Full text of Profit Rates of Manufacturing Corporations, 1947-62
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Federal Trade Commission Profit Rates of Manufacturing Corporations 1947-62 Washington 25, D. C. : 1963 CONTENTS Page Introduction v Profits per dollar of sales, by industry Table 1. - before Federal income taxes Table 2. - after taxes Annual rates of profit on stockholders 6 14 1 equity, by industry Table 3. - before Federal income taxes 22 Table 4. - after taxes 30 Profits per dollar of sales, by asset size Table 5. - before Federal income taxes 38 Table 6. - after taxes 42 Annual rates of profit on stockholders 1 equity, by asset size Table 7. - before Federal income taxes 46 Table 8. - after taxes 50 Definitions of the industry groups 54 Quarterly financial report form 59 Nature of business report form 61 Explanatory notes 63 Table 9* - Composition of the FTC-SEC sample 70 iii INTRODUCTION The profit rates of the 63 industry and size t groups of manufacturing corporations tabulated in this reference manual were compiled from past issues of the Quarterly Financial Report for Manufacturing Corporations, prepared jointly since 1947 by the Division of Financial Statistics in the Federal Trade Commission and the Branch of Economic Research in the Securities and Exchange Commission* These profit rates are based on uniform, confidential, quarterly financial statements collected from a probability sample of all enterprises classified as manufacturers, except newspapers, which are required to file U.SN.' Corporation Income Tax Form 1120. A facsimile of the Federal Trade Commission's quarterly financial report form used in 1962 appears on pages 59 and 60 of this reference manual. The purpose of this sample survey is to produce, each calendar quarter, an income statement and balance sheet for all manufacturing corporations, classified by both industry and asset size. The size groups are based on the total assets of the reporting corporation, including all subsidiaries which were fully consolidated in the reporting company's latest report to its stockholders. The industry groups are defined on pages 54 to 58, inclusive, and are based on the Standard Enterprise Classification which was developed to classify enterprises (especially corporate enterprises) by type of activity in which engaged. The structure of the Standard Enterprise Classification follows closely that of the Standard Industrial Classification which is used to classify establishments. A facsimile of the Federal Trade Commission's nature of business report form used to classify a reporting enterprise by industry appears on pages 61 and 62. A more detailed description of the quarterly financial reporting 11 program may be found in the "Explanatory Notes which appear in the current issues of the published quarterly summaries and are reprinted in their entirety on pages 63 to 7 0 , inclusive, of this reference manual. The Quarterly Financial Report for Manufacturing Corporations is available by subscription from the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D . C. A subscription for three years (12 quarterly issues) may be obtained for $3.75, plus $1.50 additional if mailed to a foreign address. v Table 2. - PROFITS PER DOLLAR OF SALES, 6 Q1 12.4 1947 Q2 Q3 11.1 10.6 Q4 10.1 12.8 11.5 10.8 10 . 6 . . . . . 12.5 11.1 10.3 10.3 Transportation equipment Motor vehicles and equipment Aircraft and parts Electrical machinery, equipment, and supplies 9.8 11.2 8.7 10.4 8.5 10.3 8.2 10.8 * * * 10.3 12.8 9.9 11.5 10.5 11.1 Industry All manufacturing corporations, except newspapers Metals and metal fabricating industries Metalworking machinery and equipment. . . . Other fabricated metal products Primary metal industries Blast furnaces, steel works, and foundries. Nonferrous metals * 11.0 13.2 * * * . * 14.1 14.4 13.6 16.2 12.1 11.6 10.3 14.9 11.5 10.5 10.1 11.6 11.1 11.4 9.9 15.6 14.2 13.5 13.0 12.2 19.5 11.1 13.9 13.6 12.1 18.3 11.0 13.9 11.9 10.8 16.7 10.1 12.4 12.1 12.1 17.9 8.4 12.4 12.7 8.4 12.1 10.7 10.4 9.8 ... 14.8 13.5 13.5 13.0 Chemicals and allied products Basic chemicals and related products. . . . 17.0 14.1 13.4 12.5 * * * * * * Petroleum refining and related industries . . 13.8 14.4 15.5 14.6 * * * * Rubber and miscellaneous plastics products. . 10.9 8.8 6.8 8.8 10.8 9.4 9.0 8.2 8.1 7.0 7.3 6.3 * * * * * * * * * 6.8 6.1 6.7 7.2 15.9 8.9 19.6 12.7 10.1 13.6 7.6 18.1 11.3 7.2 12.1 7.9 16.8 10.7 6.7 13.1 6.9 15.1 6.0 5.9 Other durable goods industries Lumber and wood products, except furniture. . Instruments and related .products Miscellaneous manufacturing, and ordnance . . Chemicals; petroleum; rubber and plastics * * Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products * Not available * * * BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES (Percent) 1948 1949 qi q2 Q3 Q4 11.5 11.1 11.0 11.7 11.5 11.5 01 10.9 9.9 11.6 12.4 11.1 11.3 12.6 10.1 9.8 10.7 11.1 10.7 12.5 * * 7 * 1950 92 93 Q4 8.5 9.5 11.4 9.6 11.6 12.5 13.7 * 01 02 03 Q4 9.3 10.1 11.8 13.5 14.9 10.8 10.7 11.8 14.2 15.4 17.0 9.7 10.9 10.8 12.0 14.2 15.1 17.0 10.9 10.7 13.6 12.5 13.4 16.2 16.5 16.8 12.0 12.1 15.4 14.3 15.3 17.8 18.0 18.3 * * * * * * * * 10.4 10.3 9.0 10.7 9.0 7.1 7.9 12.5 11.3 11.7 14.0 18.6 12.6 12.1 11.5 12.0 11.8 10.7 10.2 9.7 10.7 12.6 13.6 15.6 * • * it 12.0 11.4 11.4 * * it * * * 11.2 9.8 7.1 9.5 8.4 9.7 11.4 13.0 14.4 18.7 * * * 12.3 11.7 12.5 14.7 13.9 10.0 9.7 9.9 12.9 15.3 16.1 11.3 11.0 12.5 14.2 13.4 10.8 10.0 9.3 12.7 15.1 15.7 17.8 14.6 13.3 12.6 16.2 15.2 7.5 8.8 11.3 13.5 15.9 17.1 21.1 12.9 13.0 13.1 11.3 10.3 9.3" 10.5 10.0 10.5 14.1 16.6 17.0 19.4 16.1 15.1 11.0 10.4 9.2 8.1 9.4 11.2 15.2 18.5 17.2 11.1 9.9 8.3 7.5 6.5 5.2 5.7 6.1 5.9 8.4 9.5 11.4 11.0 14.9 15.5 14.1 12.3 14.0 15.7 13.6 14.1 18.9 20.5 20.5 12.1 12.7 12.3 13.0 12.0 11.3 11.5 11.7 12.6 14.3 16.8 18.7 9.6 ,8.8 10.8 8.7 8.4 2.7 6.9 6.7 5.5 7.7 12.5 13.7 11.4 10.8 10.5 9.5 8.7 7.5 8.4 8.2 8.6 9.5 11.8 12.9 16.5 15.4 14.8 13.8 12.8 10.7 11.9 11.9 12.2 14.2 16.7 19.3 15.1 12.8 14.5 13.3 13.2 10.8 14.5 14.4 15.6 17.1 20.5 21.1 * * * * 18.8 19.1 * * 16.4 * * * * * * * * 15.2 13.8 11.8 11.6 * * 10.9 * * * * 10.7 * * * * * * * * 7.7 8.8 7.8 8.4 6.2 5.0 4 . 5 8.2 6.6 8.6 8 . 3 8.2 7.1 6.4 5.8 6.7 6.2 6.6 5.0 5.6 6.1 5.5 4.6 5.6 * * * * * 6.5 5.3 * * * * * 6.6 6.6 9.7 10.1 15.1 14.7 12.8 7.6 4.8 5.9 15.9 14.6 9.2 5.9 13.5 * * * . * * * * * 7.7 8.2 8 . 5 11.3 8.9 4.9 5.9 2.3 4.8 3.1 4 . 