General History


MARTIN-PARRY CORPORATION ACTIVITIES


1919 PARRY MANUFACTURING CO.

Manufactures commercial auto bodies

At a recent meeting of the directors of the Martin Truck and Body Corp., of York and the Parry Mfg. Co., of Indianapolis, a merger of these two large body­ building companies was effected.

The new organization will be known as the Martin-Parry Corp. The consolidation of the two plants will greatly increase production facilities and the combined output of the two plants will approximate 50,000 bodies the first year....

The following directors and officers were elected:
Chairman, John H. Watson, Jr., Vice-president, treasurer and director of International Agricultural Corp;
Guy E. Tripp, chairman of the board of directors, Westinghouse Electric Mfg. Co;

FM Small, president, Martin Truck & Body Corp.;
Robert I. Bar, vice-president Chase Securities Corp.;
James F. Shaw, of Knauth, Nachod & Kuhne;
SE Parry, former president of Parry Mfg. Co;
George H. Walbridge, vice-president, Bonbright & Co.

Officers were elected as follows:
FM Small, President;
Henry Hopkins, Jr. Secretary and treasurer.
33 34 35


1920 MARTIN-PARRY CORPORATION

Stockholders of the Martin-Parry Corp are expected to ratify a proposal to sell the company's truck business to a new corporation.  The chief business of the company is the building of automobile bodies but so many orders for Atlas trucks have been received of late that the President Watson feels the operation should be segregated.

It is expected that a company, known as the Atlas Truck Co. will be formed with 100,000 shares of no par value stock to take over the truck business. It will pay Martin-Parry about $250,000 in cash for materials, etc. and a block of stock.  This stock, it is intended, will be distributed to Martin-Parry holders who will also be given an opportunity to subscribe to additional shares of Atlas Truck stock.  In all about 60,000 shares of the truck company's stock is to be issued and the amount offered for subscription will be underwritten.
36


1921 MARTIN-PARRY CORPORATION

The Martin-Parry Corp. manufacturers of light commercial bodies, with plants at York, PA and Indianapolis, have made a second reduction in the price of their commercial and farm bodies for Fords.  This reduction amounts to as much as 10 percent on certain models and becomes effective June 20. 37

Seven new assembling and distributing branches will be opened in the near future by the Martin-Parry Corp. The will be located in Philadelphia, Cleveland, Pittsburgh, Detroit, St. Louis, Kansas City and Newark. The same number of branches now is in operation. The purpose of opening the new stations is to carry a complete line of commercial bodies, relieving dealers from the necessity of tying up money in body stocks and to satisfy growing demands for sectional bodies. The plant of the company at York, PA is running at capacity and Indianapolis plant on a 50 per cent basis.
38


1922 MARTIN-PARRY CORPORATION

Martin-Parry Corp. has located a factory branch in Detroit as one of 29 similar branches the company is now operating throughout the country..
.39

The Indianapolis plant of the Martin-Parry Corp. of York, PA will make the greater part of an order for 40,000 truck bodies of a special type placed by the Willys­ Overland Co. The bodies are equipped with new labor and time-saving devices.
It is said that the Martin-Parry Company also has working agreements with Chevrolet and Ford companies and is figuring on a contract with Buick.
40

St. Louis, Jan 28 - A portion of the plant formerly occupied by the Union Dairy Co. has been leased to the Martin-Parry Corp., truck body builders, of Indianapolis and York, PA. The St. Louis plant is to be used for assembling and as a distributing base for the South and West. The parts will be shipped to St. Louis nested and crated, in carload lots, and assembled here for distribution and sale. 41


The Martin-Parry Corp. announces that it will duplicate in Los Angeles an assembling and service plant recently opened in a new building in San Francisco.
Assembling and service plants also have been opened in Omaha, Denver and Salt Lake City.
42

1923  MARTIN-PARRY CORPORATION

Revised sales methods proving successful --branch system with lower prices moving the product rapidly--Atlas Truck also coming ahead
43

1925  MARTIN-PARRY CORPORATION

Martin-Parry Corp. may add to capital - Stockholders to meet January 26, to vote on proposal to increase outstanding shares by 200,000 - there are now 100,000 shares issued
44 45

Martin-Parry - Location of the southern plant of the Martin-Parry Corp. in Jackson, MS was announced recently by JA Callahan, Gen. Mgr. and Henry Kawn, Mgr. of the local plant.  Construction is to start at once and the officials expect to have the plant in operation by the middle of the winter. The Martin-Parry Corporation is one of the largest builders of auto truck bodies in the US. The initial plant of the corporation will cover 150,000-sq. ft. and employ 400 or more workmen.  46 47

1926  MARTIN-PARRY CORPORATION

Martin-Parry financially strong-- Cash of $217,640 shown on balance sheet of August 31 -Notes payable reduced to $225,000-Surplus account is advance to $1,833,541.
48



1927  MARTIN-PARRY CORPORATION

Martin-Parry Corp reports for the year ended Aug 31 loss of $620,905 after charges and inventory adjustment.  Profit on sales of the investments in Oaks Co. was $791,574, leaving net profit for the year of $170, 669. This compares with net income of $5,234 in preceding year.
49 




1930  MARTIN-PARRY CORPORATION

Martin-Parry Corp. has reduced its capital from $2,280,000 to $1,000,000, thus permitting the creation of adequate working capital as well as the payment of a liquidating dividend of $4 a share to holders. The management is being concentrated in York, PA and the activity of the company will henceforth comprise of the manufacturing of windshields and other automotive parts...
50

The Martin-Parry Corp reports for the three months ending May 31 net loss of $44,027, after expenses, interest and charges comparing with a net loss of $120,663 in the preceding quarter and a net profit of $8.891, in the quarter ending May 31 last year. 51

Martin Parry Company, Indianapolis, Indiana - Certain of the plant facilities and branch operations of this Company were acquired for the purpose of producing commercial bodies for the truck department of the Chevrolet Motor Division and for coordinating body production with chassis production. As truck and commercial cars form an important part of the business of the Chevrolet Division, this acquisition will enable the Company to establish definite price on the completed vehicles based upon the most efficient and effective manufacturing methods. A cash payment was made for the plant facilities in the amount of $900,000.  52



 
33 Motor World, June 11, 1919, page 45
34 Power Wagon, July 1919, page 42
35s Automobile Trade Journal, Aug 1919
36 The Automobile, April 15, 1920, page 929
37 Motor Age, June 23, 1921, page 11
38 Motor World, Aug 10, 1921, page 42
39 Automotive Industries, Jan 26, 1922, page 203
40 Automotive Industries, Feb 2, 1922, page 249
41 Motor World, Feb 1, 1922, page 37
42 Automotive Industries, Jun 29, 1922, page 1447
43 Automobile Topics, May 12, 1923, page 1228
44 Automotive Industries, Jan 22, 1925
45 Automobile Topic, Jan 24, 1925, page 1059
46 Motor Age, Oct 22, 1925, page 33
47 Automobile Topic, Nov 21, 1925, page 119
48 Automobile Topics, Nov 27, 1926, page 220
49 Automotive industries, Nov 10, 1928, page 681
50 The Golden Age of the Luxury Car, Jan 1930, page 138

51 Automobile Topics, July  19, 1930
52 General Motors Corporation twenty-second Annual Report, dated Dec 31, 1930

More History and Financial Information

 

Incorporated May 26, 1919, under the laws of the State of Delaware. Shortly thereafter it acquired all of the outstanding stock of the Martin Truck & Body Corp., a Pennsylvania corporation, and concurrently acquired all of the stock of the Parry Manufacturing Co. of Indianapolis, Inc. The later companies were dissolved and their assets transferred to the Martin-Parry corporation.  In 1920 the entire assets of the St Louis and Kansas City, Mo,, Philadelphia, Detroit, Cleveland, San Francisco and New York City. Engaged in manufacture of commercial automobile bodies.

