Checker Cab Stock Price After the October 1929 Stock Market Crash
Morris Markin, founder of “Checker Cab“, immigrated to the United States and moved to Chicago where he began running a fleet of cabs and an auto body shop — the Markin Auto Body Corporation in Joliet, Illinois.
In 1921, after loaning $15,000 to help a friend’s struggling car manufacturing business, the Commonwealth Motor Company, Markin absorbed Commonwealth into his own enterprise and completely halted the production of regular passenger cars in favor of taxis. The result was the Checker Cab Manufacturing Company, which took its name from a Chicago cab company that had hired Commonwealth to produce its vehicles.
By the end of 1922, Checker was producing more than 100 units per month in Joliet, and some 600 of the company’s cabs were on the streets of New York City. Markin went looking for a bigger factory and settled on Kalamazoo, where the company took over buildings previously used by the Handley-Knight Company and Dort Body Plant car manufacturers. The first shipment of a Checker from Kalamazoo on June 18, 1923 stood out as a major landmark in the history of the company, which by then employed some 700 people.
By October 27, 1929 Checker Cab was trading at $56.00 per share when the first wave of selling on “Black Monday“, October 28, 1929 brought the shares down ($16.00) to close at $40.00 per share on the day. By August 11, 1932, Checker Cab was trading at $4.875 and hit a 1932 low of $1.75 per share.
During the “Great Depression“, Markin briefly sold Checker, but he bought it back in 1936 and began diversifying his business by making auto parts for other car companies. After converting its factories to produce war materiel during World War II, Checker entered the passenger car market in the late 1950s, with models dubbed the Superba and the Marathon.
In its peak production year of 1962, Checker rolled out some 8,173 cars; the great majority of those were taxis. Over the course of the 1970s, however, as economic conditions led taxi companies to convert smaller, more fuel-efficient standard passenger cars into cabs, the 4,000-pound gas-guzzling Checker came to seem more and more outdated.
Markin had died in 1970, and in April 1982 his son David announced that Checker would halt production of its famous cab that summer. Though the company still owns the Yellow and Checker cab fleets in Chicago and continued to make parts for other auto manufacturers, including General Motors, the last Checker Cab rolled off the line in Kalamazoo on July 12, 1982.
Tags: Auto Parts, Black Monday, Car Manufacturing, Checker Cab, Checker Cab Manufacturing Company, Chicago, Commonwealth, General Motors, Great Depression, Kalamazoo, Markin Auto Body Corporation, Morris Markin, New York City, October 1929 Crash, October 28 1929, Stock Market Crash, Taxis, World War II