national annual reliability competitions -grew into wonderful favor. Makers strove -hard to win the reliability titles. The “Glidden” -tours became the tests that attracted not -only the attention of every automobile man, -but the general public. The whole country -became the testing ground. For several years -these national events did well the work they -were expected to perform. Automobile building -received, perhaps, its most practical aid. -Makers learned. They took advantage both of -the mechanical data and the publicity. A complex -but valuable adjunct of the national tours -became popular—every region in which the -American Automobile Association was a factor, -and this organization continues to be a powerful -aid to the industry, had its reliability or its -endurance classic.</p> - -<p>It has been said that the manufacturers of -automobiles lost interest in national reliability -tours after the test of 1911. Perhaps many did. -But the truth, as told by a wonderfully efficient -engineer, is that there remained nothing more -that a national tour could teach the car builder. -He had measured the power of his steel to withstand -shock, he had calculated the efficiency of -his motor to stand its daily tasks on a strenuous<span class="pagenum" id="Page_36">36</span> -schedule, he had learned of the troubles of -his rivals and he had spent his money liberally, -at the direction of his engineering department, -to make a car that would do anything a less -skillful driver than a national tour pilot could -ask of the machine. The national tour became -a luxury. It was revived in 1913 on the long -and strenuous grind from Minneapolis to the -Rocky Mountains, and an immense amount of -valuable information was the result. But the -national tour seems to be now chiefly remembered -by the occasional discourse of an engineer -who tells of the long struggles in the mud and -the hardships of sand and dust storms.</p> - -<p>With the added development of the plants, -came another reason why the national tour was -not necessary. Testing tracks were added to -the maker’s plant assets. Testing on the roads -followed the block tests of the motors, and it -began to be accepted as an axiom in the -industry that the engineer knew to a hair’s -breadth what his engine could do before it went -out of the secret room where the chief engineer -worked.</p> - -<p>Meanwhile prices constantly were beaten -down. The field of opportunity to own a car -widened. It was, even then, so much bigger, in -comparison to that in the Old World, that even -the clerk and small salaried man in general<span class="pagenum" id="Page_37">37</span> -looked with a smile toward the day when he -would own a car.</p> - -<p>It is recalled that when the manufacturer -began boldly to put the farmer in the class of -available prospects—openly declared his idea of -building a car that he could sell in the agricultural -districts as readily as cars were sold in the -city districts, one man who this year is making -750,000 automobiles, gave to the world his edict -which resulted later in the United States court -sustaining his contention that the “Selden patent” -under which the organization of makers -was maintaining its official life, “was not basic, -in fact was not worth the paper it was printed -on,” and he would refuse ever to recognize the -right of the national organization to grant -licenses to make the internal combustion engine -and the chassis that went with it.</p> - -<p>The public read with a strange feeling, the -record of the great litigation against the “basic -patent.” It seemed like a battle of Titans, and -ordinary folk thought it might result in danger -to the industry. But only the lawyers were -strenuously engaged. They argued and submitted -briefs for more than two years, the -national organization of the makers who -accepted the license of the “Selden patent,” -honoring their national organization by paying<span class="pagenum" id="Page_38">38</span> -to the treasury their pro rata on the amount of -cars made.</p> - -<p>An enormous fund grew. But the man who -wanted to make from 200,000 to 750,000 cars a -year was determined. He won in the Federal -court and almost immediately the “licensed -association” began to break up. The contributions -of license fees ceased and soon the association -was a thing of history. It was succeeded -by the National Chamber of Commerce which -has become the senate, house of congress—the -parliament, if you please—of the automobile -industry in the United States. Some, there -were, who had a very poorly defined idea of -the actual mission of the “licensed association,” -believing that it was a “trust,” called -its function destructive. They thought that the -officers of the association would lay an embargo -upon certain manufacturers and allot a more -liberal figure on annual output to the larger and -stronger firms in the organization.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Ford, a “Wizard” and “Genius.”</span></h3></div> - -<p>Unfortunately at that time, the licensed association -had not the grasp on patent protective -measures, engineering work, standardization, -etc., that obtains in the present national organization, -and the real mission of the licensed -association never became wholly evident to the<span class="pagenum" id="Page_39">39</span> -public. But the organization did its part in -laying the foundations of the industry. It made -the handwriting on the wall for popular price -so large, that every man who subsequently invested -a dollar in automobile making read, pondered -and agreed. It placed popular price and -standardization of mechanism in the same category—linked -them so that the words of the -Detroit automobile manufacturing wizard became -axioms. The Detroit genius had proved -that the depth and capacity of the automobile -market was exactly in ratio to the possible price -reduction. Amazing but true, the big men said, -was the field that the lower priced car opened -to the thoughtful maker of cars. Manufacturers -began to talk of some day building and selling -as high as a million automobiles in one year. -Others calmly declared that when the motor car -sales in cities began to “slow up,” there would -be still more than 5,000,000 prospects in the -agricultural districts. Others drew diagrams -intended to show that there would be a market -for any priced cars that were built in this -country, the few persons with large incomes -assimilating all the high priced cars, and the -many with average incomes absorbing the quantity -production at popular prices. All allowances -were made for the increase in the cost -of labor, materials such as steels and other<span class="pagenum" id="Page_40">40</span> -metals, leather, etc., and some even went far enough -to include the possibility of a foreign -war on large proportions and its effect upon -the industry.</p> - -<p>No one gave concrete thought at that time to -the possibility of a skillfully conducted partial -payment organization of a national nature that -would aid the small salaried man in buying his -automobile on time payments. But that came -about and still is working out its part in the -great economic scheme of distribution of the -factory output. The makers did not essay digging -into the dealers’ and distributors’ plans -for moving cars delivered to them for cash from -the factories, and they were not bold enough to -say they could finance any time payment and -chattel mortgage plans. But many of them -admitted the great value of the plan, if a distributer, -through a proper alliance with his banker, -could make sales in that manner and realize his -money. The public learned well, early, that -the maker of cars rarely consigned any automobiles -to a dealer. The maker sold for cash—the -draft had to be presented by the dealer or -distributer before he could unload the freight -car. It would be legitimate business, the public -said, for any automobile dealer to finance himself -so that he could sell cars on time. On time -today is a mighty big phrase in the industry.<span class="pagenum" id="Page_41">41</span> -It means many a car added to the annual output.</p> - -<p>With the growth of incomes in the United -States the statisticians found there were more -than 6,000,000 people in this country with annual -incomes of more than $1,200, and 3,500,000 -with annual incomes of more than $1,800. All -these things aided in installing confidence in -the big men of the motor industry. Quantity -production became the password for the manufacturer. -A new development in distribution -was wonderfully improved—dealers from all -over the country were brought to the factory -of the car maker, and after a convention of a -few days, the dealers were invited to sign up -for the coming year, nominating the number -and type of models they would buy. The maker -pored over his order blanks when the dealers -left, made his plans for material accordingly, -and there was only prosperity in each automobile -factory, as a rule, for the remainder of the -year. The orders were indicative of, safely -speaking, sixty per cent of the signed total. -Some makers took chances and built very close -to the total agreed on by the dealers, and, -except in few cases, the scheme worked out. -Today the maker studies all conditions and -accepts the orders of his dealers, setting the -figure of output after numerous factory -conferences.</p> - -<p><span class="pagenum" id="Page_42">42</span></p> - -<p>Makers who could point to an annual production -of, say 400 cars, took counsel among -themselves, and some 50 increased their factory -efficiency and financial responsibility that they -can now point to an output of as many cars in -one day as they made early in their manufacturing -experience in one season.</p> - -<p>The writer recalls one manufacturer who, -about nine years ago, had an output of about -500 cars for one season. Only recently he paid -close to a quarter of a million dollars, if indeed -his extra expenses did not bring the total to -$300,000, to conduct a twenty-one day convention -at his factory covering a site of seventy-nine -acres, at which dealers from the four -quarters of the country were entertained. He -had daily meetings in the big halls of his -administration building, and his lieutenants -carefully outlined to all the plans of the -company for the year, and exploited the line -of models.</p> - -<p>“We have $30,000,000 in materials purchased, -and expect to get all this material when we -need it for manufacturing cars,” said the big -man to his dealers. “But the war in Europe -has caused many problems of price and quantify -to arise, and heaven only knows what the material -situation will be after July 1. I advise -you to order all the cars you need—think well<span class="pagenum" id="Page_43">43</span> -of your requirements—and stick by that number. -Then you will not be like many are bound -to be, who are indifferent to manufacturing -conditions—you will have cars to meet the -biggest demand the industry ever has known.”</p> - -<p>That automobile president had the pleasure -of meeting thousands of dealers, speaking to -more than one thousand of them daily, and with -his factory production manager he figured the -probable needs of his country-wide organization -of dealers and branch houses for the year. -It is significant that the few changes he made -on his early winter production table, which the -writer was permitted to scan, were made only -in the “increase columns.”</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">The Part Machining Plays.</span></h3></div> - -<p>It would lead to the exhaustion of the reader -were many details to be given showing how -the makers made quantity production and economy -of factory operation an assured thing. The -largest rooms of wholly automatic machinery -were equipped, so that a large amount of crude -steel wires, rods, etc., practically go into a -factory at one end and come out at the other, -fully machined and ready to go into the assembly -of a machine. Cylinder boring, all with -one operation, takes the place of operations -that required many hours. Progressive types<span class="pagenum" id="Page_44">44</span> -of assembly of the finished components of the -cars make factories look like the “last words -in manufacturing.” Machining crankcases and -work of that nature that required hours, is -done in minutes. Aluminum, that magic metal -of the early days of the automobile industry, -when it was comparatively cheap, now enters -so largely into engine and other parts that at -its greatly increased price it is more than a -magic metal. It is no uncommon thing to find -in an automobile factory that a machine costing -more than one hundred times the maker’s -cost of an automobile, has been installed to -hasten production.</p> - -<p>In all the field of manufacturing there has -not been wrought such magic as in gear cutting. -Forges pound out tons of steel forms, -but the most important machinery of a plant -soon has these forms turned into gears and -other machined parts for the assembly.</p> - -<p>The medium priced car of today stands as -the best exemplification of the approval of -the Society of Automobile Engineers. This is -an organization that has done so much for the -manufacturer that most of the makers of cars -are members. They point to the self-starter -and the electric lighted car as the triumph of -the Society of Automobile Engineers. And -certainly from the original starter and the<span class="pagenum" id="Page_45">45</span> -early lighting effects, enormous strides have -been made in the industry. Fully equipped -cars predominate now, where only a few years -ago even tops were not provided with the car -as sold on the floor.</p> - -<p>The self-starter is considered one of the -greatest of the improvements added to a good -automobile. With this feature the car has become -so useful to women that the manufacturers -have realized big returns. Better than that, -say some critics, is the verdict that the self-starter -returned—the chauffeur is no longer an -indispensible feature in car driving. Women -master the handling of a car and with the machines -requiring less mechanical attention, one -might say, every season, woman accepts the -gasoline car as her own. The number of women -drivers has grown so wonderfully that the makers -of cars have registered the woman driver -as a constant factor. There’s no cranking of -the car necessary, and the wearing of fine raiment -and white shoes is Milady’s prerogative, -even if she drives her car to the party herself. -She handles a multi-cylinder car quite as readily -and with the confidence of a man. The tires, -always a problem, have demountable rims, or -they may be set in spare wire wheels, and -troubles on the road from blowouts and punctures -no longer deter the woman driver. It<span class="pagenum" id="Page_46">46</span> -would be difficult to get the details on the number -of women drivers added to the list each -season, but one of the best known automobile -makers says that it is so large that he would -make his fortune safe if he only made cars -henceforth for women pilots. The entrance of -the woman in such an important manner in the -automobile driving situation has made the gas -car maker lose all fear of the greater development -of the electric car. Woman has played -an important part in the real estate world, -distinctly due to her eagerness to drive cars, -by starting a movement towards suburbs. The -suburbs are “farther out and yet closer” as -one maker put it.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Good Roads Industry’s Greatest Aid.</span></h3></div> - -<p>When the full effect of the work of good roads -advocates is felt in this country, and regular -appropriations are to be available in a regularly -scheduled manner in most of the states, -the biggest thing the automobile industry ever -had to help it will have taken up its task in -earnest. Less than ten per cent of the roads -in this country are improved, say the good -roads statisticians. One says that at least two-thirds -of the reasons for present road developments -are automobile reasons. When the proportion -rises and the Lincoln Highway and<span class="pagenum" id="Page_47">47</span> -scores of other long distance highways, intended -to add to the cross country touring practice, -are made into complete roads that make for -genuine touring pleasure, the automobile industry -will reap great benefits—more than the -most enthusiastic ever dreamed would come -from concrete, brick and other forms of specially -prepared highways.</p> - -<p>The war? Makers have varied opinions on -the effect of the termination of the war in -Europe. A majority have expressed the opinion -that our exports of trucks and pleasure cars -will take a big jump soon after peace is -declared. But seeking for a peace after the -years of warfare has become the least of the -American auto maker’s trouble. Great war -orders have been received and filled by the -American makers of trucks. In 1914-15 the war -orders rose to 14,000 trucks, as compared with -only 784 in the season 1913-14. War orders -still are being filled by some American truck -makers, or were until the “ruthless submarine -warfare” broke out anew, and after millions of -dollars worth of the old models bought up in the -United States and absorbed by the European -powers had been swallowed in the mystery of -the continent, United States truck makers began -on later design models. In that way they are -able to admit that the war has been a great<span class="pagenum" id="Page_48">48</span> -blessing to the motor truck feature of the industry. -“All a part of the great scheme of economics -that makes for the approach of the -complete automobilization of the country,” is -the way one manufacturer puts it.</p> - -<p>The automobile industry is set—it is fourth -in importance in the United States. It will -handle itself, so to speak. The makers know -they must give value for every car and truck -they build, and the people have become ready -to continue in the industry every maker who -plays the industry as it should be—not as a -“game.”</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_49">49</span></p> - -<h2 class="nobreak" id="CHAPTER_II">CHAPTER II.<br /> -<br /> -<span class="smallest"><b>MECHANICAL EVOLUTION OF THE AUTOMOBILE.</b></span></h2></div> - -<p>The history of every advance toward greater -perfection in the achievements of mankind, -whether moral or physical, has been one of -slow and laborious development.</p> - -<p>We speak carelessly of the wonderful advance -the automobile has made in a short time.</p> - -<p>As a matter of fact, it has taken the automobile -a hundred and fifty years to arrive -mechanically at the point it has reached today.</p> - -<p>We thought the development of the motor -car was speedy, but we find that the measure -of time required for its evolution, when put -beside the span of human history, lengthens -as the shadows grow longer in the dying day.</p> - -<p>It is astonishing what stages this development -has had to pass through, what problems -have confronted it, and what apparently -insuperable obstacles it has had to overcome.</p> - -<p>In the light which our knowledge of the automobile -now sheds on the present day mechanism -of this invention, it is difficult for us to realize -why these persistent struggles toward development -of the mechanical ideas summoned to the -aid of the inventors did not produce speedier -results.</p> - -<p><span class="pagenum" id="Page_50">50</span></p> - -<p>We can hardly conceive as we look upon the -perfect limousine, skimming over the smooth -asphalt with a motion that contains no more -vibration than that in the glide of the expert -ice skater, the crudeness, cumbersomeness and -racking joltiness of its first forbear, which was -the original expression of the mechanical idea -involved in making wheels revolve by a motive -power other than that exercised by man, the -bullock or the horse.</p> - -<p>If we want to relieve our minds of the strain -of comprehending the difference between the -automobile de luxe, as we of today know it, and -the first automobile ever produced, and, by putting -the two pictures side by side, span the -period of the development of the art of automobile -making, we must journey to Paris.</p> - -<p>For, although internal combustion to drive a -piston in a cylinder was produced with gun-powder -in 1678 by Abbe D’Hautefeuille, and -a carriage to be driven without the horse was -a chaise propelled by human foot work, first -conceived by John Vevers of England in 1769, -there is no record that the two ideas were combined -until it was done in France somewhere -between 1760 and 1770.</p> - -<p>The first automobile ever made was that produced -by Nicholas Joseph Cugnot, a Frenchman,<span class="pagenum" id="Page_51">51</span> -and it is today on exhibition in the Conservatory -of Arts and Trades in Paris.</p> - -<p>There is no record of how Cugnot came to -conceive the idea of his invention, but it is surmised -that he had read about James Watt, in -England, having discovered the principle of -steam as motive power. This was about 1755.</p> - -<p>The history of Watt’s experiments in applying -steam to run engines does not, however, -disclose that any engines he produced were ever -seen by Cugnot, or that any adequate description -of them was published at the time when -Cugnot could have taken advantage of it.</p> - -<p>So all we may actually know of Cugnot’s -reasons for thinking he could make an “animalless” -road vehicle is locked up in the rickety -century-and-a-half-old Cugnot invention which -we may see in the Paris Conservatory.</p> - -<p>And what we would see would be:</p> - -<p>An object which might make us laugh, did -we not soberly reflect, in the light of our superior -knowledge of today, that it was the first -step in the long, laborious journey, extending -over 157 years, that inventors had to travel to -produce our luxurious limousine, our satisfying -touring car and our terrifying speed demon -of the oval racing course.</p> - -<p>Cugnot’s body returned to dust 113 years -ago, but his idea went marching on.</p> - -<p><span class="pagenum" id="Page_52">52</span></p> - -<p>The visible expression of this idea which we -can see in the Paris Conservatory is in the form -of a tractor for a field gun, Cugnot having been -a captain in the engineering corps of the French -army.</p> - -<p>The tractor has a single drive wheel actuated -by two single acting brass cylinders, connected -by an iron steam pipe with a round boiler of -copper containing fire pot and chimneys.</p> - -<p>Attached to this first motor-driven road -vehicle is a wagon, on which it was Cugnot’a -idea to have a field gun mounted.</p> - -<p>On either side of the single drive wheel of -this clumsy contrivance are located ratchet -wheels. Pistons acting alternately on these -ratchet wheels revolved the drive wheel in -quarter revolutions.</p> - -<p>For the copper boiler of this first motor car, -additional water was needed after the machine -had travelled a few feet, the exhaust of steam -quickly leaving the boiler dry. The speed -attained was very slow, by reason of the -mechanical complications in transmitting power -to the drive wheel. As for running smoothly, -the machine wobbled, and bumped, and strained, -and groaned, and finally ran into a wall. This -was because it was overbalanced by its boiler -and engine and had no steering gear.</p> - -<p><span class="pagenum" id="Page_53">53</span></p> - -<p>Having run into a wall and been partially -wrecked, that was the end of the forerunner of -the automobile, except for its subsequent rescue -from a junk heap and its installation in the -Paris Conservatory; for, disheartened by what -he regarded as his failure to make a successful -steam-driven tractor to relieve men and other -animals of the burden of transporting field -guns, Cugnot turned his attention to devising a -cavalry gun, at which he was so successful that -when he died in 1804 he was enjoying a pension -of 1,000 livres a year, given him by Napoleon.</p> - -<p>Cugnot could not, of course, have visioned -what his first crude automobile would develop -into in the next century and a half. He probably -never thought of a car holding seven passengers—much -less of a speed for it of 60 miles -an hour and more. In truth, since he abandoned -his efforts, he probably concluded the obstacles -in the way of even a practical fulfillment of his -idea were insurmountable.</p> - -<p>The one fact remains to keep company with -the Cugnot motor tractor in the Conservatory -of Paris, that Cugnot was the father of the -idea out of which the automobile was evolved. -He was the first to invent a motor-driven road -vehicle.</p> - -<p><span class="pagenum" id="Page_54">54</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">English Make Automobiles Almost -Practicable.</span></h3></div> - -<p>The English people have an enviable record -for successful mechanical inventions, and they -were early experimenters on lines similar to -those of Cugnot. About the time that Cugnot -ran his machine into a wall, William Murdock, -a mechanic, was working for Watt, the English -inventor of steam. Whether he knew of -Cugnot’s automobile attempt or not, there is no -evidence extant. The idea of an engine-run -road contrivance may have come to him through -inspiration, or in some other way, as it did to -Cugnot.</p> - -<p>Murdock was quite familiar with Watt’s -engines. He helped to build them, and he was -curious to know the different forms in which -they could be used, especially as to a road -vehicle. He talked to Watt, but was sternly discouraged -by the latter. Just as Cugnot, no -doubt, concluded that his automobile would -never get anywhere, Watt opposed applying -his engine to a road travelling machine, because -he was firmly convinced that no vehicle that -could be invented could successfully negotiate, -at a speed to make it worth while, the execrable -roads of that day.</p> - -<p>In this we have a fine illustration of the -peculiarities and uncertain nature of the human<span class="pagenum" id="Page_55">55</span> -mind. It is an organism that astounds by its -perception of possibilities in one direction, while -numb of any sensation whatever in glimpsing -the possibilities in another direction.</p> - -<p>Watt could invent steam, but he could not -imagine good roads. Had he possessed the -vision, he might have seen that roads, which he -so abhorred as to see nothing good in them, -would be reformed if he but encouraged applying -his engines to road travelling mechanism.</p> - -<p>In William Murdock’s way of taking the doleful -discouragement of Watt, we see an illustration -of that mental attitude that man has universally -adopted in mechanical advance, toward -the lugubrious prophet of failure. He has -matched hope and optimism against despair -and pessimism.</p> - -<p>Despite Watt and his mournful views of the -impossibility of building an engine-run road -carriage that would advance over English -roads, Murdock went ahead and built a model -of an engine-run road carriage; but when he -had it finished, Watt’s discouraging views prevailed, -and Murdock did not attempt to enlarge -his model to a full sized form. He stopped with -the model, which is at the present day in the -British Museum.</p> - -<p>Murdock’s invention was tested, and the -tests showed that an advance in efficiency over<span class="pagenum" id="Page_56">56</span> -the creation of Cugnot had been made. The -model was driven by a single cylinder of three -inch bore. It had a one and a half inch stroke. -A crank converted the reciprocating motion of -the steam engine into rotary motion, the service -performed in the Cugnot invention by the quarter -revolution ratchet drive. Murdock’s idea -was patented by a man named Pickard, in 1780.</p> - -<p>The first automobile known to have been constructed -and put on the road was built by Richard -Trevithick at Camborne, England, in 1801. -It was in the form of a stage coach, accommodating -six or seven persons. The engine, boiler -and firebox were at the rear. The engine was -one of the first high pressure engines. A single -cylinder motor was employed, and spur gear -and crank axle were used to transmit the motion -of the piston rod to the drive wheels.</p> - -<p>With this coach Trevithick carried six or -seven men over hills for a mile the first day of -the trial. The second day it made six miles. -Even with these performances, the invention’s -impracticability must have been decreed, -because it was not continued in operation.</p> - -<p>Trevithick himself felt, no doubt, that it must -be improved upon, for, in 1803, he built another -contrivance driven by a horizontal single cylinder -with 5<sup>1</sup>⁄<sub>2</sub>-inch bore and a 30-inch stroke. -But the driving wheels were ten feet in diameter.<span class="pagenum" id="Page_57">57</span> -Fatal were these great clumsy wheels to -popular approval of the invention, and no further -advance was made. Trevithick had made -one further step, and there the matter rested. -He had developed the high pressure steam -engine, and he had really made the first automobile, -if such it could be called.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">America’s Early Efforts in Automobile -Making.</span></h3></div> - -<p>Just as the English, represented by Murdock -and Trevithick, were laboring on the steam -propulsion idea, and France, in the person of -Cugnot, was experimenting with it, so America -was groping to find the solution. Cugnot’s -activities began about 1760 and ended with his -death in 1804. Trevithick’s period was from -1780 to 1803. The American experiments -started about 1784. The man whom records -show to have been the pioneer in practical -excursions into the realm of carriages driven by -steam, was Oliver Evans, born in Delaware but -living in Philadelphia.</p> - -<p>He developed the high pressure, non-condensing -engine, although his only knowledge of -steam was derived from reading what little was -then printed about it, and his own discoveries. -It appears as if Evans, who is known to have -had knowledge of Cugnot’s construction of a<span class="pagenum" id="Page_58">58</span> -road carriage, or, more properly speaking, a -gun carriage, connected in his mind his engine -with a road travelling vehicle, because in 1787, -four years before Trevithick built his steam -coach at Camborne, England, Evans secured a -patent from the State of Maryland, giving him -the exclusive right to make and use, within its -borders, carriages propelled by steam.</p> - -<p>That he immediately built a steam carriage -in pursuance of this authority is doubtful. The -only authentic record of an attempt is of one -that he constructed in Philadelphia seven years -later and under peculiar circumstances. It is -likely that his act in securing the Maryland -patent was done on the spur of a determination -to build an automobile, but it was not immediately -carried out. He went on perfecting steam -engines up to 1804, when he accepted an order -from the city of Philadelphia to build a steam -flat boat for dock work.</p> - -<p>His mind appears to have then reverted back -to the time seven years before when he contemplated -applying an engine to a road vehicle -and got the Maryland patent for that purpose, -for, after building the steam flatboat and -installing a 5-horse power engine on it, he -announced his intention of mounting the flatboat -on a wagon, on which he proposed to drive the -boat about Philadelphia.</p> - -<p><span class="pagenum" id="Page_59">59</span></p> - -<p>A horseless carriage, no doubt, had been a -hobby with him for years, and he saw in the -steam driven wagon, carrying a steam driven -flatboat, an ocular demonstration of the practicability -of the horseless carriage.</p> - -<p>The four wheels of the wagon he built were -connected by belts and gearing with the engine -on the boat, and the vehicle was driven up Market -Street by steam, bearing the flatboat and its -engine in triumph. It circled the squares on -which the City Hall and the statue of William -Penn now stand, and proceeded to the Schuylkill -river. Here flatboat and wagon were separated, -and the former launched on the river. -A paddle wheel was affixed to the stern and connected -with the engine. The boat ran as well -as the wagon had done. It steamed down to -the Delaware river and all the way to Trenton. -The wagon, divorced of engine and gearing, -became only a wagon again, and whatever -became of it, history does not say.</p> - -<p>The skepticism, the derogatory observations, -the pessimistic prophecies and the contemptuous -disapproval of the many persons witnessing -the Evans’ pilgrim’s progress up Market Street -aroused the inventor’s ire.</p> - -<p>Had he but been philosophical, he would have -appreciated that such has been the fate and -greeting of all inventions. But Evans was choleric.<span class="pagenum" id="Page_60">60</span> -When a citizen said his wagon was only -what might now be dubbed a “flivver”—that -it would never run over five miles an hour, and -other things that the minds of the unimaginative -conceive of innovations, the inventor drew -from his wallet $3,000 that the city of Philadelphia -had just paid him for his steamboat, -and said the carping critic could transfer the -“roll” to his own pocket, if he could produce a -horse that would run faster for five miles than -a steam wagon that Evans would build. The -size of the roll was too much for the pessimist, -and he betook himself and his criticisms off.</p> - -<p>So we see that as there was a first automobile, -so was there a first automobile enthusiast on -automobile speed. Why it is that motordom -hasn’t erected a monument to Oliver Evans for -his abiding faith in the future of the motor car -as a speed demon, is up to motordom to explain.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Automobile Apathy Century Old.</span></h3></div> - -<p>Oliver Evans tried but was unable to get any -one interested in developing his wagon run by -an engine into an improved horseless carriage. -The minds of that day regarded the practicability -of his invention with as much skepticism -as we would regard an invention to visit Mars, -if exhibited in our day.</p> - -<p>So Evans gave up any idea of improving his -self-running wagon, became busy with an iron<span class="pagenum" id="Page_61">61</span> -foundry which people could understand, and -died rich.</p> - -<p>There was a measure of justification for the -lack of popular imagination and vision toward -the automobile in both England and America -when the first samples appeared. They were -slow, noisy, erratic in performance, and positively -dangerous—threatening explosions, collisions, -and all sorts of dire things—and it was -natural that people should predict their failure.</p> - -<p>So progress in the development of the horseless -carriage lagged. It was twenty years after -Evans’ Philadelphia exhibition when it was next -heard from. Then the scene of operations -shifted again to England.</p> - -<p>In 1824, W. H. James, who had patented a -water tube boiler for locomotives, built a passenger -coach, of which each drive wheel was -revolved by two cylinders receiving steam by -means of a pipe from a boiler.</p> - -<p>A pressure of 200 pounds of steam to the inch -was maintained. The equivalent of differential -action was supplied by independent application -of power to the two drive wheels. The coach -accommodated twenty persons. The contrivance -ran satisfactorily on trials, and James -secured financial backing and built another -coach weighing 6,000 pounds which ran 12 to 15 -miles an hour.</p> - -<p><span class="pagenum" id="Page_62">62</span></p> - -<p>But the higher the rate of speed, the worse -off the early automobile builder was. Although -James equipped his coach with laminated steel -springs, the road shocks and vibration stopped -it every few miles. Steam joints and connections -were broken as fast as they could be put -together. The great need was a method of -shock absorption, and either no one knew that -this was the key to the problem, or, if it was -realized, no one knew the remedy. So James -failed to make the auto-coach a success, and -died in the poorhouse.</p> - -<p>A year after James built his first motor-coach -in England—in 1825—Thomas Blanchard of -Springfield, Mass., revived the horseless carriage -subject which, in America, had been last -experimented with by Oliver Evans in 1804.</p> - -<p>Blanchard built a road vehicle that was one -of the best produced up to that time. It was -easy of manipulation and climbed hills successfully. -Blanchard took out a patent on it, but -when he started to find people who would buy -a completed carriage he could discover none. -Nobody wanted it. And so Blanchard’s efforts -ceased.</p> - -<p>At the time James was building his two -coaches, and after Blanchard had given up trying -to interest Americans in his invention, a -Frenchman named Pecqueur was experimenting<span class="pagenum" id="Page_63">63</span> -on phases of the auto-carriage. He discovered -the principle of the “differential,” the balance -mechanism which enables one wheel to revolve -faster than the other in turning corners. He -invented a planet gearing in this connection, -which was the origin of the idea of the differential, -and applied it to a steam wagon which he -built in 1828. The differential of today is based -on the principle discovered by Pecqueur.</p> - -<p>While Pecqueur was evolving this invention, -Goldsworthy Gurney in England made a car -which was a practical failure in about everything -except that it demonstrated that sufficient -friction between the drive wheels and the road-bed -could be created to produce propulsion. A -trip of almost 200 miles from London and -return was made in 1828 by Gurney in the -second vehicle he built, in which the engine was -concealed in the rear. His car made 12 miles -an hour for part of the trip.</p> - -<p>From this time—1828 to 1840—the automobile -really had a vogue in England. A number of -them were made and run as passenger carriers. -For four months a motor carriage made the -nine mile trip from Gloucester to Cheltenham -four times a day. The “Infant” built by Walter -Hancock made trips between London and Stratford. -The “Era,” also made by Hancock, ran -from London to Greenwich. To such an extent<span class="pagenum" id="Page_64">64</span> -did the auto-bus business develop, that speed -of 30 miles an hour was claimed, and one conveyance -in 1834 ran over 1,700 miles without -repairs or readjustment. At least, that was the -claim made, and as a claim it has a familiar -sound. The twentieth century automobile manufacturers -who claim a run of so many thousand -miles without repairs to this and that, have -here a precedent for it that is as old as the -industry.</p> - -<p>But there was one feature about these early -English motor busses that was their undoing. -They weighed three tons and over, and the -wheel rims were metal. The diameter of the -wheels was six feet. The rubber tire was -unthought of. The effect on roads of running a -3-ton, metal rimmed vehicle, carrying eleven to -twenty passengers, was disastrous, and parliament, -incited by horse owners and others, legislated -them out of existence by making the toll -charges prohibitive. Where the toll was $1 for -horse drawn vehicles it was made $10 for steam -auto buses. The consequence was that their -manufacture and operation ceased about 1840.</p> - -<p>In 1878 Bollee built a steam omnibus which -ran between Paris and Vienna, making 22 miles -an hour. In this car was reached the highest -efficiency the art had attained up to that time. -Practically an identical car was built in 1880<span class="pagenum" id="Page_65">65</span> -by Bollee, which was entered by him 15 years -later and won honors in the Paris-Bordeaux -race.</p> - -<p>In 1879 the automobile development germ -returned to America.</p> - -<p>In this brief sketch showing the struggle of -auto-mechanism to advance, from the very first -inspiration of Cugnot about 1770, we must be -impressed by the determination with which the -idea of auto-mechanical perfection persisted. -This persistence was so determined in the face -of all obstacles and opposition that it is almost -eerie.</p> - -<p>It was just as if some force of nature was -struggling to break through the crust of man’s -consciousness. Or shall we credit it to man, -and say, rather, that it was man’s mind that -was the impelling force in the persistent -attempts to read a mechanical riddle?</p> - -<p>Whatever the impelling force, whether man -or nature, man heeded its behests and continued -his efforts.</p> - -<p>In 1879 an American did a thing which has -had much to do with giving the United States -its long delayed start in the automobile industry. -This man was George B. Selden of Rochester, -N. Y. He applied for the first patent for -the gasoline motor, as the driving force of a -road vehicle. This was before any automobile<span class="pagenum" id="Page_66">66</span> -had been equipped with an internal combustion -hydro-carbon motor. This motor had, however, -been in use for some time in running -stationary engines.</p> - -<p>The bicycle had, at that time, been an -acknowledged success, and in considerable use -for seven or eight years, and had had a great -deal of influence in improving roads. Better -roads caused people to look more favorably on -the possibilities of the motor vehicle.</p> - -<p>Selden built a gasoline motor under the specifications -contained in his application for a patent, -and it performed satisfactorily in experiments. -But he did not build an automobile -containing the gasoline motor. He did not -secure his patent until 1895, 16 years after he -had made application for it.</p> - -<p>In those sixteen years he was endeavoring to -interest capital, while at the same time he was -perfecting his motor. While the use of bicycles -had improved roads and this improvement -caused a more favorable popular view of the -possibility that automobiles might be made successfully, -a new motive power appeared on the -horizon just at this time.</p> - -<p>It was electricity. It was in 1890, eleven -years after Selden had applied for a patent for -a gasoline motor, and while he was still wrestling -with the problem of getting capital to aid<span class="pagenum" id="Page_67">67</span> -him, that reports that the storage battery had -been more nearly perfected became rife.</p> - -<p>Men to whom Selden went for financial aid -feared that even if the gasoline motor was -feasible, it might be overshadowed by the storage -battery, and held off. Selden even went -abroad to raise money, but had no more success -there than here.</p> - -<p>Although an inventor and a skilled mechanic, -Selden lacked salesmanship ability. He was -handicapped by impatience and irascibility, and -his predictions of the success of his gasoline -motor, its general adoption, and the extent to -which automobiles would in the future be used, -were regarded by people with whom he talked -as so extravagant that they bluntly declared he -was crazy, and avoided him.</p> - -<p>He had proceeded so far on one occasion in -interesting a Rochester business man, that he -had him in his store and was on the point of -getting him to put up $5,000, when he made a -simple remark that completely “spilled the -beans.”</p> - -<p>He said: “Jim, you and I will live to see more -carriages on Main Street run by motor than -are now drawn by horses.”</p> - -<p>The prospective investor looked at Selden for -half a minute, and came to a conclusion -expressed in these words:</p> - -<p><span class="pagenum" id="Page_68">68</span></p> - -<p>“George, you are crazy, and I won’t have -anything to do with your scheme,” and with -this ultimatum the man stalked out of the store.</p> - -<p>Twenty-five years later this man met Selden, -and, extending his hand, said: “Well, George, -you were right years ago when you said there -would be more automobiles in Main Street than -horses.”</p> - -<p>But Selden ignored the man’s extended hand, -and with passion thrilling in his tones said: -“Yes, and I wasn’t so —— crazy as you and the -other fools said I was,” and walked off. And -he never spoke to the man afterward.</p> - -<p>Selden’s patent could have been issued any -time within the sixteen years that he let it lie -dormant. He kept the application alive at the -patent office by legitimate methods, and his reason -for not bringing the matter to a head was -that at no time in those sixteen years was he -ready to manufacture under it, and he put off -the actual issuance until such time as he was -prepared to take full advantage of the privileges -it conferred.</p> - -<p>He was alive to the fact that the years of a -patent are numbered, and he aimed to time the -issue so that the patent would not expire before -he could derive the benefits from it.</p> - -<p>It was in 1895 that the patent was issued, and<span class="pagenum" id="Page_69">69</span> -in 1900 Selden disposed of it to the Electric -Vehicle Company of New Jersey.</p> - -<p>In the meantime, the development of electric -motor vehicles had begun, and in 1885, Benz, a -German, built the first road vehicle to be run -by the internal-combustion, hydro-carbon motor. -It was a tricycle, and its motor was single-cylindered, -four-cycled, after the type of an engine -developed in 1876, in Germany, by Otto, and -water cooled. It had electric ignition and a -mechanical carburetor. Benz secured a patent -in 1886 on his invention and it ran successfully, -making ten miles an hour. Benz was limited to -the use of certain streets in Mannheim, Germany, -for running his machine, out of deference -to the tendency to nerves of horses and their -drivers or riders. This tricycle by Benz was -the forerunner of the Benz automobile. This -is one of the most successful and popular cars -in Germany—and before the war, in all Europe. -The first automobile imported into the United -States was a Benz car brought to the Chicago -World’s Fair in 1893. Up to 1917 the Benz car -was an entrant in most automobile speed contests.</p> - -<p>While Benz was perfecting the gasoline motor -in its attachment to the tricycle, Gottlieb Daimler, -another German, was producing, in 1885, -the motor-cycle. Daimler had devoted himself<span class="pagenum" id="Page_70">70</span> -sedulously to the problem of reducing the -weight and increasing the power of the gas -engine, in order to adapt it to high efficiency -road vehicles. He invented the hot tube ignition -to take the place of ignition by flame. By -regulation of the heat of the tube, the compressed -charge of hydro-carbon vapor could be -fired automatically at a specific point in the -cycle. Through the increased speed thus produced -the size and weight of the motor could -be reduced.</p> - -<p>The Daimler motor was a big step in advance, -as was proved by the supremacy which the German -and French automobile makers at once -attained. The French secured rights to the -Daimler motor and operated under them with -such success that from 1889 to 1894, before the -United States had really waked up to motor -car making, they were beginning to put out -gasoline automobiles successfully.