1916 High Low Firestone Tire & Rubber Co. 1,700 740 Goodrich Co. 78-1/2 60-3/8 Goodyear Tire & Rubber Co. 402 198 Portage Rubber Co. 183-1/2 62-1/2 Republic Rubber Co. 145 128-1/2 Swinehart Tire & Rubber Co. 110 79 White Motor Co. 60 47-1/4 PRINCIPAL COMPANIES WHOSE SECURITIES ARE NOT GENERALLY TRADED IN. Until the past two or three years, motor and motor accessory stocks were traded in but little on the open market. Even today, when these securities are traded in much more generally, there is a large number of companies whose stocks are very closely held and it requires some unusual occurrence to loosen them for trading on the open market. A notable example of this is the Ford Motor Company. The Ford car is widely distributed, yet the two million dollar capital stock is almost entirely held by seven men. Another case is the H. H. Franklin Manufacturing Company, of Syracuse. This company has $1,800,000 outstanding capital stock which is held largely by Mr. H. H. Franklin. Further, out of a total of 81 companies reported upon (including the two above mentioned) at least 16, or practically 20 per cent, fall into the “closely held” class. Among these companies are the following: Apperson Brothers Consolidated Car Co. Dodge Brothers Federal Motor Truck Ford Motor Co. Ford Motor Co. of Canada H. H. Franklin Manufacturing Co. Gramm Motor Truck Co. Haynes Auto Co. Kissel Motor Car Co. Mitchell Lewis Motor Co. Mutual Motors Co. Pierce-Arrow Motor Car Co. Republic Motor Truck Co. Stearns Co. Winton Co. SOME LEADING EXAMPLES OF PRICES AND TERMS AND PROMOTION PLANS UPON WHICH SECURITIES WERE PUT OUT. Perhaps one of the most notable examples of plans for flotation of securities was the 8 per cent cumulative convertible preferred stock of the Pierce-Arrow Motor Car Company, offered by prominent brokers in 1916. This stock must be redeemed at 125 up to the amount of cash paid on common stock in excess of $5.00 a share in any year. The preferred is convertible into common stock, share for share, at the holder’s option (preferred stock $10,000,000) earnings five times preferred dividends; the common shares are without par value (common 250,000 shares).