Current Assets and Liabilities of Corporations

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Current Assets and Liabilities of Corporations Powered By Docstoc
					January 1956



               46                BUSINESS FINANCE

               CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                     [Department of Commerce estimates. In billions                                      [Securities and Exchange Commission estimates. In millions of dollars]
                                      of dollars]
                                                                                                                          All types               Bonds and notes                            Stocks
                     Year or     Profits In- Profits Cash Undis-                                  Year or
                     quarter     before come after divi- tributed                                 quarter
                                  taxes taxes taxes dends profits                                                 New Retire- Net     New Retire-  Net    New Retire-  Net
                                                                                                                 issues ments change issues ments change issues ments change
               1939....               6.4      1.4     5.0        3.8      1.2
               1945....              19.0     10.7                4.7      3.6             1948                   7,570       1,683    5,887   5,938      1,283         4,655    1,632           400    1,232
                                                       8.3                                 1949                   6,731       1,875    4,856   4,867      1,583         3,284    1,864           292    1,572
               1948....              32.8     12.5     20.3       7.2     13.0             1950                   7,224       3,501    3,724   4,806      2,802         2,004    2,418           698    1,720
               1949....              26.2     10.4     15.8       7.5      8.3             1951                   9,048       2,772    6,277   5,682      2,105         3,577    3,366           666    2,700
               1950....              40.0     17.8     22.1       9.2     12.9             1952                  10,679       2,751    7,927   7,344      2,403         4,940    3,335           348    2,987
               1951....              41.2     22.5     18.7       9.1      9.6             1953                   9,550       2,428    7,121   6,651      1,896         4,755    2,898           533    2,366
               1952....              35.9     19.8     16.1       9.0      7.2             1954      .           11,715       5,353    6,361   7,872      3,897         3,975    3,843         1,456    2,386
               1953....              38.3     21.3     17.0       9.3      7.7
               1954....              34.0     17.1     17.0      10.0      6.9             1954—3                3,027        1,314    1,714 2,314           938        1,377   713              376      337
               19551...              43.2     21.7     21.5      11.1     10.4                  4                3,097        1,892    1,205 2,075         1,354          721 1,022              538      484
               1954_4.               36.0     18.1      17.9     10.6        7.3           1955—1                3,014        1,295    1,719    1,681        702          979 1,333              593      740
                                                                                                2                2,891        1,484    1,407    1,802        767        1,034 1,089              717      373
               1955—1.               40.9     20.5     20.4      10.2     10.2                  3                2,895        1,427    1,468    1,838        923          915 1,057              504      553
                    2.               43.0     21.6     21.4      10.7     10.7
                    3.               44.5     22.3     22.2      11.0     11.2                1
                    41               44.5     22.3     22.2      12.6      9.6                  Reflects cash transactions only. As contrasted with data shown on p. 45, new issues
                                                                                           exclude foreign and include investment company offerings, sales of securities held by
                 1
                                                                                           affiliated companies or RFC, special offerings to employees, and also new stock issues
                   Preliminary estimates by Council of Economic                            and cash proceeds connected with conversions of bonds into stocks. Retirements include
               Advisers.                                                                   the same types of issues, and also securities retired with internal funds or with proceeds
                 NOTE.—Quarterly data are at seasonally adjusted                           of issues for that purpose shown on p. 45.
               annual rates.

                                                                  CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                           Current assets                                                          Current liabilities


                       End of year            Net                                                 Notes and accts.                                          Notes and accts.               Federal
                        or quarter           working                                U. S.            receivable                                                 payable                    income
                                             capital                               Govt.                                  Inven-                                                             tax       Other
                                                         Total       Cash          securi-                                 tories     Other       Total
                                                                                     ties         U. S.                                                                                      lia-
                                                                                                               Other                                        U. S.             Other        bilities
                                                                                                  Govt. 2                                                   Govt. 2

               1939                            24.5       54.5        10.8           2.2             .0       22.1         18.0        1.4        30.0             .0       21.9             1.2        6.9
               1945                            51.6       97.4        21.7          21.1            2.7       23.2         26.3                   45.8             .9       24.8            10.4        9.7
                                                                                                                                       2.4
               1948                            68.6      133.0        25.3          14.8                  42.4             48.9        1.6        64.4                    ,3                11.5       13.5
               1949                            72.4      133.1        26.5          16.8                  43.0             45.3        1.4        60.7                    .5                 9.3       14.0
               1950                            81.6      161.5        28.1          19.7            1.1       55.7         55.1        1.7        79.8           .4         47.9            16.7       14.9
               1951                            86.5      179.1        30.0          20.7            2.7       58.8         64.9        2.1        92.6          1.3         53.6            21.3       16.5
               1952                            90.1      186.2        30.8          19.9            2.8       64.6         65.8        2.4        96.1          2.3         57.0            18.1       18.7
               1953                            92.6      189.6        30.9          21.0            2.6       64.8         67.9        2.4        97.0          2.2         56.3            19.2       19.3
               1954_4                          95.8      187.3        31.7          19.3            2.4       66.2         65.1        2.6        91.5          2.4         54.0            15.7       19.4
               1955—1                          98.1      187.9        30.3          19.0            2.2       67.8         65.8        2.8                      2.5         54.2            13.4       19.7
                    2                         100.6      190.1        30.8          18.8            2.1       70.1         65.5        2.8        89.6          2.3        54.9             12.1       20.1
                    3                         102.3      198.9        31.3          20.6            2.2       74.5         67.3        3.0        96.6          2.2         58.0            15.3       21.0

                 1                                                                                                  2
                     Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Govt. exclude amounts
                                                                                                                 offset against each other on corporations' books.


                                                           BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                             [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                          Transportation                                                                            Manu-
                                                      Manu-                                         Public Com-                                                     factur- Trans-            Public
                        Year                          factur-     Min-                               utili- muni- Other 2               Quarter           Total       ing   porta-             utili-  All
                                                                                                                                                                                                           3
                                            Total       ing       ing                                 ties  cations                                                   and    tion               ties other
                                                                             Rail-                                                                                   min-
                                                                             road      Other                                                                          ing

               1939                          5.5        1.9         .3         .3            .4           .5      .3          1.8     1954—1              6.3           2.8           .6         .9      1.9
               1945                          8.7        4.0         .4         .5            .6           .5      .3          2.4          2. ,     .     6.9           3.1           .6        1.1      2.1
                                                                                                                                           3              6.6           2.9           .6        1.1      2.1
               1948                         22.1        9.1         .9       1.3         1.3          2.5        1.7          5.2          4              7.0           3.2           .6        1.1      2.1
               1949                         19.3        7.1         .8       1.4          .9          3.1        1.3          4.7
               1950                         20.6        7.5         .7       1.1         1.2          3.3        1.1          5.7     1955—1              5.8           2.4           .5         .8      2.0
               1951                         25.6       10.9         .9       1.5         1.5          3.7        1.3          5.9          2              7.0           3.0           .6        1.1      2.3
               1952.                        26.5       11.6        1.0       1.4         1.5          3.9        1.5          5.6          3              7.4           3.1           .6        1.2      2.5
               1953.                        28.3       11.9        1.0       1.3         1.6          4.6        1.7          6.3          44             8.0           3.6           .7        1.3      2.3
               1954                         26.8       11.0        1.0        .9         1.5          4.2        1 7          6 5
               19554                        28.3       11.3         .9        .9         1.6          4.4              9 .1           1956—H              7.3           3.3           .8        1.0      2.2

                 1
                     Corporate and noncorporate business, excluding agriculture.                                   3 Includes communications and other.
                 2                                                                                                 4
                     Includes trade, service, finance, and construction.                                            Anticipated by business.
February 1956



            156                 BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                    [Department of Commerce estimates. In billions                                                    [Securities and Exchange Commission estimates. In millions of dollars]
                                     of dollars]
                                                                                                                                                                All types                    Bonds and notes                          Stocks
                    Year or     Profits      In- Profits Cash Undis-                                   Year or
                    quarter     before      come after   divi- tributed                                quarter
                                 taxes      taxes taxes dends profits                                                                        New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                                            issues ments change issues ments change issues ments change
            1939                    6.4      1.4      5.0       3.8          1.2
            1945                   19.0     10.7      8.3       4.7          3.6            1948                                            7,570                       1,683    5,887   5,938     1,283        4 655 1 ,632             400     1 232
                                                                                            1949                                            6,731                       1,875    4,856   4,867     1,583        3 284 1 ,864             292     1 572
            1948..                 32.8     12.5     20.3       7.2      13.0               1950                                            7,224                       3,501    3,724   4,806     2,802        2 004 2 ,418             698     1 ,720
            1949                   26.2     10.4     15.8       7.5        8.3              1951                                            9,048                       2 772    6,277   5,682     2,105        3     3 ,366             666        700
            1950                   40.0     17.8     22.1       9.2      12.9               1952                                           10,679                       2,751    7,927   7,344     2,403        4 940 3 ,335             348     2 987
            1951                   41.2     22.5     18.7       9.1      C
                                                                          9.6               1953 .                                          9,550                       2,428    7,121   6,651     1,896        4 755 2 ,898             533     2 366
            1952                   35.9     19.8     16.1       9.0        7.1              1954                                           11,715                       5,353    6,361   7,872     3,897        3 975 3 ,843           1,456     i 386
            1953                   38.3     21.3     17.0       9.3      c
                                                                           7.7
            1954 .                 34.0     17.1     17.0      10.0        7.0              1954—3                                            3,027                     1,314    1,714 2,314         938        1 377         713         376      337
            19551                  43.2     21.7     21.5      11.1      10.4                    4. . . .                                     3,097                     1,892    1,205 2,075       1,354          721        ,022         538      484
            1954_4                 36.0     18.1      17.9     10.6          7.3            1955—1. . .                                      3,014                      1,295    1,719 1,681         702          979      ,333          593       740
                                                                                                 2                                           2,891                      1,484    1 407 1,802         767        1 034      ,089          717       373
            1955—1                 40.9     20.5     20.4      10.2      10.2                    3                                           2,895                      1,427    1,468 1,838         923          915    1
                                                                                                                                                                                                                           ,057          504       553
                 2                 43.0     21.6     21.4      10.7      10.7
                 3                 44.5     22.3     22.2      11.0      11.1                      1
                 41                44.5     22.3     22.2      12.6       9.6                           Reflects cash transactions only. As contrasted with data shown on p. 154, new issues

                c
                Corrected.
                1
               Preliminary estimates by Council of Economic                                 - W
                                                                                            L
                                                                                            .
                                                                                            IA    U U H 1 V   K,J£J^*>^   VA
                                                                                                                           ^.   A^kJMV^)    VA+
                                                                                                                                           VAV-   M1UV    O V V U l l t l V



            Advisers.                                                                       of issues for that purpose shown on p. 154,
              NOTE.—Quarterly data are at seasonally adjusted
            annual rates.

                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                            Current assets                                                                                                 Current liabilities


                     End of year            Net                                                       Notes and accts.                                                                               Notes and accts.              Federal
                      or quarter           working                                  U.S.                receivable                                                                                       payable                   income
                                           capital     Total       Cash            Govt.                                                                        Inven-          Other     Total                                       tax       Other
                                                                                   securi-                                                                       tories                                                               lia-
                                                                                     ties              U.S.                          Other                                                           U. S.            Other         bilities
                                                                                                       Govt. 2                                                                                       Govt. 2

            1939...                          24.5       54.5        10.8             2.2                       .0                     22.1                         18.0          1.4        30.0           .0         21.9           1.2         6.9
            1945                             51 6       97.4        21.7            21.1                      2.7                     23.2                         26.3          2.4        45.8           .9         24.8          10.4         9.7
            1948                             68 6      133.0        25.3            14.8                          4 2.4                                           48.9           1.6        64.4                3 ?.3               11.5        13.5
            1949                             72.4      133.1        26.5            16.8                          4 3.0                                           45.3           1.4        60.7             37.5                    9.3        14.0
            1950                             81.6      161.5        28.1            19.7                      1.1      55.7                                       55.1           1.7        79.8          .4     47.9               16.7        14.9
            1951                             86.5      179.1        30.0            20.7                      2.7      58.8                                       64.9           2.1        92.6         1.3     53.6               21.3        16.5
            1952                             90.1      186.2        30.8            19.9                      2.8      64.6                                       65.8           2.4        96.1         2.3     57.0               18.1        18.7
            1953                             92 6      189.6        30.9            21.0                      2.6      64.8                                       67.9           2.4        97.0         2.2     56.3               19.2        19.3
            1954—4. . . .                    95.8      187.3          31.7           19.3                     2.4                     66.2                         65.1          2.6        91.5         2.4          54.0          15.7        19.4
            1955—1                           98.1      187.9          30.3          19 0                      2.2                     67.8                         65.8          2.8        89.8         2.5          54.2          13.4        19.7
                 2. .                       100.6      190.1          30.8          18.8                      2.1                     70.1                         65.5          2.8        89.6         2.3          54.9          12.1        20.1
                 3                          102.3      198.9          31.3          20.6                      2.2                     74.5                         67.3          3.0        96.6         2.2          58.0          15.3        21.0

                1                                                                                                                             2
                    Excludes banks and insurance companies.                                                                                     Receivables from, and payables to, the U. S. Government exclude
                                                                                                                                            amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                           [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                                                                     Manu-
                                                    Manu-                                                      Public Com-                                                                                  factur- Trans-             Public
                       Year                         factur-     Min-                                            utili- muni- Other 2                                              Quarter          Total      ing   porta-              utili-  All
                                          Total       ing       ing                                              ties  cations                                                                                and    tion                ties other 3
                                                                             Rail-                                                                                                                           min-
                                                                             road      Other                                                                                                                  ing

            1939                           5.5        1.9         .3           .3            .4                           .5                      .3                  1.8       1954—1      , ,    6.3          2.8           .6         .9       1.9
            1945                           8.7        4.0         .4           .5            .6                           .5                                          2.4            2             6.9          3.1           .6        1.1       2.1
                                                                                                                                                                                     3             6.6          2.9           .6        1.1       2.1
            1948                          22.1        9.1         .9         1.3            1.3                    2.5                        1.7                     5.2            4             7.0          3.2           .6        1.1       2.1
            1949                          19.3        7.1         .8         1.4             .9                    3.1                        1.3                     4.7
            1950                          20.6        7.5         .7         1.1            1.2                    3.3                        l.l                     5.7       1955—1             5.8          2.4           .5         .8       2.0
            1951                          25.6       10.9         .9         1.5            1.5                    3.7                        1.3                     5.9            2             7.0          3.0           .6        1.1       2.3
            1952                          26.5       11.6        1.0         1.4            1.5                    3.9                        1.5                     5.6            3             7.4          3.1           .6        1.2       2.5
            1953                          28.3       11.9        1.0         1.3            1.6                    4.6                        1.7                     6.3            44            8.0          3.6           .7        1.3       2.3
            1954                          26.8       11.0        1.0          .9            1.5                    4.2                        I 7                     6 5
            19554                         28.3       11.3         .9          .9            1.6                    4.4                                     S .1                 1956—14            7.3          3.3           .8        1.0       2.2

                1                                                                                                                                   3
                    Corporate and noncorporate business, excluding agriculture.                                                                          Includes communications and other.
                2                                                                                                                                  4
                    Includes trade, service, finance, and construction.                                                                                  Anticipated by business.
March 1956



             264               BUSINESS FINANCE

              CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                     NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                   [Department of Commerce estimates. In billions                                         [Securities and Exchange Commission estimates. In millions of dollars]
                                    of dollars]
                                                                                                                          All types     •           Bonds and notes                         Stocks
                   Year or     Profits       In- Profits Cash Undis-                               Year of
                   quarter     before       come after   divi- tributed                            quarter
                                taxes       taxes taxes dends profits                                             New Retire- Net     New Retire-  Net    New Retire- Net
                                                                                                                 issues ments change issues ments change issues ments change
             1948                  32.8     12.5      20.3      7.2       13.0
             1949 .                26.2     10.4      15.8      7.5        8.3            1948                   7,570        1,683    5,887   5,938       1,283      4,655    1,632           400      1,232
             1950                  40.0     17.8      22.1      9.2       12.9            1949 .                 6,731        1,875    4,856   4,867       1,583      3,284    1,864           292      1,572
             1951                  41.2     22.5      18.7      9.1        9.6            1950                   7,224        3,501    3,724   4,806       2,802      2,004    2,418           698      1,720
             1952                  35.9     19.8      16.1      9.0        7.1            1951                   9,048        2,772    6,277   5,682       2,105      3,577    3,366           666      2,700
             1953                  38.3     21.3      17.0      9.3        7.7            1952                  10,679        2,751    7,927   7,344       2,403      4,940    3,335           348      2,987
             1954                  34.0     17.1      17.0     10.0        7.0            1953 .                 9,550        2,428    7,121   6,651       1,896      4,755    2,898           533      2,366
             1955                  43.4     21.8      21.6     11.2       10.4            1954r                 11,694        5,629    6,065   7,832       4,033      3,799    3,862         1,596      2,265
                                                                                          1955                  12,595        5,372    7,223   7,712       3,199      4,513                  2,173      2,710
             1954_4                36.0     18.1      17.9      10.6      7.3                                                                                               4,883
                                                                                          1954_4r                3,080        1,936     1,114 2,062        1,384        679 1,018                553         465
             1955_1                40.9     20.5      20.4     10.2       10.2
                  2                43.0     21.6      21.4     10.7       10.7            1955—1                 3,014        1,295    1,719   1,681         702        979    1,333             593      740
                  3                44.5     22.3      22.2     11.0       11.1                 2                 2,891        1,484    1,407   1,802         767      1,034    1,089                      373
                  41               45.0     22.6      22.4     12.2       10.2                 3                 2,895        1,427    1,468   1,838         923        915    1,057             in       553
                                                                                               4                 3,795        1,165    2,630   2,391         806      1,585    1,404             504    1,046
                                                                                                                                                                                                 359
               i Preliminary estimates by Council of Economic                                  r
             Advisers.                                                                         Revised.
                                                                                               1
               NOTE.—Quarterly data are at seasonally adjusted                                Reflects cash transactions only. As contrasted with data shown on p. 262, new issues
             annual rates.                                                               exclude foreign and include investment company offerings, sales of securities held by
                                                                                         affiliated companies or RFC, special offerings to employees, and also new stock issues
                                                                                         and cash proceeds connected with conversions of bonds into stocks. Retirements include
                                                                                         the same types of issues, and also securities retired with internal funds or with proceeds
                                                                                         of issues for that purpose shown on p. 262.


                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                         Current assets                                                            Current liabilities

                                            Net                                                Notes and accts.                                             Notes and accts,             Federal
                     End of year           working                               U.S.            receivable                                                     payable
                      or quarter           capital                              Govt.                                    Inven-                                                          income
                                                       Total       Cash         securi-                                   tories      Other     Total                                      tax         Other
                                                                                  ties         U. S.                                                        U.S.                           lia-
                                                                                               Govt. 2        Other                                                         Other        bilities
                                                                                                                                                            Govt. 2

             1948                            68.6      133.0       25.3          14.8                     4 2.4           48.9          1.6        64.4               3 >.3               11.5         13.5
             1949                            72.4      133.1       26.5          16.8                     43.0            45.3          1.4        60.7               37.5                 9.3         14.0
             1950 .                          81.6      161.5       28.1          19.7               1.1        55.7       55.1          1.7        79.8          .4        47.9           16.7         14.9
             1951                            86.5      179.1       30.0          20.7               2.7        58.8       64.9          2.1        92.6         1.3        53.6           21.3         16.5
             1952 .                          90.1      186.2       30.8          19.9               2.8        64.6       65.8          2.4        96.1         2.3        57.0           18.1         18.7
             1953                            92.6      189.6       30.9          21.0               2.6        64.8       67.9          2.4        97.0         2.2        56.3           19.2         19.3
             1954_4                          95.8      187.3       31.7           19.3              2.4       66.2        65.1          2.6        91.5         2.4         54.0          15.7         19.4
             1955—1                          98.1      187.9       30.3          19.0               2.2       67.8        65.8          2.8        89.8         2.5         54.2          13.4         19.7
                  2                         100 6      190.1       30.8          18.8               2.1       70.1        65.5          2.8        89.6         2.3         54.9          12.1         20.1
                  3                         102.3      198.9       31.3          20.6               2.2       74.5        67.3          3.0        96.6         2.2         58.0          15.3         21.0

               1                                                                                                  2
                   Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Government exclude
                                                                                                                  nounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
                                           [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                        Transportation                                                                             Manu-
                                                    Manu-                                            Public Com-                                                   factur- Trans-           Public
                                                    factur-     Min-                                  utili- muni- Other 2               Quarter                     ing   porta-                    All
                      Year                Total                 ing                                                                                       Total      and                     utili-
                                                      ing                 Rail-                        ties  cations                                                min-    tion              ties other 3
                                                                          road      Other                                                                            ing

             1948                         22.1        9.1         .9      1.3            1.3          2.5       1.7           5.2     1954—3              6.6         2 9           .6        1 l        2 1
             1949                         19.3        7.1         .8      1.4             .9          3.1       1.3           4.7          4              7.0         3.2           .6        1 1        2 1
             1950                         20.6        7.5         .7      1.1            1.2          3.3       1.1           5.7
             1951                         25.6       10.9         .9      1.5                         3.7       1.3           5.9     1955—i              5.8         2.4           .5           s       2   0
             1952                         26.5       11.6        1.0      1.4            15           3.9       1.5           5.6          2              7.0         3.0           .6        1 i        2   3
             1953                         28.3       11.9        1.0      1.3            1.6          4.6       1.7           6.3          3 ...          7 4         3 1                     1 2        2   5
             1954                         26.8       11.0        1.0       .9            1.5          4.2       1.7           6.5          4r             8.4         3 8           .7        1 2        2   6
             1955r                        28.7       11.4        1.0       .9              6          4.3       2.0           7.5
             19564                        34.9       15.0        1.1      1.3            1.8          5.0             10 .6           1956— 1 4 r _ .     8.1         3.6           .7        1.1        2.6
                                                                                                                                           24             9.0         4.1           .8        1.4        2.8
              r
                Revised.                                                                                          3 Includes communications and other.
              1 Corporate and noncorporate business, excluding agriculture.                                       4
                                                                                                                   Anticipated by business.
              2 Includes trade, service, finance, and construction.
April 1956



             376               BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                   [Department of Commerce estimates. In billions                                       [Securities and Exchange Commission estimates. In millions of dollars]
                                    of dollars]
                                                                                                                          All types                Bonds and notes                         Stocks
                   Year or     Profits In- Profits Cash Undis-                                  Year or
                   quarter     before come after   divi- tributed                               quarter
                                taxes taxes taxes dends profits                                                  New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                                issues ments change issues ments change issues ments change
             1948                  32.8     12.5     20.3       7.2     13.0
             1949                  26.2     10.4     15.8       7.5        8.3          1948                     7,570         1,683    5,887   5,938     1,283       4,655    1,632          400     1,232
             1950 . . .            40.0     17.8     22.1       9.2     12.9            1949                     6,731         1,875    4,856   4,867     1,583       3,284    1,864          292     1,572
             1951                  41.2              18.7       9.1      9.6            1950                     7,224         3,501    3,724   4,806     2,802       2,004    2,418          698     1,720
             1952                  35.9     22.5
                                            19.8     16.1       9.0        7.1          1951                     9,048         2,772    6,277   5,682     2,105       3,577    3,366          666     2,700
             1953                  38.3     21.3     17.0       9.3      7.7            1952                    10,679         2,751    7,927   7,344     2,403       4,940    3,335          348     2,987
             1954                  34.0     17.1     17.0      10.0      7.0            1953                     9,550         2,428    7,121   6,651     1,896       4,755    2,898          533     2,366
             1955                  43.4     21.8     21.6      11.2     10.4            1954                    11,694         5,629    6,065   7 832     4,033       3 799    3 862        1,596     2,265
                                                                                        1955                    12,595         5,372    7,223   7,712     3,199       4,513    4,883        2,173     2,710
             1954—4                36.0     18.1      17.9      10.6       7.3
                                                                                        1954 4                  3,080          1,936    1,114 2,062       1,384         679 1 018              553      465
             1955—1                40.9     20.5     20.4      10.2     10.2
                  2                43.0     21.6     21.4      10.7     10.7            1955—1                  3,014          1,295    1,719   1,681       702         979    1 333           593      740
                  3                44.5                        11.0     11.1                 2                  2,891          1,484    1,407   1,802       767       1,034    1,089           717      373
                  41               45.0     22.3
                                            22.6     22.2
                                                     22.4      12.2     10.2                       3            2,895          1,427    1,468   1,838       923         915    1,057           504      553
                                                                                                   4            3,795          1,165    2,630   2,391       806       1,585    1,404           359    1,046
               1 Preliminary estimates by Council of Economic                              1
             Advisers.                                                                       Reflects cash transactions only. As contrasted with data shown on p. 374, new issues
               NOTE.—Quarterly data are at seasonally adjusted                          exclude foreign and include investment company offerings, sales of securities held by
             annual rates.                                                              affiliated companies or RFC, special offerings to employees, and also new stock issues
                                                                                        and cash proceeds connected with conversions of bonds into stocks. Retirements include
                                                                                        the same types of issues, and also securities retired with internal funds or with proceeds
                                                                                        of issues for that purpose shown on p. 374.



                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                        Current assets                                                            Current liabilities

                     End of year            Net                                                 Notes and accts.                                            Notes and accts.             Federal
                      or quarter           working                                U. S.           receivable                                                    payable                  income
                                           capital     Total       Cash          Govt.                                   Inven-        Other     Total                                     tax       Other
                                                                                 securi-                                  tories                                                           lia-
                                                                                   ties         U.S.        Other                                           U. S.           Other        bilities
                                                                                                Govt.2                                                      Govt.2

             1948                           68.6      133.0         25.3         14.8                   4 2.4              48.9         1.6        64.4               3 ?.3               11.5       13.5
             1949                           72.4      133.1         26.5         16.8                   43.0               45.3         1.4        60.7               37.5                 9.3       14.0
             1950                           81.6      161.5         28.1         19.7             1.1       55.7           55.1         1.7        79.8          .4       47.9            16.7       14.9
             1951                           86.5      179.1         30.0         20.7             2.7       58.8           64.9         2.1        92.6         1.3       53.6            21.3       16.5
             1952                           90.1      186.2         30.8         19.9             2.8       64.6           65.8         2.4        96.1         2.3       57.0            18.1       18.7
             1953                           92.6      189.6         30.9         21.0             2.6       64.8           67.9         2.4        97.0         2.2       56.3            19.2       19.3
             1954                           95.8      187.3         31.7         19.3             2.4       66.2           65.1         2.6        91.5         2.4       54.0            15.7       19.4
             1955    1 .                     98.1     187.9         30.3         19.0             2.2       67.8           65.8         2.8       89.8          2.5         54.2          13.4       19.7
                     2                      100.6     190.1         30.8         18.8             2.1       70.1           65.5         2.8       89.6          2.3         54.9          12.1       20.1
                     3                      102.3     198.9         31.3         20.6             2.2       74.5           67.3         3.0       96.6          2.2         58.0          15.3       21.0
                     4                      103.6     206.6                                       2.3       76.0           69.8         2.9      103.0          2.3         61.6          18.5       20.7
                                                                    32.2         23.4
               1                                                                                                  2
                   Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Government exclude
                                                                                                                amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
                                           [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

                                                                        Transportation                                                                            Manu-
                                                    Manu-                                          Public Com-                                                    factur- Trans- Public
                      Year                          factur-     Min-                                utili- muni- Other 2                 Quarter          Total     ing   porta- utili-  All
                                          Total       ing       ing                                  ties cations                                                   and    tion   ties other 3
                                                                           Rail-                                                                                   min-
                                                                           road      Other                                                                          ing

             1948                         22.1        9.1         .9       1.3          1.3         2.5         1.7            5.2     1954—3             6.6         29            .6        11       21
             1949                         19.3        7.1         .8       1.4             .9       3.1         1.3            4.7          4             7.0         32            .6        1 l      21
             1950                         20.6        7.5         .7       1.1          1.2         3.3         1.1            5.7
             1951                         25.6       10.9         .9       1.5           .5         3.7         1.3            5.9     1955_1             5.8         24            .5          8      20
             1952                         26.5       11.6        1.0       1.4          [.5         3.9         1.5            5.6          2             7.0         3.0           .6        11       23
             1953                         28.3       11.9        1.0       1.3          1.6         4.6         1.7            6.3          3... .        7.4         3.1           .6        1.2      2.5
             1954                         26.8       11.0        1.0        .9          L.5         4.2         1.7            6.5          4             8.4         3 8                              26
             1955                         28.7       11.4        1.0        .9            6         4.3         2.0            7.5                                                   7        1 2
             19564                        34.9       15.0        1.1       1.3            8         5.0                10 .6           1956—14            8.1         3.6           .7        1.1      2.6
                                                                                                                                            24            9.0                       .8        1.4      2.8
                                                                                                                                                                      4.1
               1
                   Corporate and noncorporate business, excluding agriculture.                                     3 Includes communications and other.
               2                                                                                                   4
                   Includes trade, service,finance,and construction.                                                Anticipated by business.
May 1956



           488               BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates. In billions                                       [Securities and Exchange Commission estimates. In millions of dollars]
                                  of dollars]
                                                                                                                         All types                Bonds and notes                          Stocks
                 Year or     Profits       In- Profits Cash Undis-                            Year or
                 quarter     before       come after   divi- tributed                         quarter
                              taxes       taxes taxes dends profits                                           New Retire- Net     New Retire-  Net    New Retire-  Net
                                                                                                             issues ments change issues ments change issues ments change
           1948               32.8        12.5       20.3      7.2    13.0
           1949               26.2        10.4       15.8      7.5     8.3               1948                7,570            1,683    5,887    5,938    1,283       4,655    1,632           400      1,232
           1950               40.0        17.8       22.1      9.2    12.9               1949                6,731            1,875    4,856    4,867    1,583       3,284    1,864           292      1,572
           1951               41.2        22.5       18.7      9.1     9.6               1950 . . .          7,224            3,501    3,724    4,806    2,802       2,004    2,418           698      1,720
           1952               35.9        19.8       16.1      9.0     7.1               1951                9,048            2,772    6,277    5,682    2,105       3,577    3,366           666      2,700
           1953               38.3        21.3       17.0      9.3     7.7               1952               10,679            2,751    7,927    7,344    2,403       4,940    3,335           348      2,987
           1954               34.0        17.1       17.0     10.0     7.0               1953                9,550            2,428    7,121    6,651    1,896       4,755    2,898           533      2,366
           1955              '43.8       '22.0     r
                                                     21.8     11.2   '10.6               1954               11,694            5,629    6,065    7,832    4,033       3,799    3,862         1,596      2,265
                                                                                         1955               12,595            5,372    7,223    7,712    3,199       4,513    4,883         2,173      2,710
           1954_4                36.0     18.1      17.9      10.6       7.3
                                                                                         1954_4              3,080            1,936    1,114 2,062        1,384        679 1,018                553      465
           1955—1                40.9     20.5     20.4       10.2       10.2
                2                43.0     21.6     21.4       10.7       10.7            1955—1              3,014            1,295    1,719    1,681       702        979    1,333             593      740
                3                44.5     22.3     22.2       11.0       11.1                 2              2,891            1,484    1,407    1,802       767      1,034    1,089             111      373
                4                46.8     23.5     23.3       12.2       11.1                 3              2,895            1,427    1,468    1,838       923        915    1,057             504      553
                                                                                              4              3,795            1,165    2,630    2,391       806      1,585    1,404             359    1,046
           1956—U                45.5     22.8      22.7      11.7       11.0
                                                                                            1
             r
                                                                                              Reflects cash transactions only. As contrasted with data shown on p. 486, new issues
             1
              Revised.                                                                   exclude foreign and include investment company offerings, sales of securities held by
              Preliminary estimates by Council of Economic                               affiliated companies or RFC, special offerings to employees, and also new stock issues
           Advisers.                                                                     and cash proceeds connected with conversions of bonds into stocks. Retirements include
             NOTE.—Quarterly data are at seasonally adjusted                             the same types of issues, and also securities retired with internal funds or with proceeds
           annual rates.                                                                 of issues for that purpose shown on p. 486.



                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                            [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                       Current assets                                                             Current liabilities


                   End of year            Net                                                 Notes and accts.                                             Notes and accts,             Federal
                    or quarter           working                                U.S.            receivable                                                     payable                  income
                                         capital     Total       Cash          Govt.                                     Inven-       Other      Total                                     tax
                                                                               securi-                                    tories                                                                      Other
                                                                                 ties         U.S.                                                         U.S.                            lia-
                                                                                                          Other                                            Govt. 2         Other         bilities
                                                                                              Govt. 2

           1948                            68.6      133.0       25.3           14.8                  4 2.4               48.9         1.6        64.4               3 ).3               11.5         13.5
           1949                            72.4      133.1       26.5           16.8                  43.0                45.3         1.4        60.7               37.5                 9 3         14 0
           1950                            81.6      161.5       28.1           19.7            1.1        55.7           55.1         1.7        79.8          .4        47.9           16.7         14.9
           1951                            86.5      179.1       30.0           20.7            2.7        58.8           64.9         2.1        92.6         1.3        53.6           21.3         16.5
           1952                            90.1      186.2       30.8           19.9            2.8        64.6           65.8         2.4        96.1         2.3        57.0           18.1         18.7
           1953                            92.6      189.6       30.9           21.0            2.6        64.8           67.9         2.4        97.0         2.2        56.3           19.2         19.3
           1954                            95.8      187.3       31.7           19.3            2.4        66.2           65.1         2.6        91.5         2.4        54.0           15.7         19.4
           1955_1                          98.1     187.9         30.3          19.0            2.2       67.8            65.8         2.8       89.8          2.5         54.2          13.4         19.7
                2                         100.6     190.1         30.8          18.8            2.1       70.1            65.5         2.8       89.6          2.3         54.9          12.1         20 1
                3                         102.3     198.9         31.3          20.6            2.2       74.5            67.3         3.0       96.6          2.2         58.0          15.3         21.0
                4                         103.6     206.6         32.2          23.4            2.3       76.0            69.8         2.9      103.0          2.3         61.6          18.5         20.7

                                                                                                              2
             i Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Government exclude
                                                                                                            amounts offset against each other on corporations' books.


                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                         [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                           Manu-
                                                  Manu-                                          Public Com-                                                      factur- Trans-            Public
                    Year                          factur-     Min-                                utili- muni- Other 2                  Quarter          Total      ing   porta-                      All
                                        Total                 ing                                                                                                   and                      utili- other 3
                                                    ing                  Rail-                     ties  cations                                                   min-    tion               ties
                                                                         road      Other                                                                            ing

           1948                         22.1        9.1         .9        1.3          1.3        2.5        1.7              5.2     1954—3             6 6         2 9           6          1 1       2 1
           1949                         19 3        7.1         .8        1.4            .9       3.1                         4 7          4             7 0         3 2           6          1 i       2 1
           1950                         20.6        7.5         .7        1.1          1.2        3.3         .1              5.7
           1951                         25.6       10.9         .9        1.5           .5        3.7                         5.9     1955—1             5.8         2 4            5           g       2 0
           1952                         26.5       11.6        1.0        1.4            5        3.9             5           5.6          2             7.0         3 0           .6         1 i       2 3
           1953.                        28 3       11 9        1 0        1.3          1.6        4 6             7           6 3          3             7 4         3 1            6         1 2       2 5
           1954                         26.8       11.0        1.0         .9          1.5        4.2             7           6.5          4             8.4         3.8           .7         1.2       2.6
           1955                         28.7       11.4        1.0         .9            6        4.3       2.0               7.5
           19564                        34.9       15.0        1.1        1.3           .8        5.0                 10 .6           1956— H            8.1         3.6           .7         1.1       2.6
                                                                                                                                           24            9.0         4.1           .8         1.4       2.8

             1                                                                                                    3
               Corporate and noncorporate business, excluding agriculture.                                          Includes communications and other.
             2 Includes trade, service, finance, and construction.                                                •Anticipated by business.
June 1956



            628               BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                  [Department of Commerce estimates. In billions                                     [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars]
                                                                                                                       All types                Bonds and notes                            Stocks
                  Year or    Profits       In-  Profits Cash Undis-
                  quarter    before       come after    divi- tributed                       quarter
                              taxes       taxes taxes dends profits                                            New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                              issues ments change issues ments change issues ments change
            1948                  32.8     12.5     20.3       7.2     13.0
            1949                  26.2     10.4     15.8       7.5      8.3            1948                    7,570        1,683    5,887   5,938     1,283       4,655      1,632          400       1,232
            1950                  40.0     17.8     22.1       9.2     12.9            1949                    6,731        1,875    4,856   4,867     1,583       3,284      1,864          292       1,572
            1951                  41.2     22.5     18.7       9.1      9.6            1950                    7,224        3,501    3,724   4,806     2,802       2,004      2,418          698       1,720
            1952                  35.9     19.8     16.1       9.0      7.1            1951                    9,048        2,772    6,277   5,682     2,105       3,577      3,366          666       2,700
            1953.                 38.3     21.3     17.0       9.3      7.7            1952                   10,679        2,751    7,927   7,344     2,403       4,940      3,335          348       2,987
            1954                  34.0     17.1     17.0      10.0      7.0            1953                    9,550        2,428    7,121   6,651     1,896       4,755      2,898          533       2,366
            1955                  43.8     22.0     21.8      11.2     10.6            1954                   11,694        5,629    6,065   7,832     4,033       3 799      3 862        1,596       2,265
                                                                                       1955                   12,595        5,372    7,223   7,712     3,199       4,513      4,883        2,173       2,710
            1954—4                36.0     18.1     17.9      10.6       7.3
                                                                                       1955—1                 3,014         1,295    1,719 1,681         702         979      1,333             593      740
            1955_1                40 9     20.5     20.4      10.2     10.2                 2                 2,891         1,484    1,407 1,802         767       1,034      1,089             717      373
                 2                43.0     21.6     21.4      10.7     10.7                 3                 2,895         1,427    1,468 1,838         923         915      1,057             504      553
                 3 ..             44 5     22.3     22.2      11.0     11.1                 4                 3,795         1,165    2,630 2,391         806       1,585      1,404             359    1,046
                 4                46 8     23 5     23.3      12.2     11.1
                                                                                       1956—1                 2,827         1,043    1,784   1,678       707           970 1,149                336      813
            1956—11               45.5     22.8     22.7      11.7     11.0
                                                                                          1
                                                                                            Reflects cash transactions only. As contrasted with data shown on p. 626, new issues
              i Preliminary estimates by Council of Economic                           exclude foreign and include offerings of open-end investment companies, sales of securities
            Advisers.                                                                  held by affiliated companies or RFC, special offerings to employees, and also new stock
              NOTE.—Quarterly data are at seasonally adjusted                          issues and cash proceeds connected with conversions of bonds into stocks. Retirements
            annual rates.                                                              include the same types of issues, and also securities retired with internal funds or with
                                                                                       proceeds of issues for that purpose shown on p. 626.



                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                             [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                       Current assets                                                          Current liabilities


                    End of year            Net                                               Notes and accts.                                            Notes and accts                Federal
                     or quarter           working                               U.S.           receivable                                                    payable                    income
                                          capital     Total       Cash         Govt.                                   Inven-       Other     Total                                       tax         Other
                                                                               securi-                                  tories                                                            lia-
                                                                                 ties        U.S.        Other                                           U. S.             Other        bilities
                                                                                             Govt.2                                                      Govt. 2

            1948                            68.6     133.0        25.3          14.8                  4 2.4             48.9         1.6        64.4               3 ?.3                 11.5         13.5
            1949                            72.4     133.1        26.5          16.8                  43.0              45.3         1.4        60.7               37.5                   9.3         14.0
            1950                            81.6     161.5        28.1          19.7           1.1        55.7          55.1         1.7        79.8          .4        47.9             16.7         14.9
            1951                            86.5     179.1        30.0          20.7           2.7        58.8          64.9         2.1        92.6         1.3        53.6             21.3         16.5
            1952                            90.1     186.2        30.8          19.9           2.8        64.6          65.8         2.4        96.1         2.3        57.0             18.1         18.7
            1953                            92.6     189.6        30.9          21.0           2.6        64.8          67.9         2.4        97.0         2.2        56.3             19.2         19.3
            1954                            95.8     187.3        31.7          19.3           2.4        66.2          65.1         2.6        91.5         2.4        54.0             15.7         19.4
            1955     l                      98.1     187.9        30.3          19.0           2.2        67.8          65.8         2.8      89.8           2.5           54.2          13.4         19.7
                     2                     100.6     190.1        30.8          18.8           2.1        70.1          65.5         2.8      89.6           2.3           54.9          12 1         20 1
                     3                     102.3     198.9        31.3          20.6           2.2        74.5          67.3         3.0      96.6           2.2           58.0          15.3         21.0
                     4                     103.6     206.6        32.2          23.4           2.3        76.0          69.8         2.9     103.0           2.3           61.6          18.5         20.7

                                                                                                                2
              i Excludes banks and insurance companies.                                                           Receivables from, and payables to, the U. S. Government exclude
                                                                                                              amounts offset against each other on corporations' books.