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">America Builds Steam and Electric Cars.</span></h3></div> - -<p>At this time, we, in this country, were following -the steam and storage battery fetishes. The -first steam car in the United States that might -be called modern was built by S. H. Roper of -Massachusetts, in 1889. In 1900, steam car -building in America gave promise of disputing -the gasoline car records then being made in<span class="pagenum" id="Page_71">71</span> -France, but by 1905 the gasoline car manufacturers -had taken the cue from the European -gasoline successes, and this form of motor came -to the front.</p> - -<p>Contemporaneously with the activities in -steam car building in the United States, was the -pioneer electric car construction era.</p> - -<p>The first electric automobile was built in -1891, and made its first exhibition appearance -in the streets of Chicago in September, 1892. -The builder of this, the first electric driven -vehicle, was William Morrison of Des Moines, -Iowa. It was bought by J. B. McDonald, president -of the American Battery Company, Chicago. -Description of the street scenes attending -the showing of this car bring home to us the -extent to which an automobile was a novelty -so short a time ago, comparatively, as 1892. -“Ever since its arrival,” said the <i>Western -Electrician</i> of September 17, 1892, “it has -attracted the greatest attention. The sight of -a well loaded carriage moving along the streets -at a spanking pace, with no horses in front, and -apparently with nothing on board to give it -motion, was one that has been too much, even -for the wide-awake Chicagoan. In passing -through the business section, way had to be -cleared by the police for the passage of the carriage.”</p> - -<p><span class="pagenum" id="Page_72">72</span></p> - -<p>To think that this description fits a scene -enacted during the period of the present generation! -Eighty-eight years before in Philadelphia, -Oliver Evans’ steam propelled wagon, -bearing in triumph a flatboat surmounted by -an engine, moved along Market Street with no -horses in front, and was a sight that was too -much for the Philadelphian.</p> - -<p>The world “do move,” but very slowly, and -this 88-year span of time is practically the -measure of the period consumed by automobile -development to the point where a motor -carriage would really run, and keep on running.</p> - -<p>The date of the building of the first American -gasoline automobile that ran was 1892. The -man who performed the feat was Charles E. -Duryea. He had the assistance of his brother, -Frank Duryea, but what was more, he had the -benefit of knowledge of what had been accomplished -in Europe in the gasoline motor field.</p> - -<p>Panhard, Levassor, Peugeot, De Dion, Bouton, -and Serpollet were Frenchmen who had -done things with gasoline cars, all (except Serpollet -and Levassor) principally through the -manufacture of finished cars. Levassor conceived -the idea of a central frame to carry the -power plant, and thus solved the problem of -road shock.</p> - -<p>Serpollet had done more. He had invented<span class="pagenum" id="Page_73">73</span> -the flash boiler, reviving an art the English had -previously discovered, which made the use of -dry or superheated steam possible. Higher -pressure could be used, water economies effected -and weight reduced.</p> - -<p>When Duryea and others, about 1892, gave -concentrated thought to gasoline propulsion, all -the problems of automobile making had found -solution, except two. They were a method of -cushioning wheel rims, and some method by -which the motor could be so placed that it would -be immune from shocks and vibrations.</p> - -<p>So, when Duryea, in 1892, built the first -American gasoline car that would run successfully, -he merely “assembled” the ideas that -had then accumulated.</p> - -<p>The first auto-race in the world was run -from Paris to Rouen, about 80 miles. It was -run in July, 1894. There were 46 cars entered, -of which twelve only were steam cars. The -Petit-Journal, a Parisian newspaper, was the -organizer and patron of the race. The winners -were all equipped with the Daimler gasoline -motor.</p> - -<p>A little over one year later—Thanksgiving -Day, 1895—the first American automobile race -was run from Chicago to Waukegan. The -organizer and patron was a newspaper—the -Chicago Times-Herald. Of two entrants, the<span class="pagenum" id="Page_74">74</span> -“Buggyaut” of Charles E. Duryea was one.</p> - -<p>Duryea built his first car in 1892.</p> - -<p>Henry Ford built his in 1893.</p> - -<p>Elwood Haynes built his in 1894.</p> - -<p>There were but four gasoline cars in the -United States in 1896—Duryea, Ford, Haynes, -and Benz, the last being the German car which -was imported.</p> - -<p>With the accomplishments of the builders of -steam, electric and gasoline motored vehicles at -this time—1895—the practical success of horseless -carriages had been definitely settled. Practically -all fundamental problems had been -solved. To make them finally an accepted addition -to the world’s methods of transportation in -general use, two things only were needed.</p> - -<p>One was the development of perfecting -devices, such as rubber tires, the production of -which began about 1889; and the other was the -general acceptance of automobiles by the people—a -cordial, popular approval, manifested by -their purchase and use. And while the development -to greater perfection could be left to work -itself out, the popular approval to the point of -enthusiastic general adoption was another -matter.</p> - -<p>Inventors could develop, even if it took over -a hundred years, a complete, perfect machine, -finally. But human doubts, mental apathy, and<span class="pagenum" id="Page_75">75</span> -man’s opposition can be overcome by only one -means—enthusiasm.</p> - -<p>Enthusiasm is to man’s opposing mind what -the oxyhydrogen flame is to steel, and it is one -of the potent forces that will burn itself into -mentality.</p> - -<p>Around the period of 1893-1898, the attitude -of the mass of the people in this country toward -the automobile was one of good natured toleration, -but indifference. A few of the “class” -were interested and convinced that the automobile -had arrived, but the “mass” believed it was -a passing fad, and from its practical side, of -particular interest chiefly to mechanics. If, in -its opinion, the automobile had any future, it -was as a luxury of the rich.</p> - -<p>The people could not sense what they feel -now—the value of the automobile in time, health -and recreation, and in its possibilities as a factor -in economics. They saw the disadvantages -of owning an automobile, but were without -appreciation of its benefits.</p> - -<p>So one of the most interesting facts in the -history of the development of the motor car is -that the first American made gasoline automobile -sold in the United States was disposed of -March 24,1898. The sale of steamers and electrics -had been going on for several years before, -but not very extensively.</p> - -<p><span class="pagenum" id="Page_76">76</span></p> - -<p>This fact of the date of the first sale of a -gasoline motor car fixes clearly that the use of -automobiles in the United States practically -increased from one car to over three million, in -less than twenty years.</p> - -<p>The first American gasoline car thus sold was -disposed of by Alexander Winton to Robert -Allison of Port Carbon, Pa.</p> - -<p>So that, while Duryea completed his car in -1892, Ford his in 1893, and Haynes his in 1894, -it was six, five and four years, respectively, -later, that the first gasoline car was purchased -in the United States.</p> - -<p>From 1898, the time of the sale of the Winton -car, dates substantially the development of the -automobile industry in this country.</p> - -<p>Beginning with this date, the first real enthusiasm -was put into the sale of cars.</p> - -<p>Enthusiasm had not existed before. Confidence, -which is the mother of enthusiasm, had -hesitated and halted. But now confidence -believed the automobile was a reality—all -doubts had been resolved—and confidence bade -enthusiasm run, not creep, crawl or walk; and -we see how enthusiasm obeyed. In the enthusiasm -displayed in the manufacture and sale of -automobiles today, we are disposed to think it -does more than run, that it actually flies.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_77">77</span></p> - -<h2 class="nobreak" id="CHAPTER_III">CHAPTER III.<br /> -<br /> -<span class="smallest"><b>COMMERCIALIZING THE MOTOR VEHICLE.</b></span></h2></div> - -<p>In the production of the automobile, America -did comparatively little in the fundamentals of -invention which are now found in the modern -perfected car.</p> - -<p>Selden invented the three-cylinder gasoline -engine, by which the rapid revolution of the -crankshaft of his day was converted into slower -but higher powered motion of drive wheels.</p> - -<p>White invented a generator for steam cars.</p> - -<p>Haynes was responsible for a discovery that -caused alloy and specially heat-treated steel to -be introduced, and Knight produced a superior -motor.</p> - -<p>But these were discoveries, inventions or -improvements that were supplemental and -perfecting, not elemental.</p> - -<p>It was chiefly the English, the French and -the Germans, with the exception of Evans of -Philadelphia, who first conceived the idea of -the horseless carriage, and helped it to its final -development by a series of successive inventions. -The names of Cugnot, Trevithick, James, -Pecqueur, Hancock, Gurney, Lenoir, Bollee, -Benz, Daimler, Levassor and Serpollet should -form the nomenclative setting of commemorative -friezes on the walls of the grateful motor<span class="pagenum" id="Page_78">78</span> -clubs of the future, as those of Liszt, Beethoven, -Wagner, Gounod, Handel, Massenet, Bach, Mendelssohn, -Grieg and Chopin take honored place -in the shrines of Music, the “heavenly maid.”</p> - -<p>Even in the production of automobiles in any -quantity for use—the commercializing of the -idea they represent—the United States did not -lead at first. This honor belongs to France, as -does the original conception by Cugnot of the -horseless vehicle.</p> - -<p>The first steam cars manufactured in the -United States, on any basis entitling their manufacture -to the dignity of a business, were made -after 1894, and the names of Riker, White and -Stanley are the prominent ones in the steam -automobile field. Electric carriages were sold -as commercial commodities in comparatively -small quantities, beginning with 1897, and the -first American gasoline car sold in the United -States was made and sold by Alexander Winton -in 1898.</p> - -<p>Beginning prior to 1892, the French were -selling automobiles by the hundred, while manufacturers -in America were selling them by the -dozen. Panhard and Peugeot were selling -gasoline cars, and DeDion-Bouton was putting -the steam automobile on the world’s market.</p> - -<p>But the race is not always to the swiftest. -While France started bravely on its commercialization<span class="pagenum" id="Page_79">79</span> -of the automobile, and had in its -favor what were then good roads of an old and -well settled country to run them over, and perhaps -the thriftiest people of any nation to buy -them, there were causes existing in the United -States destined to make of it the greatest automobile -producing country in the world, and its -people the largest users of the new invention, -while at the same time operating to cause the -United States to sell more cars outside its confines, -to Europe and elsewhere, than are sold -by any other country.</p> - -<p>And inasmuch as these underlying causes, -while explaining the supremacy of this country -to this date in the manufacture and sale of -automobiles, also explain the reason for believing -that the future of the automobile business -will dwarf the proportions it has up to this time -reached, they will bear analysis.</p> - -<p>In the first place, European manufacturers of -automobiles, as well as of other products generally, -with the possible exception in a degree, -of the Germans, are bound hand and foot, and -therefore handicapped, by tradition and convention. -They make the automobile, especially -the French and English, so solidly, with such -fidelity to tradition and with such conscientious -care as to detail, elaboration and finish, that -the price to the buyer, when it is put beside that<span class="pagenum" id="Page_80">80</span> -of a similar American made product, will not -meet competition.</p> - -<p>The American has a knack of turning out an -article which is mechanically correct, has the -wearing qualities, but is simpler in detail, and -hence can be sold at a lower cost. Simplicity -is the American manufacturer’s keynote.</p> - -<p>Back of this is business organization system, -standardization of parts used in the automobile, -and that high order of constructive and executive -talent that gives the American business -man the distinctive reputation he enjoys and -enables him successfully to compete in price -and quality with the rest of the world. There -has been a rare combination of inventive and -business abilities in American automobile -manufacturers.</p> - -<p>American mechanical genius has been given -great credit, but wherein is it any greater than -that of the German, French or English? In one -particular—its simplicity. The Europeans are -elaborate—the Americans plain and simple.</p> - -<p>It is possible that no European manufacturer -would have conceived an automobile embodying -the essentials of small size, simplicity and speed -represented by a Ford car. His tradition and -training would have impelled him to elaboration -in size and finish. In this, he is, of course, -moulded by European needs and tastes which<span class="pagenum" id="Page_81">81</span> -differ, in many respects, from those of the -people of this country.</p> - -<p>He does not possess the American’s practical -vision in successful salesmanship. Ford -made his car with an eye to quantity. He was -not only an inventor, but a salesman. As he -worked on his motor, he worked on the problems -of sales—producing a car that would sell to the -largest number. The larger the number sold, -the smaller the price could be made.</p> - -<p>“Large sales and small profits” has been a -principle which has made many American -fortunes. Note how this same idea of Ford has -been followed by Willys in the Overland, Olds -in the Reo, the makers of the Maxwell, and half -a score of other manufacturers in varying -degrees, causing the gamut of prices of the most -popular cars to run from $360 to $1,200 each.</p> - -<p>This is one reason why the American car -could invade England and her dominions beyond -the seas, why Ford has factories in the British -Isles and Canada, and why our yearly exports -of automobiles have increased in the last five -years over $100,000,000 in value.</p> - -<p>Other reasons that make us an exporting -country of automobiles through their low prices -are our natural resources of iron, steel, lumber, -coal and alloys, enabling us, by their plentifulness -and accessibility, to manufacture at cheap<span class="pagenum" id="Page_82">82</span> -cost, thus offsetting the higher price we pay for -labor in this country than the European manufacturers -pay.</p> - -<p>But the biggest factor in the lead which the -United States has taken in the production of -automobiles, both for export and consumption -within her own borders, is the universal method -of standardizing in manufacture, adopted by -the automobile producers of the nation.</p> - -<p>The manufacturers of this country shine in -the field of cost production, in the economies of -purchase of raw materials, in the method of -manufacture, and in marketing their product.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Advertising’s Help in Making the -Automobile.</span></h3></div> - -<p>The extent to which economic methods of purchase -of raw materials—getting the price down—economic -standardization of manufacture, -inventing short cuts as it were—affects production -cost, is shown in the fact that the automobile -industry ranks almost at the top in the -manufactures of the United States in the per -cent of value added by manufacture to the cost -of material.</p> - -<p>The per cent of value added by manufacture -to cost of material in automobile production is -71 per cent, against 66 per cent in cotton goods, -55 per cent in iron and steel products, 51 per<span class="pagenum" id="Page_83">83</span> -cent in boots and shoes, 16 per cent in flour -and grist mill products, and 12 per cent in -slaughtering and meat packing.</p> - -<p>Strange as it may sound when first stated, -advertising is primarily the base of this result. -We know that the first principle of lowered cost -is buying in quantities; that if we buy for 100, -the cost for each is lower than the cost for one; -if for 1,000 it is lower than the cost for each -of 100, and so on.</p> - -<p>So, when Ford buys the materials for 533,921 -cars, which was the number he sold in 1916, he -gets the price of the cost of each of these more -than a half million cars down to a less price -than if he bought material for 1,708 cars, the -number he made in 1904, or even 168,220, the -number he made in 1913.</p> - -<p>This is patent to any one who ever heard of -wholesale and retail prices.</p> - -<p>But how did Ford find a sale for 533,921 cars -in 1916?</p> - -<p>By advertising.</p> - -<p>The first thing a manufacturer must do to -lower the cost of production of the single unit -is to make in quantities.</p> - -<p>How to insure the disposal of that quantity -has been the big problem that American automobile -manufacturers have had to solve. The -solution was at hand. It was advertising. The<span class="pagenum" id="Page_84">84</span> -commercializing of automobiles with the speed -and to the extent to which it was done between -1900 and 1917 could not have been successfully -accomplished before this period, because the -recognition of the value of advertising had not -become widespread up to that time.</p> - -<p>Advertising had gone through a process of -development that was as slow as that of the -automobile business. Both arts emerged from -darkness into light at about the same time. -Here is evidence that a very bright and smart -set of men engaged in automobile production -at the very outset.</p> - -<p>They were mechanical, they were versed in -business methods, and they were conscious of -the value of advertising.</p> - -<p>This combination of knowledge by the men -engaged in it has made the automobile industry -a record breaker in point of the time consumed -in its development. It has made it stand out as -unparalleled by any other industry in this -country in the speed with which it progressed -from final experimentation to an established -recognized enterprise, involving mammoth -investment of capital and huge profits.</p> - -<p>That the automobile business has been the -most extensively advertised business of any in -which we are engaged, almost anyone will concede<span class="pagenum" id="Page_85">85</span> -from knowledge gained from his own -observation.</p> - -<p>Advertising is like the rainbow—many hued. -It may be one form, or it may be another. It -may whisper, or it may shout. We must concede -that the advertising the automobile promoters -have done was more largely of the shouting -than the whispering kind. That is not to their -discredit—rather otherwise. The distinct -injunction to advertise is contained in the Bible. -It was: “To so let your good work shine that,” -etc., and the people of scriptural days were -admonished not to hide their light under a -bushel.</p> - -<p>Newspapers are said, somewhat carelessly, -to have made the automobile business. It is -not exactly fair to make this statement so -sweepingly. They did for it a good deal more -than they did for any other line of industry, -and are still doing it.</p> - -<p>They never devoted the space that they gave -to the automobile to railroads, steamboats, the -telephone, street railways, oil, lumber, mining, -meat packing, or any other commercial industry. -It was not, necessarily, that the automobile -manufacturers, in all cases, asked for this -liberal treatment by the newspapers.</p> - -<p>It was that newspapers volunteered it. -One started it, and others followed. The spell<span class="pagenum" id="Page_86">86</span> -which the idea contained in the automobile -weaves over men and women was cast equally -over the editors and publishers in the United -States. In recognition of the novelty of the -automobile, they laid liberal offerings of free -space on the altar of motordom. Its peculiar -exhilaration penetrated the editorial sanctum, -and in this distinctive exhilaration the automobile -has had no parallel except in golf.</p> - -<p>It has been quite generally accepted as an -axiom that if you give, you receive. We see -this statement proved in a hundred ways. A -pleasant smile begets a smile. A good deed -is matched in kind. No better reason for this -exists, probably, than that it is ingrained in -us to hate to be under obligations to anybody. -So when we get a smile we promptly pay it -back and are square, just as we invite to lunch -a man who invited us to lunch. We are very -particular about this.</p> - -<p>The automobile manufacturers were not lacking -in this trait, common to human nature. -When publishers put their stamp of approval -on the motor car and unreservedly threw open -their columns to the progress made in its -improvements and production, manufacturers -appreciated and reciprocated.</p> - -<p>The result has been that more money has -been spent in advertising in the automobile<span class="pagenum" id="Page_87">87</span> -business in the United States than has been -spent in any other single line of enterprise. -Possibly the nearest approach to it has been -patent medicine, or the promotion of various -enterprises.</p> - -<p>And it has paid—every automobile maker, -and every salesman will admit this as a matter -of course. They will admit it because they know -it to be so—a knowledge derived in their own -experience.</p> - -<p>The psychology of advertising shows that -there are two principal things involved in making -advertising profitably productive. One is -that it informs, the other that it persuades. If -the mind is informed of what an automobile is, -what it does, and all the advantages and benefits -it confers, it has a basis to work on, and -from this working basis it will evolve -conclusions.</p> - -<p>The state of the mind in the conclusive stage -is fallow field for persuasive effort.</p> - -<p>In the advertising given in this country to the -automobile which has placed millions of motor -cars in the ownership of people in the United -States, not counting those exported, the publishers -of our journals have supplied the information, -and the manufacturer the persuasion.</p> - -<p>It is this double teamwork which, supplementing -the business ability of our manufacturers,<span class="pagenum" id="Page_88">88</span> -has put us in the front rank as automobile producers. -But baldly to say that the newspapers -made the automobile is not giving full credit -to the other causes which contribute to our -success in this line of enterprise. It has been -a combination of causes working together which -has made the automobile.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">United States a Fertile Field.</span></h3></div> - -<p>There have been other forms of advertising -used in automobile selling, besides space in publications, -and they are forms the value of which -cannot be discounted. “A satisfied customer is -the best advertisement” is one of the oldest -slogans of advertising. And it is true. The -automobile manufacturers of the United States -know it is true, and have been guided by it.</p> - -<p>Road races, speed and endurance contests, -employment of racing drivers with records, -automobile shows, outdoor displays—all have -been forms of advertising employed in the -industry, and all have played their part and -exerted their influence to one common end—that -of putting the industry in the United -States on the highest pinnacle it has attained -anywhere in the world in seventeen years.</p> - -<p>And while full credit must be given the vision -and capabilities of the manufacturers, and the -productive value of advertising in all forms,<span class="pagenum" id="Page_89">89</span> -meed for the results can not be withheld from -that element, which, in the final analysis, makes -all things possible—the people, the base and -groundwork on which all successful industrial -structures are erected.</p> - -<p>All the business ability of all the automobile -makers, however great, and all the advertising, -however convincing, that could be written, could -not have made the automobile business of today -if the people had not taken hold of the automobile -and put their stamp of approval on it.</p> - -<p>“Power of the Press”—what is it but the -“Power of the People” expressed on paper? -Power of the People—the force that revolves -the world, revolved the wheels of millions of -automobiles, and will go on turning the wheels -of millions more.</p> - -<p>The people of the United States supplied the -fertile field in which the American automobile -grew and blossomed.</p> - -<p>The reason France, although it took the lead -in the commercialization of the motor car, could -not hold it in the race with this country is to be -found in the difference between the peoples of -the two countries.</p> - -<p>France had good roads—has had them as has -Europe for hundreds of years. The French had -money—they are the greatest savers in the -world.</p> - -<p><span class="pagenum" id="Page_90">90</span></p> - -<p>But if you put your money in rentes or savings -banks, you do not spend it for automobiles -or anything else. The reason the French have -money is the reason they do not buy automobiles.</p> - -<p>No people in the world have learned, as -have Americans, to spend money to make -money. No people in the world take the chances -Americans do, and no people win as the Americans -do. In this is found one of many causes -for the commercial success of the automobile in -America.</p> - -<p>The American is good to himself as is the man -of no other nationality. He is further advanced -in general knowledge, mostly gained by experience -through intercommunication with his fellows. -His bon camaraderie is effervescent, -giving him opportunities to learn things denied -to the self-restrained European. His school is -the broad school of the world. He doesn’t have -to travel to see the world; the world is in -America and comes to him.</p> - -<p>So, with the opportunities natural to a new -country, with the standards of living and the -mode of thought that they are in the United -States, the 103,000,000 people of continental -United States are a market for automobiles that -dwarf the 464,000,000 people of Europe.</p> - -<p><span class="pagenum" id="Page_91">91</span></p> - -<p>What such a market has been during the -last decade and a half may be gathered from -the fact that in the last sixteen years the population -of the United States increased at a -greater rate than ever in its history. The -increase of the people of the United States in -the sixteen years the automobile industry has -been commercialized, was 25,887,904. In the -previous twenty years the increase was -25,838,792.</p> - -<p>People without money can not buy automobiles, -so what has been the increase in wealth -in the United States in this same period?</p> - -<p>In the last twelve years it has been -$99,221,764,315.</p> - -<p>Staggering, you say? Rather, when you know -that the increase in wealth in the United States -in the last twelve years was nearly double the -increase in the twenty years which preceded -the last twelve years.</p> - -<p>No epoch in the world’s history, therefore, -was so favorable as the period of 1900-1917 for -commercializing the automobile. It was timed -just to the moment for quick and dramatic success. -The period was coincident with the high -water marks reached in the increase of population -and in the nation’s money-making. Advertising -had reached a stage of development it -had not attained before.</p> - -<p><span class="pagenum" id="Page_92">92</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Stars in Their Courses Fought for -the Automobile.</span></h3></div> - -<p>We must credit enthusiasm for some of the -influence in the success of the industry. We -will have to admit that it is present in the -factory and in the selling mart, in the shows and -on the road. A satisfied customer, the best -advertisement, finds expression in the loyal -recommendation an owner gives his own make -of car; enthusiasm of maker, of salesman, of -owner—it runs along the line, and if advertising -is the gasoline which makes the car go, -enthusiasm is the oil which keeps the bearings -of the industry lubricated.</p> - -<p>The year 1898 saw the first real attempts of -manufacturers in the United States, either of -gasoline, electric or steam cars, to make them -in any quantity.</p> - -<p>The gasoline cars that were pioneers were the -Duryea, the Ford and the Haynes, but until -1898 these were distinctly still in the field of -experimentation. Ford personally built a car -run by a gasoline motor of the two-cylinder, -four-cycle type of his own construction, and -this car ran 25 miles an hour. Ford was second -only to Duryea who constructed the first gasoline -car built in the United States.</p> - -<p>Duryea persisted in producing a buggy type -of car, and failed to get any sale for it. Ford<span class="pagenum" id="Page_93">93</span> -and Haynes had no better luck in finding purchasers -for their cars.</p> - -<p>Alexander Winton entered the field after -Duryea, Ford and Haynes, and in 1898 sold -the first gasoline car that was bought for use -in the United States.</p> - -<p>Ford built his first car in 1893. It was not -a perfect car, but better than any which had -preceded it. He built his second car in 1895, -with a 4 × 4 two-cylinder, four-cycle motor. In -this year he organized the Detroit Automobile -Company with a capital of $50,000. Ford owned -one-sixth interest, and drew $100 a month salary -as chief engineer.</p> - -<p>In the six years Ford remained with the -Detroit Automobile Company it put out only -two or three cars. In 1901 Ford severed his -connection with the company, which shortly -became the Cadillac Automobile Company, and -is now the Cadillac Motor Car Company. The -Cadillac has had a successful career, and is -one of the cars of which a particularly large -number has been sold.</p> - -<p>Leaving the Detroit Automobile Company, -Ford started a machine shop of his own, and -in 1902 produced a car with a 90-inch wheel -base, and which is now regarded as standard -gauge, using the two cylinders, 4 × 4, and a -double opposed engine.</p> - -<p><span class="pagenum" id="Page_94">94</span></p> - -<p>After much difficulty he got money from half -a dozen persons and organized the Ford Motor -Company with a capital of $100,000. At first he -owned only 25<sup>1</sup>⁄<sub>2</sub> per cent of the stock, but later -he borrowed $175,000 and bought 25<sup>1</sup>⁄<sub>2</sub> per cent -more, and still later by paying 700 per cent of -its face value, secured 7<sup>1</sup>⁄<sub>2</sub> per cent more, which -makes his holding in the company at this time -58<sup>1</sup>⁄<sub>2</sub> per cent of the stock.</p> - -<p>The first Ford car to be a commercial success -was put out in 1903, and the record of production -of Ford cars to date is as follows:</p> - -<table class="autotable" summary="record of production -of Ford cars"> -<tr> -<th class="tdl normal">Year.</th> -<th class="tdr normal padl1">No. Cars.</th> -</tr> -<tr> -<td class="tdl">1904</td> -<td class="tdr padl1">1,708</td> -</tr> -<tr> -<td class="tdl">1905</td> -<td class="tdr padl1">1,695</td> -</tr> -<tr> -<td class="tdl">1906</td> -<td class="tdr padl1">1,599</td> -</tr> -<tr> -<td class="tdl">1907</td> -<td class="tdr padl1">8,423</td> -</tr> -<tr> -<td class="tdl">1908</td> -<td class="tdr padl1">6,398</td> -</tr> -<tr> -<td class="tdl">1909</td> -<td class="tdr padl1">10,607</td> -</tr> -<tr> -<td class="tdl">1910</td> -<td class="tdr padl1">18,664</td> -</tr> -<tr> -<td class="tdl">1911</td> -<td class="tdr padl1">34,528</td> -</tr> -<tr> -<td class="tdl">1912</td> -<td class="tdr padl1">78,440</td> -</tr> -<tr> -<td class="tdl">1913</td> -<td class="tdr padl1">168,220</td> -</tr> -<tr> -<td class="tdl">1914</td> -<td class="tdr padl1">248,307</td> -</tr> -<tr> -<td class="tdl">1915</td> -<td class="tdr padl1">308,213</td> -</tr> -<tr> -<td class="tdl">1916</td> -<td class="tdr padl1">533,921</td> -</tr></table> - -<p>In 1916 the Ford production was over one-sixth -of the 3,000,000 cars in use in the United -States. In that year he produced nearly one-third -of all the passenger cars made in that -year.</p> - -<p>Ford’s car was a small, low priced car from -the start. Haynes’ was a larger and higher -priced car. Winton’s was likewise a large and -more expensive car.</p> - -<p><span class="pagenum" id="Page_95">95</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">A Rain of Automobile Makers.</span></h3></div> - -<p>The year of the Spanish-American war—1898—saw -the beginning of a veritable rain of automobile -manufacturers in the United States. In -that year the Stanley, Stearns, Thomas, Matheson, -Winton, and the Waverley Company -entered the field.</p> - -<p>In 1899, there appeared the Locomobile Company, -Olds, Baker-Electric and Pierce-Racine -(later absorbed by J. I. Case and now the Case -car).</p> - -<p>In 1900, Packard, Peerless, Glide, National -Electric, Lambert, Elmore, Babcock, Jackson, -Knox and Lane were entrants in the lists.</p> - -<p>In 1901, Acme, Gaeth, Pierce-Arrow, White, -Royal Tourist, Stevens-Duryea, Waltham-Orient, -Pope-Toledo, Welch, Pullman and -Rambler.</p> - -<p>In 1902, Cadillac, Franklin, Pope, Studebaker, -Sultan, Okey, Walter and Schacht.</p> - -<p>In 1903, Ford, Auburn, Overland, Moline, -Premier, Corbin, Bergdall, Holsman, Columbus -and Chadwick.</p> - -<p>In 1904, Buick, Cleveland, American Napier, -Stoddard-Dayton, Marmon, Mitchell, Jewel, -McIntyre, Pittsburgh Electric, Ranch & Lang -and Simplex.</p> - -<p>In 1905, Alco, American, Dorris, Johnson,<span class="pagenum" id="Page_96">96</span> -Jonz, Kisselcar, Maxwell, Monarch, Reo, Studebaker, -Garford and American Mors.</p> - -<p>In 1906, Anderson, A. B. C., Cartercar, -Brunn, Thomas-Detroit, Kearns, Sterling, -Mora, Moon, Pennsylvania, Palmer & Singer -and Staver.</p> - -<p>In 1907, Albany, Atlas, Brush, Bertolet, -Byrider, Carter, Chalmers, Coppock, De Luxe, -Oakland, Regal, Selden, Speedwell, Interstate, -Lozier and Great Western.</p> - -<p>In 1908, Sharp-Arrow, Pittsburgh 6, Crown -Midland, Rider-Lewis, Paige-Detroit, Velie, -Cole, E. M. F. and Hupmobile.</p> - -<p>In 1909, Hudson, Advance, Cunningham, -Coates-Goshen, Ohio and Abbott.</p> - -<p>Since 1909 to date new cars put on the market -include:</p> - -<p>Stutz (1911), Chevrolet (1912), Grand, -Chandler, Saxon and Scripps-Booth (1913), -Dodge and Dort (1914), Owen Magnetic (1915), -Drexel and Elgin (1916). Other automobiles in -the field are the Maibohm, Allen, Ben-Hur, -Crow-Elkhart, Harroun, Lexington and -Madison.</p> - -<p>A table giving a complete list of automobiles -is printed elsewhere in this volume.</p> - -<p>The earlier manufacturers of motor cars -included many who had been engaged in manufacturing -bicycles, and following them was a<span class="pagenum" id="Page_97">97</span> -group that had successfully manufactured -wagons and carriages. Still another set of -manufacturers were machinery men.</p> - -<p>In the list of names of automobile companies -which have been organized during the period of -the industry’s development, there are some -which have gone out of business, but not many.</p> - -<p>The industry, generally speaking, has had -comparatively few complete failures. Mortality -has been lower with it than with many other -business enterprises.</p> - -<p>This is chiefly due to the intelligence which -the manufacturers brought to the business, plus -the demand which sprang up for the automobile -as soon as the people, instructed with great and -liberal space by the press, realized it was the -vehicle that could give what they wanted. Never -was the value of a concerted campaign of education -better demonstrated.</p> - -<p>That unusually intelligent study of the subject -of suiting the popular desire was given by -manufacturers is evidenced in many ways, but -in none that is so typical as was the standardization -of motor cars.</p> - -<p>At one stage of the industry its very life was -threatened by a lack of uniformity in the -mechanical construction of the various types of -the automobile.</p> - -<p><span class="pagenum" id="Page_98">98</span></p> - -<p>The big idea that has made Henry Ford’s -millions was a combination one. It was the -building of a motor and car combined which -could be constructed at a cost that would command -large quantity production. This conception -by Ford, alone, simple though it was, proclaims -him the genius he undoubtedly is.</p> - -<p>The purchase of cars between 1898, when -sales first began to be made, and 1903, when -Ford put out his car, was practically confined -to people of wealth and leisure. It required -both to own and operate an automobile. Men -bought them at a cost of $3,000 to $12,000 each. -Purchasers were exhilarated by auto-intoxication—with -little thought of the practical uses -the invention could be put to. Snobbishness, -social impression and display of superior wealth -were back of many purchases.</p> - -<p>But for the manufacturers’ quick recognition -that the future of the automobile did not rest -with the rich, that to be a great money-making -industry, they must make automobiles for the -mass and not for the class, the business would -probably today be no further advanced than it -was fifteen years ago. A parallel of what might -have been may be found in yachting or motor -boating—two methods of deriving pleasure and -speed which are confined to the rich, largely -because prohibitive in cost to the mass.</p> - -<p><span class="pagenum" id="Page_99">99</span></p> - -<p>Popularization of the automobile demanded -standardization. Automobilization of the nation -would never be accomplished if the hundreds of -manufacturers that sprang up produced hundreds -of different cars with different sizes of -parts, and different standards, requiring -owners of cars with which something had gone -wrong, to wait indefinitely for a particular -device used by a certain company.</p> - -<p>Early owners of cars learned by bitter experience -what it meant to have a screw loose or a -tire put out of business in a town where the -supply stores did not sell that particular screw -or that particular tire. The spread of distance, -annihilated by the auto, was threatened by -difficulties such as these.</p> - -<p>High maintenance and repair costs ate up -many an automobile buyer in the early days of -the craze. It wasn’t the original cost, although -that was high enough; it was the upkeep.</p> - -<p>Men of real ability—competent business men -and expert engineers—got into the business, -fortunately, largely for the rewards it promised, -and by standardization and systematization -brought the cost production down.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Getting the Price of Automobiles Down.</span></h3></div> - -<p>The engineers banded together and studied -standards of hard steel, screw threads and -wheel rims. The manufacturers, preserving<span class="pagenum" id="Page_100">100</span> -open minds, co-operated, and today automobiles -are the most interchangeable of all assembled -mechanisms.</p> - -<p>But for this the farmer, the moderate salaried -city man, the mechanic and the small tradesman -would not today be consumers of motor -cars. But for this the average price for passenger -cars, originally in 1900 around $3,000 and -by 1911 reduced to $1,000, would never have -been gotten down in 1916 to $605.</p> - -<p>The average price of all motor vehicles, combining -pleasure cars and trucks, was, in 1916, -$636. The preponderance of passenger cars at -the lower prices brought the average down, -since the average price of motor trucks alone -was about $1,800. For every motor truck sold, -eighteen passenger cars were disposed of -in 1916.</p> - -<p>With standardization and the consequent -lowering of cost, the automobile industry -acquired a momentum that has carried production -forward on a constantly ascending scale, -as witness these figures of passenger cars -alone:</p> - -<table class="autotable" summary="number of passenger cars made"> -<tr> -<th class="tdl normal">Year</th> -<th class="tdr normal padltwoem">No. of cars made</th> -</tr> -<tr> -<td class="tdl">1909</td> -<td class="tdr padl1">80,000</td> -</tr> -<tr> -<td class="tdl">1910</td> -<td class="tdr padl1">185,000</td> -</tr> -<tr> -<td class="tdl">1911</td> -<td class="tdr padl1">200,000</td> -</tr> -<tr> -<td class="tdl">1912</td> -<td class="tdr padl1">250,000</td> -</tr> -<tr> -<td class="tdl">1915</td> -<td class="tdr padl1">842,249</td> -</tr> -<tr> -<td class="tdl">1916</td> -<td class="tdr padl1">1,617,708</td> -</tr></table> - -<p><span class="pagenum" id="Page_101">101</span></p> - -<p>The manufacture of motor trucks almost -doubled in one year. The number produced in -1915 was 50,366. In 1916 the number made -was 92,130.</p> - -<p>The above table, showing the rate of increase -in passenger cars made in seven years, makes -it clear that the greatest growth in the passenger -car business has been since and including -the year 1911.</p> - -<p>That was the year in which the largest number -of medium and low priced standardized -cars with refinement of detail and added equipments, -selling from $1,500 down to $500, was -first put on the market. Ford almost doubled -his output in that year. The next years, 1912 -and 1913, also he more than doubled each year -his output of the previous year. And in 1916 -he made nearly one-third of all the passenger -cars produced in the entire United States in -that year.</p> - -<p>Could anything demonstrate more conclusively -than these facts, that if you have an -article within the price of the mass of the -people, it will sell, if the people want it? The -one idea of Henry Ford—quantity sales—saved -to the United States the premiership in automobile -making. For other manufacturers -adopted it, some radically, others in a modified -form. Its influence was unquestioned in putting<span class="pagenum" id="Page_102">102</span> -the price of motor cars at a figure at which a -person happening to have less than the income -of a millionaire could afford to buy one, so -that when every one of the many values and -benefits of the existence of the modern automobile -is scheduled, let us, in giving credit for -them, place the name of Ford at the head of -the list.</p> - -<p>When we have arrived at our destination, or -have attained an object much desired, our satisfaction -is such that we are in a forgiving mind -and prone to forget the sacrifices we had to -make, the difficulties we had to overcome, the -strenuous work we had to do. The end justified -the means, and we don’t think long about the -hardships in the means.</p> - -<p>Preëminence of the United States in the -motor field has not been gained without hardships, -sacrifices and disappointments by those -engaged in it, nor was it reached by the -immediate and uninterrupted success of all -companies organized to commercialize the -invention.</p> - -<p>While, as we have stated before, the number -of final failures of companies was small compared -with those in some other avenues of -enterprise in the development stage, the number -of individuals and corporations in the automobile -business that started on the wrong road and<span class="pagenum" id="Page_103">103</span> -found it impassable, was not small. But here -again it was fortunate for humanity, reckoning -the automobile as one of the greatest boons -vouchsafed the human race, that the mechanical -perfection of the automobile was reached at a -date coincident with more enlightened thought, -a liberalism of view and a clearer vision of the -possibilities of the future by our men of -business.</p> - -<p>For automobile enterprises that took the -wrong road and got mired in the mud of -mechanical and management difficulties and -financial complications were, most of them, -lifted out of the slough by men who knew the -right road and were better drivers. Had the -automobile developed mechanically to near-perfection -a score of years before it did, not -only would the people as a mass not have been -ready for it, but it is doubtful if business at that -period had developed to the point of efficiency -where it could recognize the possibilities latent -in the motor car as a money-making machine. -Where money is, the best brains go. Capital is -timid. But brains and capital want only to be -shown.</p> - -<p>Some of the most successful motor cars and -motor car companies of today were deeply -mired in financial difficulties a decade ago, but -were pried and towed out and made great successes<span class="pagenum" id="Page_104">104</span> -by new brains and new capital administered -by a new set of men.</p> - -<p>Nor was the industry immune from the bane -of all invention industries—the patent right. -The man who gave it the most trouble was the -man whose name is far up toward the head of -the list of men who were responsible for the -inventive ideas involved in the motive feature of -the automobile—Selden.</p> - -<p>He kept the industry in a ferment for ten -years or more, whether designedly or not, -through his patent, the mere existence of which -tended toward restraining its development by -discouraging inventive expansion, and ceasing -to exercise the depressing effects of a wet blanket -on automobile growth only when the influence -of his patent was neutralized by an adverse -court decision.</p> - -<p>The earlier commercialism of the automobile -was characterized by many extravagances in -expansive plans, high financing and even recklessness, -not only on the part of manufacturers, -but buyers of automobiles as well.</p> - -<p>In getting the price down to a figure which -is not excessive, the manufacturers removed -the cause which militated most against popularization -of the invention and provided one of -the reasons for opposition to it by many people. -To pay the prices which originally prevailed,<span class="pagenum" id="Page_105">105</span> -men mortgaged their homes and women sold -their diamonds and went bankrupt on the -upkeep of the car. Manufacturers expanded too -lavishly, overcapitalized, and attempted great -stockjobbing consolidations, while incompetent -officers were paid excessive salaries, until conservative -financiers entered a protest and the -banks called a halt.</p> - -<p>The abuses which were co-existent with one -of the eras of the automobile’s development -caused the industry to be regarded by a class -of the people as a luxurious outlaw and a menace -to the well-being of the country.