3 12.8 12.0 11.5 9.1 9.5 9.4 9.4 6.2 9.1 7.7 5.7 6.2 4.5 4.1 2.9 * * * * * * it * * it 15.2 * * * 19.1 * 11.4 14.7 6.9 9.1 9.1 4.8 5.6 7.5 6.3 * * * * * * * * • 7.8 * * 7.4 8.1 10.1 10.0 7.8 9.0 8.9 11.4 12.2 2.6 3.5 3.3 6.3 6.0 12.0 12.3 13.6 15.6 18.9 8.6 4 . 3 8.5 6.8 9.4 7.0 4 . 3 4 . 3 4.2 4.9 7.4 8.7 8.2 * * 8 Table 2. - PROFITS PER DOLLAR OF SALES, 1951 Industry Q2 Q3 Q4 All manufacturing corporations, except newspapers Q1 12.4 11.7 10.5 10.1 Durable goods industries 14.4 13.8 12.3 12.3 . . . . 14.6 13.9 12.5 13.0 Transportation equipment ' Motor vehicles and equipment Aircraft and parts Electrical machinery, equipment, and supplies 12.6 13.7 12.3 13.5 10.9 12.2 * * 11.5 13.0 15.2 14.8 12.3 14.2 11.8 12.8 13.9 is.4 * * Metals and metal fabricating industries Metalworking machinery and equipment. . . . Other fabricated metal products . Primary metal industries Blast furnaces, steel works, and foundries. * * •k * 13.5 16.7 16.6 17.0 12.2 17.1 16.7 18.0 10.8 15.3 15.4 15.1 10.2 15.3 15.3 15.3 13.8 13.2 11.6 9.4 13.8 9.3 18.7 15.8 10.6 12.6 8.3 19.2 15.3 8.6 9.7 7.1 17.7 14.5 7.0 6.9 5.8 13.5 13.6 6.9 10.8 10.0 8.9 8.1 Chemicals; petroleum; rubber and plastics . . . 17.0 15.9 15.6 14.9 Chemicals and allied products . . Basic chemicals and related products. . « . 19.0 15.9 16.0 14.8 * * * * * * * * 16.4 16.6 13.0 16.9 17.2 12.2 16.8 17.1 9.8 15.9 16.3 11.3 7.7 7.1 5.7 4.9 4.8 4.4 4.4 * 3.8 * * * * * * * * * * 8.9 8.2 8.8 9.0 12.3 3.5 18.8 7.3 4.6 10.5 2.0 18.6 8.6 4.0 5.6 1.8 15.9 8.0 4.0 5.2 1.3 13.4 7.4 0.0 Lumber and wood products, except furniture. . Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Petroleum refining and related industries . . Rubber and miscellaneous plastics products. . Food and kindred products * Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . * Not available BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES (Percent) 1952 Ql 9.9 Q2 1953 Q3 Q4 9.2 8.9 8.6 Ql 10.0 11.8 11.0 9.7 10.0 12.4 11.2 9.6 11.5 13.0 12.6 14.8 11.5 13.2 * 12.6 13.3 * ft ft 9 Q3 Q4 10.4 9.6 11.4 11.9 10.4 11.8 9.3 10.4 10.4 12.0 10.6 10.8 11.8 9.9 * ft ft * Q2 1954 Q2 Q3 Q4 6.7 Ql 8.4 8.9 8.2 8.2 10.4 6.7 9.1 10.0 8.9 8.9 12.0 10.4 6.8 9.4 10.2 8.6 8.9 11.4 13.0 11.4 12.9 9.4 10.6 6.5 6.5 9.8 11.1 10.9 12.4 8.2 8.6 9.5 10.5 12.6 11.8 12.2 12.1 10.3 10.0 7.2 6.4 10.0 9.9 9.5 10.3 8.2 9.0 8.5 7.4 * * ft ft ft ft ft ft * * ft ft ft ft ft ft 9.5 13.9 13.2 15.5 9.1 7.7 4.8 13.3 8.5 8.7 7.6 10.8 7.2 11.4 11.5 11.2 8.7 13.6 13.3 14.5 9.0 14.5 14.8 13.8 8.5 13.3 13.9 11.9 5.4 8.1 7.7 9.0 6.2 9.9 9.6 10.6 7.3 11.1 10.8 11.9 7.2 10.2 9.7 11.0 5.2 11.9 12.0 11.7 9.2 10.1 10.4 8.2 9.4 11.1 10.4 6.1 7.2 9.3 10.3 9.0 7.3 6.2 13.2 12.7 6.2 8.1 6.0 15.7 12.7 6.2 8.4 6.0 16.2 12.6 6.8 5.4 6.4 12.3 10.9 5.8 6.3 7.1 14.3 12.5 6.4 8.1 7.1 17.8 12.8 7.3 6.6 5.7 16.6 12.4 7.3 4.1 3.8 8.3 8.8 4.5 3.7 3.8 11.0 10.9 5.0 6.3 4.4 15.8 10.6 5.5 6.4 5.3 16.7 12.2 6.4 7.9 5.6 12.3 11.6 6.2 8.2 7.6 8.2 7.2 8.5 8.6 8.7 6.7 7.8 7.7 7.6 7.4 14.3 12.6 13.1 12.0 13.9 13.6 13.6 11.2 12.8 12.3 12.0 12.4 15.1 13.7 14.2 * * * * 13.1 15.3 14.6 * * 14.5 10.7 13.0 12.8 13.4 12.9 14.8 15.1 9.7 12.5 12.7 9.6 13.2 13.4 9.1 12.2 12.5 8.1 13.6 13.8 10.2 13.6 13.7 10.7 5.0 5.1 5.8 4.8 5.7 3.6 4.1 5.0 3.9 4.0 * * * * ft ft 7.2 7.5 8.2 4.9 1.7 15.1 8.0 2.7 4.3 2.2 12.9 7.9 3.8 4.8 2.8 12.9 7.4 5.3 ft ft ft ft ft ft * 688444 O - 63 - 2 ft ft ft ft ft * * ft ft ft ft * ft ft * * * 14.1 14.2 9.3 13.0 13.3 4.7 13.6 13.9 8.5 12.6 12.9 8.9 12.0 12.1 7.1 13.1 13.4 7.3 5.9 6.1 4.3 4.9' 5.2 5.3 4.7 4.5 5.3 3.8 * 3.9 4.5 4.7 * * 4.0 ft ft ft * * * ft ft ft * * * * * * ft ft 7.8 7.4 9.6 9.8 8.9 8.5 8.7 9.6 9.0 4.3 3.0 11.3 4.9 4.0 6.2 3.4 13.2 8.3 4.7 5.7 3.2 12.8 8.1 5.3 5.3 2.7 12.3 7.3 4.3 2.9 0.9 9.8 4.7 2.1 3.4 2.3 11.7 7.6 3.5 2.5 2.3 12.1 7.0 4.2 2.9 2.3 11.3 6.1 4.7 2.9 2.4 10.8 5.5" 4.4 ft ft ft * 10 Table 2. - PROFITS PER DOLLAR OF S A L E S , 1955 Industry Durable goods industries Metals and metal fabricating industries . . . . Aircraft and parts Electrical machinery, equipment, and supplies Machinery, except electrical Q2 Q3 Q4 10.6 10.2 10.3 11.3 All manufacturing corporations, except newspapers Q1 9.9 12.4 11.2 11.4 11.7 12.5 11.1 11.7 13.6 ' 15.9 14.1 16.5 11.3 12.9 * * 12.6 14.7 9.5 11.0 9.2 10.3 8.1 10.8 9.2 10.0 * * * * 7.2 13.8 13.6 14.3 7.9 15.2 15.1 15.4 8.5 13.9 14.0 13.8 7.4 15.5 15.2 16.1 9.6 12.0 12.1 9.9 9.8 4.5 14.5 10.9 5.6 10.9 5.1 19.1 13.1 5.8 10.5 6.7 18.7 12.4 7.2 6.6 7.1 14.1 13.3 6.7 8.4 8.7 9.2 9.1 Chemicals; petroleum; rubber and plastics . . . 13.4 13.6 14.2 14.8 Chemicals and allied products Basic chemicals and related products. . . . Drugs Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 15.0 15.3 16.4 16.2 * * * * * * * 13.2 13.4 8.9 13.2 13.4 9.4 13.6 13.8 9.3 15.2 15.5 8.9 5.5 5.9 6.3 5.8 4.1 4.7 5.3 4.4 * * Metalworking machinery and equipment. . . . Other fabricated metal products Blast furnaces, steel works, and foundries. Nonferrous metals Other durable goods industries Lumber and wood products, except furniture. . Furniture and fixtures Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries.. Other nondurable goods industries Food and kindred products * * * * * * * * * 8.6 10.1 11.1 11.0 5.4 2.9 11.6 7.6 5.0 5.1 2.3 13.1 7.7 4.6 5.2 3.3 12.2 7.4 5.4 5.6 2.7 12.2 6.1 5.0 * * Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . * N o t available BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES (Percent) 1956 11 1957 1958 93 Q4 Q1 Q2 Q3 94 9.4 8.5 7.6 6.4 6.8 7.7 8.6 10.6 10.4 9.0 8.0 6.5 7.1 7.6 9.4 10.2 11.1 10.6 8.8 8.0 6.8 6.9 6.7 9.4 6.6 9.6 11.1 10.0 7.2 8.3 6.7 5.1 2.6 9.5 6.7 11.3 13.3 11.8 7.7 9.8 7.3 5.2 0.3 12.2 6.3 6.5 6.4 6.4 6.1 5.8 5.4 5.0 4.8 4 . 9 8.1 7.2 9.3 8.9 8.0 8.0 6.6 6.8 7.9 9.0 10.7 10.4 10.8 11.1 9.5 7.4 6.7 8.0 8.2 8.1 13.1 13.2 11.1 12.7 12.5 9.9 6.9 5.5 5.0 3.5 3.8 8.3 7.8 7.0 7.5 8.0 8.2 5.0 5.1 6.4 7.3 6.5 16.1 15.6 10.2 14.4 14.4 13.5 11.5 10.2 8.9 14.5 7.7 14.5 14.5 14.2 12.1 11.0 8.2 14.8 8.2 9.8 10.0 14.0 18.9 18.1 14.2 14.2 14.4 11.9 10.1 8.4 8.1 6.9 7.9 9.7 9.4 10.9 10.6 9.6 7.9 9.4 9.6 7.8 4.8 7.8 11.0 9.4 6.3 Q1 Q2 10.2 Q3 Q4 Q1 10.3 9.0 9.3 9.7 11.2 11.1 9.1 10.1 11.5 11.2 8.7 11.5 9.8 13.3 10.9 7.3 7.6 8 . 5 10.9 11.5 * * 8.1 , 92 • 9.3 12.7 7.8 8.1 6.6 4.2 2.6 5.1 5.3 3.8 1.8 3.5 8.0 6.4 6.8 7.8 6.4 5.2 5.8 6.1 5.1 2.3 3.3 5.5 6.2 14.4 17.4 16.2 14.9 13.3 15.5 14.9 12.1 6.7 13.0 15.9 12.8 10.2 12.0 12.8 13.1 10.9 12.1 11.7 11.5 8.7 10.3 12.7 13.1 5.8 6.5 7.4 7.0 5.0 5.0 6.4 4.1 3.8 5.0 9.0 6.8 9.2 9.3 8.9 8.4 8.7 8;2 8.1 7.2 6.4 6.6 7.9 7.8 14.3 14.3 13.7 13.3 13.9 12.7 12.0 11.4 9.7 9.5 11.7 12.0 16.2 15.2 14.5 14.3 15.0 14.6 14.7 13.3 12.0 12.1 13.3 13.5 19.3 17.3 17.9 18.7 18.2 17.2 15.6 12.6 12.6 13.4 15.4 19.0 21.1 19.0 20.6 19.1 23.3 20.4 21.0 18.2 21.3 19.2 13.9 14.8 14.2 13.6 14.1 12.0 10.7 10.8 7.8 11.1 12.0 14.1 15.1 14.4 13.9 14.4 12.2 10.8 11.0 9.1 9.3 7.9 11.3 12.1 9.1 9.2 8.4 8.9 9.0 8.6 8.1 7.1 4.8 6.8 8.8 7.8 6.2 6.3 6.3 5.6 5.4 5.5 5.8 4.7 4.4 4.9 5.6 5.3 4 . 