                                                        BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                        Manu-
                                                   Manu-                                        Public Com-                                                    factur- Trans-              Public
                                                   factur-     Min-                              utili- muni- Other 2                 Quarter                    ing                                An-
                      Year               Total                 ing                                                                                     Total     and   porta-               utili-
                                                     ing                 Rail-                    ties  cations                                                 min-    tion                 ties other *
                                                                         road      Other                                                                         ing

            1948                         22.1        9.1         .9       1.3          1.3       2.5          K7            5.2     1955—1             5 8         2   4            5          g        2 0
            1949                         19.3        7.1         .8       1.4           .9       3.1                        4.7          2             7.0         3   0           .6        1 i        2 3
            1950                         20 6        7.5         .7       1.1          1.2       3.3                        5 7          3             7 4         3   1                     1 2        2*5
            1951                         25 6       10.9         .9       1.5          1.5       3.7          L.3           5.9          4. .          8 4         3   8           7         1 2        2*6
            1952                         26.5       11.6        1.0       1.4          1.5       3.9          1.5           5.6
            1953                         28.3       11.9        1.0       1.3          1.6       4.6           .7           6.3     1956—1r            7.5         3 2              7          9        2 6
            1954                         26.8       11.0        1.0        .9          1.5       4.2            7           6.5          24'....       9.1         4.3             .8        1 4        2 7
            1955                         28.7       11.4        1.0        .9          1.6       4.3          2.0           7.5          34            9.2         4.4             .8        1 4        2 6
            19564                        34.9       15.0        1.1       1.3          1.8       5.0                10 .6

              ' Revised.
              1 Corporate and noncorporate business, excluding agriculture.
              2
                                                                                                                 3 Includes communications and other.
               Includes trade, service, finance, and construction.                                               4 Anticipated by business.
July 1956



            742               BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
               [Department of Commerce estimates. In billions                                          [Securities and Exchange Commission estimates. In millions of dollars]
                                of dollars]
                                                                                                                         All types                 Bonds and notes                          Stocks
                              Profits       In-  Profits Cash Undis-                           Year or
               Year or        before       come after    divi- tributed
               quarter         taxes       taxes taxes dends profits                           quarter          New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                               issues ments change issues ments change issues ments change
            1948                  32.8     12.5      20.3      7.2       13.0
            1949                  26.2     10.4      15.8      7.5        8.3             1948                  7,570         1,683    5,887   5, 938     1,283       4,655    1,632           400       1,232
            1950                  40.0     17.8      22.1      9.2       12.9             1949...               6,731         1,875    4,856   4, 867     1,583       3,284    1,864           292       1,572
            1951                  41.2     22.5      18.7      9.1        9.6             1950                  7,224         3,501    3,724   4, 806     2 ,802      2,004    2,418           698       1,720
            1952                  35.9     19.8      16.1      9.0        7.1             1951                  9,048         2,772    6,277   5, 68?     ? JOS       3,577    3,366           666       ? 700
            1953'                 37.0     20.3      16.7       9.3       7.4             1952                 10,679         2,751    7,927   7, 344     2 ,403      4,940    3,335           348       2 ,987
                                  33.2     16.8      16.4      10.0       6.4             1953                  9,550         2,428    7,121   6, 651     1,896       4,755    2,898           533       2 ,366
            1955r                 42.7     21.5      21.1      11.2      10.0             1954                 11,694         5,629    6,065   7, 83?     4 ,033      3,799    3,862         1,596       ? ,?65
                                                                                          1955                 12,595         5,372    7,223   7, 712     3 ,199      4,513    4,883         2,173       2 ,710
            1954—4 '              35.2     17.8      17.4      10.3       7.1
                                                                                          1955    1 .          3,014          1,295    1,719     681         702        979    1,333              593       740
            1955—1r               39.7     20.0      19.7     10.4        9.3                     2            2,891          1,484    1,407 l] 802          767      1,034    1,089              717       373
                 2r               41.1     20.7      20.3     10.7        9.6                     3            2,895          1,427    1,468     818         9?3        915    1 057              504       5S3
                 3r               43.5     22.0      21.5     11.0       10.5                     4            3,795          1,165    2,630 2,' 391         806      1,585    1,404              359    1 ,046
                 4r               46.4     23.4      23.0     12.1       10.9
                                                                                          1956 1               2,827          1,043    1,784   1, 678        707        970 1,149                 336      813
            1956—1'"              43.7     22.1      21.6     11.8       9.8
                                                                                          1 Reflects cash transactions only. As contrasted with data shown on p. 740, new issues
              r
                Revised.                                                               exclude foreign and include offerings of open-end investment companies, sal es of securities
              NOTE.—Quarterly data are at seasonally                  adjusted         held by affiliated companies or RFC, special offerings to employees, and also new stock
            annual rates.                                                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                       include the same types of issues, and also securities retired with internal funds or with
                                                                                       proceeds of issues for that purpose shown on p. 740.



                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS *
                                                             [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                       Current assets                                                              Current liabilities

                                           Net                                                 Notes and accts.                                             Notes and accts              Federal
                    End of year           working                                U. S.            receivable                                                    payable
                     or quarter           capital                               Govt.                                    Inven-                                                          income
                                                      Total       Cash          securi-                                   tories      Other       Total                                     tax         Other
                                                                                  ties         U.S.                                                         U. S.                           lia-
                                                                                                           Other                                            Govt. 2         Other         bilities
                                                                                               Govt. 2

            1948 . .                        68.6      133.0       25.3          14.8                   4 2.4              48.9         1.6        64.4                3 ).3               11.5          13.5
            1949                            72.4      133.1       26.5          16.8                   43.0               45.3         1.4        60.7                37.5                  9.3         14.0
            1950                            81.6      161.5       28.1          19.7             1.1       55.7           55.1         1.7        79.8           .4       47.9            16.7          14.9
            1951                            86.5      179.1       30.0          20.7             2.7       58.8           64.9         2.1        92.6          1.3       53.6            21.3          16.5
            1952                            90.1      186.2       30.8          19.9             2.8       64.6           65.8         2.4        96.1          2.3       57.0            18.1          18.7
            1953                            92 6      189.6       30.9          21.0             2.6       64.8           67.9         2.4        97.0          2.2       56.3            19 2          19 3
            1954                            95.8      187.3       31.7          19.3             2.4       66.2           65.1         2.6        91.5          2.4       54.0            15.7          19.4
            1955    i                       98.1      187.9       30.3          19.0             2.2       67.8           65.8         2.8        89.8          2.5         54.2          13.4          19.7
                    2                      100.6      190.1       30.8          18.8             2.1       70.1           65.5         2.8        89.6          2.3         54.9          12.1          20.1
                    3                      102.3      198.9       31.3          20.6             2.2       74.5           67.3         3.0        96.6          2.2         58.0          15.3          21 0
                    4                      103.6      206.6       32.2          23.4             2.3       76.0           69.8         2.9       103.0          2.3         61.6          18.5          20.7
            1956—1                         105.6     205.4        29.6          20.5             2.3       77.0           72.8          3.2       99.8          2.3         61.0          15.3          21.2

              i Excludes banks and insurance companies.                                                          2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                        BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                            Manu-
                                                   Manu-                                         Public Com-                                                       factur- Trans-
                                                               Min-                                                                                                  ing                    Public   All
                     Year                Total     factur-     ing                                utili- muni- Other 2                  Quarter           Total      and   porta-            utili-
                                                     ing                 Rail-                     ties  cations                                                    min-    tion              ties other 3
                                                                         road       Other                                                                            ing

            1948                         22.1        9.1         .9       1.3          1.3         2.5         1.7            5.2     1955_1 . . .        5.8         2.4           .5         .8         2.0
            1949                         19.3        7.1         .8       1.4           .9         3.1         1.3            4.7          2              7 0         3 0            6        1 i         2 3
            1950                         20.6        7.5         .7       1.1              ?       3.3         1.1            5.7          3              7.4         3.1           .6        1 2         2 5
            1951                         25.6       10.9         .9       1.5           .5         3.7         1.3            5.9          4 . .          8.4         3.8           .7        1.2         2.6
            1952                         26.5       11.6        1.0       1.4          1.5         3.9         1.5            5.6
            1953                         28.3       11.9        1.0       1.3              6       4.6         1.7            6.3     1956—1              7.5         3.2            7            9       2 6
            1954                         26.8       11.0        1.0        .9          1.5         4.2           7            6.5          24             9.1         4.3           .8        1.4         2.7
            1955                         28.7       11.4        1.0        .9           .6         4.3         2.6            7.5          34.      ..    9 2         4 4            8        1 4         2 6
            19564                        34.9       15.0        1.1       1.3             .8       5.0               10 . 6

                                                                                                                 3
             l Corporate and noncorporate business, excluding agriculture.                                         Includes communications and other.
             * Includes trade, service, finance, and construction.                                               4 Anticipated by business.
August 1956



               874              BUSINESS FINANCE

              CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 (Department of Commerce estimates. In billions                                          [Securities and Exchange Commission estimates. In millions of dollars]
                                  of dollars]
                                                                                                                         All types                  Bonds and notes                         Stocks
                               Profits        In- Profits Cash Undis-                            Year or
                 Year or       before        come after   divi- tributed
                 quarter                                                                         quarter
                                taxes        taxes taxes dends profits                                           New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                                issues ments change issues ments change issues ments change
              1948                  32.8     12.5      20.3      7.2       13.0
              1949                  26.2     10.4      15.8      7.5        8.3           1948                  7,570        1,683    5,887    5,938       1,283       4,655    1,632          400       1,232
              1950                  40.0     17.8      22.1      9.2       12.9           1949                  6,731        1,875    4,856    4,867       1,583       3,284    1,864          292       1 572
              1951                  41.2     22.5      18.7      9.1        9.6           1950                  7,224        3,501    3,724    4,806       2,802       2,004    2,418          698       1,720
              1952                  35.9     19.8      16.1      9.0        7.1           1951                  9,048        2,772    6,277    5,682       2,105       3,577    3,366          666       2,700
              1953                  37.0     20.3      16.7      9.3        7.4           1952                 10,679        2,751    7,927    7,344       2,403       4,940    3,335          348       2,987
              1954 .                33 2     16.8      16.4     10.0        6.4           1953                  9,550        2,428    7,121    6,651       1,896       4,755    2,898          533       2,366
              1955                  42.7     21.5      21.1     11.2       10.0           1954                 11,694        5,629    6,065    7,832       4,033       3,799    3,862        1,596       2,265
                                                                                          1955                 12,595        5.372    7,223    7,712       3,199       4,513    4,883        2,173       2,710
              1955—1 . . .          39 7     20.0      19.7     10.4        9.3
                   2                41.1     20.7      20.3     10.7        9.6             1955—1              3,014        1,295    1,719    1,681          702        979    1,333             593      740
                   3                43.5     22.0      21.5     11.0       10.5                  2              2,891        1,484    1,407    1,802          767      1,034    1,089             717      373
                   4. .             46 4     23.4      23.0     12.1       10.9                  3              2,895        1,427    1,468    1,838          923        915    1,057             504      553
                                                                                                 4              3.795        1,165    2,630    2,391          806      1,585    1,404             359    1,046
              1956—1 . . .          43 7     22.1      21.6     11.8        9.8
                   21               43.5     22.0      21.5     12.2        9.3           1956—1                2,827        1,043    1,784    1,678          707        970 1,149                336      813

                                                                                            1
                 i Preliminary estimates by Council of Economic Ad-                           Reflects cash transactions only. As contrasted with data shown on p. 874, new issues
              visers.                                                                    exclude foreign and include offerings of open-end investment companies, sales of securities
                NOTE.—Quarterly data are at seasonally adjusted                          held by affiliated companies or RFC, special offerings to employees, and also new stock
              annual rates.                                                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                         include the same types of issues, and also securities retired with internal funds or with
                                                                                         proceeds of issues for that purpose shown on p. 874.



                                                                 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                               [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                         Current assets                                                             Current liabilities


                      End of year            Net                                                 Notes and accts.                                            Notes and accts.             Federal
                                            working                                U.S.            receivable                                                    payable                  income
                       or quarter           capital                               Govt.                                 Inven-
                                                        Total       Cash          securi-                                tories      Other       Total                                      tax         Other
                                                                                    ties         U. S.                                                       U.S.                           lia-
                                                                                                             Other                                                           Other        bilities
                                                                                                 Govt. 2                                                     Govt.2

              1948                            68.6      133.0       25.3          14.8                   4 2.4           48.9         1.6        64.4                  3 >.3               11.5         13.5
              1949                            72.4      133.1       26.5          16.8                   43.0            45.3         1.4        60.7                  37.5                 9.3         14.0
              1950                            81.6      161.5       28.1          19.7             1.1        55.7       55.1         1.7        79.8             .4        47.9           16.7         14.9
              1951                            86.5      179.1       30.0          20.7             2.7        58.8       64.9         2.1        92.6            1.3        53.6           21.3         16.5
              1952                            90.1      186.2       30.8          19.9             2.8        64.6       65.8         2.4        96.1            2.3        57.0           18.1         18.7
              1953                            92.6      189.6       30.9          21.0             2.6        64.8       67.9         2.4        97.0            2.2        56.3           19.2         19.3
              1954                            95.8      187.3       31.7          19.3             2.4        66.2       65.1         2.6        91.5            2.4        54.0           15.7         19.4
              1955_1                          98.1      187.9       30.3          19.0             2.2       67.8        65.8         2.8       89.8             2.5         54.2          13.4         19.7
                   2                         100.6      190.1       30.8          18.8             2.1       70.1        65.5         2.8       89.6             2.3         54.9          12.1         20.1
                   3                         102.3      198.9       31.3          20.6             2.2       74.5        67.3         3.0       96.6             2.2         58.0          15.3         21.0
                   4                         103.6      206.6       32.2          23.4             2.3       76.0        69.8         2.9      103.0             2.3         61.6          18.5         20.7
              1956—1                         105.6      205.4       29.6          20.5             2.3       77.0        72.8         3.2           99.8         2.3         61.0          15.3         21.2

                i Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                          BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
                                            [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                           Transportation                                                                           Manu-
                                                     Manu-                                         Public Com-                                                      factur- Trans- Public
                       Year                          factur-     Min-                               utili- muni- Other 2               Quarter                        ing   porta- utili-  All
                                           Total                 ing                                                                                       Total      and
                                                       ing                 Rail-                     ties cations                                                    min-    tion   ties other 3
                                                                           road       Other                                                                           ing

              1948                         22.1        9.1        .9        1.3          1.3        2.5        1.7           5.2     1955—1                5.8         2.4           .5        .8         2.0
              1949                         19.3        7.1        .8        1.4             .9      3.1        1.3           4.7          2                7.0         3.0           .6       1.1         2.3
              1950                         20.6        7.5        .7        1.1          1.2        3.3        l.l           5.7          3                7.4         3.1           .6       1 2         2 5
              1951                         25.6       10.9        .9        1.5          1.5        3.7        I 3           5.9          4     .          8 4         3 8            7       1 2         2 6
              1952                         26.5       11.6       1.0        1.4          1.5        3.9        1.5           5.6
              1953                         28.3       11.9       1.0        1.3          1.6        4.6        1.7           6.3     1956—1                7.5         3.2           .7         .9        2 6
              1954                         26.8       11.0       1.0         .9                     4.2          7           6.5          2*               9.1         4.3           .8        1.4        2.7
              1955                         28.7       11.4       1.0         .9             .6      4.3        2.0           7.5          34               9.2         4 4           .8        1 4        2 6
              19564                        34.9       15.0       1.1        1.3             .8      5.0              10 .6

               1 Corporate and noncorporate business, excluding agriculture.                                      3 Includes communications and other.
               * Includes trade, service, finance, and construction.                                             4
                                                                                                                   Anticipated by business.
September 1956



           972                BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                  [Department of Commerce estimates. In billions                                    [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars]
                                                                                                                         All types                   Bonds and notes                         Stocks
                 Year or     Profits      In- Profits Cash Undis-                           Year or
                             before      come after   divi- tributed                        quarter
                 quarter      taxes      taxes taxes dends profits                                            New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                             issues ments change issues ments change issues ments change
           1948                  32.8     12.5     20.3       7.2     13.0
           1949                  26.2     10.4     15.8       7.5      8.3            1948                    7,570           1,683    5,887       5,938    1,283       4,655    1,632          400       1,232
           1950                  40.0     17.8     22.1       9.2     12.9            1949..                  6,731           1,875    4,856       4,867    1,583       3,284    1,864          292       1,572
           1951                  41.2     22.5     18.7       9.1      9.6            1950                    7,224           3,501    3,724       4,806    2,802       2,004    2,418          698       1,720
           1952                  35.9     19.8     16.1       9.0      7.1            1951                    9,048           2,772    6,277       5,682    2,105       3,577    3,366          666       2,700
           1953                  37.0     20.3     16.7       9.3      7.4            1952                   10,679           2,751    7,927       7,344    2,403       4,940    3,335          348       2,987
           1954 .                33.2     16.8     16.4      10.0      6.4            1953                    9,550           2,428    7,121       6,651    1,896       4,755    2,898          533       2,366
           1955                  42.7     21.5     21.1      11.2     10.0            1954                   11,694           5,629    6,065       7,832    4,033       3,799    3,862        1,596       2,265
                                                                                      1955                   12,595           5,372    7,223       7,712    3,199       4,513    4,883        2,173       2,710
           1955—1                39.7     20.0     19.7      10.4      9.3
                2                41.1     20.7     20.3      10.7      9.6            1955—2                 2,891            1,484    1,407 1,802            767       1,034 1,089              717        373
                3. . .           43 5     22 0     21.5      11.0     10.5                 3                 2,895            1,427    1,468 1,838            923         915 1,057              504        553
                4                46.4     23.4     23.0      12.1     10.9                 4                 3,795            1,165    2,630 2,391            806       1,585 1,404              359      1,046
           1956—1                43.7     22.1     21.6      11.8       9.8           1956—1 .         .     2,827            1,043    1,784 1,678            707         970 1,149                336      813
                21               43.5     22.0     21.5      12.2       9.3                2                 3,367            1,488    1,880 2,245            817       1,428 1,122                671      452

                                                                                         1
              i Preliminary estimates by Council of Economic Ad-                           Reflects cash transactions only. As contrasted with data shown on p. 970, new issues
           visers.                                                                    exclude foreign and include offerings of open-end investment companies, sales of securities
             NOTE.—Quarterly data are at seasonally adjusted                          held by affiliated companies or RFC, special offerings to employees, and also new stock
           annual rates.                                                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                      include the same types of issues, and also securities retired with internal funds or with
                                                                                      proceeds of issues for that purpose shown on p. 970.



                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                            [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                      Current assets                                                                Current liabilities


                   End of year            Net                                               Notes and accts.                                                  Notes and accts.             Federal
                    or quarter           working                               U. S.          receivable                                                          payable                  income
                                         capital     Total       Cash         Govt.                                     Inven-        Other         Total                                    tax         Other
                                                                              securi-                                    tories                                                              lia-
                                                                                ties        U.S.           Other                                              U.S.            Other        bilities
                                                                                            Govt 2                                                            Govt. 2

           1948                            68.6     133.0        25.3          14.8                  42.4                48.9          1.6          64.4                3 >.3               11.5         13.5
           1949                            72.4     133.1        26.5          16.8                  43.0                45.3          1.4          60.7                37.5                 9.3         14.0
           1950                            81.6     161.5        28.1          19.7           1.1        55.7            55.1          1.7          79.8           .4       47.9            16.7         14.9
           1951                            86.5     179.1        30.0          20.7           2.7        58.8            64.9          2.1          92.6          1.3        53.6           21.3         16.5
           1952                            90.1     186.2        30.8          19.9           2.8        64.6            65.8          2.4          96.1          2.3        57.0           18.1         18.7
           1953                            92.6     189.6        30.9          21.0           2.6        64.8            67.9          2.4          97.0          2.2        56.3           19.2         19.3
           1954                            95.8     187.3        31.7          19.3           2.4        66.2            65.1          2.6          91.5          2.4        54.0           15.7         19.4
           1955      l                     98.1     187.9        30.3          19.0           2.2          67.8          65.8          2.8          89.8          2.5         54.2          13.4         19.7
                     2                    100.6     190.1        30.8          18.8           2.1          70.1          65.5          2.8          89.6          2.3         54.9          12.1         20.1
                     3                    102.3     198.9        31.3          20.6           2.2          74.5          67.3          3.0          96.6          2.2         58.0          15.3         21.0
                     4                    103.6     206.6        32.2          23.4           2.3          76.0          69.8          2.9         103.0          2.3         61.6          18.5         20.7
           1956—1                         105.6     205.4        29.6          20.5           2.3          77.0          72.8          3.2          99.8          2.3         61.0          15.3         21.2

              1                                                                                                2
                  Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                             amounts offset against each other on corporations' books.


                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
                                         [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                        Transportation                                                                              Manu-
                                                  Manu-                                        Public Com-                                                          factur- Trans- Public
                     Year                         factur-     Min-                              utili- muni- Other 2                    Quarter             Total     ing   porta- utili-  All
                                        Total       ing       ing                                ties  cations                                                        and    tion   ties other 3
                                                                        Rail-                                                                                        min-
                                                                        road      Other                                                                               ing

           1948                         22.1        9.1         .9       1.3          1.3       2 5                           5 2     1955    i             5 8         2 4           .5            s      2 0
           1949                         19 3        7 1          g       1 4            9       3 1          I 3              4 7             2             7 0         3 0            6        1 i        2 3
           1950                         20 6        7 5         .7                    1 2       33           11               5 7             3             7 4         3 1            6        1 2        2 5
           1951                         25.6       10.9         .9       1.5          1.5       3.7          1.3              5.9             4             8.4         3.8           .7        1.2        2.6
           1952                         26.5       11.6        1.0       1.4          1.5       3.9          1.5              5.6
           1953                         28.3       11 9        1 0       1 3          1 6       4 6          I 7              6 3     1956    1 ... .       7 5         3 2            7          9        2 6
           1954                         26.8       11.0        1.0        .9          1.5       4 2               7           6 5             2r.. . .      8.9         4 1            7        1 2        2 9
           1955 4r                •     28.7       11.4        1.0        .9          1.6       4.3          2.6              7.5             34r....       9.6         4.6           .8        1.5        2.7
           1956                         35.3       15.2        1.2       1.3          1.8       5.0                   10 .7                   44            9.4         4.6           .9        1.4        2.5

             r
               Revised.                                                                                           3 Includes communications and other.
             1 Corporate and noncorporate business, excluding agriculture.
             2
                                                                                                                  4
                                                                                                                    Anticipated by business.
               Includes trade, service, finance, and construction.
October 1956



               1104                 BUSINESS FINANCE

               CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                         NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
                       [Department of Commerce estimates. In billions                                          [Securities and Exchange Commission estimates. In millions of dollars]
                                        of dollars]
                                                                                                                                     All types                Bonds and notes                          Stocks
                       Year or      Profits      In-     Profits    Cash Undis-                        Year or
                       quarter      before      come      after      divi- tributed                    quarter
                                     taxes      taxes     taxes     dends profits                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                         issues ments change issues ments change issues ments change
           1948                       32.8      12.5      20.3       7.2          13.0
           1949                       26 2      10 4      15 8       7.5           8.3             1948                   7,570           1,683   5,887    5,938    1,283        4,655    1,632          400       1,232
           1950                .      40.0      17.8      22.1       9.2          12.9             1949                   6,731           1,875   4,856    4,867    1,583        3,284    1,864          292       1,572
           1951                       41.2      22.5      18.7       9.1           9.6             1950                   7,224           3,501   3,724    4,806    2,802        2,004    2,418          698       1,720
           1952                       35.9      19 8      16.1       9.0           7.1             1951. .                9,048           2,772   6,277    5,682    2,105        3,577    3,366           666      2,700
           1953                       37.0      20.3      16.7       9.3           7.4             1952                  10,679           2,751   7,927    7,344    2,403        4,940    3,335           348      2,987
           1954                       33.2      16.8      16.4      10.0           6.4             1953                   9,550           2,428   7,121    6,651    1,896        4,755    2,898          533       2,366
           1955                       42.7      21.5      21.1      11.2          <9.9             1954                  11,694           5,629   6,065    7,832    4,033        3,799    3,862        1,596       2,265
                                                                                                   1955                  12,595           5,372   7,223    7,712    3,199        4,513    4,883        2,173       2,710
               1955__1                39.7      20.0      19.7      10.4           9.3
                     2                41.1      20.7      20.3      10.7           9.6             1955_2                2,891            1,484   1,407 1,802         767        1,034 1,089              717        373
                         3            43.5      22.0      21.5      11.0          10.5                  3, ,             2,895            1,427   1,468 1,838         923          915 1,057              504        553
                         4            46 4      23 4      23 0      12 1          10 9                  4                3,795            1,165   2,630 2,391         806        1,585 1,404              359      1,046
           1956—1                     43.7      22.1      21.6      11.8          9.8              1956—1                2,827            1,043    1,784 1,678        707          970 1,149                336      811
                2                     42.9      21.7      21.3      12.2          9.1                   2                3,367            1,488    1,880 2,245        817        1,428 1,122                671      452

               c                                                                                    1
                Corrected.                                                                            Reflects cash transactions only. As contrasted with data shown on p. 1102, new issues
                 NOTE.—Quarterly data are at seasonally                      adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
               annual rates.                                                                     held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                                 issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                                 include the same types of issues, and also securities retired with internal funds or with
                                                                                                 proceeds of issues for that purpose shown on p. 1102.



                                                                     CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                                   [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                                 Current assets                                                             Current liabilities


                        End of year             Net                                                    Notes and accts.                                               Notes and accts.              Federal
                         or quarter            working                                    U.S.            receivable                                                      payable                   income
                                               capital      Total          Cash          Govt.                                      Inven-        Other
                                                                                         securi-                                     tories                 Total                                     tax         Other
                                                                                           ties        U. S.                                                          U. S.                           lia-
                                                                                                       Govt. 2       Other                                            Govt. 2          Other        bilities


               1948                              68.6      133.0           25.3           14.8                   4 2.4               48.9          1.6       64.4                3 J.3               11.5         13 5
               1949                              72.4      133.1           26.5           16.8               41 0                    45.3          1.4       60.7             37 5                    9.3         14 0
               1950                              81 6      161.5           28.1           19.7           1.1     55.7                55.1          1.7       79.8          ,4     47.9               16 7         14.9
               1951                              86.5      179.1           30 0           20.7           2.7     58.8                64.9          2.1       92.6         1.3     53 6               21 3         16.5
               1Q52                              90 1      186 2           30 8           19.9           2 8     64 6                65 8          2.4       96 1         2 3     S" 0               18 1         18 7
               1953 r r                          91.8      190.9           31.2           21.6           2.6     65.9                67.2          2.4       99.0         2.2     57.3               18.7         20.7
               1954 ..                  . .      95 0      188.5           32.0           19.8           2.4     67.3                64.4          2.6       93 5         2.4     54.9               15.3         20 8
               1955      lr                      97 3      189.1           30 6           19 5           2 2         68.8             65 1         2 8       91 8         2 5          55.1          13 1         21 1
                         2rr                     99.7      191.4           31.1           19.3           2.1         71.2             64.9         2.8       91.7         2.3          55.8          11.9         21.7
                          3r                    101 5      200.2           31.6           21.2           2 2         75.6             66.6         3.0       98 7         2 2          58.9          15 1         22 6
                         4                      102.9      208.1           32.6           24.0           2.3         77.3             69.1         2.9      105.2         2.3          62.6          18.1         22.3
               1956       1r.                   104 8      206.8           29.9           21 1           2 3         78.2             72.1         3 2      102 0         2 3          62.0          15 0         22.8
                         9                      106.4      207.9           30.7           18.0           2.3         79.9             73.9         3.1      101.5         2.5          63.9          12.1         22.9

                   r                                                                                                       2
                       Revised.                                                                                              Receivables from, and payables to, the U. S. Government exclude
                   1
                       bxcludes banks and insurance companies.                                                           amounts offset against each other on corporations' books.


                                                             BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                               [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                                  Transportation                                                                                Manu-
                                                        Manu-                                             Public Com-                                                           factur- Trans-         Public
                             Year                       factur-      Min-                                  utili- muni- Other 2                     Quarter         Total         ing   porta-                  All
                                              Total                  ing                                                                                                          and                   utili-
                                                          ing                     Rail-                     ties  cations                                                        min-    tion            ties other 3
                                                                                  road       Other                                                                                ing

           1948                               22.1        9.1          .9          1.3           1.3         2.5            .7            5.2     1955—1            5.8          2.4           .5           .8      2.0
           1949                               19.3        7.1          .8          1.4            .9         3.1            .3            4.7          2            7.0          3 0           .6                   2.3
           1950                               20.6        7.5          .7          1.1           1.2         3.3            .1            5.7          3            74           3 1           .6        12         2.5
           1951                               25.6       10.9          .9          1.5           1.5         3.7            .3            5 9          4            8.4          3.8           .7        1.2        2.6
           1952                               26.5       11.6         1.0          1.4           1.5         3.9            .5            5.6
           1953                               28.3       11.9         1.0          1.3           1.6         4.6            .7            6.3     1956—1            7.5          3.2           .7         .9        2.6
           1954                               26.8       11.0         1.0           .9           1.5         4.2             7            6.5          2            8.9          4.1           .7        1.2        2.9
           1955                        •      28.7       11.4         1.0           .9           1.6         4.3         2
                                                                                                                           . 0            7 5          34           9.6          4.6           .8        1.5        2.7
           19564                              35.3       15.2         1.2          1.3           1.8         5.0                 10 . 7                44           9.4          4.6           .9        1.4        2.5

                   1
                       Corporate and noncorporate business, excluding agriculture.                                          3 Includes communications and other.
                   2                                                                                                        4
                       Includes trade, service, finance, and construction.                                                    Anticipated by business.
November 1956



           1224             BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates. In billions                                     [Securities and Exchange Commission estimates. In millions of dollars]
                                  of dollars]
                                                                                                                      All types                  Bonds and notes                                   Stocks
                 Year or    Profits       In- Profits Cash Undis-                           Year or
                            before       come after   divi- tributed                        quarter
                 quarter     taxes       taxes taxes dends profits                                          New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                           issues ments change issues ments change issues ments change
           1948                 32.8     12.5      20.3       7.2       13.0
           1949                 26.2     10.4      15.8       7.5        8.3          1948                 7 570           1,683    5 887      5,938    1,283         4,655       1,632              400       1,232
           1950                 40.0     17.8      22.1       9.2       12.9          1949                 6,731           1,875    4,856      4,867    1,583         3,284       1,864              292       1,572
           1951                 41.2     22.5      18.7       9.1        9.6          1950                 7,224           3,501    3,724      4,806    2,802         2,004       2,418              698       1,720
           1952                 35.9     19.8      16.1       9.0        7.1          1951                 9,048           2,772    6,277      5,682    2.105         3,577       J.366              666       2,700
           1953                 37.0     20.3      16.7       9.3        7.4          1952                10,679           2,751    7,927      7,344    2,403         4,940      ;5,335              348       2,987
           1954                 33.2     16.8      16.4      10.0        6.4          1953                 9 550           2,428    7 121      6,651    1,896         4,755       2,898              533       2,366
           1955                 42.7     21.5      21.1      11.2        9.9          1954                11,694           5,629    6,065      7,832    4,033         3,799      *1,862            1,596       2,265
                                                                                      1955                12,595           5,372    7,223      7,712    3,199         4,513       1,883            2,173       2,710
           1955_1               39.7     20.0      19.7     10.4         9.3
                2               41.1     20.7      20.3     10.7         9.6            1955—2             2,891           1,484    1,407 1,802             767       1,034        ,089                 717      373
                3               43.5     22.0      21.5     11.0        10.5                 3             2 895           1,427    1 468 1,838             923         915       1,057                 504      553
                4               46 4     23.4      23.0     12.1        10.9                 4             3,795           1,165    2,630 2,391             806       1,585        ,404                 359    1,046
           1956—1               43.7     22.1      21.6     11.8        9.8             1956 1             2,827           1,043    1,784 1,678             707         970 1,149                       336         813
                2               42.9     21.7      21.3     12.2        9.1                  2             3,367           1,488    1,880 2,245             817       1,428 1,122                       671         452

                                                                                         1
             NOTE.—Quarterly         data are at seasonally adjusted                       Reflects cash transactions only. As contrasted with data shown on p. 1222, new issues
           annual rates.                                                              exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                      held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                      issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                      include the same types of issues, and also securities retired with internal funds or with
                                                                                      proceeds of issues for that purpose shown on p. 1222.



                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                           [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                      Current assets                                                              Current liabilities


                  End of year            Net                                                Notes and accts.                                                Notes and accts.
                                        working                                U. S.           receivable                                                       payable                         Federal
                   or quarter           capital                               Govt.                                   Inven-                                                                    income
                                                    Total       Cash          securi-                                  tories      Other        Total                                             tax         Other
                                                                                ties        U.S.                                                            U.S.                                  lia-
                                                                                            Govt 2      Other                                               Govt. 2           Other             bilities


          1948...                         68.6      133.0       25.3           14.8                 42.4               48.9         1.6         64.4                  39.3                       11.5         13.5
          1949...                         72.4      133.1       26.5           16.8                 43.0               45.3         1.4         60.7                  37.5                        9.3         14.0
          1950...                         81.6      161.5       28.1           19.7           1.1       55.7           55.1         1.7         79.8             .4       47.9                   16.7         14.9
          1951...                         86.5      179.1       30.0           20.7           2.7       58.8           64.9         2.1         92.6            1.3       53.6                   21.3         16.5
          1952...                         90.1      186.2       30.8           19.9           2.8       64.6           65.8         2.4         96.1            2,3       57.0                   18.1         18.7
          1953. ..                        91.8      190.9       31.2           21.6           2.6       65.9           67.2         2.4         99.0            2.2       57.3                   18.7         20.7
          1954.. .                        95.0      188.5       32.0           19.8           2.4       67.3           64.4         2.6         93.5            2.4       54.9                   15.3         20.8
           1955—1                         97.3     189.1         30.6          19.5           2.2       68.8           65.1         2.8         91.8            2.5           55.1               13.1         21.1
                2                         99.7     191.4         31.1          19.3           2.1       71.2           64.9         2.8         91.7            2.3           55.8               11.9         21.7
                3                        101.5     200.2         31.6          21.2           2.2       75.6           66.6         3.0         98.7            2.2           58.9               15.1         22.6
                4                        102.9     208.1         32.6          24.0           2.3       77.3           69.1         2.9        105.2            2.3           62.6               18.1         22.3
           1956—1                        104.8     206.8        29.9           21.1           2.3       78.2           72.1         3.2        102.0            2.3           62.0               15.0         22.8
                2                        106.4     207.9        30.7           18.0           2.3       79.9           73.9         3.1        101.5            2.5           63.9               12.1         22.9

             1
                 Excludes banks and insurance companies.                                                     2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                           amounts offset against each other on corporations' books.


                                                      BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
                                        [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                       Transportation                                                                             Manu-
                                                 Manu-                                         Public Com-                                                        factur- Trans-                   Public
                    Year                         factur-     Min-                               utili- muni- Other 2                                                ing                                     All
                                       Total                 ing                                                                     Quarter            Total       and   porta-                    utili-
                                                   ing                  Rail-                    ties  cations                                                     min-    tion                      ties other 3
                                                                        road      Other                                                                             ing

          1948                         22 1        9 1          9        1 3          1 3       2 5        J 7             5 2     1955    i            5   8         2   4            5               8        2    0
          1949                         19 3        7.1         .8        1 4            Q       3 1        I 3             4 7             2            7   0         3   0            6             1 i        2    3
          1950                         20.6        7.5         .7        1.1          1.2       3.3        l.l             5 7             3            7   4         3   1            6             1 2        2    5
          1951                         25 6       10 9          9        1 5          I 5       3 7        I 3             5 9             4            8   4         3   8            7             1 2        2    6
          1952                         26.5       11.6        1.0        1.4          L.5       3.9        1.5             5.6
          1953                         28 3       11 9        1 0        1 3          I 6       4 6        I 7             6 3     1956 1               7 5           3 2              7               9        2 6
          1954                         26.8       11.0        1 0         .9          1.5       4 2            7           6 5          2               8 9           4 1              7             1 2        2 9
                                                                                                                                                                                      - 00 ON




          1955                   •     28.7       11.4        1.0         .9          1.6       4.3       2.0              7.5          34              9.6           4.6                            1.5        2.7
          19564                        35.3       15.2        1.2        1.3            8       5.0                10 .7                44              9.4           4.6                            1.4        2.5

            1 Corporate and noncorporate business, excluding agriculture.                                    3 Includes communications and other.
            2                                                                                                4
              Includes trade, service finance, and construction.                                               Anticipated by business.
December 1956



           1348                   BUSINESS FINANCE

                                                                                                              NET CHANGE IN OUTSTANDING CORPORATE SECURITIES <
           CORPORATE PROFITS, TAXES, AND DIVIDENDS
                                                                                                             [Securities and Exchange Commission estimates. In millions of dollars]
                 [Department of Commerce estimates. In billions
                                  of dollars]
                                                                                                                                  All types                   Bonds and notes                               Stocks
                                  Profits      In-     Profits Cash Undis-                          Year or
                 Year or          before      come      after  divi- tributed                       quarter            New- Retire- Net    New Retire-  Net    New Retire-  Net
                 quarter           taxes      taxes     taxes dends profits                                           issues ments change issues ments change issues ments change

           1948                    32.8       12.8      20.3       7.2         13.0             1948                  7.570            1,683      5,887    5,938       1,283         4,655        1,632        400         1.232
           1949                    26.2       10.4      15.8       7.5          8.3             1949                  6,731            1,875      4.856    4,667       1,583         3,284        1,864        292         1; 572
           1950                    40.0       17.8      22.1       9.2         12.9             1950                  7,224            3,501      3; 724   4,806       2,802         2,004        2,418        698         1.720
           1951...        .        41.2       22.5      18.7       9.1          9.6             1951                  9,048            2,772      6,277    5,682       2,105         3,577        3,366        666         2,700
           1952                    35.9       19.8      16.1       9.0          7.1             1952                 10,679            2,751      7,927    7,344       2,403         4,940        3,335        348         2,987
           1953 . .                37.0       20.3      16.7       9.3          7.4             1953                  9,550            2,428      7,121    6,651       1,896         4,755        2,898        533         2.366
           1954                    33.2       16.8      16.4      10.0          6.4             1954                 11.694            5,629      6,065    7,832       4,033         3,799        3,862      1,596         2,265
           1955                    42.7       21.5      21.1      11.2          9.9             1955                 12,595            5,372      7,223    7,712       3,199         4,513        *,883      2,173         2,710
           1955—2                  41.1       20.7      20.3      10.7          9.6             1955—3                2,895            1,427      1,468 1,838            923            915 1,057                 504        553
                3                  34.5       22.0      21.5      11.0         10.5                  4                3,795            1,165      2,630 2,391            806          1,585 1,404                 359      1,046
                4                  46.4       23.4      23.0      12.1         10.9
                                                                                                1956—1                2,827            1,043      1,784 1,678            707            970  .149                 336        813
           1956—1                  43.7       22.1      21.6      11.8         9.8                   2                3,367            1,488      1,880 2,245            817          1.428 1,122                 671        452
                2                  42.9       21.7      21.3      12.2         9.1                   3                3,336              991      2 345 2,182            650          1,531 1,154                 340        814
                31                 40.0       20.2      19.8      12.3         7.5

            1
                                                                                                                                                                         ith data shown on p. 1346, new issues
              Preliminary          estimates        by Council     of    Economic
          Advisers.
            NOTE.—Quarterly data are at seasonally                         adjusted
          annual rates.                                                                         proceeds of issues for that purpose shown on p. 1346,


                                                                  CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                                [Securities and Exchange Commission estimates.                               In billions of dollars]

                                                                                              Current assets                                                                    Current liabilities


                   End of year                Net                                                   Notes and accts.                                                    Notes and accts.                 Federal
                    or quarter               working                                   U. S.           receivable                                                           payable                      income
                                             capital     Total          Cash          Govt.                                      Inven-          Other        Total                                         tax           Other
                                                                                      securi-                                     tories                                                                    lia-
                                                                                        ties        U. S.        Other                                                  U. S.              Other          bilities
                                                                                                    Govt. 2                                                             Govt. 2

           1948                                68.6      133.0          25.3          14.8                   4; 4                 48.9             1.6        64.4                   39.3                  11.5           13.5
           1949                                72.4      133.1          26.5          16.8                   43 0                 45.3             1.4        60.7                   37.5                   9.3           14.0
           1950                                81.6      161.5          28.1          19.7             1.1          55.7          55.1             1.7        79.8            .4            47.9           16.7           14.9
           1951                                86.5      179.1          30.0          20.7             2.7          58.8          64.9             2.1        92.6           1.3            53.6           21.3           16.5
           1952                                90.1      186.2          30.8          19.9             2.8          64.6          65.8             2.4        96.1           2.3            57.0           18.1           18.7
           1953                                91.8      190.9          31.2          21.6             2.6          65.9          67.2             2.4        99.0           2.2            57.3           18.7           20.7
           1954 . .           .                95.0      188.5          32.0          19.8             2.4          67.3          64.4             2.6        93.5           2.4            54.9           15.3           20.8
           1955—1                              97.3      189.1          30.6           19.5            2.2          68.8           65.1            2.8      91.8             2.5         55.1              13.1           21.1
                2                              99.7      191.4          31.1           19.3            2.1          71.2           64.9            2.8      91.7             2.3         55.8              11.9           21.7
                3         .                   101.5      200.2          31.6           21.2            2.2          75.6           66.6            3.0      98.7             2 2       1 58.9              15.1           22.6
                4                             102.9      208.1          32.6           24.0            2.3          77.3           69.1            2.9     105.2             2.3         62.6              18.1           22.3
           1956—1                             104.8      206.8          29.9           21.1            2.3          78.2          72.1             3.2      102.0             2 3           62.0           15.0           22.8
                    2                         106.4      207.9          30.7           18.0            2.3          79.9          73.9             3.1      101.5             2.5           63.9           12.1           22.9

             1                                                                                                          2
                 Excludes banks and insurance companies.                                                                  Receivables from, and payables to, the U. S. Government exclude
                                                                                                                      amounts offset against each other on corporations' books.


                                                                BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
                                            [Department of Commerce and Securities and Exchange Commission estimates.                                          In billions of dollars]

                                                                                                                                                                                    Manu-
                                                                           Transportation                                                                                           factur-
                                                      Manu-       Min-                                 Public Com-                                                                                Trans-     Public   All
                        Year                Total     factur-     ing                                   utili- muni- Other 2                        Quarter           Total                                   utili-
                                                        ing                                              ties  cations                                                                                         ties  other 3
                                                                               Rail-      Other
                                                                               road                                                                                                  ing      j

           1948..                           22.1        9.1         .9          1.3           1.3        2.5          1.7              5.2       1955—3                7,4           3.1            .6                      2.5
                                                                                                                                                                                                                  to to




           1949                             19.3        7.1         .8          1.4            .9        3.1          1.3              4.7            4                8.4           3.8            .7                      2.6
           1950                             20.6        7.5         .7          1.1             2        3.3          1.1              5.7
           1941                             25.6       10.9         .9          1.5                      3.7          1.3              5.9       1956—1                7.5           3.2             7                      2.6
                                                                                                                                                                                                                  o




                                                                                              1.5
           1952                             26.5       11.6        1.0          1.4           1.5        3.9          1.5              5.6            2T               8.9           4.1             7         1 2          2.9
           1953...                          28.3       11.9        1.0          1.3           1.6        4.6          1.7              6.3            3                8.9           4.1            .7         1.3          2.7
           1954                             26.8       11.0        1.0           .9           1.5        4.2          1.7              6.5            44r....          9.7           4.7            .9         1.4          2.7
           1955                             28.7       11.4        1.0           .9           1.6        4.3          2 0              7 5
           19564'                           34.9       14.9        1.2          1.3           [ g        4.8                   10 .9             1957_14               8.7           4 1             8         1.2          2.6

             r                                                                                                             3
             1
                 Revised.                                                                                                      Includes communications and other.
             2
                 Corporate and noncorporate business, excluding agriculture.                                               4
                                                                                                                               Anticipated by business.
                 Includes trade, service, finance, and construction.
January 1957



               64              BUSINESS FINANCE

                                                                                                          NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
           CORPORATE PROFITS, TAXES, AND DIVIDENDS
                                                                                                        [Securities and Exchange Commission estimates. In millions of dollars]
                    [Department of Commerce estimates. In billions
                                     of dollars]
                                                                                                                               All types                   Bonds and notes                              Stocks
                               Profits       In-     Profits Cash Undis-                        Year or
                    Year or                                                                     quarter
                    quarter    before       come      after  divi- tributed                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                taxes       taxes     taxes dends profits                                          issues ments change issues ments change issues ments change

           1949....                26.2     10.4      15.8       7.5        8.3             1948                   7,570            1,683      5,887    5,938       1,283        4,655      1,632   400             1,232
           1950....                40.0     17.8      22.1       9.2       12.9             1949                   6,731            1,875      4,856    4,667       1,583        3,284      1,864   292             1.572
           1951....                41.2     22.5      18.7       9.1        9.6             1950                   7,224            3,501      3,724    4,806       2,802        2 004      9. 418  698             1,720
           1952....                35.9     19.8      16.1       9.0        7.1             1951                   9,048            2,772      6,277    5,682       2,105        3,5771     3,366   666             2,700
           1953....                37.0     20.3      16.7       9.3        7.4             1952                  10,679            2,751      7,927    7,344       2,403        4 940      ^ ^*>   348             2,987
           1954....                33.2     16.8      16.4      10.0        6.4             1953 . . .             9,550            2,428      7,121    6,651       1,896        4,755      2,898   533             2,366
           1955....                42.7     21.5      21.1      11.2        9.9             1954                  11,694            5,629      6,065    7,832       4,033        3,799      3,862 1,596             2,265
           19561...                43.4     21.8      21.7      12.0        9.5             1955                  12,595            5,372      7,223    7,712       3,199        4,513      4,883 2 173             0 710
           1955—3.                 43.5     22.0      21.5      11.0       10.5             1955—3                 2,895            1,427      1,468 1,838            923          915 1,057                 504      553
                4.                 46.4     23.4      23.0      12.1       10.9                  4                 3,795            1,165      2,630 2,391            806        1,585 1,404                 359    1,046
           1956—1.                 43.7     22.1      21.6      11.8        9.8             1956—1                 2,827            1,043      1,784 1,678            707          970 1,149                 336      813
                2.                 42.9     21.7      21.3      12.2        9.1                  2                 3,367            1,488      1,880 2,245            817        1,428 1,122                 671      452
                3.                 41.2     20.8      20.4      12.3        8.1                  3                 3,336              991      2,345 2,182            650        1,531 1,154                 340      814
                41                 46.0     23.2      22.8      11.8       11.0

             1
                                                                                             1 Reflects cash transactions only. As contrasted with data shown on p. 62, new issues
               Preliminary estimates by Council of Economic,                              exclude foreign and include offerings of open-end investment companies, sales of securities
           Advisers.                                                                      held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                          issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally                    adjusted           include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                  proceeds of issues for that purpose shown on p. 62.