</p> - -<p>Vice-President Fairbanks raised his voice -to protest against the new manifestation of -human nature’s appetite for joy and comfort.</p> - -<p>James A. Patten declared a Kansas City -bank held fifty-two mortgages on as many automobiles, -and that that sort of loaning was going -to be stopped.</p> - -<p>Certain banks blocked, as far as possible, -loans for purchases of automobiles. A prominent -banker as late as 1910 declared that the -initial cost of automobiles to American users, -being $250,000,000 a year, with as much more -for upkeep and incidental expense, was equivalent -in actual economic waste each year to twice -the value of property destroyed in the San -Francisco earthquake.</p> - -<p><span class="pagenum" id="Page_106">106</span></p> - -<p>A year after this statement was made, 1911, -saw the dawn of the epoch of low priced cars, -and the low priced car has reversed the condition -from an economic waste, if such it was, to -an economic gain, which it undoubtedly is.</p> - -<p>Through all the storms of protest and criticisms, -manufacturers went on their way, just as -the automobile inventors had done under similar -circumstances when men laughed and scoffed at -them and called them crazy.</p> - -<p>The depression of 1893 came too early to -affect the automobile industry, but that of 1907 -hit it at the time when it was by no means as -strong as it was later; and yet, while in that -year dozens of companies were bankrupted, and -in 1910, fifty-two went out of business, it should -be said that the great majority of them were -not actually starters in the race. They were -entrants that never toed the scratch. Their -failure to make a start was due to lack of capital -or inefficient organizers. A very large proportion -of automobile companies that actually -started in business have survived and are successful.</p> - -<p>Names of automobile manufacturers who are -prominent today were familiar names in the -earlier stages of the industry, and more of the -original automobile makers have survived than -have fallen by the wayside.</p> - -<p><span class="pagenum" id="Page_107">107</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Removing Obstacles to Automobile -Production.</span></h3></div> - -<p>One objection the old philosopher has to the -automobile is an objection that is strengthened -by the fact that he does not own one. It is that -the automobile contributes toward making the -age one in which a really short time appears to -be and is generally regarded as a long time. It -destroys proportions as it annihilates space.</p> - -<p>Seventeen years is a shorter time in the view -of the philosopher of 60, accustomed to reviewing -events in his past life half a century back, than -it appears to a man of 34. It is just half the -length of this young man’s years. Time, as to -duration, is thus comparative to different views.</p> - -<p>Seventeen years is not long for a commercial -industry to take the place which the automobile -business now occupies in a country as great as -this. It is a short time in which to build up a -business representing the figures of two billion -on the mark of the American dollar.</p> - -<p>But this business, which has not been a business -for even a score of years, did not arrive at -its present estate without vicissitudes, and -without strenuous work in removing obstacles -in the way of its progress.</p> - -<p>The seventeen years in which the industry -made its record, saw the rise and the fall of the -steamer type of car, the wresting of an Old Man<span class="pagenum" id="Page_108">108</span> -of the Sea, in the form of a discouraging patent -holder from the shoulders of the manufacturers, -the electric car largely depopularized and the -gasoline car established in wellnigh universal -favor.</p> - -<p>The procession of the more important earlier -pioneers in the commercialization of the automobile -started with the Pope Manufacturing -Company at its head. In 1897 this company, -which had successfully made bicycles, manufactured -electric cars at Hartford, but was unable -to find a market for them in the United States. -An effort was made to get the Newport set to -take them up, but the wealthy owners of Newport -villas could not be induced to be even -mildly interested.</p> - -<p>So the Pope company decided to send them -abroad, and shipped them on the steamer La -Bourgogne. But this ship sank at sea and the -cars were lost. The Pope company then made -electric cabs, many of which appeared on the -streets of New York in 1898 and 1899, and -finally sold its electric vehicle business to the -Columbia Automobile Company of New Jersey.</p> - -<p>This corporation was formed by a party of -capitalists headed by William C. Whitney of -New York, and included P. A. B. Widener of -Philadelphia, A. F. Brady of Albany, and -Thomas F. Ryan of New York. All were interested<span class="pagenum" id="Page_109">109</span> -and actively engaged in street electric -traction development in the East. Whitney, -who was in public life as Secretary of the Navy -under Cleveland, was a man of far vision in -industrial possibilities, and recognized early in -its development stage that the automobile had -a future. He was as quick to see, also, that the -gasoline motor drive was the coming means of -propulsion, and he caused the Columbia Automobile -Company, whose name was changed to the -Electric Vehicle Company, to negotiate for and -finally secure complete rights to the Selden -patents for gasoline motors.</p> - -<p>Having a sweeping license agreement with -Selden, the Electric Vehicle Company undertook -to enforce its rights, and one of the first concerns -sued for infringement was the Winton -Company, whose gasoline car, sold in 1898, was -the first gasoline car disposed of by a manufacturer -in this country. The United States court -upheld the patent, and nine of the then leading -automobile manufacturers, finding they must -pay royalties, formed an association under the -title of the Association of Licensed Automobile -Manufacturers.</p> - -<p>For thirteen years thereafter, until 1911, -gasoline automobile manufacture in the United -States was under tribute to a royalty of from -four-fifths of one per cent to 1<sup>1</sup>⁄<sub>4</sub> per cent of the<span class="pagenum" id="Page_110">110</span> -retail price of all cars sold. The beneficiary of -this license fee was the Electric Vehicle Company, -which “split” the fees with Selden, and -the Association of Licensed Automobile Manufacturers -itself. The fees amounted to very -large sums, and the licensees wriggled and -squirmed; but the United States District Court -having upheld the Selden patent, there was no -way out, unless a deliverer appeared.</p> - -<p>And such a deliverer did appear.</p> - -<p>It was none other than Henry Ford.</p> - -<p>For a pacifist, Henry Ford is about the -greatest fighter the American industrial ranks -have ever produced. His history has been a -succession of fights—fights to make a motor -that would go inside a hat box, fights to get anybody -to believe in him and invest money with -him, fights to convince people that nearly everybody -would buy an automobile if the price was -low enough, and finally the fiercest and most -prolonged fight of all—the fight to break the -Selden patent monopoly and free the industry -from serfdom, give it free rein and relieve it of -the incubus of tribute.</p> - -<p>Ford had refused to join the Association of -Licensed Automobile Manufacturers and had -gone on making his engine and adapting it to a -car which he put out, as has before been said, -in 1903. The Electric Vehicle Company, which<span class="pagenum" id="Page_111">111</span> -held the reins and was driving all the gasoline -car makers except Ford, cracked its whip in -Henry’s direction and brought him up standing, -and bristling as well.</p> - -<p>In the suit for infringement against Ford the -Electric Vehicle Company won in the lower -United States court, but it reckoned without its -Ford. That product of a strain of Irish-English -fighting blood didn’t consider he was whipped -because one court decided against him, as all -the other manufacturers, who submitted their -necks meekly to the Selden patent yoke, had -done.</p> - -<p>He promptly appealed and fought the case -like a wildcat up to the United States Circuit -Court of Appeals, and through that tribunal, -and with such success that, in 1911 this court -reversed the finding of the lower court and gave -the decision to Henry Ford.</p> - -<p>The original suit in the lower court was begun -against Ford in 1903, so that his fight against -the first and only automobile “trust” was an -eight year war.</p> - -<p>But during it all, he never faltered in his -activities in perfecting his car and making his -elaborate preparations to build and market it. -His confidence in his final victory was not -affected in the slightest degree. He went on, -pursuing his object with unruffled mien.</p> - -<p><span class="pagenum" id="Page_112">112</span></p> - -<p>It must have been a trying brand of chagrin -that the gasoline car manufacturers, who had -tamely submitted to their first setback in the -effort to slip the fetters of patent rights, had to -wear around with them. They had looked -askance at Ford. They feared he was likely to -kill the automobile “game” by putting out a -car that would make automobiling common, and -put a damper on the purchase of the cars they -made, by people who could afford to buy them. -At best, he was calculated to be a disturbing -element in the business—probably driving down -prices to a point where there would be no profit -in them.</p> - -<p>And here he had been the savior of the automobile -business.</p> - -<p>Many men have written letters that have been -their undoing. Selden had made an entry in a -personal notebook or diary that brought about -his downfall and the loosening of his grip on -automobile manufacturing.</p> - -<p>The ground on which the United States Circuit -Court of Appeals decided for Ford and -against the Selden patent was that the intent -of the inventor had been to patent a motor -designed after the type of a motor invented by -Brayton of which the Ford motor was not an -infringement, and not after the type of the gas -engine of Otto the German, of which the Ford<span class="pagenum" id="Page_113">113</span> -motor would have been an infringement, and -that Selden had clearly disclosed this intent, as -evidenced by a slurring entry in his diary -regarding the four-cycle Otto engine, characterizing -it as “another of those d—d Dutch -engines.”</p> - -<p>The Otto engine for stationary purposes was -in use before Selden filed his application for -the patent, and if he did not intend the patent -to cover an engine of that type he had no hold -on the manufacturers who, with scarcely a -single exception, were making automobiles, with -motors patterned after the Otto type. These -manufacturers could have done what Ford -did—taken the case up and got the same decision, -but they didn’t do it, thereby making -Henry Ford the emancipator of the automobile -industry.</p> - -<p>This delivery by Ford of automobile manufacturing -from patent restraint and his quantity -production idea, without any other of the many -things he has done, would have made Henry -Ford what he is—the most commanding figure -in the automobile industry today.</p> - -<p>There can be no doubt that the very existence -of the Selden patent with the rights it conferred -to tax every single automobile, was a deterrent -to the growth of the business, because with the<span class="pagenum" id="Page_114">114</span> -wiping out, through Ford’s court victory, of -the right of William C. Whitney’s Electric -Vehicle Company to take toll of all gasoline -autocars produced, encouragement was given to -capital to invest more largely in the business.</p> - -<p>If, in the springtime, the season when the -grass begins to sprout, you remove an old door -that has lain flat on the grass all winter, the -grass in the space covered by that door will -literally spring up.</p> - -<p>So when the lid—the Selden patent—was -lifted from the automobile industry, it sprang -to the front. The year 1911 was the epochal -year in volume of production in the business. -From that year dates the present era of automobile -high production. It wasn’t that many -new companies entered the field. It was that -those already in it expanded and increased -their output. There was no longer an Old Man -of the Sea, in the form of a tax on production, -clinging to their necks and shoulders. The age -of standardization had come, and the soundness -of Ford’s quantity production idea had been -demonstrated. Thence on, the automobile -industry had a clear course, if not in all cases -easy sailing, and it has traversed it on a straight -line, with a current of popular demand running -strong in the direction it has been headed.</p> - -<p><span class="pagenum" id="Page_115">115</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Gasoline Car in Popular Demand.</span></h3></div> - -<p>Pioneers in manufacturing gasoline cars -during the period beginning at the time—1898—when -the first gasoline car, a Winton, was sold, -were Clarke Bros., makers of the Auto-car, -E. R. Thomas whose name the Thomas Flier -took, Stearns, Chalmers, Jeffery, Wilkinson, -who designed the Franklin car, Olds who -changed from steam to gasoline, Brush, Ford, -Leland who produced the Cadillac, Haynes and -Apperson. Many familiar cars came into the -field later, or were developed and advertised -by men who became identified with them at a -later date. Although its manufacture was -started in 1903, the Overland car, which ranks -second to Ford in quantity production, did not -become the factor in the industry it is today -until John North Willys, a salesman, became -identified with it and gave it its remarkable -vogue through his personality and spectacular -salesmanship.</p> - -<p>The gasoline car was struggling to perfection -when the electric and steam types of cars were -reasonably well established on the market.</p> - -<p>In 1896, New England saw its first motor -race of electric cars. The names of make or -makers of electric cars familiar from that date -on include those of Riker, Pope, Waverley,<span class="pagenum" id="Page_116">116</span> -Baker, Woods, Barrows, Studebaker, whose -first cars were electric, Columbus Buggy, -Rauch & Lang, Detroit, Ohio and Anderson.</p> - -<p>But the electric car industry never has -reached the proportions of the gasoline car -industry. It has never advertised in the lavish -manner adopted by gasoline car makers. It has -not entered races to the extent its gasoline competitors -have. It adopted conservative methods -which have given it a slow growth. It is only -within the last five years that shaft drives have -been perfected in electric car construction, while -producing controllers that would not arc, whatever -the provocation, have been matters of slow -evolution.</p> - -<p>But that the electric car is a perfectly balanced -piece of mechanism and the one type of -the automobile with the least fits and starts, -is conceded, and this superiority will doubtless -enable the electric type to make up in the future -in the motor truck field what it has lost to the -gasoline type in the passenger field.</p> - -<p>If the passenger automobile has not reached -the length of its use and consumption, and it -unquestionably has not, what shall be said of -the freight automobile, the industry in which -is yet in embryo?</p> - -<p>The greatest future field for the automobile<span class="pagenum" id="Page_117">117</span> -is without doubt in this direction, as is evidenced -by numberless indications.</p> - -<p>The increase in motor trucks made in 1916 -over 1915 was within less than 8,000 of being -double the number of the previous year. The -number produced in 1916 was 92,130, against -50,369 in 1915, with an increase in retail value -of $40,000,000. A business that nearly doubles -in product while showing an increase in total -sales of only 33<sup>1</sup>⁄<sub>3</sub> per cent, as the automobile -truck business does, is seen by analysis to be -getting the price of its units down, and that is -the surest means in commercial production to -insure increased consumption.</p> - -<p>Perfected devices are operating in the motor -truck field as they did in the passenger car -field to lower cost, and the lower the cost of -motor trucks is gotten down, the more people -will buy them.</p> - -<p>The field of the motor truck’s usefulness is -ever widening. The European war has demonstrated -many directions in which it can be -utilized, while its adaptation to the country is -as feasible and economical as its adoption by -the city. Its use by national, state and city -governmental departments is growing rapidly, -and the best evidence exists of its superior -economy to the horse for many purposes. And -when the high wave of motor truck use rolls in,<span class="pagenum" id="Page_118">118</span> -the electric type will be found riding on its -crest. Already there are upwards of 50,000 -electric trucks alone in use.</p> - -<p>The electric passenger car, while far behind -the gasoline car in the race of automobiles, is -distinctly in the lead of the steam type. Never -was the biblical saying, “and the first shall be -last,” truer than of the steam automobile. -First to arrive at the starting line, it was -distanced early in the quarter stretch. The -first steam car in the United States was sold in -1889, the first electric in 1892 and the first gasoline -in 1898. And though it had a start over -the gasoline car of nine years, it was never able -seriously to compete with it, and 1905 saw only -one large manufacturer left in the steam car -industry.</p> - -<p>At one time, about 1900, it looked as though -steam and gasoline cars were running neck and -neck in popular favor, and the names of Riker, -White, C. E. Whitney and Stanley were as well -known almost as those of Ford, Chalmers and -a score of gasoline car makers are known today, -but the contest was a short one.</p> - -<p>The gasoline car forged ahead. Its success -discouraged the steam car makers, most of -whom changed from steam car to gasoline car -manufacturing, and the business of steam car -making narrowed down to two manufacturers—Stanley<span class="pagenum" id="Page_119">119</span> -and White. Finally, in 1911, White -gave up making steam cars and devoted his -facilities to gasoline cars only, leaving Stanley -to share only with Doble in the steam field.</p> - -<p>The reason why the car buying public gave -enthusiastic patronage to gasoline cars and -scant encouragement to steam cars was that -the use of the steam car requires more mechanical -knowledge than does that of the gasoline -car, and the work of making repairs is more -complicated. The man of today wants to do a -thing in the easiest way. His education, through -the conveniences supplied in modern life, is all -along the line of short cuts to anywhere and -anything. “Why work when you don’t have -to,” is his motto, and he has never been able -to see why he should take the time to become -a proficient mechanic to give himself pleasure, -when he can buy a gasoline car and escape doing -so—and much work in running his car and -repairing it, as well.</p> - -<p>The steam automobile reached the zenith of -its vogue prior to 1905. Beginning with that -year, its use declined and that of gasoline cars -increased. The gasoline type is now almost -universal in passenger automobiles, and the fact -that the power units in the operation of the -gasoline motor are more economical than either<span class="pagenum" id="Page_120">120</span> -electricity or steam, has its bearing on their -general popularity.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Automobile Demand Made Accessories -Necessary.</span></h3></div> - -<p>A history of the commercializing of the automobile -which does not make mention of the -manner in which the development of the industry -called into being an almost endless list of -incidental and accessory products, is not -complete.</p> - -<p>The production of the finished automobile -involves a multiplicity of units, and as no automobile -manufacturer makes all of these, but -depends on independent factories for certain -of them, there has been a multiplication of enterprises -supplying products entering in the construction -of automobiles, whose development -and financial success have kept pace with those -of the automobile itself.</p> - -<p>Foremost in the list of accessories for the -automobile are tires, and the industry in this -product is of vast proportions. The production -of automobiles—passenger and freight—having -been 1,617,708 in 1916, and the manufacturers -having delivered each of these vehicles complete -with a set of four tires, the number of tires -required for 1916 sales of automobiles alone -was 6,470,832.</p> - -<p><span class="pagenum" id="Page_121">121</span></p> - -<p>But the tires put out with new automobiles -form only a slight proportion of the total tires -sold by tire companies. It is stated that each -of the over three million cars in use in the -United States consumes an average of eight -tires a year, so that automobile buyers are -purchasers of probably 20,000,000 tires a year.</p> - -<p>The pneumatic tire was one of the greatest -factors in giving the automobile business its -impetus. Charles Goodyear, in a broad sense, -laid the foundation for popularizing the automobile, -when, by accidentally dropping rubber -on a stove, he discovered the principle of -vulcanization.</p> - -<p>The development of the automobile was -retarded for years, because, while iron shod -horses, it would not successfully shoe automobile -wheels. The greatest obstacle to the mechanical -perfection, as well as to the development -of the automobile by general adoption, were -road shock to the automobile and mutilation by -the automobile of the roads.</p> - -<p>The pneumatic tire removed both obstacles -simultaneously.</p> - -<p>The pneumatic tire was invented by an Englishman -named Thompson, who patented it in -1845. Dunlop, an Irishman, was the pioneer -manufacturer in 1888, and Michelin of France -first applied it to the automobile.</p> - -<p><span class="pagenum" id="Page_122">122</span></p> - -<p>The manufacture of body parts is obviously -a tremendous industry, and while the body is a -prime essential to the automobile, it was a part -that existed in horse drawn vehicles, and, therefore, -did not play the part that the pneumatic -tire did in accelerating auto development.</p> - -<p>Comparable in importance to the tire was -the nonskid chain, the invention of Parsons, an -English engineer, who patented it in 1903. As -the pneumatic tire enabled the automobile to -be used more successfully and in larger numbers -in good weather, so the nonskid chain -enabled it to be used in bad weather. Prior to -its adoption automobiles were used to only a -limited extent in wet or slippery weather. Its -adoption is credited with having added one -month a year to the possible use of every automobile, -a result which would naturally increase -the number of automobiles used, through making -them more efficient, and by decreasing the -life of a car through added use.</p> - -<p>Next in importance in extending the field of -purchasers of automobiles was the self-starter, -the invention of Coleman, who, though little -known to the public, is the inventor of so many -things in electrical use as to be comparable to -Edison.</p> - -<p>The electric self-starter is credited with creating -a million automobile buyers, a large proportion<span class="pagenum" id="Page_123">123</span> -of whom are women, and with having -added nearly 15 per cent to the service of the -motor car.</p> - -<p>Other aids to the successful commercialization -of the automobile are solid tires, invented -by Grant in 1896; the demountable rim, invented -by Perlman in 1906; sliding transmission, the -invention of Dyer; the nonskid tread, and -chambered spark plugs, the latter invented by -Canfield in 1898. Of minor improvements, of -which there have been scores, the most notable -were those of side doors, introduced by Marmon -in 1902; tops to bodies, introduced in -1903; speedometer, gasoline pressure system, -carburetor, shock absorber, electric lighting and -oil gauge.</p> - -<p>The evolution of the automobile has been -facilitated by every improvement which makes -it easier of operation, and the sale of motor -cars has been increased by them.</p> - -<p>The more one reviews the advance made by -the automobile during the seventeen years of its -commercialization, the more one can appreciate -the feverishness characterizing its production, -which can be seen and felt by anyone who visits -the automobile manufacturing sections of -Detroit, Cleveland, Indianapolis or Toledo. The -demand is so great for automobiles, and they -are being bought in such numbers, that the<span class="pagenum" id="Page_124">124</span> -factories producing them work at a speed and -under a pressure such as are paralleled in our -industrialism only in munitions of war plants. -Busy are the cities where automobile manufacturing -forms an important industry, and -busy they are likely to continue for years to -come, for as a commercial industry the business -of making and selling automobiles has not yet -even approached high water mark, in the opinion -of those best qualified to judge.</p> - -<p>The country districts have yet to be heard -from in louder tones. The possibilities of the -automobile in the country, from a commercial -standpoint, constitute a fascinating subject for -speculation. Although there are over 6,000,000 -farm families, only 300,000 automobiles were -bought by them in 1916, indicating that the -rural element so far has not really begun to -take hold of the automobile, because the normal -yearly sales of horse drawn vehicles, most -of which were sold in the country, prior to the -automobile’s adoption, were over 1,000,000.</p> - -<p>By far the greatest proportion of motor -driven vehicles bought in the country are now -passenger vehicles. When the farmer wakes -up to the economic superiority of the motor -truck and motor tractor over the horse, the -sales of other forms than passenger cars in -the country will scarcely have any bounds. The<span class="pagenum" id="Page_125">125</span> -best grounds for this belief lie in the fact that -at present there are 5,000,000 horse drawn -vehicles in use, against less than 300,000 motor -trucks.</p> - -<p>In this development of the motor freight -vehicle in the rural districts, the matter of -education will play its part, as it does in all -evolution, but slowly, as it always does.</p> - -<p>Just as the creation of farm products as a -whole is being increased by educational means, -so will the use of the motor wagon in place of -the horse be increased by the farmers’ information -and knowledge of its advantages and -saving.</p> - -<p>When the farmers all learn and realize the -full extent to which the use of the work automobile -pays dividends on their labor, the commercializing -of this vehicle will be in quantities -probably exceeding those of the passenger car.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Co-operation’s Part in the Automobile’s -Commercialization.</span></h3></div> - -<p>If there is any one idea more than another -that is productive of results in development of -large proportions, it would seem to be that -represented by co-operation.</p> - -<p>Individuals may make successes, but they -are successes that are limited in their -proportions.</p> - -<p><span class="pagenum" id="Page_126">126</span></p> - -<p>The era of greatest material development in -this country has been that in the period represented -by the last quarter century. This is -shown in the fact that our national wealth -during that period has increased in a ratio -unparalleled in any previous period of time.</p> - -<p>Only a little reflection will show that same -period to be that period in which the value and -benefits of co-operation in business as a whole -were realized and taken advantage of.</p> - -<p>The principle of co-operation has been known -since man learned to reason. It was applied in -the building of the tower of Babel and of the -Pyramids. The foundation of it was a fact -that man early in his evolution from the cave -stage discovered—a simple fact plainly demonstrated, -when primitive human beings found -that one man could not lift a battering-ram, but -that twenty men could make of it an instrument -with terrifying powers of destruction.</p> - -<p>An aspect of co-operation that was slow in -imposing itself on the understanding of the -business world was that if a man conceived a -new idea, and he concealed it from others, he -was not only depriving others of its benefits, -but himself as well. In locking the door on his -idea, he locked himself in. He did not reflect -that the world rests on a foundation of co-operation; -that nature is co-operative; that without<span class="pagenum" id="Page_127">127</span> -co-ordination between the planets in space, the -cosmic void would not continue to be occupied; -that co-operation is the invisible chain linking -together the world, sun, moon and stars, and -without the binding twine of co-operation they -would fall apart like the stalks from the sheaf -when unbound.</p> - -<p>Almost every valuable lesson might be -learned from nature if we knew and fully -understood her laws, and co-operation is one -of the most potent of these laws. But it took -man a long time to learn even the rudiments -of this law of co-operation—that it supplied a -force of a hundred horsepower where one horsepower -was used before; that its moral influence -was tremendous, and that it was to business -what the steam radiator, internal combustion, -or the electric storage battery was to the horseless -carriage—a means of propulsion, a driving -force, an agency of high power to produce -progression.</p> - -<p>There can be no question that the automobile -industry had, in the era in which fate decreed -it should make its debut, favorable conditions. -Not only did this era happen to be the era of a -better understanding of the science and value -of advertising, but also the era in which a better -understanding has been gained of the -principle and value of co-operation.</p> - -<p><span class="pagenum" id="Page_128">128</span></p> - -<p>Standardization in the automobile industry, -as has been said herein, was an important -factor in popularizing the motor car. But how -could standardization have been brought about -without co-operation?</p> - -<p>Producers of automobiles, even, did not immediately -adopt the real spirit and practice the -true principle of co-operation. They formed -an association with that purpose, but in the -first meetings they approached the matter of -genuine co-operation like a man walking in his -bare feet on ground strewn with broken glass.</p> - -<p>They kept up the practice of secretiveness; -each man was afraid to “put the other man -wise,” still clinging to the ancient practice of -hiding his light under a bushel—an impulse -founded on that same semi-savage selfishness -of primitive man which impelled him to hug -to his hairy breast the shin bone of his “kill,” -while eyeing his fellow man with fear, hatred -and distrust.</p> - -<p>Gradually, through the influence of minds -more original, independent and far seeing, the -glacial reserve was thawed out, and automobile -producers began practicing co-operation in its -unrestricted, untrammelled form.</p> - -<p>With the genial, warming rays of co-operation -turned on the industry, problems of vast -quantity production at remarkably low cost,<span class="pagenum" id="Page_129">129</span> -easy and rapid assembling, inexpensive maintenance, -and the vexatious problems of freight -movements to bring in raw material and take -out the finished product for distribution, became -no longer work, but fascinating play. Thus -does co-operation make an elysium of the workshop, -turn the darkness of gloom into the light -of day, and give grounds for the belief that if -the millennium ever comes, co-operation will be -the vehicle it will be transported in.</p> - -<p>At one stage of the American automobile -industry, the European cars displayed a -strength and sturdiness so superior to ours that -our manufacturers nearly despaired. This was -another crisis of many in the industry. But -co-operation enabled the cause to be found and -the crisis to be met. The European manufacturers -knew why their cars stood up better than -ours, but they wouldn’t tell. This was the -same old dog-in-the-manger that has helped to -make the world’s progress slow. So our manufacturers, -co-operating, went to work and found -out for themselves. Tungsten, vanadium and -chromium spelled the reason. The Europeans -had been using these and other alloys, and with -scientific heat treatment had been producing -a special steel, and keeping it strictly to -themselves.</p> - -<p><span class="pagenum" id="Page_130">130</span></p> - -<p>Trust the peeking, inquisitorial, persistent -“Yankee” to find out when he once gets well -started on the scent. And when there are a -lot of them, all peering and peeking about, -what chance has the poor European? But it -is to be doubted if one “Yankee” could have -“tumbled” to chrome steel. It took a combination -of them to do it. They didn’t discover the -secret until they were banded together by -co-operation.</p> - -<p>Co-operation contributed to the general adoption -by the motor industry of the automatic -machining of parts. What that meant in -economic production was the saving of millions -in cost of construction, which in turn got the -automobile down to the level of the common -people’s price.</p> - -<p>In the adoption of the system which substituted -the “machining” of automobile parts for -hand production, the industry instituted savings -of time and labor and therefore cost, -one instance of which illustrates the almost -incredible potentialities in scientific economy.</p> - -<p>A block of cylinders, which takes eleven hours -to bore by hand, is bored in two hours by -automatic machinery.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">World Yet to Learn the Lesson of Economy.</span></h3></div> - -<p>Will the world as a whole ever learn thoroughly -the lesson of what the saving of time<span class="pagenum" id="Page_131">131</span> -means in its equivalent of money? Full realization -of this is practically confined in this day -and generation to some manufacturers, and to -most efficiency experts. But the great mass -does not acutely see it.</p> - -<p>The farmer knows that if he takes four hours -to go to town when it is not necessary, he has -lost the money represented by four hours’ work. -That is plain to him, but it does not strike him -that taking four hours to haul a load of grain -to town by horses when it would take only one -hour to do it by motor truck is throwing money -away, and is an economic waste only in another -form. Nor does he quickly see that a motor -truck will perform service more economically -than the horse, including cheaper cost of -maintenance.</p> - -<p>He also appears unable to get the same viewpoint -on the economic loss by bad roads, that -he does of wasting four hours to go needlessly -to town.</p> - -<p>The farmer has long had demonstration of -the economic superiority of the mechanical -reaper over the hand cradle, that of the -mechanical thresher over the flail, and that of -the drill over sowing by hand. But he is slow -to see that the motor truck is superior to the -horse and a factor in greater economy as the -reaper, the thresher and the drill were superior<span class="pagenum" id="Page_132">132</span> -to man, while at the same time his liberator -from the hardest types of labor, and an -economic saving to boot.</p> - -<p>When all farmers learn the full facts of the -superiority of motor mechanism over horses, -only one instance of which is that their cost -per mile haulage is 16<sup>2</sup>⁄<sub>3</sub> cents, against 30<sup>7</sup>⁄<sub>10</sub> -cents for the horse, a wider use will result. It -is only the highly developed efficiency expert -who yet can count a minute of time in its equivalent -of cents, and an hour in its equivalent of -dollars. The automobile industry has had the -benefit of the highest quality of efficiency -generalship.</p> - -<p>Chalmers was making $70,000 a year with -the National Cash Register Company when an -automobile company secured him by promising -more. Flanders was offered by Ford, in addition -to his salary, a bonus of $20,000 if, in the -first year of his administration, he would turn -out 10,000 cars. By installing the first automatic -machine tool system, which itself was -mechanical co-operation, Flanders collected the -bonus.</p> - -<p>No industry, except perhaps oil or steel, -has paid men such salaries, bonuses and -commissions as has that of the automobile.</p> - -<p>Co-operation by the automobile industry has -been pursued in its public shows for seventeen<span class="pagenum" id="Page_133">133</span> -years—the period of the industry’s greatest -strides—beginning with the first one in 1900 in -Madison Square Garden, New York. The Seventeenth -annual auto show was that in New -York and Chicago in January, 1917.</p> - -<p>There are many lines of industrial production -in which to this day the factors have not -gotten together in co-operation, lines in which -each producer is working alone, and it is noticeable -in many of them that development is slow -and advancement tardy.</p> - -<p>The automobile makers early applied the -principle of co-operation by formal association. -They organized the National Association of -Automobile Manufacturers to advertise automobiles -at the first auto show in New York, and -to “encourage general practices of mutual benefit,” -a statement of principles that is brief but -sweeping.</p> - -<p>Stimulating influences in the formation of -this, one of the earliest, and one of the most -comprehensive and sincere co-operative industrial -associations, were the necessity for presenting -a united front, which legislation adverse -to the automobile created, and of popularizing -and inspiring confidence in an innovation. -Co-operation was further made imperative by -the necessity for better roads. Had the roads -of the United States been better than they were<span class="pagenum" id="Page_134">134</span> -when the automobile first came into being, the -industry might by now be able to write its -annual production in larger figures than -1,600,000 cars made in 1916.</p> - -<p>That the automobile associations have the -true principle of co-operation and not the semi-true -or false variety, is evidenced by the fact -that their co-operative efforts have been from -the start for the benefit of the industry as a -whole and not for the benefit of members of -the associations alone. They have always -admitted to their councils all manufacturers, -whether association members or not, and -co-operated on a free and full basis.</p> - -<p>Broad liberalism has been practiced. The -many young men engaged in the industry have -been credited with this. Coming into the business -arena at a late date, they were not handicapped -by prejudices and hardening of the -arteries of open-minded thought. They believed -in the principle of “one for all, and all for -one,” which is the keynote of co-operation.</p> - -<p>As the world has these men to thank for the -constantly enlarging pleasures and comforts of -the automobile, so it has them to thank for such -good roads as there are, for it is as certain that -automobiles have improved roads as it is that -automobiles exist.</p> - -<p><span class="pagenum" id="Page_135">135</span></p> - -<p>The organization of the National Association -of Automobile Manufacturers was followed -by that of the co-operative Association of -Licensed Automobile Owners, organized to -resist the tightening of the clasp of the licensor -of the Selden patent rights, and by the Society -of Automobile Engineers, and still later by the -American Motor Car Manufacturers Association. -The Automobile Board of Trade followed, -and today the trade association is the -National Automobile Chamber of Commerce. -Fostering trade, reforming abuses and promoting -harmony, were steadily the aims of all the -organizations, and how well they have done it -is attested by the fact that no association of -producers has better demonstrated and more -completely justified the valuable principle of -true co-operation.</p> - -<p>Standardization in the automobile business -has never discouraged individuality of the -manufacturers in the essentials of form or -speed. It was confined to those directions -where appearance was not important. It never -extended to bodies, stream lines or designs -that would deprive a manufacturer of -distinctions and selling points.</p> - -<p>It is standardization of detail—uniformity -of screws, locks, washers, spring and bearing -parts, water connections, etc. Co-operation has<span class="pagenum" id="Page_136">136</span> -been practiced intelligently, and the result has -been that standardization favored economical -manufacturing by creating a large demand, -calling for quantities that fostered specialization -in parts by manufacturers, with resulting -low cost to the automobile maker. It also left -him free to center his efforts, energy and capital -on production in quantity, and himself get down -the price of the finished automobile.</p> - -<p>To the thinker, one of the most interesting -features of the automobile industry is this -example it has given to the world of efficiency -and co-operation. We are not surprised at -efficiency in the steel business or the oil business, -because they are industries conducted practically -by one man power; and if autocratic -rule is not efficient, its last excuse for being -might appear to have ceased to exist; but to -find several hundred different manufacturers -with divergent ambitions, ideals and interests -benevolently engaged in co-operative competition, -justifies, it would seem, that optimism -which sees the world as growing better.</p> - -<p>Certainly if “by their works ye shall know -them,” the progress made by the automobile -industry in the short space of time it has played -the star part on the industrial stage, has been -the most splendid demonstration of the value -in commercial industrialism of the tolerant,<span class="pagenum" id="Page_137">137</span> -broad minded type of co-operation, coupled with -efficiency. It is an example of the value of harmonious -co-ordination of the differing efforts -of man in advancing the material progress of -the world, and in the case of the automobile -industry, the best assurance of its continued -advance as the moving force in the production -of one of the greatest and most beneficial forms, -not alone of transportation, but of mind culture, -of healthful relaxation and of sane recreation.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_139">139</span></p> - -<h2 class="nobreak" id="CHAPTER_IV">CHAPTER IV.<br /> -<br /> -<span class="smallest"><b>AUTOMOBILE INDUSTRY AS AN INVESTMENT.</b></span></h2></div> - -<p>A dozen years ago dictionary publishers vied -with one another to be the first to announce that -new editions of their wordbooks contained the -word “automobile.”</p> - -<p>Today the automobile industry is the fourth -in magnitude—only three others that are -larger.</p> - -<p>Is your imagination equal to the task of forming -a vivid picture of the tremendous activity -that has been maintained to produce such -results in so short a time?</p> - -<p>Do you know of any other industry in which -money could have been at work in as great a -creative capacity? We will not say in a capacity -to produce immediate profits, because so -far the automobile industry has been largely in -the building, in the creative state.</p> - -<p>In 1899 we produced 3,700 automobiles, in -this country. In 1915 we produced 842,249 cars, -and in 1916 the production reached the -unexpected number of 1,617,708 cars.</p> - -<p>The value of the production in 1899 was -$4,750,000, or about $1,283 a car. In 1916 the -value was $972,336,400, an average of a little -over $601 a car.</p> - -<p><span class="pagenum" id="Page_140">140</span></p> - -<p>In 1916, also, we produced 92,130 commercial -vehicles, valued at $157,000,000.</p> - -<p>And this is not all. A comprehensive survey -of the automobile industry will include the -industries that the automobile has created, as -manufacturing tires and accessories, and not -to forget the enlarged market for gasoline and -oil. As the jokesmiths have it, “It isn’t the -original cost, but the upkeep that counts.”</p> - -<p>For illustration, in the matter of tires, C. H. -Williams, of the Goodyear Tire and Rubber -Company, who is in a position to know, said -that in 1916 the motorists of the United States -took from their wheels and replaced some -9,000,000 tires, representing an expenditure in -that year of about $300,000,000 for tires.</p> - -<p>Any motorist can draw from his experience -and compare the expense for tires with that for -gasoline, and from these tire expense figures -arrive at a reasonably accurate estimate of the -tremendous amount of money that was used in -1916 in paying for gasoline to run automobiles.</p> - -<p>By way of an interpolation, it may here be -remarked that these tire figures show that -there is one problem in the automobile industry -that the engineers still have to solve, and that -is to produce a wheel that will give satisfactory -service without requiring a pneumatic rubber -tire.</p> - -<p><span class="pagenum" id="Page_141">141</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Little Original Capital Invested.</span></h3></div> - -<p>The remarkable thing about the automobile -industry is that, in comparison with its present -magnitude, there has been but little original -capital invested in it. Today the industry -represents a large investment, to be sure, but -the bulk of it is made up of profits on the -original small investment. Companies started -with small original capitals, made money, and -used some of it to enlarge plants and increase -outputs, until today we have the gigantic -institutions that some of these companies are.</p> - -<p>The automobile industry has been and is one -of the most convincing of modern proofs of the -efficacy of the science of investment in operation.</p> - -<p>During the first few years of experimenting, -before the engineers produced a car that would -run in a reasonably satisfactory manner, the -industry offered investors only what might -have been called the inventor’s chance. These -years were followed by a short period devoted -to determining whether there was a market for -the automobile.</p> - -<p>During the time of experimenting and determining -the market the average person could not -be expected to become very enthusiastic over an -investment in the industry. The average person -has not clear vision in matters of this<span class="pagenum" id="Page_142">142</span> -kind, and, lacking vision, he can not bring -imagination to his aid.