MIDAS TOUCH

Wanganui Chronicle, Volume LXXXIII, Issue 19769, 17 February 1927, Page 2

MIDAS TOUCH

HOW HENRY FORD GREW £200,000,000 REFUSED DETROIT, Feb. 14. Government accountants, giving evidence in the Government’s tax suit to obtain £6,000,000 alleged overdue profits from the nine original stockholders in Ford Motors, said that in the early stages the company’s growth was slow, but later everything was affected by the Midas touch of a never-ending stream of cars. In 1909 the company had 1400 employees, the total assets being £600,000. In 1919 the assets were £50,000,000, with £18,000,000 cash, the liabilities being half that amount. To-day the assets were so vast that Henry Ford had three times spurned offers of £200,000,000. BIGGER THAN FORD’S MAMMOTH MOTOR MERGER NEW YORK, Feb. 14. It is reported that a wealthy banking group is sponsoring the combination of -motor car companies including Dodge, Packard, Nash, and Mack trucks, which will rival the Ford company and General Motors. It will be one of the greatest world corporations. Wall Street passed a lively week, when "players” on the market sold short in Wheeling and Lake Erie railway stock. This is owned chiefly by the Rockefellers, who refused to come to the aid of the shorts. They were, therefore, caught in a corner with an advance of £6. Many rail stocks advanced finely at the week-end, on continued speculation.