                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates.                              In billions of dollars]

                                                                                          Current assets                                                                    Current liabilities


                     End of year            Net                                                 Notes and accts.                                                     Notes and accts.                Federal
                      or quarter           working                                 U.S.            receivable                                                            payable                     income
                                           capital                 Cash           Govt.                                       Inven-          Other        Total                                       tax         Other
                                                       Total                      securi-                                      tories
                                                                                    ties                                                                             U. S.                             lia-
                                                                                                U. S.        Other                                                                     Other         bilities
                                                                                                Govt. 2                                                              Govt. 2

           1948                              68.6      133 0        25.3          14.8                  4: . 4                 48.9             1.6        64.4                  3S .3                11.5         13.5
           1949                              72.4      133.1        26.5          16.8                  43 0                   45.3             1.4        60.7                  37                    9.3         14.0
           1950                              81 6      161 5        28 1          19.7            1.1            55.7          55.1             1.7        79.8             .4           47.9         16.7         14.9
           1951                              86.5      179.1        30.0          20.7            2.7            58.8          64.9             2.1        92.6            1.3           53.6         21.3         16.5
           1952                              90 1      186 2        30 8          19 9            2 8            64.6          65.8             2.4        96.1           2.3            57.0         18.1         18.7
           1953                              91.8      190.9        31.2          21.6            2.6            65.9          67.2             2.4        99.0           2.2            57.3         18.7         20.7
           1954                              95.0      188.5        32.0          19.8            2.4            67.3          64.4             2.6        93.5           2.4            54.9         15.3         20.8
           1955—2                            99.7      191.4        31.1          19.3            2.1            71.2          64.9             2.8       91.7            2.3            55.8         11.9         21.7
                3. . .                      101.5      200.2        31.6          21.2            2.2            75.6          66.6             3.0       98.7            2.2            58.9         15.1         22.6
                      4                     102.9      208.1        32.6          24.0            2.3            77.3          69.1             2.9      105.2            2.3            62.6         18.1         22.3
           1956—1...                        104.8      206.8        29.9           21.1           2.3            78.2          72.1             3.2      102.0            2.3            62.0         15.0         22.8
                      2                     106 4      207 9        30 7           18 0           2 3            79.9          73.9             3.1      101.5            2.5            63.9         12.1         22.9
                      3                     107.2      213.4        31.2           18.0           2.4            83.6          75.1             3.1      106.2            2.5            65.4         14.2         24.0

                1                                                                                                    2
                    Excludes banks and insurance companies.                                                            Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations' books.


                                                              BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                         In billions of dollars]


                                                                        Tr ansp ortation                                                                                     Manu-
                                                                                                   Public Com-                                                               factur- Trans-             Public
                                                    Manu-       Min-                                                                                                           ing                               All
                       Year               Total     factur-     ing                                 utili- muni- Other 2                         Quarter           Total       and   porta-              utili-
                                                      ing                                            ties  cations                                                                    tion                ties  other ^
                                                                           Rail-                                                                                              min-
                                                                           road       Other                                                                                    ing

           1948                           22.1        9.1         .9        1.3           1.3       2.5            1.7              5.2       1955—3                7.4          3.1            .6        1.2        2 5
           1949                           19.3        7.1         .8        1.4            .9       3.1            1.3              4.7            4                8.4          3.8            .7        1.2        2.6
           1950 .                         20.6        7.5         .7        1.1            .2       3.3                             5.7
           1951                           25.6       10.9         .9        1.5            .5       3.7            l]3              5.9       1956—1                7.5          3.2            .7           .9      2.6
           1952                           26.5       11.6        1.0        1.4            .5       3.9            1.5              5.6            2                8.9          4.1            .7        1.2        2.9
           1953                           28.3       11.9        1.0        1.3            .6       4.6            1.7              6.3            3                8.9          4.1            .7        1.3        2 7
           1954                           26.8       11.0        1.0         .9            .5       4.2            1.7              6.5            44               9.7          4.7            .9        1.4        2.7
           1955                           28.7       11.4        1.0         .9           1.6       4.3            2.0              7.5
           19564                          34.9       14.9        1.2        1.3           1.8       4.8                      C
                                                                                                                            1 ).9             1957—H                8.7          4.1            .8        1.2        2.6

               1                                                                                                        3
                 Corporate and noncorporate business, excluding agriculture.                                                Includes communications and other.
                                                                                                                        4
               2 Includes trade, service, finance, and construction.                                                        Anticipated by business.
February 1957



            186               BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
                [Department of Commerce estimates.               In billions                            [Securities and Exchange Commission estimates.                            In millions of dollars]
                                  of dollars]
                                                                                                                              All types                   Bonds and notes                                Stocks
                Year or       Profits       In-     Profits    Cash Undis-                       Year or
                quarter       before       come      after      divi- tributed                   quarter
                               taxes       taxes     taxes     dends profits                                       New Retire-  Net    New Retire-  Net    New Retire-   Net
                                                                                                                  issues ments change issues ments change issues ments change
            1949....               26.2    10.4      15.8       7.5        8.3
            1950                   40.0    17.8      22.1       9.2       12.9             1948                    7,570           1,683      5 ,887 5 ,938        1, 283         4, 655     1 ,632          400       1 ,232
            1951....               41.2    22.5      18.7       9.1        9.6             1949                    6,731           1,875      4 ,856 4 ,667        1, 583         3, 284     1 ,864          292       1 ,572
            1952                   35.9    19.8      16.1       9.0        7.1             1950                    7,224           3,501             4 ,806            80?            004      ,418          698       1 ,770
            1953....               37.0    20.3      16.7       9.3        7.4             1951                    9,048           2,772      6 ^277 5 ,682        2, 105         3, 577     3 ,366          666       2 ,700
            1954....               33.2    16.8      16.4       10.0       6.4             1952                   10,679           2,751      7 ,927 7 ,344        2, 403         4, 940     3 ,335          348       2 ,987
            1955....               42.7    21.5      21.1       11.2       9.9             1953                    9,550           2,428      7 ,121 6 ,651        1, 896         4, 755     2 ,898          533       2 ,366
            1956....               43.4    21.9      21.5       12.0       9.5             1954                   11,694           5,629      6 ,065 7 ,837        4, 033         3, 799     3 ,867        1,596       7
                                                                                           1955                   12,595           5,372      7 ,223 7 ,712        3 , 199        4 , 513    4 ,883        2,173       2 ,710
            1955—3.                43.5     22.0     21.5       11.0      10.5
                 4.                46.4     23.4     23.0       12.1      10.9             1955     3              2,895           1,427      1 ,468 1 ,838          923             915 1 ,057                 504       553
                                                                                                    4              3,795           1,165        ,630 o ,391          806                 1,404                  359    1 ,046
            1956—1.                43.7     22.1     21.6       11.8        9.8
                 2.                42.9     21.7     21.3       12.2        9.1            1956—1         2,827                    1,043      1 ,784 1 ,678          707              970 1 ,149                336      813
                 3.                41.2     20.8     20.4       12.3        8.1                 2 . . . . 3,367                    1,488      1 ,880 2 ,245          817              428 1 ,122                671      452
                 41                46.0     23.2     22.8      '11.9      '10.9                 3         3,336                      991      2 ,345 2 ,182          650          l', 531 1 ,154                340      814

              r Revised.                                                                      i Reflects cash transactions only. As contrasted with data shown on p. 184, new issues
              i Preliminary estimates by Council of Economic                               exclude foreign and include offerings of open-end investment companies, sales of securities
            Advisers.                                                                      held by affiliated companies or RFC, special offerings to employees, and also new stock
              NOTE.—Quarterly data are at seasonally adjusted                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
            annual rates.                                                                  include the same types of issues, and also securities retired with internal funds or with
                                                                                           proceeds of issues for that purpose shown on p. 184.


                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates.                             In billions of dollars]

                                                                                           Current assets                                                                    Current liabilities


                     End of year            Net                                                  Notes and accts.                                                    Notes and accts.                  Federal
                      or quarter           working                                 U. S.            receivable                                                           payable                       income
                                           capital      Total         Cash        Govt.                                       Inven-         Other        Total                                           tax         Other
                                                                                  securi-                                      tories                                                                     lia-
                                                                                    ties         U.S.         Other                                                  U.S.               Other           bilities
                                                                                                 Govt.2                                                              Govt.2

            1948                             68 6      133 0           25.3         14 8                 4: .4                 48.9            1.6        64.4                    3( . 3                11 5          13.5
            1949                             72.4      133.1           26.5         16.8                 43 .0                 45.3            1.4        60.7                    37 .5                   9.3         14.0
            1950                             81 6      161.5           28.1         19 7           1.1           55.7          55.1            1.7        79.8               .4            47.9         16 7          14.9
            1951                             86.5      179.1           30.0         20.7           2.7           58.8          64.9            2.1        92.6           1.3               53.6         21.3          16.5
            1952                             90 1      186.2           30.8         19.9           2.8           64.6          65.8            2.4        96.1           2.3               57.0         18 1          18.7
            1953                             91.8      190.9           31.2         21.6           2.6           65.9          67.2            2.4        99.0           2.2               57.3         18.7          20.7
            1954                             95.0      188.5           32.0         19.8           2.4           67.3          64.4            2.6        93.5           2.4               54.9         15.3          20.8
            1955      2                      99.7      191.4           31.1         19.3           2.1           71.2          64.9            2.8       91.7            2.3               55.8         11.9          21.7
                      3                     101.5      200.2           31.6         21.2           2.2           75.6          66.6            3.0       98.7            2.2               58.9         15 1          22.6
                      4                     102.9      208.1           32.6         24.0           2.3           77.3          69.1            2.9      105.2            2.3               62.6         18.1          22.3
            1956—1                          104.8      206.8           29.9         21.1           2.3           78.2          72.1            3.2      102.0            2.3               62.0         15.0          22.8
                 2                          106 4      207.9           30.7         18 0           2 3           79.9          73.9            3.1      101.5            2 5               63 9         12 1          22 9
                 3                          107.2      213.4           31.2         18.0           2.4           83.6          75.1            3.1      106.2            2.5               65.4         14.2          24.0

                1                                                                                                    2
                    Excludes banks and insurance companies.                                                            Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations' books.


                                                          BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                        In billions of dollars]


                                                                          Transportation                                                                                       Manu-
                                                    Manu-                                           Public        Com-                                                         factur-
                                                                Min-                                                                                                             ing         Trans-        Public       All
                       Year               Total     factur-     ing                                  utili-       muni- Other 2                 Quarter           Total                      porta-         utili-     other^
                                                      ing                                             ties       cations                                                         and
                                                                              Rail-    Other                                                                                    min-          tion           ties
                                                                              road                                                                                               ing

            1948                          22.1        9.1         .9          1.3          1.3          2.5          .7            5.2       1955—3                7.4            3.1             .6         1.2        2.5
            1949                          19.3        7.1         .8          1.4           .9          3.1          .3            4.7            4                8 4            3 8              7         1 2        2 6
            1950                          20.6        7.5         .7          1.1          1.2          3.3                        5.7
            1951                          25.6       10.9         .9          1.5          1.5          3.7         .'.3           5.9       1956—1                7.5            3.2             .7          .9        2.6
            1952                          26.5       11.6        1.0          1.4          1.5          3.9          .5            5.6            2                8.9            4.1             .7         1.2        2.9
            1953 .                        28.3       11.9        1.0          1.3          1.6          4.6        1.7             6.3            3                8.9            4.1             .7         1.3        2.7
            1954                          26.8       11.0        1.0           .9          1.5          4.2          .7            6.5            44               9 7            4 7              9         1 4        2 7
            1955                          28.7       11.4        1.0           .9          1.6          4.3        2.0             7.5
            19564                         34.9       14.9        1.2          1.3          I 8          4.8                  C
                                                                                                                            1 .9             1957—14               8.7            4.1             .8         1.2        2.6

                1                                                                                                       3
                  Corporate and noncorporate business, excluding agriculture.                                               Includes communications and other.
                                                                                                                        4
                2 Includes trade, service, finance, and construction.                                                       Anticipated by business.
March 1957



             312                 BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                        NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                   [Department of Commerce estimates.              In billions                              [Securities and Exchange Commission estimates.                           In millions of dollars]
                                     of dollars]
                                                                                                                                   All types                    Bonds and notes                             Stocks
                   Year or       Profits      In-     Profits    Cash Undis-                         Year or
                   quarter       before      come      after      divi- tributed                     quarter
                                  taxes      taxes     taxes     dends profits                                          New Retire-  Net    New Retire-  Net    New Retire-   Net
                                                                                                                       issues ments change issues ments change issues ments change
             1949                 26.2       10.4      15.8        7.5        8.3
             1950                 40.0       17.8      22.1        9.2       12.9          1949                        6,731            1,875    4,856   4,867        1,583          3,284      1,865          292      1,572
             1951                 41.2       22.5      18.7        9.1        9.6          1950                        7,224            3,501    3,724   4,806        2,802          2,004      2,418          698      1,720
             1952                 35.9       19.8      16.1        9.0        7.1          1951                        9,048            2,772    6,277   5,682        2,105          3,577      3,366          667      2,700
             1953                 37.0       20.3      16.7        9.3        7.4          1952                       10,679            2,751    7,927   7,344        2,403          4,940      3,335          348      2,987
             1954                 33.2       16.8      16.4       10.0        6.4          1953                        9,550            2,429    7,121   6,651        1,896          4,755      2,898          533      2,366
             1955                 42 7       21.5      21.1       11.2        9.9          1954 r                     11,694            5,629    6,065   7,832        4,033          3,799      3,862        1,596      2,265
             1956                 43.4       21.9      21.5       12.0        9.5          1955                       12,474            5,599    6,875   7,571        3,383          4,188      4,903        2,216      2,687
                                                                                           1956                       13,007            4,519    8,488   7,937        2,768          5,170      5,070        1,751      3,319
             1955—3               43.5       22.0      21.5       11.0       10.5
                  4         ..    46.4       23.4      23.0       12.1       10.9          1955—4 r                    3,709            1,201    2,509 2,305              836        1,469      1,404            365    1,039
             1956     1..         43.7       22.1      21.6       11.8        9.8          1956—1                      2,827        c
                                                                                                                                        1,043    1,784 1,678              707          970      1,149            336      813
                      2           42.9       21.7      21.3       12.2        9.1               2                      3,367            l,487    1,880 2,245              817        1,428      1,122            671      452
                      3           41.2       20.8      20.4       12.3        8.1               3                      3,336              991    2,345 2,182              650        1,531      1,154            340      814
                      41          46.0       23.2      22.8       11.9       10.9               4                      3,477              998    2,479 1,833              593        1,240      1,644            404    1,239

               1                                                                                 c              r
                 Preliminary estimates by Council of Economic                                  Corrected.
                                                                                                 1
                                                                                                                  Revisions for early years are because of change in method of rounding.
             Advisers.                                                                          Reflects cash transactions only. As contrasted with data shown on p. 310, new issues
               NOTE.—Quarterly data are at seasonally adjusted                             exclude foreign and include offerings of open-end investment companies, sales of securities
             annual rates.                                                                 held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                           issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                           include the same types of issues, and also securities retired with internal funds or with
                                                                                           proceeds of issues for that purpose shown on p. 310.


                                                                 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                [Securities and Exchange Commission estimates.                            In billions of dollars]

                                                                                           Current assets                                                                       Current liabilities


                    End of year              Net                                                 Notes and accts.                                                         Notes and accts.               Federal
                     or quarter             working                               U.S.             receivable                                                                 payable                    income
                                            capital                  Cash        Govt.                                            Inven-        Other                                                       tax        Other
                                                         Total                   securi-                                           tories                   Total                                           lia-
                                                                                   ties          U.S.            Other                                                    U.S.             Other          bilities
                                                                                                 Govt.2                                                                   Govt.2

             1948                             68.6      133.0        25.3           14.8                    4: . 4                 48.9          1.6        64.4                    3< . 3                11.5         13.5
             1949                             72.4      133.1        26.5           16.8                    43.0                   45.3          1.4        60.7                    37-5                   9.3         14.0
             1950                             81.6      161.5        28.1           19.7              1.1            55.7          55.1          1.7        79.8               .4       47.9              16.7         14.9
             1951                             86.5      179.1        30.0           20.7              2.7            58.8          64.9          2.1        92.6              1.3       53.6              21.3         16.5
             1952                             90 1      186.2        30.8           19.9              2.8            64.6          65.8          2.4        96.1              2.3       57.0              18 1         18.7
             1953                             91.8      190.9        31.2           21.6              2.6            65.9          67.2          2.4        99.0              2.2        57.3             18.7         20.7
             1954                             95.0      188.5        32.0           19.8              2.4            67.3          64.4          2.6        93.5              2.4        54.9             15.3         20.8
             1955 2                           99.7      191.4         31.1          19.3              2.1            71.2          64.9          2.8      91.7                2.3            55.8         11.9         21.7
                  3                          101.5      200.2         31.6          21.2              2.2            75.6          66.6          3.0      98.7                2.2            58.9         15.1         22.6
                  4                          102.9      208.1         32.6          24.0              2.3            77.3          69.1          2.9     105.2                2.3            62.6         18.1         22.3
             1956—1                          104.8      206.8        29.9           21.1              2.3            78.2          72.1          3.2     102.0                2.3            62.0         15.0         22.8
                  2. .                       106.4      207.9        30.7           18.0              2.3            79.9          73.9          3.1     101.5                2.5            63.9         12.1         22.9
                  3                          107.2      213.4        31.2           18.0              2.4            83.6          75.1          3.1     106.2                2.5            65.4         14.2         24.0

                                                                                                                        2
               i Excludes banks and insurance companies.                                                                  Receivables from, and payables to, the U. S. Government exclude
                                                                                                                      amounts offset against each other on corporations' books.


                                                           BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                           [Department of Commerce and Securities and Exchange Commission estimates.                                            In billions of dollars]


                                                                          Transportation                                                                                            Manu-
                                                     Manu-                                             Public Com-                                                                  factur- Trans-           Public
                      Year                 Total     factur-      Min-                                  utili- muni- Other 2                      Quarter                             ing                             All
                                                                  ing                                                                                                Total            and   porta-            utili-
                                                       ing                                               ties  cations                                                                       tion              ties  others
                                                                             Rail-     Other                                                                                         min-
                                                                             road                                                                                                     ing

             1948                          22 1        9 1          .9        1 3          1.3          2.5            1 7              5 2     1955 4                8 4            3 8            7          1 2       2 6
             1949                          19.3        7.1          .8        1.4           .9          3.1            1.3              4.7
             1950                          20.6        7.5          .7                       ?          3.3            1.1              5.7     1956—1                7.5            3.2            .7          .9       2 6
             1951                          25.6       10.9          .9        1.5           .5          3.7            1.3              5.9          2                8.9            4.1            .7         1.2       2.9
             1952                          26.5       11.6         1.0        1.4            5          3.9            1.5              5.6          3                8.9            4.1            .7         1.3       2 7
             1953                          28.3       11.9         1.0        1.3           .6          4.6            1.7              6.3          4      .         9.8            4.8            .8         1.5       2.8
             1954                          26.8       11.0         1.0         .9                       4.2            1.7              6.5
                                                                                                                                                1957__14r             o   o
             1955                          28.7       11.4         1.0         .9           6           4.3            2.0              7.5                                          4.2            .8         1.3       2 5
             1956                          35.0       15.0         1.2        1.2           7           4.9                     11 .0                 24              9.7            4.5            .9         1.6       2.7

               1                                                                                                            3
                   Corporate and noncorporate business, excluding agriculture.                                                  Includes communications and other.
               2                                                                                                            4
                   Includes trade, service, finance, and construction.                                                          Anticipated by business.
April 1957



             448                 BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                   [Department of Commerce estimates.           In billions                          [Securities and Exchange Commission estimates.                      In millions of dollars]
                                    of dollars]
                                                                                                                           All types                 Bonds and notes                           Stocks
                   Year or       Profits In- Profits Cash Undis-
                   quarter       before come after divi- tributed                            quarter
                                  taxes taxes taxes dends profits                                               New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                               issues ments change issues ments change issues ments change
             1949                  26.2    10.4      15.8       7.5     8.3
             1950                  40.0    17.8                 9.2    12.9             1949                  6,731             1,875    4,856   4,867      1,583        3,284     1,865           292      1,572
             1951                  41.2    22.5      22.1
                                                     18.7       9.1     9.6             1950                  7,224             3,501    3,724   4,806      2,802        2,004     2 418           698      1,720
             1952                  35 9    19.8      16.1       9.0     7.1             1951                  9,048             2,772    6,277   5,682      2,105        3,577     3,366           667      2,700
             1953                  37.0    20.3      16.7       9.3     7.4             1952                 10,679             2,751    7,927   7,344      2,403        4,940     3 335           348      2,987
             1954                  33 2    16.8      16.4      10.0     6.4             1953         . . . . 9,550              2,429    7,121   6,651      1,896        4,755     2,898           533      2,366
             1955                  42.7    21.5      21.1      11.2     9.9             1954                 11,694             5,629    6,065   7,832      4,033        3,799     3,862         1,596      2,265
             1956                  43.4    21.9      21.5      12.0     9.5             1955                 12,474             5,599    6,875   7,571      3,383        4,188     4,903         2,216      2,687
                                                                                        1956          .      13,007             4,519    8,488   7,937      2,768        5,170     5,070         1,751      3,319
             1955—3                43 5    22.0      21.5      11.0    10.5
                  4                46.4    23.4      23.0      12.1    10.9             1955_4                 3,709            1,201    2,509 2,305           836       1,469      1,404            365    1,039
             1956—1                43.7    22.1      21.6      11.8     9.8             1956—1                 2,827            1,043    1,784   1,678         707         970      1,149            336      813
                  2                42.9    21.7      21.3      12.2     9.1                  2                 3,367            1,487    1,880   2,245         817       1,428      1,122            671      452
                  3                41.2    20.8      20.4      12.3     8.1                  3                 3,336              991    2,345   2,182         650       1,531      1,154            340      814
                  41               46.0    23.2      22.8      11.9    10.9                  4                 3,477              998    2,479   1,833         593       1,240      1,644            404    1,239

               1
                 Preliminary estimates by Council of Economic                             i Reflects cash transactions only. As contrasted with data shown on p. 446, new issues
             Advisers.                                                                 exclude foreign and include offerings of open-end investment companies, sales of securities
               NOTE.—Quarterly data are at seasonally adjusted                         held by affiliated companies or RFC, special offerings to employees, and also new stock
             annual rates.                                                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                       include the same types of issues, and also securities retired with internal funds or with
                                                                                       proceeds of issues for that purpose shown on p. 446.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                             [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                       Current assets                                                                Current liabilities

                     End of year           Net                                               Notes and accts.                                                 Notes and accts.               Federal
                      or quarter          working                              U. S.           receivable                                                         payable                    income
                                          capital     Total       Cash        Govt.                                       Inven-        Other       Total                                      tax         Other
                                                                              securi-                                      tories                                                              lia-
                                                                                ties         U. S.        Other                                               U. S.            Other         bilities
                                                                                             Govt.2                                                           Govt.2
             1949                           72.4     133.1         26.5         16.8                 41 .0                 45.3          1.4       60.7                  3: .5                 9 3         14.0
             1950                           81.6     161.5         28.1         19.7           1.1           55.7          55.1          1.7       79.8             .4           47.9         16.7         14.9
             1951                           86.5     179.1         30.0         20.7           2.7           58.8          64.9          2.1       92.6            1.3           53.6         21.3         16.5
             1952                           90.1     186.2         30.8         19.9           2.8           64.6          65.8          2.4       96.1            2.3           57.0         18.1         18.7
             1953                           91.8     190.9         31.2         21.6           2.6           65.9          67.2          2.4       99.0            2.2           57.3         18 7         20.7
             1954                           95.0     188.5         32.0         19.8           2.4           67.3          64.4          2.6       93.5            2.4           54.9         15.3         20.8
             1955    3                     101.5     200.2         31.6         21.2           2.2           75.6          66.6          3.0       98.7            2.2           58.9         15.1         22.6
                     4                     102.9     208.1         32.6         24.0           2.3           77.3          69.1          2.9      105.2            2.3           62.6         18.1         22.3
             1956—1                        104.8     206.8         29.9         21.1           2.3           78.2          72.1          3.2      102.0            2.3           62.0         15.0         22.8
                  2              ....      106 4     207.9         30.7         18.0           2.3           79.9          73.9          3.1      101.5            2.5           63 9         12 1         22.9
                  3                        107.2     213.4         31.2         18.0           2.4           83.6          75.1          3.1      106.2            2.5           65.4         14.2         24.0
                  4                        108.2     218.6         33.2         19.2           2.6           84.1          76.4          3.0      110.4            2.4           67.3         16.6         24.2

               1
                   Excludes banks and insurance companies.                                                      2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                              amounts offset against each other on corporations' books.


                                                        BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                  In billions of dollars]


                                                                       Transportation                                                                                Manu-
                                                   Manu-                                        Public Com-                                                          factur- Trans-             Public
                                                   factur-     Min-                              utili- muni- Other
                                                                                                                    2
                                                                                                                                          Quarter                      ing                               All
                      Year              Total                                                                                                               Total            porta-              utili-
                                                     ing       ing                                ties  cations                                                        and    tion                ties  other 3
                                                                          Rail-    Other                                                                              min-
                                                                          road                                                                                         ing

             1949                        19.3        7.1         .8       1.4           .9       3.1           1.3              4.7     1955—4               8.4         3 8            .7        1 2        2 6
             1950                        20.6        7.5         .7       l.l            7       3.3           1.1              5.7
             1951                        25.6       10.9         .9       1.5          1.5       3.7           1.3              5.9     1956—1              7.5          3 2            .7          9        2 6
             1952                        26.5       11.6        1.0       1.4          1.5       3.9           1.5              5.6          2              8.9          4.1            .7        1.2        2.9
             1953        ... .           28.3       11.9        1.0       1.3          1.6       4.6           1.7              6.3          3              8.9          4 1             7        1 3        2 7
             1954                        26.8       11.0        1.0        .9          1.5       4.2           1.7              6.5          4              9.8          4.8            .8        1.5        2.8
             1955                       C
                                         28.7       11.4        1.0         9            6       4.3           2.0              7.5
             1956                         35.1      15.0        1.2       1.2          1.7       4.9                    11 .0           1957_14              8.8         4.2            .8        1 3        2 5
             19574                       37.4       16.4        1.2        .5          1.8       6.1                    10 .4                24              9.7         4.5            .9        1.6        2.7

               c
                 Corrected.                                                                                         3 Includes communications and other.
               1 Corporate and noncorporate business, excluding agriculture.
               2
                                                                                                                    4
                                                                                                                      Anticipated by business.
                 Includes trade, service, finance, and construction.
May 1957



           558                BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                      NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates.             In billions                         [Securities and Exchange Commission estimates.                            In millions of dollars]
                                   of dollars]
                                                                                                                              All types                  Bonds and notes                             Stocks
              Year or         Profits      In-     Profits    Cash Undis-                       Year or
              quarter         before      come      after      divi- tributed                   quarter
                               taxes      taxes     taxes     dends profits                                        New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                  issues ments change issues ments change issues ments change
           1949                   26.2    10.4      15.8       7.5        8.3
           1950                   40.0    17.8      22.1       9.2       12.9             1949                     6,731         1,875       4,856   4,867        1,583       3,284     1,865           292     1,572
           1951                   41.2    22.5      18.7       9.1        9.6             1950                     7,224         3,501       3,724   4,806        2,802       2,004     2,418           698     1,720
           1952                   35.9    19.8      16.1       9.0        7.1             1951                     9,048         2,772       6,277   5,682        2,105       3,577     3,366           667     2,700
           1953                   37.0    20.3      16.7       9.3        7.4             1952                    10,679         2,751       7,927   7,344        2,403       4,940     3,335           348     2,987
           1954                   33.2    16.8      16.4      10.0        6.4             1953                     9,550         2,429       7,121   6,651        1,896       4,755     2,898           533     2,366
           1955 r                 42.7    21.5      21.1      11.2        9.9             1954                    11,694         5,629       6,065   7,832        4,033       3,799     3,862         1,596     2,265
           1956                   43.7    22.1      21.7      12.1        9.6             1955                    12,474         5,599       6,875   7,571        3,383       4,188     4,903         2,216     2,687
                                                                                          1956                    13,007         4,519       8,488   7,937        2,768       5,170     5,070         1,751     3,319
           1955—4                 46.4    23.4      23.0      12.1       10.9
                                                                                          1955—4                   3,709         1,201       2,509 2,305            836       1,469      1,404           365    1,039
           1956—1                 43.7    22.1      21.6      11.8        9.8
                2                 42.9    21.7      21.3      12.2        9.1             1956—1                   2,827         1,043       1,784    1,678         707         970     1,149            336      813
                3                 41.2    20.8      20.4      12.3        8.1                  2                   3,367         1,487       1,880    2,245         817       1,428     1,122            671      452
                4                 46.7    23.6      23.1      11.9       11.2                  3                   3,336           991       2,345    2,182         650       1,531     1,154            340      814
                                                                                               4                   3,477           998       2,479    1,833         593       1,240     1,644            404    1,239
           1957—n                 46.5    23.5      23.0       12.3      10.7

             r
                                                                                             i Reflects cash transactions only. As contrasted with data shown on p. 556, new issues
             1
               Revised.                                                                   exclude foreign and include offerings of open-end investment companies, sales of securities
               Preliminary estimates by Council of Economic                               held by affiliated companies or RFC, special offerings to employees, and also new stock
           Advisers.                                                                      issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally adjusted                              include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                  proceeds of issues for that purpose shown on p. 556.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                             [Securities and Exchange Commission estimates.                             In billions of dollars]

                                                                                          Current assets                                                                  Current liabilities


                    End of year            Net                                                  Notes and accts.                                                   Notes and accts.               Federal
                     or quarter           working                                U.S.             receivable                                                           payable                    income
                                          capital                  Cash         Govt.                                         Inven-        Other      Total                                         tax       Other
                                                      Total                     securi-                                        tories                                                                lia-
                                                                                  ties          U. S.        Other                                                 U.S.             Other          bilities
                                                                                                Govt.2                                                             Govt.2

           1949                            72.4       133.1          26.5          16.8                 4: . 0                 45.3           1.4        60.7                 3: .5                 9.3        14.0
           1950                            81.6       161.5          28.1          19.7           1.1            55.7          55.1           1.7        79.8            A            47.9         16.7        14.9
           1951                            86.5       179.1          30.0          20.7           2.7            58.8          64.9           2.1        92.6           1.3           53.6         21.3        16.5
           1952.                           90.1       186.2          30.8          19.9           2.8            64.6          65.8           2.4        96.1           2.3           57.0         18.1        18.7
           1953                            91 8       190.9          31.2          21.6           2.6            65.9          67.2           2.4        99.0           2.2           57.3         18.7        20.7
           1954                            95.0       188.5          32.0          19.8           2.4            67.3          64.4           2.6        93.5           2.4           54.9         15.3        20.8
           1955 3                          101.5      200.2           31.6         21.2           2.2            75.6          66.6           3.0       98.7            2.2           58.9         15.1        22.6
                4                          102.9      208.1           32.6         24.0           2.3            77.3          69.1           2.9      105.2            2.3           62.6         18.1        22.3
           1956—1                          104 8      206.8           29.9         21.1           2.3            78.2          72.1           3.2      102.0            2.3           62.0         15.0        22.8
                2         .                106.4      207.9           30.7         18.0           2.3            79.9          73.9           3.1      101.5            2.5           63.9         12.1        22.9
                3                          107.2      213.4           31.2         18.0           2.4            83.6          75.1           3.1      106.2            2.5           65.4         14.2        24.0
                4                          108.2      218.6           33.2         19.2           2.6            84.1          76.4           3.0      110.4            2.4           67.3         16.6        24.2

                                                                                                                    2
              i Excludes banks and insurance companies.                                                               Receivables from, and payables to, the U. S. Government exclude
                                                                                                                  amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                         [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                                    Manu-
                                                   Manu-                                           Public Com-                                                             factur- Trans-             Public
                      Year               Total     factur-     Min-                                 utili- muni- Other2                        Quarter          Total        ing   porta-              utili-  All
                                                     ing       ing                                   ties  cations                                                           and    tion                ties  other 3
                                                                             Rail-    Other                                                                                 min-
                                                                             road                                                                                            ing

           1949                          19.3        7.1         .8          1.4           .9       3.1            1.3            4.7       1955—4                8.4         3.8            7          1 2      2 6
           1950                          20.6        7.5         .7          1.1           .2       3.3            1.1            5.7
           1951                          25.6       10.9         .9           .5           .5       3.7            1.3            5.9       1956—1                7.5         3.2            .7          .9      2.6
           1952                          26.5       11.6        1.0           .4           .5       3.9            1.5            5.6            2                8.9         4.1            .7         1 2      2 9
           1953 . .                      28.3       11.9        1.0           .3           .6       4.6            1.7            6.3            3                8.9         4.1            .7         1.3      2.7
           1954                          26.8       11.0        1.0           .9           .5       4.2            1.7            6.5            4                9.8         4.8            .8         1.5      2.8
           1955                          28.7       11.4        1.0           .9           .6       4.3            2.0            7.5
           1956                          35.1       15.0        1.2           .2            7       4.9                     11 .0           1957—H                8.8         4.2            .8         1.3      2.5
           19574                         37.4       16.4        1.2           .5          1.8       6.1                     10 .4                24               9.7         4.5            .9         1.6      2.7

              1                                                                                                         3
                  Corporate and noncorporate business, excluding agriculture.                                               Includes communications and other.
              2                                                                                                         4
                  Includes trade, service, finance, and construction.                                                       Anticipated by business.
June 1957



            686                 BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                  [Department of Commerce estimates. In billions                                      [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars}
                                                                                                                                All types                 Bonds and notes                          Stocks
                  Year or       Profits      In-    Profits Cash Undis-                          Year or
                  quarter       before      come     after  divi- tributed                       quarter
                                 taxes      taxes    taxes dends profits                                            New Retire- Net     New Retire-   Net   New Retire-   Net
                                                                                                                   issues ments change issues ments change issues ments change
            1949                  26.2      10.4      15.8       7.5     8.3
            1950                  40.0      17.8      22.1       9.2    12.9                1949                    6,731            1,875    4,856   4,867      1,583       3,284     1,865          292       1,572
            1951                  41 2      22 5      18.7       9.1     9.6                1950                    7,224            3,501    3,724   4,806      2,802       2,004     2,418          698       1,720
            1952 .      .         35.9      19.8      16.1       9.0     7.1                1951                    9,048            2,772    6,277   5,682      2,105       3,577     3,366          667       2,700
            1953                  37.0      20.3      16.7       9.3     7.4                1952                   10,679            2,751    7,927   7,344      2,403       4,940     3,335          348       2,987
            1954                  33.2      16.8      16.4      10.0     6.4                1953                    9,550            2,429    7,121   6,651      1,896       4,755     2,898          533       2,366
            1955                  42.7      21.5      21.1      11.2     9.9                1954                   11,694            5,629    6,065   7,832      4,033       3,799     3,862        1,596       2,265
            1956                  43.7      22.1      21.7      12.1     9.6                1955.                  12,474            5,599    6,875   7,571      3,383       4,188     4,903        2,216       2,687
                                                                                            1956                   13,007            4,519    8,488   7,937      2,768       5,170     5,070        1,751       3,319
            1955_4                46.4      23.4      23.0      12.1    10.9
                                                                                            1956—1                  2,827            1,043    1,784   1,678         707        970      1,149          336        813
            1956—1                43.7      22.1      21.6      11.8        9.8                  2                  3,367            1,487    1,880   2,245         817      1,428      1,122          671        452
                 2 ..             42.9      21.7      21.3      12.2        9.1                  3                  3,336              991    2,345   2,182         650      1,531      1,154          340        814
                 3                41.2      20.8      20.4      12.3        8.1                  4                  3,477              998    2,479   1,833         593      1,240      1,644          404      1,239
                 4                46.7      23.6      23.1      11.9       11.2
                                                                                            1957—1                  3,919              783    3,137 2,630           553      2,077 1,289                 230    1,059
            1957—11               46.5      23.5      23.0      12.3       10.7

              1
                                                                                             i Reflects cash transactions only. As contrasted with data shown on p. 684, new issues
                Preliminary estimates by Council of Economic                              exclude foreign and include offerings of open-end investment companies, sales of securities
            Advisers.                                                                     held by affiliated companies or RFC, special offerings to employees, and also new stock
              NOTE.—Quarterly data are at seasonally adjusted                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
            annual rates.                                                                 include the same types of issues, and also securities retired with internal funds or with
                                                                                          proceeds of issues for that purpose shown on p. 684.


                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                          Current assets                                                                  Current liabilities


                    End of year             Net                                                  Notes and accts.                                                  Notes and accts.              Federal
                     or quarter            working                                 U.S.             receivable                                                         payable                   income
                                           capital                 Cash           Govt.                                         Inven-       Other       Total                                     tax         Other
                                                       Total                      securi-                                        tories                                                            lia-
                                                                                    ties         U. S.        Other                                                U. S.           Other         bilities
                                                                                                 Govt.2                                                            Govt.2

            1949                             72.4      133.1        26.5          16.8                    4: .0                  45.3          1.4       60.7                3: .5                 9.3         14.0
            1950                             81.6      161.5        28.1          19.7              1.1           55.7           55.1          1.7       79.8           .4           47.9         16.7         14.9
            1951                             86.5      179.1        30.0          20.7              2.7           58.8           64.9          2.1       92.6          1.3           53.6         21 3         16.5
            1952                             90.1      186.2        30.8          19.9              2.8           64.6           65.8          2.4       96.1          2.3           57.0         18.1         18.7
            1953                             91.8      190.9        31.2          21.6              2.6           65.9           67.2          2.4       99.0          2.2           57.3         18.7         20.7
            1954                             95.0      188.5        32.0          19.8              2.4           67.3           64.4          2.6       93.5          2.4           54.9         15.3         20.8
            1955—3                          101.5      200.2        31.6           21.2             2.2           75.6           66.6          3.0      98.7           2.2           58.9         15.1         22.6
                 4                          102.9      208.1        32.6           24.0             2.3           77.3           69.1          2.9     105.2           2.3           62.6         18.1         22.3
            1956—1                          104 8      206.8        29.9           21.1             2.3           78.2           72.1          3.2     102.0           2.3           62 0         15.0         22.8
                 2                          106.4      207.9        30.7           18.0             2.3           79.9           73.9          3.1     101.5           2.5           63.9         12.1         22.9
                 3                          107.2      213.4        31.2           18.0             2.4           83.6           75.1          3.1     106.2           2.5           65.4         14.2         24.0
                 4                          108.2      218.6        33.2           19.2             2.6           84.1           76.4          3.0     110.4           2.4           67.3         16.6         24.2

              1
                  Excludes banks and insurance companies.                                                            2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                        Transportation                                                                                    Manu-
                                                    Manu-                                           Public Com-                                                           factur- Trans-            Public
                     Year                           factur-     Min-                                 utili- muni- Other
                                                                                                                        2
                                                                                                                                               Quarter                      ing   porta-                     All
                                          Total                 ing                                                                                              Total      and                      utili-
                                                      ing                                             ties  cations                                                                tion               ties  others
                                                                           Rail-      Other                                                                                min-
                                                                           road                                                                                             ing

            1949                          19.3        7.1         .8        1.4             .9       3.1           1.3               4.7     1956—1.. .          7.5         3.2            .7           Q       2.6
            1950                          20.6        7.5         .7        1.1           1.2        3.3           1.1               5.7          2              8 9         4.1             7        I 2        2 9
            1951 .                        25.6       10.9         .9        1.5           1.5        3.7           1.3               5.9          3              8.9         4.1            .7        1.3        2.7
            1952                          26.5       11.6        1.0        1.4            .5        3.9           1.5               5.6          4.. .          9.8         4.8            .8        L5         2.8
            1953                          28.3       11.9        1.0        1.3            .6        4.6           1.7               6.3
            1954                          26.8       11.0        1.0         .9           1.5        4.2           1.7               6.5     1957—U              8.3         3.8            .7            2      2.6
            1955                          28.7       11.4        1.0         .9            .6        4.3           2.0               7.5          2M             9.9         4.7            .9           .6      2.6
            1956                          35.1       15.0        1.2        1.2            .7        4.9           2.7               8.4                         9.6         4.5             9                   2 5
            19574 . .       .                                    1.2        1.5                      6.1                     10 .4                34.!".'.'.                                              s
                                          37.4       16.4                                 1.8

              r
              1
                Revised.                                                                                                 3 Includes communications and other.
                Corporate and noncorporate business, excluding agriculture.                                              4
                                                                                                                           Anticipated by business.
              2 Includes trade, service, finance, and construction.
July 1957



            804               BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                            NET CHANGE IN OUTSTANDING CORPORATE SECURHTESi
                   [Department of Commerce estimates. In billions                                           [Securities and Exchange Commission estimates. In millions of dollars]
                                    of dollars]
                                                                                                                                     All types                   Bonds and notes                                Stocks
               Year or        Profits       In-  Profits Cash Undis-                                    Year or
               quarter        before       come after    divi- tributed                                 quarter
                               taxes       taxes taxes dends profits                                                     New Retire-  Net    New Retire- Net     New Retire-   Net
                                                                                                                        issues ments change issues ments change issues ments change
            1949.                  26.2     10.4     15.8       7.5            8.3
            1950                   40.0     17.8     22.1       9.2           12.9           1949                        6,731            1,875      4,856   4,867        1,583        3,284       1,865            292      1,572
            1951                   41.2     22.5     18.7       9.1            9.6           1950..                      7,224            3,501      3,724   4,806        2,802        2,004       2,418           698       1,720
            1952                   35.9     19.8     16.1       9.0            7.1           1951                        9,048            2,772      6,277   5,682        2,105        3,577       3,366           667       2,700
            1953                   37.0     20.3     16.7       9.3            7.4           1952                       10,679            2,751      7,927   7,344        2,403        4,940       3,335           348       2,987
            1954''                 33.5     17.4     16.0       9.9            6.1           1953                        9,550            2,429      7,121   6,651        1,896        4,755       2,898           533       2,366
            1955'                  42.5     21.5     21.0      11.0            9.9           1954                       11,694            5,629      6,065   7,832        4,033        3,799       3,862         1,596       2,265
            1956'                  43.0     22.0     21.0      11.9            9.2           1955                       12,474            5,599      6,875   7,571        3,383        4,188       4,903         2,216       2,687
                                                                                             1956                       13,007            4 519      8 488   7,937        2,768        5,170       5,070         1,751       3,319
            1955—4''               46.1     23.4     22.7      12.0           10.7
                                                                                             1956—1                         2,827         1,043      1 784    1,678         707             970 1,149                 336      813
            1956—lr                43.3     22.1     21.2      11.7            9.5                2             . .         3,367         1,487      1,880    2,245         817           1,428 1,122               671        452
                 2r                42.4     21.6     20.7      12.0            8.7                3                         3,336           991      2,345    2,182         650           1,531 1,154               340        814
                 3r                40.8     20.8     19.9      12.1            7.8                4                         3,477           998      2,479    1,833         593           1,240 1,644               404      1,239
                 4r                45.6     23.3     22.3      11.5           10.8                                      r                                                             r
                                                                                               1957—1                       3,666           783      '2,884 '2,337          553           l,824 1,289                 230    1,059
            1957—1                 43.9     22.4     21.5       12.4          9.1
                                                                                                    r
                                                                                                 Revised.
                                                                                                    1
               r
                Revised.                                                                          Reflects cash transactions only. As contrasted with data shown on p. 802, new issues
              NOTE.—Quarterly data are at seasonally                     adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
            annual rates.                                                                    held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                             include the same types of issues, and also securities retired with internal funds or with
                                                                                             proceeds of issues for that purpose shown on p. 802.



