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.