The Stanley Steam Automobile Company was one of hundreds of automobile companies formed at the turn of the 20th century. It was founded in Watertown in 1897, and by 1901 was in Lawrence, Massachusetts. In the early years, there were three major technologies for powering cars: gasoline, electricity, and steam, with this last method being an early favorite. Although they took a long time to warm up, they were faster than gasoline cars. By 1906, Stanley replaced the yoke steering mechanism with a wheel, and the bicycle-like tires with sturdier ones. By 1912, gasoline engines had improved dramatically. Though steam was fading fast, Stanley continued making cars. The company went bankrupt in 1925, but continued production until its demise in 1927.