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New York, New York County, New York
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Wall Street bankers, led by a National City Bank vice-president and engineer, form the Orson Automobile Company to produce custom automobiles with novel features for their own use, planning a factory in Springfield, Mass.
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City Bank Vice-President Has One With Some Novel Features.
About a year ago one of the vice-presidents of the National City Bank got to work on the design for an automobile. He used to be an engineer. He incorporated into his machine a good many features which you can't get in any one automobile on the market, it is said, but which are scattered among a couple of dozen other makes. The machine which he put together stood up under a seven months' test, and last Tuesday a second car, a bit improved over the first, was run into the basement at 50 Wall street for inspection.
A company has been formed and incorporated which will make cars like the one which the City Bank vice-president had a hand in designing. It is called the Orson Automobile Company, with a nominal capital of $500,000. The men who are behind it are bankers in Wall street and their purpose is to make the automobiles for their own use.
The factory is to be at Springfield, Mass. The cars which have been made thus far were put together by specialty companies, but it is expected that the new factory at Springfield will make a car apiece for the hundred or so bankers who compose the company. If the car is a success and the factory can make more cars than the owners of the company want for themselves the car may be put on the market. The machines will go to the men in the company at cost.
These are some of the men who are associated in the Orson Automobile Company: Henry O. Havemeyer, Jr.; Alvin W. Krech, Charles G. Gates, Richard Sutro, Percy A. Rockefeller, Myron T. Herrick, Horace M. Kilborn, Frank A. Vanderlip, William H. Search and John F. Harris.
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Location
Wall Street, Springfield, Mass.
Event Date
Last Tuesday
Story Details
A National City Bank vice-president designs an automobile with novel features from various makes; after testing, a company of Wall Street bankers incorporates the Orson Automobile Company to produce cars for their own use at a factory in Springfield, Mass.