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The New York Times
January 7, 1919

Studebaker Corporation.

In connection with the issuing of a balance sheet by the Studebaker Corporation yesterday for the nine months ended Oct. 1, it was learned that of the proceeds of the $15,000,000 7 per cent. gold notes which were recently issued, $9,525,000 had been used for the payment of practically all of the outstanding bank loans and that the remainder had been invested in 4½ per cent. United States centificates of indebtedness, until such time as the money was needed for the construction of a new automobile plant at South Bend. The balance sheet showed that the inventory was $21,071,231, only a slight reduction from that which was indicated in the report of Jan. 1, 1918. Quick assets were $37,940,098 as compared with all liabilities of $13,796,055.

The Market Declines.

The week was a bad one for the stock market, or, rather for the operators who have been confining themselves to the highly speculative industrial shares. Losses of 5 to 10 points were almost common, and some of the favorites, like General Motors, Texas Company, and Studebaker, which lost all the way from 17 to 29 points, were hit hard. In yesterday's trading there was a good deal of uncertainty, and some fresh declines and the bulls found little of comfort. After the close yesterday, incidentally, there were fewer bulls to be found than on any day in a very long time.

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