 

Net sales year ending

12/31/1919 - $

1,927,680

Net sales year ending

12/31/1920 - $

3,725,434

Net sales year ending

12/31 /1921 - $

2,424,878

Net sales year ending

12/31/1922 - $

4,327,684

Net sales year ending

12/31/1923 - $

5,951,166

Net sales year ending

12/31/1924 - $

4,577,043

Net sales year ending

12/31/1927 - $

3,880,610

Net sales year ending

12/31/1928 - $

3,008,738

Net sales year ending

12/31/1929 - $

3,619,522

Net sales year ending

12/31/1932 - $

29,141

Net sales year ending

12/31/1933 - $

223,069

Net sales year ending

12/31/1934 - $

402,074

Net sales year ending

12/31/1935 - $

201,125

Net sales year ending

12/31/1936 - $

86,954

Net sales year ending

12/31/1937 - $

77,567


Net sales year ending 12/31/1938 - $ 326,730

Net sales year ending 12/31/1939 - $ 371,395

Net sales year ending 12/31/1940 - $ 2,382,276

Net sales year ending 12/31/1941 - $ 3,346,262

Net sales year ending 12/31/1942 - $ 3,049,418

Net sales year ending 12/31/1943 - $ 4,977,288

Net sales year ending 12/31/1944 - $ 8,172,948

Net sales year ending 12/31/1945 - $10,325,939

Net sales year ending 12/31/1946 - $ 7,353,127

Net sales year ending 12/31/1947 - $16,875,662

Net sales year ending 12/31/1948 - $15,471,729

Net sales year ending 12/31/1949 - $13,431,755

Net sales year ending 12/31/1950 - $ 9,693,603

Net sales year ending 12/31/1951 - $ 6,695,323

Net sales year ending 12/31/1952 - $ 8,671,839

Net sales year ending 12/31/1953 - $11,678,589

Net sales year ending 12/31/1954 - $12,840,160

Net sales year ending 12/31/1955 - $10,793,275


 

In January 1924 purchased the property of the Oakes Co., Indianapolis, manufacturer of sheet metal stamping and specialties in automobile stampings. Also controls Martin-Parry Corporation of Oregon and Washington, a small sales company.

Factories at York, Pa., Indianapolis, Ind., and Lumberton, Miss.  Also maintains 35 assembling plants.  Employees number - 1,500.

 

May, 1928 sold the property of the Oakes Co., Indianapolis. No longer has factory in Lumberton; Miss. Employees on 12/31/1929 - 800.

 

In October, 1930, company sold to General Motors Corporation for their Chevrolet Division, that part of the business pertaining to the manufacture of commercial bodies, including its Indianapolis plant and all equipment therein, related to the commercial body business, for $900.000. Company is engaged in the manufacture of drawn metal and windshields. Plant is located in York, Pa. and owns a warehouse in Kearny, N.J. Number of employees May 1, 1935 - 100.

 

December 31, 1939 Company is engaged in the manufacture and sale of products of the drawn metal type, all-steel prefabricated wallboard, house framing, interior mouldings and panels for building industry; also drawn metal products such as windshields, mouldings, etc. for automobile industry. Also a conversion unit to motorize artillery.

 

On Jan. 02, 1941 acquired all outstanding stock of Rexair, Inc. Now involved in building movable partitions; wood and steel. Army and Navy ordnance and steel bulkheading and accessories for ships of U.S. Maritime on and Navy.

 

Operates plants located in York, Pa, owned in fee; also owns a tract of 5 acres in Indianapolis, and a plant in Kearney, N.J. which is leased to others.

 

In 1950 Rexair, Inc. was operating as a division of company. Engaged in ship building and conversion of all types of vessels. Also Rexair cleaners and humidifiers. Owned plants in Toledo; Ohio containing 500,000 sq. ft. of floor space on 77 acre tract of land; also owns 1 acre tract in Kearny, New Jersey.

 

On March 15, 1956 Martin-Parry Corporation was acquired by Ward Industries Corp.


MARTIN-PARRY .: Incorporated May 26, 1919, under the laws of the State of Delaware.  Shortly there­after it acquired all of the outstanding stock of the Martin Truck and Body Corp., a Pennsylvania corporation, and con­currently acquired all of the stock of the Parry Manufactur­ing Co. of Indianapolis, Ind. The latter companies were dissolved and their assets transferred to the Martin - Parry Corp. In 1920 the entire assets of the truck division were sold for cash to the Atlas Truck Corp. Factories at York, Pa., and Indianapolis, Ind. Branches at Atlanta, Ga., Boston, Buffalo, Chicago , Dallas and Houston, Texas, Kearney, N. J., St. Louis and Kansas City, Mo., Philadel­phia , Detroit, Cleveland, San Francisco and New York City.


