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
This corporation has taken over five companies manufacturing miscellaneous products, such as automobile radiators, windshields, etc. Their earnings for 1916 were $788,000.
(d) A more usual form is the $5,000,000 issue of 7 per cent cumulative preferred stock and 200,000 shares common stock, of the Fischer Body Corporation. It is not contemplated to pay a dividend on the common until the company has $1,000,000 surplus earnings. Its net profits for the year 1916 were $1,000,000 on a total volume of business amounting to $20,000,000. The preferred stock is redeemable at $120.