Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-09-30
Looker-On In Iona

Ackley. Sept. 30-I.ast week nearly
everywhere q general subject of con-
versation was automobiles. There was
a report that one of the big rnanufac-
turers of automobiles found themselves
With 5000 machines on hand. This ma
chine sells from $500 to $3.50, and it
was told IN many Iowa towns that
this referred to concern had sold to
one of the mail order houses of Chi
cago. their 5000 machines at $3.50. spot
cash and they would soon be reta:led
al $500 or about half the price the
manufacturers and agents had been
asking for such machines. Dealers in
every town We're much stirred up
Bankers We're interested for they are
carving considerable automobile pa
per- these days. And owners of au-
tom obiles were also talking about this
reported deal. SO the LOCKER on be-
gan to ask questions He found one
dealer so much interested that he had
written the manufacturers ana
received a reply that they had not
sold a machine to a mail order house.
A banker. had heard that this con-
Germ was going into the hands OF a
receiver because they had 5000 unsoid
machines on hand and the banks re-
fused further advances in money. ana
he took the trouble to look into mat
I ters and was informed that "a holding
company" had advanced this concern
81. 900 So much for rumors and
facts All this is here given to show
the interest financial and otherwise
Iowa has in the automobile business
ST. =.
tiers is shown by the crop report for
1910" issued in pamphlet form by the
Continental Bank of Chicago. They get
repor /. from all over the country
Here's what they say of Franklin
county:
Good prices have increased depos-
its. Lands (outside) and automobiles
have decreased them: also brick, tile
and cement plans have sold stocks in
this county to the extent of 100000
ior more. Not much money has gone
from this locality 10 Canada: perhaps
$50. 600 to Texas from banks here. Sent
$4,000 (customer) last week TO Cali
fornia Nine to ten thousands dollars.
/ one customer. March 1. 1910, to Idaho,
iand many smaller amounts to western
sites Would think we, as bank,
have lost $4,000 within the last year
this way.
! "Auto,n obiles have taken from this
section $4,000 50 far this spring
Most are giving notes. but it is the
Wpll-to-do class. who can easily pay
the notes 1t reduces our present cash
/ also our prospective deposits Ii is from
a class Of men who are too good to re-
fuse credit to. mostly wellto-do farm
ers Seventy-fve TO so per cent are
/ farmers Automobiles and farm spec
ulation have taken lots of cash. Land
mortgages have been about $4,000
which we are slowly selling. Other
wears we have found ready sale fol
them, bo'h with insurance companies
and with private parties. This year
private parties get higher rates than
we can get them, also use money in
land investments. The insurance COM
panies are either not loaning or get
higher rates elsewhere. They are ask
ing US per cent while, so far. our
banks here have probably put out a
quarter of million dollars March
land since at 5k per cent. Much of this
5 per cent DO not know whether such
market will continue or not
on" bankers are carrying a SOOC
many thousand dollars worth Of "auno-
mobile notes. Just why a banker IL
interested in what a patron wants
money for seems strange on the fac
OF it. banker that lends money does
so because ha thinks the man whose
name is attached to the note is good,
and whether that man is to use this
money to buy {. farm IN Dakota or a
tfreshing machine IN Iowa, or an auto
m obile n Chicago. really seems none OF
the banks business. Put they make
it a part Of their business 20 know
wha- the man is going to do with i:
Here's the report OF a business tran
saction that seems peculiar. An auto
mobile manufacturer sold a nachin,
for $3.50 to wealthy farmer. Whel
the terms Of payment were mentioned
the farmer proposed to pay $3.50 casl
and give his note for $1,000 on on,
years time. The manufacturer woul,
not trade that way, because the banl
in his town did not want any more
automobile paper. He told the farme
that his unsecured note for $4,000 wa
good. The bank was glad to ''accon
odate' the manufa Sturer with an,
amount Of money nee!ed from time t.
time. The bank would lend tina
farmer on his note 81 900 tt buy cattle
to feed, or to make a payment on Z
Dakota farm. but to buy an auto,no
'bile. oh no. And the farmer and the