</p> - -<p>And in those early days it required clear -vision, good imagination and exceptional ability -to reason from probability to fact to see the -coming greatness of the automobile industry.</p> - -<p>A few courageous men had this vision and -this ability, and to them is due all credit for -the establishing of the industry. In time others -might have done it, but these men did it.</p> - -<p>The making and marketing of automobiles -that would run had but fairly begun when their -popularity became so manifest that even an -average person could see that the automobile -industry was bound to become great and -profitable.</p> - -<p>Here, then, was an opportunity for scientific -investment that was prodigious in possibilities.</p> - -<p>Those who were intelligent enough to see it -and progressive and courageous enough to avail -themselves of it, and did so, today form another -set of rich men.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Difficulty in Getting Capital.</span></h3></div> - -<p>The industry had great difficulty in getting -capital. It was a new line, a new venture. -Bankers and other “conservatives” could see -nothing in it. They used their pet weapon of -crying “speculation”, “hazard”, “risk”, and<span class="pagenum" id="Page_143">143</span> -so on, to keep people from investing in it, and, -of course, did not invest in it themselves, or aid -it in any way to get started.</p> - -<p>But since the beginning of this century, when -the automobile industry began growing, many -of our people have, among many other things, -built the great automobile industry into what -it is, and made money. Not only this, but they -will build it still greater, and make still more -money.</p> - -<p>Before we get through with this little analysis -we will see that the automobile industry has not -been more than half built thus far, and that the -really big profits in it are yet to come, because -so far much of the profits have been used in -building the industry.</p> - -<p>This industry is, therefore, a fertile field for -scientific investment. Many companies that are -quite well established need more capital to -enlarge their activities, and there are comparatively -new companies, and there will be -more, having very good propositions in which -the prudent investor can find excellent openings -for putting a little money at work under -advantageous conditions.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Dealers Put Up Their Own Money.</span></h3></div> - -<p>In speaking of the early financiering of the -automobile industry, it would be unjust not to<span class="pagenum" id="Page_144">144</span> -mention the aid that automobile dealers gave -it. It is a fact that if dealers had not supported -it in the way they did, it would not be where -it is today.</p> - -<p>Bankers who could have furnished the money -and should have done so, did nothing. They -were too “conservative” to recognize a new -industry.</p> - -<p>And so dealers stepped into the breach and -became bankers to the industry.</p> - -<p>In the days when the automobile manufacturer -was confronted with the problem of getting -money to pay for making cars for which -he had or could get orders, some financiering -genius devised the plan of giving the dealer -exclusive territory for the sale of a car. In -return the dealer placed an order for a certain -number of cars to be delivered in small lots -from month to month throughout the period -of the agency.</p> - -<p>Another consideration for this exclusive -agency was that the dealer made a cash deposit -on each car at the time of entering into the -contract. The monthly shipments were then -made C.O.D. for the balance due on the cars in -each shipment.</p> - -<p>The advance deposit enabled the manufacturer -to make cars for the first shipment, and -the collection on the shipment enabled him to<span class="pagenum" id="Page_145">145</span> -make cars for the second shipment, and so on.</p> - -<p>To manufacture and sell 1,617,708 cars in a -year, as we did last year, appears like an impossible -task, especially when we consider that only -a negligible number was sold abroad.</p> - -<p>The fact is that nearly all the manufacturers, -especially those of popular cars, could have sold -many more, had they had the facilities to make -them.</p> - -<p>In the midst of this condition some persons of -narrow vision were wondering if there was a -further market for cars, and were talking -learnedly, as they thought, about the point of -“saturation” having been reached.</p> - -<p>In the meantime the big men in the industry -were saying nothing. Instead of talking, they -were laying their plans to make and sell twice -as many cars in 1917 as in 1916.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Production Not Yet at Its Height.</span></h3></div> - -<p>There will come a time when the automobile -industry will reach its height in production, but -that time has not yet arrived, nor is it within -calculable distance.</p> - -<p>Statisticians show us that there are over -5,000,000 rich people in this country. Many of -these have, and more of them will want, each -several cars, each of a different type and for a -different purpose.</p> - -<p><span class="pagenum" id="Page_146">146</span></p> - -<p>We have about 8,000,000 farms. Many farmers -already have cars, but only a few compared -with the many who will have them as soon as -they have become convinced of their utilitarian -value aside from pleasure. The farmer is a -practical person and “must be shown.” Give -it time, and the automobile will prove itself to -him.</p> - -<p>Then we have several million persons who can -not be classed among the rich, but who are in -such reasonably comfortable circumstances that -gradually they will become owners of popular -priced cars.</p> - -<p>And we must not forget the element that is -“keeping up with Lizzie.” Those of this class -will also pay toll to the automobile industry.</p> - -<p>And so far only between three and four million -cars, including pleasure and commercial -cars, are registered in this country.</p> - -<p>Talk about the point of saturation. As yet -it hasn’t begun “casting its shadow before”, -much less having arrived.</p> - -<p>Nor does it require prophetic vision to say -at this time that the commercial car is destined -in due time to surpass the pleasure car in -number.</p> - -<p>So far the commercial car has but fairly been -tested. In 1915 we produced 50,369 commercial<span class="pagenum" id="Page_147">147</span> -cars. In 1916 the number reached 92,130. From -now on this branch of the industry is likely to -increase more rapidly than did that of the -pleasure car.</p> - -<p>It has already been proved that the commercial -car has a possible larger field than has -the pleasure car.</p> - -<p>A man may not feel that he can afford a pleasure -car, but his business is such that a -commercial car is profitable in it.</p> - -<p>Then again a man may have two or three -pleasure cars, but in his business he may have -use for two or three hundred commercial cars.</p> - -<p>The business world is just beginning to -realize the value of the commercial car. Not -only does it cost less by the ton or trip to haul -in a motor car than with horses, but more can -be accomplished in the same time. The teamster -may require six hours to make a trip that -the motor car driver can make in less than an -hour. Business men, great and small, will soon -learn this, and the commercial car industry -will grow accordingly. In fact, the demand is -already ahead of the supply.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Tractor as a Promising Investment.</span></h3></div> - -<p>The tractor, a motor vehicle used to haul -other vehicles or machinery, is a product that<span class="pagenum" id="Page_148">148</span> -must also be classed as a branch of the -automobile industry.</p> - -<p>It has already been demonstrated that a good -tractor is the lowest priced power that can be -applied in the work of hauling tools or machinery -that must move forward to do their work. -Also that it is the only form of power with -which a man can perform a prodigious amount -of work in a day.</p> - -<p>The tractor industry is, comparatively, in its -infancy, but it has already assumed substantial -proportions. It seems destined, in one form and -another, to surpass the commercial car industry.</p> - -<p>Recently one of the Ford Motor Company’s -leading engineers secured a patent on a device -to convert an automobile into a tractor. This -is done by substituting tractor wheels in place -of the rear wheels of the automobile, and by -reducing the power transmission gear so that -the power of the motor will be used in pulling -a load instead of giving speed. In other words, -the car in the form of a tractor will be run -very slow and the power saved in this way will -be applied to pulling the load.</p> - -<p>The wheels may be changed in a few minutes -from pleasure to tractor, and from tractor to -pleasure. With this device the farmer can have -his car for pleasure and business trips, and -when he gets ready to do farm work he can<span class="pagenum" id="Page_149">149</span> -convert it into a tractor to do the work of half -a dozen horses or more, and at very much less -expense.</p> - -<p>A valuable feature of this invention is that -when a car becomes worn out for pleasure use it -will still be as good as a new one to form a -tractor with this device.</p> - -<p>The device was thoroughly tested in all kinds -of farm work throughout the season of 1916, -and found to work perfectly and highly satisfactorily -in every way.</p> - -<p>The progress of the automobile industry has -surprised some of our ablest economists, and it -has given the long-faced, wiseacre, conservative -financier a clean knock-out blow.</p> - -<p>Having no precedent to guide them but human -nature, the economists were unable to arrive at -satisfactory conclusions in regard to the future -of the industry and it ran away from their -estimates.</p> - -<p>Mr. J. George Frederick, of the New York -Business Bourse, is perhaps in possession of -more business facts, figures and data of all -kinds than anyone else in this country, and is -regarded as one of the highest authorities on -business economics.</p> - -<p>“Writing on this phase of the automobile -industry in the October, 1915, number of the<span class="pagenum" id="Page_150">150</span> -American Review of Reviews, Mr. Frederick -said:</p> - -<p>“With 2,000,000 automobile owners today, -and every indication that the annual production -will be more than the 703,000 produced this -year, we face in plain facts a probable annual -sale of over 1,000,000 automobiles every year, -on an average, for the next five years at least. -Until the automobile became popular there were -about 1,000,000 carriages sold each year, and as -these were undoubtedly sold mainly to rural and -suburban population there is sound reason to -believe that 2,000,000 automobiles per year is -not an extravagant future prediction in the -slightly more distant future.”</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Production Ran Away From Estimates.</span></h3></div> - -<p>Note that this was written at least three -months before the close of the year 1915. The -production of automobiles for that year, as we -have seen, was 139,249 greater than that given -by Mr. Frederick at the time he wrote.</p> - -<p>The interesting thing in Mr. Frederick’s prediction -for the future is that the industry ran -away from his estimate the first year after he -made his prediction. He prophesied a production -of 1,000,000 automobiles a year for the next -five years. The following year, 1916, the production -reached 1,617,708 cars. This is not -against him, because the automobile industry<span class="pagenum" id="Page_151">151</span> -is going forward by such leaps and bounds as -to smash all conservatism. His estimate but -indicates that his further prediction of a probable -production later of 2,000,000 automobiles -a year is likely to be more than fulfilled.</p> - -<p>In this connection we must take into consideration -that the earlier made cars are beginning -to wear out and are being replaced by new ones.</p> - -<p>Also that many persons who bought so-called -cheap cars at first are discarding them and -buying higher priced new ones.</p> - -<p>The time will come, of course, when the sale -of automobiles to new users will begin to -decrease, but as these sales decrease the sales -of cars to take the place of old ones will -increase. When we reach the time when the -decrease of the one will equal the increase of -the other we will arrive, approximately, at the -point of saturation that is now worrying timid -and unimaginative persons, and not until then. -Every feature of the industry indicates that -we have not travelled more than half the distance -to reach that point. A more rational estimate -is that we have not travelled much more -than a fourth of the distance.</p> - -<p>Until we reach that point the automobile -industry will be in the formative period, in the -creative state. It will be growing larger and -larger, and will be earning more and more from<span class="pagenum" id="Page_152">152</span> -year to year. But some of the earnings will -have to be kept in the business to acquire additional -equipment and as a greater working -capital. But earnings used in this way will -become additional assets back of automobile -securities to enhance their values—to create -accretive values.</p> - -<p>When the saturation point is finally reached -the industry will settle down to be one of our -most stable and profitable manufacturing lines. -Not until then can the tremendous profit -possibilities in it be definitely reckoned.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Earlier the Investment, Greater the Profits.</span></h3></div> - -<p>These conditions being true, it should be clear -that the earlier an investment is made in the -industry, the greater will be the profits. Spectacular -profits will be made before the saturation -point is reached, and to get all the tremendous -accretive values that accrue in this -industry the investment must be made at the -beginning. The further removed from the -beginning the investment is made, the more the -investment will cost and the lesser will be the -accretive value as well as the income on the -investment.</p> - -<p>This is a fundamental principle in the science -of investment.</p> - -<p>When the saturation point is reached manufacturing -automobiles will settle into an industry<span class="pagenum" id="Page_153">153</span> -to supply a daily necessity. There will be -keener competition, the price of cars will be -lowered, and the profit on each will be correspondingly -less. The industry will be similar to -those of making hats, plows and shoes. It will -carry a substantial profit, but not a spectacular -one as now and for many years to come.</p> - -<p>It seems, then, that, large as it already is, the -automobile industry is still in its comparative -infancy—that it has before it a reasonable possibility -of more than doubling its present -proportions.</p> - -<p>While there are several large companies that -will continue to produce large numbers of cars -each year, it is not reasonable to expect that -these companies will grow from this time -forward as they have in the past.</p> - -<p>The expansion of the industry may rather be -looked for in younger and smaller companies -that will put out cars to meet some particular -demand.</p> - -<p>The investor in the industry could scarcely -be said to be using good judgment if he undertook -to help to build a company to put out a -car to compete with the Ford car, for illustration; -that is, to put out a car at the same price -and that he would expect the public to buy in -preference to the Ford. It may be possible that<span class="pagenum" id="Page_154">154</span> -the thing can be done, but off hand it would -seem like taking an undue chance.</p> - -<p>Nor is a Ford proposition necessary to make -money in the automobile industry. This has -been demonstrated sufficiently.</p> - -<p>The Ford car fills a particular want of many -people, but in the main it is a builder of the -industry as applied to more elaborate and -higher priced cars. It prepares a market for -others.</p> - -<p>The investor should seek to get into the business -of supplying the demand in that market.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_155">155</span></p> - -<h2 class="nobreak" id="CHAPTER_V">CHAPTER V.<br /> -<br /> -<span class="smallest"><b>BENEFITS CONFERRED BY THE AUTOMOBILE.</b></span></h2></div> - -<p>That the automobile is one of the greatest -boons to mankind will probably be admitted if -all its benefits are fully understood.</p> - -<p>The best teacher, it has been demonstrated, -is one’s own experience. In learning anything, -the mind can never grasp the lesson it is told, -with the same understanding it receives when -the lesson is visualized by the eye.</p> - -<p>Travel is acknowledged to be a good educator -and to broaden the mind. This is because the -eye sees and takes its own impressions, and -does not depend on the impressions of others. -Reading books of travel never instruct as does -travelling itself.</p> - -<p>The automobile is a healthful, exhilarating -method of conveying people to persons, places -and scenes that, before the automobile, they -knew of only by hearsay, or by reading of them.</p> - -<p>To estimate the extent to which this informs -and instructs, we need only go back in memory -to the isolated farm of a quarter of a century -ago, and vision the limited horizon of the general -knowledge at first hand of the farmer’s -family. Practically all the current knowledge -they had was from reading, occasionally going<span class="pagenum" id="Page_156">156</span> -to town or through visitors whose appearance -was rare and made at long intervals. Seeing -a new face in those days was a rarity.</p> - -<p>The situation with a majority of the people -in the country, before the automobile, was very -much like the isolated farm family. It was like -that of the entire country before the advent -of the railroad.</p> - -<p>No greater agencies for instruction in first -hand knowledge than the railroad, the steamboat -and the telephone had been introduced -into civilization up to the time of the automobile. -Now the motor car penetrates into places -where the railroad, the steamboat, or even the -telephone does not go.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Medium of Distribution of Knowledge.</span></h3></div> - -<p>Exchange of ideas between people is the life -of wider knowledge, as the exchange of commodities -is the life of world trade, and the -automobile is the medium of exchanging information -as money is a medium of exchange of -commodities.</p> - -<p>From time immemorial the greatest advancement -of the human race has been made in -groups; and the larger the groups, the higher -the thought, and the more progressive the -accomplishments have been. Big cities have -surpassed small towns; small towns have been -in advance of the country.</p> - -<p><span class="pagenum" id="Page_157">157</span></p> - -<p>The reason for this is the greater opportunity -afforded by numbers for the exchange of ideas -and knowledge. The citizen of Rome or of -Venice had the advantage of personal contact -with numbers of citizens which the isolated -rural Latin was denied, as the citizen of London, -Paris, New York or Chicago has, before -his own eyes, the thought and achievements -of millions which the citizens of the country -only hear of or read about.</p> - -<p>The railroad first enabled the resident of the -country to go to the small town, and the resident -of the small town to go to the big city, -and by personal contact gather the fruits -of himself seeing the results of community -or group work, which, before, had been -monopolized by his city brother.</p> - -<p>The automobile supplements this work of -the railroad, and is even more widespread as -it enables more frequent visits to be made, and -penetrates regions the railroad does not reach. -What was a frontier is now a suburb, while -the suburb has become the downtown. The -motor car has opened up the far reaches as -nothing else has done.</p> - -<p>Bigotry and prejudice are the fruits of ignorance. -Where knowledge is they will not abide. -In enabling people to acquire knowledge in -their own way—the way that most impresses<span class="pagenum" id="Page_158">158</span> -knowledge on them—the automobile is changing -the thought and the habits of the denizens -of the entire country. It is broadening the -human mind, by giving it a solid foundation to -work on.</p> - -<p>In the courts of law, among judges, lawyers -and court attendants, it is notorious that no -two witnesses ever testify exactly to the same -set of facts. There is a variation of detail, and -many times there has been such a difference in -the statement of material facts that the dispensing -of exact justice has been defeated.</p> - -<p>This condition is ascribed to the fact that -few people are trained observers. The automobile -is correcting this popular defect more than -any other one agency—by education. It is educating -people to exact observation and precise -knowledge.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Liberalizing the People.</span></h3></div> - -<p>The automobile is a factor in creating open -minds. When one travels extensively, notions -and prejudices, based on false conceptions, are -amended and revised by observance of the facts. -In this respect the automobile is conferring on -the masses a benefit which, before its advent, -was confined to the classes. Time was when -broad and liberal views were generally the possession -of the rich, who alone could afford to<span class="pagenum" id="Page_159">159</span> -indulge in contact with their fellows many miles -distant. Now the automobile has aided in making -broader views the possession of anybody able -to own a motor car.</p> - -<p>The degree in which the social life of the -world has been benefited by the automobile is -the favorite theme of the enthusiast on the automobile’s -advantage to mankind. This phase of -the automobile’s value is of less importance -than is its benefit in informing and enlarging -the horizon of the mind, but the social advantages -which the use of the motor car confers -are not to be underrated in an age when the -most favorable mental conditions are recognized -as of equal importance to a desirable -physical state.</p> - -<p>The happiness of the human race is added -to by social enjoyment, and the automobile is -a most important link between isolation and -human intercourse. It has rendered the means -of communication between people so easy and -pleasant that it has encouraged and increased -their association. Everybody is brought into -greater accessibility to everybody else. The -farmer with his family can visit his neighbor -farmer and his family, many times now to once -formerly.</p> - -<p>What was formerly a long, arduous journey -taken at the expense of pleasure as well as of<span class="pagenum" id="Page_160">160</span> -time, is now an exhilarating spin. The farmer’s -wife and daughters can now go to town more -frequently, and multiply the number of their -visits to friends. The automobile is the emancipator -of the farm woman, bringing the scope -of her activities out of the narrow circle of -routine drudgery and monotony into the larger -circle of inspiring activities.</p> - -<p>Farm women’s clubs have been given an -impetus, through the fact that a woman may -attend one in the afternoon with the assurance -that by the use of the automobile she can return -home in sufficient time to get dinner, which she -could not do by the use of the horse.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Factor in Promoting Sociability.</span></h3></div> - -<p>The city man’s wife in the suburbs can visit -her friends oftener and more quickly, and the -facility of speedy movement has given to -suburbanites the benefit of the last acts at the -theatre and the opera, whereas, before the automobile, -they missed them in order to catch the -last train.</p> - -<p>The benefit of clergy has been immeasurably -enhanced by the automobile, which, also, in addition -to being itself an educational agent, has -employed its speed and facilities in economizing -time to increase the attendance in the schools. -There are districts in the United States where<span class="pagenum" id="Page_161">161</span> -children can not reach school in time without -the use of the automobile.</p> - -<p>What the automobile does for the city dweller, -in enabling him to see the last act at the theatre -or hear the last act of the opera, it does for the -people of the farm in enabling them to spare -the time to attend dances, sociables, entertainments -and motion picture shows. Where formerly -the time required to drive a horse made -it impossible to spare the time, now time is -scarcely a factor. The change must inevitably -react to the advantage and benefit of humanity, -if all work and no play makes Jack a dull boy.</p> - -<p>The health advantage of the automobile is a -subject on which there is a difference of opinion -among medics. The ordinary layman, however, -is disposed to cast his verdict in its favor -in this respect also. Some physicians have -expressed the opinion that the only respect in -which the automobile is noticeably not a benefit -is in the matter of health. Some of them think -it does not give people enough exercise, and -that at the rate its use is increasing it will not -be long before man loses his ability to use his -legs!</p> - -<p>It would be a catastrophe indeed if the human -race, through the automobile, reverted to the -condition when primitive man, according to the -Darwinian theory, swung by his hairy arms<span class="pagenum" id="Page_162">162</span> -from tree limb to tree limb, using his feet only -as a stabilizer. But nobody, unless a writer -for a newspaper Sunday magazine section, is -likely to maintain this seriously, and he only -pretends to be serious.</p> - -<p>Whatever man loses in disuse of his legs by -riding, as compared with walking, may be said -to be made up for by his use of them on levers -of automobiles and in the other exercise or -operation of a car. The fresh air and the sunlight—the -great outdoors—are the big health -factors in motoring, and man will go on taking -a chance to experience these and other delights -the automobile has to give.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">As an Element in Eugenics.</span></h3></div> - -<p>And as still further offsetting the possibilities -of decay of the human legs, which certain physicians -predict, more constructive medical men -have discovered that automobiling is becoming -a factor in one phase of eugenics. It may not -receive endorsement as a benefit in all eugenics -as long as the charge can be made that since -the use of the motor car the birthrate in Kansas -has decreased, the discoverer accounting for -this alleged fact on the theory that the expense -of keeping an automobile discourages Kansans -from assuming the expense of large families, -but in one direction it is attempted to prove<span class="pagenum" id="Page_163">163</span> -that the breed of certain Americans is being -improved by the automobile, and in this way:</p> - -<p>In certain parts of the country, particularly -the Southeastern states close intermarriage is -said to have been, in part, due to the inferior -facilities for transportation, before the automobile -came into use. Young men, it is said, -courted and married their sweethearts, in the -days when the buggy was king of local communication, -within an average radius of five to -ten miles, which accounted for people in those -sections being cousins or otherwise related to -one another.</p> - -<p>Now that the automobile makes a thirty-mile -or fifty-mile radius the equivalent of the five-mile -or ten-mile buggy radius, the swains are -seeking mates further afield, thus getting away -from alliances with relatives, and there is a -consequent decrease in the mixing of blood -strains.</p> - -<p>If this is true, tally one more in the score of -benefits for the automobile, for it is the verdict -of science that intermarriage between those of -the same blood does not produce the best types, -any more than does the interbreeding of -other animals.</p> - -<p>But in enumerating the benefits of the automobile -its economic value easily comes next in -importance to its service in imparting knowledge.<span class="pagenum" id="Page_164">164</span> -Its health value may be a matter of difference -of opinion, and its social benefits are -comparative, but there can be no dispute about -its educational value, and still less about its -economic worth.</p> - -<p>The factor time has taken on a new meaning -and significance with the automobile’s accomplishments -in speed. Time is a vital element in -the affairs of life. If the automobile’s educational -value can be expressed by the adage, -“Seeing is believing”, its economic value can -be similarly expressed by the adage, “Time is -money”.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Part Played in Economics.</span></h3></div> - -<p>Time is likewise life under some circumstances, -and because of this fact, the professional -men who were first to make practical -use of the automobile were physicians, commandeering -it in behalf of life itself. How -many lives have been saved by the automobile, -which would have been lost through the slow -going gig or phaeton, it is not possible to say, -because there is, of course, no exact record, but -the number is large. The mortality of today -among people is greatly reduced from that of -twenty years ago. The advance of science has, -of course, brought this about, but the automobile -is an important instrument of medical<span class="pagenum" id="Page_165">165</span> -science, just as are the X-ray, the stethoscope -and the pulmotor.</p> - -<p>And the same cause—the element of time—which -operated in the adoption of the automobile -by the physician to the human body, has -forced the veterinarian to use the automobile. -This is irony—for the horse—and another nail -in the equine coffin, but it is at the same time -another demonstration of the automobile’s -superiority in efficiency over that animal.</p> - -<p>The farmer demands that the veterinarian -shall come in an auto to attend his sick horses or -cattle, because he will not take the chance of -death through delay. And this is scarcely -gratitude—by the farmer to the horse—but it is -economic pressure.</p> - -<p>At every turn in the road of the automobile’s -advance, we see its economic value. We see in -cities that the big department store is able to -cut down its delivery expense from $990 to -$350 a day by using a fleet of motor trucks -instead of horse drawn wagons; that coal, ice, -groceries, feed—practically all commodities in -cities—can be delivered by motor trucks at a -large saving of cost. Contractors, plumbers, -plasterers, tinners, and craftsmen in substantially -all lines, have figured it out and concluded -that with the facilities of the automobile<span class="pagenum" id="Page_166">166</span> -available, the horse is a distinct economic waste -in their businesses.</p> - -<p>The possibilities of similar economy by the -farmer in the substitution of motor power for -horse power have been indicated by many -progressive farmers who have by experiments -demonstrated that the cost of hauling and cultivating -with motor wagons and machinery is -less than by using horses, but the general economic -saving by the use of the motor vehicle -in hauling cannot get its fullest and conclusive -demonstration until better roads are more -numerous. Where roads are nearly perfect, -results have shown the cost of horse hauling to -be 30 cents a ton, against 14 cents a ton by motor -truck, by the mile, figuring everything.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Influence in Getting Better Roads.</span></h3></div> - -<p>By far the direction in which the automobile -has forced on conviction most strongly its -economic potentialities, is in the matter of better -roads. No greater tribute to the educational -value of the automobile could have been paid -than was paid to it by President Wilson when -he signed the Federal Good Roads bill which -puts $85,000,000 of national money against an -equal amount by the states, into making better -highways. It was the popular demand for better -roads, following the general use of the automobile,<span class="pagenum" id="Page_167">167</span> -that gave the country the improvements -made in roads in the last fifteen years, and it -was the demand from the same source for more -of these improvements that resulted in the -Federal Good Roads law.</p> - -<p>Until the coming of the motor car the good -roads issue possessed little vitality. For -seventy-five years the Federal government -exercised a passive policy toward building -permanent highways. Railroads pushed into -virgin territory, cities sprang up along the right -of way, but the rural arteries of travel -remained in the same hopeless condition as -when the pioneers waded through them afoot -or on horseback.</p> - -<p>With the first motor car came the first feeble -impulse to the good roads movement. The first -cars were sold to city men, who very quickly -found out that where city pavements ended, -there ended all hopes of further travel. Pneumatic -tires availed nothing against trackless -stretches of gumbo mud or corduroy roads. -With the mechanical improvements in motor -cars, the owners chafed at their limitations and -demanded better state roads.</p> - -<p>As a result of the agitation, many states have -become active in promoting their own road systems, -and quite a little has been accomplished -in some localities; but the sum total of improved<span class="pagenum" id="Page_168">168</span> -roads in the United States today is only 250,000 -miles out of a total of 2,275,000 miles of roads. -The Federal roads bill will give an impetus to -state work on roads, and as its appropriation -covers the next five years, 1922 should see a -large increase in the miles of improved roads -in the country.</p> - -<p>The results in benefit to the agriculture of -the country in a general system of good roads, -will be most felt through the facility it will -give the farmer in marketing his products. -With the aid of the motor truck, the farmer -may be able to meet, in many cases, the -congestion-of-freight-by-railroad problem.</p> - -<p>Adding to its other benefits, the automobile -promises to be an element in the reduction of -the high cost of living, and if it does aid in -this it will be in two directions, first, as a freight -carrier, and, second, by displacing the horse.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Facilitating the Passing of the Horse.</span></h3></div> - -<p>A horse, it is estimated, consumes each year -the production of five acres of land. There are -21,000,000 horses in the United States, and -therefore the fertility of 100,000,000 acres is -enlisted annually in behalf of this animal. If -this area, which is as great as Ohio, Indiana -and Illinois combined, were released from this -burden, and the products were human food, a<span class="pagenum" id="Page_169">169</span> -very large addition would be made to the food -stuffs of which the world is in such sore need.</p> - -<p>The elimination of the horse is progressing -at a very rapid rate in cities, and the prediction -is made that it will come to an end ultimately -in the country, and that a horse in future will -be only a pet or an element in sport. Thomas A. -Edison has decreed the horse’s life for practical, -general use, to be only ten years. Those -who foresee his passing on the farm say that -automobile engineers are working on small -tractors which will be practicable in the cultivation -of farms as small as 60 acres, and that -they will ultimately be gotten down to a price -which will not exceed the original cost and -upkeep of a horse, and will do more and better -work in the field.</p> - -<p>The list of benefits conferred by the automobile -is incomplete, if its use in war is omitted. -It has been said that it saved France twice during -its latest war. When the onrush of Germans -in 1914 brought them almost within sight of -Paris, General Gallieni, then Governor of Paris, -rushed troops by the thousands in motor -vehicles to the aid of General Foch. They -turned the tide and made possible the victory -of the Marne.</p> - -<p>Motor trucks saved Verdun. The German -advance had cut the French railway connections.<span class="pagenum" id="Page_170">170</span> -Horse drawn wagons never could have brought -the supplies. Motor trucks did. Had there -been no such things as motor trucks, nothing, -it is claimed, could have saved Verdun.</p> - -<p>In war or peace, then, the automobile is a -factor. As an agent in the advance of civilization -it occupies a secure place. It has doubled -the population of at least one city, and has given -new life to others.</p> - -<p>In forcing good roads it has enhanced the -value of agricultural land. It is a well settled -fact that the increase in selling price of -farm lands through good main market roads is -from one to three times the cost of the road -improvements.</p> - -<p>The likelihood is that with the increased use -of the automobile, benefits from it will multiply. -These benefits are, naturally, not as great with -only three and a half million automobiles in -use as we can well imagine they would be with -the use of the motor car practically universal -for passenger, hauling and farm cultivation -purposes.</p> - -<p>Much bigger things for the automobile than -it has yet accomplished can be safely predicted.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_171">171</span></p> - -<h2 class="nobreak" id="CHAPTER_VI">CHAPTER VI.<br /> -<br /> -<span class="smallest"><b>REPORT ON AUTOMOBILES, AUTOMOBILE ACCESSORIES -AND TIRE MANUFACTURERS’ SECURITIES -FROM A FINANCIAL AND INVESTMENT -STANDPOINT.</b></span> -<br /> -<span class="small">Compiled specially for use in this book by -<span class="smcap">The Business Bourse International, Inc.</span> -New York City.</span></h2></div> - -<table class="autotable" summary="Report on Automobiles, Automobile Accessories -And Tire Manufacturers’ Securities -From a Financial and Investment -Standpoint"> -<tr> -<td class="tdr large vertt">(1)</td> -<td class="tdl large" colspan="2"><p class="indent">Economic history and its relation to stock -trading in the automobile industry.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(2)</td> -<td class="tdl large" colspan="2"><p class="indent">Securities of companies traded in on -New York Stock Exchange.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(a)</td> -<td class="tdl small"><p class="indent">Names of companies.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(b)</td> -<td class="tdl small"><p class="indent">Amount of stocks and bonds outstanding.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(c)</td> -<td class="tdl small"><p class="indent">Par value traded in during 1906-1909-1912-1916.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(d)</td> -<td class="tdl small"><p class="indent">High and low prices—range of each class by -chart.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(e)</td> -<td class="tdl small"><p class="indent">Dividends or interest paid.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(3)</td> -<td class="tdl large" colspan="2"><p class="indent">Securities of companies traded in on New -York Curb Market 1906-1909-1912-1916.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(a)</td> -<td class="tdl small"><p class="indent">Names of companies 1906-1909-1912-1916.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(b)</td> -<td class="tdl small"><p class="indent">Amount of stocks and bonds outstanding 1906-1909-1912-1916.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(c)</td> -<td class="tdl small"><p class="indent">Number of shares traded in during 1906-1909-1912-1916.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(d)</td> -<td class="tdl small"><p class="indent">High and low prices—range of each class by -chart.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(4)</td> -<td class="tdl large" colspan="2"><p class="indent">Securities on various exchanges in other -cities and data for 1916.</p></td> -</tr> -<tr> -<td class="tdr large vertt"><span class="pagenum" id="Page_172">172</span> -(5)</td> -<td class="tdl large" colspan="2"><p class="indent">Principal companies whose securities are -not generally traded in.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(6)</td> -<td class="tdl large" colspan="2"><p class="indent">Some leading examples of prices and -terms and promotion plans upon which -securities were put out.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(7)</td> -<td class="tdl large" colspan="2"><p class="indent">Newer entrants into the security market.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(8)</td> -<td class="tdl large" colspan="2"><p class="indent">Security issues of tire companies.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(9)</td> -<td class="tdl large" colspan="2"><p class="indent">Some leading examples of appreciation -or depreciation in value of such stocks -since they were put out.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(10)</td> -<td class="tdl large" colspan="2"><p class="indent">General comparison with</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(a)</td> -<td class="tdl small"><p class="indent">Railroad securities.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(b)</td> -<td class="tdl small"><p class="indent">Steel and iron.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(c)</td> -<td class="tdl small"><p class="indent">General industrials.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(d)</td> -<td class="tdl small"><p class="indent">Mining.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(e)</td> -<td class="tdl small"><p class="indent">Chart illustrating above.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(11)</td> -<td class="tdl large" colspan="2"><p class="indent">Present trend of values of</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(a)</td> -<td class="tdl small"><p class="indent">Automobile securities.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(b)</td> -<td class="tdl small"><p class="indent">Automobile accessory securities.</p></td> -</tr> -<tr> -<td class="tdr small"> </td> -<td class="tdr small vertt">(c)</td> -<td class="tdl small"><p class="indent">Tire securities.</p></td> -</tr> -<tr> -<td class="tdr large vertt">(12)</td> -<td class="tdl large" colspan="2"><p class="indent">Possible future trend in automobile -industry as a basis for the future outlook -for 1917 on its securities.</p></td> -</tr></table> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Economic History and Its Relation to Stock -Trading in the Automobile Industry.</span></h3></div> - -<p>That it may be possible to comprehend the -tendencies and probable trend of activity in the -motor stock market, it will be necessary to look -back at economic conditions which prevailed at -the time of the automobile’s infancy, and at<span class="pagenum" id="Page_173">173</span> -the conditions during various periods since -then.</p> - -<p>No industry in our times has shown such phenomenal -growth and in no country has its development -been so marked or reached such proportions -as in our own.</p> - -<p>In the earliest stage of the industry, the automobile -was accepted as a fad, and it has been -stated that the American people took hold of -the fad as an intoxicant, paying as high as from -$6,000 to $12,000 for a car, and reveled in all -the natural resultant vices of extravagance, -snobbishness, excess and carelessness. Houses -were mortgaged and ruin was accomplished for -many who paid high prices and then could not -stand maintenance and repair cost.</p> - -<p>The relative effect on business then became -apparent. Bankers protested and entered complaint -against the automobile as a degenerating -factor in life. Automobile manufacturers -expanded lavishly, over-capitalized, undertook -to effect great stock-jobbing consolidations, -until conservative financiers took steps to stop -the harmful waste and inflation and many -bubbles burst.</p> - -<p>During this period, therefore, stocks of the -automobile group were looked upon skeptically, -and were scarcely known in the legitimate market -before 1912, with the exception of a few<span class="pagenum" id="Page_174">174</span> -scattered stocks, some of which are now altogether -out of existence or merged in new -companies.</p> - -<p>While stock trading did not come into general -prominence until within the last five years, it is -agreed that economic conditions have had a big -influence in bringing about this recognition.</p> - -<p>In further considering the outlook in this -industry, it is necessary to analyze the buying -power of the population. This will have a -decided effect upon stock activity, which the -remarkable history of this industry has placed -in a class almost by itself.</p> - -<p>The people of the country never before -enjoyed the money earning possibilities now in -order, but to offset this is the high cost of all -articles going to make up the necessities and -luxuries of our increasingly complex modern -existence.</p> - -<p>In 1906 there were registered (mostly by -buyers of an earning capacity of $3,000 or -more) 48,000 automobiles. Since then registration -has increased 5,000 per cent, due to the -changes in the average price of automobiles. -Investigation shows that the average price of -an automobile in 1907 was $2,123, while in -1916 it dropped to $820.</p> - -<p><i>The following chart shows the changes in the -average price of automobiles since 1904:</i></p> - -<p><span class="pagenum" id="Page_175">175</span></p> - -<div class="figcenter illowp48" id="image175" style="max-width: 62.5em;"> - <img class="w100" src="images/image175.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_176">176</span></p> - -<p>In very few years this infant industry has -grown to rank as one of the most important in -this country, and it is plain to see how conclusively -the industry’s influence has produced an -economic effect upon our national life. The -farmer’s life has been made more attractive. -Cities have expanded into suburbs, thus affecting -and influencing values on both urban and -suburban real estate. Good highways are -demanded. Thus it can be recognized the strong -hold this industry has upon the nation at large, -nor do present signs indicate that it will cease -to grow.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Securities of Companies Traded in on -New York Stock Exchange.</span></h3></div> - -<p>In making an analysis of this subject an -expose along the following lines will disclose -a definite basis upon which to make a survey -of the history of past activity in the securities of -a given industry, comparisons with other -parallel industries, the present condition of -markets for securities of these industries, and -a forecast of what the general tendencies are -likely to be.