From the rec.models.railroad newsgroup FAQ:
Founded by William Hafner in 1901 producing Clockwork toys. He produced trains from 1905-07 when he joined William Coleman to start American Flyer. In 1914 he reformed his company and produced lithographed trains. His son John took over in 1944 and ran the company until 1951 when he sold it to All Metal product which shortly went bankrupt in 1956. The tooling ended up with Marx who reused some items.
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