8 5.3 5.4 4.4 4.2 4 . 4 5.1 4.2 3.9 4.4 4.9 4.7 * * * * * * * * * * * * * * * * * * * * * * * * * * * 7.7 8 . 3 6.6 6.0 7.1 7.8 5.8 5.3 6.6 10.5 10.8 10.6 9.6 10.4 11.7 11.1 10.7 11.0 7.1 9.7 11.4 11.6 6.0 4.8 5.1 5.2 4.6 4 . 3 4 . 3 3.3 1.9 2.7 4.2 4.4 3.2 2 . 4 4 . 3 3.3 2.6 2.6 3.5 1.8 1.9 1.4 3.3 2.3 12.5 12.7 11.6 11.2 10.9 9.9 9.6 8.7 8.6 9.2 9.2 10.0 9 . 3 8.9 7.8 6.1 7.7 8 . 5 7.9 5.1 6.1 6.6 7.9 4 . 9 5.3 4 . 1 3.9 3.9 4.0 4 . 3 4 . 4 4.7 3.3 3.0 4.6 4.2 6.3 Table 2. - PROFITS PER DOLLAR OF S A L E S , 12 1959 Industry Q2 Q3 Q4 All manufacturing corporations, except newspapers Q1 8.9 10.2 8.2 7.9 Durable goods industries 9.7 11.7 7.7 7.9 . . . . 10.0 11.8 6.8 7.7 Aircraft and parts Electrical machinery, equipment, and supplies 11.5 15.2 3.8 8.2 7.9 12.0 16.1 3.5 9.1 11.5 5.9 7.7 2.7 8.9 10.6 6.7 8.9 3.2 9.2 8.5 5.3 5.6 13.3 14.4 10.7 8.3 7.6 15.5 16.8 12.0 7.1 8.0 -0.3 -7.6 8.8 5.2 4.6 8.6 9.3 7.3 8.3 11.2 11.8 8.8 5.6 4.3 11.7 11.9 5.9 8.5 5.5 17.7 12.6 5.9 8.7 6.5 16.5 14.5 9.2 5.3 4.7 11.8 13.0 7.6 8.0 8.6 8.6 7.8 Chemicals; petroleum; rubber and plastics . . . 12.1 12.6 12.3 11.4 Chemicals and allied products Basic chemicals and related products. . . . 14.6 17.1 20.7 10.9 11.1 8.1 15.9 19.2 18.6 10.5 10.5 8.7 15.5 17.4 22.5 10.6 10.6 7.7 13.2 16.1 17.0 11.1 11.3 6.8 5.4 6.1 6.3 5.7 4.5 4.9 * * 5.3 4.9 * * 5.3 10.9 4.9 3.1 9.7 7.0 4.1 Metals and metal fabricating industries Metalworking machinery and equipment. . . . Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . Other nondurable goods industries . Food and kindred products Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products * Not available * * * * 7.3 11.5 8.0 11.8 6.5 10.7 5.8 2.9 11.0 8.0 4.9 5.7 3.3 10.2 9.4 4.6 6.2 2.6 9.8 6.1 4.6 BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES (Percent) 1960 13 1961 1962 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8.7 8.4 7.6 7.1 6.5 8.0 7.7 8.5 8.0 8.6 7.9 8.2 9.4 8.9 7.0 6.8 5.8 8.4 7.5 9.2 8.5 9.4 7.9 8.5 9,8 8.8 6.4 6.8 6.0 8.4 7.0 9.3 9.0 9.5 7.5 8.6 10.7 9.5 5.0 8.5 6.3 9.1 5.4 11.0 10.9 11.7 7.6 11.5 14.1 13.5 6.4 12.0 8.1 12.1 6.7 15.1 14.6 15.4 9.7 15.0 3.1 1.1 2.8 3.2 3.2 3.7 3.8 4.1 4.3 4.5 4.3 4.8 7.9 7.5 7.1 6.2 6.1 6.5 6.7 8.6 7.5 7.8 7.4 7.6 8.5 9.2 7.6 6.4 6.9 9.2 8.6 8.7 8.6 9.9 9.3 8.3 6.9 6.3 5.6 5.9 5.5 6.3 6.7 8.4 8.3 8.1 7.0 7.7 5.2 5.9 5.9 3.4 3.5 6.2 6.4 5.3 5.6 7.3 6.8 5.3 13.1 10.4 7.0 7.0 6.5 10.0 8.5 10.1 9.8 8.4 5.9 6.9 14.4 10.6 6.1 7.5 5.9 10.3 9.0 10.6 10.0 7.7 5.2 6.1 10.0 10.0 8.5 6.2 7.7 9.4 7.5 9.1 9.5 9.9 7.3 8.3 7.7 9.2 9.3 7.2 4.6 8 . 3 9.3 8.7 6.0 8.9 9.4 7.7 3.9 4.9 3.8 0.9 0.9 4.7 4.8 3.0 1.9 5.2 '5.4 3.3 4 . 4 4.2 5.1 4.2 1.4 3.3 4.5 5.8 3.7 4.6 6.0 5.2 10.8 14.6 13.6 10.1 6.0 12.7 13.0 11.2 6.8 12.8 12.3 9.0 12.0 12.3 12.2 10.6 8.3 10.4 12.1 12.2 10.4 11.9 12.1 12.4 5.7 6.5 8.8 7.8 5.3 6.2 8.8 9.0 6.1 6.3 8.6 7.5 8 . 0 7.9 8.2 7.4 7.1 7.6 7.9 7.9 7.5 7.8 8.0 7.9 11.7 11.4 11.9 11.4 11.3 11.8 11.8 12.1 11.5 11.4 11.5 12.0 14.5 14.4 14.0 12.3 12.3 14.2 14.1 13.8 13.6 14.4 14.1 13.4 16.5 16.7 14.1 12.8 13.3 15.6 14.3 15.2 15.1 16.4 14.9 15.3 20.9 17.1 21.2 17.2 18.4 17.9 21.1 18.9 19.6 17.9 20.8 17.9 10.4 9.7 11.6 12.1 11.8 10.5 10.8 11.8 10.9 9.7 10.6 12.4 10.6 9.8 11.7 12.3 12.1 10.5 10.9 11.9 11.0 9.8 10.6 12.5 7.6 7.5 6.2 6.0 5.8 8.1 7.3 7.6 7.1 7.8 6.2 6.3 5.6 5.7 5.9 5.1 4.5 5.1 5.7 5.5 4.9 •5.5 5.8 5.4 4 . 4 4.8 5.2 * * 4 . 5 4.1 4.7 * 5.1 4.7 4.0 * 4.6 5.3 * * 4.6 * * * * * * 4.1 * 4.0 * 3.5 4.8 4 , 3 4.8 3.4 4.9 4.6 5.0 4.7 6.8 7.4 6.6 4.9 6.7 7.9 6.7 4.6 6.8 8.3 6.6 10.9 11.3 11.5 11.2 11.2 11.9 12.3 12.1 11.3 11.6 12.2 12.3 5.3 5.8 5.2 5.0 4 . 4 3.3 4 . 0 4 . 8 5.2 4.7 5.1 4.9 2 . 4 2.6 4.0 2.3 1.3 1.9 3.6 3.5 2.8 2.9 3.5 3.3 9.7 10.7 9.3 8.9 8.3 9.4 8.5 9.5 8.8 9.7 8.6 8.4 7.6 7.1 7.8 6.1 5.3 5.1 7.8 5.5 5.6 6.6 7.7 6.2 4 . 5 3.7 2.4 2.9 2.5 1.7 2.6 3.5 3.6 3.4 3.5 4.4 14 Table 2 . - PROFITS PER DOLLAR OF S A L E S , 1947 Industry Electrical machinery, equipment, and supplies Q4 6.8 6.5 6.2 6.9 6.4 6.2 7.4 6.6 6.0 5:9 4.9 6.1 ft 4.6 5.9 3.7 5.6 * . . . . Q3 5.4 6.4 Metals and metal fabricating industries Q2 7.6 All manufacturing corporations, except newspapers Ql 7.5 6.8 7.9 6.2 7.7 6.0 6.8 6.3 6.5 ft ft ft * ft ft 8.7 8.7 8.2 9.7 8.5 7.4 7.0 6.2 8.9 6.9 6.3 6.1 6.8 6.8 7.1 6.1 9.7 8.3 7.9 7.4 12.1 6.7 8.2 8.2 6.9 11.4 6.8 8.5 7.5 6.5 10.5 6.0 7.5 7.4 7.3 11.8 4.6 7.5 7.7 4.4 7.5 6.7 6.6 6.3 Chemicals; petroleum; rubber and plastics . . . 9.7 8.9 9.1 9.1 Chemicals and allied products Basic chemicals and related products. . . . 10.4 8.7 8.2 7.8 * * * * * Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 10.1 10.8 11.4 * * * ft 6.3 3.0 3.3 5.2 6.5 5.6 5.4 4.9 4.7 4.1 4.3 3.7 * * * Metalworking machinery and equipment. . . . Primary metal industries Blast furnaces, steel works, and foundries. Other durable goods industries Lumber and wood products, except furniture. . Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Other nondurable goods industries * N o t available 11.3 * 3.7 4.2 4.4 8.2 4.3 11.2 6.8 4.2 7.2 4.8 10.3 6.7 3.9 7.9 4.1 9.3 3.1 3.3 ft ft 4.1 Printing and publishing, except newspapers. . ft ft ft ft ft ft ft ft Textile mill products Apparel and other fabricated textile products ft 9.5 5.2 12.0 7.~8 5.9 BY INDUSTRY, AFTER TAXES (Cents) 15 ros i m Q1 Q2 Q3 Q4 7.2 7.0 6.9 6.8 7.1 7.0 7.0 6.9 6.8 6.8 5.8 5.9 6.4 6.4 i m Q1 Q2 Q3 Q4 6.1 5.2 6.0 7.4 6.8 5.6 7.4 6.9 6.2 6.9 7.3 7.4 Q1 Q2 Q3 Q4 6.0 6.2 7.4 7.6' 6.9' 6.5 6.6 7.0 8.6 8.3 7.0 5.7 6.5 6.6 7.2 8.6 8.0 6.8 6.5 6.2 8.0 7.4 7.9 9.6 8.2 5.2 7.1 7.1 8.4 10.5 8.8 5.3 * * * * * * *. 9.0 * * 8.9 •k * * 6.1 6.0 5.5 6.0 5.1 4 . 5 4.8 7.9 6.7 7.0 7.5 7.5 7.7 7.4 6.9 7.2 7.1 6.4 6.2 5.7 6.4 7.7 7.6 7.3 * * it * * * * * * * * * 7.3 7.1 7.0 7.0 5.8 3.8 5.7 5.1 5.9 7.1 7.3 6.7 7.6 7.3 7.8 9.1 8.3 5.6 5.7 6.4 7.7 9.4 8.8 8.1 6.9 6.7 7.7 8.7 7.9 6.2 5.8 5.7 7.5 9.0 8.2 6.9 9.4 8.4 8.1 10.0 9.5 3.9 5.6 7.7 8.5 10.5 10.2 11.1 7.9 8.0 8.1 6.9 6.2 5.6 6.3 6.4 6.3 8.8 9.5 8.0 12.3 10.3 9.5 7.2 6.4 5.8 5.2 6.4 7.1 9.7 11.1 9.2 6.8 6.0 4.8 4.4 3.7 2.7 3.1 3.5 3.2 5.4 5.3 6.0 6.6 9.3 9.6 8.7 7.2 8.6 9.7 8.7 8.6 11.7 11.6 8 . 3 7.6 7.7 7.6 8.2 7.2 6.9 6.7 7.4 7.7 8.9 9.4 8.4 5.6 4.9 6.8 5.0 5.2 1.1 3.9 4.1 2.9 4.5 7.0 7.0 7.2 7.0 6.8 6.3 5.6 4 . 