                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates.                                    In billions of dollars]

                                                                                             Current assets                                                                       Current liabilities


                     End of year            Net                                                     Notes and accts.                                                       Notes and accts.                  Federal
                      or quarter           working                                    U.S.            receivable                                                               payable                       income
                                           capital     Total       Cash               Govt.                                         Inven-          Other      Total                                            tax         Other
                                                                                     securi-                                         tories                                                                     lia-
                                                                                       ties         U.S.              Other                                                U.S.                 Other         bilities
                                                                                                    Govt.2                                                                 Govt.2

            1949                            72.4      133.1         26.5              16.8                     4: .0                 45.3             1.4       60.7                  31 .5                    9.3          14.0
            1950                            81.6      161.5         28.1              19.7               1.1           55.7          55.1             1 7       79.8             .4             47.9          16 7          14.9
            1951..                          86.5      179.1         30.0              20.7               2.7           58.8          64.9             2.1       92.6            1.3             53.6          21.3          16.5
            1952                            90.1      186.2         30.8              19.9               2.8           64.6          65.8             2 4       96.1            2.3             57.0          18 1          18.7
            1953 r                          91.8      190.6         31.1              21.5               2.6           65.9          67.2             2.4       98.9            2.2             57.3          18.7          20.7
            1954r                           91.8      194.6         33.4              19.2               2 4           71.2          65 3             3 1      102.8            2.4             61 4          15 5          23.5
            1955r                           98.9      214.6         34.0              23.3               2.3           81.6          70.0             3.5      115.7            2.3             69.9          18.4          25.1
            1956      1r                    101.0     213.4           30.9            20.8               2.3           82.4           73.1            3.9      112.4            2.3             69.2           15.3         25.6
                      2rr                   102.7     214.7           32.1            17.4               2.3           84 3           74 8            3 8      112.1            2.5             71 4           12 3         25.8
                      3r .                  103.4     220.4           32.6            17.5               2.4           88.1           76.0            3.8      117.0            2.5             73.0           14.4         27.1
                      4                     104.4     225.7           34.7            18.6               2.6           88.8           77.3            3.6      121.3            2.4             74.9           16.8         27.2
            1957—1                          106.0     224.9            31.9           18.0               2.5           89.4           79.1            4.0      118.9            2.5             74.1           14.4         28.0

               r
                   Revised.                                                                                                2 Receivables from, and payables to, the U. S. Government exclude
              1
                   Excludes banks and insurance companies.                                                               amounts offset against each other on corporations' books.

                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                              Transportation                                                                                          Manu-
                                                    Manu-                                                 Public Com-                                                                 factur- Trans-             Public
                      Year                Total     factur-     Min-                                       utili- muni- Other 2                        Quarter         Total            ing   porta-              utili-  All
                                                      ing       ing                                         ties  cations                                                               and                        ties  other*
                                                                              Rail-      Other                                                                                         min-    tion
                                                                              road                                                                                                      ing

            1949                          19.3        7.1         .8           1.4             .9          3.1           1.3              4.7       1956—1                7.5             3.2           .7          .9        2.6
            1950                          20.6        7.5         .7           l.l           1.2           3.3           1.1              5.7            2                8.9             4.1           .7         1.2        2.9
            1951                          25.6       10.9         .9           1.5           1.5           3.7           1.3              5.9            3                8.9             4.1           .7         1.3        2.7
            1952                          26.5       11.6        1.0           L4            L.5           3.9           1.5              5.6            4                9.8             4.8           .8         1.5        2.8
            1953                          28.3       11.9        1.0           L3            1.6           4.6           1.7              6.3
            1954                          26.8       11.0        1.0            .9           1.5           4.2           1.7              6.5       1957—1                8.3             3.8           .7         1.2        2.6
            1955.                         28.7       11.4        1.0            .9           1.6           4.3           2.0              7.5            24               9.9             4.7           .9         1.6        2.6
            1956                          35.1       15.0        1.2           1.2           1.7           4.9           2.7              8.4            34               9.6             4.5           .9         1.8        2.5
            19574                         37.4       16.4        1.2           1.5           1.8           6.1                    10 .4

              * Corporate and noncorporate business, excluding agriculture.                                                   3 Includes communications and other.
                                                                                                                              4
              * Includes trade, service, finance, and construction.                                                            Anticipated by business.
August 1957



              950              BUSINESS FINANCE

              CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                    [Department of Commerce estimates.           In billions                          [Securities and Exchange Commission estimates.                          In millions of dollars]
                                     of dollars]
                                                                                                                             All types                   Bonds and notes                              Stocks
                 Year or       Profits      In-      Profits Cash Undis-                      Year or
                 quarter       before      come       after  divi- tributed                   quarter
                                taxes      taxes      taxes dends profits                                        New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                issues ments change issues ments change issues ments change
              1949 .               26.2     10.4      15.8       7.5     8.3
              1950                 40.0     17.8      22.1       9.2    12.9            1949                     6,731            1,875      4,856    4,867       1,583       3,284      1,865           292       1,572
              1951                 41.2     22.5      18.7       9.1     9.6            1950..                   7,224            3,501      3,724    4,806       2,802       2,004      2,418           698       1,720
              1952 .               35.9     19.8      16.1       9.0     7.1            1951                     9,048            2,772      6,277    5,682       2,105       3,577      3,366           667       2,700
              1953                 37.0     20.3      16.7       9.3     7.4            1952                    10,679            2,751      7,927    7,344       2,403       4,940      3,335           348       2,987
              1954                 33.5     17.4      16.0       9.9     6.1            1953                     9,550            2,429      7,121    6,651       1,896       4,755      2,898           533       2,366
              1955                 42 5     21.5      21.0      11.0     9.9            1954                    11,694            5,629      6,065    7,832       4,033       3,799      3,862         1,596       2,265
              1956                 43.0     22.0      21.0      11.9     9.2            1955.                   12,474            5,599      6,875    7,571       3,383       4,188      4,903         2,216       2,687
                                                                                        1956                    13,007            4,519      8,488    7,937       2,768       5,170      5,070         1,751       3,319
              1955_4               46.1     23.4      22.7      12.0    10.7
                                                                                        1956—1                   2,827            1,043       1,784   1,678         707         970       1,149             336      813
              1956—1               43.3     22.1      21.2      11.7     9.5                 2                   3,367            1,487       1,880   2,245         817       1,428       1,122             671      452
                   2               42.4     21.6      20.7      12.0     8.7                 3                   3,336              991       2,345   2,182         650       1,531       1,154             340      814
                   3               40.8     20.8      19.9      12.1     7.8                 4                   3,477              998       2,479   1,833         593       1,240       1,644             404    1,239
                   4               45.6     23.3      22.3      11.5    10.8
                                                                                           1957—1                3,666              783       2,884 2,337           553       1,824       1,289             230    1,059
              1957—1               43.9     22.4      21.5      12.4       9.1
                                                                                           1
                                                                                             Reflects cash transactions only. As contrasted with data shown on p. 948, new issues
                NOTE.—Quarterly data are at seasonally                 adjusted         exclude foreign and include offerings of open-end investment companies, sales of securities
              annual rates.                                                             held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                        include the same types of issues, and also securities retired with internal funds or with
                                                                                        proceeds of issues for that purpose shown on p. 948.


                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates.                            In billions of dollars]

                                                                                        Current assets                                                                    Current liabilities

                     End of year            Net                                               Notes and accts.                                                     Notes and accts.                Federal
                      or quarter           working                                U. S.         receivable                                                             payable                     income
                                           capital     Total       Cash          Govt.                                      Inven-          Other      Total                                          tax         Other
                                                                                 securi-                                     tories                                                                   lia-
                                                                                   ties       U.S.         Other                                                   U.S.             Other           bilities
                                                                                              Govt.2                                                               Govt.2
              1949                           72.4      133.1        26.5         16.8                 A: . 0                 45.3             1.4       60.7                  31 . 5                  9.3         14.0
              1950                           81.6      161.5        28.1         19.7           1.1            55.7          55.1             1.7       79.8             .4            47.9         16.7          14.9
              1951                           86.5      179.1        30.0         20.7           2.7            58.8          64.9             2.1       92.6            1.3            53.6         21.3          16.5
              1952                           90.1      186.2        30.8         19.9           2.8            64.6          65.8             2.4       96.1            2.3            57.0         18.1          18.7
              1953                           91.8      190.6        31.1         21.5           2.6            65.9          67.2             2.4       98.9            2.2            57.3         18.7          20.7
              1954                           91.8      194.6        33.4         19.2           2.4            71.2          65.3             3.1      102.8            2.4            61.4         15.5          23.5
              1955                           98.9      214.6        34.0         23.3           2.3            81.6          70.0             3.5      115.7            2.3            69.9         18.4          25.1
              1956—1                        101.0      213.4        30.9         20.8           2.3            82.4          73.1             3.9      112.4            2.3            69.2         15.3          25.6
                   2                        102.7      214.7        32.1         17.4           2.3            84.3          74.8             3.8      112.1            2.5            71.4         12.3          25.8
                   3                        103.4      220.4        32.6         17.5           2.4            88.1          76.0             3.8      117.0            2.5            73 0         14.4          27.1
                   4                        104.4      225.7        34.7         18.6           2.6            88.8          77.3             3.6      121.3            2.4            74.9         16.8          27.2
              1957—1                        106.0      224.9        31.9         18.0           2.5            89.4          79.1             4.0      118.9            2.5            74.1         14.4          28.0

                1                                                                                                 2
                    Excludes banks and insurance companies.                                                         Receivables from, and payables to, the U. S. Government exclude
                                                                                                                amounts offset against each other on corporations' books.

                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                      In billions of dollars]


                                                                        Transportation                                                                                    Manu-
                                                    Manu-                                        Public Com-                                                              factur- Trans-               Public
                                                    factur-     Min-                              utili- muni- Other*                          Quarter                      ing   porta-                            All
                       Year               Total                 ing                                                                                            Total        and                         utili-
                                                      ing                                          ties  cations                                                                   tion                  ties      other*
                                                                           Rail-     Other                                                                                 min-
                                                                           road                                                                                             ing

              1949                        19.3        7.1         .8       1.4           .9       3.1            1.3              4.7       1956—1                7.5         3.2             .7          .9        2.6
              1950 .                      20.6        7.5         .7       1.1          1.2       3.3            1.1              5.7            2                8.9         4.1             .7         1.2        2.9
              1951                        25.6       10.9         .9       1.5          1.5       3.7            1.3              5.9            3                8.9         4.1             .7         1 3        2 7
              1952                        26.5       11.6        1.0       1.4          1.5       3.9            1.5              5.6            4                9.8         4.8             .8         1.5        2.8
              1953                        28.3       11.9        1.0       1.3            6       4.6            1.7              6.3
              1954                        26.8       11.0        1.0        .9          1.5       4.2            1.7              6.5       1957—1                8.3         3.8             .7         1.2        2 6
              1955                        28.7       11.4        1.0        .9           .6       4.3            2.0              7.5            24               9.9         4.7             .9         1.6        2.6
              1956                        35.1       15.0        1.2       1.2            7       4.9            2.7              8.4            34               9.6         4.5             .9         1.8        2.5
              19574                       37.4       16.4        1.2       1.5          1.8       6.1                     10 .4

                i Corporate and noncorporate business, excluding agriculture.                                         3 Includes communications and other.
                * Includes trade, service, finance, and construction.                                                 4
                                                                                                                        Anticipated by business.
September 1957



           1070               BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
              [Department of Commerce estimates. In billions                                            [Securities and Exchange Commission estimates. In millions of dollars]
                                 of dollars]
                                                                                                                              All types               Bonds and notes                           Stocks
              Year or         Profits  In- Profits Cash Undis-                                  Year or
              quarter          before come after   divi- tributed                               quarter
                               taxes taxes taxes dends profits                                                      New Retire-   Net   New Retire-  Net    New Retire-  Net
                                                                                                                   issues ments change issues ments change issues ments change
           1949....             26.2    10.4      15.8       7.5        8.3
           1950...              40.0    17.8      22.1       9.2       12.9               1949.                     6,731       1,875     4,856    4,867    1,583        3,284      1,865          292       1,572
           1951...,             41.2    22.5      18.7       9.1        9.6               1950                      7,224       3,501     3.724    4,806    2,802        2,004      2,418          698       1,720
           1952...              35.9    19.8      16.1       9.0        7.1               1951                      9,048       2,772     6,277    5,682    2,105        3,577      3,366          667       2,700
           1953...              37.0    20.3      16.7       9.3        7.4               1952.                    10,679       2,751     7,927    7,344    2,403        4,940      3,335          348       2,987
           1954...              33.5    17.4      16.0       9.9        6.1               1953                      9,550       2,429     7,121    6.651    1,896        4,755      2,898          533       2,366
           1955...              42.5    21.5      21.0      11.0        9.9               1954                     11,694       5,629     6,065    7,832    4,033        3,799      3,862        1,596       2,265
           1956...              43.0    22.0      21.0      11.9        9.2               1955                     12,474       5,599     6,875    7,571    3,383        4,188      4,903        2,216       2,687
                                                                                          1956                     13,007       4,519     8,488    7,937    2,768        5,170      5,070        1,751       3,319
           1955—4               46.1    23.4      22.7      12.0       10.7
                                                                                          1956—2                   3,367        1,487     1,880 2,245         817         1,428 1,122                 671      452
           1956—1               43.3    22.1      21.2      11.7        9.5                    3                   3,336          991     2,345 2,182         650         1,531 1,154                 340      814
                2               42.4    21.6      20.7      12.0        8.7                    4                   3,477          998     2,479 1,833         593         1,240 1,644                 404    1,239
                3               40.8    20.8      19.9      12.1        7.8
                4               45.6    23.3      22.3      11.5       10.8               1957—1                   3,666           783    2,884 2,337          553        1,824 1,289                 230    1,059
                                                                                               2                   3,739           867    2,873 2,367          626        1,741 1,373                 241    1,132
           1957—1               43.9    22.4      21.5       12.4          9.1
                                                                                             1
                                                                                               Reflects cash transactions only. As contrasted with data shown on p. 1068, new issues
             NOTE.—Quarterly data are at seasonally                   adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
           annual rates.                                                                  held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                          issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                          include the same types of issues, and also securities retired with internal funds or with
                                                                                          proceeds of issues for that purpose shown on p. 1068.



                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                           [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                          Current assets                                                             Current liabilities


                  End of year            Net                                                    Notes and accts.                                              Notes and accts.                Federal
                   or quarter           working                                   U.S.            receivable                                                      payable                     income
                                        capital     Total       Cash             Govt.                                        Inven-      Other     Total                                        tax        Other
                                                                                 securi-                                       tories                                                           lia-
                                                                                   ties         U.S.                                                          U. S.              Other        bilities
                                                                                                                 Other
                                                                                                Govt. 2                                                       Govt. 2

           1949                          72.4      133.1         26.5             16.8                  43 . 0                45.3         1.4       60.7                37 .5                  9.3         14.0
           1950                          81.6      161.5         28.1             19.7            1.1            55.7         55.1         1.7       79.8           .4           47.9          16.7         14.9
           1951                          86 5      179.1         30.0             20.7            2 7            58.8         64 9         2 1       92.6          1.3           53.6          21 3         16.5
           1952                          90.1      186.2         30.8             19.9            2.8            64.6         65.8         2.4       96.1          2.3           57.0          18.1         18.7
           1953                          91 8      190.6         31.1             21 5            2 6            65.9         67 2         2 4       98.9          2 2           57.3          18 7         20.7
           1954                          91.8      194.6         33.4             19.2            2.4            71.2         65.3         3.1      102.8          2.4           61.4          15.5         23.5
           1955                          98.9      214.6         34.0             23.3            2.3            81.6         70.0         3.5      115.7          2.3           69.9          18.4         25.1
           1956 1                        101.0     213.4            30.9          20.8            2.3            82.4          73.1        3.9      112.4          2.3           69.2          15.3         25.6
                2                        102.7     214.7            32.1          17.4            2 3            84.3          74.8        3.8      112.1          2.5           71.4          12.3         25.8
                   3                     103 4     220.4            32.6          17 5            2 4            88 1          76 0        3 8      117.0          2.5           73.0          14 4         27.1
                   4                     104.4     225.7            34.7          18.6            2.6            88.8          77.3        3.6      121.3          2.4           74.9          16.8         27.2
           1957—1                        106.0     224.9            31.9           18.0           2.5            89.4          79.1        4.0      118.9          2.5           74.1          14.4         28.0

              i Excludes banks and insurance companies.                                                              2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations' books.

                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                       [Department of Commerce and Securities and Exchange Commission estimates.                                      In billions of dollars]


                                                                           Transportation                                                                                Manu-
                                                 Manu-                                             Public Com-                                                           factur- Trans-           Public
                       Year            Total     factur-     Min-                                   utili-  muni- Other 2                   Quarter         Total          ing   porta-            utili-  All
                                                   ing       ing                                     ties  cations                                                         and    tion              ties  other3
                                                                           Rail-      Other                                                                               min-
                                                                           road                                                                                            ing

           1949                        19.3        7.1         .8           1.4            .9       3.1            1.3          4.7       1956—1             7.5          3.2            .7         .9        2.6
           1950                        20.6        7.5         .7           1.1           1.2       3.3            1.1          5.7            2             8.9          4.1            .7        1.2        2.9
           1951 . . .                  25.6       10.9         .9           1.5           1.5       3.7            1.3          5.9            3             8.9          4.1            .7        1.3        2.7
           1952                        26.5       11.6        1.0           1.4           1.5       3.9            1.5          5.6            4             9.8          4.8            .8        1.5        2.8
           1953                        28.3       11.9        1.0           1.3           1.6       4.6            1.7          6.3
           1954                        26.8       11.0        1.0            .9           1.5       4.2            1.7          6.5       1957—1             8.3          3.8            .7        1.2        2.6
           1955                        28.7       11.4        1.0            .9           1.6       4.3            2.0          7.5            2'            9.6          4.5            .8        1.5        2.7
           1956                        35.1       15.0        1.2           1.2           1.7       4.9            2 7          8 4            34'....      10.0          4.7            .9        1.8        2.5
           19574r                      37.0       16.2        1.2           1.5           1.8       6.3                  10                                  9.2          4.4            .8        1.7        2.3
                                                                                                                                               44
             r                                                                                                            3
               Revised.                                                                                                       Includes communications and other.
             1 Corporate and noncorporate business, excluding agriculture.
             2
                                                                                                                          4
                                                                                                                              Anticipated by business.
               Includes trade, service, finance, and construction.
October 1957



               1166              BUSINESS FINANCE

               CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                   NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                     [Department of Commerce estimates. In billions                                   [Securities and Exchange Commission estimates. In millions of dollars]
                                        of dollars]
                                                                                                                             All types               Bonds and notes                            Stocks
                     Year or    Profits  In-          Profits Cash Undis-                        Year or
                     quarter     before come           after  divi- tributed                     quarter
                                 taxes taxes           taxes dends profits                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                  issues ments change issues ments change issues ments change
               1949...              26.2     10.4      15.8       7.5     8.3
               1950...              40.0     17.8      22.1       9.2    12.9               1949                   6 731       1 875     4 856    4,867    1,583         3,284     1,865           292       1,572
               1951...              41.2     22.5      18.7       9.1     9.6               1950                   7,224       3,501     3,724    4,806    2,802         2,004     2,418           698       1,720
               1952...              35.9     19.8      16.1       9.0     7.1               1951....               9 048       2 772     6 277    5,682    2,105         3,577     3,366           667       2,700
               1953...              37.0     20.3      16.7       9.3     7.4               1952                  10 679       2 751     7,927    7,344    2,403         4,940     3,335           348       2,987
               1954...              33.5     17.4      16.0       9.9     6.1               1953                   9 550       2 429     7 121    6 651    1 896         4 755     2,898           533       2,366
               1955...              42.5     21.5      21.0      11.0     9.9               1954                  11 694       5'629     6 065    7,832    4,033         3,799     3,862         1,596       2,265
               1956...              43.0     22.0      21.0      11.9     9.2               1955                  12,474       5,599     6,875    7,571    3,383         4,188     4,903         2,216       2,687
                                                                                            1956 .                13,007       4,519     8,488    7,937    2,768         5,170     5,070         1,751       3,319
               1955-—*              46.1     23.4      22.7      12.0    10.7
                                                                                            1956 2 . . .          3 367        1 487     1 880 2 245          817        1,428     1,122              671      452
               1956—1               43.3     22.1      21.2      11.7     9.5                    3                3 336          991     2,345 2,182          650        1,531     1,154              340      814
                    2               42.4     21.6      20.7      12.0     8.7                    4                3,477          998     2,479 1,833          593        1,240     1,644              404    1,239
                    3               40.8     20.8      19.9      12.1     7.8
                    4               45.6     23.3      22.3      11.5    10.8               1957—1                3,666           783    2,884 2,337          553        1,824     1,289              230    1,059
                                                                                                 2                3,739           867    2,873 2,367          626        1,741     1,373              241    1,132
               1957—1               43.9     22.4      21.5      12.4       9.1
                    2               42.0     21.4      20.5      12.5       8.0
                                                                                              1 Reflects cash transactions only. As contrasted with data shown on p. 1164, new issues
                                                                                           exclude foreign and include offerings of open-end investment companies, sales of securities
                 NOTE.—Quarterly data are at seasonally                 adjusted           held by affiliated companies or RFC, special offerings to employees, and also new stock
               annual rates.                                                               issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                           include the same types of issues, and also securities retired with internal funds or with
                                                                                           proceeds of issues for that purpose shown on p. 1164.

                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                               [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                           Current assets                                                           Current liabilities


                      End of year            Net                                                 Notes and accts.                                            Notes and accts.                Federal
                       or quarter           working                                U. S.            receivable                                                   payable                     income
                                            capital                               Govt.                                      Inven-                                                             tax         Other
                                                        Total        Cash         securi-                                                Other     Total                                       lia-
                                                                                                                              tories
                                                                                    ties         U. S.                                                       U.S.               Other         bilities
                                                                                                 Govt. 2      Other
                                                                                                                                                             Govt.2

               1949                           72.4      133 1        26 5           16 8                 43   o              45 3         1.4       60.7                37 .5                  9.3          14.0
               1950..                         81.6      161.5        28.1           19.7           1.1        55.7           55.1         1.7       79.8           .4           47.9          16.7          14.9
               1951                           86.5      179 1        30 0           20 7           2 7        58 8           64 9         2 1       92.6          1.3           53.6          21.3          16.5
               1952                           90.1      186.2        30.8           19.9           2.8        64.6           65.8         2.4       96.1          2.3           57.0          18.1          18.7
               1953                           91.8      190 6        31 1           21 5           2 6        65 9           67 2         2 4       98.9          2.2           57.3          18.7          20.7
               1954                           91.8      194.6        33.4           19.2           2.4        71.2           65.3         3.1      102.8          2.4           61.4          15.5          23.5
               1955                           98.9      214.6        34.0           23.3           2.3        81.6           70.0         3.5      115.7          2.3           69.9          18.4          25.1
               1956—2                        102.7      214.7        32.1           17.4           2.3        84.3            74.8        3.8      112.1          2.5           71.4           12.3         25.8
                    3                        103.4      220 4        32 6           17 5           2 4        88 1            76 0        38       117.0          2.5           73.0           14.4         27.1
                    4                        104.4      225.7        34.7           18.6           2.6        88.8            77.3        3.6      121.3          2.4           74.9           16.8         27.2
               1957_1                        106.0      224.9        31 9           18 0           2 5        89 4            79 1        4 0      118.9          2.5           74.1           14.4         28.0
                    2                        107.0      224.5        32.5           15.7           2.5        90.5            79.3        4.0      117.6          2.6           74.4           12.2         28.3

                 1
                     Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                  amounts offset against each other on corporations' books.

                                                              BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                           [Department of Commerce and Securities and Exchange Commission estimates.                                 In billions of dollars]


                                                                         Transportation                                                                                 Manu-
                                                     Manu-                                          Public Com-                                                         factur- Trans-           Public
                         Year              Total                 Min-                                                                                                     ing                             All
                                                     factur-     ing                                 utili- muni- Other 2                  Quarter         Total          and   porta-            utili-
                                                       ing                                            ties  cations                                                              tion              ties  other 3
                                                                            Rail-                                                                                        min-
                                                                            road       Other                                                                              ing

               1949                        19.3        7.1         .8         .4             Q       3.1          1.3          4.7       1956—1            7.5           3.2            .7          .9        2.6
               1950                        20.6        7.5         .7                       .2       3.3          1.1          5.7            2            8.9           4.1            .7         1.2        2.9
               1951 .                      25.6       10.9         .9         '.5           .5       3.7          1.3          5.9            3            8.9           4.1            .7         1.3        2.7
               1952                        26.5       11.6        1.0        1.4            .5       3.9          1.5          5.6            4            9.8           4.8            .8         1.5        2.8
               1953                        28.3       11.9        1.0        1.3            .6       4.6          1.7          6.3
               1954 .                      26.8       11.0        1.0         .9            .5       4.2          1.7          6.5       1957—1      ,.     8.3          3.8            .7         1.2        2.6
               1955                        28.7       11.4        1.0         .9            .6       4.3          2.0          7.5            2             9.6          4.5            .8         1.5        2.7
               1956                        35.1       15.0        1.2        1.2            .7       4.9          2.7          8.4            34           10.0          4.7            .9         1.8        2.5
               19574                       37.0       16.2        1.2        I 5             8       6.3                10                    44            9.2          4.4            .8         1.7        2.3

                 1                                                                                                       3
                     Corporate and noncorporate business, excluding agriculture.                                             Includes communications and other.
                 2                                                                                                       4
                     Includes trade, service, finance, and construction.                                                     Anticipated by business.
November 1957



           1264             BUSINESS FINANCE

          CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
                [Department of Commerce estimates. La billions                                   [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars]
                                                                                                                        All types                Bonds and notes                           Stocks
                Year or     Profits  In- Profits Cash Undis-                                Year or
                quarter      before come after   divi- tributed                             quarter
                             taxes taxes taxes dends profits                                                    New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                               issues ments change issues ments change issues ments change
          1949...               26.2     10.4     15.8       7.5      8.3
          1950...               40.0     17.8     22.1       9.2     12.9               1949                    6,731        1,875   4,856    4,867    1,583         3,284     1 ,865        292     1,572
          1951...               41.2     22.5     18.7       9.1      9.6               1950    . .       .     7,224        3,501   3,724    4,806    2,802         2,004     ',418         698     1,720
          1952...               35.9     19.8     16.1       9.0      7.1               1951                    9 048        2 772   6 277    5,682    2,105         3,577     L366          667     2,700
          1953...               37.0     20.3     16.7       9.3      7.4               1952                   10,679        2,751   7,927    7,344    2,403         4,940    3^335          348     2,987
          1954...               33.5     17.4     16.0       9.9      6.1               1953                    9 550        2 429   7 121    6,651    1,896         4,755    2 898          533     2 366
          1955...               42.5     21.5     21.0      11.0      9.9               1954                   11,694        5,629   6,065    7,832    4,033         3,799    3,862        1,596     2,265
          1956...               43.0     22.0     21.0      11.9      9.2               1955                   12,474        5,599   6,875    7,571    3,383         4,188    4,903        2,216     2,687
                                                                                        1956                   13 007        4 519   8 488    7,937    2,768         5,170    5 070        1,751     3 319
           1955-4               46.1     23.4     22.7       12.0    10.7
                                                                                        1956—2                  3 367        1 487   1 880 2 245         817         1,428         ,122       671      452
           1956—1               43.3     22.1     21.2       11.7     9.5                    3                  3,336          991   2,345 2,182         650         1,531         ,154       340      814
                2               42.4     21.6     20.7       12.0     8.7                    4        .       . 3,477          998   2,479 1,833         593         1,240         ,644       404    1,239
                3               40.8     20.8     19.9       12.1     7.8
                4               45.6     23.3     22.3       11.5    10.8               1957—1                  3,666          783   2,884 2,337         553         1,824         ,289       230    1,059
                                                                                             2                  3,739          867   2,873 2,367         626         1,741         ,373       241    1,132
           1957—1               43.9     22.4     21.5       12.4       9.1
                2               42.0     21.4     20.5       12.5       8.0              1
                                                                                           Reflects cash transactions only. As contrasted with data shown on p. 1262, new issues
                                                                                      exclude foreign and include offerings of open-end investment companies, sales of securities
             NOTE.—Quarterly       data are at seasonally adjusted                    held by affiliated companies or R F C , special offerings to employees, and also new stock
           annual rates.                                                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                      include the same types of issues, and also securities retired with internal funds or with
                                                                                      proceeds of issues for that purpose shown on p. 1262.

                                                            CURRENT ASSETS AND LIABILITIES O F CORPORATIONS 1
                                                           [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                      Current assets                                                           Current liabilities


                  End of year            Net                                                Notes and aocts.                                             Notes and accts.             Federal
                   or quarter           working                                U.S.            receivable                                                    payable                  income
                                        capital     Total       Cash          Govt.                                     Inven-       Other     Total                                     tax        Other
                                                                              securi-                                    tories                                                         lia-
                                                                                ties        U.S.                                                         U. S.          Other          bilities
                                                                                            Govt. 2       Other                                          Govt. 2

           1949                          72.4      133.1         26.5          16.8                  43 .0               45.3         1.4       60.7                37 .5                  9.3      14.0
           1950                          81.6      161.5         28.1          19.7                           55.7       55.1         1.7       79.8           .4           47.9          16.7      14.9
           1951..                        86.5      179.1         30.0          20.7            2.1            58.8       64.9         2.1       92.6          1.3           53.6          21.3      16.5
           1952                          90.1      186.2         30.8          19.9            2.8            64.6       65.8         2.4       96.1          2.3           57.0          18.1      18.7
           1953..                        91.8      190.6         31.1          21.5            2.6            65.9       67.2         2.4       98.9          2.2           57.3          18.7      20.7
           1954                          91.8      194.6         33.4          19.2            2.4            71.2       65.3         3.1      102.8          2.4           61.4          15.5      23.5
           1955                          98.9      214.6         34.0          23.3            2.3            81.6       70.0         3.5      115.7          2.3           69.9          18.4      25.1
           1956—2                        102.7     214.7         32.1          17.4            2.3            84.3       74.8         3.8      112.1          2.5           71.4          12.3      25.8
                3                        103.4     220.4         32.6          17.5            2.4            88.1       76.0         3.8      117.0          2.5           73.0          14.4      27.1
                4                        104.4     225.7         34.7          18.6            2.6            88.8       77.3         3.6      121.3          2.4           74.9          16.8      27.2
           1957—1                        106.0     224.9         31.9          18.0            2.5            89.4       79.1         4.0      118.9          2.5           74.1          14.4      28.0
                2                        107.0     224.5         32.5          15.7            2.5            90.5       79.3         4.0      117.6          2.6           74.4          12.2      28.3

                i Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.

                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                       [Department of Commerce and Securities and Exchange Commission estimates.                                 In billions of dollars]


                                                                        Transportation                                                                              Manu-
                                                 Manu-                                          Public Com-                                                         factur- Trans-          Public
                    Year               Total     factur-     Min-                                utili- muni- Other 2                  Quarter         Total          ing   porta-           utili-  All
                                                   ing       ing                                  ties  cations                                                       and    tion             ties  other 3
                                                                        Rail-      Other                                                                             min-
                                                                        road                                                                                          ing

           1949.                       19.3        7.1         .8        1.4           .9        3.1            1.3          4.7     1956—1             7.5          3.2            .7        .9       2.6
           1950                        20.6        7.5         .7        1.1          1.2        3.3                         5.7          2             8.9          4.1            .7       1.2       2.9
           1951                        25.6       10.9         .9        1.5          1.5        3.7            l!3          5.9          3             8.9          4.1            .7       1.3       2.7
           1952 .                      26.5       11.6        1.0        1.4          1.5        3.9            1.5          5.6          4             9.8          4.8            .8       1.5       2.8
           1953                        28.3       11.9        1.0        1.3          1.6        4.6            1.7          6.3
           1954                        26.8       11.0        1.0         .9          1.5        4.2            1.7          6.5     1957—1             8.3          3.8            .7       1.2       2.6
           1*955                       28.7       11.4        1.0         .9          1.6        4.3            2.0          7.5          2             9.6          4.5            .8       1.5       2.7
           1956                        35.1       15.0        1.2        1.2          1.7        4.9            2.7          8.4          34           10.0          4.7            .9       1.8       2.5
           1957 4                      37.0       16.2        1.2        1.5          1.8        6.3                  10 1                44            9.2          4.4            .8       1.7       2.3

             1
               Corporate and noncorporate business, excluding agriculture.                                             3 Includes communications and other.
             2 Includes trade, service, finance, and construction.                                                     4 Anticipated by business.
December 1957



           1396                BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                          NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates. la billions                                            [Securities and Exchange Commission estimates. In millions of dollars]
                                    of dollars]
                                                                                                                                All types               Bonds and notes                          Stocks
                 Year or      Profits  In- Profits             Cash Undis-                         Year or
                 quarter       before come after                divi- tributed                     quarter
                               taxes taxes taxes               dends profits                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                    issues ments change issues ments change issues ments change
           1949...                 26.2     10.4     15.8        7.5        8.3
           1950...                 40.0     17.8     22.1        9.2       12.9               1949                   6,731        1,875     4,856    4,867    1,583        3,284     1,865          292      1,572
           1951...                 41.2     22.5     18.7        9.1        9.6               1950                   7,224        3,501     3,724    4,806    2,802        2,004     2,418          698      1,720
           1952...                 35.9     19.8     16.1        9.0        7.1               1951                   9 048        2 772     6 277    5,682    2,105        3,577     3,366          667      2 700
           1953...                 37.0     20.3     16.7        9.3        7.4               1952                  10,679        2,751     7,927    7,344    2,403        4,940     3,335          348      2,987
           1954...                 33.5     17.4     16.0        9.9        6.1               1953                   9,550        2,429     7,121    6,651    1,896        4,755     2,898          533      2,366
           1955...                 42.5     21.5     21.0       11.0        9.9               1954                  11,694        5 629     6 065    7,832    4,033        3 799     3,862        1 596      2 265
           1956...                 43.0     22.0     21.0       11.9        9.2               1955                  12,474        5,599     6,875    7,571    3,383        4,188     4,903        2,216      2,687
                                                                                              1956                  13,007        4,519     8,488    7,937    2,768        5,170     5,070        1,751      3,319
           1955_4                  46.1     23.4     22.7       12.0       10.7
                                                                                              1956—3                 3,336           991     2,345 2,182         650        1,531     1,154          340       814
           1956—1                  43.3     22.1     21.2       11.7        9.5                    4                 3,477           998     2,479 1,833         593        1,240     1,644          404     1,239
                2                  42.4     21.6     20.7       12.0        8.7
                3                  40.8     20.8     19.9       12.1        7.8               1957_1                 3,666           783     2,884 "2,377        553       1,824 1,289               230     1,059
                4                  45.6     23.3     22.3       11.5       10.8                    2                 3,739           867     2,873 2,367         626       1,741 1,373               241     1 132
                                                                                                   3                 3,474           802     2,672 2,554         554       2,000   920               248       672
           1957—1                  43.9     22.4     21.5       12.4          9.1
                2                  42.0     21.4     20.5       12.5          8.0               c
                                                                                                1
                                                                                                  Corrected.
                                                                                                  Reflects cash transactions only. As contrasted with data shown on p. 1394, new issues
             NOTE.—Quarterly data are at seasonally                      adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
           annual rates.                                                                     held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                             include the same types of issues, and also securities retired with internal funds or with
                                                                                             proceeds of issues for that purpose shown on p. 1394.

                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                             Current assets                                                            Current liabilities


                     End of year            Net                                                    Notes and a#cts.                                             Notes and accts.               Federal
                      or quarter           working                                   U.S.             receivable                                                    payable                    income
                                           capital     Total        Cash            Govt.                                       Inven-      Other     Total                                       tax       Other
                                                                                    securi-                                      tories                                                          lia-
                                                                                      ties         U. S.       Other                                            U. S.             Other        bilities
                                                                                                   Govt. 2                                                      Govt. 2

           1949                              72.4     133.1         26.5            16 8                   43 .0                45.3         1.4      60.7                 37 .5                 9.3        14.0
           1950                              81.6     161.5         28.1            19.7             1.1           55.7         55.1         1.7      79.8            .4           47.9         16.7        14.9
           1951                              86.5     179.1         30.0            20 7             2.7           58.8         64.9         2.1      92.6           1.3           53.6         21.3        16.5
           1952                              90.1     186.2         30.8            19.9             2.8           64.6         65.8         2.4      96.1           2.3           57.0         18.1        18.7
           1953                              91.8     190.6         31.1            21 5             2 6           65.9         67.2         2.4      98.9           2.2           57.3         18.7        20.7
           1954                              91.8     194.6         33.4            19.2             2.4           71.2         65.3         3.1     102.8           2.4           61.4         15.5        23.5
           1955                              98.9     214.6         34.0            23.3             2.3           81.6         70.0         3.5     115.7           2.3           69.9         18.4        25.1
           1956—2                           102.7     214.7            32.1           17.4           2.3           84.3          74.8        3.8     112.1           2.5           71.4         12.3        25.8
                3                           103.4     220.4            32.6           17.5           2.4           88.1          76.0        3.8     117.0           2.5           73.0         14.4        27.1
                4                           104.4     225.7            34.7           18.6           2.6           88.8 .        77.3        3.6     121.3           2.4           74.9         16.8        27.2
           1957_1                           106.0      224.9           31.9           18.0           2.5           89.4          79.1        4.0     118.9           2.5           74.1         14.4        28.0
                2                           107.0      224.5           32.5           15.7           2.5           90.5          79.3        4.0     117.6           2.6           74.4         12.2        28.3
                3                           107.7      228.9           33.2           16.1           2.4           92.9          80.0        4.2     121.2           2.6           75.2         13.8        29.6

                1                                                                                                     2
                    Excludes banks and insurance companies.                                                             Receivables from, and payables to, the U. S. Government exclude
                                                                                                                    amounts offset against each other on corporations' books.

                                                            BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                     In billions of dollars]


                                                                          Transportation                                                                                Manu-
                                                    Manu-                                             Public Com-                                                       factur- Trans-             Public
                       Year               Total     factur-     Min-                                   utili- muni- Other 2                   Quarter         Total       ing   porta-              utili-  All
                                                      ing       ing                                     ties  cations                                                     and    tion                ties  other 3
                                                                              Rail-      Other                                                                           min-
                                                                              road                                                                                        ing

           1949                           19.3        7.1         .8          1.4             .9       3.1           1.3          4.7       1956—3             8.9          4.1           .7           .3     2.7
           1950                           20.6        7.5         .7          1.1            1.2       3.3           1.1          5.7            4             9.8          4.8           .8           .5     2.8
           1951                           25.6       10.9         .9          1.5            1.5       3.7           1.3          5.9
           1952                           26.5       11.6        1,0          1.4            1.5       3.9           1.5          5.6       1957—1             8.3          3.8           .7           .2     2.6
           1953.                          28.3       11.9        1.0          1.3            1.6       4.6           1.7          6.3            2r            9.6          4.5           .8                  2.7
           1954                           26.8       11.0        1.0           .9            1.5       4.2           1.7          6.5            3             9.4          4.3           .8          \l      2.5
           1955                           28.7       11.4        1.0           .9            1,6       4.3           2.0          7.5            44'....       9.8          4.7           .8         I 8      2.5
           1956                           35.1       15.0        1.2          1.2            1,7       4.9           2.7          8.4
           19574*-                        37.0       16.0        1.3          1.4            1.8       6.3                 10               1958—H             8.2          3.7           .7         1.4       2.3

             r
             1
               Revised.                                                                                                     3 Includes communications and other
               Corporate and noncorporate business, excluding agriculture.                                                  4
                                                                                                                              Anticipated by business.
             2 Includes trade, service, finance, and construction.
January 1958



               60                BUSINESS FINANCE

               CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                     [Department of Commerce estimates. la billions                                      [Securities and Exchange Commission estimates. In millions of dollars]
                                        of dollars]
                                                                                                                              All types                 Bonds and notes                             Stocks
                     Year or    Profits  In- Profits Cash Undis-                                 Year or
                     quarter     before come after   divi- tributed                              quarter
                                 taxes taxes taxes dends profits                                                    New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                   issues ments change issues ments change issues ments change
               1949                 26.2     10.4      15.8       7.5        8.3
               1950                 40.0     17.8      22.1       9.2       12.9           1949                     6,731        1.875     4.856   4,867       1,583          3,284     1,865            292     1,572
               1951                 41.2     22.5      18.7       9.1        9.6           1950                     7 224        3.501     3 724   4 806       2,802          2,004     2,418            698     1 720
               1952                 35.9     19.8      16.1       9.0        7.1           1951                     9,048        2,772     6,277   5.682       2,105          3.577     3,366            667     2,700
               1953                 37.0     20.3      16.7       9.3        7.4           1952                    10 679        2,751     7 927   7 344       2 403          4 940     3,335            348     2 987
               1954                 33.5     17.4      16.0       9.9        6.1           1953                     9,550        2,429     7,121   6.651       1,896          4,755     2,898            533     2,366
               1955                 42.5     21.5      21 0      11.0        9.9           1954                    11 694        5 629     6 065   7 832       4 033          3 799     3 862         1 596      2 265
               1956                 43.0     22.0      21.0      11.9        9.2           1955                    12.474        5,599     6,875   7,571       3,383          4,188     4,903         2,216      2,687
                                                                                           1956                    13,007        4,519     8,488   7,937       2,768          5,170     5,070         1,751      3,319
               1956—1               43.3     22.1      21.2      11.7        9.5           1956—3                   3 336          991     2 345 2 182            650         1,531 1,154                 340      814
                    2               42.4     21.6      20.7      12.0        8.7                4                   3,477          998     2,479 1,833            593         1,240 1,644                 404    1,239
                    3               40.8     20.8      19.9      12.1        7.8
                    4               45.6     23.3      22.3      11.5       10.8           1957—1                   3,666          783     2,884 2,377            553         1,824 1,289                 230    1,059
                                                                                                2                   3,739          867     2,873 2,367            626         1,741 1,373                 241    1,132
               1957—1               43.9     22.4      21.5      12.4       9.1                 3                   3,474          802     2,672 2,554            554         2,000   920                 248      672
                    2               42.0     21.4      20.5      12.5       8.0
                                                                                              1
                       3            41.8     21.3      20.4      12.6       7.8                 Reflects cash transactions only. As contrasted with data shown on p. 58, new issues
                                                                                           exclude foreign and include offerings of open-end investment companies, sales of securities
                 NOTE.—Quarterly data are at seasonally adjusted                           held by affiliated companies or RFC, special offerings to employees, and also new stock
               annual rates.                                                               issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                           include the same types of issues, and also securities retired with internal funds or with
                                                                                           proceeds of issues for that purpose shown on p. 58.