</p> - -<p>The securities of the companies manufacturing -automobiles, automobile accessories, and -tires which have been traded in on the New York -Stock Exchange for the years 1906, 1909, 1912<span class="pagenum" id="Page_177">177</span> -and 1916 are shown in the following tabulation, -which gives an interesting exhibit from which -it is readily seen how this young giant of modern -industry is the product of comparatively -recent growth:</p> - -<p><span class="pagenum" id="Page_178">178</span></p> - -<table class="autotable" summary="securities to do with automobiles, automobile accessories, and -tires which have been traded in on the New York -Stock Exchange for the years 1916 and 1912"> -<tr> -<th class="tdl" colspan="2"> </th> -<th class="tdc normal" colspan="2">1916</th> -<th class="tdc normal" colspan="2">1912</th> -</tr> -<tr> -<td class="tdl" colspan="2"> Name</td> -<td class="tdl">High</td> -<td class="tdl">Low</td> -<td class="tdl">High</td> -<td class="tdl">Low</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Ajax Rubber Co.</p></td> -<td> </td> -<td class="tdl">89<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">63</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Chandler Motor Co.</p></td> -<td> </td> -<td class="tdl">131</td> -<td class="tdl">88</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">General Motors Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">850</td> -<td class="tdl">405</td> -<td class="tdl">42<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdl">30</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">128<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">108</td> -<td class="tdl">82<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl">70<sup>1</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl"><p class="indent">B. F. Goodrich Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">80</td> -<td class="tdl">57<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">81</td> -<td class="tdl">60<sup>1</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">116<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl">110</td> -<td class="tdl">109<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">105</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Kelly-Springfield Tire Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">85<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdl">56</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">101</td> -<td class="tdl">95<sup>3</sup>⁄<sub>8</sub></td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Lee Tire & Rubber Co.</p></td> -<td> </td> -<td class="tdl">56<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">25<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Maxwell Motors</p></td> -<td class="tdl">( C)</td> -<td class="tdl">99</td> -<td class="tdl">44</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(1-P)</td> -<td class="tdl">93</td> -<td class="tdl">65</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(2-P)</td> -<td class="tdl">60<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdl">32</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Saxon Motors Co.</p></td> -<td> </td> -<td class="tdl">84<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl">63<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Stutz Motor Co.</p></td> -<td> </td> -<td class="tdl">79<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">48<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Studebaker Motor Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">167</td> -<td class="tdl">100<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">49<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">30</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">114</td> -<td class="tdl">108<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdl">98<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">90<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl"><p class="indent">U. S. Rubber Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">70<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl">47<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl">67<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdl">45<sup>1</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">115<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdl">106<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdl">116</td> -<td class="tdl">105<sup>5</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">85<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">75</td> -</tr> -<tr> -<td class="tdl"><p class="indent">White Motor Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">59<sup>3</sup>⁄<sub>8</sub></td> -<td class="tdl">45</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Willys-Overland Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">81<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdl">34</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">117</td> -<td class="tdl">94</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Rubber Goods Mfg. Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">107</td> -<td class="tdl">105</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr></table> - -<table class="autotable" summary="securities to do with automobiles, automobile accessories, and -tires which have been traded in on the New York -Stock Exchange for the years 1909 and 1906"> -<tr> -<th class="tdl" colspan="2"> </th> -<th class="tdc normal" colspan="2">1909</th> -<th class="tdc normal" colspan="2">1906</th> -</tr> -<tr> -<td class="tdl" colspan="2"> </td> -<td class="tdl">High</td> -<td class="tdl">Low</td> -<td class="tdl">High</td> -<td class="tdl">Low</td> -</tr> -<tr> -<td class="tdl">Ajax Rubber Co.</td> -<td> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Chandler Motor Co.</td> -<td> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">B. F. Goodrich Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Kelly-Springfield Tire Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Lee Tire & Rubber Co.</td> -<td> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Maxwell Motors</td> -<td class="tdl">( C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(1-P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(2-P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Saxon Motors Co.</td> -<td> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Stutz Motor Co.</td> -<td> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Studebaker Motor Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">U. S. Rubber Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">57<sup>5</sup>⁄<sub>8</sub></td> -<td class="tdl">27</td> -<td class="tdl">59<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">38</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">123<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">98</td> -<td class="tdl">115</td> -<td class="tdl">104<sup>3</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">89<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">67<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">87<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">75</td> -</tr> -<tr> -<td class="tdl">White Motor Co.</td> -<td class="tdl"> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Willys-Overland Co.</td> -<td class="tdl">(C)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -</tr> -<tr> -<td class="tdl">Rubber Goods Mfg. Co.</td> -<td class="tdl"> </td> -<td class="tdl">105</td> -<td class="tdl">105</td> -<td class="tdl">43</td> -<td class="tdl">42</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">.....</td> -<td class="tdl">.....</td> -<td class="tdl">108<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl">100</td> -</tr></table> - -<hr class="chap x-ebookmaker-drop" /> - -<p><span class="pagenum" id="Page_179">179</span></p> - -<table class="autotable" summary="dividends"> -<tr> -<th class="tdl normal vertb" colspan="2">Name</th> -<th class="tdc normal vertb">Dividends Paid</th> -<th class="tdc normal vertb">Bonds Outstanding</th> -<th class="tdc normal">Sales in<br />1,000<br />1916</th> -<th class="tdc normal vertb">High<br />1916</th> -<th class="tdc normal vertb">Low<br />1916</th> -</tr> -<tr> -<td class="tdl"><p class="indent">Ajax Rubber Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">1916—10 %</td> -<td class="tdc">None</td> -<td class="tdc">.....</td> -<td class="tdc"> </td> -<td class="tdc">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Chandler Motor Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">1916— 7 %</td> -<td class="tdc">None</td> -<td class="tdc">.....</td> -<td class="tdc"> </td> -<td class="tdc">.....</td> -</tr> -<tr> -<td class="tdl"><p class="indent">General Motors Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1915—50 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916—25 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1909—150 % Stk. Div.</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">1911 to 1916 (inc.)—7%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">B. P. Goodrich Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1912—2 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916—4 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">1912—3<sup>1</sup>⁄<sub>2</sub>%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1913 to 1916 (inc.)—7%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Kelly-Springfield Tire Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1915— 6 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916—16 %</td> -<td class="tdc">$270,000</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(1-P)</td> -<td class="tdl">1914—3%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1915-6 6 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Lee Tire & Rubber Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">1916—$2.25 per share</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Maxwell Motors</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1916—2<sup>1</sup>⁄<sub>2</sub> %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(1-P)</td> -<td class="tdl">1915—5 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916—7 %</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(2-P)</td> -<td class="tdl">1916—1<sup>1</sup>⁄<sub>2</sub>%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"> -<span class="pagenum" id="Page_180">180</span> -Saxon Motors Co.</td> -<td class="tdl"> </td> -<td class="tdl">1916— 3<sup>1</sup>⁄<sub>4</sub>%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Stutz Motor Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">1916— $1.25 per share</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Studebaker Motor Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1915— 5%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916— 10%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">1912 to 1916 (inc.)— 7%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">U. S. Rubber Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1911— 1%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1912— 4%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1913— 5<sup>1</sup>⁄<sub>2</sub>%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1914— 6%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1915— 3%</td> -<td class="tdc">$69,000,000—5%</td> -<td class="tdc">.....</td> -<td class="tdc">.....</td> -<td class="tdc">.....</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(1-P)</td> -<td class="tdl">1906-16 (inc.)— 8%</td> -<td class="tdc">16,500,000—6%</td> -<td class="tdc">1782</td> -<td class="tdc">103<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdc">101<sup>3</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(2-P)</td> -<td class="tdl">1906-16 (inc.)— 6%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">White Motor Co.</p></td> -<td class="tdl"> </td> -<td class="tdl">1916— 5<sup>1</sup>⁄<sub>4</sub>%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Willys-Overland Co.</p></td> -<td class="tdl">(C)</td> -<td class="tdl">1913— 11%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1914— 6%</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1915— 11%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdl">1916— 14%</td> -<td colspan="4"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdl">(P)</td> -<td class="tdl">1913 to 1916 (inc.)— 7%</td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Rubber Goods Mfg. Co.</p></td> -<td class="tdl"> </td> -<td class="tdl"> </td> -<td class="tdc">None</td> -<td colspan="3"> </td> -</tr></table> - -<p><span class="pagenum" id="Page_181">181</span></p> - -<hr class="chap x-ebookmaker-drop" /> - -<table class="autotable" summary="stocks traded"> -<tr> -<th> </th> -<th class="tdc normal">Stocks</th> -<th class="tdc normal" colspan="2">Shares Traded in</th> -<th class="tdc normal" colspan="2">Shares Traded in</th> -</tr> -<tr> -<th class="tdl normal">Name</th> -<th class="tdl normal vertb">Outstanding</th> -<th class="tdc normal">1916</th> -<th class="tdc normal">1912</th> -<th class="tdc normal">1909</th> -<th class="tdc normal">1906</th> -</tr> -<tr> -<td class="tdl">Chalmers Motor Co.</td> -<td class="tdr">$ 464,000</td> -<td class="tdr">36,566</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Chevrolet Motor Co.</td> -<td class="tdr">23,909,000</td> -<td class="tdr">660,550</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Emerson Motor Co.</td> -<td class="tdr">7,000,000</td> -<td class="tdr">116,990</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Falls Motor Co.</td> -<td class="tdr">24,850</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Grant Motor Co.</td> -<td class="tdr">2,000,000</td> -<td class="tdr">93,240</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">1,000,000</td> -<td class="tdr">........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Hupp Motor Co.</td> -<td class="tdr">5,000,000</td> -<td class="tdr">130,130</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">1,500,000</td> -<td class="tdr">........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Imperial Carbon Chaser Co.</td> -<td class="tdr">1,000,000</td> -<td class="tdr">637,850</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Keystone Tire & Rubber Co.</td> -<td class="tdr">1,000,000</td> -<td class="tdr">137,200</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">500,000</td> -<td class="tdr">33,800</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Mitchell Motor Co.</td> -<td class="tdr">125,000</td> -<td class="tdr">80,495</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">National Auto Corporation</td> -<td class="tdr">61,865</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Peerless Motor Co.</td> -<td class="tdr">10,000,000</td> -<td class="tdr">135,263</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pierce Arrow Motor Co.</td> -<td class="tdr">250,000</td> -<td class="tdr">52,300</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">10,000,000</td> -<td class="tdr">1,600</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co.</td> -<td class="tdr">62,500</td> -<td class="tdr">20,870</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Scripps Booth Co.</td> -<td class="tdr">70,000</td> -<td class="tdr">27,725</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Smith Motor Truck Co.</td> -<td class="tdr">10,000,000</td> -<td class="tdr">39,500</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Springfield Body Co.</td> -<td class="tdr">1,750,000</td> -<td class="tdr">26,481</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl padltwoem">Preferred</td> -<td class="tdr">750,000</td> -<td class="tdr">11,461</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Standard Motor Co.</td> -<td class="tdr">1,800,000</td> -<td class="tdr">47,490</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stromberg Carburetor Co.</td> -<td class="tdr">50,000</td> -<td class="tdr">72,050</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl"> -<span class="pagenum" id="Page_182">182</span> - -United Motors</td> -<td class="tdr">1,195,000</td> -<td class="tdr">1,297,355</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Studebaker Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">16,973</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">4,717</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">U. S. Motors Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">53,393</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">54,433</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Willys-Overland Co.</td> -<td class="tdr">.........</td> -<td class="tdr">2,570</td> -<td class="tdr">13,045</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">4,350</td> -<td class="tdr">11,045</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Goodrich B. F. Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">40,846</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">32,211</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">1,406</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Consolidated Rubber Tire Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">2,843</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">410</td> -</tr> -<tr> -<td class="tdl">Ajax Rubber Tire Co.</td> -<td class="tdr">.........</td> -<td class="tdr">102,065</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Alliance Rubber Tire Co.</td> -<td class="tdr">.........</td> -<td class="tdr">14,400</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">3,200</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Electric Vehicle Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">1,000</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">3,705</td> -</tr> -<tr> -<td class="tdl">American Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">24,500</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pope Mfg. Co.</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">1,250</td> -</tr> -<tr> -<td class="tdl padltwoem">1st preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">3,790</td> -</tr> -<tr> -<td class="tdl padltwoem">2nd preferred</td> -<td class="tdr">.........</td> -<td class="tdr">.........</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">5,450</td> -</tr> -<tr> -<td class="tdl">Chandler Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">40,985</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Enger Motor Car Co.</td> -<td class="tdr">.........</td> -<td class="tdr">7,456</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl"> -<span class="pagenum" id="Page_183">183</span> - -Essex Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">9,950</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisk Tire Co.</td> -<td class="tdr">8,000,000</td> -<td class="tdr">1,695</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisher Body Corporation</td> -<td class="tdr">200,000</td> -<td class="tdr">20,130</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">5,000,000</td> -<td class="tdr">3,900</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">General Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">89,250</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">13,416</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Intereon Rubber Co.</td> -<td class="tdr">.........</td> -<td class="tdr">76,848</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">International Motors Co.</td> -<td class="tdr">.........</td> -<td class="tdr">8,441</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.........</td> -<td class="tdr">3,626</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelly-Springfield</td> -<td class="tdr">.........</td> -<td class="tdr">435</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelsey Wheel</td> -<td class="tdr">.........</td> -<td class="tdr">4,500</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Lee Tire</td> -<td class="tdr">.........</td> -<td class="tdr">41,175</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Met. Motors Co.</td> -<td class="tdr">.........</td> -<td class="tdr">2,825</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Motor Products Co.</td> -<td class="tdr">100,000</td> -<td class="tdr">17,370</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Perlman Rim</td> -<td class="tdr">100,000</td> -<td class="tdr">119,780</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Princess Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">6,362</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co. preferred</td> -<td class="tdr">.........</td> -<td class="tdr">300</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Saxon Motor Car Co.</td> -<td class="tdr">.........</td> -<td class="tdr">102,226</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stutz Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">200,245</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Times Sq. Auto Sup.</td> -<td class="tdr">.........</td> -<td class="tdr">13,750</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Universal Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">68,450</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">White Motor Co.</td> -<td class="tdr">.........</td> -<td class="tdr">626,220</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr></table> - -<p><span class="pagenum" id="Page_184">184</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">New York Stock Exchange.</span></h3></div> - -<p>The rise in average price of the automobile -securities traded in on the New York Stock -Exchange, as shown on the chart, is due to the -general expansion and increase of the automobile -industry which was naturally reflected in -the securities.</p> - -<p><i>The following chart shows average price of -all automobile and automobile tire stocks traded -in on the New York Stock Exchange for years -1906-9-12-16:</i></p> - -<p><span class="pagenum" id="Page_185">185</span></p> - -<div class="figcenter illowp43" id="image185" style="max-width: 62.5em;"> - <img class="w100" src="images/image185.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_186">186</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Securities of Companies Traded in on -New York Curb Market.</span></h3></div> - -<p>The securities of companies manufacturing -automobiles, automobile accessories and tires, -which were traded in on the New York Curb -during the years 1906, 1909, 1912 and 1916 are -shown in the following tabulation. Some of -these curb stocks have graduated to the big -exchange.</p> - -<p><span class="pagenum" id="Page_187">187</span></p> - -<table class="autotable" summary="curb stocks 1916, 1912, 1909 and 1906"> -<tr> -<th> </th> -<th class="tdc normal" colspan="2">1916</th> -<th class="tdc normal" colspan="2">1912</th> -</tr> -<tr> -<th class="tdl normal">Name</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Chalmers Motor Co.</td> -<td class="tdr">39<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">33</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Chevrolet Motor Co.</td> -<td class="tdr">278</td> -<td class="tdr">114</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Emerson Motors Co.</td> -<td class="tdr">4<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">1<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Falls Motor Co.</td> -<td class="tdr">13</td> -<td class="tdr">6<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Grant Motor Co.</td> -<td class="tdr">14</td> -<td class="tdr">7</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Hupp Motor Co.</td> -<td class="tdr">11<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">5<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Imperial Carbon Chaser Co.</td> -<td class="tdr">53</td> -<td class="tdr">12<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Keystone Tire & Rubber Co.</td> -<td class="tdr">19<sup>5</sup>⁄<sub>8</sub></td> -<td class="tdr">11</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">18<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">12</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Mitchell Motor Co.</td> -<td class="tdr">73<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">51<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">National Auto Corporation</td> -<td class="tdr">44<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">33</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Peerless Motor Co.</td> -<td class="tdr">31<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">18</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pierce Arrow Motor Co.</td> -<td class="tdr">65</td> -<td class="tdr">42</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">109</td> -<td class="tdr">101</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co.</td> -<td class="tdr">74</td> -<td class="tdr">54</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Scripps Booth Co.</td> -<td class="tdr">62</td> -<td class="tdr">35</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Smith Motor Truck Co.</td> -<td class="tdr">6<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">4<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Springfield Body Co.</td> -<td class="tdr">55<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">51</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">139</td> -<td class="tdr">101</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Standard Motor Co.</td> -<td class="tdr">10<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">5<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stromberg Carburetor Co.</td> -<td class="tdr">45<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">38</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">United Motors Co.</td> -<td class="tdr">94</td> -<td class="tdr">42<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<th> </th> -<th class="tdc normal" colspan="2">1909</th> -<th class="tdc normal" colspan="2">1906</th> -</tr> -<tr> -<th class="tdl normal"> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Chalmers Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Chevrolet Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Emerson Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Falls Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Grant Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Hupp Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Imperial Carbon Chaser Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Keystone Tire & Rubber Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Mitchell Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">National Auto Corporation</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Peerless Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pierce Arrow Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Scripps Booth Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Smith Motor Truck Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Springfield Body Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Standard Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stromberg Carburetor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">United Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<th><span class="pagenum" id="Page_188">188</span> </th> -<th class="tdc normal" colspan="2">1916</th> -<th class="tdc normal" colspan="2">1912</th> -</tr> -<tr> -<th class="tdl normal"> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Studebaker</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">59<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">34</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">104</td> -<td class="tdr">94</td> -</tr> -<tr> -<td class="tdl">U. S. Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">9</td> -<td class="tdr"><sup>1</sup>⁄<sub>16</sub></td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">30<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr"><sup>3</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl">Willys-Overland Co.</td> -<td class="tdr">47<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">41</td> -<td class="tdr">72</td> -<td class="tdr">67<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">106<sup>3</sup>⁄<sub>8</sub></td> -<td class="tdr">104<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">101<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">99</td> -</tr> -<tr> -<td class="tdl">Goodrich, B. F. Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">86<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">70<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">109<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">106<sup>3</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Rubber Tire Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Ajax Rubber Tire Co.</td> -<td class="tdr">73<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">63</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Alliance Rubber Tire Co.</td> -<td class="tdr">5<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">5</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">8<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">8<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Electric Vehicle Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">American Motor Co.</td> -<td class="tdr">65<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">60</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pope Mfg. Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">1st preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">2nd preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Chandler Motors</td> -<td class="tdr">94</td> -<td class="tdr">79</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Enger Motor Car Co.</td> -<td class="tdr">8</td> -<td class="tdr">7<sup>3</sup>⁄<sub>8</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<th> </th> -<th class="tdc normal" colspan="2">1909</th> -<th class="tdc normal" colspan="2">1906</th> -</tr> -<tr> -<th class="tdl normal"> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Studebaker</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">U. S. Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Willys-Overland Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Goodrich, B. F. Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdr">162<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">155</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Rubber Tire Co.</td> -<td class="tdr">4<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">3</td> -<td class="tdr">5<sup>5</sup>⁄<sub>8</sub></td> -<td class="tdr">2<sup>1</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">23</td> -<td class="tdr">18</td> -<td class="tdr">16</td> -<td class="tdr">12</td> -</tr> -<tr> -<td class="tdl">Ajax Rubber Tire Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Alliance Rubber Tire Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Electric Vehicle Co.</td> -<td class="tdr">.....</td> -<td class="tdr">18</td> -<td class="tdr">13</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">23</td> -<td class="tdr">15</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">American Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Pope Mfg. Co.</td> -<td class="tdr">.....</td> -<td class="tdr">6</td> -<td class="tdr">4</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">1st preferred</td> -<td class="tdr">.....</td> -<td class="tdr">74</td> -<td class="tdr">69</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">2nd preferred</td> -<td class="tdr">.....</td> -<td class="tdr">21</td> -<td class="tdr">14<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Chandler Motors</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Enger Motor Car Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<th> </th> -<th class="tdc normal" colspan="2"><span class="pagenum" id="Page_189">189</span>1916</th> -<th class="tdc normal" colspan="2">1912</th> -</tr> -<tr> -<th class="tdl normal"> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Essex Motor Co.</td> -<td class="tdr">5<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">3<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisk Tire Co.</td> -<td class="tdr">168</td> -<td class="tdr">115</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisher Body Corporation</td> -<td class="tdr">42<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">35</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">95<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">93</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdr">175</td> -<td class="tdr">117</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">100</td> -<td class="tdr">88</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Intereon Rubber Co.</td> -<td class="tdr">19</td> -<td class="tdr">10</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Inter. Motors Co.</td> -<td class="tdr">25</td> -<td class="tdr">3</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">45</td> -<td class="tdr">17</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelly-Springfield</td> -<td class="tdr">299</td> -<td class="tdr">280</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelsey Wheel</td> -<td class="tdr">61</td> -<td class="tdr">53</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Lee Tire</td> -<td class="tdr">66</td> -<td class="tdr">44</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Met. Motors</td> -<td class="tdr">3<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">2<sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Motor Products</td> -<td class="tdr">87</td> -<td class="tdr">56</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Perlman Rim</td> -<td class="tdr">162<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">111</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Princess Motor Co.</td> -<td class="tdr">1<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">1</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co. pfd.</td> -<td class="tdr">98</td> -<td class="tdr">98</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Saxon Motor Oar Co.</td> -<td class="tdr">87</td> -<td class="tdr">60</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stutz Motor Co.</td> -<td class="tdr">78</td> -<td class="tdr">53<sup>3</sup>⁄<sub>8</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Times Sq. Auto Sup.</td> -<td class="tdr">41</td> -<td class="tdr">28<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Universal Motor</td> -<td class="tdr">9<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">4</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">White Motor Co.</td> -<td class="tdr">60</td> -<td class="tdr">46</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<th> </th> -<th class="tdc normal" colspan="2">1909</th> -<th class="tdc normal" colspan="2">1906</th> -</tr> -<tr> -<th class="tdl normal"> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Essex Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisk Tire Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Fisher Body Corporation</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">General Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Intereon Rubber Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Inter. Motors Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelly-Springfield</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Kelsey Wheel</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Lee Tire</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Met. Motors</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Motor Products</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Perlman Rim</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Princess Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Republic Motor Truck Co. pfd.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Saxon Motor Oar Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Stutz Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Times Sq. Auto Sup.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">Universal Motor</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr> -<tr> -<td class="tdl">White Motor Co.</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -<td class="tdr">.....</td> -</tr></table> - -<p><span class="pagenum" id="Page_190">190</span></p> - -<table class="autotable" summary="shares traded in 1916, 1912, 1909 and 1906"> -<tr> -<th class="tdl normal vertb" rowspan="2">Name</th> -<th class="tdc normal" rowspan="2">Par<br />Value</th> -<th rowspan="2"> </th> -<th class="tdc normal" rowspan="2">Stock Outstanding</th> -<th class="tdc normal" colspan="4">—Number of Shares Traded in—</th> -</tr> -<tr> -<th class="tdc normal">1916</th> -<th class="tdc normal">1912</th> -<th class="tdc normal">1909</th> -<th class="tdc normal">1906</th> -</tr> -<tr> -<td class="tdl"><p class="indent">Ajax Rubber Co.</p></td> -<td class="tdr vertb">$ 50</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">$10,000,000</td> -<td class="tdr vertb">107,950</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Chandler Motor Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">7,000,000</td> -<td class="tdr vertb">291,640</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">General Motors Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">14,985,200</td> -<td class="tdr vertb">43,215</td> -<td class="tdr vertb">55,436</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">16,506,783</td> -<td class="tdr vertb">129,933</td> -<td class="tdr vertb">48,869</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">B. F. Goodrich Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">60,000,000</td> -<td class="tdr vertb">604,055</td> -<td class="tdr vertb">65,169</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">27,300,000</td> -<td class="tdr vertb">25,444</td> -<td class="tdr vertb">15,525</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Kelly-Springfield Tire Co.</p></td> -<td class="tdr vertb">25</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">4,360,100</td> -<td class="tdr vertb">524,329</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">3,593,000</td> -<td class="tdr vertb">5,335</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(2-P)</td> -<td class="tdr vertb">547,100</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(shares)</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Lee Tire & Rubber Co.</p></td> -<td class="tdr vertb">...</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">100,000</td> -<td class="tdr vertb">477,025</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Maxwell Motors</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">12,778,058</td> -<td class="tdr vertb">2,009,100</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">13,764,121</td> -<td class="tdr vertb">20,585</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(2-P)</td> -<td class="tdr vertb">10,127,468</td> -<td class="tdr vertb">300,935</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Saxon Motors Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">6,000,000</td> -<td class="tdr vertb">17,920</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(shares)</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb"> </td> -</tr> -<tr> -<td class="tdl"><p class="indent">Stutz Motor Co.</p></td> -<td class="tdr vertb">...</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">73,301</td> -<td class="tdr vertb">116,900</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Studebaker Motor Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">30,000,000</td> -<td class="tdr vertb">3,045,440</td> -<td class="tdr vertb">50,652</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">10,965,000</td> -<td class="tdr vertb">11,411</td> -<td class="tdr vertb">109,020</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">U. S. Rubber Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">36,000,000</td> -<td class="tdr vertb">1,165,881</td> -<td class="tdr vertb">661,765</td> -<td class="tdr vertb">517,411</td> -<td class="tdr vertb">598,628</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">59,692,100</td> -<td class="tdr vertb">69,147</td> -<td class="tdr vertb">78,734</td> -<td class="tdr vertb">199,512</td> -<td class="tdr vertb">123,611</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb">(2-P)</td> -<td class="tdr vertb">458,400</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">35,695</td> -<td class="tdr vertb">61,790</td> -<td class="tdr vertb">59,875</td> -</tr> -<tr> -<td class="tdl"><p class="indent">White Motor Co.</p></td> -<td class="tdr vertb">50</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">16,000,000</td> -<td class="tdr vertb">89,300</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Willys-Overland Co.</p></td> -<td class="tdr vertb">25</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">38,655,710</td> -<td class="tdr vertb">1,852,745</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">15,000,000</td> -<td class="tdr vertb">9,530</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -</tr> -<tr> -<td class="tdl"><p class="indent">Rubber Goods Mfg. Co.</p></td> -<td class="tdr vertb">100</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">..........</td> -<td class="tdr vertb">(C)</td> -<td class="tdr vertb">253</td> -<td class="tdr vertb">150</td> -<td class="tdr vertb">500</td> -</tr> -<tr> -<td class="tdl"> </td> -<td class="tdr vertb">100</td> -<td class="tdr vertb"> </td> -<td class="tdr vertb">..........</td> -<td class="tdr vertb">(P)</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">.......</td> -<td class="tdr vertb">625</td> -</tr></table> - -<p><span class="pagenum" id="Page_191">191</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Curb Market.</span></h3></div> - -<p>Some of the big fluctuations shown in the -charts are accounted for by the abnormal irregularities -of one or two giants of the industry, -whose volume of trading produced a marked -effect upon the totals traded in, and their average -prices. Instances like United States Motors -Company and B. F. Goodrich Company may be -cited as examples. The accessory shares have -seen a general rise since first traded in, in 1912.</p> - -<p><i>The following chart shows average price of -automobile, automobile tire and automobile -accessory manufacturing stocks traded in on -the New York Curb for 1906-9-12-16:</i></p> - -<p><span class="pagenum" id="Page_192">192</span></p> - -<div class="figcenter illowp39" id="image192" style="max-width: 62.5em;"> - <img class="w100" src="images/image192.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_193">193</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Securities on Various Exchanges in Other -Cities and Data for 1916.</span></h3></div> - -<p>Securities traded in on various stock -exchanges of other cities show very little activity -or regularity.</p> - -<p>Below is shown the trading in the great automobile -center of the world.</p> - -<table class="autotable" summary="Detroit trading"> -<tr> -<th class="tdc normal"><span class="smcap">Detroit.</span></th> -<th class="tdc normal" colspan="2">1916</th> -</tr> -<tr> -<th> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Auto Body Co.</td> -<td class="tdr">48<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">32</td> -</tr> -<tr> -<td class="tdl">Chalmers Motor</td> -<td class="tdr">255</td> -<td class="tdr">90</td> -</tr> -<tr> -<td class="tdl">Chevrolet</td> -<td class="tdr">277</td> -<td class="tdr">171<sup>1</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl">Continental Motors</td> -<td class="tdr">42<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">7<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Ford Motor Co. of Canada</td> -<td class="tdr">415</td> -<td class="tdr">275</td> -</tr> -<tr> -<td class="tdl">General Motors</td> -<td class="tdr">800</td> -<td class="tdr">418</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">127</td> -<td class="tdr">112<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Maxwell Motors</td> -<td class="tdr">95<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">57<sup>5</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl">Packard Motor</td> -<td class="tdr">260</td> -<td class="tdr">160</td> -</tr> -<tr> -<td class="tdl">Preferred</td> -<td class="tdr">104<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">100<sup>1</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl">Paige-Detroit</td> -<td class="tdr">57<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">32</td> -</tr> -<tr> -<td class="tdl">Reo Motor</td> -<td class="tdr">47<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">32<sup>1</sup>⁄<sub>4</sub></td> -</tr> -<tr> -<td class="tdl">Reo Truck</td> -<td class="tdr">45<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr">23<sup>3</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl">Studebaker</td> -<td class="tdr">161<sup>1</sup>⁄<sub>8</sub></td> -<td class="tdr">120<sup>7</sup>⁄<sub>8</sub></td> -</tr></table> - -<p>Cleveland shows greatest activity in the tire -stock on account of its proximity to the great -rubber center of Akron, Ohio.</p> - -<table class="autotable" summary="Akron, Ohio trading"> -<tr> -<th class="tdc normal"> </th> -<th class="tdc normal" colspan="2">1916</th> -</tr> -<tr> -<th> </th> -<th class="tdc normal">High</th> -<th class="tdc normal">Low</th> -</tr> -<tr> -<td class="tdl">Firestone Tire & Rubber Co.</td> -<td class="tdr">1,700</td> -<td class="tdr">740</td> -</tr> -<tr> -<td class="tdl">Goodrich Co.</td> -<td class="tdr">78<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">60<sup>3</sup>⁄<sub>8</sub></td> -</tr> -<tr> -<td class="tdl">Goodyear Tire & Rubber Co.</td> -<td class="tdr">402</td> -<td class="tdr">198</td> -</tr> -<tr> -<td class="tdl">Portage Rubber Co.</td> -<td class="tdr">183<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr">62<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Republic Rubber Co.</td> -<td class="tdr">145</td> -<td class="tdr">128<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl">Swinehart Tire & Rubber Co.</td> -<td class="tdr">110</td> -<td class="tdr">79</td> -</tr> -<tr> -<td class="tdl">White Motor Co.</td> -<td class="tdr">60</td> -<td class="tdr">47<sup>1</sup>⁄<sub>4</sub></td> -</tr></table> - -<p><span class="pagenum" id="Page_194">194</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Principal Companies Whose Securities Are -Not Generally Traded In.</span></h3></div> - -<p>Until the past two or three years, motor and -motor accessory stocks were traded in but little -on the open market. Even today, when these -securities are traded in much more generally, -there is a large number of companies whose -stocks are very closely held and it requires some -unusual occurrence to loosen them for trading -on the open market.</p> - -<p>A notable example of this is the Ford Motor -Company. The Ford car is widely distributed, -yet the two million dollar capital stock is almost -entirely held by seven men. Another case is -the H. H. Franklin Manufacturing Company, of -Syracuse. This company has $1,800,000 outstanding -capital stock which is held largely by -Mr. H. H. Franklin.