Los Angeles herald., 1910-09-18
BANKERS PREDICT
INCREASED SALES
President BriScoe Secures Data
from 1880 Financial Insti-
tions Of the Country
FEW HOMES ARE M0RTGAGED
Four Per Cent of Cars Are Pur-
chased with Borrowed Money
Say the FinanCiers
FEW HOMES ARE MoRTGAGED

For the purpose of arriving at the
true facts and obtaining exact informa-
tion relative to the rumors which
have been so persistently circulated by
some bankers, that automobiles were
purchased by the wholesale with
money secured by mortgaging homes,
President Benjamin Briscoe of the
United States Motor company wrote to
$4,000 bankers in the United States and
enclosed a blank form asking the
bankers to furnish him with the num-
Der of people in their vicinity who had
mortgaged homes or who had borrowed
money to purchase automobiles.
President Briscoe also asked the
bankers to supply him, to the best of
their knowledge, with the percentage
of motor cars used for business or
useful purposes and whether or not
in the bankers opinion the sale of au-
tomobiles would increase in their re-
spective territory.
Replies have been received to date
from 1880 bankers who state that there
ar 1925 automobiles in their cities
and towns OF this number only 1854
have been purchased by the placing Of
mortgages and only 7475 have bor-
rowed money, without mortgage to pur-
chase automobiles.
SALES WILL INCREASE
IN Jn0 opinion Oh oZZJ bankers, the
sale of automobiles will increase dur
ing 1911 over that of 1910, while 1901 say
the sales will not Increase. The lat
ter, however, are bankers in the small
towns and remote sections of the coun-
try where the increase in population is
small, which may account for their
opinion in part.
With less than / per cent of auto
mobiles bought on mortgages and less
than
rowed money recent claims of alarm
lists are conclusively proved to be prac-
tically without any foundation what
ever The thorough investigation by
the United States Motor company has
unquestionably exploded the irrespon-
slble statements OF a group Of men
who have endeavored to make the pub
lie believe that the automobile capital
represented an economic waste. AS a
matter of fact, figures show the auto
mobile business to be built upon as
sound a foundation as that of any
other industry.
Many of the letters are filled with
optimistic statements, and there is
probably no class of business men in
the country who are in better posi-
ton to throw light on the future of
the automobile industry, and in fact
any business, than the bankers.
These letters reveal the exact condi-
tions in all sections of the country, and
1t is with considerable qualification that
a big percentage of the letters speak in
glowing terms of the various business
purposes to which the automobile is
applied.
PHYSICIANS USE
1t is surprising that so many so
called pleasure cars are used by physi-
clans, contractors, real estate dealers,
farmers and bankers themselves and
other business men. Reports show that
hundreds of the bankers own cars, and
they do, not hesitate to say that they
consider them helpful not only in ways
of recreation but in business as WELL
Many of the letters deal upon the
usefulness of the automobile for farm
ers. The automobile has brought the
farming sections closer to the cities
and is making the boys contented with
farm life. 1t is keeping many of the
farmers sons on the farm instead of
leaving the farm for city life. The
farmer can go to town with load in
a short time and get back to a days
work. In the evening they use the car
in taking their families to lectures, con-
certs or the theater, and get home in
time for a good nights sleep. 1t is the
belief Of many of the bankers in the
rural sections that the automobile
makes agricultural life worth living.
1--WE have no sympathy with talk that
has been given out in New York circles
as to the extravaganza OF a large pro-