9 5.6 5.5 5.5 6.2 7.1 6.8 11.0 10.5 10.2 10.1 8.8 7.5 8.4 8.7 8.4 10.0 10.4 10.7 9.4 7.9 9.2 8.7 8.1 6.5 9.1 9.2 9.6 * * * * 10.6 11.7 9.2 * * * * * * * * * * * * * 9.2 9.1 9.0 8.2 13.5 13.6 12.2 12.2 10.3 * * * * * 10.7 it 10.5 it it 13.0 * * * * * it * * * * * 4 . 3 5.1 4 . 5 4 . 9 3.7 3.1 2.9 5.5 4.2 5.0 6.6 6.6 5.1 5.1 5.0 4.2 3.8 3.5 4.1 3.8 4 . 0 4.2 5.2 4.5 2 . 9 3.4 2.7 3.4 4 . 0 3.2 2.8 * 3.4 4.2 * 3.7 it 3.3 * * * 3.0 it * * * it * it * * * * J* * * * * * * * * * * * * * * * * 4 . 0 4.2 6.1 6.1 4.8 5.0 5.3 5.2 4.6 5.0 5.4 4.4 * 9.2 9.0 7.7 6.9 5.3 2.7 3.5 4.7 5.4 5.2 6.5 6.1 4 . 5 2.8 3.6 1.3 2.9 1.6 2 . 5 1.4 1.9 1.6 3.9 3.1 9.8 8.9 7.8 7.4 7.0 5.5 5.7 7.7 7.5 8.4 9.0 9.7 5.6 5.7 6.1 3.4 5.7 4.6 5.4 2.3 5.4 3.8 5.6 3.5 3.5 3.4 3.7 2.5 2.2 1.4 2 . 5 2.7 2.5 2.7 4.3 4.7 . Table 2 . - PROFITS PER DOLLAR OF S A L E S , 16 fn dj s t . I u r Metals and metal fabricating industries . . . . Aircraft and parts Electrical machinery, equipment, and supplies Metalworking machinery and equipment. . . . 01 5.6 1951 02 03 4.2 5.2 Q4 4.4 6.1 y All manufacturing corporations, except newspapers 5.7 4.4 4.7 6.0 5.7 4.3 4.9 4.8 5.1 4.9 5.3 3.6 3.8 4.1 4.5 * * * 4.8 6.1 3.5 4.8 5.1 4.6 * 5.7 6.5 * * * * 6.2 7.1 6.5 8.4 5.2 7.0 6.5 8.1 4.4 5.1 4.5 6.6 4.1 6.2 5.6 7.8 6.4 5.8 4.8 4.1 6.8 4.7 8.1 7.1 4.9 6.1 3.6 8.1 6.6 3.6 4.9 3.1 6.8 5.1 3.0 3.9 2.2 5.5 5.5 3.0 5.1 4.8 4.0 4.0 Chemicals; petroleum; rubber and plastics . . . 8.7 8.4 7.7 8.4 Chemicals and allied products Basic chemicals and related products. . . . Drugs Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 7.9 6.6 5.2 6.0 * * * * * * * * 10.2 10.4 5.6 11.0 11.3 4.6 10.6 11.0 3.8 11.4 11.7 4.1 3.3 3.0 2.3 2.0 2.2 2.1 2.0 1.6 * * * * * * * Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Furniture and fixtures Stone, clay, and glass products Instruments and related products . Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Other nondurable goods industries . . . . . . . Food and kindred products * * Apparel and other fabricated textile products Printing and publishing, except newspapers. . * Not available * •k * 4.2 4.0 3.5 3.6 5.1 1.3 7.8 3.5 1.1 4.2 0.5 7.5 4.5 0.8 1.6 0.4 6.1 3.7 1.3 2.3 0.4 4.7 3.0 -0.8 BY I N D U S T R Y , AFTER TAXES (Cents) 17 1952 1953 1954 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 4.2 4.2 4.3 4.4 4.3 4.4 4.3 4.0 4.3 4.7 4.4 4.7 4.6 4.5 4.4 4.6 4.4 4.4 4.1 3.9 4.3 4.9 4.4 4.8 4.8 4.5 4.3 4.7 4.5 4.3 4.1 4.0 4.5 4.9 4.2 4.7 4.1 4.5 4.3 4.9 4.0 4.6 4.1 4.7 3.5 3.9 3.3 3.7 * 3.6 4.1 4.6 5.2 5.2 5.9 4.0 4.1 4.6 5.0 4.6 5.1 * 3.7 4.1 3.9 5.1 4.1 4.6 5.1 4.4 4.6 4.8 4.3 4.9 4.0 4.2 * * * * * 4.0 4.6 4.0 3.9 * 3.9 3.5 * 4.6 4.6 * * * 5.0 3.7 * * * * 4.3 4.6 3.5 6.8 4.1 4.5 3.9 5.7 3.6 6.1 5.8 7.0 * * 4.1 5.6 4.9 7.3 3.6 5.7 5.2 7.1 * 4.0 5.4 5.2 6.1 3.8 5.5 5.4 5.8 * * 3.0 5.6 5.3 6.3 2.8 5.2 4.7 6.1 3.7 5.7 5.2 6.8 3.4 5.2 4.6 6.2 2.5 6.9 6.7 7.2 3.9 4.5 4.8 4.2 4.1 5.0 4.6 3.3 3.1 4.8 -5.4 4.9 4.2 2.3 5.0 4.8 2.6 4.3 2.7 7.2 4.8 2.5 4.6 2.7 7.4 4.8 2.9 3.3 2.9 6.4 5.0 2.7 3.5 3.3 5.4 4.8 3.1 4.6 3.2 8.0 4.7 3.2 3.7 2.4 7.3 4.5 3.3 2.1 1.4 5.2 4.6 2.0 1.4 1.2 5.1 4.8 2.0 3.5 1.9 8.5 5.1 2.6 3.7 2.3 8.7 6.1 3.4 4.5 2.9 7.0 6.0 3.2 3.9 4.0 4.2 4.2 4.2 4.4 4.5 4.1 4.3 4.4 4.4 4.7 7.6 7.5 7.4 7.9 7.4 7.7 7.8 8.3 8.0 8.0 7.8 9.1 6.2 6.0 6.1 6.2 6.3 6.3 6.0 5.7 6.6 6.8 6.7 7.3 * * * * * * * * * * * * * * * * 9.7 10.0 3.2 9.9 10.2 3.5 9.4 9.6 3.7 10.2 10.5 4.2 9.3 9.6 3.8 9.9 10.2 3.9 10.1 10.3 3.9 * * * * * * * 11.3 11.6 3.6 10.0 10.3 4.0 9.9 10.2 •4.1 9.8 10.0 3.7 * 11.5 11.8 4.3 2.0 2.2 2.6 2.3 2.5 2.6 2.8 2.0 2.2 2.4 2.5 2.4 1.5 1.9 2.3 1.8 1.8 2.1 2.5 1.8 1.7 2.2 2.3 2.0 * * * * * * * * * * •k * * * * * * •k * * * * * * * * 3.0 3.0 * * * 3.4 3.5 3.2 * * * 3.7 3.9 3.7 4.0 4.1 4.5 4.3 1.8 0.4 6.0 4.0 0.8 1.5 0.8 5.4 3.8 1.8 2.1 1.3 5.7 3.5 2.5 2.1 1.6 5.6 2.1 1.9 2.7 1.7 5.7 4.2 2.0 2.5 1.6 5.4 3.9 2.5 2.4 1.1 5.4 3.3 1.9 1.1 0.2 4.9 2.3 1.0 1.1 0.9 5.6 3.9 1.4 0.6 0.9 5.9 3.8 1.8 1.0 1.1 5.5 3.0 2.4 1.1 1.2 5.6 2.9 2.1 688444 O - 63 - 3 * •k * * * * * 18 Table 2 . - PROFITS PER DOLLAR OF S A L E S , 1955 Industry Q1 Limber and wood products, except furniture. . Furniture and fixtures Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Chemicals; petroleum; rubber and plastics . . . Basic chemicals and related products. . . . Petroleum refining and related industries . . Rubber and miscellaneous plastics products. . Other nondurable goods industries 5.6 6.1 5.5 5.8 5.6 6.0 5.3 5.9 6.6 7.7 5.1 5.8 6.0 7.0 * * * 4.4 4.7 4.5 5.3 4.3 4.9 4.3 5.3 * * * * 3.5 7.1 6.6 8.0 3.8 7.7 7.3 8.6 4.3 7.1 6.9 7.6 3.7 8.3 7.9 8.9 6.2 6.3 5.1 5.4 1.8 7.1 4.9 2.3 6.3 2.4 10.1 6.4 2.6 6.2 3.5 9.7 5.8 3.6 3.8 3.5 7.2 6.6 3.6 4.8 5.0 5.3 5.5 8.4 8.6 9.0 10.0 8.0 8.7 8.8 * * * * 10.0 10.2 4.1 10.2 10.5 4.4 10.5 10.7 4.5 12.3 12.7 4.7 2.7 2.9 3.2 2.9 1.9 Blast furnaces, steel works, and foundries. 5.4 7.6 Metalworking machinery and equipment. . . . 5.5 4.6 Electrical machinery, equipment, and supplies 5.1 * . . . . Q4 6.2 7.1 Metals and metal fabricating industries Q3 5.4 All manufacturing corporations, except newspapers Q2 2.3 2.7 2.2 * * * * * * * Printing and publishing, except newspapers. . * Not available * * •k * * * * 4.1 Textile mill products . . . . . . . . . . . . Apparel and other fabricated textile products * 4.8 5.3 5.0 2.6 1.3 5.7 4.0 2.4 2.4 0.9 6.5 3.9 2.1 2.5 1.6 6.1 3.8 2.8 2.8 1.5 6.2 2.9 2.4 * BY I N D U S T R Y , AFTER TAXES (Cents) i m T537 Ql Q2 Q3 Q4 5.3 5.5 4.9 5.5 5.6 5.6 B5F Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 5.2 5.1 5.0 4.7 4.4 3.4 3.8 4.4 4.9 4.6 5.2 5.2 5.2 4 . 6 4.2 3.1 3.6 3.9 4.9 5.5 4.4 5.2 5.5 5.2 4 . 5 4.2 3.3 3.5 3.4 4.9 5.3 4.6 3.3 4.8 5.3 4.8 3.6 4.4 3.3 2.7 1.7 5.2 6.0 5.0 3.3 5.8 6.3 5.7 4.0 5.4 3.7 2.9 1.0 6.8 * 3.5 3.0 3.0 3.0 3.0 2.9 2.8 2.6 2 . 3 2.4 2.5 3.6 4 . 0 3.9 3.5 4 . 5 4 . 3 4.0 4.0 3.2 3.5 3.9 4.7 5.2 5.8 5.3 5.2 5.3 5.5 4.7 3.7 3.0 3.9 3.9 3.7 0.8 * 6.4 6.6 5.3 6.3 6.1 4.9 3.2 1.8 2.1 0.4 4.2 4.2 4.0 3.5 3.7 4.1 4.2 2.3 2 . 3 3.2 3.6 3.2 8 . 3 8.1 5.6 7.8 7.4 6.9 6.1 5.7 4 . 3 4.6 4.8 6.7 7.3 7.2 4.1 7.5 7.1 7.0 6.1 5.8 4.2 4.9 5.0 7.1 10.2 9.8 8.1 8.7 8.1 6.6 6.0 5.5 4.7 3.8 4.4 5.8 4 . 8 5.7 5.6 5.1 3.8 4.8 5.0 4 . 3 1.8 3.9 6.0 5.1 4 . 4 4.7 3.8 2.5 1.0 2.9 3.1 2.1 0.1 1.6 5.0 3.8 3.1 3.3 4.0 3.1 2.3 2.8 3.1 2.4 0.7 1.2 2.8 3.2 7.3 9.1 8.6 7.8 6.6 8.1 7.8 7.4 2.7 7.2 8.8 7.3 4 . 5 5.8 6.1 6.6 5.3 5.8 5.7 6.0 3.8 5.0 6.3 6.3 3.2 3.4 4.1 3.8 2.4 2.4 3.2 1.9 1.5 2.2 4.8 3.3 5.2 5.4 5.2 5.3 5.1 4 . 9 4.8 4.7 3.7 4.0 4.7 4.9 8 . 