                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                               [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                           Current assets                                                               Current liabilities


                      End of year            Net                                                 Notes and aects.                                                Notes and accts.                 Federal
                                            working                             U. S.              receivable                                                        payable                      income
                       or quarter           capital                             Govt.                                         Inven-                                                                 tax
                                                        Total       Cash       securi-                                        tories      Other        Total                                        lia-        Other
                                                                                 ties            U.S.            Other                                           U.S.                Other        bilities
                                                                                                 Govt.2                                                          Govt. 2

               1949                           72.4     133.1         26.5          16.8                  43 .0                45.3         1.4          60.7                 37 .5                  9 3         14.0
               1950                           81.6     161.5         28.1          19.7                          55.7         55.1         1.7          79.8            .4           47.9          16.7         14.9
               1951                           86.5     179.1         30.0          20.7            2.7           58.8         64.9         2.1          92.6          1.3            53.6          21.3         16.5
               1952                           90.1     186.2         30.8          19.9            2.8           64.6         65.8         2.4          96.1          2.3            57.0          18.1         18.7
               1953                           91.8     190.6         31.1          21.5            2.6           65.9         67.2         2.4          98.9          2.2            57.3          18.7         20.7
               1954                           91.8     194.6         33.4          19.2            2.4           71.2         65.3         3.1         102.8          2.4            61.4          15.5         23.5
               1955                           98.9     214.6         34.0          23.3            2.3           81.6         70.0         3.5         115.7          2.3            69.9          18.4         25.1
               1956—2...                     102 7     214.7         32.1           17.4           2.3           84.3         74.8         3.8         112.1          2.5            71.4          12.3         25.8
                       3                     103.4     220.4         32.6           17.5           2.4           88.1         76.0         3.8         117.0          2.5            73.0          14.4         27.1
                       4                     104.4     225.7         34.7           18.6           2.6           88.8         77.3         3.6         121.3          2.4            74.9          16 8         27.2
               1957_1                        106 0      224.9        31.9           18.0           2.5           89.4         79.1         4.0         118.9          2.5            74.1          14.4         28.0
                    2                        107.0      224.5        32.5           15.7           2.5           90.5         79.3         4.0         117.6          2.6            74.4          12.2         28.3
                    3                        107.7      228.9        33.2           16.1           2.4           92.9         80.0         4.2         121.2          2.6            75.2          13.8         29.6

                 1                                                                                                   2
                     Excludes banks and insurance companies.                                                           Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations' books.

                                                             BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                           [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                                     Manu-
                                                     Manu-                                         Public Com-                                                              factur- Trans- Public
                        Year                         factur-     Min-                               utili- muni- Other
                                                                                                                       2
                                                                                                                                            Quarter            Total          ing   porta-  utili-  All
                                           Total                 ing                                                                                                          and
                                                       ing                                           ties  cations                                                                   tion    ties  other 3
                                                                            Rail-     Other                                                                                  min-
                                                                            road                                                                                              ing

               1949                        19.3        7.1         .8        1.4            .9       3.1           1.3           4.7      1956—3. . .          8.9           4.1             .7        1.3        2.7
               1950                        20.6        7.5         .7         .1           1.2       3.3                         5.7           4               9.8           4.8             .8        1.5        2 8
               1951                        25.6       10.9         .9         .5                     3.7           1.3           5.9
               1952                        26 5       11.6        1.0         .4           1.5       3.9           1.5           5.6      1957—1               8.3           3.8             .7        1.2        2 6
               1953                        28.3       11.9        1.0        1.3             6       4.6           1.7           6.3                           9.6           4.5             .8        1.5        2.7
               1954                        26.8       11.0        1.0         .9                     4.2           1.7           6.5              3            9.4           4.3             .8        1.7        2.5
               1955                        28.7       11.4        1.0         .9           1.6       4.3           2.0           7.5              44           9.8           4.7             .8           .8      25
               1956                        35.1       15.0        1.2        1.2             7       4.9           2.7           8.4
               19574                       37.0       16.0        1.3        1.4           1.8       6.3                 10 .3            1958—14               8.2           3.7            .7        1.4        2.3

                 1
                   Corporate and noncorporate business, excluding agriculture.                                            3 Includes communications and other.
                                                                                                                          4
                 2 Includes trade, service, finance, and construction.                                                     Anticipated by business.
February 1958



            176                 BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                    NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates. la billions                                     [Securities and Exchange Commission estimates. In millions of dollars]
                                    of dollars]
                                                                                                                         All types                Bonds and notes                            Stocks
                 Year or        Profits  In- Profits Cash Undis-                               Year or
                 quarter         before come after   divi- tributed                            quarter
                                 taxes taxes taxes dends profits                                                  New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                                 issues ments change issues ments change issues ments change
            1949                  26.2     10.4      15.8       7.5        8.3
            1950                  40.0     17.8      22.1       9.2       12.9            1949                   6 731        1 875    4,856   4,867    1,583        3,284      1,865           292     1,572
            1951.                 41.2     22.5      18.7       9.1        9.6            1950                   7,224        3,501    3,724   4,806    2,802        2,004      2,418           698     1,720
            1952                  35.9     19.8      16.1       9.0        7.1            1951                   9 048        2 772    6,277   5,682    2,105        3,577      3,366           667     2,700
            1953.                 37.0     20.3      16.7       9.3        7.4            1952                  10,679        2,751    7,927   7,344    2,403        4,940      3,335           348     2,987
            1954                  33.5     17 4      16 0       9 9        6 1            1953                   9 550        2 429    7,121   6,651    1,896        4,755      2,898           533     2,366
            1955                  42.5     21.5      21.0      11.0        9.9            1954                  11,694        5,629    6,065   7,832    4,033        3,799      3,862         1,596     2,265
            1956                  43.0     22.0      21.0      11.9        9.2            1955...        .      12 474        5 599    6,875   7,571    3,383        4,188      4,903         2,216     2,687
                                                                                          1956                  13,007        4 519    8,488   7,937    2,768        5,170      5,070         1,751     3,319
            1956—1                43.3     22.1      21.2      11.7        9.5            1955—3                 3,336          991    2,345 2,182         650        1,531 1,154                340      814
                 2.        ..     42.4     21.6      20.7      12.0        8.7                 4                 3,477          998    2,479 1,833         593        1,240 1,644                404    1,239
                 3                40.8     20.8      19.9      12.1        7.8
                 4                45.6     23.3      22.3      11.5       10.8            1957_1                 3,666          783    2,884 2,377         553       1,824 1,289                 230    1,059
                                                                                               2                 3,739          867    2,873 2,367         626       1,741 1,373                 241    1,132
            1957—1                43.9     22.4      21.5      12.4       9.1                  3                 3,474          802    2,672 2,554         554       2,000   920                 248      672
                 2                42.0     21.4      20.5      12.5       8.0
                 3                41.8     21.3      20.4      12.6       7.8
                                                                                            i Reflects cash transactions only. As contrasted with data shown on p. 174, new issues
                                                                                         exclude foreign and include offerings of open-end investment companies, sales of securities
              NOTE.—Quarterly data are at seasonally adjusted                            held by affiliated companies or RFC, special offerings to employees, and also new stock
            annual rates.                                                                issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                         include the same types of issues, and also securities retired with internal funds or with
                                                                                         proceeds of issues for that purpose shown on p. 174.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1
                                                             [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                         Current assets                                                          Current liabilities


                    End of year            Net                                                 Notes and accts.                                           Notes and accts.                Federal
                     or quarter           working                                U.S.            receivable                                                   payable                     income
                                          capital                               Govt.                                    Inven-       Other     Total                                        tax       Other
                                                      Total       Cash          securi-                                   tories                                                            lia-
                                                                                  ties         U.S.                                                       U.S.               Other         bilities
                                                                                                             Other                                        Govt. 2
                                                                                               Govt. 2

            1949                            72.4     133.1         26.5          16 8                  43 .0             45 3          1.4       60.7                37 .5                  9.3        14.0
            1950                            81.6     161.5         28.1          19.7            1.1           55.7      55.1          1.7       79.8           .4           47.9          16.7        14.9
            1951                            86.5     179.1         30 0          20 7            2 7           58.8      64 9          2.1       92.6          1.3           53.6          21.3        16.5
            1952                            90.1     186.2         30.8          19.9            2.8           64.6      65.8          2.4       96.1          2.3           57.0          18.1        18.7
            1953                            91.8     190.6         31.1          21.5            2.6           65.9      67.2          2.4       98.9          2.2           57.3          18.7        20.7
            1954                            91.8     194.6         33.4          19.2            2.4           71.2      65.3          3.1      102.8          2.4           61.4          15.5        23.5
            1955                            98.9     214.6         34.0          23.3            2.3           81.6      70.0          3.5      115.7          2.3           69.9          18.4        25.1
            1956—2                         102.7     214.7         32.1           17.4           2.3           84.3       74.8         3.8      112.1          2.5           71.4          12.3        25.8
                 3                         103.4     220.4         32.6           17 5           2 4           88.1       76.0         3.8      117.0          2.5           73.0          14.4        27.1
                 4                         104.4     225.7         34.7           18.6           2.6           88.8       77.3         3.6      121.3          2.4           74.9          16.8        27.2
            1957—1                         106.0     224.9         31.9           18 0           2.5           89.4       79.1         4.0      118.9          2.5           74.1          14.4        28.0
                 2                         107.0     224.5         32 5           15 7           2 5           90 5       79 3         4.0      117.6          2.6           74.4          12.2        28.3
                 3                         107.7     228.9         33.2           16.1           2.4           92.9       80.0         4.2      121.2          2.6           75.2          13.8        29.6

                * Excludes banks and insurance companies.                                                         2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                amounts offset against each other on corporations' books.

                                                            BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT*
                                         [Department of Commerce and Securities and Exchange Commission estimates.                                In billions of dollars]

                                                                                                                                                                 Manu-
                                                                       Transportation                                                                            factur- Trans- Public
                                                   Manu-       Min-                               Public Com-                                                      ing                  All
                     Year                Total     factur-
                                                               ing                                 utili- muni- Other2                  Quarter         Total      and   porta- utili-
                                                     ing                                            ties  cations                                                         tion   ties  other 3
                                                                          Rail-                                                                                   min-
                                                                          road      Other                                                                          ing

            1949                         19.3        7.1         .8        L.4             Q        3.1          1.3          4.7     1956—3            8.9          4.1             .7         1.3      2.7
            1950                         20.6        7.5         .7        l.l           1.2        3.3          1.1          5.7          4            9.8          4.8             .8         1.5      2.8
            1951                         25.6       10.9         .9        1.5           1.5        3.7          1.3          5.9
            1952                         26.5       11.6        1.0        1.4           1.5        3.9          1.5          5.6     1957—1            8.3           3.8            .7         1.2      2.6
            1953                         28.3       11.9        1.0        1.3           1.6        4.6          1.7          6.3          2            9.6           4.5            .8         1.5      2.7
            1954                         26.8       11.0        1.0         .9           1.5        4.2          1.7          6.5          3            9.4           4.3            .8         1.7      2.5
            1955                         28.7       11.4        1.0         .9           1.6        4.3          2.0          7.5          44           9.8           4.7            .8         1.8      2.5
            1956                         35.1       15.0        1.2        1.2           L.7        4.9          2.7          8.4
            1957*                        37.0       16.0        1.3        [ 4           I8         6.3                10 3           1958—H             8.2          3.7            .7         1.4      2.3

                * Corporate and noncorporate business, excluding agriculture.                                          3 Includes communications and other.
                > Includes trade, service, finance, and construction.                                                  4 Anticipated by business.
March 1958



             334                 BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                          NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
                   [Department of Commerce estimates.              In billions                                [Securities and Exchange Commission estimates.                        In millions of dollars]
                                     of dollars]
                                                                                                                                   All types                 Bonds and notes                               Stocks
                   Year or       Profits     In-      Profits    Cash Undis-                         Year or
                   quarter       before     come       after      divi- tributed                     quarter
                                  taxes     taxes      taxes     dends profits                                          New- Retire- Net    New Retire-  Net                                  New Retire-   Net
                                                                                                                       issues ments change issues ments change                                issues ments change
             1949...               26.2      10.4      15.8        7.5       8.3
             1950...               40.0      17.8      22.1        9.2      12.9               1950                     7,224          3,501 3,724        4,806     2,802           2,004     2,418           698        1,720
             1951...               41.2      22.5      18.7        9.1       9.6               1951                     9,048          2,772 6,277        5,682     2,105           3,577     3,366           667        2,700
             1952...               35.9      19.8      16.1        9.0       7.1               1952                    10,679          2,751 7,927        7,344     2,403           4,940     3,335           348        2,987
             1953...               37.0      20.3      16.7        9.3       7.4               1953                     9,550          2,429 7,121        6,651     1,896           4,755     2,898           533        2,366
             1954...               33.5      17.4      16.0        9.9       6.1               1954                    11,694          5,629 6,065        7,832     4,033           3,799     3,862         1,596        2,265
             1955...               42.5      21.5      21.0       11.0       9.9               1955                    12,474          5,599 6,875        7,571     3,383           4,188     4,903         2,216        2,687
             1956...               43.0      22.0      21.0       11.9       9.2               1956 r                  13,033          4,968 8,065        7,934     3,181           4,752     5,099         1,787        3,313
                                                                                               1957                    14,289          3,159 11,129       9,691     2,236           7,455     4,598           923        3,675
             1956—1                43.3      22.1      21.2       11.7       9.5               1956—4 r                 3,462          1,105      2,357 1,821           701         1,120      1,641           404       1,237
                  2                42.4      21.6      20.7       12.0       8.7
                  3                40.8      20.8      19.9       12.1       7.8               1957—1                   3,666            783      2,884   2,377         553         1,824 1,289                230       1,059
                  4                45.6      23.3      22.3       11.5      10.8                    2                   3,739            867      2,873   2,367         626         1,741 1,373                241       1,132
                                                                                                    3                   3,474            802      2,672   2,554         554         2,000   920                248         672
             1957—1                43.9      22.4      21.5       12.4          9.1                 4                   3,409            708      2,701   2,393         503         1,890 1,016                205         811
                                   42.0      21.4      20.5       12.5          8.0
                      3            41.8      21.3      20.4       12.6          7.8               r
                                                                                                    Revised.
                                                                                                  i Reflects cash transactions only. As contrasted with data shown on p. 332, new issues
               NOTE.—Quarterly data are at seasonally                      adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
             annual rates.                                                                     held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                               issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                               include the same types of issues, and also securities retired with internal funds or with
                                                                                               proceeds of issues for that purpose shown on p. 332.


                                                                 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                [Securities and Exchanges Commission estimates.                              In billions of dollars]

                                                                                               Current assets                                                                  Current liabilities


                     End of year             Net                                                     Notes and accts.                                                   Notes and accts.                Federal
                      or quarter            working                                    U. S.           receivable                                                           payable                     income
                                            capital      Total        Cash            Govt.                                        Inven-       Other       Total                                          tax          Other
                                                                                      securi-                                       tories                                                                 lia-
                                                                                        ties         U. S.        Other                                                 U. S.             Other          bilities
                                                                                                     Govt.2                                                             Govt. 2

             1949                             72.4      133.1         26.5             16.8                   4: .0                45.3           1.4       60.7                   3: .5                  9.3           14.0
             1950                             81 6      161.5         28.1             19.7             1.1           55.7         55.1           1.7       79.8              .4        47.9             16.7           14.9
             1951                             86.5      179.1         30.0             20.7             2.7           58.8         64.9           2.1       92.6             1.3         53.6            21.3           16.5
             1952                             90 1      186.2         30.8             19.9             2.8           64.6         65.8           2.4       96.1             2.3         57.0            18.1           18.7
             1953                             91.8      190.6         31.1             21.5             2.6           65.9         67.2           2.4       98.9             2.2         57.3            18.7           20.7
             1954                             91 8      194.6         33.4             19.2             2.4           71.2         65.3            3.1     102.8             2 4         61.4            15 5           23.5
             1955                             98.9      214.6         34.0             23.3             2.3           81.6         70.0            3.5     115.7             2.3         69.9            18.4           25.1
             1956 2                          102.7      214.7            32.1           17.4            2.3           84.3          74.8           3.8     112.1             2.5            71.4          12.3          25.8
                  3                          103.4      220.4            32.6           17.5            2.4           88.1          76.0           3.8     117.0             2.5            73.0          14.4          27.1
                  4             . . . .      104.4      225.7            34.7           18.6            2.6           88.8          77.3           3.6     121.3             2.4            74.9          16.8          27.2
             1957 1                          106.0      224.9            31.9           18.0            2.5           89.4          79.1          4.0      118.9             2.5            74.1          14.4          28.0
                  2          . . . .         107 0      224.5            32.5           15.7            2.5           90.5          79.3          4.0      117.6             2.6            74.4          12.2          28.3
                  3                          107.7      228.9            33.2           16.1            2.4           92.9          80.0           4.2     121.2             2.6            75.2          13.8          29.6

               1                                                                                                         2
                   Excludes banks and insurance companies.                                                                 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                       amounts offset against each other on corporations' books.


                                                              BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
                                           [Department of Commerce and Securities and Exchange Commission estimates.                                         In billions of dollars]


                                                                            Transportation                                                                                         Manu-
                                                     Manu-                                              Public Com-                                                                factur- Trans-           Public   All
                                                                   Min-                                          muni- Other 2                                                       ing
                       Year                Total     factur-       ing                                   utili-                                    Quarter          Total            and   porta-            utili- other 3
                                                       ing                      Rail-                     ties  cations                                                             min-    tion              ties
                                                                                road       Other                                                                                     ing

             1950                          20 6         7.5          .7         1.1            1.2        3.3           1.1            5.7      1956—4              9 8             4 8             8         1 5         2 8
             1951                          25.6        10.9          .9         1.5            1.5        3.7           1.3            5.9
             1952                          26 5        11 6        1 0          1.4            1.5        3.9           1 5            5 6      1957—1                 8 3          3   8           7         1     2     2    6
             1953                          28.3        11.9         1.0         1.3            1.6        4.6           1.7            6.3           2              9.6             4   5          .8         1     5     2    7
             1954                          26 8        11 0         1 0          .9            1.5        4.2           1 7            6 5           3 .            9 4             4   3           8         1     7     2    5
             1955               . .        28 7        11.4         1.0          .9            1.6        4.3           2 0            7.5           4              9 7             4   6           8         1     8     2    6
             1956                          35.1        15.0         1.2         1.2            1.7        4.9           2.7            8.4
             1957                          37.0        16.0         1.2         1.4            1.8        6.2           3.0            7.4       1958—14r              8.2          3.7            .7         1.5         2.3
             19584                         32.1        13.2         1.1          .9            1.4        6.4                    9 1                  24               8.4          3.6            .6         1.7         2.5

               r                                                                                                             3
               1
                 Revised.                                                                                                        Includes communications and other.
                 Corporate and noncorporate business, excluding agriculture.                                                 4
                                                                                                                                 Anticipated by business.
               2 Includes trade, service, finance, and construction.
April 1958



             468              BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                   [Department of Commerce estimates.            In billions                            [Securities and Exchange Commission estimates.                      In millions of dollars]
                                    of dollars]
                                                                                                                           All types                  Bonds and notes                              Stocks
               Year or        Profits      In-      Profits    Cash Undis-                         Year or
               quarter        before      come       after      divi- tributed                     quarter
                               taxes      taxes      taxes     dends profits                                     New Retire-  Net    New Retire-  Net                                 New Retire-   Net
                                                                                                                issues ments change issues ments change                               issues ments change
             1950                 40.0     17.8      22.1        9.2      12.9
             1951                 41.2     22.5      18.7        9.1       9.6               1950                7,224          3,501 3,724        4,806    2,802            2,004    2,418           698     1,720
             1952                 35.9     19.8      16.1        9.0       7.1               1951                9,048          2,772 6,277        5,682    2,105            3,577    3,366           667     2,700
             1953                 37.0     20.3      16.7        9.3       7.4               1952               10,679          2,751 7,927        7,344    2,403            4,940    3,335           348     2,987
             1954                 33.5     17.4      16.0        9.9       6.1               1953                9,550          2,429 7,121        6,651    1,896            4,755    2,898           533     2,366
             1955                 42.5     21.5      21.0       11.0       9.9               1954               11,694          5,629 6,065        7,832    4,033            3,799    3,862         1,596     2,265
             1956                 43.0     22.0      21.0       11.9       9.2               1955               12,474          5,599 6,875        7,571    3,383            4,188    4,903         2,216     2,687
                                                                                             1956               13,033          4,968 8,065        7,934    3,181            4,752    5,099         1,787     3,313
                                                                                             1957 . .           14,289          3,159 11,129       9,691    2,236            7,455    4,598           923     3,675
             1956—1               43.3     22.1      21.2       11.7       9.5
                  2               42.4     21.6      20.7       12.0       8.7               1956—4             3,462           1,105      2,357 1,821           701         1,120    1,641            404    1,237
                  3               40.8     20.8      19.9       12.1       7.8
                  4               45.6     23.3      22.3       11.5      10.8               1957—1             3,666             783      2,884   2,377         553         1,824 1,289               230    1,059
                                                                                                  2             3,739             867      2,873   2,367         626         1,741 1,373               241    1,132
             1957—1               43.9     22.4      21.5       12.4          9.1                 3             3,474             802      2,672   2,554         554         2,000   920               248      672
                  2               42.0     21.4      20.5       12.5          8.0                 4             3,409             708      2,701   2,393         503         1,890 1,016               205      811
                  3               41.8     21.3      20.4       12.6          7.8
                                                                                                1
                                                                                                  Reflects cash transactions only. As contrasted with data shown on p. 466, new issues
               NOTE.—Quarterly data are at seasonally                    adjusted            exclude foreign and include offerings of open-end investment companies, sales of securities
             annual rates.                                                                   held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                                                                                             include the same types of issues, and also securities retired with internal funds or with
                                                                                             proceeds of issues for that purpose shown on p. 466.



                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchanges Commission estimates.                         In billions of dollars]

                                                                                             Current assets                                                            Current liabilities

                                           Net                                                     Notes and accts.                                              Notes and accts.               Federal
                    End of year           working                                    U.S.            receivable                                                      payable
                     or quarter                                                                                                                                                                 income
                                          capital      Total        Cash            Govt.                                  Inven-         Other     Total                                          tax       Other
                                                                                    securi-                                 tories                                                                 lia-
                                                                                      ties         U. S.      Other                                              U. S.             Other         bilities
                                                                                                   Govt. 2                                                       Govt. 2

             1950                          81.6       161.5         28.1            19.7             1.1      55.7          55.1           1.7       79.8              .4          47.9          16.7        14.9
             1951                          86.5       179.1         30.0            20.7             2.7      58.8          64.9           2.1       92.6             1.3          53.6          21.3        16.5
             1952                          90.1       186.2         30.8            19.9             2.8      64.6          65.8           2.4       96.1             2.3          57.0          18.1        18.7
             1953 .                        91.8       190.6         31.1            21.5             2.6      65.9          67.2           2.4       98.9             2.2          57.3          18.7        20.7
             1954                          91.8       194.6         33.4            19 2             2.4      71.2          65.3           3.1      102.8             2.4          61.4          15.5        23.5
             1955                          98.9       214.6         34.0            23.3             2.3      81.6          70.0           3.5      115.7             2.3          69.9          18.4        25.1
             1956 3                        103.4      220.4            32.6           17.5           2.4      88.1          76.0            3.8     117.0             2.5          73.0           14.4       27.1
                  4                        104 4      225.7            34.7           18 6           2 6      88 8          77 3            3.6     121.3             2.4          74.9           16.8       27.2
             1957 1                        106.0      224.9            31.9           18.0           2.5      89.4          79.1           4.0      118.9             2.5          74.1           14.4       28.0
                  2                        107.0      224.5            32.5           15.7           2.5      90.5          79.3           4.0      117.6             2.6          74.4           12.2       28.3
                  3                        107 7      228.9            33 2           16 1           2 4      92 9          80 0           4 2      121.2             2.6          75.2           13.8       29.6
                  4                        108.4      228.9            34.1           16.9           2.8      91.5          79.3           4.4      120.6             2.3          74.3           15.0       28.9

               1                                                                                                  2
                   Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Government exclude
                                                                                                                amounts offset against each other on corporations' books.


                                                          BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                         [Department of Commerce and Securities and Exchange Commission estimates.                                    In billions of dollars]


                                                                          Transportation                                                                                    Manu-
                                                   Manu-                                              Public Com-                                                           factur- Trans-          Public   All
                      Year               Total     factur-       Min-                                  utili- muni- Other 2                 Quarter         Total             ing   porta-           utili- other3
                                                     ing         ing                                    ties  cations                                                         and    tion             ties
                                                                              Rail-      Other                                                                               min-
                                                                              road                                                                                            ing

             1950                        20.6         7.5         .7          1.1            1.2        3.3     1.1             5.7      1956—4                 9.8          4.8           .8         1.5      2.8
             1951                        25.6        10.9         .9          1.5             .5        3.7     1.3             5.9
             1952                        26.5        11.6        1.0          1.4            1.5        3.9     1.5             5.6      1957—1                 8.3          3.8           .7         1.2      2.6
             1953                        28.3        11.9        1.0          1.3            1.6        4.6     1.7             6.3           2                 9.6          4.5           .8         1.5      2.7
             1954                        26.8        11.0        1.0           .9            1.5        4.2     1.7             6.5           3                 9.4          4.3           .8         1.7      2.5
             1955                        28.7        11.4        1.0           .9            1.6        4.3     2.0             7.5           4                 9.7          4.6           .8         1.8      2.6
             1956                        35.1        15.0        1.2          1.2            t 7        4.9     2.7             8.4
             1957                        37.0        16.0        1.2          1.4            1.8        6.2     3 0             7 4      1958—H                 8.2          3.7           .7         1.5      2.3
             1958*                       32.1        13.2        1.1           .9            1.4        6.4               9 1                 24                8.4          3.6           .6         1.7      2.5

               * Corporate and noncorporate business, excluding agriculture.
               2
                                                                                                                      3 Includes communications and other.
                 Includes trade, service, finance, and construction.                                                  4
                                                                                                                        Anticipated by business.
May 1958



           584               BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                     NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                 [Department of Commerce estimates.             In billions                           [Securities and Exchange Commission estimates.                   In millions of dollars]
                                  of dollars]
                                                                                                                       All types                 Bonds and notes                             Stocks
              Year or       Profits       In-      Profits    Cash Undis-                        Year or
              quarter       before       come       after      divi- tributed                    quarter
                             taxes       taxes      taxes     dends profits                                    New Retire-  Net    New Retire-  Net                             New Retire-   Net
                                                                                                              issues ments change issues ments change                           issues ments change
           1950                  40.0    17.8       22.1        9.2      12.9
           1951                  41.2    22.5       18.7        9.1       9.6              1950                7,224       3,501 3,724        4,806    2,802           2,004    2,418           698     1,720
           1952                  35.9    19.8       16.1        9.0       7.1              1951                9,048       2,772 6,277        5,682    2,105           3,577    3,366           667     2,700
           1953                  37.0    20.3       16.7        9.3       7.4              1952               10,679       2,751 7,927        7,344    2,403           4,940    3,335           348     2,987
           1954                  33.5    17.4       16.0        9.9       6.1              1953                9,550       2,429 7,121        6,651    1,896           4,755    2,898           533     2,366
           1955                  42.5    21.5       21.0       11.0       9.9              1954               11,694       5,629 6,065        7,832    4,033           3,799    3,862         1,596     2,265
           1956                  43.0    22.0       21.0       11.9       9.2              1955               12,474       5,599 6,875        7,571    3,383           4,188    4,903         2,216     2,687
           1957                  41.2    21.0       20.2       12.1       8.1              1956               13,033       4,968 8,065        7,934    3,181           4,752    5,099         1,787     3,313
                                                                                           1957               14,289       3,159 11,129       9,691    2,236           7,455    4,598           923     3,675
           1956—1                43.3    22.1       21.2       11.7       9.5              1956—4             3,462        1,105      2,357 1,821           701        1,120 1,641               404    1,237
                2                42.4    21.6       20.7       12.0       8.7
                3                40.8    20.8       19.9       12.1       7.8                1957—1           3,666          783      2,884   2,377         553        1,824 1,289               230    1,059
                4                45.6    23.3       22.3       11.5      10.8                     2.          3,739          867      2,873   2,367         626        1,741 1,373               241    1,132
                                                                                                  3           3,474          802      2,672   2,554         554        2,000   920               248      672
           1957—1                43.9     22.4      21.5       12.4          9.1                  4           3,409          708      2,701   2,393         503        1,890 1,016               205      811
                2                42.0     21.4      20.5       12.5          8.0
                3                41.8     21.3      20.4       12.6          7.8
                4                37.5     19.1      18.3       11.7          6.6              i Reflects cash transactions only. As contrasted with data shown on p. 582, new issues
                                                                                           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                           held by affiliated companies or RFC, special offerings to employees, and also new stock
             NOTE.—Quarterly data are at seasonally                     adjusted           issues and cash proceeds connected with conversions of bonds into stocks. Retirements
           annual rates.                                                                   include the same types of issues, and also securities retired with internal funds or with
                                                                                           proceeds of issues for that purpose shown on p. 582.



                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                             [Securities and Exchanges Commission estimates.                     In billions of dollars]

                                                                                           Current assets                                                         Current liabilities


                   End of year            Net                                                    Notes and accts.                                           Notes and accts.              Federal
                    or quarter           working                                    U.S.           receivable                                                   payable                   income
                                         capital      Total        Cash            Govt.                               Inven-        Other     Total                                         tax       Other
                                                                                   securi-                              tories                                                               lia-
                                                                                     ties        U.S.       Other                                           U.S.             Other         bilities
                                                                                                 Govt. 2                                                    Govt. 2

           1950                           81.6       161.5         28.1             19.7           1.1      55.7        55.1          1.7       79.8              .4         47.9          16.7        14.9
           1951.                          86.5       179.1         30.0             20.7           2.7      58.8        64.9          2.1       92.6             1.3         53.6          21.3        16.5
           1952                           90.1       186.2         30.8             19.9           2.8      64.6        65.8          2.4       96.1             2.3         57.0          18.1        18.7
           1953                           91.8       190.6         31.1             21.5           2.6      65.9        67.2          2.4       98.9             2.2         57.3          18.7        20.7
           1954                           91.8       194.6         33.4             19.2           2.4      71.2        65.3          3.1      102.8             2.4         61.4          15.5        23.5
           1955                           98.9       214.6         34.0             23.3           2.3      81.6        70.0          3.5      115.7             2.3         69.9          18.4        25.1
           1956—3                         103.4      220.4            32.6          17.5           2.4      88.1        76.0           3.8     117.0             2.5         73.0          14.4        27.1
                4                         104.4      225.7            34.7          18.6           2.6      88.8        77.3           3.6     121.3             2.4         74.9          16.8        27.2
           1957_1                         106.0      224.9            31.9          18.0           2.5      89.4        79.1          4.0      118.9             2.5         74.1          14.4        28.0
                2                         107.0      224.5            32.5          15.7           2.5      90.5        79.3          4.0      117.6             2.6         74.4          12.2        28.3
                3                         107.7      228.9            33.2          16.1           2.4      92.9        80.0          4.2      121.2             2.6         75.2          13.8        29.6
                4                         108.4      228.9            34.1          16.9           2.8      91.5        79.3          4.4      120.6             2.3         74.3          15.0        28.9

             1
                 Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                              amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                        [Department of Commerce and Securities and Exchange Commission estimates.                                In billions of dollars]


                                                                         Transportation                                                                            Manu-
                                                  Manu-                                             Public Com-                                                    factur- Trans-             Public   All
                     Year               Total     factur-       Min-                                 utili- muni- Other2                                             ing
                                                                ing                                                                    Quarter         Total         and   porta-              utili- other 3
                                                    ing                      Rail-                    ties  cations                                                 min-    tion                ties
                                                                             road      Other
                                                                                                                                                                     ing

           1950                         20 6         7 5           7         1 1           1 2       3 3      1 i          5 7      1956 4             9 8             4 8           3          1 5      2 8
           1951                         25.6        10 9          .9         1.5           1.5       3 7      1 3          5 9
           1952..                       26 5        11 6         1 0         1 4           1 5       3 9      1 5          5 6      1957 1             8 3             3 8            7            2     2 6
           1953                         28 3        11 9         1 0         1.3           1 6       4 6      1 7          6 3           2             9 6             4 5           'g            5     2 7
           1954                         26.8        11.0         1.0          .9           1.5       4.2      1.7          6.5           3             9.4             4.3           !8           .7     2.5
           1955                         28 7        11 4         1 0           9           1 6       4 3      2 0          7 5           4             9 7             4 6            3            3     2 6
           1956                         35 1        15 0         1 2         1.2           1.7       4 9      2 7          8 4
           1957                         37.0        16.0         1.2         1.4           1.8       6.2      3.0          7.4      1958—H                 8.2         3.7           .7           .5     2.3
           1958+                        32.1        13.2         1.1          .9           1.4       6.4             9 1                 2«                8.4         3.6           .6            7     2.5

             1
                 Corporate and noncorporate business, excluding agriculture.                                        3 Includes communications and other.
             2                                                                                                      4
                 Includes trade, service, finance, and construction.                                                  Anticipated by business.
June 1958



            686                    BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                         NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1
                  [Department of Commerce estimates. In billions                                        [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars]
                                                                                                                             All types                  Bonds and notes                         Stocks
               Year or             Profits     In- Profits Cash Undis-                             Year or
               quarter             before     come after   divi- tributed                          quarter
                                    taxes     taxes taxes dends profits                                           New Retire- Net     New Retire-  Net                             New Retire-   Net
                                                                                                                 issues ments change issues ments change                           issues ments change
            1950                    40.0       17.8     22.1        9.2       12.9
            1951                    41.2       22.5     18.7        9.1        9.6             1950               7,224          3,501 3,724       4,806      2,802       2,004    2,418           698      1,720
            1952                    35.9       19.8     16.1        9.0        7.1             1951               9,048          2,772 6,277       5,682      2,105       3,577    3,366           667      2,700
            1953                    37.0       20.3     16.7        9.3        7.4             1952              10,679          2,751 7,927       7,344      2,403       4,940    3,335           348      2,987
            1954                    33.5       17.4     16.0        9.9        6.1             1953               9,550          2,429 7,121       6,651      1,896       4,755    2,898           533      2,366
            1955                    42.5       21.5     21.0       11.0        9.9             1954              11,694          5 629 6 065       7,832      4,033       3,799    3,862         1,596      2,265
            1956                    43.0       22.0     21.0       11.9        9.2             1955              12,474          5,599 6,875       7,571      3,383       4,188    4,903         2,216      2,687
            1957                    41.2       21.0     20.2       12.1        8.1             1956              13,033          4,968 8,065       7,934      3,181       4,752    5,099         1,787      3,313
                                                                                               1957              14,289          3,159 11,129      9,691      2,236       7,455    4,598           923      3,675
            1956    1 ... .         43.3       22.1     21.2       11.7        9.5             1957    i          3,666            783    2,884    2,377         553      1,824 1,289                230    1,059
                    2               42 4       21 6     20.7       12.0        8.7                     2.         3,739            867    2,873    2,367         626      1,741 1,373                241    1,132
                    3               40.8       20.8     19.9       12.1        7.8                     3          3 474            802    2 672    2 554         554      2,000   920                248      672
                    4               45.6       23.3     22.3       11.5       10.8                     4          3,409            708    2,701    2,393         503      1,890 1,016                205      811
            1957_1                  43.9       22.4      21.5      12.4       9.1              1958—1             3,566            784    2,782 2,799            537      2,262         767          247      520
                 2                  42.0       21.4      20.5      12.5       8.0
                 3      .. .        41.8       21.3      20.4      12.6       7.8
                 4                  37.5       19.1      18.3      11.7       6.6               i Reflects cash transactions only. As contrasted with data shown on p. 684, new issues
                                                                                             exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                             held by affiliated companies or RFC, special offerings to employees, and also new stock
              NOTE.—Quarterly data are at seasonally                       adjusted          issues and cash proceeds connected with conversions of bonds into stocks. Retirements
            annual rates.                                                                    include the same types of issues, and also securities retired with internal funds or with
                                                                                             proceeds of issues for that purpose shown on p. 684.



                                                                  CURRENT ASSETS AND LIABILITIES OF CORPORATIONS*
                                                                 [Securities and Exchanges Commission estimates. In billions of dollars]

                                                                                             Current assets                                                           Current liabilities


                   End of year                 Net                                                 Notes and accts.                                             Notes and accts.             Federal
                    or quarter                working                                 U.S.           receivable                                                     payable                  income
                                              capital     Total        Cash           Govt.                                 Inven-       Other        Total                                     tax        Other
                                                                                     securi-                                tories                                                              lia-
                                                                                       ties        U.S.        Other                                            U.S.            Other         bilities
                                                                                                   Govt. 2                                                      Govt. 2

            1950                                81 6      161.5        28.1           19.7            1 1      55 7          55.1         1.7          79.8          .4         47.9          16.7         14.9
            1951                                86 5      179.1        30.0           20.7            2.7      58.8          64.9         2.1          92.6         1.3         53.6          21.3         16.5
            1952 . .                            90.1      186.2        30.8           19.9            2.8      64.6          65.8         2.4          96.1         2.3         57.0          18.1         18.7
            1953                                91 8      190.6        31.1           21.5            2.6      65.9          67.2         2.4          98.9         2.2         57.3          18.7         20.7
            1954 .                              91.8      194.6        33.4           19.2            2.4      71.2          65.3         3.1         102.8         2.4         61.4          15.5         23.5
            1955                                98.9      214.6        34.0           23.3            2.3      81.6          70.0         3.5         115.7         2.3         69.9          18.4         25.1
            1956 3                             103.4      220.4        32.6           17.5            2.4      88.1          76.0         3.8         117.0         2.5         73.0          14.4         27.1
                 4                             104 4      225.7        34.7           18.6            2.6      88.8          77.3         3.6         121.3         2.4         74.9          16.8         27.2
            1957    1...       .               106.0      224.9        31.9           18.0            2.5      89.4          79.1         4.0         118.9         2.5         74.1          14.4         28.0
                    2                          107.0      224.5        32.5           15.7            2.5      90.5          79.3         4.0         117.6         2.6         74.4          12.2         28.3
                    3                          107 7      228.9        33.2           16 1            2 4      92 9          80 0         4 2         121.2         2 6         75.2          13 8         29.6
                    4                          108.4      228.9        34.1           16.9            2.8      91.5          79.3         4.4         120.6         2.3         74.3          15.0         28.9

              * Excludes banks and insurance companies.                                                            2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                 amounts offset against each other on corporations' books.


                                                            BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                             [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                            Transportation                                                                             Manu-
                                                       Manu-                                          Public Com-                                                      factur- Trans-            Public   All
                     Year                    Total     factur-      Min-                               utili-  muni- Other2                Quarter                       ing   porta-             utili- other 3
                                                                    ing                                                                                       Total      and
                                                         ing                  Rail-                     ties  cations                                                   min-    tion               ties
                                                                              road       Other                                                                           ing

            1950                             20.6        7.5         .7        1-1           1.2        3 3                      5 7     1957    l            8 3         3 8            7         1 2       2 6
            1951                             25 6       10 9          9          5           1 5        3 7      1 3             5 9             2            9 6         4 5            g         1 5       2 7
            1952                             26.5       11.6        1.0          4           1.5        3.9      1.5             5.6             3            9.4         4 3            8         1.7       2.5
            1953                             28.3       11.9        1.0         .3           1.6        4.6      1.7             6.3             4 ..         9.7         4.6           .8         1.8       2.6
            1954.                            26.8       11.0        1.0         .9           1.5        4.2      1.7             6.5
            1955                             28.7       11.4        1.0         .9           1.6        4.3      2.0             7.5     1958—\r              7.3         3.1           .7         1.2       2.3
            1956                             35.1       15.0        1.2          ?           1.7        4 9      2 7             8 4                          8 3         3 5            6         1 8       2 4
            1957 4 r                         37.0       16.0        1.2          4           1.8        6.2      3.0             7.4             34           7.7         3.2           .5         1.8       2.2
            1958 ..        .                 30.8       12.0         .9         .7           1.5        6.3               9. 3

              r
              1
                  Revised.                                                                                            3 Includes communications and other.
              2
                  Corporate and noncorporate business, excluding agriculture.                                         4
                                                                                                                       Anticipated by business.
                  Includes trade, service, finance, and construction.
July 1958



            834               BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                  [Department of Commerce estimates. In billions                                          [Securities and Exchange Commission estimates.                  In millions of dollars]
                                   of dollars]
                                                                                                                            All types                  Bonds and notes                         Stocks
                  Year or     Profits       In-     Profits Cash Undis-                           Year or
                  quarter     before       come      after  divi- tributed                        quarter
                               taxes       taxes     taxes dends profits                                          New Retire- Net     New Retire- Net                              New Retire- Net
                                                                                                                 issues ments change issues ments change                           issues ments change
            1950rr                40.6     17.9      22.8       9.2      13.6
            1951                  42.2     22.4      19.7       9.0      10.7               1950                 7,224           3,501 3,724        4,806    2,802        2,004    2,418           698      1,720
            1952'r                36.7     19.5      17.2       9.0       8.3               1951                 9,048           2,772 6,277        5,682    2,105        3,577    3,366           667      2,700
            1953                  38.3     20.2      18.1       9.2       8.9               1952                10,679           2,751 7,927        7,344    2,403        4,940    3,335           348      2,987
            1954'"                34.1     17.2      16.8       9.8       7.0               1953      .          9,550           2,429 7,121        6,651    1,896        4,755    2,898           533      2,366
            1955'                 44.9     21.8      23.0      11.2      11.8               1954                11,694           5,629 6,065        7,832    4,033        3,799    3,862         1,596      2,265
            1956'                 45.5     22.4      23.1      12.0      11.0               1955                12,474           5,599 6,875        7,571    3,383        4,188    4,903         2,216      2,687
            1957r                 43.4     21.6      21.8      12.4       9.4               1956                13,033           4,968 8,065        7,934    3,181        4,752    5,099         1,787      3,313
                                                                                            1957                14,289           3,159 11,129       9,691    2,236        7,455    4,598           923      3,675
            1956—2rr              44.8     22.1      22.7      12.0       10.7
                 3                44.3     21.8      22.4      12.2       10.2               1957—1              3,666             783      2,884   2,377        553      1,824 1,289              230      1,059
                 4r               46.7     23.0      23.7      11.8       11.9                    2              3,739             867      2,873   2,367        626      1,741 1,373              241      1,132
                                                                                                  3              3,474             802      2,672   2,554        554      2,000   920              248        672
            1957_lr               46.1     23.0      23.1      12.5      10.6                     4              3,409             708      2,701   2,393        503      1,890 1,016              205        811
                 2r               43.5     21.7      21.8      12.6       9.2
                 3r               44.2     22.0      22.1      12.7       9.4                1958—1              3,566             784      2,782 2,799          537      2,262         767          247      520
                 4r               39.9     19.9      20.0      12.0       8.0
            1958—1                31.7     16.1      15.5      12.5          3.0               i Reflects cash transactions only. As contrasted with data shown on p. 832, new issues
                                                                                            exclude foreign and include offerings of open-end investment companies, sales of securities
              r
                                                                                            held by affiliated companies or RFC, special offerings to employees, and also new stock
                Revised.                                                                    issues and cash proceeds connected with conversions of bonds into stocks. Retirements
              NOTE.—Quarterly data are at seasonally                    adjusted            include the same types of issues, and also securities retired with internal funds or with
            annual rates.                                                                   proceeds of issues for that purpose shown on p. 832.



