Willys Out

Long has John North Willys of Toledo been a Big Automotive Man. He speaks French and English fluently, has often discoursed upon the automobile business, upon U. S. business in general. He contributed $25,000 to the Hoover campaign fund (Postmaster General Brown is a fellow townsman) and he was "responsible" for an additional $125,000. He has been "mentioned" for Ambassador to France, Japan, Turkey. After the War, when King Albert of Belgium visited Toledo as guest of Brand Whitlock, a fleet of Willys-Knights received the royal party. When a newsman in an Oldsmobile attempted to tag along with the procession, a policeman forced him to the curb. Ever since 1900 when, as Fierce-Arrow sales-agent he wore out his first Fierce-Arrow demonstrating it, he has been "good copy" in automotive news.

Last week, however, John North Willys disappeared from the automobile world with the sale of his entire Willys-Overland holdings (some 800,000 shares of common). Nor did any one individual take his place. Purchasers were a combination of Chicago and Toledo interests. The Chicago interest was Field, Glore & Co., acting for Chicago Corp., the Midwest investment trust organized last winter (TIME, Feb. 25). Election of Charles F. Glore and Marshall Field III to the Willys-Overland directorate will be one immediate result of the transaction. The Toledo purchasers were headed by George M. Jones, wealthy head of Toledo's Ohio Savings Bank and Trust Co. Also included was C.O. Miniger, head of Toledo's Electric Auto-Lite Co. Both Mr. Miniger and Banker Jones have long been Willys-Overland directors. The sale was accompanied by rumors of merger with Nash and Packard, though Packard has a long anti-merger tradition.

Willys-Overland Co. represented a 1908 reorganization of the old Overland Co., a panic-victim of 1907. Mr. Willys, who was then Overland's sales-agent in Elmira, snatched the company out of a receivership, putting up $350 to help meet a payroll. He reorganized the company with himself as president, treasurer, general manager, sales manager, purchasing agent. Like Glenn Hammond Curtiss, Mr. Willys was once a cycle-maker. His bicycle plant was at Canandaigua, N. Y., not far from Hammondsport, N. Y., the birthplace of Mr. Curtiss who later built up JOHN NORTH WILLYS Chicago bought him out. Curtiss Aeroplane & Motor Co., which Mr. Willys expanded and controlled during the War.

Prosperous during the War, the company slumped in 1919, passed common dividends from 1920 to 1928. In 1928 prosperity had returned to the extent of $187,223,388 sales and a net income of $5,904,701. During the first quarter of 1929, Willys-Overland sold 92,000 cars, compared to 70,000 for first quarter of 1928.