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APPENDIX II

Table 122 -- Frequency distribution of 2,046 manufacturing corporations by percentages of total profits to total capital, within total capital classes, 1924 and 1928.

(Capital class intervals in tons of dollars)


                                           1924                1928

Under 50000

Under zero                                   4                   1
Zero to 4%                                  18                  19
5 to 9%                                     35                  42
10 to 14%                                   43                  44
15 to 19%                                   36                  30
20 to 24%                                   26                   9
25 to 29%                                   20                  10
30% and over                                48                  32

50000 to 99999

Under zero                                   8                   5
Zero to 4%                                  31                  47
5 to 9%                                     83                  96
10 to 14%                                  104                  84
15 to 19%                                   90                  62
20 to 24%                                   57                  40
25 to 29%                                   28                  18
30% and over                                60                  24

100000 to 249999

Under zero                                   8                  16
Zero to 4%                                  50                  73
5 to 9%                                    133                 162
10 to 14%                                  141                 129
15 to 19%                                  106                  83
20 to 24%                                   60                  68
25 to 29%                                   36                  35
30% and over                                62                  40

250000 to 499999

Under zero                                   8                  14
Zero to 4%                                  30                  35
5 to 9%                                     90                  84
10 to 14%                                   65                  89
15 to 19%                                   53                  58
20 to 24%                                   28                  33
25 to 29%                                   17                  12
30% and over                                18                  26

500000 to 2499999

Under zero                                  23                  28
Zero to 4%                                  55                  69
5 to 9%                                     96                 100
10 to 14%                                   64                  87
15 to 19%                                   43                  49
20 to 24%                                   19                  16
25 to 29%                                    9                  13
30% and over                                 4                  14

2500000 to 4999999

Under zero                                   5                   7
Zero to 4%                                  10                  11
5 to 9%                                     15                  13
10 to 14%                                   18                  16
15 to 19%                                    4                   9
20 to 24%                                    5                   5
25 to 29%                                    5                   3
30% and over                                 6                  --

5000000 and over

Under zero                                   3                   5
Zero to 4%                                  11                  12
5 to 9%                                     24                  23
10 to 14%                                   16                  22
15 to 19%                                    3                   7
20 to 24%                                    9                   8
25 to 29%                                   --                   2
30% and over                                --                   4

Source: Ralph C. Epstein, A SOURCE-BOOK FOR THE STUDY OF INDUSTRIAL
PROFITS, United States Department of Commerce, 1932, p. 159

Note: Capital in this study is the sum of the following balance sheet
items: (1) preferred stock; (2) common stock; (3) surplus and
undivided profits; and (4) bonded debt.