                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                             [Securities and Exchanges Commission estimates.                           In billions of dollars]

                                                                                            Current assets                                                             Current liabilities


                    End of year            Net                                                    Notes and accts.                                               Notes and accts.            Federal
                     or quarter           working                                   U.S.            receivable                                                       payable                 income
                                          capital     Total        Cash            Govt.                                    Inven-         Other     Total                                     tax         Other
                                                                                   securi-                                   tories                                                            lia-
                                                                                     ties         U. S.       Other                                              U.S.           Other        bilities
                                                                                                  Govt. 2                                                        Govt. 2

            1950                            81.6      161.5        28.1             19.7            1.1        55.7          55.1           1.7       79.8          .4          47.9          16.7         14.9
            1951                            86.5      179.1        30.0             20.7            27         58.8          64.9           2.1       92.6         1.3          53.6          21.3         16.5
            1952                            90.1      186.2        30.8             19.9            2.8        64.6          65.8           2.4       96.1         2.3          57.0          18.1         18.7
            1953                            91.8      190.6        31.1             21.5            2.6        65.9          67.2           2.4       98.9         2.2          57.3          18.7         20.7
            1954r                           94.9      194.6        33.4             19.2                       71.2          65.3           3.1       99.7         2.4          59.3          15.5         22.5
            1955r                          103.0      224.5        34.6             23.0            2.4
                                                                                                    2.3        87.1          72.8           4.7      121.5         2.3          73.5          19.3         26.5
            1956r                          109.1      235.9        35.1             18.2            2.6        94.5          80.4           5.1      126.8         2.4          78.0          17.9         28.6
            1957     \r                    111 0      235.2        32.3              17 7           2 5        94 9          82 3           5 5      124.2         2.5          77.0          15.4         29.4
                     2r                    112.1      234.9        33.0              15.4           2.5        96.1          82.4           5.4      122.8         2.6          77.3          13.1         29.7
                                           112.9      239.5        33.7              15.7           2 4        98.7          83.2           5.7      126.6         2.6          78.3          14.8         31.0
                     4r                    113.5      239.9        35.0              16.5           2.8        97.5          82.2           5.9      126.5         2.3          77.6          16.0         30.6
            1958—1                         114.8      232.8           32.6           15.4           2.7        94.6          81.4           6.2      118.0         2.1          73.2          12.8         29.9

              r                                                                                                       2
                Revised.                                                                                            Receivables from, and payables to, the U. S. Government exclude
              i Excludes banks and insurance companies.                                                          amounts offset against each other on corporations' books.


                                                        BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                         [Department of Commerce and Securities and Exchange Commission estimates.                                     In billions of dollars]


                                                                         Transportation                                                                                  Manu-
                                                   Manu-                                             Public Com-                                                         factur- Trans-         Public   All
                      Year               Total     factur-     Min-                                   utili- muni- Other2                    Quarter                       ing   porta-
                                                               ing                                                                                           Total         and                   utili- others
                                                     ing                     Rail-                     ties  cations                                                              tion            ties
                                                                             road      Other
                                                                                                                                                                           ing

            1950                         20.6        7.5         .7          1.1            1.2       3.3        1.1             5.7      1957_1             8.3          3.8           .7        1.2        2.6
            1951                         25.6       10.9         .9           .5            1.5       3.7        1.3             5.9           2             9.6          4.5           .8        1.5        2.7
            1952                         26.5       11.6        1.0           .4            1.5       3.9        1 5             5.6           3             9 4          4 3            8        1 7        2.5
            1953                         28.3       11.9        1.0           .3            1.6       4.6        1.7             6.3           4             9.7          4.6           .8        1.8        2.6
            1954                         26.8       11.0        1.0           .9            1.5       4.2        1.7             6.5
            1955                         28.7       11.4        1.0           .9            1.6       4.3        2.0             7.5      1958—1             7.3          3.1           .7        1.2        2.3
            1956                         35.1       15.0        1.2                         1.7       4.9        2.7             8.4           2*            8.3          3.5           .6        1.8        2.4
            1957                         37.0       16.0        1.2           L4            1.8       6.2        3.0             7.4           34            7.7          3.2           .5        1.8        2.2
            19584                        30.8       12.0          .9           .7           1.5       6.3                 9. 3

              1                                                                                                       3
                Corporate and noncorporate business, excluding agriculture.                                             Includes communications and other.
              2 Includes trade, service, finance, and construction.                                                   * Anticipated by business.
August 1958



              964                  BUSINESS FINANCE

              CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                   NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                    [Department of Commerce estimates.            In billions                           [Securities and Exchange Commission estimates. In millions of dollars]
                                     of dollars]
                                                                                                                        All types                 Bonds and notes                         Stocks
                    Year or    Profits In- Profits Cash Undis-                                  Year or
                    quarter    before come after divi- tributed                                 quarter
                                taxes taxes taxes dends profits                                                 New Retire- Net     New Retire- Net                           New Retire- Net
                                                                                                               issues ments change issues ments change                        issues ments change
              1950                 40.6     17.9      22.8       9.2       13.6
              1951                 42.2     22.4      19.7       9.0       10.7           1950                 7,224       3,501 3,724          4,806    2,802       2,004    2,418          698      1,720
              1952,                36.7     19.5      17.2       9.0        8.3           1951                 9,048       2,772 6,277          5,682    2,105       3,577    3,366          667      2,700
              1953                 38.3     20.2      18.1       9.2        8.9           1952                10,679       2,751 7,927          7,344    2,403       4,940    3,335          348      2,987
              1954,                34.1     17.2      16.8       9.8        7.0           1953                 9,550       2,429 7,121          6,651    1,896       4,755    2,898          533      2,366
              1955...              44.9     21.8      23.0      11.2       11.8           1954                11,694       5,629 6,065          7,832    4,033       3,799    3,862        1,596      2,265
              1956                 45.5     22.4      23.1      12.0       11.0           1955                12,474       5,599 6,875          7,571    3,383       4,188    4,903        2,216      2,687
              1957                 43.4     21.6      21.8      12.4        9.4           1956 . . . .        13,033       4,968 8,065          7,934    3,181       4,752    5,099        1,787      3,313
                                                                                          1957                14,289       3,159 11,129         9,691    2,236       7,455    4,598          923      3,675
              1956—2               44.8     22.1      22.7      12.0       10.7
                   3               44.3     21.8      22.4      12.2       10.2           1957—1               3,666         783     2,884      2,377      553       1,824 1,289               230    1,059
                   4               46.7     23.0      23.7      11.8       11.9                2               3,739         867     2,873      2,367      626       1,741 1,373               241    1,132
                                                                                               3               3,474         802     2,672      2,554      554       2,000   920               248      672
              1957—1               46.1     23.0      23.1      12.5       10.6                4               3,409         708     2,701      2,393      503       1,890 1,016               205      811
                   2               43.5     21.7      21.8      12.6        9.2
                   3               44.2     22.0      22.1      12.7        9.4           1958—1               3,566         784     2,782 2,799           537       2,262        767          247      520
                   4               39.9     19.9      20.0      12.0        8.0
              1958—1               31.7     16.1      15.5      12.5       3.0               i Reflects cash transactions only. As contrasted with data shown on p. 962, new issues
                                                                                          exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                          held by affiliated companies or RFC, special offerings to employees, and also new stock
                NOTE.—Quarterly data are at seasonally adjusted                           issues and cash proceeds connected with conversions of bonds into stocks. Retirements
              annual rates.                                                               include the same types of issues, and also securities retired with internal funds or with
                                                                                          proceeds of issues for that purpose shown on p. 962.



                                                               CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchanges Commission estimates. In billions of dollars]

                                                                                          Current assets                                                         Current liabilities


                     End of year            Net                                                 Notes and accts.                                           Notes and accts.            Federal
                      or quarter           working                               U.S.             receivable                                                   payable                 income
                                           capital     Total        Cash        Govt.                                  Inven-       Other        Total                                    tax        Other
                                                                                securi-                                 tories                                                            lia-
                                                                                  ties          U.S.        Other                                          U. S.       Other            bilities
                                                                                                Govt. 2                                                    Govt. 2

              1950                           81.6     161.5         28.1           19.7           1.1       55.7        55.1         1.7         79.8           .4         47.9         16.7         14.9
              1951                           86.5     179.1         30.0           20.7           2.7       58.8        64.9         2.1         92.6          1.3         53.6         21.3         16.5
              1952                           90.1     186.2         30.8           19.9           2.8       64.6        65.8         2.4         96.1          2.3         57.0         18.1         1S.7
              1953                           91.8     190.6         31.1           21.5           2.6       65.9        67.2         2.4         98.9          2.2         57.3         18.7         20.7
              1Q54                           94.9     194.6         33.4           19.2           2.4       71.2        65.3         3.1         99.7          2.4         59.3         15.5         22.5
              1955                          103.0     224.5         34.6           23.0           2.3       87.1        72.8         4.7        121.5          2.3         73.5         19.3         26.5
              1956                          109.1     235.9         35.1           18.2           2.6       94.5        80.4         5.1        126.8          2.4         78.0         17.9         28.6
              1957—1 . .                    111.0     235.2         32.3           17.7           2.5        94.9       82.3         5.5        124.2          2.5         77.0         15.4         29.4
                                            112.1     234.9         33.0           15.4           2.5        96.1       82.4         5.4        122.8          2.6         77.3         13.1         29.7
                      3 .                   112.9     239.5         33.7           15.7           2.4        98.7       83.2         5.7        126.6          2.6         78.3         14.8         31.0
                      4                     113.5     239.9         35.0           16.5           2.8        97.5       82.2         5.9        126.5          2.3         77.6         16.0         30.6
              1958 1                        114.8     232.8         32.6           15.4           2.7        94.6       81.4         6.2        118.0          2.1         73.2         12.8         29.9

                i Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                        Manu-
                                                    Manu-                                          Public Com-                                                 factur- Trans- Public All
                                                                Min-                                                                                             ing
                       Year               Total     factur-
                                                      ing       ing                                 utili- muni- Other2
                                                                                                     ties  cations
                                                                                                                                      Quarter            Total   and porta- utili- other 3
                                                                                                                                                                        tion   ties
                                                                           Rail-      Other                                                                     min-
                                                                           road                                                                                  ing

              1950                        20.6        7.5         .7        1.1           1.2       3.3        1.1         5.7      1957    l            8.3         3.8          .7         1.2       2.6
              1951                        25.6       10.9         .9        1.5           1.5       3.7        1 3         5.9              2            9.6         45           .8         1.5       2.7
              1952                        26 5       11 6        1 0        1 4           1 5       3 9        1 5         5 6              3            94          43           g          17        25
              1953                        28.3       11.9        1.0        1.3           1.6       4.6        1.7         6.3              4            9.7         4.6          .8         1.8       2.6
              1954                        26.8       11.0        1.0         .9           1.5       4.2        1.7         6.5
              1955                        28.7       11.4        1.0         .9           1.6       4.3        2.0         7.5      1958 1               7.3         3.1          .7         1.2       2.3
              1956                        35.1       15.0        1.2        1.2           1.7       4.9        2.7         8.4           24              8.3         3.5          .6         1.8       2.4
              1957                        37.0       16.0        1.2        1.4           1.8       6.2        3 0         7.4           34              7.7         32           .5         1.8       2.2
              19584                       30.8       12.0         .9          .7          1.5       6.3              9 3

                1 Corporate and noncorporate business, excluding agriculture.                                       3 Includes communications and other.
                2
                  Includes trade, service, finance, and construction.                                               • Anticipated by business.
September 1958



           1100              BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                 [Department of Commerce estimates.            In billions                       [Securities and Exchange Commission estimates.                   In millions of dollars]
                                  of dollars]
                                                                                                                  All types                 Bonds and notes                           Stocks
              Year or       Profits       In-    Profits Cash Undis-                        Year or
              quarter       before       come     after  divi- tributed                     quarter
                             taxes       taxes    taxes dends profits                                     New Retire-  Net    New Retire-  Net                            New Retire-   Net
                                                                                                         issues ments change issues ments change                          issues ments change
           1950                  40.6     17.9     22.8       9.2     13.6
           1951                  42.2     22.4     19.7       9.0     10.7           1950                 7,224       3,501 3,724        4,806    2,802           2,004   2,418          698     1,720
           1952,                 36.7     19.5     17.2       9.0      8.3           1951                 9,048       2,772 6,277        5,682    2,105           3,577   3,366          667     2,700
           1953                  38.3     20.2     18.1       9.2      8.9           1952                10,679       2,751 7,927        7,344    2,403           4,940   3,335          348     2,987
           1954,                 34.1     17.2     16.8       9.8      7.0           1953                 9,550       2,429 7,121        6,651    1,896           4,755   2,898          533     2,366
           1955                  44.9     21.8     23.0      11.2     11.8           1954                11,694       5,629 6,065        7,832    4,033           3,799   3,862        1,596     2,265
           1956                  45.5     22.4     23.1      12.0     11.0           1955                12,474       5,599 6,875        7,571    3,383           4,188   4,903        2,216     2,687
           1957                  43.4     21.6     21.8      12.4      9.4           1956                13,033       4,968 8,065        7,934    3,181           4,752   5,099        1,787     3,313
                                                                                     1957                14,289       3,159 11,129       9,691    2,236           7,455   4,598          923     3,675
           1956—2                44.8     22.1     22.7      12.0     10.7
                3                44.3     21.8     22.4      12.2     10.2           1957—1              3,666         783       2,884   2,377         553        1,824 1,289             230    1,059
                4                46.7     23.0     23.7      11.8     11.9                2              3,739         867       2,873   2,367         626        1,741 1,373             241    1,132
                                                                                          3              3,474         802       2,672   2,554         554        2,000   920             248      672
           1957—1                46.1     23.0     23.1      12.5     10.6                4              3,409         708       2,701   2,393         503        1,890 1,016             205      811
                2                43.5     21.7     21.8      12.6      9.2
                3                44.2     22.0     22.1      12.7      9.4           1958—1              3,566         784       2,782 2,799           537        2,262        767        247      520
                4                39.9     19.9     20.0      12.0      8.0
           1958—1                31.7     16.1     15.5      12.5       3.0             i Reflects cash transactions only. As contrasted with data shown on p. 1098, new issues
                                                                                     exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                     held by affiliated companies or RFC, special offerings to employees, and also new stock
             NOTE.—Quarterly data are at seasonally                  adjusted        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
           annual rates.                                                             include the same types of issues, and also securities retired with internal funds or with
                                                                                     proceeds of issues for that purpose shown on p. 1098.



                                                            CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                           [Securities and Exchanges Commission estimates.                  In billions of dollars]

                                                                                     Current assets                                                          Current liabilities


                   End of year            Net                                               Notes and accts.                                           Notes and accts.             Federal
                    or quarter           working                               U.S.           receivable                                                   payable                  income
                                         capital    Total        Cash         Govt.                               Inven-        Other     Total                                       tax       Other
                                                                              securi-                              tories                                                             lia-
                                                                                ties        U.S.       Other                                           U. S.         Other          bilities
                                                                                            Govt. 2                                                    Govt. 2

           1950                         81.6        161.5        28.1         19.7            1.1      55.7        55.1          1.7       79.8              .4         47.9         16.7       14.9
           1951                         86.5        179.1        30.0         20.7            2.7      58.8        64.9          2.1       92.6             1 3         53.6         21.3       16.5
           1952                         90.1        186.2        30.8         19.9            2.8      64.6        65.8          2.4       96.1             2.3         57.0         18.1       18.7
           1953                         91.8        190.6        31.1         21.5            2.6      65.9        67.2          2.4       98.9             2.2         57.3         18.7       20.7
           1Q54                         94.9        194.6        33.4         19.2            2.4      71.2        65.3          3.1       99.7             2.4         59.3         15.5       22.5
           1955                        103.0        224.5        34.6         23.0            2.3      87.1        72.8          4.7      121.5             2.3         73.5         19.3       26.5
           1956                   .. . 109.1        235.9        35.1         18.2            2.6      94.5        80.4          5.1      126.8             2.4         78.0         17.9       28.6
           1957—1                      111.0        235.2        32.3         17.7            2.5      94.9        82.3          5.5      124.2             2.5         77.0         15.4       29.4
                2                      112.1        234.9        33.0         15.4            2 5      96.1        82.4          5.4      122 8             2 6         77.3         13 1       29.7
                3                      112.9        239.5        33.7         15.7            2.4      98.7        83.2          5.7      126.6             2.6         78.3         14.8       31.0
                4                      113.5        239.9        35.0         16.5            2.8      97.5        82.2          5.9      126.5             2.3         77.6         16.0       30.6
           1958—1                      114.8        232.8        32.6         15.4            2.7      94.6        81.4           6.2     118.0             2.1         73.2         12.8       29.9

             i Excludes banks and insurance companies.                                                     2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                         amounts offset against each other on corporations' books.


                                                      BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                        [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                      Transportation                                                                          Manu-
                                                 Manu-                                         Public Com-                                                    factur- Trans- Public  All
                                        Total    factur-      Min-                              utili- muni- Other 2                                            ing
                     Year                                     ing                                                                 Quarter         Total         and   porta- utili- other 3
                                                   ing                  Rail-                    ties  cations                                                 min-    tion   ties
                                                                        road      Other                                                                         ing

           1950                         20 6        7.5         .7      J-1          )1         3 3      1.1          5.7      1957 1                 8 3         3 8           7        J 5      2 6
           1951                         25.6       10.9         .9      1.5            .5       3.7      1.3          5.9           2                 9 6         4 5           g        [ 5      2.7
           1952                         26.5       11.6        1.0      L.4            .5       3.9      1.5          5.6           3                 9.4         4 3          .8         1.7     2.5
           1953                         28.3       11.9        1.0                      6     " 4.6      1.7          6.3           4                 9.7         4.6          .8         1.8     2.6
           1954                         26.8       11.0        1.0        .9          1.5       4.2      1.7          6.5
           1955                         28 7       11 4        1.0        .9          L.6       4 3      2 0          7 5      1958 1r                7 3         3 1           7         I 2     2 3
           1956                         35.1       15.0        1.2       1 ?,           7       4.9      2.7          8.4           2 r               7.8         3.2          .6          .5     2.5
           1957                         37.0       16.0        1.2       1.4          1.8       6.2      3.0          7.4           3« . .            8.2         3 4          .5         1.9     2.4
           19584*-                      31.0       12.0         .9        .8          1.5       6.3             9 5                 44                7.7         3.3          .5         1.7     2.2

             r                                                                                                 3
               Revised.                                                                                          Includes communications and other.
             1 Corporate and noncorporate business, excluding agriculture.                                     * Anticipated by business.
             2 Includes trade, service, finance, and construction.
October 1958



               1200                 BUSINESS FINANCE

           CORPORATE PROFITS* TAXES, AND DIVIDENDS                                                         NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                      [Department of Commerce estimates.            In billions                            [Securities and Exchange Commission estimates.                       In millions of dollars]
                                       of dollars]
                                                                                                                               All types                  Bonds and notes                            Stocks
                  Year or          Profits     In-     Profits    Cash Undis-                         Year or
                                   before     come      after      divi- tributed                     quarter
                  quarter           taxes     taxes     taxes     dends profits                                     New Retire-  Net    New Retire-  Net                                New Retire-   Net
                                                                                                                   issues ments change issues ments change                              issues ments change
           1950                      40.6      17.9     22.8        9.2      13.6
           1951                      42.2      22.4     19.7        9.0      10.7                1950              7,224            3,501 3,724        4,806    2,802           2,004   2,418           698     1,720
           1952,                     36.7      19.5     17.2        9.0       8.3                1951              9,048            2,772 6,277        5,682    2,105           3,577   3,366           667     2,700
           1953                      38.3      20.2     18.1        9.2       8.9                1952             10,679            2,751 7,927        7,344    2,403           4,940   3.335           348     2,987
           1954                      34.1      17.2     16.8        9.8       7.0                1953              9.550            2,429 7,121        6,651    1,896           4,755   2,898           533     2,366
           1955                      44.9      21.8     23.0       11.2      11.8                1954             11,694            5,629 6,065        7,832    4,033           3.799   3,862         1,596     2,265
           1956                      45.5      22.4     23.1       12.0      11.0                1955             12,474            5,599 6,875        7,571    3,383           4,188   4,903         2,216     2,687
           1957                      43.4      21.6     21.8       12.4       9.4                1956             13,033            4.968 8,065        7,934    3,181           4,752   5,099         1,787     3.313
                                                                                                 1957             14.289            3.159 11.129       9,691    2,236           7.455   4,598           923     3,675
           1956—2                    44.8      22.1     22.7       12.0      10.7
                3                    44.3      21.8     22.4       12.2      10.2                1957—2            3,739             867       2,873 2,367           626        1,741 1,373              241    1,132
                4                    46.7      23.0     23.7       11.8      11.9                     3            3,474             802       2,672 2,554           554        2,000   920              248      672
                                                                                                      4            3,409             708       2.701 2,393           503        1,890 1,016              205      811
           1957—1                    46.1      23.0     23.1       12.5      10.6
                2                    43.5      21.7     21.8       12.6       9.2                1958—1            3,566              784      2,782 2,799        537           2,262   767              247      520
                3                    44.2      22.0     22.1       12.7       9.4                     2            4,041            1,509      2,532 2,453      1,258           1,195 1,588              251    1,337
                4                    39.9      19.9     20.0       12.0       8.0
                                                                                                    1
           1958         1            31.7      16.1     15.5       12.5          3.0                  Reflects cash transactions only. As contrasted with data shown on p. 1198, new issues
                                                                                                 exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                                 held by affiliated companies or RFC, special offerings to employees, and also new stock
             NOTE.—Quarterly data are at seasonally                         adjusted             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
           annual rates.                                                                         include the same types of issues, and also securities retired with internal funds or with
                                                                                                 proceeds of issues for that purpose shown on p. 1198.



                                                                  CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                 [Securities and Exchanges Commission estimates.                          In billions of dollars]

                                                                                                Current assets                                                             Current liabilities


                       End of year             Net                                                    Notes and accts.                                               Notes and accts.             Federal
                        or quarter            working                                   U.S.            receivable                                                       payable                  income
                                              capital     Total        Cash            Govt.                                   Inven-         Other     Total                                        tax       Other
                                                                                       securi-                                  tories                                                               lia-
                                                                                         ties         U. S.      Other                                               U. S.          Other          bilities
                                                                                                      Govt. 2                                                        Govt. 2

               1950                             81.6     161.5            28.1          19.7            1 1      55.7           55.1           1.7       79.8              .4         47.9         16.7        14.9
               1951                             86.5     179.1            30.0          20.7            2.7      58.8           64.9           2.1       92.6             1.3         53.6         21.3        16.5
               1952                             90.1     186.2            30.8          19.9            2.8      64.6           65.8           2.4       96.1             2.3         57.0         18.1        18.7
               1953. . . .                      91.8     190.6            31.1          21.5            2.6      65.9           67.2           2.4       98.9             2.2         57.3         18.7        20.7
               1Q54                             94.9     194.6            33.4          19.2            2.4      71.2           65.3           3.1       99.7             2.4         59.3         15.5        22.5
               1955                            103.0     224.5            34.6          23.0            2.3      87.1           72.8           4.7      121.5             2.3         73.5         19.3        26.5
               1956                            109.1     235.9            35.1          18.2            2.6      94.5           80.4           5.1      126.8             2.4         78.0         17.9        28.6
               1957—2                          112.1      234.9           33.0           15.4           2.5      96.1           82.4            5.4     122.8             2.6         77.3          13.1       29.7
                    3                          112 9      239.5           33.7           15 7           2 4      98.7           83 2            5.7     126.6             2.6         78.3          14.8       31.0
                    4                          113.5      239.9           35.0           16.5           2.8      97.5           82.2            5.9     126.5             2.3         77.6          16.0       30.6
           1958—i                              114.8      232.8           32.6           15 4           2 7      94 6           81 4            6.2     118.0             2.1         73.2          12.8       29.9
                        2                      116.6      231.0           34.5           13.3           2.6      96.0           78.3            6.3     114.5             1.9         72.1          10.1       30.4

                  * Excludes banks and insurance companies.                                                          2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   amounts offset against each other on corporations* books.


                                                               BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                             [Department of Commerce and Securities and Exchange Commission estimates.                                    In billions of dollars]


                                                                                 Transportation                                                                             Manu-
                                                       Manu-                                             Public Com-                                                        factur- Trans-            Public   All
                            Year             Total     factur-      Min-                                  utili- muni- Other 2                  Quarter         Total         ing
                                                                    ing                                                                                                       and   porta-             utili- other 3
                                                         ing                     Rail-                     ties  cations                                                             tion               ties
                                                                                            Other                                                                            min-
                                                                                 road                                                                                         ing

               1950..                        20.6        7.5          .7          11            1.2       3.3      1.1              5.7      1957_1. . .            8.3         3.8          .7         1.2      2.6
               1951                          25.6       10.9          .9           .5           t.5       3.7      1.3              5.9           2                 9,6         4 5          .8         I 5      2 7
               1952                . ..      26.5       11.6         1.0          1.4           1.5       3.9      1.5              5.6           3                 9.4         4.3          .8         1.7      2.5
               1953                          28.3       11.9         1.0          1.3           t.6       4 6      1 7              6 3           4                 9 7         4 6           8         I 8      2 6
               1954                          26.8       11.0         1.0           .9           1.5       4.2      1.7              6.5
               1955                          28.7       11.4         1.0           .9           1.6       4.3      2.0              7.5       1958—1                7.3         3.1          .7         1.2      2.3
               1956                          35.1       15.0         1.2          1.2           1.7       4.9      2 7              8 4            2                7.8         3 2           6         1 5      2 5
               1957 4                        37.0       16.0         1.2          1.4           1.8       6.2      3.0              7.4            3*               8.2         3.4          .5         1.9      2 4
               1958                          31.0       12.0           .9          .8           1.5       6.3                9. 5                  44               7.7         3.3          .5         1.7      2.2

                  1
                      Corporate and noncorporate business, excluding agriculture.                                        3 Includes communications and other.
                  2                                                                                                      4
                      Includes trade, service, finance, and construction.                                                  Anticipated by business.
November 1958



           1320                 BUSINESS FINANCE

          CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                 [Department of Commerce estimates.               In billions                          [Securities and Exchange Commission estimates.                   In millions of dollars]
                                  of dollars]
                                                                                                                        All types                  Bonds and notes                          Stocks
                Year or         Profits     In-      Profits    Cash Undis-                        Year or
                quarter         before     come       after      divi- tributed                    quarter
                                 taxes     taxes      taxes     dends profits                                   New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                               issues ments change issues ments change issues ments change
          1950                   40.6      17.9       22.8        9.2      13.6
          1951                   42.2      22.4       19.7        9.0      10.7             1950                7,224       3,501 3,724        4,806    2,802           2,004   2,418           698    1,720
          1952                   36.7      19.5       17.2        9 0       8.3             1951                9,048       2,772 6,277        5,682    2,105           3,577   3,366           667    2,700
          1953                   38.3      20.2       18.1        9.2       8.9             1952               10,679       2,751 7,927        7,344    2,403           4,940   3,335           348    2,987
          1954                   34.1      17.2       16.8        9.8       7.0             1953                9,550       2,429 7,121        6,651    1,896           4,755   2,898           533    2,366
          1955                   44.9      21.8       23.0       11.2      11.8             1954      . .      11,694       5,629 6,065        7,832    4,033           3,799   3,862         1,596    2,265
          1956                   45.5      22.4       23.1       12.0      11.0             1955               12,474       5,599 6,875        7,571    3,383           4,188   4,903         2,216    2,687
          1957                   43.4      21.6       21.8       12.4       9.4             1956               13,033       4,968 8,065        7,934    3,181           4,752   5,099         1,787    3,313
                                                                                            1957               14,289       3,159 11,129       9,691    2,236           7,455   4,598           923    3,675
          1956—2                 44.8       22.1      22.7       12.0      10.7
               3          ...    44.3       21.8      22.4       12.2      10.2             1957—2              3,739        867      2,873 2,367            626        1,741 1,373             241    1,132
               4                 46.7       23.0      23.7       11.8      11.9                  3              3,474        802      2,672 2,554            554        2,000   920             248      672
                                                                                                 4              3,409        708      2,701 2,393            503        1,890 1,016             205      811
          1957_1                 46.1      23.0       23.1       12.5      10.6
               2                 43.5      21.7       21.8       12.6       9.2             1958—1              3,566         784     2,782 2,799          537          2,262   767             247      520
               3                 44.2      22.0       22.1       12.7          9.4               2              4,041       1,509     2,532 2,453        1,258          1,195 1,588             251    1,337
               4                 39.9      19.9       20.0       12.0          8.0
                                                                                                1
          1958—1                 31.7       16.1      15.5       12.5          3.0                Reflects cash transactions only. As contrasted with data shown on p. 1318, new issues
               2                 32.0       16.3      15.7       12.4          3.3          ex elude foreign and include offerings of open-end investment companies, sales of securities
                                                                                            held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                            iss ues and cash proceeds connected with conversions of bonds into stocks. Retirements
            NOTE.—Quarterly data are at seasonally adjusted                                 include the same types of issues, and also securities retired with internal funds or with
          annual rates.                                                                     proceeds of issues for that purpose shown on p. 1318.



                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                               [Securities and Exchanges Commission estimates.                    In billions of dollars]

                                                                                            Current assets                                                         Current liabilities

                  End of year               Net                                                    Notes and accts.                                          Notes and accts.             Federal
                   or quarter              working                                    U.S.            receivable                                                 payable                  income
                                           capital      Total        Cash            Govt.                              Inven-        Other     Total                                        tax      Other
                                                                                     securi-                             tories                                                              lia-
                                                                                       ties        U.S.      Other                                           U.S.          Other           bilities
                                                                                                   Govt. 2                                                   Govt. 2

           1950                              81.6      161.5            28.1         19.7            1.1     55.7        55.1          1.7       79.8              .4         47.9         16.7       14.9
           1951                              86.5      179.1            30.0         20.7            2.7     58.8        64.9          2.1       92.6             1.3         53.6         21.3       16.5
           1952                              90.1      186.2            30.8         19.9            2.8     64.6        65.8          2.4       96.1             2.3         57.0         18.1       18.7
           1953                              91.8      190.6            31.1         21.5            2.6     65.9        67.2          2.4       98.9             2.2         57.3         18.7       20.7
           1954                              94.9      194.6            33.4         19.2            2.4     71.2        65.3          3.1       99.7             2.4         59.3         15.5       22.5
           1955                             103.0      224.5            34.6         23.0            2.3     87.1        72.8          4.7      121.5             2.3         73.5         19.3       26.5
           1956                             109.1      235.9            35.1         18.2            26      94 5        80 4          5.1      126.8             2.4         78.0         17.9       28.6
           1957—2                           112.1       234.9           33.0         15.4            2.5     96.1        82.4           5.4     122.8             2.6         77.3         13.1       29.7
                3         . . . .           112.9       239.5           33.7         15.7            2.4     98.7        83.2           5.7     126.6             2.6         78.3         14.8       31.0
                4                           113.5       239.9           35.0         16.5            2.8     97.5        82.2           5.9     126.5             2.3         77.6         16.0       30.6
           1958     1 .                     114.8       232.8           32.6         15.4            2.7     94.6        81.4           6.2     118.0             2.1         73.2         12.8       29.9
                    2                       116.6       231.0           34.5         13.3            2.6     96.0        78.3           6.3     114.5             1.9         72.1         10.1       30.4

             1                                                                                                   2
                 Excludes banks and insurance companies.                                                           Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                           BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                In billions of dollars]


                                                                           Transportation                                                                           Manu-
                                                    Manu-                                             Public Com-                                                   factur- Trans-            Public All
                                                                  Min-                                 utili- muni- Other
                                                                                                                          2                                           ing
                    Year                  Total     factur-       ing                                                                    Quarter        Total         and   porta-             utili- others
                                                      ing                      Rail-                    ties  cations                                                min-    tion               ties
                                                                               road      Other                                                                        ing

           1950                           20.6         7.5          .7         1.1          1.2        3.3      1.1         5.7      1957—1                 8 3         3 8           7         1 1     2 6
           1951                           25 6        10 9           9         1 5          l-'S       3 7      1 3         5 9           2                 9 6         4 5           8         I 5     2 7
           1952                           26.5        11.6         1.0         1.4           .5        3.9      1.5         5.6           3                 9.4         4.3          .8         1.7     2.5
           1953                           28.3        11.9         1.0         1.3          1.6        4.6      1.7         6.3           4                 9.7         4 6           8         I 8     2 6
           1954                           26.8        11.0         1.0          .9          1.5        4.2      1.7         6.5
           1955                           28.7        11.4         1.0          .9          L.6        4.3      2.0         7.5      1958—1                 7.3         3.1          .7         1.2     2.3
           1956                           35 1        15 0         1 2         1 2          I 7        4 9      2 7         8 4           2                 7 8         3 2                     I 5     2 5
           1957 4                         37.0        16.0         1.2         1.4          L.8        6.2      3.0         7.4           34                8.2         3.4          .5         L9      2.4
           1958                           31.0        12.0          .9          .8          1.5        6.3            9 5                 44                7.7         3.3          .5         I 7     2.2

             1
               Corporate and noncorporate business, excluding agriculture.                                          3 Includes communications and other.
                                                                                                                    4
             2 Includes trade, service, finance, and construction.                                                    Anticipated by business.
December 1958



           1432             BUSINESS FINANCE

          CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                [Department of Commerce estimates. In billions                                     [Securities and Exchange Commission estimates. In millions of dollars]
                                 of dollars]
                                                                                                                       All types               Bonds and notes                         Stocks
                Year or     Profits       In- Profits Cash Undis-                              Year or
                quarter     before       come after   divi- tributed                           quarter
                             taxes       taxes taxes dends profits                                          New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                           issues ments change issues ments change issues ments change
          1950                  40.6     17.9      22.8        9.2      13.6
          1951                  42.2     22.4      19.7        9.0      10.7             1950               7,224        3,501 3,724        4,806     2,802        2,004   2,418          698     1,720
          1952                  36.7     19.5      17.2        9.0       8.3             1951               9,048        2,772 6,277        5,682     2,105        3,577   3,366          667     2,700
          1953                  38.3     20.2      18.1        9.2       8.9             1952      . . . . 10,679        2,751 7,927        7,344     2,403        4,940   3,335          348     2,987
          1954                  34.1     17.2      16.8        9.8       7.0             1953               9,550        2,429 7,121        6,651     1,896        4,755   2,898          533     2,366
          1955                  44.9     21.8      23.0       11.2      11.8             1954              11,694        5,629 6,065        7,832     4,033        3,799   3,862        1,596     2,265
          1956                  45.5     22.4      23.1       12.0      11.0             1955              12,474        5,599 6,875        7,571     3,383        4,188   4,903        2,216     2,687
          1957                  43.4     21.6      21.8       12.4       9.4             1956              13,033        4,968 8,065        7,934     3,181        4,752   5,099        1,787     3,313
                                                                                         1957              14,289        3,159 11,129       9,691     2,236        7,455   4,598          923     3,675
          1956—2                44.8     22.1      22.7       12.0      10.7
               3                44.3     21.8      22.4       12.2      10.2             1957—2             3,739          867     2,873 2,367          626        1,741 1,373            241     1,132
               4                46.7     23.0      23.7       11.8      11.9                  3             3,474          802     2,672 2,554          554        2,000   920            248       672
                                                                                              4             3,409          708     2,701 2,393          503        1,890 1,016            205       811
          1957—1                46.1     23.0      23.1       12.5      10.6
               2                43.5     21.7      21.8       12.6       9.2             1958—1             3,566          784     2,782 2,799          537        2,262   767            247       520
               3                44.2     22.0      22 A       12.7       9.4                  2             4,041        1,509     2,532 2,453        1,258        1,195 1,588            251     1,337
               4                39.9     19.9      20.0       12.0       8.0
          1958—1                31.7      16.1     15.5       12.5          3.0             i Reflects cash transactions only. As contrasted with data shown on p. 1430, new issues
               2                32.0      16.3     15.7       12.4          3.3          exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                         held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                         issues and cash proceeds connected with conversions of bonds into stocks. Retirements
            NOTE.—Quarterly data are at seasonally adjusted                              include the same types of issues, and also securities retired with internal funds or with
          annual rates.                                                                  proceeds of issues for that purpose shown on p. 1430.



                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS *
                                                            [Securities and Exchanges Commission estimates. In billions of dollars]

                                                                                         Current assets                                                       Current liabilities


                  End of year             Net                                                  Notes and acets.                                         Notes and accts.             Federal
                   or quarter            working                                U.S.             receivable                                                 payable                  income
                                         capital     Total        Cash         Govt                                    Inven-      Other      Total                                    tax       Other
                                                                               securi-                                  tories                                                         lia-
                                                                                 ties          U.S.      Other                                          U.S.          Other          bilities
                                                                                               Govt 2                                                   Govt. 2

           1950                            81.6     161.5         28.1            19.7           1.1      55.7         55.1         1.7       79.8            .4         47.9         16.7       14.9
           1951....             . . .      86.5     179.1         30.0            20.7           2.7      58.8         64.9         2.1       92.6           1.3         53.6         21.3       16.5
           1952                            90.1     186.2         30.8            19.9           2.8      64.6         65.8         2.4       96.1           2.3         57.0         18.1       18.7
           1953                            91.8     190.6         31.1            21.5           2.6      65.9         67.2         2.4       98.9           2.2         57.3         18.7       20.7
           1954                            94.9     194.6         33.4            19.2           2.4      71.2         65.3         3.1       99.7           2.4         59.3         15.5       22.5
           1955                           103 0     224.5         34.6            23.0           2.3      87.1         72.8         4.7      121.5           2.3         73.5         19.3       26.5
           1956                           109.1     235.9         35.1            18.2           2.6      94.5         80.4         5.1      126.8           2.4         78.0         17.9       28.6
           1957—2                         112.1     234.9            33.0         15.4           2.5      96.1          82.4        5.4      122.8           2.6         77.3         13.1       29.7
                3                         112.9     239.5            33.7         15.7           2.4      98.7          83.2        5.7      126.6           2.6         78.3         14.8       31.0
                4                         113.5     239.9            35.0         16.5           2.8      97.5          82.2        5.9      126.5           2.3         77.6         16.0       30.6
          1958—1                          114.8     232.8            32.6         15.4           2.7      94.6          81.4        6.2      118.0           2.1         73.2         12.8       29.9
               2                          116.6     231.0            34.5         13.3           2.6      96.0          78.3        6.3      114.5           1.9         72.1         10.1       30.4

             * Excludes banks and insurance companies.                                                        2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                            amounts offset against each other on corporations' books.


                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                        [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                        Transportation                                                                         Manu-
                                                  Manu-                                           Public Com-                                                  factur- Trans-           Public   AU
                     Year               Total     factur-      Min-                                utili- muni- Other*                                           ing
                                                               ing                                                                   Quarter          Total      and   porta-            utili- others
                                                    ing                     Rail-                   ties  cations                                               min-    tion              ties
                                                                            road     Other
                                                                                                                                                                 ing

           1950                         20.6        7.5          .7         1.1          1-2       3.3      1.1          5.7       1957—3             9 4          4 3          g         J 7      2 5
           1951                         25.6       10.9          .9         1.5            5       3.7      1.3          5.9            4             9 7          4 6          8         L 8      2 6
           1952                         26.5       11.6         1.0         1.4                    3.9      1.5          5.6
           1953                         28.3       11.9         1.0         1.3          1.6       4.6      1.7          6.3       1958    1          7 3          3 1           7        [
                                                                                                                                                                                          1 2      2 3
           1954                         26.8       11.0         1.0          .9                    4.2      1.7          6.5               2          7.8          3 2           6          5      2 5
           1955                         28.7       11.4         1.0          .9            6       4.3      2.0          7.5               3'         7 4          2 9           5          6      2 4
           1956                         35.1       15.0         1.2         1.2          L.7       4.9      2.7          8.4               44'....    8.0          3.2          .6           7     2.5
           1957 4r                      37.0       16.0         1.2         1.4          1.8       6.2      3.0          7.4
           1958                         30.5       11.5          .9          .8          I 5       6.1            9.               1959—1«             6.9         2.6          .5        1.3      2.4

             1
               Corporate and noncorporate business, excluding agriculture.                                       3 Includes communications and other.
             * Includes trade, service, finance, and construction.                                               • Anticipated by business.
January 1959



               52                      BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                               NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                     [Department of Commerce estimates.                 In billions                           [Securities and Exchange Commission estimates.                    In millions of dollars]
                                      of dollars]
                                                                                                                                 All types                 Bonds and notes                         Stocks
                 Year or               Profits     In-     Profits Cash Undis-                           Year or
                 quarter               before     come      after  divi- tributed                        quarter
                                        taxes     taxes     taxes dends profits                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                       issues ments change issues ments change issues ments change
           1950                         40.6      17.9      22.8       9.2       13.6
           1951                         42.2      22.4      19.7       9.0       10.7              1950                 7,224         3,501 3,724      4,806       2,802        2,004    2,418        698        1,720
           1952                         36.7      19.5      17.2       9.0        8.3              1951                 9,048         2,772 6,277      5,682       2,105        3,577    3,366        667        2,700
           1953         .               38.3      20.2      18.1       9.2        8.9              1952                10,679         2,751 7,927      7,344       2,403        4,940    3,335        348        2,987
           1954                         34.1      17.2      16.8       9.8        7.0              1953                 9,550         2,429 7,121      6,651       1,896        4,755    2,898        533        2,366
           1955                         44.9      21.8      23.0      11.2       11.8              1954 .          . . 11,694         5,629 6,065      7,832       4,033        3,799    3,862      1,596        2,265
           1956                         45.5      22.4      23.1      12.0       11.0              1955                12,474         5,599 6,875      7,571       3,383        4,188    4,903      2,216        2,687
           1957                         43.4      21.6      21.8      12.4        9.4              1956                13,033         4,968 8,065      7,934       3,181        4,752    5,099      1,787        3,313
                                                                                                   1957                14,289         3,159 11,129     9,691       2,236        7,455    4,598        923        3,675
           1956—3                       44.3      21.8      22.4      12.2       10.2
                4                       46.7      23.0      23.7      11.8       11.9              1957—3              3,474           802    2,672 2,554            554        2,000   920               248      672
                                                                                                        4              3,409           708    2,701 2,393            503        1,890 1,016               205      811
           1957—1                       46.1      23.0      23.1      12.5       10.6
                2                       43.5      21.7      21.8      12.6        9.2              1958—1              3,566            784   2,782 2,799            537        2,262   767               247      520
                3 .                .    44.2      22.0      22.1      12.7        9.4                   2              4,041          1,509   2,532 2,453          1,258        1,195 1,588               251    1,337
                4                       39.9      19.9      20.0      12.0        8.0                   3              3,530          1,301   2,229 2,294            953        1,341 1,236               348      888
           1958—1                       31.7       16.1     15.5       12.5          3.0
                2                       32.0       16.3     15.7       12.4          3.3              * Reflects cash transactions only. As contrasted with data shown on p. 50, new issues
                3 .                     37.9       19.3     18.6       12.5          6.1           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                                   held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                                   issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally                             adjusted           include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                           proceeds of issues for that purpose shown on p. 50.