</p> - -<p>Further, out of a total of 81 companies -reported upon (including the two above mentioned) -at least 16, or practically 20 per cent, -fall into the “closely held” class. Among these -companies are the following:</p> - -<div class="blockquot2"> -<p class="noindent">Apperson Brothers<br /> -Consolidated Car Co.<br /> -Dodge Brothers<br /> -Federal Motor Truck<br /> -Ford Motor Co.<span class="pagenum" id="Page_195">195</span><br /> -Ford Motor Co. of Canada<br /> -H. H. Franklin Manufacturing Co.<br /> -Gramm Motor Truck Co.<br /> -Haynes Auto Co.<br /> -Kissel Motor Car Co.<br /> -Mitchell Lewis Motor Co.<br /> -Mutual Motors Co.<br /> -Pierce-Arrow Motor Car Co.<br /> -Republic Motor Truck Co.<br /> -Stearns Co.<br /> -Winton Co. -</p></div> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Some Leading Examples of Prices and Terms -and Promotion Plans Upon Which -Securities Were Put Out.</span></h3></div> - -<p>Perhaps one of the most notable examples of -plans for flotation of securities was the 8 per -cent cumulative convertible preferred stock of -the Pierce-Arrow Motor Car Company, offered -by prominent brokers in 1916. This stock must -be redeemed at 125 up to the amount of cash -paid on common stock in excess of $5.00 a share -in any year. The preferred is convertible into -common stock, share for share, at the holder’s -option (preferred stock $10,000,000) earnings -five times preferred dividends; the common -shares are without par value (common 250,000 -shares).</p> - -<p><span class="pagenum" id="Page_196">196</span></p> - -<p>Among other issues by banking houses of -New York and other cities may be mentioned in -1912, General Motors Company’s 6 per cent first -lien sinking fund gold notes dated 1910, due -1915, $200,000,000 (since paid off); 1913 Chalmers -Motor Company of Michigan, 7 per cent -cumulative preferred stock (no bonds) -$1,500,000, redeemable at $115 a share, earnings -over 9<sup>1</sup>⁄<sub>2</sub> times preferred interest; company -taken over by new company in 1916. January, -1916, Willys-Overland Company convertible 7 -per cent cumulative preferred stock, redeemable -at $110, interest 6<sup>1</sup>⁄<sub>2</sub> times earnings; -November, 1916, Chalmers Motor Corporation -of New York, shares at no par value, at $35 -a share (264,000 shares), book value $29 a -share, earnings, $5.40 a share; National Motor -Car & Vehicle Company common shares at no -par value (80,000 shares), no bonds, no preferred -stock. Offered at $42.50 a share, earnings -old company equal to 12<sup>1</sup>⁄<sub>2</sub> per cent on new -stock.</p> - -<p>Most motor companies started with a small -capitalization and business, and to provide additional -working capital, as their business -expanded, issued preferred or common stock.</p> - -<p>Most of the better grade issues were for preferred -stock, usually carrying with it a proviso<span class="pagenum" id="Page_197">197</span> -that it could be retired at will at a stated price, -some as high as $125.</p> - -<p>Very few companies in the motor field have -any bonded debt. Some companies which -incurred such indebtedness in the past have -paid it off; for example, the General Motors -Company, and the Pierce-Arrow Motor Car -Company.</p> - -<p>The issues of securities by established motor -companies have, as a rule, shown large liquid -assets, and earning capacity record, and have -been of the same general class.</p> - -<p>In the automobile accessory line many flotations -were put out in 1916 and a few in 1917, -among which were:</p> - -<div class="blockquot3"> -<p class="noindent"> -(a) Edmunds & Jones Corporation.<br /> -(b) Perlman Rim Corporation.<br /> -(c) Motor Products Corporation.<br /> -(d) Fischer Body Corporation.<br /> -(e) United Alloy Steel Corporation.<br /> -(f) Transue & Williams Steel Forging Co. -</p></div> - -<p class="padt1">(a) Edmunds & Jones Corporation (manufacturers -of automobile lamps). This corporation -issued $1,000,000 worth of preferred 7 per -cent cumulative stock (no bonds), redeemable -at $120, earning over six times preferred -dividends.</p> - -<p>(b) A somewhat unusual plan was the Perlman -Rim Corporation (manufacturers of<span class="pagenum" id="Page_198">198</span> -demountable automobile rims) which issued -100,000 shares of stock of no par value, divided -into two classes as follows:</p> - -<div class="blockquot2"><p class="noindent small"> -Class “A,” having voting power.... 3,000 shares -Common, no par value or voting power 97,000 shares -</p></div> - -<p>The estimated earnings of this company for -1917 are $3,000,000. In addition the company -has been allowed claims for infringements sustained -by the courts, amounting to $2,000,000.</p> - -<p>(c) The Motor Products Corporation issued -100,000 shares, divided as follows:</p> - -<div class="blockquot2"><p class="noindent small"> -Class “A,” no par value, non voting . . 95,000 shares<br /> -Class “B,” no par value, voting . . . . . . . 5,000 shares -</p></div> - -<p>This corporation has taken over five companies -manufacturing miscellaneous products, -such as automobile radiators, windshields, etc. -Their earnings for 1916 were $788,000.</p> - -<p>(d) A more usual form is the $5,000,000 -issue of 7 per cent cumulative preferred stock -and 200,000 shares common stock, of the Fischer -Body Corporation. It is not contemplated to -pay a dividend on the common until the company -has $1,000,000 surplus earnings. Its net -profits for the year 1916 were $1,000,000 on a -total volume of business amounting to -$20,000,000. The preferred stock is redeemable -at $120.</p> - -<p>(e) The United Alloy Steel Corporation -issued 525,000 shares without par value, of<span class="pagenum" id="Page_199">199</span> -which 500,000 were used to acquire United Steel -Company, manufacturing alloy steel parts for -the automobile trade.</p> - -<p>For expansion purposes to provide more adequate -equipment to supply the increasing -demand for its product, $4,000,000 additional -cash capital was to be provided. The estimated -net earnings for 1916 were about $7 a share on -500,000 shares.</p> - -<p>(f) Transue & Williams Steel Forging Company -issued 110,000 shares without par value. -One hundred thousand shares and $750,000 cash -was to be paid for company subscriptions at -$45.50 a share. The net earnings for 7 months -of 1916 were $648,026 or $12 a share.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Security Issues of Tire Companies.</span></h3></div> - -<p>Among the tire company stock issues a few -leading examples may be cited.</p> - -<p>The Firestone Tire & Rubber Company issued -$5,000,000 of 6 per cent cumulative preferred -stock. A sinking fund is provided to redeem -this stock at $110, beginning 1921. There are -no bonds, and the company is required to maintain -at all times total net assets equal to 250 -per cent and net quick assets equal to 150 per -cent of the aggregate par value of this stock -outstanding.</p> - -<p>The earnings for 1916 were $4,482,554.52, or -over seven times the dividend requirements on<span class="pagenum" id="Page_200">200</span> -the total issue of preferred stock. This stock -was sold at $107.</p> - -<p>Another representative issue was that of the -Fisk Rubber Company, which consisted of -$5,000,000 of cumulative 7 per cent first preferred -convertible stock. This is redeemable -at $110 upon 60 days’ notice.</p> - -<p>The earnings for the year ending August 31, -1916, were $1,992,043, or three times the dividend -requirements. There are no bonds or -other form of funded debt.</p> - -<p>One of the few instances of an issue of bonds -by a tire company is the issue of $60,000,000 -of 5 per cent gold bonds by the United States -Rubber Company. Of course, tires are only a -part of this company’s output. The proceeds -of the sale of these bonds are to be used to -retire certain obligations of subsidiaries, to provide -additional working capital, etc.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Newer Entrants Into the Security Market.</span></h3></div> - -<p>While in the foregoing chapter are noted -some of the securities of representative manufacturers -attracting the most pronounced attention, -there are several others on the border line, -or that have not as yet “arrived,” and possibly -may never do so.</p> - -<p>There has, therefore, been so little activity<span class="pagenum" id="Page_201">201</span> -in these securities, that examples of their flotations -are negligible in this report.</p> - -<p>Those most in the public eye are perhaps:</p> - -<div class="blockquot3"> -<p class="noindent"> -The Harroun Motors Corporation<br /> -The Emerson Motors Company, Inc.<br /> -The Ford Tractor Company, Inc., etc. etc. -</p></div> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Some Leading Examples of Appreciation or -Depreciation in Value of Such Stocks -Since They Were Put Out.</span></h3></div> - -<p>An example of depreciation in automobile -stocks of an exaggerated type was that of the -United States Motor Company, a combination -of the Maxwell-Briscoe, Columbia, Stoddard-Dayton, -Brush, and Sampson Companies. With -an issue of about $35,000,000 stock, New York -Curb prices in 1912 for the common ranged -from 9 down to <sup>1</sup>⁄<sub>16</sub> and for the preferred from -30<sup>1</sup>⁄<sub>2</sub> down to <sup>3</sup>⁄<sub>4</sub>.</p> - -<p>The properties of this company have since -been taken over by the Maxwell Motors Companys, -which issued the following securities:</p> - -<table class="autotable" summary="maxwell motors securities"> -<tr> -<td class="tdr smaller">$13,000,000</td> -<td class="tdl smaller padr2">1st preferred</td> -</tr> -<tr> -<td class="tdr smaller">11,000,000</td> -<td class="tdl smaller padr2">2nd preferred</td> -</tr> -<tr> -<td class="tdr smaller">13,000,000</td> -<td class="tdl smaller padr2">common</td> -</tr></table> - -<p>The prices of these stocks have ranged as -follows:</p> - -<table class="autotable" summary="maxwell motors stock prices"> -<tr> -<th> </th> -<th class="tdc smaller normal">1914</th> -<th class="tdc smaller normal">1917</th> -</tr> -<tr> -<td class="tdl smaller">Common</td> -<td class="tdr smaller">3</td> -<td class="tdr smaller">47<sup>1</sup>⁄<sub>2</sub></td> -</tr> -<tr> -<td class="tdl smaller">1st preferred</td> -<td class="tdr smaller">22</td> -<td class="tdr smaller">64</td> -</tr> -<tr> -<td class="tdl smaller">2nd preferred</td> -<td class="tdr smaller">7</td> -<td class="tdr smaller">32</td> -</tr></table> - -<p><span class="pagenum" id="Page_202">202</span></p> - -<p>This instance gives an extreme example of the -fluctuations possible in motor stocks in one year, -in 1912 the market values reaching as high as -7,200 per cent of the value indicated at low. -The re-organized company in less than five -years showed a market value of possibly 38,000 -per cent of the market value of the old company -at its low, and 500 per cent of its value at its -high.</p> - -<p>These great increases in volume and values -are what have made so many motor millionaires, -and, conversely, have swept away some large -fortunes.</p> - -<p>Another instance is the stock of the Studebaker -Corporation, which sold as low as 20 in -1914 and which now brings 102. Also the Kelly-Springfield -Tire Company’s stock rose from -50 to 299, due to their great increase in business -and consequent large earnings.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">General Comparison.</span></h3></div> - -<p>The attached chart, showing the average high -and low prices of representative groups of -securities during 1916, may be used as a comparison -of the average selling price of the -motor group with that of railroads, industrials, -and mining.</p> - -<p>It will be seen that the greatest fluctuations -occur in the mining, steel and iron stocks of the<span class="pagenum" id="Page_203">203</span> -standard list, and that a similar fluctuation -occurs in the tire and automobile stocks of the -motor group.</p> - -<p>This comparison would tend to show that the -tire and motor stocks are still in the class which -fluctuates considerably and therefore, except -in special cases, are more or less speculative. -In this light these figures and comparisons are -very interesting and may be carefully considered -from the investment standpoint.</p> - -<p><i>The following chart compares the average -high and low prices of representative groups -of stocks during 1916 with similar groups in the -automobile field:</i></p> - -<p><span class="pagenum" id="Page_204">204</span></p> - -<div class="figcenter illowp39" id="image204" style="max-width: 62.5em;"> - <img class="w100" src="images/image204.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_205">205</span></p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Present Trend of Values.</span></h3></div> - -<p>After the great rise in prices, the trend of -values of the securities of motor accessory and -tire companies, during the first quarter of 1917, -was generally downward. During the past two -years a large number of such stocks have been -put on the market (see table 1 and 3) and a -great deal of speculation has taken place, with -the result that the market seems overloaded at -the high prices at which the public has bought -these stocks. At the time of the market reaction -at the end of 1916, under various influences, -motor stocks suffered considerable losses.</p> - -<p>A few prominent instances may be cited. -Studebaker, which sold as high as 67 in 1916, -sold down to 102. Chevrolet Motor, whose high -mark in 1916 was 278, sold down to 120. United -Motors, which sold at 95 in 1916, sold down to -42<sup>3</sup>⁄<sub>4</sub>. Similar conditions obtain through most -of the list.</p> - -<p>Among tire companies a few instances will -show the same general downward tendency.</p> - -<p>Lee Tire & Rubber Company’s stock, which -sold for 50<sup>1</sup>⁄<sub>4</sub> in 1915, is now selling around 23. -Goodrich stock, which brought around 80 in 1915 -and 1916, ranges between 51 and 58. The Kelly-Springfield -Tire Company, which sold as high -as 85<sup>1</sup>⁄<sub>4</sub> in 1916, now sells around 60.</p> - -<p><span class="pagenum" id="Page_206">206</span></p> - -<p>During the year 1916, the range of high and -of low of 25 leading railroad stocks traded in -on the New York Exchange was between 76 -and 85. Twenty-five leading industrials for the -same period ranged between 90 and 113. The -range of all the motor stocks traded in during -this time was from 119 to 231; while that of the -tire companies was from 45 to 76.</p> - -<p>On the Curb, motor stocks in 1916 ranged -from 39<sup>3</sup>⁄<sub>4</sub> to 57<sup>3</sup>⁄<sub>4</sub>; tire stocks from 67 to 79; -and accessories from 58 to 73, all of these -figures representing average high and low of -each class.</p> - -<div class="section"> -<h3 class="nobreak"><span class="smcap">Possible Future Trend in Automobile Industry -as a Basis for the Future Outlook -for 1917 on its Securities.</span></h3></div> - -<p>As was stated in the opening introduction, -economic conditions are perhaps the greatest -factor to be considered in constructing any -forecast for the operation of such an industry -as that of the motor, motor accessory and tire -group.</p> - -<p>These economic conditions have mainly to do -with:</p> - -<div class="blockquot4"> - -<p class="hangingindent1notopbotmargin">(a) The increase of population, its -effect reflected in increased registration, -and automobile production.</p> -</div> - -<p><span class="pagenum" id="Page_207">207</span></p> - -<div class="blockquot4"> - -<p class="hangingindent1notopbotmargin">(b) The uneven distribution of automobiles -in the United States.</p> -</div> - -<p>(a) Following is a chart which shows -graphically the comparison between the growth -of population, increased registration, and -increased automobile production since 1911.</p> - -<div class="blockquot"> - -<p><i>The following chart shows the rate of growth -of automobile production and registration compared -with increase in population:</i></p> -</div> - -<p><span class="pagenum" id="Page_208">208</span></p> - -<div class="figcenter illowp42" id="image208" style="max-width: 62.5em;"> - <img class="w100" src="images/image208.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_209">209</span></p> - -<p>This would indicate that, while the population -is gaining slowly and consistently, the production -of automobiles has taken a decided jump, -and a natural inference is that, even with so -remarkable an industry as the motor group, -it is beginning to prove food for speculation -as to whether or not manufacturers, at the present -increasing ratio of production and distribution, -will bring a more or less complete saturation -of the public, able to buy and support -pleasure automobiles.</p> - -<p>Many conservative judges have figured that -this may not come for some years, possible five -or more. It may be that new conditions will -arise to put that period further ahead, or indefinitely -postpone it.</p> - -<p>(b) In this connection, the following chart is -of interest. This shows the ratio of voting men -to each registered automobile in the United -States by states.</p> - -<p><i>The following chart shows the ratio by states -of men over 21 to each registered automobile:</i></p> - -<p><span class="pagenum" id="Page_210">210</span></p> - -<div class="figcenter illowp58" id="image210" style="max-width: 62.5em;"> - <img class="w100" src="images/image210.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_211">211</span></p> - -<p>Attention is invited to the diverging range -of distribution. Territorial and community economics -account for this very largely. For -example, an analysis of three sections will show -a decided variation, say for New York (with -one automobile for 15 voting men); Arkansas -(with one automobile for every 54 voters); and -Alabama (with one automobile for every 43 -voters).</p> - -<p>The state of New York is very largely industrial, -and one might commonly infer that, due -to the great wealth represented in this state, -the ratio should be much smaller. States like -Arkansas, Kansas and Iowa are distinctively -rural sections—where the population is not so -clustered as in cities like New York, and automobile -transportation is more utilitarian than -a luxury or pastime. For this reason it is estimated -that practically every voter, almost, in -Kansas and Iowa is a possible prospect in figuring -future consumption.</p> - -<p>Still another diversion notably exists in the -ratio shown for the Southern states, and this -is readily explained by reason of a paucity of -buying power, since the majority population -is negro.</p> - -<p>To indicate how the various types of automobiles -have been distributed in three different<span class="pagenum" id="Page_212">212</span> -states, the following chart is included in this -report.</p> - -<p><i>The following chart shows the distribution -of leading motor cars in different states:</i></p> - -<p><span class="pagenum" id="Page_213">213</span></p> - -<div class="figcenter illowp56" id="image213" style="max-width: 62.5em;"> - <img class="w100" src="images/image213.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_214">214</span></p> - -<p>The following factors may be instrumental in -the automobile industry in preventing the reaching -of an absolute saturation point:</p> - -<div class="blockquot4"> - -<p class="hangingindent1notopbotmargin">(1) Increase in earning or buying -power of those now unable to -support an automobile;</p> - -<p class="hangingindent1notopbotmargin">(2) A very low average price;</p> - -<p class="hangingindent1notopbotmargin">(3) Production finally being held at -the point where it keeps pace with -the increase in population;</p> - -<p class="hangingindent1notopbotmargin">(4) Increase in the utilitarian need of -the automobile.</p> -</div> - -<p>In making up a quota for the possible consumption -in the automobile industry, the following -chart may be considered as a conservative -basis to work on.</p> - -<p><i>The following chart shows the estimated automobile -market for 1917:</i></p> - -<p><span class="pagenum" id="Page_215">215</span></p> - -<div class="figcenter illowp100" id="image215" style="max-width: 125em;"> - <img class="w100" src="images/image215.jpg" alt="chart" /> -</div> - -<p><span class="pagenum" id="Page_216">216</span></p> - -<p>There being, therefore so many elements -entering into the question of influence upon -this group of securities, it is rather venturesome -to presume any prediction for their future, for -fear such prediction may prove unfounded, as -have many former guesses on their probable -rise and fall.</p> - -<p>The immediate outlook for 1917 is at present -somewhat baffling, aside from the economic tendencies, -charted in this chapter, but there may -be a change for improvement at any time in the -motor car industry, especially if our government -should place large orders for cars and -supplies in the event of war, or the foreign -trade should take on large quantities for the -remainder of the year.</p> - -<p>It must be remembered that the supply of -parts for cars is now, and will be more and -more, an extensive business of the motor car -industry.</p> - -<p>One prominent New York newspaper which -censors very carefully its advertising is very -cautious in handling offerings on motor stocks.</p> - -<p>It might be safe to assume that motor stocks -in well managed companies making popular -cars will be as secure an investment for reasonable -earnings on products as other industrials -for some years to come and possibly indefinitely.</p> - -<p>The future of automobile accessories is possibly<span class="pagenum" id="Page_217">217</span> -not subject to fluctuations in the same -degree, nor as apt to reach the saturation point -as might be the development in the automobile -industry, for the reason that with the increase -in the number of cars in use, the purchase of -many accessories will be made by car owners, -even though the manufacturers should not continue -to buy an increasing, or even equal, -volume.</p> - -<p>It is natural to expect that the earnings on -and the price of automobile accessory stocks -should therefore remain firm, if conditions of -trade or competition do not unduly affect them.</p> - -<p>The future of the tire industry and stocks -seems reasonably secure, as unless some satisfactory -substitutes for rubber tires are discovered, -apparently an increasing number of tires -for replacements, if not new cars, should be -demanded each year.</p> - -<p>The present earnings of the tire companies -are very large and should continue favorable. -It must be remembered that the cost of material -and labor are as important considerations to -this class of manufacturers as to all industrials, -and that their undue rise in cost might affect -the industry more or less temporarily. But as -they have come to be classed as necessities, the -prices would naturally adjust themselves to the -cost of manufacture.</p> - -<p><span class="pagenum" id="Page_218">218</span></p> - -<p>With all popular cars sold far in excess of -their capacity, barring the interference or lack -of transportation, labor friction, or other unexpected -or disturbing elements, it is safe to -assume that 1917 should be a record year in the -motor, motor accessory and tire industries, and -that their earnings should be reflected in the -intrinsic and probably the market values of -their securities.</p> -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_219">219</span></p> - -<h2 class="nobreak" id="CHAPTER_VII">CHAPTER VII.<br /> -<br /> -<span class="smallest"><b>PASSENGER AUTOMOBILES MANUFACTURED IN -THE UNITED STATES.</b></span></h2></div> - -<p>The following is, as near as possible, a complete -list of the passenger automobiles manufactured -in the United States, with the number -of cylinders and the retail price of each. New -cars are being put on the market so rapidly -that it is difficult to keep track of them.</p> - -<p>The prices quoted may not be exact in every -case, as manufacturers are putting up prices -quite generally as this volume goes to press. -They are the prices at which the cars sold for -a long time, and they are given without the -intention to be exact to the dollar, but merely -as relative figures of retail cost.</p> - -<p>An automobile quoted at $1,195 may have -undergone a price raise to $1,350, but the former -price quotation fixes the car’s retail price -status as compared with a car that sells for -$360 or $550.</p> - -<p>One hundred manufacturers are said to have -raised their prices, and forty made increases -from $10 to $700 on each car, the average advance -being $146. Freight conditions and the -uncertainties of the international situation were -advanced as reasons for the increase.</p> - -<p><span class="pagenum" id="Page_220">220</span></p> - -<p>Practically all the American manufacturers -of tires also raised prices a second time within -a year, the range of the last increase being from -6<sup>1</sup>⁄<sub>2</sub> to 12 per cent. Where price is not given, -it was not available.</p> - -<p><span class="pagenum" id="Page_221">221</span></p> - -<table class="autotable" summary="Passenger Automobiles Manufactured in -The United States"> -<tr> -<th> </th> -<th> </th> -<th class="tdc normal">Cylinders</th> -<th class="tdc normal" colspan="3">Price</th> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Abbott-Detroit”</p></td> -<td class="tdl"><p class="indent">Abbott Corporation, Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">$1,195</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">$1,820</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Allen”</p></td> -<td class="tdl"><p class="indent">Allen Motor Car Co., Fostoria, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">850</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,195</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Alter”</p></td> -<td class="tdl"><p class="indent">Alter Motor Car Co., Grand Haven, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">675</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“American”</p></td> -<td class="tdl"><p class="indent">American Motors Corporation, New York, N. Y.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,285</td> -<td class="tdl vertb">and</td> -<td class="tdr vertb">845</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ams-Sterling”</p></td> -<td class="tdl"><p class="indent">Sterling Automobile Manufacturing Co., New York, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">825</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">845</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Anderson”</p></td> -<td class="tdl"><p class="indent">Anderson Motor Co., Rock Hill, S. C.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,250</td> -<td class="tdl vertb">and</td> -<td class="tdr vertb">1,275</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Apperson”</p></td> -<td class="tdl"><p class="indent">Apperson Bros. Auto Co., Kokomo, Ind.</p></td> -<td class="tdc vertb padr2">6-8</td> -<td class="tdr vertb">1,690</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Arbenz”</p></td> -<td class="tdl"><p class="indent">Arbenz Motor Car Co., Chillicothe, O.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Auburn”</p></td> -<td class="tdl"><p class="indent">Auburn Automobile Co., Auburn, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,145</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,785</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Austin”</p></td> -<td class="tdl"><p class="indent">Austin Automobile Co., Grand Rapids, Mich.</p></td> -<td class="tdc vertb padr2">6-12</td> -<td class="tdr vertb">3,400</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Beardsley”</p></td> -<td class="tdl"><p class="indent">Beardsley Electric Co., Los Angeles, Cal. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">1,285</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Bell”</p></td> -<td class="tdl"><p class="indent">Bell Motor Car Co., York, Pa.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">875</td> -<td class="tdr vertb"> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ben-Hur”</p></td> -<td class="tdl"><p class="indent">Ben Hur Motor Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Biddle”</p></td> -<td class="tdl"><p class="indent">Biddle Motor Car Co., Philadelphia, Pa.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">2,285</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,900</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Bimel”</p></td> -<td class="tdl"><p class="indent">Bimel Automobile Co.,Sidney, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">550</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">995</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Bour-Davis”</p></td> -<td class="tdl"><p class="indent">Bour-Davis Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,250</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Brewster”</p></td> -<td class="tdl"><p class="indent">Brewster & Co., New York, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">6,500</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">7,900</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Briscoe”</p></td> -<td class="tdl"><p class="indent">Briscoe Motor Corporation, Jackson, Mich.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">685</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">985</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Brunswick”</p></td> -<td class="tdl"><p class="indent">Brunswick Motor Car Co., New York, N. Y.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Buick”</p></td> -<td class="tdl"><p class="indent">Buick Motor Co., Flint, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">660</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,835</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Bush”</p></td> -<td class="tdl"><p class="indent">Bush Motor Co.,<span class="pagenum" id="Page_222">222</span>Chicago, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">725</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Cadillac”</p></td> -<td class="tdl"><p class="indent">Cadillac Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">2,240</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,910</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Cameron”</p></td> -<td class="tdl"><p class="indent">Cameron Car Co., Norwalk, Conn.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,250</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Case”</p></td> -<td class="tdl"><p class="indent">J. I. Case Threshing Machine Co., Racine, Wis.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">1,190</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“C-B”</p></td> -<td class="tdl"><p class="indent">Carter Brothers Co., Hyattsville, Md.</p></td> -<td class="tdc vertb padr2">6-8</td> -<td class="tdr vertb">700</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Chalmers”</p></td> -<td class="tdl"><p class="indent">Chalmers Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,090</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,550</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Chandler”</p></td> -<td class="tdl"><p class="indent">Chandler Motor Car Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,395</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,695</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Chevrolet”</p></td> -<td class="tdl"><p class="indent">Chevrolet Motor Co., Flint, Mich.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">490</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,285</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Classic”</p></td> -<td class="tdl"><p class="indent">Classic Motor Co., Chicago, Ill.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Coey Flyer”</p></td> -<td class="tdl"><p class="indent">Coey Motor Co., Chicago, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">695</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Cole 8”</p></td> -<td class="tdl"><p class="indent">Cole Motor Car Co., Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,695</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,295</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Columbia”</p></td> -<td class="tdl"><p class="indent">Columbia Motor Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdl vertb" colspan="3">on application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crawford”</p></td> -<td class="tdl"><p class="indent">Crawford Automobile Co., Hagerstown, Md.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,750</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crockett”</p></td> -<td class="tdl"><p class="indent">The J. B. Co., New York City (exported only)</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crow Elkhart”</p></td> -<td class="tdl"><p class="indent">Crow Elkhart Motor Car Co., Elkhart, Ind.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">795</td> -<td class="tdl vertb">and</td> -<td class="tdr vertb">845</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crowther-Duryea”</p></td> -<td class="tdl"><p class="indent">Crowther Motors Corporation, Rochester, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">650</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Cunningham”</p></td> -<td class="tdl"><p class="indent">James Cunningham Son & Co., Rochester, N. Y.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">3,750</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">7,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Daniels”</p></td> -<td class="tdl"><p class="indent">Daniels Motor Car Co., Reading, Pa.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">2,600</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">4,200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Davis”</p></td> -<td class="tdl"><p class="indent">George W. Davis Motor Car Co., Richmond, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,195</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,795</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Detroit”</p></td> -<td class="tdl"><p class="indent">Anderson Electric Car Co., Detroit, Mich. (Electric)</p></td> -<td class="tdc vertb padr2">...</td> -<td class="tdr vertb">1,875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,475</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Detroiter”</p></td> -<td class="tdl"><p class="indent">Detroiter Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,195</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,495</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dey”</p></td> -<td class="tdl"><p class="indent">Dey Electric Corporation, New York, N. Y. (Electric)</p> -<span class="pagenum" id="Page_223">223</span></td> -<td class="tdr vertb" colspan="4"> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dispatch”</p></td> -<td class="tdl"><p class="indent">Dispatch Motor Car Co., Minneapolis, Minn.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">1,135</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dixie”</p></td> -<td class="tdl"><p class="indent">Dixie Manufacturing Co., Vincennes, Ind.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dixie Flyer”</p></td> -<td class="tdl"><p class="indent">Dixie Motor Car Co., Louisville, Ky.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">840</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,275</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Doble”</p></td> -<td class="tdl"><p class="indent">General Engineering Co., Detroit, Mich. (Steam) </p></td> -<td class="tdc vertb padr2">4-7</td> -<td class="tdr vertb">1,800</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dodge”</p></td> -<td class="tdl"><p class="indent">Dodge Bros., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">785</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,185</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dorris”</p></td> -<td class="tdl"><p class="indent">Dorris Motor Car Co., St. Louis, Mo.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">2,475</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dort”</p></td> -<td class="tdl"><p class="indent">Dort Motor Car Co., Flint, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">695</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,065</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Downing”</p></td> -<td class="tdl"><p class="indent">Downing Motor Car Co., Detroit, Mich.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Drexel”</p></td> -<td class="tdl"><p class="indent">Drexel Motor Car Corporation, Chicago, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">985</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Drummond”</p></td> -<td class="tdl"><p class="indent">Drummond Motor Co., Omaha, Neb.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,600</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dunn”</p></td> -<td class="tdl"><p class="indent">Dunn Motor Works, Ogdensburg, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">295</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Duryea Gem”</p></td> -<td class="tdl"><p class="indent">Duryea Motors, Inc., Philadelphia, Pa. (3 wheels)</p></td> -<td class="tdc vertb padr2">2</td> -<td class="tdr vertb">250</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Eagle Rotary”</p></td> -<td class="tdl"><p class="indent">Eagle-Macomber Motor Car Co., Sandusky, O.</p></td> -<td class="tdc vertb padr2">5</td> -<td class="tdr vertb">700</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Economy”</p></td> -<td class="tdl"><p class="indent">Economy Motor Co., Tiffin, O.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">985</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Elcar”</p></td> -<td class="tdl"><p class="indent">Elkhart Carriage & Motor Car Co., Elkhart, Ind.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">845</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Elgin”</p></td> -<td class="tdl"><p class="indent">Elgin Motor Car Co., Chicago, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">985</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Emerson”</p></td> -<td class="tdl"><p class="indent">Emerson Motors Co., New York, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">470</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Empire”</p></td> -<td class="tdl"><p class="indent">Empire Automobile Co., Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">985</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,095</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Enger”</p></td> -<td class="tdl"><p class="indent">Enger Motor Car Co., Cincinnati, O.</p></td> -<td class="tdc vertb padr2">12</td> -<td class="tdr vertb">1,295</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Erie”</p></td> -<td class="tdl"><p class="indent">Erie Motor Car Co., <span class="pagenum" id="Page_224">224</span>Painesville, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">795</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Fageol”</p></td> -<td class="tdl"><p class="indent">Fageol Motors Co., Oakland, Cal. (Aviation motor)</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">9,500</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">12,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“F. I. A. T.”</p></td> -<td class="tdl"><p class="indent">Fiat, Poughkeepsie, N. Y.</p></td> -<td class="tdc vertb padr2">5-7</td> -<td class="tdr vertb">4,850</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">6,300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ford”</p></td> -<td class="tdl"><p class="indent">Ford Motor Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">345</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">645</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ford”</p></td> -<td class="tdl"><p class="indent">Ford Motor Co. of Canada, Ltd., Ford, Ont.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">345</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">645</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Franklin”</p></td> -<td class="tdl"><p class="indent">Franklin Automobile Co., Syracuse, N. Y.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,800</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Fritchie”</p></td> -<td class="tdl"><p class="indent">Fritchie Electric Co., Denver, Colo. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">2,400</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Frontenac”</p></td> -<td class="tdl"><p class="indent">Frontenac Motor Co., Detroit, Mich. (Racing)</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">8,000</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">10,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“F. B. P.”</p></td> -<td class="tdl"><p class="indent">Porter, Finley Robertson Co., Port Jefferson, N. Y. </p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">6,000</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Glide”</p></td> -<td class="tdl"><p class="indent">Bartholomew Company, Peoria, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,195</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,395</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Grant”</p></td> -<td class="tdl"><p class="indent">Grant Motor Car Corporation, Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,100</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hackett”</p></td> -<td class="tdl"><p class="indent">Hackett Motor Car Co., Jackson, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">888</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hal Twelve”</p></td> -<td class="tdl"><p class="indent">Hal Motor Car Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">12</td> -<td class="tdr vertb">2,600</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Halladay”</p></td> -<td class="tdl"><p class="indent">Barley Motor Car Co., Streator, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,185</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Harroun”</p></td> -<td class="tdl"><p class="indent">Harroun Motors Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">595</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Harvard”</p></td> -<td class="tdl"><p class="indent">Harvard Pioneer Motor Car Corporation, Troy, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">750</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hatfield”</p></td> -<td class="tdl"><p class="indent">Cortland Cart & Carriage Co., Sidney, N. Y.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">875</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Haynes”</p></td> -<td class="tdl"><p class="indent">Haynes Automobile Co., Kokomo, Ind.</p></td> -<td class="tdc vertb padr2">6-12</td> -<td class="tdr vertb">1,485</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hewitt”</p></td> -<td class="tdl"><p class="indent">Hewitt Motor Co., New York, N. Y.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hollier”</p></td> -<td class="tdl"><p class="indent">Lewis Spring & Axle Co.,<span class="pagenum" id="Page_225">225</span>Jackson, Mich.</p></td> -<td class="tdc vertb padr2">6-8</td> -<td class="tdr vertb">895</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,185</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Homer-Laughlin”</p></td> -<td class="tdl"><p class="indent">Homer-Laughlin Engineers’ Corporation, Los Angeles, Cal.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,050</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Howard”</p></td> -<td class="tdl"><p class="indent">The A. Howard Co., Galion, O.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hudson”</p></td> -<td class="tdl"><p class="indent">Hudson Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,650</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,025</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hupmobile”</p></td> -<td class="tdl"><p class="indent">Hupp Motor Car Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">1,185</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,735</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hupp-Yeats”</p></td> -<td class="tdl"><p class="indent">Hupp-Yeats Electric Car Co., Detroit, Mich. (Electric)</p></td> -<td class="tdc vertb">....</td> -<td class="tdr vertb">1,500</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Interstate”</p></td> -<td class="tdl"><p class="indent">Interstate Motor Co., Muncie, Ind.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">850</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Jackson”</p></td> -<td class="tdl"><p class="indent">Jackson Automobile Co., Jackson, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,295</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,395</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Jeffery”</p></td> -<td class="tdl"><p class="indent">Nash Motors Co., Kenosha, Wis.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">1,095</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,630</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Jones”</p></td> -<td class="tdl"><p class="indent">Jones Motor Car Co., Wichita, Kas.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,475</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Jordan”</p></td> -<td class="tdl"><p class="indent">Jordan Motor Car Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,650</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kent”</p></td> -<td class="tdl"><p class="indent">Kent Motors Corporation, Newark, N. J.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">985</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“King”</p></td> -<td class="tdl"><p class="indent">King Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,350</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,900</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kissel Kar”</p></td> -<td class="tdl"><p class="indent">Kissel Motor Car Co., Hartford, Wis.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,195</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,100</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kline Kar”</p></td> -<td class="tdl"><p class="indent">Kline Car Corporation, Richmond, Va.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,175</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,195</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lambert”</p></td> -<td class="tdl"><p class="indent">Buckeye Manufacturing Co., Anderson, Ind.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">685</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">985</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Laurel”</p></td> -<td class="tdl"><p class="indent">Laurel Motor Car Co., Richmond, Ind.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">850</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">895</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lenox”</p></td> -<td class="tdl"><p class="indent">Lenox Motor Car Co., Boston, Mass.