9 9.4 8.9 9.5 8.9 8.4 8.1 8.7 6.7 6.9 7.9 8.7 7.6 8 . 5 * * 8.1 7.6 7.9 7.8 7.9 7.6 7.3 6.4 6.7 7.1 10.5 9.4 10.2 10.0 9.8 9.3 8.9 7.1 7.0 7.4 9.1 9.5 10.6 9.9 9.8 10.0 11.5 10.4 10.5 9.4 10.8 10.2 10.3 11.7 11.1 11.9 10.7 9.9 9.5 10.9 8.0 8.1 9.7 11.0 10.6 12.0 11.4 12.3 11.0 10.2 9.8 11.3 8.2 '8.2 9.9 11.3 4 . 3 4.6 4.1 4.7 4.4 4 . 3 4 . 0 4 . 1 2.2 3.3 4.4 3.9 3.0 3.1 3.1 2.8 2.6 2.7 2.9 2 . 3 2.0 2.4 2.9 2.7 2.2 2.6 2.7 2.2 2.0 2.2 * 2.6 2.1 * * * * * * 2.5 2.4 * * 1.8 2.2 * * * * * * * * * * * * * * • * * 3.7 3.7 3.1 2.9 3.4 3.9 2.8 2 . 3 3.1 3.6 3.3 4 . 5 5.0 5.3 5.1 4.7 4 . 9 5.5 5.4 5.1 5.2 5.5 5.6 2 . 8 2.2 2.6 2.8 2.0 2 . 0 2.2 1.5 0.3 1.2 2.3 2.4 1.4 1.0 2.1 1.9 1.4 1.2 1.8 0.6 0.7 0.3 1.7 1.0 6 . 4 6.4 5.9 5.9 5.7 4 . 9 4 . 9 4 . 5 4 . 3 4 . 8 4.6 5.3 5.4 5.0 3.7 3.0 4 . 0 4 . 8 3.8 2 . 5 2.9 3.4 4.1 2 . 3 2 . 8 1.9 1.8 1.8 1.8 1.9 2 . 0 2.4 1.3 1.0 2.4 1.9 Table 2 . - PROFITS P E R DOLLAR OF S A L E S , 20 1959 Industry Q1 4.7 Q2 Q3 Q4 5.5 4.6 4.5 4.8 5.9 4.1 4.2 4.9 5.9 3.5 4.1 5.6 7.4 1.8 4.0 3.8 5.9 7.8 1.7 4.5 5.8 3.1 4.2 1.3 4.4 5.3 3.6 5.0 1.5 4.8 4.3 1.9 2.6 6.8 7.1 6.0 4.2 3.8 7.8 8.1 7.0 3.5 4.1 0.5 -3.1 5.1 2.0 2.3 4.9 4.8 5.0 4.1 5.9 6.4 4.7 3.0 2.0 5.7 5.7 2.9 4.7 2.8 9.8 6.0 2.6 5.4 3.4 9.1 7.3 4.6 3.2 2.4 6.4 6.8 3.7 4.7 5.1 5.1 4.8 7.9 8.2 8.1 7.8 7.7 9.1 10.5 9.1 9.3 3.9 8.5 10.2 10.1 9.3 9.4 4.4 8.1 9.2 11.6 9.4 9.5 4.1 7.2 9.1 8.9 9.7 9.9 3.7 2.7 3.1 3.2 2.9 Food and kindred products Dairy products. . Bakery products Alcoholic beverages Tobacco manufactures 2.1 2.5 2.7 2.5 * * * * * * * * 2.4 5.2 3.8 5.5 4.2 5.6 3.1 5.2 Textile mill products Apparel and other fabricated textile products Paper and allied products Printing and publishing, except newspapers. . Leather and leather products 2.5 1.6 5.0 3.6 1.9 3.2 1.4 5.5 4.2 2.4 3.0 1.8 5.2 5.1 2.2 3.3 1.4 5.2 2.9 2.4 All manufacturing corporations, except newspapers Metals and metal fabricating industries . . . . Transportation equipment Electrical machinery, equipment, and supplies Metalworking machinery and equipment. . . . Other fabricated metal products Primary metal industries Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Furniture and fixtures Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Chemicals; petroleum; rubber and plastics . . . Chemicals and allied products Basic chemicals and related products. ... Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . Other nondurable goods industries * Not available BY I N D U S T R Y , AFTER TAXES (Cents) 21 I960 1961 1962 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 02 03 04 4.7 4.6 4.3 4.0 3.5 4.4 4.3 4.8 4.3 4.7 4.4 4.8 4.6 4.6 3.6 3.4 2.7 4.2 3.8 4.7 4.2 4.8 4.0 4.5 4.8 4.5 3.3 3.3 2.9 4.2 3.6 4.7 4.5 4.8 3.8 4.6 5.2 6.9 1.4 3.9 4.1 4.9 6.6 1.4 3.6 4.5 2.6 3.5 1.3 3.5 3.6 4.0 5.8 1.6 3.2 3.0 3.1 4.1 1.4 2.9 3.2 4.4 5.8 1.9 3.2 4.6 2.9 3.8 2.0 3.3 4.2 5.4 7.5 2.0 4.3 4.4 5.4 7.1 2.3 3.5 4.3 5.6 7.4 2.3 3.8 5.1 3.8 4.9 2.2 3.7 4.6 6.1 7.8 2.6 4.0 4.1 3.1 2.4 6.7 7.0 5.9 2.7 2.9 5.6 5.3 6.0 2.5 3.0 3.9 3.2 5.2 2.8 1.3 4.1 3.9 4.3 2.6 1.2 3.5 2.7 4.8 2.8 3.0 5.3 5.0 5.9 3.3 3.1 4.7 4.6 4.8 4.2 2.4 5.7 5.7 5.8 4.2 2.7 5.2 4.9 5.8 4.6 3.8 4.7 4.0 6.2 3.5 3.3 3.3 2.6 4.5 3.5 4.9 4.8 3.7 1.8 4.3 4.9 4.6 2.6 4.7 •5.1 4.2 2.7 4.3 3.8 5.4 4.1 1.7 1.9 5.0 6.0 2.4 2.7 1.9 8.2 6.2 3.1 2.1 2.6 7.4 6.2 4.1 0.1 2.1 5.4 5.3 4.1 -0.3 -0.4 2.4 4.0 2.5 2.9 1.3 6.8 5.3 2.8 3.0 2.1 7.0 6.0 4.2 1.7 2.9 6.2 6.2 4.7 0.7 1.5 2.8 5.1 2.7 3.2 2.1 6.9 6.1 2.8 3.4 3.2 6.8 6.0 4.4 2.1 2.6 5.0 6.3 3.8 4.7 4.7 4.9 4.7 4.2 4.6 4.8 5.0 4.4 4.6 4.8 5.0 7.8 7.7 8.1 8.3 7.8 8.2 8.0 8.7 7.8 7.6 7.8 8.6 7.6 8.9 10.4 9.2 9.4 3.8 7.8 9.1 9.1 8.7 8.9 3.9 7.4 7.9 10.9 10.0 10.2 3.3 6.9 7.7 9.2 10.8 11.0 3.2 6.5 7.4 9.4 10.1 10.4 2.9 7.8 8.5 9.0 9.7 9.9 4.2 7.4 7.7 11.0 9.7 9.8 3.8 7.6 8.9 9.8 11.0 11.1 4.2 7.2 8.2 9.9 9.4 9.5 3.7 7.6 8.8 9.1 8.6 8.8 4.1 7.3 7.9 10.5 9.4 9.5 3.4 7.5 8.9 9.8 10.8 11.0 3.7 2.7 2.8 3.0 2.6 2.1 2.5 2.9 2.8 2.3 2.7 3.0 2.9 2.1 2.4 2.6 2.2 1.9 2.4 * 2.6 2.3 1.9 * * * * * * * * * 2.7 2.0 2.2 4.2 5.8 2.3 1.9 2.9 3.4 6.1 2.4 1.9 4.5 3.9 1.6 2.8 1.9 4.6 3.4 2.4 * * * * 2.2 5.2 3.5 5.4 3.8 5.5 3.0 5.8 2.2 5.3 2.3 3.2 5.7 2.0 4.1 5.9 2.1 3.2 5.9 1.6 2.0 5.4 2.3 2.1 2.4 3.3 5.5 2.8 1.0 4.9 4.0 2.7 2.5 1.3 5.4 3.6 1.6 2.5 2.0 4.8 3.9 0.9 2.1 1.1 4.8 2.9 1.4 1.2 0.4 4.1 2.6 0.9 1.8 0.5 4.8 2.3 0.7 2.5 1.8 4.3 3.7 1.2 2.7 2.1 5.2 2.7 1.6 2.2 1.3 4.4 2.6 1.6 2.5 1.4 4.9 3.6 1.4 Table 4. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 22 1 EQUITY 9 1947 Industry Ql 92 93 Q4 All manufacturing corporations, except newspapers 27.9 25.3 23.9 24.9 Durable goods industries. • 26.4 25.0 22.3 24.1 . . . . 26.0 24.3 21.4 23.7 Transportation equipment Motor vehicles and equipment Aircraft and parts Electrical machinery, equipment, and supplies Machinery, except electrical. ... 21.7 20.8 19.3 22.1 29.3 28.5 27.2 31.9 Metals and metal fabricating industries Metalworking machinery and equipment. . . . Other fabricated metal products . . . • • • • Primary metal industries Blast furnaces, steel works, and foundries. Nonferrous metals . . . . Other durable goods industries. , . Lumber and wood products, except furniture. . Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Chemicals; petroleum; rubber and plastics . . . Chemicals and allied products • • • . . . • » Basic chemicals and related products. . . . Drugs . . . • • • • . . • . . • • • . . . • Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . Other nondurable goods industries Food and kindred products Dairy products Bakery products Alcoholic beverages . . Tobacco manufactures Textile mill products Apparel and other fabricated textile products Paper and allied products * . . Printing and publishing, except newspapers. • Leather and leather products. * N o t available * * * * 32.3 32.0 27.8 33.3 27.7 29.3 24.0 24.8 * * * * 32.0 28.6 27.5 28.1 24.0 19.6 17.0 19.6 23.7 18.5 17.9 19.1 24.6 21.6 15.2 20.8 28.0 27.7 25.9 26.1 36.2 35.5 34.5 38.0 32.8 32.6 29.1 27.9 24.3 25.3 21.5 21.5 24.0 22.9 20.8 25.7 26.5 24.3 26.6 19.8 29.3 25.6 25.4 25.6 23.3 21.6 21.5 22.9 31.7 24.8 22.5 24.3 * * 16.8 * * * 19.1 * * * 21.3 * * * 21.5 * 28.7 24.5 18.5 26.8 34.7 29.3 29.0 28.1 32.3 27.9 30.7 28.2 * * * 15.1 * * * * * * 15.4 17.1 * * * 18.6 39.8 31.0 26.4 32.9 36.2 28.2 34.3 29.2 41.5 38.6 32.9 30.6 35.0 31.0 30.0 18.0 34.5 21.8 20.9 21.0 BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES 1948 Q2 Q3 Q4 25.2 25.1 25.0 25.3 24.9 25.6 28.4 25.3 24.6 25.4 24.7 30.9 * 24.7 29.7 28.9 28.9 * 27.0 27.9 28.1 26.2 * 23 1949 _QL 26.7 * (Percent) Q3 Q4 20.6 17.0 18.9 23.0 18.7 29.7 24.3 29.0 36.5 * 35.1 42.0 * 23.0 24.8 * 26.2 * 31.8 Ql Q2 _Q2 1950 Q3_ 04 18.0 -2L 19.4 24.8 20.4 18.9 21.9 30.0 35.2 41.3 19.3 21.0 19.1 22.9 30.7 35.1 42.0 28.1 33.5 * 28.9 36.0 * 37.1 46.8 * 28.2 32.2 46.2 55.2 * 49.3 58.7 * 50.8 58.6 * 22.1 23.5 * 16.3 20.3 * 17.8 17.2 * 32.8 16.1 * 29.3 18.4 31.1 24.2 * 41.1 26.7 * 62.4 33.6 * 13.9 14.5 17.7 20.2 16.6 11.3 10.4 13.1 18.5 18.7 19.9 16.2 24.9 25.4 26.9 8.1 12.7 14.5 9.1 22.2 34.0 28.3 29.0 26.7 37.8 36.4 36.4 36.4 26.8 35.5 38.2 28.5 23.5 32.3 25.9 10.1 14.6 37.9 29.0 39.1 33.3 29.6 34.2 39.2 39.5 43.0 35.8 30.2 34.0 * 39.0 * * 31.0 35.5 28.1 23.0 23.9 21.1 28.0 28.3 21.8 20.9 20.5 21.7 24.8 19.9 24.2 25.6 21.5 25.3 26.1 26.3 22.7 17.3 15.9 18.0 17.9 17.5 39.1 32.4 18.4 19.8 21.3 32.6 30.7 19.3 29.0 23.4 22.5 14.9 27.6 21.5 23.8 16.0 14.6 12.5 21.3 19.2 5.3 12.6 26.2 22.5 18.6 14.7 15.9 18.8 20.7 13.4 24.4 19.1 13.6 16.6 15.7 20.4 20.7 28.1 25.5 24.7 22.0 18.4 15.4 17.4 17.2 17.1 20.1 27.2 30.0 25.6 23.1 19.3 15.3 16.7 17.3 17.2 21.0 27.2 32.6 27.5 * 22.7 * 24.4 25.4 * 24.4 * 22.8 * 16.7 * 22.4 * 22.9 * 25.2 * 28.3 * 36.2 * 21.2 20.9 * * * 30.0 25.0 26.7 19.4 * * * * 16.8 20.6 20.7 14.6 * 39.9 * * * * 13.9 * 12.8 * 16.7 * 20.6 26.6 * * * 27.6 * 24.2 * 22.5 * 17.9 * 14.9 * 14.2 * 20.0 23.5 20.9 21.6 13.5 11.8 10.8 18.3 14.9 21.4 38.0 47.7 26.3 25.3 25.0 20.9 17.5 15.6 18.2 17.1 17.0 19.1 27.3 27.7 18.6 * 22.0 * 24.2 * 20.6 * 16.6 * 20.2 * 23.1 * 18.1 * 15.6 * 20.5 * 28.6 * 23.7 * * * * * 16.1 18.0 39.3 31.7 31.4 25.9 34.1 17.5 32.9 * 28.1 26.6 20.1 17.1 * * * * 28.0 25.7 26.6 23.5 23.6 24.7 25.9 19.8 9.2 22.7 18.1 13.9 * * * * * * * * * * * * * * * * 18.4 20.7 21.9 19.8 16.3 19.1 25.2 24.5 16.8 17.6 19.6 23.3 11.6 8.4 10.1 14.0 19.6 7.4 10.7 16.1 9.5 20.7 11.8 12.3 18.2 11.8 20.8 17.3 10.4 23.3 25.8 26.3 28.9 23.9 10.9 13.0 29.6 23.6 40.3 19.2 27.9 16.0 15.0 21.1 12.7 20.6 1 6 . 8 25.2 Table 4. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 24 Industry Q2 1 EQUITY 9 1951 Q3 Q4 Metals and metal fabricating industries Transportation equipment 24.9 25.3 35.2 28.3 30.6 37.8 36.0 29.1 33.0 39.4 45.6 . . . . 29.7 37.0 All manufacturing corporations, except newspapers Q1 32.0 39.1 43.7 30.5 34.1 34.7 37.0 * Electrical machinery, equipment, and supplies 47.7 35.1 * * 34.8 35.1 30.2 28.2 42.6 33.0 * * * 38.0 34.7 35.8 32.4 33.8 35.6 36.8 33.2 27 A 28.8 31.0 24.4 26.3 30.8 32.6 27.0 34.0 32.3 25.5 21.2 31.2 34.7 38.1 33.5 30.9 29.0 29.0 40.9 33.6 23.3 20.2 20.7 34.7 30.0 16.5 13.9 18.9 24.8 31.8 18.4 28.0 24.9 21.7 20.5 Chemicals; petroleum; rubber and plastics . . . 30.1 27.1 25.6 25.2 Chemicals and allied products Basic chemicals and related products, . . . Drugs Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 38.4 30.5 28.7 26.8 Metalworking machinery and equipment. . Blast furnaces, steel works, and foundries. Limber and wood products, except furniture. . Instruments and related products. . . . . . . Miscellaneous manufacturing, and ordnance . . Nondurable goods industries * * * * * * * * it 23.3 23.1 41.2 23.0 22.9 30.8 22.9 22.9 36.5 26.0 22.8 18.2 16.1 19.7 Other nondurable goods industries 23.3 23.3 43.2 Apparel and other fabricated textile products Printing and publishing, except newspapers. . * N o t available 16.1 * * * * * * . 18.1 * * Alcoholic beverages Tobacco manufactures 17.4 * Food and kindred products . Dairy products * * * 20.3 20.4 22.4 23.8 33.9 16.6 42.8 19.8 17.1 26.5 8.3 41.7 24.3 13.5 12.0 7.6 31.5 21.6 13.6 11.9 5.7 26.6 21.6 0.0 BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES 1952 Q3 Q4 22.0 20.7 28.2 26.5 30.5 35.1 37.3 * * Q2 Q3 Q4 22.2 26.4 23.3 22.5 26.8 30.3 33.3 27.7 22.2 28.5 32.6 43.4 46.5 27.0 26.2 39.2 40.4 33.4 32.7 31.0 24.2 * * * * 41.4 23.5 * Q2 Q3 Q4 15.8 Q1 18.5 19.8 17.5 18.3 26.9 16.5 20.5 23.1 18.9 20.2 35.1 27.7 17.2 22.0 24.1 18.3 20.2 45.5 48.3 48.9 50.1 36.1 36.6 23.0 19.8 32.7 32.8 36.7 36.5 23.1 20.3 30.0 29.5 40.9 27.8 39.2 30.4 * * * 31.3 22.5 * * 22.9 13.8 * 28.2 20.4 * 25.8 21.7 it 21.4 16.8 * 24.4 13.9 * * * * * 25.1 30.7 32.6 26.7 14.4 14.1 13.8 14.6 14.4 15.6 15.4 15.9 17.7 17.8 17.2 19.0 18.0 14.7 13.6 16.8 12.8 18.4 18.0 19.2 21.2 26.1 23.4 13.7 13.9 19.3 21.5 20.1 12.0 21.7 22.8 30.0 17.2 12.6 23.7 24.7 30.5 17.4 17.3 23.2 33.4 32.3 20.3 13.3 17.0 31.5 29.1 20.1 7.4 11.6 14.6 22.6 13.7 6.0 10.0 16.4 24.2 12.4 12.1 •12.0 11.8 14.5 27.1 29.6 23.7 25.9 13.8 17.1 16.0 17.7 21.3 27.4 18.0 19.1 17.8 19.8 19.9 19.9 15.1 16.6 16.6 16.2 16.4 20.0 20.4 19.9 22.2 21.9 21.2 17.2 19.1 18.2 17.0 18.3 24.2 24.2 23.8 27.9 26.9 24.9 18.1 22.1 22.4 22.0 21.9 22.3 12.3 7.5 22.0 22.0 13.9 12.1 17.5 19.4 22.0 14.0 19.6 21.9 28.2 15.5 * 19.3 23.2 24.7 20.2 22.8 27.2 28.0 25.4 23.4 20.0 16.8 20.1 27.5 29.1 14.9 17.8 18.5 29.8 29.4 17.5 19.3 17.8 23.4 27.2 * * 24.2 25.5 28.0 20.4 23.2 26.7 26.2 27.7 * 1954 Q1 24.9 * 25 1953 Q1 23.6 Q2 36.8 31.7 (Percent) * * * * * * * * * * * * * it * * * * * * * * 20.4 20.6 28.9 16.3 16.1 29.7 17.3 17.1 27.4 17.0 17.1 25.1 17.8 17.8 31.2 17.7 17.4 33.4 18.4 18.3 27.3 17.0 17.2 13.1 17.1 17.3 21.7 15.2 15.2 23.4 14.0 13.9 18.4 16.2 16.4 19.5 15.5 15.6 17.9 15.7 17.3 18.0 18.5 13.0 14.0 14.9 15.3 14.3 14.0 16.6 20.3 16.4 15.9 17.9 21.2 15.3 14.9 17.5 18.3 15.8 * * * * * * * * * * * it * * * * * * * * it * * * it * it * it * it it * * * * 17.7 19.1 21.9 20.5 17.9 24.5 26.1 23.0 19.1 21.3 24.1 21.3 10.9 7.3 28.7 21.7 8.5 9.3 9.3 22.8 21.0 12.1 10.6 12.5 22.8 19.7 17.1 10.2 15.0 21.7 14.3 14.3 13.7 15.0 24.4 22.8 15.1 12.3 13.7 24.0 22*2 17.3 10.7 12.0 23.2 19.8 14.2 5.6 3.9 18.4 13.7 6.7 6.3 9.4 20.3 20.4 10.3 4.5 5.5 9.7 9.3 21.0 19.6 18.6- 16.3 12.6 15.2 6.1 11.1 19.6 15.9 13.9 688444 O - 63 - 4 Table 3. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS' EQUITY, 26 1955 Industry . . . . Q4 25.0 23.3 24.6 30.7 26.4 28.5 27.9 31.8 26.2 29.8 47.9 52.9 Metals and metal fabricating industries Q3 26.3 All manufacturing corporations, except newspapers Ql 22.3 Q2 50.2 55.0 34.0 35.2 42.5 45.8 25.7 23.3 25.1 20.7 24.5 22.8 * Electrical machinery, equipment, and supplies Metalworking machinery and equipment. . . . 25.2 18.5 * * * * * * * 17.3 24.0 23.1 25.8 20.7 29.4 29.7 28.9 22.9 25.5 25.9 24.7 20.4 30.4 29.7 31.9 19.7 26.3 27.4 22.7 18.5 13.3 23.5 22.6 14.3 22.6 16.1 36.3 26.4 15.2 22.7 22.3 35.6 25.0 20.4 13.4 24.7 25.8 30.0 20.7 18.4 19.4 20.3 20.8 Chemicals; petroleum; rubber and plastics . . . 20.4 20.8 21.2 23.3 Chemicals and allied products Basic chemicals and related products. . . . 