                                                                     CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                     [Securities and Exchange Commission estimates.                      In billions of dollars]

                                                                                                   Current assets                                                           Current liabilities


                       End of year                 Net                                                   Notes and accts.                                            Notes and accts.
                                                  working                                   U.S.           receivable                                                    payable               Federal
                        or quarter                capital                                  Govt.                                 Inven-                                                        income
                                                              Total        Cash            securi-                                tories      Other     Total                                    tax            Other
                                                                                             ties        U.S.                                                         U.S.                       lia-
                                                                                                                    Other                                            Govt. 2       Other       bilities
                                                                                                         Govt. 2

               1950                                 81.6     161.5           28.1           19.7           1.1       55.7         55.1         1.7       79.8              .4          47.9        16.7         14.9
               1951                                 86.5     179.1           30.0           20.7           2.7       58.8         64.9         2.1       92.6             1.3          53.6        21.3         16.5
               1952                                 90.1     186.2           30.8           19.9           2.8       64.6         65.8         2.4       96.1             2.3          57.0        18.1         18.7
               1953                                 91.8     190.6           31.1           21.5           2.6       65.9         67.2         2.4       98.9             2.2          57.3        18.7         20.7
               1954                                 94.9     194.6           33.4           19.2           2.4       71.2         65.3         3.1       99.7             2.4          59.3        15.5         22.5
               1955                                103.0     224.5           34.6           23.0           2.3       87.1         72.8         4.7      121.5             2.3          73.5        19.3         26.5
               1956                                109.1     235.9           35.1           18.2           2.6       94.5         80.4         5.1      126.8             2.4          78.0        17.9         28.6
               1957     3                          112.9     239.5            33.7          15.7           2.4       98.7         83.2         5.7      126.6             2.6          78.3        14.8         31.0
                        4                          113.5     239.9            35.0          16.5           2.8       97.5         82.2         5.9      126.5             2.3          77.6        16.0         30.6
               1958 1                              114.8     232.8            32.6          15.4           2.7       94.6         81.4         6.2      118.0             2.1          73.2        12.8         29.9
                    2                              116.6     231.0            34.5          13.3           2.6       96.0         78.3         6.3      114.5             1.9          72.1        10.1         30.4
                    3                              118.8     236.0            35.5          14.3           2.7       99.9         77.3         6.3      117.2             1.8          73.1        11.7         30.6

                 1                                                                                                       2
                     Excludes banks and insurance companies.                                                               Receivables from, and payables to, the U. S. Government exclude
                                                                                                                       amounts offset against each other on corporations' books.


                                                                BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                                 [Department of Commerce and Securities and Exchange Commission estimates.                                 In billions of dollars]

                                                                                                                                                                                Manu-
                                                           Manu-                     Transportation         Public Com-                                                         factur- Trans- Public
                                                 Total     factur-     Min-                                  utili- muni- Other 2                Quarter           Total          ing   porta- utili- All
                            Year                                       ing                                                                                                        and
                                                             ing                     Rail-                    ties  cations
                                                                                                                                                                                 min-    tion   ties other 3
                                                                                     road       Other
                                                                                                                                                                                  ing

               1950                              20.6        7.5         .7           1.1          1.2       3.3       1.1            5.7     1957—3               9.4           4.3          .8      1 7         2 5
               1951                              25.6       10.9         .9           1.5          1.5       3.7       1.3            5.9          4               9.7           4.6          .8           8      2 6
               1952                              26.5       11.6        1.0           1.4          1.5       3.9       1.5            5.6
               1953                              28.3       11.9        1.0           1.3          1.6       4.6       1.7            6.3     1958—1                7.3          3.1          .7                  2 3
               1954                              26.8       11.0        1.0            .9          1.5       4.2       1.7            6.5          2                7.8          3.2          .6           >
                                                                                                                                                                                                           *      2.5
               1955                              28 7       11.4        1.0            .9          1.6       4.3       2.0            7.5          3                7.4          2 9          .5           6      2 4
               1956                              35.1       15.0        1.2           1.2          1.7       4.9       2.7            8.4          44               8.0          3.2          .6           7      2.5
               1957                              37.0       16.0        1.2           1.4          1.8       6.2       3.0            7.4
               19584                             30.5       11.5         .9            .8          1.5       6.1                9 7           1959—H                6.9          2.6          .5      1.3         2.4

                 1
                   Corporate and noncorporate business, excluding agriculture.                                              3 Includes communications and other.
                                                                                                                            4
                 2 Includes trade, service, finance, and construction.                                                        Anticipated by business.
February 1959



            184                 BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                       NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                    [Department of Commerce estimates. In billions                                     [Securities and Exchange Commission estimates. In millions of dollars]
                                      of dollars]
                                                                                                                           All types                Bonds and notes                        Stocks
                Year or        Profits      In-     Profits Cash Undis-                            Year or
                quarter        before      come      after  divi- tributed                         quarter
                                taxes      taxes     taxes dends profits                                        New Retire- Net     New Retire-  Net    New Retire- Net
                                                                                                               issues ments change issues ments change issues ments change
           1950                    40.6    17.9      22.8       9.2      13.6
           1951                    42.2    22.4      19.7       9.0      10.7              1950                 7,224           3,501 3,724     4,806     2,802        2,004    2,418        698        1,720
           1952                    36.7    19.5      17.2       9.0       8.3              1951                 9,048           2,772 6,277     5,682     2,105        3,577    3,366        667        2,700
           1953                    38.3    20.2      18.1       9.2       8.9              1952                10,679           2,751 7,927     7,344     2,403        4,940    3,335        348        2,987
           1954                    34.1    17.2      16.8       9.8       7.0              1953                 9,550           2,429 7,121     6,651     1,896        4,755    2,898        533        2,366
           1955                    44.9    21.8      23.0      11.2      11.8              1954       . .      11,694           5,629 6,065     7,832     4,033        3,799    3,862      1,596        2,265
           1956                    45.5    22.4      23.1      12.0      11.0              1955                12,474           5,599 6,875     7,571     3,383        4,188    4,903      2,216        2,687
           1957                    43.4    21.6      21.8      12.4       9.4              1956                13,033           4,968 8,065     7,934     3,181        4,752    5,099      1,787        3,313
                                                                                           1957       . .      14,289           3,159 11,129    9,691     2,236        7,455    4,598        923        3,675
           1956—3                  44 3    21.8      22.4      12.2      10.2
                4                  46.7    23.0      23.7      11.8      11.9              1957—3               3,474            802    2,672 2,554         554        2,000   920            248         672
                                                                                                4               3,409            708    2,701 2,393         503        1,890 1,016            205         811
            1957—1                 46.1     23.0     23.1      12.5      10.6
                 2                 43.5     21.7     21.8      12.6       9.2              1958—1              3,566              784   2,782 2,799         537        2,262   767               247      520
                 3                 44 2     22.0     22.1      12.7       9.4                   2              4,041            1,509   2,532 2,453       1,258        1,195 1,588               251    1,337
                 4                 39.9     19.9     20.0      12.0       8.0                   3              3,530            1,301   2,229 2,294         953        1,341 1,236               348      888
            1958—1                 31.7     16.1     15.5      12.5          3.0
                 2                 32.0     16.3     15.7      12.4          3.3              i Reflects cash transactions only. As contrasted with data shown on p. 182, new issues
                 3 .               37.9     19.3     18.6      12.5          6.1           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                           held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                           issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally                     adjusted           include the same types of issues, and also securities retired with internal funds or with
           annual/ates.                                                                    proceeds of issues for that purpose shown on p. 182.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                           Current assets                                                         Current liabilities


                     End of year            Net                                                Notes and accts.                                             Notes and accts.          Federal
                      or quarter           working                                  U.S.         receivable                                                     payable               income
                                           capital     Total       Cash            Govt.                                   Inven-       Other     Total                                 tax            Other
                                                                                   securi-                                  tories                                                      lia-
                                                                                     ties      U.S.          Other                                          U.S.          Other       bilities
                                                                                               Govt. 2                                                      Govt. 2

            1950                             81.6     161.5         28.1            19.7            1.1      55.7           55.1         1.7     79.8             .4       47.9           16.7         14.9
            1951                             86.5     179.1         30.0            20.7            2.7      58.8           64.9         2.1     92.6            1.3       53.6           21.3         16.5
            1952                             90.1     186.2         30.8            19.9            2.8      64.6           65.8         2.4     96.1            2.3       57.0           18.1         18.7
            1953                             91.8     190.6         31.1            21.5            2.6      65.9           67.2         2.4     98.9            2.2       57.3           18.7         20.7
            1954                             94.9     194.6         33.4            19.2            2.4      71.2           65.3         3.1     99.7            2.4       59.3           15.5         22.5
            1955                            103.0     224.5         34.6            23.0            2.3      87.1           72.8         4.7    121.5            2.3       73.5           19.3         26.5
            1956                            109.1     235.9         35.1            18.2            2.6      94.5           80.4         5.1    126.8            2.4       78.0           17.9         28.6
            1957—3                          112.9     239.5           33.7          15.7            2.4      98.7           83.2         5.7    126.6            2.6          78.3        14.8         31.0
                 4                          113.5     239.9           35.0          16.5            2.8      97.5           82.2         5.9    126.5            2.3          77.6        16.0         30.6
            1958 1                          114.8     232.8           32.6          15.4            2.7      94.6           81.4         6.2      118.0          2.1       73.2           12.8         29.9
                 2                          116.6     231.0           34.5          13.3            2.6      96.0           78.3         6.3      114.5          1.9       72.1           10.1         30.4
                 3                          118.8     236.0           35.5          14.3            2.7      99.9           77.3         6.3      117.2          1.8       73.1           11.7         SO.6

                                                                                                                 2
                    Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

                                                                                                                                                                       Manu-
                                                    Manu-                  Transportation            Public Com-                                                       factur- Trans- Public
                        Year              Total     factur-     Min-                                  utili- muni- Other2                 Quarter                        ing                 All
                                                                ing                                                                                       Total          and   porta- utili-
                                                      ing                    Rail-                     ties  cations                                                    min-    tion   ties other *
                                                                             road       Other                                                                            ing

            1950                          20.6        7.5         .7          l.l             .2       3.3      1.1             5.7     1957_3            9.4           4.3          .8       .7         2.5
            1951                          25.6       10.9         .9          1.5            1.5       3.7      1.3             5.9          4 ..         9 7           4 6          .8      I 8         2 6
            1952                          26.5       11.6        1.0          1.4            1.5       3.9      1.5             5.6
            1953                          28.3       11.9        1.0          L.3            1.6       4.6      1.7             6.3     1958—1 .           7.3          3.1          .7      1.2         2.3
            1954                          26.8       11.0        1.0           .9            L.5       4.2      1.7             6 5          2             7.8          3 2          .6      I 5         2 5
            1955                          28 7       11 4        1 0           .9            16        4 3      2 0             7 5          3             7 4          2 9           5      I 6         2 4
            1956                          35.1       15.0        1.2          1.2            1.7       4.9      2.7             8.4          4*            8.0          3.2          .6           7      2.5
            1957                          37.0       16.0        1.2          1.4            1.8       6.2      3.0             7.4
            19584                         30.5       11.5         .9           .8            1.5       6.1               9. 7           1959— M            6.9          2.6          .5      1.3         2.4

                1
                    Corporate and noncorporate business, excluding agriculture.                                      3 Includes communications and other.
                2                                                                                                    4
                    Includes trade, service, finance, and construction.                                                Anticipated by business.
March 1959



             296               BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                   NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                   [Department of Commerce estimates.            In billions                           [Securities and Exchange Commission estimates.                         In millions of dollars]
                                    of dollars]
                                                                                                                            All types                   Bonds and notes                          Stocks
                   Year or    Profits       In- Profits Cash Undis-                            Year or
                              before       come after   divi- tributed                         quarter
                   quarter    taxes        taxes taxes dends profits                                             New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                issues ments change issues ments change issues ments change
             1950                  40.6     17.9     22.8       9.2        13.6
             1951                  42.2     22.4     19.7       9.0        10.7            1950                  7,224           3,501 3,724        4,806        2,802       2,004     2,418        698       1,720
             1952                  36.7     19.5     17.2       9.0         8.3            1951 . .              9,048           2,772 6,277        5,682        2,105       3,577     3,366        667       2,700
             1953                  38.3     20.2     18.1       9.2         8.9            1952                 10,679           2,751 7,927        7,344        2,403       4,940     3,335        348       2,987
             1954                  34.1     17.2     16.8       9.8         7.0            1953                  9,550           2 429 7,121        6 651        1 896       4,755     2,898        533       2,366
             1955                  44.9     21.8     23.0      11.2        11.8            1954 . .             11,694           5,629 6,065        7,832        4,033       3,799     3,862      1,596       2,265
             1956                  45.5     22.4     23.1      12.0        11.0            1955                 12,474           5,599 6,875        7,571        3,383       4,188     4,903      2,216       2,687
             1957                  43.4     21.6     21.8      12.4         9.4            1956                 13 033           4 968 8,065        7 934        3 181       4,752     5,099      1,787       3 313
                                                                                           1957                 14,289           3,159 11,129       9,691        2,236       7,455     4,598        923       3,675
             1956—3                44.3     21.8     22.4      12.2        10.2
                  4                46.7     23.0     23.7      11.8        11.9            1957—3        ..      3,474             802      2,672 2,554           554         2,000   920              248      672
                                                                                                4                3,409             708      2,701 2,393           503         1,890 1,016              205      811
             1957—1                46.1     23.0     23.1      12.5        10.6
                  2 ...            43.5     21.7     21.8      12.6         9.2            1958—1              3,566               784      2,782 2,799            537       2,262       767           247      520
                  3                44.2     22.0     22.1      12.7         9.4                 2              4,041             1,509      2,532 2,453          1,258       1,195     1,588           251    1,337
                  4                39.9     19.9     20.0      12.0         8.0                 3        . . . 3,530             1,301      2,229 2,294            953       1,341     1,236           348      888
             1958—1                31.7     16.1      15.5     12.5        3.0              1
                  2                32.0     16.3      15.7     12.4        3.3                Reflects cash transactions only. As contrasted with data shown on p. 294, new issues
                  3                37.9     19.3      18.6     12.5        6.1           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                         held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                         issues and cash proceeds connected with conversions of bonds into stocks. Retirements
               NOTE.—Quarterly data are at seasonally                  adjusted          include the same types of issues, and also securities retired with internal funds or with
             annual rates.                                                               proceeds of issues for that purpose shown on p. 294.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                              [Securities and Exchange Commission estimates.                           In billions of dollars]

                                                                                         Current assets                                                                  Current liabilities


                     End of year            Net                                                Notes and accts.                                                   Notes and accts.          Federal
                      or quarter           working                                U.S.           receivable                                                           payable               income
                                           capital     Total       Cash          Govt.                                      Inven-         Other                                              tax
                                                                                 securi-                                     tories                   Total                                                  Other
                                                                                   ties        U.S.                                                               U.S.                        lia-
                                                                                                              Other                                                              Other      bilities
                                                                                               Govt. 2                                                            Govt. 2

             1950                            81.6     161.5         28.1          19.7           1.1          55.7           55.1            1.7      79.8              .4          47.9        16.7         14.9
             1951                            86.5     179.1         30.0          20.7           2.7          58.8           64.9            2.1      92.6             1.3          53.6        21.3         16.5
             1952                            90.1     186.2         30.8          19.9           2.8          64.6           65.8            2.4      96.1             2.3          57.0        18.1         18.7
             1953                            91.8     190.6         31.1          21.5           2.6          65.9           67.2            2.4      98.9             2.2          57.3        18.7         20.7
             1954                            94.9     194.6         33.4          19.2           2.4          71.2           65.3            3.1      99.7             2.4          59.3        15.5         22.5
             1955                           103.0     224.5         34.6          23.0           2.3          87.1           72.8            4.7     121.5             2.3          73.5        19.3         26.5
             1956                           109.1     235.9         35.1          18.2           2.6          94.5           80.4            5.1     126.8             2.4          78.0        17.9         28.6
             1957 3                         112.9     239.5         33.7          15.7           2.4          98.7           83.2            5.7     126.6             2.6          78.3        14.8         31.0
                  4                         113.5     239.9         35.0          16.5           2.8          97.5           82.2            5.9     126.5             2.3          77.6        16.0         30.6
             1958—1                         114.8     232.8         32.6          15.4           2.7          94.6           81.4            6.2     118.0             2.1          73.2        12.8         29.9
                  2                         116.6     231.0         34.5          13.3           2.6          96.0           78.3            6.3     114.5             1.9          72.1        10.1         30.4
                  3                         118.8     236.0         35.5          14.3           2.7          99.9           77.3            6.3     117.2             1.8          73.1        11.7         30.6

               1                                                                                                  2
                   Excludes banks and insurance companies.                                                          Receivables from, and payables to, the U. S. Government exclude
                                                                                                                amounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                          [Department of Commerce and Securities and Exchange Commission estimates.                                     In billions of dollars]

                                                                                                                                                                             Manu-
                                                    Manu-               Transportation            Public Com-                                                                factur- Trans- Public
                      Year                Total     factur-     Min-                               utili- muni- Other 2                       Quarter         Total            ing                 All
                                                                ing                                                                                                            and   porta- utili-
                                                      ing                  Rail-                    ties  cations                                                             min-    tion   ties other 3
                                                                           road       Other                                                                                    ing

             1950                         20.6        7.5         .7        1.1          1.2          3.3        1.1             5.7       1957_3 . . .          9.4          4.3          .8      1.7         2.5
             1951                         25.6       10.9         .9        1.5          L.5          3.7        1.3             5.9            4                9.7          4 6           8      I 8         2 6
             1952                         26.5       11.6        1.0        1.4          1.5          3.9        1.5             5.6
             1953                         28.3       11.9        1.0        1.3          1.6          4.6        1.7             6.3       1958—1 . . .          7.3          3.1          .7      1.2         2.3
             1954                         26.8       11.0        1.0         .9          1.5          4.2        1.7             6.5            2                7.8          3 2          .6      I5          2 5
             1955                         28.7       11.4        1.0         .9            6          4.3        2.0             7.5            3                7.4          2.9          .5      1.6         2 4
             1956                         35.1       15.0        1.2        1.2          1.7          4.9        2.7             8.4            44               8.0          3.2          .6           7      2.5
             1957                         37.0       16.0        1.2        1.4          1.8          6.2        3.0             7.4
             19584                        30.5       11.5         .9         .8          1 5          6.1                 9. 7             1959 M                6.9          2.6          .5      1.3         2.4

               1
                   Corporate and noncorporate business, excluding agriculture.                                        3 Includes communications and other.
               2                                                                                                      4
                   Includes trade, service, finance, and construction.                                                  Anticipated by business.
April 1959



             418                   BUSINESS FINANCE

             CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                         NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                    [Department of Commerce estimates.              In billions                              [Securities and Exchange Commission estimates.                       In millions of dollars]
                                     of dollars]
                                                                                                                                 All types                    Bonds and notes                          Stocks
                    Year or        Profits     In-      Profits Cash Undis-                           Year or
                    quarter        before     come       after  divi- tributed                        quarter
                                    taxes     taxes      taxes dends profits                                          New Retire-   Net   New Retire-   Net   New Retire-  Net
                                                                                                                     issues ments change issues ments change issues ments change
             1951                    42.2      22.4      19.7       9.0       10.7
             1952                    36.7      19.5      17.2       9.0        8.3          1951                     9,048           2,772 6,277 5,682               2,105        3,577    3,366         667       2,700
             1953                    38.3      20.2      18.1       9.2        8.9          1952                    10,679           2,751 7,927 7,344               2,403        4,940    3,335         348       2,987
             1954                    34.1      17.2      16.8       9.8        7.0          1953                     9,550           2,429 7,121 6,651               1,896        4,755    2,898         533       2,366
             1955                    44.9      21.8      23.0      11.2       11.8          1954                    11,694           5,629 6,065 7,832               4,033        3,799    3,862       1,596       2,265
             1956                    45.5      22.4      23.1      12.0       11.0          1955                    12,474           5,599 6,875 7,571               3,383        4.188    4,903       2,216       2,687
             1957                    43.4      21.6      21.8      12.4        9.4          1956 rr                 13,201           5,038 8,162 7,934               3,203        4,731    5,267       1,836       3,432
             1958                    36.7      18.7      18.0      12.3        5.7          1957                    14,350           3,609 10,741 9,638              2,584        7,053    4,712       1,024       3,688
                                                                                            1958                    14,710           5,113 9.597 9,694               3,705        5,989    5,016       1,408       3,608
             1956—4                  46.7      23.0      23.7      11.8       11.9
                                                                                            1957—4'-                 3,440             862      2,578 2,408            624        1,784    1,032            238      794
             1957—1                  46.1      23.0      23.1      12.5       10.6
                  2                  43.5      21.7      21.8      12.6        9.2          1958—1                   3,566             852      2,715       2,799      597        2,202   768               255      513
                  3                  44.2      22.0      22.1      12.7        9.4                                   4,049           1,581      2,468       2,453    1,318        1,135 1,596               264    1,333
                  4                  39.9      19.9      20.0      12.0        8.0                      3            3,575           1,367      2,208       2,294    1,028        1,266 1,281               339      942
                                                                                                        4            3,519           1,313      2,207       2,148      762        1,386 1,371               550      821
             1958—1                  31.7      16.1      15.5      12.5        3.0
                  2                  32.0      16.3      15.7      12.4        3.3                r
                  3                  37.9      19.3      18.6      12.5        6.1               Revised.
                                                                                                  1
                  41                 45.2      23.0      22.2      11.8       10.4               Reflects cash transactions only. As contrasted with data shown on p. 416, new issues
                                                                                            exclude foreign and include offerings of open-end investment companies, sales of securities
               1
                                                                                            held by affiliated companies or RFC, special offerings to employees, and also new stock
                 Preliminary estimates by Council of Economic                               issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             Advisers.                                                                      include the same types of issues, and also securities retired with internal funds or with
               NOTE.—Quarterly data are at seasonally adjusted                              proceeds of issues for that purpose shown on p. 416.
             annual rates.

                                                                 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                                 [Securities and Exchange Commission estimates.                            In billions of dollars]

                                                                                            Current assets                                                                   Current liabilities


                       End of year             Net                                                Notes and accts.                                                     Notes and accts.             Federal
                        or quarter            working                              U.S.             receivable                                                             payable                  income
                                              capital     Total       Cash        Govt.                                         Inven-         Other         Total                                    tax
                                                                                  securi-                                        tories                                                                           Other
                                                                                    ties              U.S.                                                             U.S.                           lia-
                                                                                                                  Other                                                              Other          bilities
                                                                                                  Govt. 2                                                              Govt.2

             1951                               86.5      179.1        30.0          20.7              2.7        58.8           64.9            2.1         92.6          1.3          53.6         21.3         16.5
             1952                               90.1      186.2        30.8          19.9              2.8        64.6           65.8            2.4         96.1          2.3          57.0         18.1         18.7
             1953                               91.8      190.6        31.1          21.5              2.6        65.9           67.2            2.4         98.9          2.2          57.3         18.7         20.7
             1954                               94.9      194.6        33.4          19.2              2.4        71.2           65.3            3.1         99.7          2.4          59.3         15.5         22.5
             1955 rr                           103 0      224 0        34.6          23.5              2.3        86.6           72.8            4.2        121.0          2 3          73.8         19 3         25 7
             1956                              107 4      237 9        34.8          19.1              2.6        95.1           80.4            5.9        130.5          2.4          81.5         17.6         29.0
             1957      3r                      111 3      241.6        33.4          16.4              2.4        99.4           83.4            6.6        130.3          2.6          81.9         14 4         31 4
                       4r                      111.7      242.0        34.7          17.2              2.8        98.3           82.3            6.7        130.2          2.3          81.2         15.7         31.1
             1958       lr                     113 4      234.9       32.3           16.0              2.7         95.4          81.5            7.0        121.5          2.1          76 5         12 4         30 4
                       2rr                     115.0      232.9       34.2           13.9              2.6         96.6          78.4            7.1        117.9          1.9          75.3          9.8         30.8
                        3                      117 1      237.8       35.2           15.0              2.7        100.5          77.3            7.2        120.7          1.8          76 4         11 4         31 1
                       4                       119.8      243.7       37.1           18.2              2.8        101.0          77.6            7.0        123.8          1.7          77.9         13.3         30.9

                r                                                                                                     2
                    Revised.                                                                                            Receivables from, and payables to, the U. S. Government exclude
                    Excludes banks and insurance companies.                                                         amounts offset against each other on corporations' books.


                                                            BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                             [Department of Commerce and Securities and Exchange Commission estimates.                                        In billions of dollars]

                                                                                                                                                                                 Manu-
                                                       Manu-               Transportation               Public Com-                                                              factur- Trans-
                                                                   Min-                                                                                                            ing          Public All
                            Year             Total     factur-     ing                                   utili- muni- Others                      Quarter            Total         and   porta- utili-
                                                         ing                  Rail-                       ties  cations                                                           min-    tion   ties other 3
                                                                              road      Other                                                                                      ing

             1951                            25.6       10.9         .9        1.5          1.5          3.7         1.3             5.9       1957—4                9.7          4 6           8        1 8        2 6
             1952                            26.5       11.6        1.0        1.4                       3.9         1.5             5.6
             1953                            28.3       11.9        1.0        1.3           .6          4.6         1.7             6.3       1958—1                7.3          3.1          .7           .2      2.3
             1954                            26.8       11.0        1.0         .9           .5          4.2         1.7             6.5            2                7.8          3.2          .6            5      2 5
             1955                            28 7       11 4        1 0         .9           .6          4 3         2 0             7 5                3            7 4          2 9           5                   2 4
             1956                            35.1       15.0        1.2        1.2           .7          4.9         2.7             8.4               4      ...    8.0          3.2          .6           .7      2.5
             1957                            37.0       16.0        1.2        1.4           .8          6.2         3.0             7.4
             1958                            30.5       11.4         .9         .8           .5             6.1      2.6             7.2       1959_J4r              7.0          2.8          .6            2      2 4
             19594                           31.8       12.3         .9         .8          1.9             6.1               9. 8                  24               8.2          3.4          .7            5      2.6

                r                                                                                                         3
                1
                  Revised.                                                                                                    Includes communications and other.
                  Corporate and noncorporate business, excluding agriculture.                                             4
                                                                                                                              Anticipated bv husiness.
                2 Includes trade, service, finance, and construction.
May 1959



           526              BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                  NET CHANGE IN OUTSTANDING CORPORATE SECURITIES!
              [Department of Commerce estimates.              In billions                           [Securities and Exchange Commission estimates.                In millions of dollars]
                               of dollars]
                                                                                                                     All types               Bonds and notes                            Stocks
                            Profits      In-  Profits Cash Undis-                           Year or
              Year or       before      come after    divi- tributed
              quarter        taxes      taxes taxes dends profits                           quarter         New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                           issues ments change issues ments change issues ments change
           1951                 42.2     22.4     19.7       9.0     10.7
           1952                 36.7     19.5     17.2       9.0      8.3             1951                  9,048        2,772 6,277 5,682            2,105       3,577    3,366           667     2,700
           1953                 38.3     20.2     18.1       9.2      8.9             1952                 10,679        2,751 7,927 7,344            2,403       4,940    3,335           348     2,987
           1954                 34.1     17.2     16.8       9.8      7.0             1953                  9,550        2,429 7,121 6,651            1,896       4,755    2,898           533     2,366
           1955                 44.9     21.8     23.0      11.2     11.8             1954                 11,694        5,629 6,065 7,832            4,033       3,799    3,862         1,596     2,265
           1956                 45.5     22.4     23.1      12.0     11.0             1955                 12,474        5,599 6,875 7,571            3,383       4.188    4,903         2,216     2,687
           1957                 43.4     21.6     21.8      12.4      9.4             1956                 13,201        5,038 8,162 7,934            3,203       4,731    5,267         1,836     3,432
           1958                 36.7     18.7     18.0      12.3      5.7             1957                 14,350        3,609 10,741 9,638           2,584       7,053    4,712         1,024     3,688
                                                                                      1958                 14,710        5,113 9,597 9,694            3,705       5,989    5,016         1,408     3,608
           1956—4               46.7     23.0     23.7       11.8     11.9
                                                                                      1957—4                3,440          862   2,578 2,408            624        1,784 1,032              238      794
           1957—1               46.1     23.0     23.1      12.5      10.6
                2               43.5     21.7     21.8      12.6       9.2            1958—1                3,566          852   2,715    2,799         597       2,202   768               255      513
                3               44.2     22.0     22.1      12.7       9.4                 2                4,049        1,581   2,468    2,453       1,318       1,135 1,596               264    1,333
                4               39.9     19.9     20.0      12.0       8.0                                  3,575        1,367   2,208    2,294       1,028       1,266 1,281               339      942
                                                                                               4            3,519        1,313   2,207    2,148         762       1,386 1,371               550      821
           1958—1               31.7     16.1     15.5       12.5        3.0
                2               32.0     16.3     15.7       12.4        3.3
                3               37.9     19.3     18.6       12.5        6.1             i Reflects cash transactions only. As contrasted with data shown on p. 524, new issues
                4               45.2     23.0     22.2       11.8       10.4          exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                      held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                      issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally                  adjusted         include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                              proceeds of issues for that purpose shown on p. 524.


                                                           CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                           [Securities and Exchange Commission estimates.                   In billions of dollars]

                                                                                      Current assets                                                          Current liabilities


                  End of year            Net                                                Notes and accts.                                            Notes and accts.             Federal
                                        working                              U.S.             receivable                                                    payable                  income
                   or quarter           capital                             Govt.                                   Inven-
                                                    Total        Cash       securi-                                  tories      Other     Total                                        tax       Other
                                                                              ties          U.S.                                                        U.S.                            lia-
                                                                                                         Other                                          Govt.3        Other           bilities
                                                                                            Govt.2

           1951                           86.5     179.1         30.0          20.7           2.7        58.8        64.9         2.1       92.6            1.3          53.6         21.3        16.5
           1952                           90.1     186.2         30.8          19.9           2.8        64.6        65.8         2.4       96.1            2.3          57.0         18.1        18.7
           1953                           91.8     190.6         31.1          21.5           2.6        65.9        67.2         2.4       98.9            2.2          57.3         18.7        20.7
           1954                           94.9     194.6         33.4          19.2           2.4        71.2        65.3         3.1       99.7            2.4          59.3         15.5        22.5
           1955                          103.0     224.0         34.6          23.5           2.3        86.6        72.8         4.2      121.0            2.3          73.8         19.3        25.7
           1956                          107.4     237.9         34.8          19.1           2.6        95.1        80.4         5.9      130.5            2.4          81.5         17.6        29.0
           1957     3                    111.3     241.6         33.4          16.4           2.4        99.4        83.4         6.6      130.3            2.6          81.9          14.4       31 4
                    4                    111.7     242.0         34.7          17.2           2.8        98.3        82.3         6.7      130.2            2.3          81.2          15.7       31.1
           1958     1                    113.4     234.9         32.3          16.0           2.7         95.4       81.5         7.0      121.5            2.1          76.5         12 4        30 4
                    2                    115.0     232.9         34.2          13.9           2.6         96.6       78.4         7.1      117.9            1.9          75.3          9.8        30.8
                    3 .                  117.1     237.8         35.2          15.0           2.7        100.5       77.3         7.2      120.7            1 8          76.4         11 4        31 1
                    4. .                 119.8     243.7         37.1          18.2           2.8        101.0       77.6         7.0      123.8            1.7          77.9         13.3        30.9

                                                                                                             2
               Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                           amounts offset against each other on corporations' books.


                                                      BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT 1
                                       [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

                                                                                                                                                                  Manu-
                                                 Manu-                Transportation           Public Com-                                                        factur- Trans-
                                                             Min-                                                                                                   ing          Public All
                     Year              Total     factur-     ing                                utili- muni- Other2                Quarter            Total         and   porta- utili-
                                                   ing                  Rail-                    ties  cations                                                     min-    tion   ties other 3
                                                                        road      Other                                                                             ing

           1951                        25.6       10.9         .9        1.5          1.5          3.7      1.3          5.9     1957—4               9.7          4 6          .8         1 8      2 6
           1952                        26.5       11.6        1.0        1.4          1.5          3.9      1.5          5.6
           1953                        28.3       11.9        1.0        1.3          1.6          4.6      1.7          6.3     1958—1               7.3          3.1          .7         1.2      2.3
           1954                        26.8       11.0        1.0         .9          1.5          4.2      1.7          6.5          2               7.8          3.2           6         I5
                                       28.7       11.4        1.0                                  4.3                   7.5          3               7.4                       .5         1.6      2 5
                                                                                                                                                                                                    2.4
           1955                                                           .9          1.6                   2.0                                                    2.9
           1956                        35.1       15.0        1.2                                  4.9                   8.4          4               8.0                        6         [ 7      2 5
           1957                        37.0       16.0        1.2        1.2
                                                                         1.4          1.7
                                                                                      1.8          6.2      2.7
                                                                                                            3.0          7.4                                       32
           1958 4                      30.5       11.4          .9        .8          1.5          6.1      2.6          7.2     1959_14              7.0          2.8          .6         I 2      2.4
           I959                        31.8       12.3          .9        .8          1.9          6.1            9. 8                24              8.2          3.4          .7           5      2.6

                                                                                                                 3
             1 Corporate and noncorporate business, excluding agriculture.                                         Includes communications and other.
             2 Includes trade, service, finance, and construction.                                               * Anticipated bv business.
June 1959



            626                BUSINESS FINANCE

            CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                   NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                  [Department of Commerce estimates. In billions                                   [Securities and Exchange Commission estimates. In millions of dollars]
                                   of dollars]
                                                                                                                      All types                  Bonds and notes                        Stocks
               Year or         Profits     In-  Profits Cash Undis-                           Year or
               quarter         before     come after    divi- tributed                        quarter
                                taxes     taxes taxes dends profits                                         New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                           issues ments change issues ments change issues ments change
            1951                  42.2     22.4     19.7       9.0     10.7
            1952                  36.7     19.5     17.2       9.0      8.3             1951                9,048       2,772 6,277 5,682               2,105       3,577     3,366       667     2,700
            1953                  38.3     20.2     18.1       9.2      8.9             1952               10,679       2,751 7,927 7,344               2,403       4,940     3,335       348     2,987
            1954                  34.1     17.2     16.8       9.8      7.0             1953                9,550       2,429 7,121 6,651               1,896       4,755     2,898       533     2,366
            1955                  44.9     21.8     23.0      11.2     11.8             1954               11,694       5,629 6,065 7,832               4,033       3,799     3,862     1,596     2,265
            1956                  45.5     22.4     23.1      12.0     11.0             1955               12,474       5,599 6,875 7,571               3,383       4.188     4,903     2,216     2,687
            1957                  43.4     21.6     21.8      12.4      9.4             1956               13,201       5,038 8,162 7,934               3,203       4,731     5,267     1,836     3,432
            1958.. .              36.7     18.7     18.0      12.3      5.7             1957 . . .         14,350       3,609 10,741 9,638              2,584       7,053     4,712     1,024     3,688
                                                                                        1958               14,710       5,113 9,597 9,694               3,705       5,989     5,016     1,408     3,608
            1956—4                46.7     23.0     23.7       11.8       11.9
                                                                                        1958—1              3,566         852     2,715     2,799         597       2,202   768            255      513
            1957     l ... .      46.1     23.0     23.1       12.5       10.6               2              4,049       1,581     2,468     2,453       1,318       1,135 1,596            264    1,333
                     2            43.5     21.7     21.8       12.6        9.2               3              3,575       1,367     2,208     2,294       1,028       1,266 1,281            339      942
                     3 .          44.2     22.0     22.1       12.7        9.4               4              3,519       1,313     2,207     2,148         762       1,386 1,371            550      821
                     4            39.9     19.9     20.0       12.0        8.0
                                                                                        1959—1              3 ,,054     1,165      1,890    1,592         688         903 1,462            476      986
            1958—1                31.7     16.1      15.5      12.5        3.0
                 2                32.0     16.3      15.7      12.4        3.3
                 3                37.9     19.3      18.6      12.5        6.1             i Reflects cash transactions only. As contrasted with data shown on p. 624, new issues
                 4                45.2     23.0      22.2      11.8       10.4          exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                        held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
              NOTE.—Quarterly data are at seasonally                  adjusted          include the same types of issues, and also securities retired with internal funds or with
            annual rates.                                                               proceeds of issues for that purpose shown on p. 624.


                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                             [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                        Current assets                                                          Current liabilities


                    End of year            Net                                                Notes and accts.                                            Notes and accts.         Federal
                     or quarter           working                              U.S.             receivable                                                    payable              income
                                          capital     Total       Cash         Govt.                                 Inven-       Other         Total                                tax
                                                                              securi-                                 tories                                                                     Other
                                                                                ties          U.S.                                                         U.S.                      lia-
                                                                                              Govt. 2    Other                                                         Other       bilities
                                                                                                                                                          Govt.*

            1951                           86.5      179.1         30.0          20.7           2.7      58.8         64.9         2.1           92.6         1.3          53.6        21 3      16.5
            1952                           90.1      186.2         30.8          19.9           2.8      64.6         65.8         2.4           96.1         2.3          57.0        18.1      18.7
            1953                           91.8      190.6         31.1          21.5           2.6      65.9         67.2         2.4           98.9         2.2          57.3        18.7      20.7
            1954                           94.9      194.6         33.4          19.2           2.4      71.2         65.3         3.1           99.7         2.4          59.3        15.5      22.5
            1955                          103.0      224.0         34.6          23.5           2.3      86.6         72.8         4.2          121.0         2.3          73.8        19.3      25.7
            1956 .       .        . . . . 107.4      237.9         34.8          19.1           2.6      95.1         80.4         5.9          130.5         2.4          81.5        17.6      29.0
            1957_3                         111.3     241.6         33.4          16.4           2.4      99.4         83.4         6.6          130.3         2.6          81.9        14.4      31.4
                 4                         111.7     242.0         34.7          17.2           2.8      98.3         82.3         6.7          130.2         2.3          81.2        15.7      31.1
            1958—1.                        113.4     234.9         32.3          16.0           2.7       95.4        81.5         7.0          121.5         2.1          76.5        12.4      30.4
                 2                         115.0     232.9         34.2          13.9           2.6       96.6        78.4         7.1          117.9         1 9          75.3         9 8      30 8
                 3                         117.1     237.8         35.2          15.0           2.7      100.5        77.3         7.2          120.7         1.8          76.4        11.4      31.1
                 4                         119.8     243.7         37.1          18.2           2.8      101.0        77.6         7.0          123.8         1.7          77.9        13.3      30.9

              1                                                                                              2
                   Excludes banks and insurance companies.                                                     Receivables from, and payables to, the U. S. Government exclude
                                                                                                           amounts offset against each other on corporations' books.


                                                        BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                         [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]

                                                                                                                                                                    Manu-
                                                   Manu-               Transportation            Public Com-                                                        factur- Trans- Public
                      Year               Total     factur-     Min-                               utili- muni- Others               Quarter                           ing                 All
                                                               ing                                                                                      Total         and   porta- utili-
                                                     ing                  Rail-                    ties cations                                                      min-    tion   ties other 3
                                                                          road      Other                                                                             ing

            1951                         25.6       10.9         .9        [.5          1.5        3.7      1,3         5.9       1958—1......          7.3          3.1          .7               2.3
            1952.
            1953
                                         26.5
                                         28.3
                                                    11.6
                                                    11.9
                                                                1.0
                                                                1.0
                                                                           1.4
                                                                           1.3
                                                                                        1.5
                                                                                        1.6
                                                                                                   3.9
                                                                                                   4.6
                                                                                                            1.5
                                                                                                            1.7
                                                                                                                        5.6
                                                                                                                        6.3
                                                                                                                                       2
                                                                                                                                       3
                                                                                                                                                        7.8
                                                                                                                                                        7.4
                                                                                                                                                                     3.2
                                                                                                                                                                     2.9
                                                                                                                                                                                  .6
                                                                                                                                                                                  .5
                                                                                                                                                                                          !:i      2.5
                                                                                                                                                                                                   2.4
            1954                         26.8       11.0        1.0         .9          1.5        4.2      1.7         6.5            4 . .            8 0          3 2           6      1.6      2 5
            1955.                        28.7       11.4        1.0         .9          1.6        4.3      2.0         7.5                                                               I 7
            1956                         35.1       15.0        1.2                                4.9      2.7         84        1959—i>..             6 9          2 7           6      I 2        S
                                                                                                                                                                                                   2 "
            1957                         37.0       16.0        1.2        1.2
                                                                           1.4          1.7
                                                                                        1.8        6.2      3.0         7.4                             8.3          3.3          .8        s      2 7
            1958                         30.5       11.4         .9         .8          1.5        6.1      2.6      7.2                   34           8.3          3.4          .7      1.6      2.6
            19594'                       32.6       12.4        1.0         .9          2.0        5.9         10. 4
              r                                                                                                  3
              1
                Revised.                                                                                          Includes communications and other.
                Corporate and noncorporate business, excluding agriculture.                                      * Anticipated by business.
              * Includes trade, service, finance, and construction.
July 1959



            768                BUSINESS FINANCE

            CORPORATE PROFITS. TAXES, AND DIVIDENDS                                                          NET CHANGE IN OUTSTANDING CORPORATE SECURITIES *
                  [Department of Commerce estimates.             In billions                              [Securities and Exchange Commission estimates.                  In millions of dollars]
                                   of dollars]
                                                                                                                            All types                 Bonds and notes                         Stocks
                               Profits     In-      Profits Cash Undis-                              Year or
              Year or          before     come       after  divi- tributed
              quarter                     taxes      taxes dends profits                             quarter       New Retire-  Net    New Retire-  Net    New Retire- Net
                                taxes
                                                                                                                  issues ments change issues ments change issues ments change
            1951                  42.2     22.4      19.7        9.0      10.7
            1952                  36.7     19.5      17.2        9.0       8.3                 1951                9,048      2,772 6,277 5,682               2,105       3,577    3,366        667        2,700
            1953                  38 3     20.2      18.1        9.2       8.9                 1952               10,679      2,751 7,927 7,344               2,403       4,940    3,335        348        2,987
            1954                  34.1     17.2      16.8        9.8       7.0                 1953                9,550      2,429 7,121 6,651               1,896       4,755    2,898        533        2,366
            1955                  44.9     21.8      23.0       11.2      11.8                 1954               11,694      5,629 6,065 7,832               4,033       3,799    3,862      1,596        2,265
            1956                  45.5     22.4      23.1       12.0      11.0                 1955               12,474      5,599 6.875 7.571               3,383       4.188    4,903      2,216        2,687
            1957                  43.4     21.6      21.8       12.4       9.4                 1956               13,201      5,038 8,162 7,934               3,203       4,731    5,267      1,836        3,432
            1958                  36.7     18.7      18.0       12.3       5.7                 1957               14,350      3,609 10,741 9,638              2,584       7,053    4,712      1,024        3,688
                                                                                               1958               14,710      5,113 9,597 9,694               3,705       5,989    5,016      1,408        3,608
            1956 4                46.7     23.0      23.7       11.8          11.9
                                                                                               1958—1              3,566         852     2,715    2,799         597       2,202   768               255      513
            1957    l             46.1     23.0      23.1       12.5      10.6                      2              4,049       1,581     2,468    2,453       1,318       1,135 1,596               264    1,333
                    2             43.5     21.7      21.8       12.6       9.2                      3              3,575       1,367     2,208    2,294       1,028       1,266 1,281               339      942
                    3             44 2     22.0      22.1       12.7       9.4                      4              3,519       1,313     2,207    2,148         762       1,386 1,371               550      821
                    4             39.9     19.9      20.0       12.0       8.0
                                                                                               1959—1              3,054       1,165      1,890   1,592         688            903 1,462            476      986
            1958—1                31.7     16.1      15.5       12.5           3.0
                 2                32.0     16.3      15.7       12.4           3.3
                 3                37.9     19.3      18.6       12.5           6.1                i Reflects cash transactions only. As contrasted with data shown on p. 766, new issues
                 4                45.2     23.0      22.2       11.8          10.4             exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                               held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                               issues and cash proceeds connected with conversions of bonds into stocks. Retirements
              NOTE.—Quarterly data are at seasonally                     adjusted              include the same types of issues, and also securities retired with internal funds or with
            annual rates.                                                                      proceeds of issues for that purpose shown on p. 766.


