KEEPING THE AUTO INDUSTRY ROLLING
Detroit was manic in the late Twenties. Our economy was booming. Better roads, more repair shops and filling stations had created an accelerated market for automobiles. When I was a boy a man who drove a car had to be a skilled mechanic, but by 1927 cars had so improved that millions of Americans were behind the wheel. Steel, rubber and people poured into Detroit, and automobiles rolled out.
The industry had shaken down since 1911, when 150 motor companies had fought for public favor. Now only a few companies competed in the market. Ford, Chrysler, the Dodges, Sloan, Nash and the Fisher brothers headed the companies they had founded. Sizable mergers were imminent. Meanwhile, automobile stocks advanced ...