26.2 28.2 28.4 29.0 Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Rubber and miscellaneous plastics products. . Other nondurable goods industries . . . . . . . Food and kindred products Dairy products * * * * Petroleum refining and related industries . . * * * * 16.4 16.5 25.8 15.6 15.5 28.9 16.3 16.1 27.6 19.6 19.7 26.7 16.1 17.8 19.2 18.0 15.7 18.5 20.9 16.9 * * * * * * * * * * * * Tobacco manufactures 18.8 24.6 27.3 26.0 Textile mill products Apparel and other fabricated textile products Paper and allied products Printing and publishing, except newspapers. . Leather and leather products. . . . . . . . . 11.7 12.3 20.7 20.7 16.6 10.9 9.8 23.9 21.2 15.4 11.0 15.2 23.3 20.4 19.2 13.1 13.1 24.1 18.8 17.8 * N o t available BY INDUSTRY, BEFORE FEDERAL INCOME TAXES (Percent) T555 27 T m - w Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 23.8 24.2 20.2 22.3 22.5 21.6 19.1 16.8 12.9 13.9 15.9 18.8 27.2 28.0 20.8 25.6 25.9 25.3 20.4 18.1 12.8 14.2 14.9 20.6 28.7 28.5 19.8 26.2 28.0 26.3 20.2 18.4 13.6 14.0 13.1 20.7 35.1 29.7 17.4 31.3 37.7 32.6 20.7 25.6 18.4 28.0 28.2 14.0 30.4 39.7 31.9 17.9 24.7 16.3 13.3 10.6 5.8 37.0 0.5 30.3 42.2 35.8 43.8 38.2 41.2 35.2 34.5 29.6 27.4 25.5 26.0 21.7 25.3 24.0 23.8 28.4 26.8 23.3 24.0 17.3 17.9 20.4 25.9 24.9 28.5 24.4 24.5 24.9 25.9 20.4 15.2 12.4 15.7 14.9 15.2 * * 31.3 31.7 27.3 30.3 28.9 21.4 13.8 9.2 8.2 5.2 5.6 21.1 22.5 21.5 18.7 19.2 21.3 21.7 12.6 11.3 14.7 18.0 16.2 32.0 31.2 15.8 27.1 26.0 23.4 17.7 14.9 10.2 11.3 12.0 18.1 29.7 30.3 11.3 29.1 28.0 26.3 19.7 16.8 10.4 12.9 13.0 20.4 36.6 33.1 24.2 23.2 22.1 17.5 13.7 11.1 9.7 8 . 3 10.1 13.3 20.8 25.6 25.0 23.0 16.2 20.9 21.4 16.9 8.6. 15.1 23.4 20.1 16.2 18.9 15.7 9.2 5.0 11.1 11.3 7.6 3.2 6.9 17.5 13.9 22.5 23.1 25.4 23.1 16.9 18.7 19.4 16.9 6.6 9.5 17.3 21.1 24.9 33.0 30.1 25.8 20.1 26.5 26.3 19.6 8.5 19.7 26.6 19.9 19.6 24.7 26.2 32.5 21.9 25.7 23.8 25.2 15.8 19.5 24.7 28.1 17.5 19.9 24.1 24.1 14.6 15.9 20.7 12.9 9.5 12.9 25.8 19.1 20.5 20.5 19.7 19.2 19.2 17.8 17.9 15.5 13.0 13.5 16.8 17.0 21.9 21.7 20.0 20.4 21.6 18.8 17.5 16.1 12.9 12.7 16.2 17.0 28.8 27.6 24.9 25.1 26.3 26.0 25.4 22.4 18.4 20.0 22.2 22.7 27.6 23.6 25.6 26.1 25.6 23.5 20.4 15.0 15.7 17.5 21.2 33.3 * * 33.0 37.4 33.4 37.8 31.7 42.4 37.5 37.7 30.0 37.1 17.4 17.7 16.8 17.3 18.7 14.2 12.4 12.3 9.8 7.9 12.0 13.2 17.4 17.6 16.6 17.3 18.8 14.2 12.3 12.3 10.0 7.9 11.8 13.2 25.0 26.0 22.4 24.3 23.4 22.9 21 ;9 18.2 11.7 17.6 22.9 21.7 19.0 19.0 19.3 17.7 16.2 16.6 18.4 14.8 13.1 14.6 17.6 17.0 18.0 20.0 20.6 17.5 16.0 17.1 20.4 16.7 14.7 17.1 19.2 18.6 * * * * * * * * * * * * * * * * * * * * * * * * * 18.2 19.5 17.0 13.2 15.6 19.0 14.1 10.9 14.3 16.8 15.9 21.4 25.2 26.2 25.4 21.0 25.4 29.3 28.3 24.6 28.2 30.3 29.7 13.7 10.4 10.9 12.0 10.1 9.3 9.6 7.4 4 . 0 5.5 9.4 10.8 15.0 10.8 22.2 17.4 12.8 12.2 18.9 9.3 8.7 6.5 18.2 13.0 23.8 24.4 21.5 21.3 19.7 18.2 17.0 15.1 14.2 15.3 15.8 17.7 27.9 26.7 23.5 20.3 23.8 26.2 25.1 16.3 17.7 18.4 22.4 14.2 18.4 14.0 13.9 14.1 14.4 14.2 15.3 15.6 10.6 9.2 15.9 15.1 Table 4. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 28 1 EQUITY 9 1959 Industry 23.1 Q3 17.1 Q4 16.8 20.8 27.7 15.8 16.9 21.8 28.4 13.6 16.5 33.7 39.4 18.1 22.1 14.8 36.6 42.2 18.3 25.4 24.7 14.8 14.9 14.4 24.7 21.4 18.2 19.1 17.5 27.4 16.9 8.6 12.8 20.5 23.6 14.6 15.6 19.6 28.8 34.5 17.8 12.5 21.2 -0.3 -6.7 11.6 9.4 11.2 11.3 12.1 9.8 15.9 24.6 25.9 18.7 11.4 13.3 16.4 22.5 14.6 20.3 17.9 31.3 25.0 16.1 20.8 21.9 28.6 29.0 24.9 11.7 16.3 17.9 28.3 20.9 16.7 18.5 18.4 16.7 Chemicals; petroleum; rubber and plastics . . . 16.9 18.2 17,..2 15.5 Chemicals and allied products Basic chemicals and related products. . . . 24.5 22.8 36.3 12.0 12.1 21.1 29.4 27.7 31.3 10.8 10.5 25.9 26.8 23.6 40.3 11.2 10.9 21.0 22.0 21.5 28.6 11.5 11.5 18.0 16.4 19.1 20.0 18.3 16.5 18.6 20.3 18.6 * * * * * * * * 10.7 25.1 17.4 29.5 19.5 30.3 15.7 26.5 11.4 16.3 16.7 19.2 15.3 14.4 15.6 20.2 22.7 18.3 14.6 19.1 18.7 27.2 18.2 16.0 14.9 18.0 18.5 17.6 All manufacturing corporations, except newspapers Metals and metal fabricating industries . . . . Electrical machinery, equipment, and supplies Metalworking machinery and equipment. . . . Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Petroleum refining and related industries . . Rubber and miscellaneous plastics products. . Other nondurable goods industries Food and kindred products . . . . . Dairy products. Tobacco manufactures. . . . Textile mill products . Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products * Not available Ql 18.7 Q2 BY I N D U S T R Y , BEFORE FEDERAL INCOME TAXES 1960 Q2 Q3 Q4 18.4 18.0 15.4 20.6 19.7 21.9 19.8 32.5 27.5 38.1 32.9 21.0 16.6 6.0 29 1961 Ql 15.7 (Percent) 1962 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 14.8 12.6 16.8 15.8 18.5 16.7 18.9 16.7 18.1 13.9 14.1 11.0 17.8 15.0 20.3 18.2 21.3 16.5 19.2 12.7 14.0 11.6 18.1 13.9 20.7 19.7 21.8 15.5 19.7 11.5 23.3 15.3 25.0 12.4 32.1 30.9 34.8 19.0 35.2 11.3 27.3 15.7 27.4 11.3 36.6 34.3 38.3 18.6 39.4 14.2 17.1 16.0 20.5 20.6 22.1 23.4 24.7 22.7 25.1 15.1 16.7 16.7 24.0 19.5 21.2 19.2 21.0 12.2 18.3 16.0 16.9 16.3 21.2 18.4 16.8 20.7 18.3 16.8 19.6 14.3 11.9 13.0 12.8 10.4 11.1 9.5 11.5 12.5 16.5 15.9 17.1 13.5 15.7 11.7 14.2 14.4 7.8 7.4 15.0 15.9 13.6 13.2 18.8 17.3 13.5 15.1 8.9 8.5 7.9, 13.9 11.4 14.2 14.8 12.2 7.6 9.2 25.0 15.8 7.7 8.8 6.9 14.4 12.4 14.9 15.5 11.2 8.0 13.6 13.7 11.1 6.5 7.9 9.7 12.9 9.6 12.7 13.4 14.2 9.5 11.2 14.3 19.2 19.3 14.5 8.2 16.7 20.1 18.6 11.4 19.2 20.9 17.0 21.0 8.3 1.8 1.6 10.1 10.8 6.3 3.9 12.3 13.3 7.8 15.9 4.0 9.9 14.8 19.5 11.5 15.5 20.5 18.2 23.5 21.8 13.1 14.6 7.4 20.1 21.8 17.5 8.9 21.7 21.6 14.6 24.0 23.6 21.7 14.8 19.6 23.4 20.1 24.5 24.2 26.6 13.5 16.5 24.5 22.1 26.6 12.4 16.3 26.3 26.4 15-. 