The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-08-27
HONK HONK NEWS
People Are Not Mortgaging
Homes to Buy Motor Cars.
Out of 1913, 216, Only 1854 We're
Purchased in This Manner.
INCREASE IN 1911.
Next Year q Big Year in Sale of
Automobiles.
Other Items of Interest in Motor
Car World.
INCREASE IN Is


For the purpose Of arriving at the
true facts and obtaining exact infor-
nation relative to the rumors which
have been circulated by bankers, that
automobiles were purchased by the
wholesale with money secured by mort
BriScoe of the United States Motor
company, wrote to $4,000 bankers in
the United States and enclosed blank
form asking the bankers to furnish him
cinity 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 USE
full purposes and whether or not in
the bankers opinion the sale Of auto
mobiles would increase il their respec-
tive territory.
Replies have been received to date
from 1880 bankers who state that there
are 1926 automobiles in their cities
end towns. OF this number only 1.254
have been purchased by the placing of
mortgages and only 7475 have borrow
ed money without mortgage in pur-
chase automobiles.
In the opinion of 1929 bankers, the
sale of automobiles will increase dur
ing 1911 over that of 1910, while 1901
say the sales will not increase. The
latter, however, are bankers in the
small towns and remote sections of the
country where the increase in popula-
ton is small. which may account for
their opinion in part.
With less than l per cent Of automo-
| biles bought on mortgages and less than
4 per cent purchased with borrowed
money, recent claims of alarnlists are
conclusively proved to be practically
without any foundation whatever. AS
matter of fact, figures show the eu-
tomobile business to be built upon as
sound foundation as that Of any other
| industry.
Many of the letters are filed with
optimistic statements and there is pro-
badly no class of business men in tie
| country who are in a better position
| to throw light on the future oe the
automobile industry and in fact any
business, than the bankers.
These letters reveal the exact condi-
lions in all sections Of the country and
| it 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.
1t is surprising that so many SO
called pleasure cars are used by phySi-
clans, contractors, real estate dealers,
farmers, the 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 SIS 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 a load in
a short time and get back and do a
days work. In the evening they use
the car in taking their families to lee
lures, concerts or the theater and get
home in time for a good nights sleep.
1t is the belief of many of the bank
ers in the rural sections that the auto
mobile makes agricultural life worth
living.