W. F. Grew, The Cycle Industry (1921)
“ Omitting the small local assembler who makes up an odd machine or two from finished parts purchased from the big factoring houses, we have, in order of size and importance, the small maker, who builds a bicycle throughout from the raw material; the medium-sized factory owner, who makes most of the parts himself but purchases a number of finished or partly finished components from outside sources; and the very large and complete factory owners, nearly always limited liability companies, who go in for mass production and do all the various preliminary processes on their own premises. ”
