There has, therefore, been so little activity in these securities, that examples of their flotations are negligible in this report. Those most in the public eye are perhaps: The Harroun Motors Corporation The Emerson Motors Company, Inc. The Ford Tractor Company, Inc., etc. etc. SOME LEADING EXAMPLES OF APPRECIATION OR DEPRECIATION IN VALUE OF SUCH STOCKS SINCE THEY WERE PUT OUT. An example of depreciation in automobile stocks of an exaggerated type was that of the United States Motor Company, a combination of the Maxwell-Briscoe, Columbia, Stoddard-Dayton, Brush, and Sampson Companies. With an issue of about $35,000,000 stock, New York Curb prices in 1912 for the common ranged from 9 down to 1/16 and for the preferred from 30-1/2 down to 3/4. The properties of this company have since been taken over by the Maxwell Motors Companys, which issued the following securities: $13,000,000 1st preferred 11,000,000 2nd preferred 13,000,000 common The prices of these stocks have ranged as follows: 1914 1917 Common 3 47-1/2 1st preferred 22 64 2nd preferred 7 32 This instance gives an extreme example of the fluctuations possible in motor stocks in one year, in 1912 the market values reaching as high as 7,200 per cent of the value indicated at low. The re-organized company in less than five years showed a market value of possibly 38,000 per cent of the market value of the old company at its low, and 500 per cent of its value at its high. These great increases in volume and values are what have made so many motor millionaires, and, conversely, have swept away some large fortunes. Another instance is the stock of the Studebaker Corporation, which sold as low as 20 in 1914 and which now brings 102. Also the Kelly-Springfield Tire Company’s stock rose from 50 to 299, due to their great increase in business and consequent large earnings. GENERAL COMPARISON. The attached chart, showing the average high and low prices of representative groups of securities during 1916, may be used as a comparison of the average selling price of the motor group with that of railroads, industrials, and mining. It will be seen that the greatest fluctuations occur in the mining, steel and iron stocks of the standard list, and that a similar fluctuation occurs in the tire and automobile stocks of the motor group. This comparison would tend to show that the tire and motor stocks are still in the class which fluctuates considerably and therefore, except in special cases, are more or less speculative. In this light these figures and comparisons are very interesting and may be carefully considered from the investment standpoint. _The following chart compares the average high and low prices of representative groups of stocks during 1916 with similar groups in the automobile field:_ [Illustration: Chart]