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Hudson's Chairman Roy Dikeman Chapin, onetime (1932-33) Secretary of Commerce, has been Topman in his company since 1910. He got into motors by way of photography. Hired by Ransom Eli Olds in 1901, he made all the pictures for the first Olds catalog. As Secretary of Commerce under Herbert Hoover, his premature predictions of Depression's end surprised automobile associates who had long admired him as an able man of business. But Politician Chapin was merely upholding the traditions of his office by breathing optimisms of which Automan Chapin would never have been guilty.
Nash had $42,000,000 cash and government securities on hand at the end of 1929. It still had $27,000,000 at the end of 1934. It has paid common dividends in every year since 1918 and, though Depression dividends have exceeded earnings by $20,000,000, the company remains eminently solvent. Its low-priced LaFayette, brought out early in 1934, has accounted for about half the 1935 sales, which totaled 26,215 cars for the first nine months. Nash lost $1,625,000 in 1934 but 1935 sales show a 40% improvement and the company may end 1935 in the black.
In 1891 Charles Williams Nash was a carriage trimmer in Flint Road Cart Co. Two decades later he was president of General Motors, with Walter P. Chrysler working under him. In 1916 he left General Motors, spent $5,000,000 for the old Rambler automobile plant at Kenosha, Wis. By 1926 he had built 500,000 Nashes and his company had earned $80,000,000 on its original investment. Last year, at 70, Chairman Nash, reputedly worth $100,000,000, celebrated his golden wedding anniversary.
Hupp has this month rid itself of Promoter Archie Moulton Andrews, director and holder of various stock options and commissions dependent upon sales increases (TIME, April 15). Said Federal Judge Arthur J. Tuttle of Detroit in voiding these contracts: "Andrews' conduct was so bad that it seriously seems necessary to attribute all his conduct to an unbalanced mind and a dishonest mind. I cannot account for his conduct on the basis of one of those attributes alone. Acts of Andrews . . . had to do almost entirely with getting money out of the corporation. . . ."
Hupp lost $4,398,000 in 1934 and $880,000 in the first four months of 1935. Then President Vern R. Drum, who used to work for Chrysler, took office, reduced costs, cut losses, added dealers. But Hupp is still in the red and, though nine-month sales were 35% ahead of 1934. they add up to only 6,018 cars.
Auburn is bringing out a Diesel-engine car. Errett Lobban Cord's company has not had a good year since 1931 when its smart, swift models caught public fancy and 31,000 cars were sold. The company lost $3,600,000 in 1934 and $862,000 in the first six months of 1935. Nine-month 1935 sales of 4,324 cars were only about 10% ahead of the corresponding 1934 period.
Graham-Paige was depressed even when other automobile companies were prosperous, showed large deficits in 1929 and 1930. Operations were radically scaled down to Depression levels and the company made $67,000 in 1933, then lost $475,000 in 1934. Nine-month sales of 12,450 cars this year were about a 20% increase over 1934. Strength of the company lies in the personal reputation and financial integrity of Brothers Joseph Bolden and Robert Cabel Graham.