During this period, therefore, stocks of the automobile group were looked upon skeptically, and were scarcely known in the legitimate market before 1912, with the exception of a few scattered stocks, some of which are now altogether out of existence or merged in new companies. While stock trading did not come into general prominence until within the last five years, it is agreed that economic conditions have had a big influence in bringing about this recognition. In further considering the outlook in this industry, it is necessary to analyze the buying power of the population. This will have a decided effect upon stock activity, which the remarkable history of this industry has placed in a class almost by itself. The people of the country never before enjoyed the money earning possibilities now in order, but to offset this is the high cost of all articles going to make up the necessities and luxuries of our increasingly complex modern existence. In 1906 there were registered (mostly by buyers of an earning capacity of $3,000 or more) 48,000 automobiles. Since then registration has increased 5,000 per cent, due to the changes in the average price of automobiles. Investigation shows that the average price of an automobile in 1907 was $2,123, while in 1916 it dropped to $820. _The following chart shows the changes in the average price of automobiles since 1904:_ [Illustration: Chart] In very few years this infant industry has grown to rank as one of the most important in this country, and it is plain to see how conclusively the industry’s influence has produced an economic effect upon our national life. The farmer’s life has been made more attractive. Cities have expanded into suburbs, thus affecting and influencing values on both urban and suburban real estate. Good highways are demanded. Thus it can be recognized the strong hold this industry has upon the nation at large, nor do present signs indicate that it will cease to grow. SECURITIES OF COMPANIES TRADED IN ON NEW YORK STOCK EXCHANGE. In making an analysis of this subject an expose along the following lines will disclose a definite basis upon which to make a survey of the history of past activity in the securities of a given industry, comparisons with other parallel industries, the present condition of markets for securities of these industries, and a forecast of what the general tendencies are likely to be. The securities of the companies manufacturing automobiles, automobile accessories, and tires which have been traded in on the New York Stock Exchange for the years 1906, 1909, 1912 and 1916 are shown in the following tabulation, which gives an interesting exhibit from which it is readily seen how this young giant of modern industry is the product of comparatively recent growth: