The chapter by the Business Bourse deals with the automobile industry from the standpoint of the financial and investment aspects of the automobile, accessory and tire manufacturers’ securities, and Mr. Frederick’s reputation in the financial world is a guarantee of the authoritative accuracy of the facts presented in this chapter. Credit for salient facts in the history of the automobile, obtained and used in the “Story of the Automobile,” is given to a large volume of nearly 500 pages, “The Romance of the Automobile Industry,” by James Rood Doolittle, issued lately by The Klebold Press, New York city. This volume is the most exhaustive work in book form yet published on the automobile, and covers graphically every phase of its development and popularization. It is virtually a textbook and reference guide of facts of motor car history, and devotes particular attention to the personnel of the founders of the industry and those engaged in it, and the association features. I can only hope that the work entailed in presenting this, the “Story of the Automobile,” has been done sufficiently well to make it interesting and instructive to those who read it. H. L. BARBER. Wheaton, Ill., April 2, 1917. CONTENTS PREFACE 1 INTRODUCTION 11 CHAPTER I. Introductory—Automobile Figures Are Amazing 27 Industry reaches two billion dollar mark—optimistic of future increase—point of saturation far off—reliability contest a factor in popularizing automobiles—Ford, the wizard who converted the industry to price reduction—installment plan of payment—part machining plays in low selling prices—women a factor in automobile buying—good roads now the industry’s greatest aid—farmers as available prospects. CHAPTER II. Mechanical Evolution of the Automobile 49 First horseless vehicle constructed by Cugnot, a Frenchman, over 150 years ago—invention traced in different countries, down to the first successful gasoline automobile made in the United States by Charles E. Duryea in 1892—prohibitive laws in England discouraged invention there—Evans in 1784 first American to experiment in horseless vehicles—French and German inventors’ part in development—Selden first patentor of gasoline motor—inventor’s difficulties in interesting capital—electrics appear—steam preceded both electrics and gasoline. CHAPTER III. Commercializing the Automobile 77 Steam and electric types outstripped by gasoline car—co-operation partly popularized motor car—standardization enabled price reduction—tungsten and other alloys, heat treatment of steel, advertising and invalidation of Selden’s patent, in the industry’s development—reasons for United States’ supremacy in industry. CHAPTER IV. Automobile Industry As an Investment 139