                                                              CURRENT ASSETS AND LIABILITIES OF CORPORATIONS *
                                                              [Securities and Exchange Commission estimates.                        In billions of dollars]

                                                                                             Current assets                                                           Current liabilities


                    End of year            Net                                                       Notes and accts.                                           Notes and accts.         Federal
                                          working                                     U.S.             receivable                                                   payable              income
                     or quarter           capital                                    Govt.                                  Inven-
                                                       Total        Cash             securi-                                 tories     Other      Total                                    tax           Other
                                                                                       ties           U.S.                                                       U.S.                       lia-
                                                                                                     Govt. 2    Other                                                           Other     bilities
                                                                                                                                                                Govt. 2

            1951                            86.5      179.1         30.0              20.7             2.7      58.8         64.9         2.1       92.6            1.3         53.6         21.3         16.5
            1952                            90.1      186.2         30.8              19.9             2.8      64.6         65.8         2.4       96.1            2.3         57.0         18.1         18.7
            1953                            91.8      190.6         31.1              21.5             2.6      65.9         67.2         2.4       98.9            2.2         57.3         18.7         20.7
            1954                            94.9      194.6         33.4              19.2             2.4      71.2         65.3         3.1       99.7            2.4         59.3         15.5         22.5
            1955                           103.0      224.0         34.6              23.5             2.3      86.6         72.8         4.2      121.0            2.3         73.8         19.3         25.7
            1956                           107.4      237.9         34.8              19.1             2.6      95.1         80.4         5.9      130.5            2.4         81.5         17.6         29.0
            1957                           111.7      242.0         34.7              17.2             2.8      98.3         82.3         6.7      130.2            2.3         81.2         15.7         31.1

            1958_l                         113.4      234.9            32.3           16.0             2.7       95.4        81.5         7.0      121.5            2.1         76.5         12.4         30.4
                 2                         115.0      232.9            34.2           13.9             2.6       96.6        78.4         7.1      117.9            1.9         75.3          9.8         30.8
                 3                         117.1      237.8            35.2           15.0             2.7      100.5        77.3         7.2      120.7            1 8         76 4         11 4         31.1
                 4                         119.8      243.7            37.1           18.2             2.8      101.0        77.6         7.0      123.8            1.7         77.9         13.3         30.9
            1959—1                         122.4      247.1            34.3           19.5             2.8      102.6        80.0         7.8      124.7            1.7         78.4         12.8         31.8

              1                                                                                                        2
                   Excludes banks and insurance companies.                                                           Receivables from, and payables to, the U. S. Government exclude
                                                                                                                   mounts offset against each other on corporations' books.


                                                         BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT *
                                         [Department of Commerce and Securities and Exchange Commission estimates.                                    In billions of dollars]

                                                                                                                                                                          Manu-
                                                    Manu-                     Transportation            Public Com-                                                       factur- Trans- Public
                                                    factur-     Min-                                     utili- muni- Other
                                                                                                                            2                                               ing                  All
                        Year             Total                  ing                                                                         Quarter           Total         and   porta- utili- others
                                                      ing                     Rail-                       ties  cations                                                            tion   ties
                                                                                          Other                                                                            min-
                                                                              road                                                                                          ing

            1951                         25.6        10.9         .9           1.5           1.5          3.7      1.3        5.9       1958—1                7 3          3   1        7       1    2      2    3
            1952                         26.5        11.6        1.0           1.4            .5          3.9      1.5        5.6            2                7.8          3   2        6       1    5      2    5
            1953                         28.3        11.9        1.0           1.3            .6          4 6      1.7        6 3            3                7 4          2   9        5       1    6      2    4
            1954                         26.8        11.0        1.0            .9            .5          4.2      1.7        6.5            4                8 0          3   2        6       1    7      2    5
            1955                         28.7        11.4        1.0            .9             6          4.3      2.0        7.5
            1956                         35.1        15.0        1.2           1.2            .7          4.9      2.7        8 4        1959_1               6 9          2 7           6      1 2         2 5
            1957                         37.0        16.0        1.2           1.4             8          6.2      3.0        7.4             24              8.3          3 3           8      1 5         2 7
            1958                         30.5        11.4          .9           .8               5        6.1      2.6        7.2             34              8.3          3.4          .7      1 6         2 6
            1959*                        32.6        12.4        1.0             .9          2.0          5.9          10 4

              1
                Corporate and noncorporate business, excluding agriculture.                                             3 Includes communications and other.
                                                                                                                        4
              2 Includes trade, service, finance, and construction.                                                       Anticipated by business.
August 1959



              1012                     BUSINESS FINANCE

              CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                                 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i

                    [Department of Commerce estimates.                         In billions                            [Securities and Exchange Commission estimates.                     In millions of dollars]
                                     of dollars]

                                                                                                                                       All types                   Bonds and notes                            Stocks
                                       Profits      In-        Profits       Cash      Undis-                 Year or
                    Year or            before      come         after         divi-   tributed
                    quarter                                                                                   quarter
                                        taxes      taxes        taxes        dends     profits                                 New        Retire- Net   New             Retire- Net   New                    Retire- Net
                                                                                                                              issues      ments change issues           ments change issues                  ments change

              1951         .   .        42.2        22.4         19.7         9.0        10.7
              1952                      36.7        19.5         17.2         9.0         8.3             1951 .              9,048        2,772       6,277   5,682       2,105        3,577    3,366           667      2,700
              1953                      38.3        20.2         18.1         9.2         8.9             1952               10,679        2,751       7,927   7,344       2,403        4,940    3,335           348      2,987
              1954                      34.1        17.2         16.8         9.8         7.0             1953                9,550        2,429       7,121   6,651       1,896        4,755    2,898           533      2,366
              1955                      44.9        21.8         23.0        11.2        11.8             1954               11,694        5,629       6,065   7,832       4,033        3,799    3,862         1,596      2,265
              1956r                     44.7        21.2         23.5        12.1        11.4             1955               12,474        5,599       6,875   7,571       3,383        4,188    4,903         2,216      2,687
              1957'                     43.3        21.1         22.2        12.5         9.7             1956               13,201        5,038       8,162   7,934       3,203        4,731    5,267         1,836      3,432
              1958r                     37.1        18.2         18.9        12.4         6.5             1957               14,350        3,609      10,741   9,638       2,584        7,053    4,712         1,024      3,688
                                                                                                          1958               14,710        5,113       9,597   9,694       3,705        5,989    5,016         1,408      3,608
              1957—1'-                  46.2        22.5         23.7        12.6        11.1
                   2r                   43.5        21.2         22.3        12.7         9.6             1958—1              3,566          852       2,715   2,799         597        2,202      768             255      513
                   3r                   44.0        21.4         22.5        12.8         9.7                  2              4,049        1,581       2,468   2,453       1,318        1,135    1,596             264    1,333
                   4r                   39.4        19.2         20.2        12.2         8.0                  3              3,575        1,367       2,208   2,294       1,028        1,266    1,281             339      942
                                                                                                               4              3,519        1,313       2,207   2,148         762        1,386    1,371             550      821
              1958—1 T                  32.0       15.7          16.3        12.7         3.6
                   2r                   33.6       16.5          17.1        12.6         4.5             1959—1              3,054        1,165       1,890   1,592         688           903    1,462            476      986
                   3r                   38.3       18.8          19.5        12.6         6.9
                   4r                   44.6       21.9          22.7        12.0        10.7
                                                                                                           1
                                                                                                             Reflects cash transactions only. As contrasted with data shown on p. 1014, new issues
              1959     l                46.5       22.6          23.8        12.8        11.0           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                                        held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                                        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                r
                  Revised.                                                                              include the same types of issues, and also securities retired with internal funds or with
                NOTE.—Quarterly              data        are    at    seasonally      adjusted          proceeds of issues for that purpose shown on p. 1014.
              annual rates.


                                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i

                                                                         [Securities and Exchange Commission estimates.                          In billions of dollars]


                                                                                                        Current assets                                                             Current liabilities


                                                    Net                                                       Notes and accts.                                              Notes and accts.
                      End of year                                                                U. S.           receivable                                                     payable                    Federal
                                                   working                                                                                                                                                 income
                       or quarter                  capital                                      Govt.                                  Inven-
                                                                     Total       Cash                                                                Other      Total                                        tax         Other
                                                                                                securi-                                 tories
                                                                                                  ties        U.S.                                                                                           lia-
                                                                                                                           Other                                            U. S.
                                                                                                                                                                                              Other        bilities
                                                                                                              Govt. 2                                                       Govt. 2

              1951.                                 86.5             179.1        30.0          20.7            2.7        58.8           64.9         2.1      92.6             1.3          53.6          21.3         16 5
              1952                                  90.1             186.2        30.8          19.9            2.8        64.6           65.8         2.4      96.1             2.3          57.0          18.1         18.7
              1953                 .      . . .     91 8             190.6        31.1          21.5            2.6        65.9           67.2         2.4      98.9             2.2          57.3          18.7         20 7
              1954                                  94.9             194.6        33.4          19.2            2.4        71.2           65.3         3.1      99.7             2.4          59.3          15.5         22.5
              1955                                 103.0             224.0        34.6          23.5            2.3        86.6           72.8         4.2     121.0             2.3          73.8          19.3         25.7
              1956                                 107.4             237.9        34.8          19.1            2.6        95.1           80.4         5.9     130.5             2.4          81.5          17.6         29.0
              1957                                 111.7             242.0        34.7          17.2            2.8        98.3           82.3         6.7     130.2             2.3          81.2          15.7         31.1


              1958    1                            113 4             234.9        32.3           16.0           2.7         95.4          81.5         7.0     121.5             2.1          76.5          12.4         30 4
                      2                            115.0             232.9        34.2           13.9           2.6         96.6          78.4         7.1     117.9             1.9          75.3           9.8         30.8
                      3                            117 1             237.8        35.2           15.0           2.7        100.5          77.3         7.2     120.7             1.8          76.4          11.4         31.1
                      4                            119 8             243.7        37.1           18.2           2.8        101.0          77.6         7.0     123.8             1.7          77.9          13.3         30.9

              1959—1                               122.4             247.1        34.3           19.5           2.8        102.6          80.0         7.8     124.7             1.7          78.4          12.8         31.8

                1
                    Excludes banks and insurance companies.                                                                    2 Receivables from, and payables to, the U. S. Government exclude
                                                                                                                             amounts offset against each other on corporations' books.



                                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i

                                                 [Department of Commerce and Securities and Exchange Commission estimates.                                        In billions of dollars]


                                                                                       Transportation                                                                                  Manu-
                                                               Manu-                                             Public      Com-                                                      factur-
                                                                              Min-                                                                                                               Trans-       Public
                       Year                      Total         factur-                                            utili-     muni- Other 2              Quarter                          ing     porta-                All
                                                                              ing                                                                                       Total                                  utili- other3
                                                                 ing                                               ties     cations                                                      and      tion
                                                                                         Rail-                                                                                          min-                    ties
                                                                                                    Other
                                                                                         road                                                                                            ing


              1951                                25.6          10.9            .9        1.5           1.5        3.7        1.3          5.9       1958—1                7.3          3.1           .7        1.2        2.3
              1952                                26.5          11.6           1.0        1.4           1.5        3.9        1.5          5.6            2                7.8          3.2           .6        1.5        2.5
              1953.                               28.3          11.9           1.0        1.3           1.6        4.6        1.7          6.3            3                7.4          2.9           .5        1.6        2.4
              1954                                26.8          11.0           1.0         .9           1.5        4.2        1.7          6.5            4                8.0          3.2           .6        1.7        2.5
              1955                                28.7          11.4           1.0         .9           1.6        4.3        2.0          7.5
              1956.                               35.1          15.0           1.2        1.2           1.7        4.9        2.7          8.4       1959—1                6.9          2.7           .6         .2        2.5
              1957                                37.0          16.0           1.2        1.4           1.8        6.2        3.0          7.4            24               8.3          3.3           .8        1.5        2.7
              1958                                30.5          11.4            .9         .8           1.5        6.1        2 6          7 2            34               8.3          3.4           .7          6        2.6
              19594                               32.6          12.4           1.0         .9           2.0        5.9            10. 4

                1
                    Corporate and noncorporate business, excluding agriculture.                                                    3 Includes communications and other.
                2                                                                                                               4
                    Includes trade, service, finance, and construction.                                                              Anticipated by business.
September 1959



           1170               BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                 [Department of Commerce estimates. In billions                                   [Securities and Exchange Commission estimates. In millions of dollars]
                                  of dollars]
                                                                                                                      All types                 Bonds and notes                          Stocks
                 Year or      Profits      In-  Profits Cash Undis-                           Year or
                 quarter      before      come after    divi- tributed                        quarter
                               taxes      taxes taxes dends profits                                         New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                           issues ments change issues ments change issues ments change
           1951...               42.2     22.4     19.7        9.0       10.7
           1952...               36.7     19.5     17.2        9.0        8.3           1951               9,048        2,772 6,277 5,682              2,105       3,577     3,366           667     2,700
           1953...               38.3     20.2     18.1        9.2        8.9           1952              10,679        2,751  7,927 7,344             2,403       4,940     3,335           348     2,987
           1954...               34.1     17.2     16.8        9.8        7.0           1953               9,550        2,429 7,121 6,651              1,896       4,755     2,898           533     2,366
           1955...               44.9     21.8     23.0       11.2       11.8           1954              11,694        5,629 6,065 7,832              4,033       3,799     3,862        1,596      2,265
           1956...               44.7     21.2     23.5       12.1       11.4           1955              12,474        5,599 6,875 7,571              3,383       4,188     4,903        2,216      2,687
           1957...               43.3     21.1     22.2       12.5        9.7           1956              13,201        5,038 8,162 7,934              3,203       4,731     5,267        1,836      3,432
           1958...               37.1     18.2     18.9       12.4        6.5           1957              14,350        3,609 10,741 9,638             2,584       7,053     4,712        1,024      3,688
                                                                                        1958              14,710        5,113  9,597 9,694             3,705       5,989     5,016        1,408      3,608
           1957—1                46.2     22.5     23.7       12.6       11.1
                2                43.5     21.2     22.3       12.7        9.6           1958—2             4,049         1,581    2,468 2,453          1,318        1,135 1,596               264    1,333
                3                44.0     21.4     22.5       12.8        9.7                3             3,575         1,367    2,208 2,294          1,028        1,266 1,281               339      942
                4                39.4     19.2     20.2       12.2        8.0                4             3,519         1,313    2,207 2,148            762        1,386 1,371               550      821
           1958—1                32.0     15.7     16.3       12.7     3.6              1959—1             3,054         1,165    1,890 1,592            688          903    1,462            476      986
                2                33.6     16.5     17.1       12.6     4.5                   2             3,410         1,266    2,144 1,818            834          983    1,593            432    1,161
                3                38.3     18.8     19.5       12.6     6.9
                4                44.6     21.9     22.7       12.0    10.7                 1
                                                                                             Reflects cash transactions only. As contrasted with data shown on p.,,1172, new issues
           1959—1                46.5     22.6     23.8       12.8    11.0              exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                        held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally adjusted                            include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                proceeds of issues for that purpose shown on p. 1172.


                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                            [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                        Current assets                                                         Current liabilities


                   End of year            Net                                                 Notes and accts.                                           Notes and accts.             Federal
                    or quarter           working                                 U.S.           receivable                                                   payable                  income
                                         capital     Total        Cash          Govt.                                 Inven-      Other        Total                                     tax        Other
                                                                                securi-                                tories                                                            lia-
                                                                                  ties        U. S.     Other                                            U. S.         Other           bilities
                                                                                              Govt. 2                                                    Govt. 2

           1951                            86.5     179.1         30.0          20.7            2.7      58.8          64.9        2.1          92.6         1.3          53.6         21.3         16.5
           1952                            90.1     186.2         30.8          19.9            2.8      64.6          65.8        2.4          96.1         2.3          57.0         18.1         18.7
           1953..                          91.8     190.6         31.1          21.5            2.6      65.9          67.2        2.4          98.9         2.2          57.3         18.7         20.7
           1954                            94.9     194.6         33.4          19.2            2.4      71.2          65.3        3.1          99.7         2.4          59.3         15.5         22.5
           1955..                         103.0     224.0         34.6          23.5            2.3      86.6          72.8        4.2         121.0         2.3          73.8         19.3         25.7
           1956                           107.4     237.9         34.8          19.1            2.6      95.1          80.4        5.9         130.5         2.4          81.5         17.6         29.0
           1957.                          111.7     242.0         34.7          17.2            2.8      98.3          82.3        6.7         130.2         2.3          81.2         15.7         31.1

           1958 1                         113.4     234.9         32.3           16.0           2.7      95.4          81.5        7.0         121.5         2.1          76.5         12.4         30.4
                2                         115.0     232.9         34.2           13.9           2.6      96.6          78.4        7.1         117.9         1.9          75.3          9.8         30.8
                3                         117.1     237.8         35.2           15.0           2.7     100.5          77.3        7.2         120.7         1.8          76.4         11.4         31.1
                4                         119.8     243.7         37.1           18.2           2.8     101.0          77.6        7.0         123.8         1.7          77.9         13.3         30.9
           1959     l.                    122.4     247.1         34.3           19.5           2.8     102.6          80.0        7.8         124.7         1.7          78.4         12.8         31.8

                                                                                                            2
             i Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                          amounts offset against each other on corporations' books.


                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                        [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                         Transportation                                                                            Manu-
                                                  Manu-                                          Public Com-                                                       factur- Trans- Public
                    Year                Total     factur-     Min-                                utili- muni- Other 2              Quarter                          ing   porta- utili- All
                                                              ing                                                                                      Total         and
                                                    ing                  Rail-                     ties  cations                                                    min-    tion   ties other 3
                                                                         road       Other
                                                                                                                                                                     ing

           1951 .                       25.6       10.9         .9        1.5           1.5       3.7      1.3          5.9       1958—1               7.3          3.1          .7         1.2       2.3
           1952                         26.5       11.6        1.0        1.4           1.5       3.9      1.5          5.6            2               7.8          3.2          .6         1.5       2.5
           1953                         28.3       11.9        1.0        1.3           i.6       4.6      1.7          6.3            3               7.4          2.9          .5         1.6       2.4
           1954                         26.8       11.0        1.0         .9           1.5       4.2      1.7          6.5            4               8.0          3.2          .6         1.7       2.5
           1955                         28.7       11.4        1.0         .9           1.6       4.3      2.0          7.5
           1956                         35.1       15.0        1.2        1.2           1.7       4.9      2.7          8.4       1959—1r              6.9          2.7          .6         1.2       2.5
           1957                         37.0       16.0        1.2        1.4           1.8       6.2      3.0          7.4            2               8.3          3.3          .8         1.5       2.8
           1958 .          . . .        30.5       11.4         .9         .8             5       6.1      2.6          7.2               34>\...      8.6          3.4          .9         1.5       2.7
           19594r                       33.3       12.4        1.0        1.0           2.0       5.8          10 9                       44           9.5          4.1          .8         1.6       2.9

             r                                                                                                  3
               Revised.                                                                                             Includes communications and other.
             1 Corporate and noncorporate business, excluding agriculture.
             2
                                                                                                                4
                                                                                                                    Anticipated by business.
               Includes trade, service, finance, and construction.
October 1959



               1280              BUSINESS FINANCE

               CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                   NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i
                     [Department of Commerce estimates.            In billions                           [Securities and Exchange Commission estimates.                    In millions of dollars]
                                      of dollars]
                                                                                                                           All types                 Bonds and notes                             Stocks
                     Year or    Profits        In-    Profits Cash Undis-                           Year or
                     quarter    before       come      after  divi- tributed                        quarter
                                taxes        taxes     taxes dends profits                                        New Retire-  Net    New Retire-  Net    New Retire-  Net
                                                                                                                 issues ments change issues ments change issues ments change
               1951                  42.2     22.4     19.7       9.0          10.7
               1952                  36.7     19.5     17.2       9.0           8.3             1951              9,048       2,772 6,277 5,682               2,105        3,577    3,366           667      2,700
               1953                  38.3     20.2     18.1       9.2           8.9             1952             10,679       2,751 7,927 7,344               2,403        4,940    3,335           348      2,987
               1954                  34.1     17.2     16.8       9.8           7.0             1953              9,550       2,429 7,121 6,651               1,896        4,755    2,898           533      2,366
               1955                  44.9     21.8     23.0       11.2         U.8              1954             11,694       5,629 6,065 7,832               4,033        3,799    3,862         1,596      2,265
               1956                  44.7     21.2     23.5       12.1         11.4             1955             12,474       5,599 6,875 7,571               3,383        4,188    4,903         2,216      2,687
               1957                  43.3     21.1     22.2       12.5          9.7             1956             13,201       5,038 8,162 7,934               3,203        4,731    5,267         1,836      3,432
               1958                  37.1     18.2     18.9       12.4          6.5             1957             14,350       3,609 10,741 9,638              2,584        7,053    4,712         1,024      3,688
                                                                                                1958             14,710       5,113 9,597 9,694               3,705        5,989    5,016         1,408      3,608
               1957_2..              43.5     21.2     22.3       12.7         9.6
                    3..              44.0     21.4     22.5       12.8         9.7              1958—2            4,049       1,581      2,468 2,453          1,318        1,135    1,596             264    1,333
                    4. .             39.4     19.2     20.2       12.2         8.0                   3            3,575       1,367      2,208 2,294          1,028        1,266    1,281             339      942
                                                                                                     4            3,519       1,313      2,207 2,148            762        1,386    1,371             550      821
               1958—1..              32.0     15.7     16.3       12.7          3.6
                    2..              33.6     16.5     17.1       12.6          4.5             1959—1            3,054       1,165      1,890 1,592            688          903 1,462                476      986
                    3..              38.3     18.8     19.5       12.6          6.9                  2,           3,410       1,266      2,144 1,818            834          983 1,593                432    1,161
                    4..              44.6     21.9     22.7       12.0         10.7
                                                                                                 1
               1959—1..              46.5     22.6     23.8       12.8         11.0                Reflects cash transactions only. As contrasted with data shown on p. 1282, new issues
                                     52.6     25.6     27.0       13.0         14.0           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                              held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                              issues and cash proceeds connected with conversions of bonds into stocks. Retirements
                 NOTE.—Quarterly data are at seasonally                   adjusted            include the same types of issues, and also securities retired with internal funds or with
               annual rates.                                                                  proceeds of issues for that purpose shown on p. 1282.


                                                                 CURRENT ASSETS AND LIABILITIES OF CORPORATIONS *
                                                                [Securities and Exchange Commission estimates.                      In billions of dollars]

                                                                                              Current assets                                                          Current liabilities


                       End of year            Net                                                   Notes and accts.                                           Notes and accts.               Federal
                        or quarter           working                                   U. S.          receivable                                                   payable                    income
                                             capital                 Cash              Govt.                               Inven-       Other      Total                                         tax        Other
                                                         Total                        securi-                               tories
                                                                                                    U.S.                                                        U. S.                            lia-
                                                                                        ties                   Other                                                             Other         bilities
                                                                                                    Govt. 2                                                    Govt. 2

               1951                            86.5     179.1           30.0           20.7            2.7     58.8        64.9           2.1      92.6             1.3          53.6          21.3         16.5
               1952                            90.1     186.2           30.8           19.9            2.8     64.6        65.8           2.4      96.1             2.3          57.0          18.1         18.7
               1953                            91 8     190.6           31.1           21.5            2.6     65.9        67.2           2.4      98.9             2.2          57.3          18.7         20.7
               1954.                           94.9     t94.6           33.4           19.2            2.4     71.2        65.3           3.1      99.7             2.4          59.3          15.5         22.5
               1955                           103 0     224 0           34.6           23.5            2.3     86 6        72.8           4.2     121.0             2.3          73.8          19.3         25.7
               1956                           107.4     237.9           34.8           19.1            2.6     95.1        80.4           5.9     130.5             2.4          81.5          17.6         29.0
               1957                           111 7     242 0           34 7           17.2            2 8     98 3        82.3           6.7     130.2             2 3          81 2          15 7         31.1

               1958—2                         115 0     232.9           34.2           13.9            2 6      96.6       78.4           7.1     117.9             1.9          75 3           9.8         30.8
                    3                         117 1     237 8           35 2           15 0            2 7     100 5       77.3           7.2     120.7             1 8          76 4          11.4         31.1
                    4                         119.8     243.7           37.1           18.2            2.8     101.0       77.6           7.0     123.8             1.7          77.9          13.3         30.9
               1959—1                         122 4     247 1           34.3           19.5            2 8     102 6       80.0           7.8     124.7             1.7          78.4          12.8         31.8
                    2                         125.4     254.8           35.6           20.0            2.7     106.4       81.8           8.3     129.3             1.7          81.1          13.7         32.8

                 1                                                                                                 2
                     Excludes banks and insurance companies.                                                         Receivables from, and payables to, the U. S. Government exclude
                                                                                                                 amounts offset against each other on corporations' books.


                                                             BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                            [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                               Transportsition                                                                            Manu-
                                                                                                                                                                          factur- Trans- Public
                                                      Manu-       Min-                                  Public Com-                                                                              All
                         Year               Total     factur-                                            utili- muni- Other 2              Quarter         Total            ing   porta- utili- other3
                                                       ing                                                ties  cations                                                     and           ties
                                                                               Rail-                                                                                       min-    tion
                                                                               road        Other
                                                                                                                                                                           ing

               1951..                       25.6       10.9         .9          1.5            .5        3.7      1.3         5.9       1958—1                7 3          3 1            7         1.2       2.3
               1952..                       26.5       11.6        1.0          1.4            .5        3.9      1.5         5.6            2                7.8          3.2           .6         1.5       2.5
               1953..                       28.3       11.9        1.0          1.3            .6        4.6      1.7         6.3            3..              7 4          2 9            5         1.6       2.4
               1954..                       26.8       11.0        1.0           .9            .5        4.2      1.7         6.5            4                8 0          3 2            6         1.7       2.5
               1955..                       28.7       11.4        1.0           .9            .6        4.3      2.0         7.5
               1956..                       35.1       15.0        1.2          1.2            .7        4.9      2.7         8.4       1959_1                6 9          2 7           6          1.2       2.5
               1957..                       37.0       16.0        1.2          1.4            .8        6.2      3.0         7.4            2                8.3          3.3                      1.5       2.8
               1958..                       30.5       11.4         .9           .8            .5        6.1      2.6         7.2            34               8.6          3.4           .9         1.5       2.7
               1959*.                       33.3       12.4        1.0          1.0           2.0        5.8          10. 9                  44               9.5          4.1           .8         1.6       2.9

                 1
                   Corporate and noncorporate business, excluding agriculture.                                         3 Includes communications and other.
                                                                                                                       4
                 2 Includes trade, service, finance, and construction.                                                   Anticipated by business.
November 1959



           1384              BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                 [Department of Commerce estimates. In billions                                    [Securities and Exchange Commission estimates. In millions of dollars]
                                  of dollars]
                                                                                                                       All types               Bonds and notes                            Stocks
                 Year or    Profits        In-  Profits Cash Undis-                           Year or
                 quarter    before        come after    divi- tributed                        quarter
                             taxes        taxes taxes dends profits                                          New Retire- Net     New Retire- Net     New Retire- Net
                                                                                                            issues ments change issues ments change issues ments change
           1951...               42.2     22.4     19.7        9.0       10.7
           1952...               36.7     19.5     17.2        9.0        8.3           1951                 9,048       2,772 6,277 5,682            2,105        3,577      3,366          667      2,700
           1953...               38.3     20.2     18.1        9.2        8.9           1952                10,679       2,751 7,927 7,344            2,403        4,940      3,335          348      2,987
           1954...               34.1     17.2     16.8        9.8        7.0           1953                 9,550       2,429 7,121 6,651            1,896        4,755      2,898          533      2,366
           1955...               44.9     21.8     23.0       11.2       11.8           1954                11,694       5,629 6,065 7,832            4,033        3,799      3,862        1,596      2,265
           1956...               44.7     21.2     23.5       12.1       11.4           1955                12,474       5,599 6,875 7,571            3,383        4,188      4,903        2,216      2,687
           1957...               43.3     21.1     22.2       12.5        9.7           1956                13,201       5,038 8,162 7,934            3,203        4,731      5,267        1,836      3,432
           1958...               37.1     18.2     18.9       12.4        6.5           1957                14,350       3,609 10,741 9,638           2,584        7,053      4,712        1,024      3,688
                                                                                        1958                14,710       5,113 9,597 9,694            3,705        5,989      5,016        1,408      3,608
           1957—2                43.5     21.2     22.3       12.7       9.6
                3                44.0     21.4     22.5       12.8       9.7              1958—2            4,049        1,581     2,468 2,453        1,318        1,135      1,596            264    1,333
                4                39.4     19.2     20.2       12.2       8.0                   3            3,575        1,367     2,208 2,294        1,028        1,266      1,281            339      942
                                                                                               4            3,519        1,313     2,207 2,148          762        1,386      1,371            550      821
           1958—1                32.0     15.7      16.3      12.7        3.6
                2                33.6     16.5      17.1      12.6        4.5             1959—1            3,054        1,165     1,890 1,592          688            903 1,462               476      986
                3                38.3     18.8      19.5      12.6        6.9                  2            3,410        1,266     2,144 1,818          834            983 1,593               432    1,161
                4                44.6     21.9      22.7      12.0       10.7
                                                                                           1
           1959—1                46.5     22.6     23.8       12.8       11.0                Reflects cash transactions only. As contrasted with data shown on p. 1386, new issues
                2                52.6     25.6     27.0       13.0       14.0           exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                        held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                        issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally adjusted                            include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                proceeds of issues for that purpose shown on p. 1386.


                                                             CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                            [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                        Current asse,ts                                                       Current liabilities


                   End of year            Net                                                 Notes and accts.                                          Notes and accts.               Federal
                    or quarter           working                                 U. S.           receivable                                                 payable                    income
                                         capital                  Cash          Govt.                                  Inven-      Other      Total                                       tax        Other
                                                     Total                      securi-                                 tories
                                                                                  ties        U.S.                                                      U.S.                              lia-
                                                                                              Govt.2      Other                                                          Other          bilities
                                                                                                                                                        Govt. 2

           1951                            86.5     179.1         30 0          20.7            2.7       58.8          64.9        2.1       92.6          1.3            53.6         21.3         16.5
           1952                            90.1     186.2         30.8          19.9            2.8       64.6          65.8        2.4       96.1          2.3            57.0         18.1         18.7
           1953                            91.8     190.6         31.1          21.5            2.6       65.9          67.2        2.4       98.9          2.2            57.3         18.7         20.7
           1954                            94.9     194.6         33.4          19.2            2.4       71.2          65.3        3.1       99.7          2.4            59.3         15.5         22.5
           1955                           103.0     224.0         34.6          23.5            2.3       86.6          72.8        4.2      121.0          2.3            73.8         19.3         25.7
           1956                           107.4     237.9         34 8          19.1            2.6       95.1          80.4        5.9      130.5          2.4            81.5         17.6         29.0
           1957 .                         111.7     242.0         34.7          17.2            2.8       98.3          82.3        6.7      130.2          2.3            81.2         15.7         31.1

           1958—2                         115.0     232.9         34.2           13.9           2.6      96.6           78.4        7.1      117.9          1.9            75.3          9.8         30.8
                3                         117.1     237.8         35.2           15.0           2.7     100.5           77.3        7.2      120.7          1.8            76.4         11.4         31.1
                4                         119.8     243.7         37.1           18.2           2.8     101.0           77.6        7.0      123.8          1.7            77.9         13.3         30.9
           1959    l .                    122.4     247.1         34.3          19.5            2.8     102.6           80.0        7.8      124.7          1.7            78.4         12.8         31.8
                   2                      125.4     254.8         35.6          20.0            2.7     106.4           81.8        8.3      129.3          1.7            81.1         13.7         32.8
             1                                                                                                2
                 Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                            amounts offset against each other on corporations' books.


                                                       BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                        [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars]


                                                                      Transports tion                                                                             Manu-
                                                                                                                                                                  factur- Trans- Public
                                                  Manu-       Min-                               Public Com-                                                                             All
                    Year                Total     factur-                                         utili- muni- Other 2               Quarter          Total         ing   porta- utili- other ^
                                                    ing        ing                                 ties  cations                                                    and    tion   ties
                                                                         Rail-      Other                                                                          min-
                                                                         road                                                                                      ing

           1951.                        25.6       10.9         .9        1.5           1.5       3.7       1.3          5.9       1958—1             7.3          3   1          .7         1   2     2.3
           1952.                        26.5       11.6        1.0        1.4            .5       3.9       1.5          5.6            2 .           7 8          3   2           6         1   5     2.5
           1953.                        28.3       11.9        1.0        1.3            .6       4.6       1.7          6.3            3             7 4          2   9           5         1   6     2.4
           1954.                        26.8       11.0        1.0         .9            .5       4.2       1.7          6.5            4             8 0          3   2                     1   7     2.5
           1955.                        28.7       11.4        1.0         .9            .6       4.3       2.0          7.5
           1956.                        35.1       15.0        1.2        1.2            .7       4.9       2.7          8.4       1959_1             6.9          2.7            .6         1 2       2.5
           1957.                        37.0       16.0        1.2        1.4            .8       6.2       3.0          7.4            2             8.3          3.3            .8         1.5       2.8
           1958.                        30.5       11.4         .9         .8            .5       6.1       2.6          7.2            34            8.6          3.4            .9         1.5       2.7
           19594                        33.3       12.4        1.0        1.0           2.0       5.8           10. 9                   44            9.5          4.1            .8         1.6 |     2.9

             1                                                                                                   3
                 Corporate and noncorporate business, excluding agriculture.                                         Includes communications and other.
            2                                                                                                    4
                 Includes trade, service, finance, and construction.                                                 Anticipated by business.
December 1959



           1512                  BUSINESS FINANCE

           CORPORATE PROFITS, TAXES, AND DIVIDENDS                                                     NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1
                    [Department of Commerce estimates.            In billions                          [Securities and Exchange Commission estimates. In millions of dollars]
                                     of dollars]
                                                                                                                           All types                 Bonds and notes                          Stocks
                    Year or      Profits     In-  Profits Cash Undis-                              Year or
                    quarter      before     come after    divi- tributed                           quarter
                                  taxes     taxes taxes dends profits                                           New Retire- Net     New Retire-  Net    New Retire-  Net
                                                                                                               issues ments change issues ments change issues ments change
           1951...                  42.2     22.4     19.7        9.0      10.7
           1952...                  36.7     19.5     17.2        9.0       8.3              1951               9,048            2,772 6,277 5,682          2,105       3,577    3,366           667      2,700
           1953...                  38.3     20.2     18.1        9.2       8.9              1952              10,679            2,751 7,927 7,344          2,403       4,940    3,335           348      2,987
           1954...                  34.1     17.2     16.8        9.8       7.0              1953               9,550            2,429 7,121 6,651          1,896       4,755    2,898           533      2,366
           1955...                  44.9     21.8     23.0       11.2      11.8              1954..            11,694            5,629 6,065 7,832          4,033       3,799    3,862         1,596      2,265
           1956...                  44.7     21.2     23.5       12.1      11.4              1955              12,474            5,599 6,875 7,571          3,383       4,188    4,903         2,216      2,687
           1957...                  43.3     21.1     22.2       12.5       9.7              1956              13,201            5,038 8,162 7,934          3,203       4,731    5,267         1,836      3,432
           1958...                  37.1     18.2     18.9       12.4       6.5              1957..            14,350            3,609 10,741 9,638         2,584       7,053    4,712         1,024      3,688
                                                                                             1958              14,710            5,113 9,597 9,694          3,705       5,989    5,016         1,408      3,608
           1957—2                   43.5     21.2     22.3       12.7          9.6
                3                   44.0     21.4     22.5       12.8          9.7           1958—2             4,049            1,581   2,468 2,453        1,318       1,135    1,596             264    1,333
                4                   39.4     19.2     20.2       12.2          8.0                3             3,575            1,367   2,208 2,294        1,028       1,266    1,281             339      942
                                                                                                  4             3,519            1,313   2,207 2,148          762       1,386    1,371             550      821
           1958—1                   32.0     15.7     16.3       12.7       3.6
                2                   33.6     16.5     17.1       12.6       4.5              1959—1             3,054            1,165   1,890 1,592          688         903 1,462                476      986
                3                   38.3     18.8     19.5       12.6       6.9                   2             3,410            1,266   2,144 1,818          834         983 1,593                432    1,161
                4                   44.6     21.9     22.7       12.0      10.7
                                                                                                1
           1959—1                   46.5     22.6     23.8       12.8      11.0                   Reflects cash transactions only. As contrasted with data shown on p. 1514, new issues
                2                   52.6     25.6     27.0       13.0      14.0              exclude foreign and include offerings of open-end investment companies, sales of securities
                                                                                             held by affiliated companies or RFC, special offerings to employees, and also new stock
                                                                                             issues and cash proceeds connected with conversions of bonds into stocks. Retirements
             NOTE.—Quarterly data are at seasonally                       adjusted           include the same types of issues, and also securities retired with internal funds or with
           annual rates.                                                                     proceeds of issues for that purpose shown on p. 1514.


                                                                CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i
                                                               [Securities and Exchange Commission estimates. In billions of dollars]

                                                                                             Current assets                                                         Current liabilities


                      End of year            Net                                                   Notes and accts.                                           Notes and accts.             Federal
                       or quarter           working                                   U.S.           receivable                                                   payable                  income
                                            capital     Total       Cash             Govt.                                 Inven-        Other      Total                                     tax        Other
                                                                                     securi-                                tories                                                            lia-
                                                                                       ties        U. S.     Other                                            U.S.            Other         bilities
                                                                                                   Govt. 2                                                    Govt. 2

           1951                               86.5     179.1         30.0             20.7           2.7      58.8          64.9          2.1      92.6           1.3         53.6          21.3         16.5
           1952                               90.1     186.2         30.8             19.9           2.8      64.6          65.8          2.4      96.1           2.3         57.0          18.1         18.7
           1953                               91.8     190.6         31.1             21.5           2.6      65.9          67.2          2.4      98.9           2 2         57.3          18.7         20.7
           1954..               . ..          94.9     194.6         33.4             19.2           2.4      71.2          65.3          3.1      99.7           2.4         59.3          15.5         22.5
           1955                              103.0     224.0         34.6             23.5           2.3      86.6          72.8          4.2     121.0           2 3         73.8          19.3         25.7
           1956                              107.4     237.9         34.8             19.1           2.6      95.1          80.4          5.9     130.5           2.4         81.5          17.6         29.0
           1957                              111.7     242.0         34.7             17.2           2.8      98.3          82.3          6.7     130.2           2.3         81.2          15.7         31.1

           1958—3                            117.1     237.8         35.2             15.0           2.7     100.5          77.3          7.2     120.7           1 8         76.4          11.4         31.1
                4                            119.8     243.7         37.1             18.2           2.8     101.0          77.6          7.0     123.8           1.7         77.9          13.3         30.9
           1959—1                            122.4     247.1            34.3          19.5           2.8     102.6          80.0          7.8     124.7           1.7         78.4          12.8         31.8
                2                            125.4     254.8            35.6          20 0           2 7     106.4          81.8          8 3     129 3           1 7         81 1          13 7         32 8
                3                            126.9     258.9            35.3          21.3           2.7     109.2          82.1          8.4     132.0           1.7         82.6          14.6         33.1

             1                                                                                                   2
                    Excludes banks and insurance companies.                                                        Receivables from, and payables to, the U. S. Government exclude
                                                                                                               amounts offset against each other on corporations' books.


                                                          BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i
                                           [Department of Commerce and Securities and Exchange Commission estimates.                                In billions of dollars]


                                                                               Transp ortation                                                                       Manu-
                                                     Manu-                                            Public Com-                                                    factur- Trans- Public
                        Year               Total     factur-     Min-                                  utili- muni- Other 2                Quarter                     ing   porta- utili- All
                                                                 ing                                                                                        Total      and
                                                       ing                     Rail-                    ties  cations                                                 min-    tion   ties other 3
                                                                               road       Other                                                                        ing

           1951                            25.6       10.9         .9           1.5           .5       3.7      1.3              5.9     1958—3             7.4         2.9           .5         1.6       2.4
           1952                            26.5       11.6        1.0           1.4           .5       3.9      1.5              5.6          4             8.0         3.2           .6         1.7       2.5
           1953                            28.3       11.9        1.0           1.3           .6       4.6      1.7              6.3
           1954                            26.8       11.0        1.0            .9           .5       4.2      1.7              6.5     1959—1             6.9         2.7           .6         1.2       2.5
           1955                . . .       28.7       11.4        1.0            .9           .6       4.3      2.0              7.5          2             8.3         3.3           .8         1.5       2.8
           1956                            35.1       15.0        1.2           1.2           .7       4.9      2.7              8.4          3r            8.3         3.3           .8         1.5       2.7
           1957                            37.0       16.0        1.2           1.4          1.8       6.2      3.0              7.4                        9.1         3.8           .8         1.6       2.9
           1958 .              ....        30.5       11.4         .9            .8            5       6.1      2 6              7 2          44r
           19594r                          32.6       12.1        1.0            .9                    5.7               10 .9           1960—14            7.8         3.3           .7         1.2       2.6

                r                                                                                                    3
               Revised.                                                                                                  Includes communications and other.
             1 Corporate and noncorporate business, excluding agriculture.
             2
                                                                                                                     4
                                                                                                                         Anticipated by business.
              Includes trade, service, finance, and construction.