MANAGEMENT OFFICERS:
J. J. Watson, Jr., Chairman

F. M. Small, Pres.;

J. A. Callahan.

R. P. Henderson,

G. W. Hall,

J. N. Coppinger, Vice-Pres.;

Hopkins, Jr., Sec.;

J. J. Giltinan. Treas.


DIRECTORS:  J. J. Watson, Jr., F. M. Small, J. F. Henry Hopkins, Jr., W. R. Herrick,

R. I. Barr, S. C. Parry, Guy E. Tripp, W. F. Dewart.


GENERAL OFFICE : York, Pa.

 

 

COMPARATIVE lNCOME ACCOUNT, YEAR ENDED 1921


 

DEC. 31

1920

Net sales . . . . . . . . . . . . . . . . $2,424,878

 

$3,725,434

Operating etc. . . . . . . . . . . . . $2,360,168

 

$3,399,679

Net operating profit . . .

$64,710

 

 

$325,755

Other income . . . . . : . . . . . . .

$63,353

 

 

$77,120

Total income . . . . . . . . .

$128,063

 

 

$402,875

Taxes . . . . . . . . . . . . . . . . . . .

$10,791

 

 

$65,635

Other deductions . . . . . . . . . .

* 116,451

 

 

25,886

Balance . . . . . . . . . . . . . .

$821

 

 

$311,354

Dividends . . . . . . . . . . . . . . . .

200,000

 

 

200,000

Surplus . . . . . . . . . . . . .

(def.) $199,179

 

 

$111 ,354

Includes $104,102 for adjustments of inventories.


 COMPARATIVE GENERAL BALANCE SHEET, AS OF DEC. 31

 

ASSETS ;

1921

 

1920

Property account . . . . . . . . .

$2,214,221

 

$1,932,357

Ca s h . . . . . . . . . . . . . . . . . . . .

98,422

 

98,731

Bills and accts . rec. . . . . . . . .

222,909

 

172,501

Inventories . . . . . . . . . . . . . .

1,027,107

 

1,186,451

Investments . . . . . . . . . . . . . .

.j,000

 

5,000

Deferred charges . . . . . . . . . .

38,893

 

13,922

Total . . . . . . . . . . . . . . .

LIABILITIES;

Capital stock . . . . . . . . . . .

$3,606,552 

1,530,000

 

$3,408,962

$1,530,000

Accounts payable . . . . . . . . . .

264,099

 

74,961

Federal taxes .. . . . . . . . . . . .

10,791

 

65,635

Reserve for depreciation . . .

486,865

 

492,543

Surplus . . . . . . . . . . . . . . . . .

1,314,797

 

1 ,245,823

Total . . . . . . . . . . . . . .

$ 3,606,552

 

$3,408,962


C
APITAL STOCK: Martin-Parry Corp. stock: Authorized and outstanding, 100,000 shares no par. No bonded debt. Initial dividend of 50 cents a share paid March, 1920, and quarterly thereafter through March 1, 1922. Rating, B.


Transfer Agent: Lawyers Title & Trust Co., New York. Registrar: Chase National Bank, New York. Listed on

New York Stock Exchange.


MARTIN-PARRY CORPORATION


History: Incorporated under the laws of the State of Delaware, May 26, 1919. Shortly thereafter it acquired all of the outstanding stock of the Martin Truck and Body Corp., a Pennsylvania corporation, and concurrently acquired all of the stock of the Parry Manufacturing Co. of Indianapolis, Ind. The two latter companies were dissolved and their assets transferred to the Martin-Parry Corp. Engaged in the manufacture of commercial automobiles . In Jan., 1924, purchased the property of the Oaks Co., Indianapolis, manufacturers of sheet metal stamping and specialties in auto­ mobile stampings. Also controls Martin-Parry Corp. of Oregon and Washington, a small sales company. Factories York, Pa., Indianapolis, Ind., and Lumberton, Miss. Also maintains 35 assembling plants. Employees number 1,500.


Management: OFFICERS:

J. J. Watson, Jr., Chairman;

F. M. Small, Pres.;

J. A. Callahan, Vice-Pres. and Gen. Mgr.;

R. P. Henderson, J. N. Coppinger, Vice-Pres.;

Henry Hopkins, Jr., Sec. and Treas.;

H. F. Quinn, Compt.


DIRECTORS: J. J. Watson, Jr., F. M. Small, J. F. Shaw, Henry Hopkins, Jr., W. R. Hernick ,

R. I. Barr, S. C. Parry, Guy E. Tripp, W. F. Dewart.


ANNUAL MEETING : 2nd Monday in April. OFFICE : . York, Pa .

NEW YORK OFFICE : 61 Broadway.

 

 

Comparative Income Account, Years Ended Dec. 31

 

                        1924  1923  1922  1921  1920  ~1919

Net sales ……………….…...... $4,577,043  $5,951,166  $4,327,684  $2,424,878  $3,725,434  $1,927,680

Operating expenses, etc. ……. 4,187,672   5,183,842  3,881,911   2,360,168  3,399,679   1,618,043

  --------------  --------------  ---------------  --------------  --------------  --------------

Net operating profit .............… $389,371     $767,324  $445,773       $64,710   $325,755  $309,637

Other Income …………......…….. 111,159  72,642  53,355  63,353  77,120  34,448

  --------------  --------------  ---------------  --------------  --------------  --------------

Total income ……..............….. $500,530  $839,966  $499,128  $128,063  $402,875  $344,085

Taxes ……………………..........….. 43,988  92,070         57,463  10,791  65,635  . . . . . . . . .

Interest, etc. …………….........…… 75,364  94,830  51,460  *116,451  25,886  11,885

  --------------  --------------  ---------------  --------------  --------------  --------------

Balance………….................….. $381,178  $653,066  $390,205  $821  $311,354  # $332,200

Dividends …………………........... 375,000  275,000  200,000  200,000  200,000  . . . . . . . . .

  --------------  --------------  ---------------  --------------  --------------  --------------

Surplus……………......................... $6,178  $378,066  $190,205  (d)$199,179  $111,354  $332,200

Earned on stock (per share) ............ $3.81  $6.53  $3.90  $0.08  $3.11  $3.32

 

*Includes $104,102 for adjustments of inventories. # Before providing for taxes. ~Operations for the five months of the Martin plant, and six months of the Parry plant.      

 

Comparative General Balance Sheet, asof Dec. 31

1924 1923 1924 1923

Property account ……………… $2,806,738  $2,574,368  * Capital stock …………… $1,530,000  $1,530,000

Cash ……………………..…………. 121,852 191,211     Notes payable …..………… 990,000  640,000

Notes and accounts rec ….......…. 332,421    270,482  Accounts payable ……....… 183,319       228,495

Inventories……………….………. 1,788,962  1,925,183  Reserve for taxes ……......…. 56,168  103,089

Deferred charges………….........….. 32,084  37,033  Surplus……………….…… 1,777,535  1,865,943

  ---------------  ---------------  ---------------  ---------------

Total ………………...........……. $5,281,194  $5,010,877  Total …………………..… $5,281,194  $5,010,877

* Represented by100,000 no par shares.

Note: Items shown in italics represent details of working capital summarized as follows:

Working Capitol: 1923, current assets, $2,386,876; Current liabilities, $971,584;

  net current assets,$1,415,292.

1924, current assets, $2,243,235; Current liabilities, $1,229,487; net current assets,$1,013,748.

Comparative General Balance Sheet, as of Dec. 31

Name of Issue

Rate of Dividend

Amount Outstanding

Average Income

Dividend Requirement

Factor of Safety

Equity in Surplus

Salability

Rating

1. Martin-Parry Corp. stock …………

$4 per sh.

125,000 sh.

$347,325

$500,000

 

Note

Fair

B

 

Note: No par shares represent stated capitol of $1,530,000 and equity in surplus of $1,777,535 as of Dec. 31,1924.


Martin-Parry Corp. stock: Authorized, 200,000 shares (increased from 100,000 shares, Jan. 26, 1925); outstanding 125,000 shares (increased from 100,000 shares in February., 1925); no par. Initial dividend of 50 cents per share paid Dec., 1919, and quarterly thereafter to March, 1923, 75 cents per share and quarterly thereafter to March, 1924, incl.;June, 1924, $1 per share and quarterly thereafter to March, 1925, incl. Dividends payable quarterly, March 1, etc.,to stock of record about Feb. 15, etc.


Transfer Agent: Lawyers Trust Co., New York. Register: Chase National Bank, New York. Listed on New York Stock Exchange.