Free Advertisement

Free Advertisement Whatever one may think of Henry Ford's other activities, at least the palm must be accorded him as a manufacturer and as an obtainer of free advertisement.

Recently the City of Detroit sought $2,000,000, and found by inquiry in Wall Street that it could be had on about a 4 1/2 per cent, basis. That this was reasonable enough is indicated by the refunding operation recently concluded by the U. S. Treasury Department in behalf of the Federal Government, which was put through with notes, yielding 4 3/4% to investors.

Mr. Ford, however, agreed to lend Detroit the money it needed at 4%, and $500,000 is reported to have been already advanced. By so doing, Mr. Ford, of course, acquires tax-exempt securities on a reasonable basis, and thus removes a considerable amount of his future income from the tax-gatherer's reach. This fact, however, is quite disregarded in the publicity given Mr. Ford as a new rival to the financial center.