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdl vertb" colspan="3">on application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Leslie”</p></td> -<td class="tdl"><p class="indent">Leslie Motor Car Co., Detroit, Mich. (Kerosene)</p></td> -<td class="tdc vertb padr2"> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lexington”</p></td> -<td class="tdl"><p class="indent">Lexington-Howard Co., Connersville, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,185</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,875</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Liberty”</p></td> -<td class="tdl"><p class="indent">Liberty Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,095</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Locomobile”</p></td> -<td class="tdl"><p class="indent">Locomobile Co. of America, <span class="pagenum" id="Page_226">226</span>Bridgeport, Conn.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">4,600</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">6,800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lozier”</p></td> -<td class="tdl"><p class="indent">Lozier Motor Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">1,695</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">4,650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Luverne”</p></td> -<td class="tdl"><p class="indent">Luverne Automobile Co., Luverne, Minn.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lyons-Knight”</p></td> -<td class="tdl"><p class="indent">Lyons-Atlas Co., Indianapolis, Ind.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Macon”</p></td> -<td class="tdl"><p class="indent">All Steel Motor Car Co., Macon, Mo.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">975</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Madison”</p></td> -<td class="tdl"><p class="indent">Madison Motors Co., Anderson, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,050</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Maibohm”</p></td> -<td class="tdl"><p class="indent">Maibohm Motors Co., Racine, Wis.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">795</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Majestic”</p></td> -<td class="tdl"><p class="indent">Majestic Motor Co., New York, N. Y.</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdl vertb" colspan="3">on application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Marion Handley”</p></td> -<td class="tdl"><p class="indent">Mutual Motors Co., Jackson, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,275</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,575</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Marmon”</p></td> -<td class="tdl"><p class="indent">Nordyke & Marmon Co., Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">3,050</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Maxwell”</p></td> -<td class="tdl"><p class="indent">Maxwell Motor Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">620</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">985</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“McFarlan”</p></td> -<td class="tdl"><p class="indent">McFarlan Motor Co., Connersville, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">3,500</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mercer”</p></td> -<td class="tdl"><p class="indent">Mercer Automobile Co., Trenton, N. J.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">3,250</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Metz”</p></td> -<td class="tdl"><p class="indent">Metz Company, Waltham, Mass.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">600</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Milburn”</p></td> -<td class="tdl"><p class="indent">Milburn Wagon Co., Toledo, O. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">1,285</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,995</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mitchell”</p></td> -<td class="tdl"><p class="indent">Mitchell Motors Co., Racine, Wis.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,150</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,785</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mohawk”</p></td> -<td class="tdl"><p class="indent">Mohawk Motor Corporation, New Orleans, La.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">985</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moline-Knight”</p></td> -<td class="tdl"><p class="indent">Moline Automobile Co., East Moline, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">1,450</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Monarch”</p></td> -<td class="tdl"><p class="indent">Monarch Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,500</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Monitor”</p></td> -<td class="tdl"><p class="indent">Monitor Motor Car Co., Columbus, O.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">895</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,095</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Monroe”</p></td> -<td class="tdl"><p class="indent">Monroe Motor Co., Pontiac, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">565</td> -<td class="tdl vertb">and</td> -<td class="tdr vertb">985</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moon”</p></td> -<td class="tdl"><p class="indent">Moon Motor Car Co., St. Louis, Mo.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,295</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moore”</p></td> -<td class="tdl"><p class="indent">Moore Motor Co., Minneapolis, Minn.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">550</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Morse”</p></td> -<td class="tdl"><p class="indent">Morse Cyclecar Co., <span class="pagenum" id="Page_227">227</span>Pittsburgh, Pa.</p></td> -<td class="tdc vertb padr2">2</td> -<td class="tdr vertb">300</td> -<td class="tdl vertb">and</td> -<td class="tdr vertb">350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Murray”</p></td> -<td class="tdl"><p class="indent">Murray Motor Car Co., Pittsburgh, Pa.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">2,000</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Napoleon”</p></td> -<td class="tdl"><p class="indent">Napoleon Auto Manufacturing Co., Napoleon, Ohio</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">735</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">845</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“National”</p></td> -<td class="tdl"><p class="indent">National Motor Car & Vehicle Corporation</p></td> -<td class="tdc vertb padr2">6-12</td> -<td class="tdr vertb">1,750</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“New Era”</p></td> -<td class="tdl"><p class="indent">New Era Engineering Co., Joliet, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">685</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Norwalk”</p></td> -<td class="tdl"><p class="indent">Norwalk Motor Car Co., Martinsburg, W. Va.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ogren Six”</p></td> -<td class="tdl"><p class="indent">Ogren Motor Works, Inc., Chicago, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">2,500</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Oakland”</p></td> -<td class="tdl"><p class="indent">Oakland Motor Car Co., Pontiac, Mich.</p></td> -<td class="tdc vertb padr2">6-8</td> -<td class="tdr vertb">875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,585</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ohio”</p></td> -<td class="tdl"><p class="indent">Ohio Electric Car Co., Toledo, O. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">2,400</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Oldsmobile”</p></td> -<td class="tdl"><p class="indent">Olds Motor Works, Lansing, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,295</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Olympian”</p></td> -<td class="tdl"><p class="indent">Olympian Motors Co., Pontiac, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">845</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Overland”</p></td> -<td class="tdl"><p class="indent">Willys-Overland Co., Toledo, O.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">665</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,585</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Owen Magnetic”</p></td> -<td class="tdl"><p class="indent">Baker B. & L. Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">3,300</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Packard”</p></td> -<td class="tdl"><p class="indent">Packard Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">12</td> -<td class="tdr vertb">3,050</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Paige”</p></td> -<td class="tdl"><p class="indent">Paige-Detroit Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,175</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Partin-Palmer”</p></td> -<td class="tdl"><p class="indent">Commonwealth Motors Co., Chicago, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">495</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">695</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Paterson”</p></td> -<td class="tdl"><p class="indent">W. A. Paterson Co., Flint, Mich.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,095</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,125</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Path-finder”</p></td> -<td class="tdl"><p class="indent">Pathfinder Co., Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">12</td> -<td class="tdr vertb">3,250</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Peerless”</p></td> -<td class="tdl"><p class="indent">Peerless Motor Car Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,890</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,260</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pennsy”</p></td> -<td class="tdl"><p class="indent">Pennsy Motors Co., Pittsburgh, Pa.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">855</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent"> -“Phianna”</p></td> -<td class="tdl"><p class="indent">Phianna Motors Co., Newark, N. J.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">5,000</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">6,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pierce-Arrow”</p></td> -<td class="tdl"><p class="indent">Pierce-Arrow Motor Car Co., Buffalo, N. Y.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">4,600</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">7,600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pilliod”</p></td> -<td class="tdl"><p class="indent">Pilliod Motor Co., <span class="pagenum" id="Page_228">228</span>Toledo, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">1,485</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pilot”</p></td> -<td class="tdl"><p class="indent">Pilot Motor Car Co., Richmond, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,150</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Premier”</p></td> -<td class="tdl"><p class="indent">Premier Motor Corporation, Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,885</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Princess”</p></td> -<td class="tdl"><p class="indent">Princess Motor Car Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">775</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pullman”</p></td> -<td class="tdl"><p class="indent">Pullman Motor Car Co., York, Pa.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">825</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Rauch & Lang”</p></td> -<td class="tdl"><p class="indent">Baker R. & L. Co., Cleveland, O. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">2,800</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Regal”</p></td> -<td class="tdl"><p class="indent">Regal Motor Car Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">745</td> -<td> </td> -<td> </td> - -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Reo”</p></td> -<td class="tdl"><p class="indent">Reo Motor Car Co., Lansing, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">875</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Richard”</p></td> -<td class="tdl"><p class="indent">Richard Auto Manufacturing Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">7,500</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Richmond”</p></td> -<td class="tdl"><p class="indent">The Wayne Works, Richmond, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdl vertb" colspan="3">on application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Roamer”</p></td> -<td class="tdl"><p class="indent">Barley Motor Co., Streator, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,850</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Rose”</p></td> -<td class="tdl"><p class="indent">Rose Automobile Co., Detroit, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,550</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Saurer”</p></td> -<td class="tdl"><p class="indent">Saurer Motor Co., New York, N. Y.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Saxon”</p></td> -<td class="tdl"><p class="indent">Saxon Motor Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">495</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Scripps-Booth”</p></td> -<td class="tdl"><p class="indent">Scripps Booth Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">825</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,575</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Seneca”</p></td> -<td class="tdl"><p class="indent">Seneca Motor Car Co., Fostoria, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">735</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Simplicity”</p></td> -<td class="tdl"><p class="indent">Evansville Automobile Co., Evansville, Ind.</p></td> -<td> </td> -<td> </td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Simplex”</p></td> -<td class="tdl"><p class="indent">Simplex Automobile Co., New York, N. Y. (Chassis only)</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">6,000</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Singer”</p></td> -<td class="tdl"><p class="indent">Singer Motor Car Co., New York, N. Y.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">3,800</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Standard”</p></td> -<td class="tdl"><p class="indent">Standard Steel Car Co., Pittsburgh, Pa.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,950</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stanley Steam Car”</p></td> -<td class="tdl"><p class="indent">Stanley Motor Carriage Co., Newton, Mass. -<span class="pagenum" id="Page_229">229</span> -(Steam)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">2,200</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“States”</p></td> -<td class="tdl"><p class="indent">States Motor Car Manufacturing Co., Kalamazoo, Mich.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">845</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stearns”</p></td> -<td class="tdl"><p class="indent">F. B. Stearns Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">1,450</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">3,500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stephens”</p></td> -<td class="tdl"><p class="indent">Stephens Motor Branch, Moline Plow Co., Freeport, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,150</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Studebaker”</p></td> -<td class="tdl"><p class="indent">Studebaker Corporation, Detroit, Mich.</p></td> -<td class="tdc vertb padr2">4-6</td> -<td class="tdr vertb">930</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stutz”</p></td> -<td class="tdl"><p class="indent">Stutz Motor Car Co., Indianapolis, Ind.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">2,275</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,550</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Sun”</p></td> -<td class="tdl"><p class="indent">Sun Motor Car Co., Elkhart, Ind.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,095</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,295</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Thomas”</p></td> -<td class="tdl"><p class="indent">E. R. Thomas Motor Car Co., Buffalo, N. Y.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">4,000</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">5,000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Velie”</p></td> -<td class="tdl"><p class="indent">Velie Motors Corporation, Moline, Ill.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,115</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Waco”</p></td> -<td class="tdl"><p class="indent">Western Automobile Co., Seattle, Wash.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">950</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Westcott”</p></td> -<td class="tdl"><p class="indent">Westcott Motor Car Co., Springfield, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,500</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">2,190</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“White”</p></td> -<td class="tdl"><p class="indent">White Motor Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">4,600</td> -<td class="tdr vertb">up</td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Willys-Knight”</p></td> -<td class="tdl"><p class="indent">Willys-Overland Co., Toledo, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">1,325</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Willys-Knight”</p></td> -<td class="tdl"><p class="indent">Willys-Overland Co., Toledo, O.</p></td> -<td class="tdc vertb padr2">4-8</td> -<td class="tdr vertb">1,285</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">1,950</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Winton”</p></td> -<td class="tdl"><p class="indent">Winton Co., Cleveland, O.</p></td> -<td class="tdc vertb padr2">6</td> -<td class="tdr vertb">2,685</td> -<td class="tdl vertb">to</td> -<td class="tdr vertb">4,750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Woods”</p></td> -<td class="tdl"><p class="indent">Woods Mobilette Co., Chicago, Ill.</p></td> -<td class="tdc vertb padr2">4</td> -<td class="tdr vertb">380</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wood’s Dual Power”</p></td> -<td class="tdl"><p class="indent">Woods Motor Vehicle Co., Chicago, Ill. (Electric)</p></td> -<td class="tdc vertb padr2">....</td> -<td class="tdr vertb">2,650</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Yale Eight”</p></td> -<td class="tdl"><p class="indent">Saginaw Motor Car Co., Saginaw, Mich.</p></td> -<td class="tdc vertb padr2">8</td> -<td class="tdr vertb">1,550</td> -<td> </td> -<td> </td> -</tr></table> - -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_231">231</span></p> - -<h2 class="nobreak" id="CHAPTER_VIII">CHAPTER VIII.<br /> -<br /> -<span class="smallest"><b>GASOLINE TRUCKS AND DELIVERY CARS MANUFACTURED -IN THE UNITED STATES.</b></span></h2></div> - -<p>This chapter is reprinted from <i>Everybody’s -Magazine</i> through the courtesy of its publishers, -who were kind enough to grant this permission. -This list was compiled so ably by the editorial -staff of <i>Everybody’s Magazine</i> that it could not -possibly have been improved upon for publication -in this volume.</p> - -<p>A part of the information in the preceding -chapter is also from <i>Everybody’s Magazine</i>, -and is reprinted here through the courtesy of -the publishers.</p> - -<p>The cars and trucks listed have four cylinders, -unless stated otherwise. The prices are -those that were in effect prior to April 1, 1917.</p> - -<table class="autotable" summary="trucks and delivery cars"> -<tr> -<th> </th> -<th class="tdc normal">Capacity Tons</th> -<th class="tdc normal" colspan="3">Prices</th> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Acason,” Acason Motor Truck Co., -Detroit, Mich., 2 models. Chassis -only. Hotchkiss drive</p></td> -<td class="tdc vertb padr2">2 and 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Acme,” Cadillac Auto Truck Co., -Cadillac, Mich., 3 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">$1575</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">$3000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Armleder,” The O. Armleder Co., -Cincinnati, Ohio, 2 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">2 and 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2800</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">3500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Atlas,” Martin Carriage Works, York, -Pa., 1 model. Bodies extra. Hotchkiss -drive</p></td> -<td class="tdc vertb padr2">1000 to 1500 lbs.</td> -<td class="tdr vertb">750</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Atterbury,” Atterbury Motor Car Co., -Buffalo, N. Y., 4 models. Chassis -<span class="pagenum" id="Page_232">232</span>only. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1875</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3375</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Autocar,” The Autocar Co., Ardmore, -Pa., 1 model, 2 cylinders. Bodies -extra. Shaft drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 2</td> -<td class="tdr vertb">$1650</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Available,” Available Truck Co., Chicago, -Ill., 4 models. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1700</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">$4400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Avery,” Avery Company, Peoria, Ill., -3 models. Bodies extra. Chain drive</p></td> -<td class="tdc vertb padr2">2 to 5</td> -<td class="tdr vertb">2700</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Beck,” Beck & Sons, Cedar Rapids, -Iowa, 4 models. Bodies extra. Internal -Gear drive</p></td> -<td class="tdc vertb padr2">1 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1080</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Beech Creek,” Beech Creek Truck -& Auto Co., Beech Creek, Pa., 1 -model. Chassis only. Gear drive</p></td> -<td class="tdc vertb padr2">3</td> -<td class="tdr vertb">3850</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Bessemer,” Bessemer Motor Truck -Co., Grove City, Pa., 4 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1075</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Brinton,” Brinton Motor Truck Co., -Philadelphia, Pa., 2 models. Chassis, -including Cab</p></td> -<td class="tdc vertb padr2">1 and 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">995</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Briscoe,” Briscoe Motor Corp., Jackson, -Mich., 2 models. Complete Shaft -drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">700</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">725</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Brockway,” Brockway Motor Truck -Co., Cortland, N. Y., 6 models. -Complete. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Burford,” Burford Motor Truck Co., -Fremont, Ohio, 2 models. Chassis -only. Worm and Internal Gear -drive</p></td> -<td class="tdc vertb padr2">2 and 4</td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Chase,” Chase Motor Truck Co., Syracuse, -N. Y., 5 models. Complete. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Coey,” Coey Motor Co., Chicago, Ill., -1 model. Express bodies extra. -Shaft drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">695</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Collier,” Collier Motor Truck Co., -Sandusky, Ohio, 1 model. With or -without body. Direct bevel drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">900</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">995</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Commerce,” Commerce Motor Car Co., -Detroit, Mich., 2 models, 6 bodies. -<span class="pagenum" id="Page_233">233</span>Internal and Bevel Gear drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> and 1</td> -<td class="tdr vertb">875</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1140</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Corbitt,” Corbitt Motor Truck Co., -Henderson, N. C., 6 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1450</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Couple Gear,” Couple Gear Freight -Wheel Co., Grand Rapids, Mich., 3 -models. Four-wheel drive. Complete. -(Gas electric.)</p></td> -<td class="tdc vertb padr2">3<sup>1</sup>⁄<sub>2</sub> to 7</td> -<td class="tdr vertb">5200</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">6000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crane & Breed,” Crane & Breed Mfg. -Co., Cincinnati, Ohio, Funeral cars. -etc. 6 cylinders</p></td> -<td class="tdc vertb padr2"> </td> -<td class="tdr vertb">3000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Crowther-Duryea,” Crowther Motor -Co., Rochester, N. Y., 1 model. Complete. -Roller drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dart,” Dart Motor Truck Co., Waterloo, -Iowa, 3 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1200</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2470</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dayton,” Dayton Motor Truck Co., -Dayton, Ohio, 6 models. Chain and -Worm drive</p></td> -<td class="tdc vertb padr2">2 to 7<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4950</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“D-E,” Day-Elder Motors Co., Newark, -N. J., 3 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">975</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“De Kalb,” DeKalb Wagon Co., DeKalb, -Ill., 2 models. Bodies extra</p></td> -<td class="tdc vertb padr2">2 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2100</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2450</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Denby,” Denby Motor Truck Co., Detroit, -Mich., 4 models. 1-ton complete. -Other bodies extra. Internal -gear drive</p></td> -<td class="tdc vertb padr2">1 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1275</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Den Mo,” The Denneen Motor Co., -Cleveland, Ohio., 1 model. Chassis -only. Internal gear drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>4</sub> to 1<sup>7</sup>⁄<sub>8</sub></td> -<td class="tdr vertb">1385</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Diamond T,” Diamond T Motor Car -Co., Chicago, Ill., 5 models. Chassis -only</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1485</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4100</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dispatch,” Dispatch Motor Car Co., -Minneapolis, Minn., 2 models. Complete. -Internal chain drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">1100</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Dorris,” Dorris Motor Car Co., St. -Louis, Mo., 1 model. Chassis only. -Worm drive</p></td> -<td class="tdc vertb padr2">2</td> -<td class="tdr vertb">2185</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Downing,” Downing Motor Truck -Co., Detroit, Mich., 2 models</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">600</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Duplex 4-Wheel Drive,” Duplex -<span class="pagenum" id="Page_234">234</span>Truck Co., Lansing, Mich., 1 model.</p></td> -<td class="tdc vertb padr2">3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">3600</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ellsworth,” Mills-Ellsworth Co., Keokuk, Iowa, 1 model. Complete</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">695</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">720</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Erie,” Erie Motor Truck Mfg. Co., -Erie, Pa., 3 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2">1 to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Fargo,” Fargo Motor Car Co., Chicago, -Ill., 1 model. Bodies extra. -Internal Gear drive</p></td> -<td class="tdc vertb padr2">2</td> -<td class="tdr vertb">1390</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“F. W. D.,” Four-Wheel Drive Auto -Co., Clintonville, Wis., 1 model. -Chassis only. Bevel Gear drive</p></td> -<td class="tdc vertb padr2">3</td> -<td class="tdr vertb">4000</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Federal,” Federal Motor Truck Co., -Detroit, Mich., 5 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Gabriel,” Gabriel Auto Co., Cleveland, -Ohio, 3 models. Chassis only. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1600</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Garford,” The Garford Motor Truck -Co., Lima, Ohio, 10 models. Bodies -extra. Worm and Chain drive</p></td> -<td class="tdc vertb padr2">1 to 10</td> -<td class="tdr vertb">1750</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">6000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Gary,” The Gary Motor Truck Co., -Gary, Ind., 5 models. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Globe,” Globe Motor Truck Co., -Northville Mich., 2 models, 6 cylinders. -Chassis only. Worm and Internal -Gear drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1375</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1985</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“G. M. C.,” General Motors Truck Co., -Pontiac, Mich., 6 models. Bodies -extra. Chain and Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">1150</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Gramm-Bernstein,” Gramm-Bernstein -Motor Truck Co., Lima, Ohio., 6 -models. Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 6</td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hahn,” Hahn Motor Truck & Wagon -Co., Hamburg, Pa., 4 models. Worm -drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1150</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hall,” Lewis Hall Iron Works, Detroit, -Mich., 3 models. Worm and -Chain drive</p></td> -<td class="tdc vertb padr2">2 to 5</td> -<td class="tdr vertb">2000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Harley-Davidson,” Harley-Davidson -Motor Co., Milwaukee, Wis., 3 models. -Cycle delivery</p></td> -<td class="tdc vertb padr2">300 lbs.</td> -<td class="tdr vertb">310</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">380</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Harvey,” Harvey Motor Truck Company, -Harvey, Ill., 3 models. Bodies -<span class="pagenum" id="Page_235">235</span>extra. Worm drive</p></td> -<td class="tdc vertb padr2">2<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">2500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hatfield,” Cortland Cart & Carriage -Co., Sidney, N. Y., 3 models. Complete. -Bevel Gear drive</p></td> -<td class="tdc vertb padr2">1000 lbs.</td> -<td class="tdr vertb">765</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">820</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hawkeye,” Hawkeye Mfg. Co., Sioux -City, Iowa, 1 model. Chassis only. -Internal Gear drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">1300</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Henderson Bros.” Henderson Bros., -North Cambridge, Mass., 2 models. -Chassis only. Worm drive</p></td> -<td class="tdc vertb padr2">1200 lbs. and 1 ton</td> -<td class="tdr vertb">1225</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hewitt-Ludlow,” Hewitt-Ludlow Auto -Co., San Francisco, Cal. 5 models. -Chassis only. Worm and Chain -drive. Also tractors</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1800</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4550</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hoover,” Hoover Wagon Co., York, -Pa., 1 model. Bodies to order. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">1190</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Horner,” Detroit-Wyandotte Motor -Truck Co., Wyandotte, Mich., 4 -models. Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">2350</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Houghton,” The Houghton Motor Car -Co., Marion, Ohio, hearses and ambulances. -Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">1585</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Hurlburt,” Hurlburt Motor Co., New -York City, N. Y., 5 models. Worm -drive. Chassis only</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 7</td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">5000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Independent,” Independent Motors -Co., Port Huron, Mich., 2 models. -Worm drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1385</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Indiana,” Indiana Truck Co., Marion, -Ind., 4 models. Bodies extra</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1385</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“International,” International Harvester -Co., Chicago, Ill., 2 models. -Bodies extra. Internal Gear drive.</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> and 1</td> -<td class="tdr vertb">1225</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Jeffery,” The Nash Motors Co., Kenosha, -Wis., 3 models. Bodies extra. -Bevel and Internal Gear drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 2</td> -<td class="tdr vertb">965</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kearns,” Kearns Motor Truck Co., -Beavertown, Pa., 1 model. Complete. -Shaft drive</p></td> -<td class="tdc vertb padr2">1000 lbs.</td> -<td class="tdr vertb">785</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kelly,” The Kelly-Springfield Motor -Truck Co., Springfield, Ohio, 8 models. -Chassis only. Worm and -<span class="pagenum" id="Page_236">236</span>Chain drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 6</td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“King,” A. R. King Mfg. Co., Kingston, -N. Y., 1 model. Chassis only. Chain -drive</p></td> -<td class="tdc vertb padr2">3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2600</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kissel,” The Kissel Motor Co., Hartford, -Wis., 7 models. Bodies extra. -Worm and bevel drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">950</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Kleiber,” Kleiber & Co., Inc., San -Francisco, Cal., 5 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Knickerbocker,” Knickerbocker Motors, -Inc., N. Y. City, 3 models. -Bodies extra. Worm drive. Also -3-ton tractor</p></td> -<td class="tdc vertb padr2">3 to 5</td> -<td class="tdr vertb">3500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Koehler,” H. J. Koehler Motors Corp., -Newark, N. J., 1 model. Bodies -extra. Internal Gear drive</p></td> -<td class="tdc vertb padr2">1</td> -<td class="tdr vertb">895</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Koenig & Luhrs,” Koenig & Luhrs -Wagon Co., Quincy, Ill., 1 model</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">900</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Krebs,” Krebs Commercial Car Co., -Clyde, Ohio, 4 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">2050</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lambert,” Buckeye Mfg. Co., Anderson, -Ind., 5 models. Also tractors. -Chain drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 2</td> -<td class="tdr vertb">900</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lamson,” Zeitler & Lamson Truck -Co., Chicago, Ill., 4 models. Chassis -only. Worm drive. Also tractor -and dumping equipment</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1550</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lange,” Lange Motor Truck Co., -Pittsburgh, Pa., 2 models. Bodies -extra</p></td> -<td class="tdc vertb padr2">1 to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1850</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2450</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Larrabee,” Larrabee-Deyo Motor -Truck Co., Binghamton, N. Y., 4 -models. Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1600</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3300</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lenox,” Lenox Motor Car Co., Boston, -Mass., 2 models, 4 and 6 cylinders. -12 to 28 tons haulage</p></td> -<td class="tdc vertb padr2">Tractor</td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Leslie,” Leslie Motor Car Co., Detroit, -Mich., 1 model. Kerosene fuel</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub></td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lippard-Stewart,” Lippard-Stewart -Motor Car Co., Buffalo, N. Y., 5 -<span class="pagenum" id="Page_237">237</span>models. Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 2</td> -<td class="tdr vertb">1000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Little Giant,” Chicago Pneumatic -Tool Co., Chicago, Ill., 3 models. -Bodies extra. Chain and Worm -drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1400</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Maccar,” Maccar Truck Co., Scranton, -Pa., 4 models. Chassis only. -Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2100</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mack,” International Motor Co., N. -Y. City, 6 models. Chassis only. -Chain and Worm drive</p></td> -<td class="tdc vertb padr2">1 to 7<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2150</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Maxim,” Maxim Motor Co., Middleboro, -Mass., 2 models, 4 and 6 cylinders. -Bodies extra. Fire apparatus -special. Worm drive</p></td> -<td class="tdc vertb padr2">2</td> -<td class="tdr vertb">2500</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">3500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“M. H. C.,” Michigan Hearse & Motor -Co., Grand Rapids, Mich., funeral -cars, etc., 6 cylinders</p></td> -<td class="tdc vertb padr2"> </td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“The Menominee,” Menominee Motor -Truck Co., Menominee, Mich., 5 -models. Bodies extra. Worm drive.</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1295</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2775</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mercury,” The Mercury Mfg. Co., -Chicago, Ill., tractor, 3 models</p></td> -<td class="tdc vertb padr2"> </td> -<td class="tdr vertb">3400</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Modern,” Bowling Green Motor Truck -Co., Bowling Green, Ohio, 2 models. -Chassis only. Worm drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">2000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moeller,” New Haven Truck & Auto -Works, New Haven, Conn., 3 models. -Bodies extra. Chain drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">2500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mogul,” Mogul Motor Truck Co., St. -Louis, Mo., 4 models. Bodies extra. -Worm and Chain drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 6</td> -<td class="tdr vertb">1600</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Monarch,” Monarch Light Truck Co., -Milwaukee, Wis., 2 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> and 1</td> -<td class="tdr vertb">750</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">950</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moon,” Jos. W. Moon Buggy Co., St. -Louis, Mo., 2 models. Bodies extra. -Chain and Shaft drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">950</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Moreland,” Moreland Motor Truck -Co., Los Angeles, Cal., 4 models. -Chassis only. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">1290</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Morton,” Morton Truck and Tractor -Co., Harrisburg, Pa., 1 model. -<span class="pagenum" id="Page_238">238</span>Chassis only. Worm drive</p></td> -<td class="tdc vertb padr2">3</td> -<td class="tdr vertb">4250</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Nelson Lemoon,” Nelson & LeMoon, -Chicago, Ill., 4 models. Worm drive. -Chassis only</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1700</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Netco,” New England Truck Co., -Fitchburg, Mass., 3 models, 4 and 6 -cylinders. Bodies and fire apparatus -extra. Worm</p></td> -<td class="tdc vertb padr2">drive 1<sup>1</sup>⁄<sub>2</sub> to 2</td> -<td class="tdr vertb">2350</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Niles,” Niles Car & Mfg. Co., Niles, -Ohio, 2 models. Bodies to order. -Worm drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Northwestern,” Star Carriage Co., -Seattle, Wash., 1 model. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2150</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Old Hickory,” Kentucky Wagon Mfg. -Co., Louisville, Ky., 1 model. Bodies -extra. Bevel Gear drive</p></td> -<td class="tdc vertb padr2">1250 lbs.</td> -<td class="tdr vertb">825</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Old Reliable,” Old Reliable Motor -Truck Co., Chicago, Ill., 12 models. -Bodies and trailers extra. Chain -and Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 7</td> -<td class="tdr vertb">1950</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">5000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Packard,” Packard Motor Car Co., -Detroit, Mich., 7 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 6</td> -<td class="tdr vertb">2200</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4550</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Palmer-Moore,” Palmer-Moore Co., -Syracuse, N. Y., 2 models. Bodies -extra. Internal Gear drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1075</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1675</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Paragan,” Paragan Motor Truck Co., -Auburn, Ind., 1 model, 4 bodies</p></td> -<td class="tdc vertb padr2">1</td> -<td class="tdr vertb">975</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Peerless,” Peerless Motor Car Co., -Cleveland, Ohio, 6 models. Bodies -and tractors extra. Chain and -Worm drive</p></td> -<td class="tdc vertb padr2">2 to 6</td> -<td class="tdr vertb">3000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">5000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Pierce-Arrow,” Pierce-Arrow Motor -Car Co., Buffalo, N. Y., 2 models. -Bodies extra. Worm drive</p></td><td> </td> -<td> </td> -<td class="tdc vertb padr2">2 and 5</td> -<td class="tdr vertb">3000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Piggins,” Piggins Motor Truck Co., -Racine, Wis., 4 models. Chassis -only. Enclosed Spur Gear drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1750</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Rainer,” Rainer Motor Corp., N. Y. -City, 1 model. Bodies extra. Worm -<span class="pagenum" id="Page_239">239</span>drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">875</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Reo,” Reo Motor Car Co., Lansing, -Mich., 2 models <sup>3</sup>⁄<sub>4</sub>-ton with express -body. Other, chassis only. Shaft -and Chain drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> and 5</td> -<td class="tdr vertb">1000</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Republic,” Republic Motor Truck Co., -Alma, Mich., 4 models, <sup>3</sup>⁄<sub>4</sub>-ton complete. -Other bodies extra. Internal -Gear drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">750</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2550</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Riker,” The Locomobile Co. of America, -Bridgeport, Conn., 2 models. -Bodies, tractor, etc., extra. Worm -drive</p></td> -<td class="tdc vertb padr2">3 and 4</td> -<td class="tdr vertb">3600</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Rowe,” Rowe Motor Mfg. Co., Downington, -Pa., 5 models. Chassis only. -Fire apparatus special</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">2450</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Rush,” Rush Motor Truck Co., Philadelphia, -Pa., 1 model. Bodies extra. -Bevel Gear drive.</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">735</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Sandow,” Sandow Motor Truck Co., -Chicago, Ill., 4 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2">1 to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">1150</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Sanford,” Sanford Motor Truck Co., -Syracuse, N. Y., 3 models. Chassis -only. Internal Gear drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 2</td> -<td class="tdr vertb">1290</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2100</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Saurer,” International Motor Co., N. -Y. City, 2 models. Chassis only. -Chain drive</p></td> -<td class="tdc vertb padr2">5 and 6<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">4800</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">5800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Schacht,” The G. A. Schacht Motor -Truck Co., Cincinnati, Ohio, 3 models. -Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 3</td> -<td class="tdr vertb">2650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Selden,” Selden Truck Sales Co., -Rochester, N. Y., 5 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">985</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Service,” Service Motor Truck Co., -Wabash, Ind., 5 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1375</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Signal,” Signal Motor Truck Co., Detroit, -Mich., 5 models. Bodies extra. -Worm drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1550</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Standard,” Standard Motor Truck -Co., Detroit, Mich., 3 models. Chain -<span class="pagenum" id="Page_240">240</span>and Worm drive</p></td> -<td class="tdc vertb padr2">2 to 5</td> -<td class="tdr vertb">2300</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3700</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stanley,” Stanley Motor Carriage -Co., Newton, Mass., 2 models, steam -power. Bodies extra</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 1<sup>1</sup>⁄<sub>4</sub></td> -<td class="tdr vertb">1775</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2200</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stegeman,” Stegeman Motor Car Co., -Milwaukee, Wis., 5 models, 6 cylinders. -Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2">2 to 7</td> -<td class="tdr vertb">2250 to</td> -<td class="tdr vertb">4600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Sterling,” Sterling Motor Truck Co., -Milwaukee, Wis., 4 models. Chassis -only. Worm and Chain drive</p></td> -<td class="tdc vertb padr2">2<sup>1</sup>⁄<sub>2</sub> to 7</td> -<td class="tdr vertb">2800</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">5250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Stewart,” Stewart Motor Corp., Buffalo, -N. Y., 3 models. Bodies extra. -Internal Gear drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 1<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">795</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1485</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Studebaker,” Studebaker Corp. of -America, Detroit, Mich., 2 models. -With and without bodies. Shaft -drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> and 1</td> -<td class="tdr vertb">876</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Superior,” E. G. Willingham’s Sons, -Atlanta, Ga., 2 models. Bodies -extra. Internal Gear drive</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">1350</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Thomas,” Thomas Auto Truck Co., -Inc., New York City, 1 model. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">2 to 2<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2700</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ton A Ford” (Extension Chassis), -Ton A Ford Truck Co., Racine, Wis. -Ford chassis and motor. Bodies -extra</p></td> -<td class="tdc vertb padr2">1</td> -<td class="tdr vertb">685</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Tower,” Tower Motor Truck Co., -Greenville, Mich., 5 models. Bodies -extra</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3</td> -<td class="tdr vertb">1150</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Trabold,” Trabold Truck Mfg. Co., -Johnstown, Pa., 2 models. Chassis -only</p></td> -<td class="tdc vertb padr2">1 and 2</td> -<td class="tdr vertb">975</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1750</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Trojan,” The Commercial Truck Co., -Cleveland, Ohio, 2 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">1</td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">1600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“United,” United Motors Co., Grand -Rapids, Mich., 4 models. Bodies -extra. Worm drive</p></td> -<td class="tdc vertb padr2">2 to 5</td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3900</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“U. S.,” United States Motor Truck -Co., Cincinnati, Ohio, 5 models. -Bodies extra. Chain and Worm -<span class="pagenum" id="Page_241">241</span>drive</p></td> -<td class="tdc vertb padr2">2<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">2500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Universal,” Universal Service Co., -Detroit, Mich., 4 models. Bodies -extra. Chain and Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 3</td> -<td class="tdr vertb">2000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3400</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Veerac,” Veerac Company, Minneapolis, -Minn., 3 models, 2 cylinders. -Complete. Chain drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> and 1</td> -<td class="tdr vertb">950</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1150</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Velle,” Velle Motors Corp., Moline, -Ill., 2 models. Bodies extra. Worm -drive</p></td> -<td class="tdc vertb padr2">2 and 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2250</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">3350</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Viall,” Viall Motor Car Co., Chicago, -Ill., 4 models. Chassis only. Chain -and Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">1650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3250</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Vim,” Vim Motor Truck Co., Philadelphia, -Pa., 12 delivery bodies. -Complete. Bevel Gear drive</p></td> -<td class="tdc vertb padr2"> </td> -<td class="tdr vertb">695</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">1385</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Voltz,” Voltz Brothers, Chicago, Ill., -2 models. Bodies extra. Chain -drive</p></td> -<td class="tdc vertb padr2">3 and 5</td> -<td class="tdr vertb">2750</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">3600</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Walter,” Walter Motor Truck Co., N. -Y. City., 6 models. Also tractor. -Bodies extra. Internal Gear drive</p></td> -<td class="tdc vertb padr2">3 to 7<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">4000</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ware,” Twin City Four Wheel Drive -Co., St. Paul, Minn., 3 models. Complete. -Direct Shaft drive</p></td> -<td class="tdc vertb padr2">2<sup>1</sup>⁄<sub>2</sub> and 5</td> -<td class="tdr vertb">2800</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4800</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Watson,” Watson Wagon Co., Canastota, -N. Y. Tractor and Trailer</p></td> -<td class="tdc vertb padr2">5</td> -<td class="tdl vertb">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“White,” The White Co., Cleveland, -Ohio, 4 models. Bodies extra. Fire -apparatus, etc., special. Chain and -Shaft drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">2100</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wichita,” Wichita Falls Motor Co., -Wichita Falls, Texas, 8 models. -Bodies extra. Worm and Chain -drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdr vertb">1650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3850</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wilcox Trux,” Wilcox Motor Truck -Co., Minneapolis, Minn., 5 models. -Bodies extra. Worm drive</p></td> -<td class="tdc vertb padr2"><sup>3</sup>⁄<sub>4</sub> to 3<sup>1</sup>⁄<sub>2</sub></td> -<td class="tdl vertb">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wilson,” J. C. Wilson Co., Detroit, -Mich., 4 models, 5-ton haulage. -Body extra. Worm Gear drive</p></td> -<td class="tdc vertb padr2">1 to 3</td> -<td class="tdr vertb">1375</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">2650</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wisconsin,” Myers Machine Co., Sheboygan, -Wis., 4 models. Bodies -<span class="pagenum" id="Page_242">242</span>extra. Worm drive</p></td> -<td class="tdc vertb padr2">1<sup>1</sup>⁄<sub>4</sub> to 5</td> -<td class="tdr vertb">1650</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Wonder,” Wonder Motor Truck Co., -Chicago, Ill., 1 model, 3 bodies. -(Truck and Pleasure.)</p></td> -<td class="tdc vertb padr2">1</td> -<td class="tdr vertb">800</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">850</td> -</tr> -<tr> -<td class="tdc large padt1 padb1" colspan="5"> -ELECTRIC COMMERCIAL VEHICLES</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Atlantic,” Atlantic Electric Vehicle -Co., Newark, N. J., 4 models. With -or without bodies. Chain drive</p></td> -<td class="tdc vertb padr2">1 to 5</td> -<td class="tdl vertb">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Beardsley,” Beardsley Electric Vehicle -Co., Los Angeles, Cal., 2 models. -Shaft drive</p></td> -<td class="tdc vertb padr2">150 and 2000 lbs.</td> -<td class="tdr vertb">1185</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">2000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“C. T.” Commercial Truck Co. of -America, Phila., Pa., 5 models. -Chassis only. Gear drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">1500</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Couple Gear,” Couple Gear Freight -Wheel Co., Grand Rapids, Mich., 2 -models. Four-wheel drive. Complete</p></td> -<td class="tdc vertb padr2">3<sup>1</sup>⁄<sub>2</sub> and 5</td> -<td class="tdr vertb">4400</td> -<td class="tdc vertb">and</td> -<td class="tdr vertb">5000</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Fritchie,” Fritchie Electric Co., Denver, -Colo., 1 model. Complete</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub></td> -<td class="tdr vertb">2000</td> -<td> </td> -<td> </td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“G. V.,” General Vehicle Co., Inc., -Long Island City, N. Y., 6 models. -Bodies extra. Worm and Chain -drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdr vertb">1700</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3700</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Lansden,” Lansden Co., Inc., Brooklyn, -N. Y., 6 models. Chassis only. -Chain and direct drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 6</td> -<td class="tdr vertb">1460</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">3500</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Mercury,” The Mercury Mfg. Co., -Chicago, Ill., 3 models</p></td> -<td class="tdc vertb padr2">Tractor</td> -<td class="tdr vertb">1274</td> -<td class="tdc vertb">to</td> -<td class="tdr vertb">4435</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Walker,” Walker Vehicle Co., Chicago, -Ill., 6 models. Chassis only. -Tractors up to 10 tons. Balance -drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>2</sub> to 5</td> -<td class="tdl vertb" colspan="3">On application</td> -</tr> -<tr> -<td class="tdl vertt"><p class="indent">“Ward,” Ward Motor Vehicle Co., -Mount Vernon, N. Y., 5 models. -Chassis only. Worm and Helical -Bevel drive</p></td> -<td class="tdc vertb padr2"><sup>1</sup>⁄<sub>3</sub> to 5</td> -<td class="tdr vertb">760</td> -<td class="tdc vertb">up</td> -<td> </td> -</tr></table> - -<hr class="chap x-ebookmaker-drop" /> - -<div class="chapter"> -<p><span class="pagenum" id="Page_243">243</span></p> - -<h2 class="nobreak" id="GENERAL_INDEX">GENERAL INDEX</h2> -</div> -<p class="right">Page</p> -<ul class="index"> -<li class="ifrst">Abbott Corporation, <a href="#Page_96">96</a>-<a href="#Page_221">221</a></li> - -<li class="indx">Accessories; importance in the automobile industry, <a href="#Page_120">120</a></li> - -<li class="indx">Advertising; influence in popularizing automobiles, <a href="#Page_83">83</a>, <a href="#Page_84">84</a>, <a href="#Page_85">85</a>, <a href="#Page_86">86</a>, <a href="#Page_87">87</a>, <a href="#Page_88">88</a>, <a href="#Page_91">91</a>, <a href="#Page_97">97</a></li> - -<li class="indx">Aid by dealers in promoting automobile industry, <a href="#Page_143">143</a>, <a href="#Page_144">144</a></li> - -<li class="indx">Ajax Rubber Tire Co., <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_190">190</a></li> - -<li class="indx">Alliance Rubber Tire Co., <a href="#Page_182">182</a>, <a href="#Page_188">188</a></li> - -<li class="indx">Allison, Robert, purchaser of first American gasoline car, <a href="#Page_76">76</a></li> - -<li class="indx">Allen Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_221">221</a></li> - -<li class="indx">Aluminum, extent of use in automobiles, <a href="#Page_44">44</a></li> - -<li class="indx">American Automobile Association, <a href="#Page_35">35</a>, <a href="#Page_133">133</a>, <a href="#Page_135">135</a></li> - -<li class="indx">American Motors Corporation, <a href="#Page_95">95</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_221">221</a></li> - -<li class="indx">America’s part in inventing fundamentals of the automobile, <a href="#Page_77">77</a></li> - -<li class="indx">America’s part in the first commercialization of the automobile, <a href="#Page_78">78</a></li> - -<li class="indx">Apperson Brothers, <a href="#Page_115">115</a>, <a href="#Page_194">194</a>, <a href="#Page_221">221</a></li> - -<li class="indx">Appreciation in value of automobile stocks, <a href="#Page_201">201</a>, <a href="#Page_202">202</a></li> - -<li class="indx">Association of Licensed Automobile Manufacturers, <a href="#Page_37">37</a>, <a href="#Page_38">38</a>, <a href="#Page_39">39</a>, <a href="#Page_109">109</a>, <a href="#Page_112">112</a>, <a href="#Page_135">135</a></li> - -<li class="indx">Attitude of people toward the automobile in 1893-8, <a href="#Page_75">75</a></li> - -<li class="indx">Auburn Automobile Co., <a href="#Page_95">95</a>, <a href="#Page_221">221</a></li> - -<li class="indx">Auto Body Co., <a href="#Page_193">193</a></li> - -<li class="indx">Automobile, accessories and tire securities traded in on New York Curb 1906, 1909, 1912 and 1916, <a href="#Page_187">187</a>-<a href="#Page_191">191</a></li> - -<li class="indx">Automobile market for 1917, estimated, <a href="#Page_215">215</a>, <a href="#Page_216">216</a>, <a href="#Page_217">217</a>, <a href="#Page_218">218</a></li> - -<li class="indx">Automobiles, commercial—names, capacity, maker, price, <a href="#Page_231">231</a>-<a href="#Page_242">242</a></li> - -<li class="indx">Automobile securities traded in on New York Stock Exchange, 1906, 1909, 1912 and 1916, <a href="#Page_178">178-183</a></li> - -<li class="indx">Automobiles, passenger—names, cylinders, maker, price, <a href="#Page_221">221</a>- <a href="#Page_229">229</a></li> - -<li class="indx">Average price all motor vehicles, 1916, <a href="#Page_100">100</a>, <a href="#Page_139">139</a>, <a href="#Page_174">174</a>, <a href="#Page_175">175</a></li> - -<li class="indx">Average price of automobile and tire stocks traded in on New York Stock Exchange 1906, 1909, 1912 and 1916, <a href="#Page_185">185</a></li> - -<li class="indx">Average price of automobile tire and accessories stocks traded in on New York Curb 1906, 1909, 1912 and 1916, <a href="#Page_192">192</a></li> - -<li class="ifrst">Benefits of the automobile in affording first hand knowledge—social and economic value, <a href="#Page_155">155-166</a></li> - -<li class="indx">Ben-Hur Motor Co., <a href="#Page_96">96</a>, <a href="#Page_221">221</a></li> - -<li class="indx"><span class="pagenum" id="Page_244">244</span>Benz, builder of first internal combustion road vehicle, <a href="#Page_69">69</a>, <a href="#Page_74">74</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Blanchard, Thomas, early American auto builder, <a href="#Page_62">62</a></li> - -<li class="indx">Bollee, Frenchman who attained highest efficiency in early automobile construction, <a href="#Page_64">64</a>, <a href="#Page_65">65</a>, <a href="#Page_67">67</a></li> - -<li class="indx">Bouton, French maker of gasoline cars, <a href="#Page_72">72</a>, <a href="#Page_78">78</a></li> - -<li class="indx">Brady, A. F., early automobile capitalist, <a href="#Page_108">108</a></li> - -<li class="indx">Brush Automobile Co., <a href="#Page_201">201</a></li> - -<li class="indx">Buick Motor Co., <a href="#Page_95">95</a>, <a href="#Page_221">221</a></li> - -<li class="ifrst">Cadillac Motor Co., <a href="#Page_93">93</a>, <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Capital invested in automobiles, <a href="#Page_141">141</a></li> - -<li class="indx">Case, J. I., T. M. Co., <a href="#Page_95">95</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Chalmers Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_115">115</a>, <a href="#Page_118">118</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_193">193</a>, <a href="#Page_196">196</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Chandler Motor Co., <a href="#Page_96">96</a>, <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_190">190</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Character of American people largely responsible for automobile’s commercial success, <a href="#Page_89">89</a>, <a href="#Page_90">90</a></li> - -<li class="indx">Chevrolet Motor Co., <a href="#Page_96">96</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_193">193</a>, <a href="#Page_205">205</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Chromium—value in automobile construction, <a href="#Page_129">129</a></li> - -<li class="indx">Cole Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Columbia Motor Co., <a href="#Page_201">201</a>, <a href="#Page_222">222</a></li> - -<li class="indx">Columbia Automobile Co. of New Jersey, <a href="#Page_108">108</a></li> - -<li class="indx">Companies whose securities are not generally traded in, <a href="#Page_184">184</a>, <a href="#Page_185">185</a></li> - -<li class="indx">Consolidated Car Co., <a href="#Page_194">194</a></li> - -<li class="indx">Continental Motors, <a href="#Page_193">193</a></li> - -<li class="indx">Consolidated Rubber Tire Co., <a href="#Page_182">182</a>, <a href="#Page_188">188</a></li> - -<li class="indx">Co-operation in automobile industry, <a href="#Page_125">125</a>, <a href="#Page_126">126</a>, <a href="#Page_127">127</a>, <a href="#Page_128">128</a>, <a href="#Page_129">129</a>, <a href="#Page_130">130</a>, <a href="#Page_132">132</a>, <a href="#Page_133">133</a>, <a href="#Page_134">134</a>, <a href="#Page_135">135</a>, <a href="#Page_136">136</a>, <a href="#Page_137">137</a></li> - -<li class="indx">Crow-Elkhart Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_221">221</a></li> - -<li class="indx">Cugnot, Nicholas Joseph, inventor of first automobile, <a href="#Page_50">50</a>, <a href="#Page_51">51</a>, <a href="#Page_52">52</a>, <a href="#Page_53">53</a>, <a href="#Page_54">54</a>, <a href="#Page_57">57</a>, <a href="#Page_77">77</a>, <a href="#Page_78">78</a></li> - -<li class="indx">Cunningham, Jas. Son & Co., <a href="#Page_96">96</a>, <a href="#Page_222">222</a></li> - -<li class="ifrst">Daimler, Gottlieb, inventor of hot tube ignition, <a href="#Page_69">69</a>, <a href="#Page_70">70</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Decrease in average price of automobiles, <a href="#Page_28">28</a>, <a href="#Page_100">100</a>, <a href="#Page_175">175</a></li> - -<li class="indx">De Dion, French maker of gasoline cars, <a href="#Page_72">72</a>, <a href="#Page_78">78</a></li> - -<li class="indx">Depreciation in automobile stocks, <a href="#Page_201">201</a>, <a href="#Page_202">202</a></li> - -<li class="indx">Detroit Automobile Co., <a href="#Page_93">93</a></li> - -<li class="indx">Difficulty in getting capital, <a href="#Page_142">142</a></li> - -<li class="indx">Distribution of leading motor cars by states, <a href="#Page_213">213</a></li> - -<li class="indx">Doble, builder of steam cars, <a href="#Page_118">118</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Dodge Brothers, <a href="#Page_96">96</a>, <a href="#Page_194">194</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Dorris Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Dort Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Drexel Motor Car Corporation, <a href="#Page_96">96</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Duryea, Charles E., builder of first gasoline automobile in America that ran (frontispiece), <a href="#Page_72">72</a>, <a href="#Page_74">74</a>, <a href="#Page_76">76</a>, <a href="#Page_92">92</a>, <a href="#Page_93">93</a></li> - -<li class="ifrst">Economy of factory operation, <a href="#Page_43">43</a>, <a href="#Page_130">130</a>, <a href="#Page_131">131</a>, <a href="#Page_132">132</a></li> - -<li class="indx">Edmunds & Jones Corporation, <a href="#Page_197">197</a></li> - -<li class="indx"><span class="pagenum" id="Page_245">245</span>Electric automobiles; when first sold in commercial quantities in the United States, <a href="#Page_78">78</a></li> - -<li class="indx">Electric Vehicle Co., <a href="#Page_182">182</a>, <a href="#Page_188">188</a></li> - -<li class="indx">Electric Vehicle Co. of New Jersey, <a href="#Page_69">69</a>, <a href="#Page_114">114</a></li> - -<li class="indx">Elgin Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Emerson Motors Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_201">201</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Enger Motor Car Co., <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_223">223</a></li> - -<li class="indx">Enthusiasm part in industry’s success, <a href="#Page_92">92</a></li> - -<li class="indx">Essex Motor Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="indx">Evans, Oliver, first known American experimenter with steam automobile, <a href="#Page_57">57</a>, <a href="#Page_58">58</a>, <a href="#Page_59">59</a>, <a href="#Page_60">60</a>, <a href="#Page_72">72</a></li> - -<li class="ifrst">Falls Motor Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Federal Motor Truck Co., <a href="#Page_194">194</a>, <a href="#Page_234">234</a></li> - -<li class="indx">Firestone Tire & Rubber Co., <a href="#Page_193">193</a>, <a href="#Page_199">199</a></li> - -<li class="indx">First automobile ever made, <a href="#Page_50">50</a>, <a href="#Page_51">51</a>, <a href="#Page_52">52</a>, <a href="#Page_53">53</a></li> - -<li class="indx">First auto race in America, <a href="#Page_73">73</a></li> - -<li class="indx">First auto race in the world, <a href="#Page_73">73</a></li> - -<li class="indx">First automobile run on a road with any success, <a href="#Page_56">56</a></li> - -<li class="indx">First chaise propelled by other than horse power, <a href="#Page_50">50</a></li> - -<li class="indx">First electric automobile built and first sold in the United States, <a href="#Page_71">71</a>, <a href="#Page_118">118</a></li> - -<li class="indx">First automobile built in America that ran; first sold in the United States, <a href="#Page_72">72</a>, <a href="#Page_73">73</a>, <a href="#Page_74">74</a>, <a href="#Page_75">75</a>, <a href="#Page_76">76</a>, <a href="#Page_118">118</a></li> - -<li class="indx">First modern steam car built in the United States; first sold in the United States, <a href="#Page_70">70</a>, <a href="#Page_118">118</a></li> - -<li class="indx">First use of internal combustion to drive piston in cylinder, <a href="#Page_50">50</a></li> - -<li class="indx">Fisher Body Corporation, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_197">197</a>, <a href="#Page_198">198</a></li> - -<li class="indx">Fisk Tire Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_200">200</a></li> - -<li class="indx">Ford, Henry (frontispiece), <a href="#Page_37">37</a>, <a href="#Page_38">38</a>, <a href="#Page_39">39</a>, <a href="#Page_74">74</a>, <a href="#Page_76">76</a>, <a href="#Page_81">81</a>, <a href="#Page_83">83</a>, <a href="#Page_92">92</a>, <a href="#Page_93">93</a>, <a href="#Page_94">94</a>, <a href="#Page_98">98</a>, <a href="#Page_101">101</a>, <a href="#Page_102">102</a>, <a href="#Page_110">110</a>, <a href="#Page_111">111</a>, <a href="#Page_112">112</a>, <a href="#Page_113">113</a>, <a href="#Page_114">114</a>, <a href="#Page_115">115</a></li> - -<li class="indx">Ford Motor Co., <a href="#Page_94">94</a>, <a href="#Page_95">95</a>, <a href="#Page_194">194</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Ford Motor Company of Canada, <a href="#Page_193">193</a>, <a href="#Page_195">195</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Ford Tractor Co., <a href="#Page_201">201</a></li> - -<li class="indx">Franklin, Benjamin Frontispiece,</li> - -<li class="indx">Franklin, H. H. Mfg. Co., <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_195">195</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Frederick, J. George, quotation, <a href="#Page_148">148</a>, <a href="#Page_149">149</a></li> - -<li class="indx">Future of automobile accessories, <a href="#Page_216">216</a>, <a href="#Page_217">217</a></li> - -<li class="indx">Future of automotive inventions in rural districts, <a href="#Page_124">124</a>, <a href="#Page_125">125</a></li> - -<li class="indx">Future of commercial automobiles, <a href="#Page_116">116</a>, <a href="#Page_117">117</a></li> - -<li class="indx">Future of electric automobile industry, <a href="#Page_116">116</a></li> - -<li class="indx">Future of automobile industry as an investment, <a href="#Page_145">145</a>, <a href="#Page_146">146</a>, <a href="#Page_147">147</a>, <a href="#Page_149">149</a>, <a href="#Page_150">150</a>, <a href="#Page_151">151</a>, <a href="#Page_152">152</a>, <a href="#Page_153">153</a>, <a href="#Page_154">154</a>, <a href="#Page_216">216</a>, <a href="#Page_217">217</a></li> - -<li class="indx">Future of the tire industry and stocks, <a href="#Page_217">217</a></li> - -<li class="indx">Future trend of automobile securities, <a href="#Page_206">206</a>, <a href="#Page_207">207</a>, <a href="#Page_209">209</a></li> - -<li class="ifrst"><span class="pagenum" id="Page_246">246</span>General Motors Co., <a href="#Page_29">29</a>, <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_182">182</a>, <a href="#Page_183">183</a>, <a href="#Page_188">188</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_193">193</a>, <a href="#Page_196">196</a>, <a href="#Page_197">197</a>, <a href="#Page_234">234</a></li> - -<li class="indx">Glide automobile, <a href="#Page_95">95</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Goodrich, B. F. Co., <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_190">190</a>, <a href="#Page_193">193</a></li> - -<li class="indx">Good roads; aid to automobile increase, <a href="#Page_46">46</a>, <a href="#Page_47">47</a>, <a href="#Page_133">133</a>, <a href="#Page_166">166</a></li> - -<li class="indx">Goodyear Tire & Rubber Co., <a href="#Page_193">193</a></li> - -<li class="indx">Gramm Motor Truck Co., <a href="#Page_195">195</a>, <a href="#Page_234">234</a></li> - -<li class="indx">Grant Motor Car Corporation, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Growth, record for rapidity held by automobile industry, <a href="#Page_173">173</a></li> - -<li class="indx">Gurney, Goldsworthy, early English automobile builder, <a href="#Page_63">63</a>, <a href="#Page_77">77</a></li> - -<li class="ifrst">Hancock, Walter, early English automobile builder, <a href="#Page_63">63</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Harroun Motors Corporation 96, <a href="#Page_201">201</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Haynes Automobile Co., <a href="#Page_195">195</a>, <a href="#Page_224">224</a></li> - -<li class="indx">Haynes, Elwood, builder of third successful gasoline car made in America, <a href="#Page_74">74</a>, <a href="#Page_76">76</a>, <a href="#Page_77">77</a>, <a href="#Page_92">92</a>, <a href="#Page_93">93</a>, <a href="#Page_94">94</a>, <a href="#Page_115">115</a></li> - -<li class="indx">High and low prices during 1916 of representative mining, steel, industrial and railroad groups of securities compared with similar groups in automobile field, <a href="#Page_204">204</a></li> - -<li class="indx">Horses, what each consumes and number in United States, <a href="#Page_168">168</a></li> - -<li class="indx">Hudson Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_225">225</a></li> - -<li class="indx">Hupp Motor Car Corporation 96, <a href="#Page_225">225</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="ifrst">Imperial Carbon Chaser Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Increase in production of motor trucks, <a href="#Page_100">100</a>, <a href="#Page_139">139</a>, <a href="#Page_140">140</a></li> - -<li class="indx">Increase of population in United States in 16 years, <a href="#Page_91">91</a></li> - -<li class="indx">Increase of wealth in United States in 12 years, <a href="#Page_91">91</a></li> - -<li class="indx">Intercon. Rubber Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="indx">Inter. Motors Co., <a href="#Page_189">189</a></li> - -<li class="indx">Interstate Motor Co., <a href="#Page_96">96</a>, <a href="#Page_225">225</a></li> - -<li class="ifrst">James, W. H., English inventor and auto builder, <a href="#Page_61">61</a>, <a href="#Page_62">62</a>, <a href="#Page_77">77</a></li> - -<li class="ifrst">Kelly Springfield Tire Co., <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_202">202</a>, <a href="#Page_205">205</a></li> - -<li class="indx">Kelsey Wheel, <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="indx">Keystone Tire & Rubber Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Kissel Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_195">195</a></li> - -<li class="indx">Knight, inventor of motor, <a href="#Page_77">77</a>, <a href="#Page_229">229</a></li> - -<li class="ifrst">Lee Tire & Rubber Co., <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_205">205</a></li> - -<li class="indx">Leland, of the Cadillac Co., <a href="#Page_115">115</a></li> - -<li class="indx">Levassor, who solved problem of road shock, <a href="#Page_72">72</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Lexington motor car, <a href="#Page_96">96</a>, <a href="#Page_225">225</a></li> - -<li class="indx">Locomobile Company of America, <a href="#Page_95">95</a>, <a href="#Page_225">225</a></li> - -<li class="ifrst">Madison Motors Co., <a href="#Page_96">96</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Machining, part played by, <a href="#Page_43">43</a>, <a href="#Page_44">44</a>, <a href="#Page_130">130</a></li> - -<li class="indx">Maibohm Motors Co., <a href="#Page_96">96</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Marmon automobile, <a href="#Page_95">95</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Maxwell-Briscoe, <a href="#Page_201">201</a></li> - -<li class="indx">Maxwell Motor Co., <a href="#Page_96">96</a>, <a href="#Page_178">178</a>, <a href="#Page_179">179</a>, <a href="#Page_190">190</a>, <a href="#Page_193">193</a>, <a href="#Page_201">201</a>, <a href="#Page_226">226</a></li> - -<li class="indx">McDonald, J. B., purchaser first electric automobile built, <a href="#Page_71">71</a></li> - -<li class="indx"><span class="pagenum" id="Page_247">247</span>Mechanical imperfections of early automobiles, <a href="#Page_61">61</a></li> - -<li class="indx">Metropolitan Motors Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="indx">Mitchell Motors Co., <a href="#Page_95">95</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_195">195</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Moline-Knight, <a href="#Page_95">95</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Monarch Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_226">226</a></li> - -<li class="indx">Money-earning possibilities of automobile investments now the greatest, <a href="#Page_174">174</a></li> - -<li class="indx">Moon Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_226">226</a>, <a href="#Page_237">237</a></li> - -<li class="indx">Morrison, William, builder first electric automobile, <a href="#Page_71">71</a></li> - -<li class="indx">Motor Products Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_197">197</a>, <a href="#Page_198">198</a></li> - -<li class="indx">Murdock, William, builder of model of second automobile, <a href="#Page_54">54</a>, <a href="#Page_55">55</a>, <a href="#Page_56">56</a></li> - -<li class="indx">Mutual Motors Co., <a href="#Page_195">195</a></li> - -<li class="ifrst">National Automobile Chamber of Commerce, <a href="#Page_28">28</a>, <a href="#Page_29">29</a>, <a href="#Page_30">30</a>, <a href="#Page_38">38</a>, <a href="#Page_135">135</a></li> - -<li class="indx">National Auto Corporation, <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">National Motor Car & Vehicle Corporation, <a href="#Page_196">196</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Newer entrants into securities market, <a href="#Page_200">200</a>, <a href="#Page_201">201</a></li> - -<li class="indx">Non-Skid chain, <a href="#Page_122">122</a></li> - -<li class="indx">Non-Skid tread, <a href="#Page_123">123</a></li> - -<li class="indx">Number of automobile manufacturers who failed, <a href="#Page_30">30</a>, <a href="#Page_97">97</a>, <a href="#Page_106">106</a></li> - -<li class="indx">Number of automobiles produced in 1903, <a href="#Page_30">30</a></li> - -<li class="indx">Number of automobiles produced in 1907, <a href="#Page_33">33</a></li> - -<li class="indx">Number of automobiles produced in 1908, <a href="#Page_34">34</a></li> - -<li class="indx">Number of automobiles produced in 1909-10-11-12-13-14-15-16, <a href="#Page_30">30</a>, <a href="#Page_34">34</a>, <a href="#Page_100">100</a>, <a href="#Page_139">139</a>, <a href="#Page_150">150</a></li> - -<li class="indx">Number of commercial vehicles produced in 1915, <a href="#Page_146">146</a></li> - -<li class="indx">Number of commercial vehicles produced in 1916, <a href="#Page_28">28</a>, <a href="#Page_140">140</a>, <a href="#Page_147">147</a></li> - -<li class="indx">Number of farms in United States, <a href="#Page_146">146</a></li> - -<li class="indx">Number of miles of roads improved and unimproved in United States, <a href="#Page_168">168</a></li> - -<li class="indx">Number of passenger automobiles produced in 1916, <a href="#Page_28">28</a></li> - -<li class="indx">Number of people in United States with incomes over $1,800, <a href="#Page_41">41</a></li> - -<li class="indx">Number of people in United States with incomes over $1,200, <a href="#Page_41">41</a></li> - -<li class="indx">Number of “rich” people in the United States, <a href="#Page_145">145</a></li> - -<li class="ifrst">Oakland Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Ohio Electric Car Co., <a href="#Page_96">96</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Olds, successful American auto builder, <a href="#Page_81">81</a>, <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Opposition, early, to automobile “craze”, <a href="#Page_104">104</a>, <a href="#Page_105">105</a></li> - -<li class="indx">Otto, inventor of gas engine, <a href="#Page_69">69</a>, <a href="#Page_113">113</a></li> - -<li class="indx">Output of automobile makers, how planned, <a href="#Page_41">41</a></li> - -<li class="ifrst">Packard Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_193">193</a>, <a href="#Page_227">227</a>, <a href="#Page_238">238</a></li> - -<li class="indx">Paige-Detroit Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_193">193</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Panhard, French maker of gasoline cars, <a href="#Page_72">72</a>, <a href="#Page_78">78</a></li> - -<li class="indx">Pecqueur, discoverer of principle of “differential”, <a href="#Page_62">62</a>, <a href="#Page_63">63</a>, <a href="#Page_77">77</a></li> - -<li class="indx"><span class="pagenum" id="Page_248">248</span>Peerless Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Percentage gain automobile production 1915 over 1914, <a href="#Page_28">28</a></li> - -<li class="indx">Percentage gain automobile production 1916 over 1915, <a href="#Page_28">28</a></li> - -<li class="indx">Per cent of value added by manufacture to automobiles, <a href="#Page_82">82</a></li> - -<li class="indx">Period of automobile industry’s greatest development in the United States, <a href="#Page_76">76</a></li> - -<li class="indx">Perlman Rim Corporation, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_197">197</a>, <a href="#Page_198">198</a></li> - -<li class="indx">Peugeot, French maker of gasoline cars, <a href="#Page_72">72</a>, <a href="#Page_78">78</a></li> - -<li class="indx">Pierce-Arrow Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_195">195</a>, <a href="#Page_197">197</a>, <a href="#Page_227">227</a></li> - -<li class="indx">Pope Manufacturing Co., <a href="#Page_108">108</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a></li> - -<li class="indx">Portage Rubber Co., <a href="#Page_193">193</a></li> - -<li class="indx">Premier Motor Corporation, <a href="#Page_95">95</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Present trend of automobile, accessories and tire securities, <a href="#Page_205">205</a>, <a href="#Page_206">206</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Princess Motor Car Corporation, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Prospects when war ends for automobile industry, <a href="#Page_47">47</a>, <a href="#Page_48">48</a></li> - -<li class="indx">Pullman Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_228">228</a></li> - -<li class="ifrst">Quantity production of automobiles, <a href="#Page_41">41</a>, <a href="#Page_43">43</a>, <a href="#Page_92">92</a>, <a href="#Page_98">98</a>, <a href="#Page_101">101</a></li> - -<li class="ifrst">Rate of growth of automobile production and registration compared with population, <a href="#Page_208">208</a></li> - -<li class="indx">Ratio of voting men to each registered automobile in United States, <a href="#Page_210">210</a>, <a href="#Page_211">211</a></li> - -<li class="indx">“Rauch & Lang” automobile, <a href="#Page_95">95</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Regal Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Registration of automobiles; increase since 1906, <a href="#Page_174">174</a></li> - -<li class="indx">Reliability contests; value of, <a href="#Page_34">34</a>, <a href="#Page_35">35</a>, <a href="#Page_36">36</a></li> - -<li class="indx">Reo Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_193">193</a>, <a href="#Page_228">228</a>, <a href="#Page_239">239</a></li> - -<li class="indx">Republic Motor Truck Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_189">189</a>, <a href="#Page_195">195</a>, <a href="#Page_239">239</a></li> - -<li class="indx">Republic Rubber Co., <a href="#Page_193">193</a></li> - -<li class="indx">Retail sales of motor vehicles in 1916, <a href="#Page_28">28</a></li> - -<li class="indx">Riker, builder of steam cars, <a href="#Page_78">78</a>, <a href="#Page_115">115</a>, <a href="#Page_118">118</a>, <a href="#Page_239">239</a></li> - -<li class="indx">Rims, demountable, <a href="#Page_123">123</a></li> - -<li class="indx">Roper, S. H., builder of first modern steam car in United States, <a href="#Page_70">70</a></li> - -<li class="indx">Rubber Goods Manufacturing Co., <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_190">190</a></li> - -<li class="indx">Ryan, Thomas F., early automobile capitalist, <a href="#Page_108">108</a></li> - -<li class="ifrst">Sampson, <a href="#Page_201">201</a></li> - -<li class="indx">Saturation, point of, not imminent, <a href="#Page_31">31</a>, <a href="#Page_145">145</a>, <a href="#Page_146">146</a>, <a href="#Page_151">151</a>, <a href="#Page_176">176</a>, <a href="#Page_209">209</a>, <a href="#Page_214">214</a></li> - -<li class="indx">Saxon Motors Co., <a href="#Page_96">96</a>, <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Scripps-Booth Corporation, <a href="#Page_96">96</a>, <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_228">228</a></li> - -<li class="indx">Securities, leading examples of prices, terms and promotion plans on which they were put out, <a href="#Page_195">195</a>-<a href="#Page_200">200</a></li> - -<li class="indx">Securities, trading in, Cleveland Stock Exchange, <a href="#Page_193">193</a></li> - -<li class="indx">Securities, trading in, Detroit Stock Exchange, <a href="#Page_193">193</a></li> - -<li class="indx"><span class="pagenum" id="Page_249">249</span>Selden, Geo. B., first patentor of gasoline motor, <a href="#Page_65">65</a>, <a href="#Page_66">66</a>, <a href="#Page_67">67</a>, <a href="#Page_68">68</a>, <a href="#Page_69">69</a>, <a href="#Page_77">77</a>, <a href="#Page_104">104</a>, <a href="#Page_114">114</a></li> - -<li class="indx">Selden “patent”, <a href="#Page_37">37</a>, <a href="#Page_104">104</a>, <a href="#Page_107">107</a>, <a href="#Page_108">108</a>, <a href="#Page_109">109</a>, <a href="#Page_110">110</a>, <a href="#Page_111">111</a>, <a href="#Page_112">112</a>, <a href="#Page_113">113</a>, <a href="#Page_114">114</a></li> - -<li class="indx">Self-starter, the, <a href="#Page_44">44</a>, <a href="#Page_45">45</a>, <a href="#Page_122">122</a></li> - -<li class="indx">Serpollet, made use of dry steam possible, <a href="#Page_73">73</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Sliding transmission, <a href="#Page_123">123</a></li> - -<li class="indx">Society of Automotive Engineers, <a href="#Page_44">44</a>, <a href="#Page_135">135</a></li> - -<li class="indx">Smith Motor Truck Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Spark plug, chambered, <a href="#Page_123">123</a></li> - -<li class="indx">Springfield Body Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Standardization of manufacture of automobiles, <a href="#Page_82">82</a>, <a href="#Page_97">97</a>, <a href="#Page_99">99</a>, <a href="#Page_100">100</a>, <a href="#Page_135">135</a>, <a href="#Page_136">136</a></li> - -<li class="indx">Standard Motor Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a>, <a href="#Page_239">239</a></li> - -<li class="indx">Stanley, builder of steam cars, <a href="#Page_78">78</a>, <a href="#Page_118">118</a>, <a href="#Page_119">119</a>, <a href="#Page_228">228</a>, <a href="#Page_240">240</a></li> - -<li class="indx">Stearns, B. F. Co., <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_195">195</a>, <a href="#Page_229">229</a></li> - -<li class="indx">Stocks of automobile companies; when they became known in the legitimate market, <a href="#Page_173">173</a></li> - -<li class="indx">Stoddard-Dayton, <a href="#Page_201">201</a></li> - -<li class="indx">Stromberg Carburetor Co., <a href="#Page_181">181</a>, <a href="#Page_187">187</a></li> - -<li class="indx">Studebaker Corporation, <a href="#Page_95">95</a>, <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_190">190</a>, <a href="#Page_193">193</a>, <a href="#Page_202">202</a>, <a href="#Page_205">205</a>, <a href="#Page_229">229</a>, <a href="#Page_240">240</a></li> - -<li class="indx">Stutz Motor Car Co., <a href="#Page_96">96</a>, <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_229">229</a></li> - -<li class="indx">Supremacy of United States in automobile industry, <a href="#Page_79">79</a>, <a href="#Page_80">80</a>, <a href="#Page_81">81</a>, <a href="#Page_82">82</a>, <a href="#Page_102">102</a></li> - -<li class="indx">Swinehart Tire & Rubber Co., <a href="#Page_193">193</a></li> - -<li class="ifrst">Thomas, E. R., Motor Car Co., <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_229">229</a>, <a href="#Page_240">240</a></li> - -<li class="indx">Time payment plan in buying automobiles, <a href="#Page_40">40</a>, <a href="#Page_41">41</a></li> - -<li class="indx">Time required to develop automobile, <a href="#Page_49">49</a></li> - -<li class="indx">Times Square Auto Supply Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="indx">Tires, rubber; history of, <a href="#Page_74">74</a>, <a href="#Page_120">120</a>, <a href="#Page_121">121</a>, <a href="#Page_122">122</a>, <a href="#Page_140">140</a></li> - -<li class="indx">Tires, solid, <a href="#Page_123">123</a></li> - -<li class="indx">Tractors, economical value and future, <a href="#Page_147">147</a>, <a href="#Page_148">148</a>, <a href="#Page_149">149</a></li> - -<li class="indx">Transue & Williams Steel Forging Co., <a href="#Page_197">197</a>, <a href="#Page_199">199</a></li> - -<li class="indx">Trevithick, Richard, early English automobile maker, <a href="#Page_56">56</a>, <a href="#Page_57">57</a>, <a href="#Page_58">58</a>, <a href="#Page_77">77</a></li> - -<li class="indx">Tungsten, value in automobile construction, <a href="#Page_129">129</a></li> - -<li class="ifrst">United Alloy Steel Corporation, <a href="#Page_197">197</a>, <a href="#Page_198">198</a>, <a href="#Page_199">199</a></li> - -<li class="indx">United Motors Co., <a href="#Page_182">182</a>, <a href="#Page_187">187</a>, <a href="#Page_205">205</a>, <a href="#Page_240">240</a></li> - -<li class="indx">United States Motors Co., <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_201">201</a>, <a href="#Page_240">240</a></li> - -<li class="indx">United States Rubber Co., <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_190">190</a>, <a href="#Page_200">200</a></li> - -<li class="indx">Universal Motor Co., <a href="#Page_183">183</a>, <a href="#Page_189">189</a></li> - -<li class="ifrst">Value of automobiles produced 1899 to 1916, <a href="#Page_139">139</a></li> - -<li class="indx">Value of automobiles produced 1907 to 1909, <a href="#Page_34">34</a></li> - -<li class="indx">Value of motor trucks produced in 1916, <a href="#Page_28">28</a></li> - -<li class="indx">Value of passenger cars produced in 1916, <a href="#Page_28">28</a></li> - -<li class="indx">Vanadium; value in automobile construction, <a href="#Page_129">129</a></li> - -<li class="indx">Velie Motors Corporation, <a href="#Page_96">96</a>, <a href="#Page_229">229</a></li> - -<li class="ifrst"><span class="pagenum" id="Page_250">250</span>War orders for automobile trucks, 1913-14, <a href="#Page_47">47</a></li> - -<li class="indx">War orders for automobile trucks, 1914-15, <a href="#Page_47">47</a></li> - -<li class="indx">War use of trucks; value in warfare, <a href="#Page_169">169</a>-<a href="#Page_170">170</a></li> - -<li class="indx">Watt, James, inventor of steam engine, <a href="#Page_51">51</a></li> - -<li class="indx">When early automobile had a “vogue” in England, <a href="#Page_63">63</a></li> - -<li class="indx">When French began selling automobiles in quantity, <a href="#Page_78">78</a></li> - -<li class="indx">White, inventor of generator for steam cars, <a href="#Page_77">77</a>, <a href="#Page_78">78</a>, <a href="#Page_95">95</a>, <a href="#Page_118">118</a>, <a href="#Page_119">119</a></li> - -<li class="indx">White Motor Co., <a href="#Page_95">95</a>, <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_183">183</a>, <a href="#Page_189">189</a>, <a href="#Page_190">190</a>, <a href="#Page_193">193</a>, <a href="#Page_229">229</a>, <a href="#Page_241">241</a></li> - -<li class="indx">Whitney, William O., early automobile capitalist, <a href="#Page_108">108</a></li> - -<li class="indx">Why early English automobiles failed, <a href="#Page_64">64</a></li> - -<li class="indx">Why gasoline cars are preferred, <a href="#Page_118">118</a></li> - -<li class="indx">Widener, P. A. B., early automobile capitalist, <a href="#Page_108">108</a></li> - -<li class="indx">Willys-Overland Co., <a href="#Page_42">42</a>, <a href="#Page_43">43</a>, <a href="#Page_81">81</a>, <a href="#Page_95">95</a>, <a href="#Page_115">115</a>, <a href="#Page_178">178</a>, <a href="#Page_180">180</a>, <a href="#Page_182">182</a>, <a href="#Page_188">188</a>, <a href="#Page_190">190</a>, <a href="#Page_196">196</a>, <a href="#Page_227">227</a>, <a href="#Page_229">229</a></li> - -<li class="indx">Winton, Alexander, sold first American gasoline car, <a href="#Page_76">76</a>, <a href="#Page_78">78</a>, <a href="#Page_93">93</a>, <a href="#Page_94">94</a>, <a href="#Page_95">95</a>, <a href="#Page_115">115</a></li> - -<li class="indx">Winton Co., <a href="#Page_195">195</a>, <a href="#Page_229">229</a></li> - -<li class="indx">Women as auto owners and drivers, <a href="#Page_45">45</a>, <a href="#Page_46">46</a>, <a href="#Page_123">123</a></li> - -<li class="ifrst">Year automobile industry entered “billion dollar class”, <a href="#Page_27">27</a></li> - -<li class="indx">Year of start of automobile business as a “real” industry, <a href="#Page_33">33</a></li> -</ul> - -<div class="transnote chapter"><p>Transcriber’s Notes:</p> - -<p class="noindent padt1 padb1">The spelling, hyphenation, punctuation and accentuation are as the -original, except for apparent typographical errors which have been -corrected.</p> - -<p class="noindent padt1 padb1">The wide table of Curb Market trading for years 1906, 1909, 1912 and 1916 has been split into two, vertically, -the first displays the years 1916 and 1912, the second half displays years 1909 and 1906 for each of the three folio pages.</p> -</div> - -<div style='display:block; margin-top:4em'>*** END OF THE PROJECT GUTENBERG EBOOK STORY OF THE AUTOMOBILE ***</div> -<div style='text-align:left'> - -<div style='display:block; margin:1em 0'> -Updated editions will replace the previous one—the old editions will -be renamed. -</div> - -<div style='display:block; margin:1em 0'> -Creating the works from print editions not protected by U.S. copyright -law means that no one owns a United States copyright in these works, -so the Foundation (and you!) can copy and distribute it in the United -States without permission and without paying copyright -royalties. 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