Among other issues by banking houses of New York and other cities may be mentioned in 1912, General Motors Company’s 6 per cent first lien sinking fund gold notes dated 1910, due 1915, $200,000,000 (since paid off); 1913 Chalmers Motor Company of Michigan, 7 per cent cumulative preferred stock (no bonds) $1,500,000, redeemable at $115 a share, earnings over 9-1/2 times preferred interest; company taken over by new company in 1916. January, 1916, Willys-Overland Company convertible 7 per cent cumulative preferred stock, redeemable at $110, interest 6-1/2 times earnings; November, 1916, Chalmers Motor Corporation of New York, shares at no par value, at $35 a share (264,000 shares), book value $29 a share, earnings, $5.40 a share; National Motor Car & Vehicle Company common shares at no par value (80,000 shares), no bonds, no preferred stock. Offered at $42.50 a share, earnings old company equal to 12-1/2 per cent on new stock. Most motor companies started with a small capitalization and business, and to provide additional working capital, as their business expanded, issued preferred or common stock. Most of the better grade issues were for preferred stock, usually carrying with it a proviso that it could be retired at will at a stated price, some as high as $125. Very few companies in the motor field have any bonded debt. Some companies which incurred such indebtedness in the past have paid it off; for example, the General Motors Company, and the Pierce-Arrow Motor Car Company. The issues of securities by established motor companies have, as a rule, shown large liquid assets, and earning capacity record, and have been of the same general class. In the automobile accessory line many flotations were put out in 1916 and a few in 1917, among which were: (a) Edmunds & Jones Corporation. (b) Perlman Rim Corporation. (c) Motor Products Corporation. (d) Fischer Body Corporation. (e) United Alloy Steel Corporation. (f) Transue & Williams Steel Forging Co. (a) Edmunds & Jones Corporation (manufacturers of automobile lamps). This corporation issued $1,000,000 worth of preferred 7 per cent cumulative stock (no bonds), redeemable at $120, earning over six times preferred dividends. (b) A somewhat unusual plan was the Perlman Rim Corporation (manufacturers of demountable automobile rims) which issued 100,000 shares of stock of no par value, divided into two classes as follows: Class “A,” having voting power.... 3,000 shares Common, no par value or voting power 97,000 shares The estimated earnings of this company for 1917 are $3,000,000. In addition the company has been allowed claims for infringements sustained by the courts, amounting to $2,000,000. (c) The Motor Products Corporation issued 100,000 shares, divided as follows: Class “A,” no par value, non voting .. 95,000 shares Class “B,” no par value, voting ....... 5,000 shares