7 16.3 24.3 22.0 l'6.2 16.4 16.9 15.4 14.1 15.8 16.5 16.8 15.3 16.5 16.8 17.0 15.9 15.7 15.9 15.0 14.5 15.6 15.3 16.1 15.4 15.8 15.5 16.6 23.8 25.0 22.8 18.9 18.6 23.9 22.5 22.1 21.9 25.4 23.6 22.2 23.3 18.4 16.3 20.9 18.3 20.2 19.9 24.2 20.2 21.3 37.2 28.4 36.3 28.0 16.3 31.6 30.0 35.8 32.0 35.1 28.9 35.8 30.0 10.9 9.8 12.3 10.3 10.9 12.3 11.5 9.9 11.0 13.5 12.4 10.2 10.6 12.1 11.6 9.7 10.8 13.4 13.5 20.3 17.6 19.2 17.4 20.7 15.4 16.5 13.6 16.0 18.1 17.8 15.1 17.4 18.6 17.6 15.4 18.1 19.6 18.2 15.2 17.8 7.7 11.1 13.1 13.0 14.3 23.2 22.0 11.0 9.7 12.1 11.8 19.6 20.2 16.7 17.5 18.3 16.1 * 17.6 * 19.5 •k * * 9.4 * 16.0 15.2 17.2 28.8 12.8 12.8 14.9 16.1 17.4 * * * * * 19.0 * 17.2 * 18.5 17.8 19.9 * 18.7 18.2 15.6 13.1 20.2 19.0 21.8 15.7 9.9 15.2 18.6 16.1 9.4 15.9 19.2 15.9 27.4 25.5 29.2 29.8 28.9 24.5 27.0 28.6 28.3 11.4 10.3 7.2 9.5 11.7 13.5 11.4 13.0 12.5 14.0 23.1 13.5 7.0 10.1 22.1 20.9 14.4 15.7 21.0 19.4 15.9 14.9 13.3 16.1 14.3 16.6 14.8 17.2 15.4 15.2 23.4 18.7 15.6 15.1 23.5 17.1 16.3 20.1 23.2 19.5 9.0 6.3 10.6 14.9 14.1 12.6 13.8 17.4 25.2 28.5 13.8 12.5 12.4 16.8 14.0 18.4 21.4 20.3 17.1 14.2 9.5 10.8 30 1 Table 4 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS EQUITY 9 1947 Industry Ql 17.0 Q2 Q3 Q4 15.5 14.7 15.2 15.8 15.0 13.2 14.0 15.5 14.4 12.6 13.5 12.1 16.9 11.6 16.7 10.4 15.6 9.9 16.5 20.0 16.5 19.1 17.7 16.9 14.2 20.2 14.6 * * * * 19.7 14.5 14.4 14.7 17.5 11.8 11.1 13.0 16.5 10.2 10.8 9.0 17.1 12.2 11.9 13.0 16.8 17.1 15.9 15.8 22.5 19.8 14.4 14.6 15.1 22.2 20.1 15.5 14.4 14.7 21.7 17.3 13.1 12.8 16.0 25.1 15.3 13.0 15.7 10.2 18.1 15.9 16.1 16.4 Chemicals; petroleum; rubber and plastics . . . 15.3 14.2 14.5 16.1 Chemicals and allied products . . . . . . . . Basic chemicals and related products. . . . 19.4 15.3 All manufacturing corporations, except newspapers Metals and metal fabricating industries . . . . Motor vehicles and equipment Aircraft and parts Electrical machinery, equipment, and supplies Metalworking machinery and e q u i p m e n t . . . . Blast furnaces, steel works, and foundries. Lumber and wood products,. except furniture. . Furniture and fixtures. Stone, clay, and glass products Instruments and related products. . . . . . . Miscellaneous manufacturing, and ordnance . . Nondurable goods industries * * * * Food and kindred products . 13.9 * * * 12.4 14.3 15.7 16.6 16.5 8.3 8.9 16.0 20.6 Other nondurable goods industries * * Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 15.2 * 17.6 17.5 16.7 18.8 16.5 18.3 16.6 •k * * * * * * * * * Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products . . . * Not available * * * * * * 9.0 Bakery products * * 9.4 10.8 11.3 23.9 21.3 25.4 21.7 20.1 18.6 16.2 23.8 18.8 12.8 15.8 20.6 20.2 18.8 12.0 19.7 17.5 18.9 9.3 11.5 BY I N D U S T R Y , AFTER TAXES (Percent) 31 1949 1948 1950 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16.6 15.9 15.8 15.7 12.7 10.5 11.8 11.6 12.0 15.6 17.5 16.5 15.3 15.2 15.6 16.8 13.7 10.9 12.2 11.6 13.0 18.2 18.9 17.1 15.2 15.0 15.4 17.5 14.4 11.3 12.5 11.6 13.6 18.6 18.6 16.9 14.1 14.8 16.8 19.2 16.7 16.9 21.8 16.7 18.9 27.2 24.3 15.7 17.7 17.7 21.2 22.8 19.7 21.0 27.4 20.0 22.9 32.5 28.8 16.8 16.8 15.7 14.0 17.9 12.6 10.2 10.9 20.7 17.4 18.5 22.0 25.4 17.6 17.0 15.0 15.8 14.1 12.3 10.5 9.5 11.0 14.8 14.8 15.6 * * * * * * * * * * * * * * it * * it * * it * * * 17.2 16.3 17.2 17.3 11.8 7.4 12.1 10.0 11.2 15.5 19.2 17.7 13.2 13.0 14.3 17.4 14.5 8.1 7.5 7.2 11.2 15.6 15.4 15.7 12.8 12.6 14.7 18.4 15.0 10.1 8.4 6.4 11.7 16.1 15.2 14.1 14.0 13.8 13.5 15.4 13.4 4.2 5.8 8.9 10.2 14.6 15.8 19.2 15.5 16.0 16.3 13.9 10.3 9.5 10.9 11.4 10.5 16.7 20.3 17.8 24.8 20.8 19.3 12.6 9.0 9.1 8.2 10.1 10.5 18.1 22.7 18.2 19.7 17.5 13.5 13.1 9.2 6.5 7.3 9.6 8.5 15.3 16.2 20.5 16.1 11.0 16.3 17.1 15.4 11.0 13.1 15.1 13.2 12.4 20.1 22.0 12.4 13.7 13.3 16.7 12.3 11.8 11.1 13.2 12.6 16.0 18.7 19.4 12.4 10.4 15.0 11.0 9.9 2.1 7.7 8.8 5.2 8.5 16.7 18.2 17.8 16.4 16.1 14.7 11.8 10.0 11.5 11.5 11.0 13.1 16.2 15.9 20.0 17.4 16.8 16.9 13.2 10.8 11.8 12.6 11.8 14.8 16.9 18.1 17.1 14.1 16.0 15.9 13.9 10.0 14.1 14.6 15.6 17.5 20.6 17.3 * * 23.1 * * * 20.0 * * * 17.9 * * * 18.0 * * * 13.4 * * * 11.6 * it * 11.1 * * * 11.5 * * * 9.8 * * * * * * * 13.3 14.1 18.2 21.4 * it * 11.0 13.7 12.0 12.7 8.1 7.2 6.9 12.3 9.5 13.6 22.2 15.8 15.5 15.3 12.5 10.3 9.3 11.1 10.4 10.2 11.5 15.6 13.7 10.6 13.4 14.9 12.3 9.5 12.3 14.3 10.9 9.1 12.5 16.2 11.4 * * * * * * * * * * * * 17.6 15.5 20.9 16.1 14.4 10.2 14.4 5.0 19.3 17.2 15.1 15.9 16.1 12.0 10.4 9.8 11.4 24.1 18.8 * * * * * * * * * * * * * it * * * * * * * * * * 11.6 12.6 13.7 12.6 10.0 11.8 13.3 10.9 14.8 9.9 4.6 6 . 3 9.7 10.9 10.2 14.6 10.5' 5.2 9.5 5.1 6.5 5.2 16.5 12.2 13.9 11.9 8.5 9.1 13.3 12.7 14.4 16.6 20.8 16.9 10.0 14.4 11.8 13.2 6.2 13.0 9.4 14.2 9.5 11.7 7.7 6.3 3.7 7.2 7.7 6.5 7.3 14.7 15.0 32 Table 4 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 1 EQUITY 9 1951 Industry . . . . Q3 Q4 13.3 10.0 10.9 14.7 10.1 11.7 15.6 14.8 10.0 12.3 15.0 16.9 Metals and metal fabricating industries Q2 15.6 All manufacturing corporations, except newspapers Ql 14.3 15.7 17.1 10.0 10.7 12.3 12.7 * Electrical machinery, equipment, and supplies * * * 17.9 15.4 13.5 15.1 8.9 10.6 15.8 11.3 * * * * 17.6 14.6 14.0 16.0 14.4 14.5 14.3 15.0 11.1 9.6 9.1 10.7 10.5 12.5 11.9 13.9 15.7 14.2 10.6 9.2 15.4 17.3. 16.5 15.0 14.4 14.2 12.4 17.2 14.5 9.7 10.3 9.1 13.3 10.7 7.0 7.9 7.0 10.0 12.9 7.9 13.2 12.0 9.8 10.2 Chemicals; petroleum; rubber and plastics . . . 15.3 14.3 12.6 14.2 Chemicals and allied products Basic chemicals and related products. . . . Drugs Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . 15.9 12.8 9.4 10.9 * * * * * * * * 14.5 14.6 18.6 15.2 15.2 15.5 14.6 14.7 11.9 16.3 16.5 13.1 11.2 9.8 7.2 6.4 8.4 8.2 6.9 * * Metalworking machinery and equipment. . . . Other fabricated metal products Blast furnaces, steel works, and foundries. Lumber and wood products, except furniture. . Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Other nondurable goods industries Food and kindred products Dairy products Bakery products Alcoholic beverages Tobacco manufactures 9.1 . Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products * N o t available * * * * * * * * * 9.5 10.0 8.8 9.6 14.1 6.1 17.8 9.4 4.2 10.5 2.3 16.7 12.8 2.6 3.5 1.8 12.1 9.9 4.3 5.2 1.8 9.4 8.9 -2.6 - * BY INDUSTRY, AFTER TAXES (Percent) T932 Q1 Q2 10.1 10.0 11.0 11.7 1553 TS5S Q4 Q1 Q2 Q3 9.9 11.3 10.7 11.2 10.8 10.0 12.4 11.7 11.1 9.9 13.0 12.4 14.7 11.5 12.9 15.4 11.4 * Q3 * * Q4 Q1 10.5 9.5 9.4 10.4 9.3 10.6 12.3 10.8 9.6 9.6 11.3 9.4 10.8 12.3 12.5 10.9 10.1 10.5 11.7 8.9 10.7 15.6 14.6 15.1 12.7 13.0 15.3 17.6 11.1 14.6 16.0 15.2 15.0 12.8 12.6 15.3 17.4 9.7 14.0 * * * * * * Q2 * Q3 * Q4 * 13.4 11.4 12.0 17.8 15.1 12.8 12.1 12.4 12.9 11.8 10.5 14.5 12.2 12.5 10.2 10.4 11.3 11.7 8.7 7.6 9.5 7.8 7.0 * .* 10.2 * * * * 9.0 8.6 6.2 * 9.9 * 10.4 > * * * * 10.5 9.7 9.4 11.0 10.9 8.1 6.6 10.8 7.4 7.3 12.5 11.4 11.6 10.6 9.7 8.1 9.2 7.5 10.6 9.7 5.5 6.3 12.4 10.9 11.4 11.0 9.4 7.6 8.3 6.5 10.0 13.0 11.3 9.3 12.6 12.4 11.9 9.9 10.2 9.2 11.0 9.5 11.9 8.2 9.9 10.7 10.1 9.1 11.7 10.3 7.3 6.0 10.0 11.2 11.0 8.0 9.0 9-. 8 7.3 7.0 9.8 7.6 3.9 2.3 6.7 6.9 9.2 7.4 9.0 8.4 9.8 11.2 10.4 7.1 4.4 3.2 5.2 6.4 9.0 8.4 12.6 13.6 11.9 9.3 14.9 13.8 9.1 7.6 14.6 15.4 12.2 10.6 11.1 11.2 13.6 11.7 11.7 10.7 6.5 6.1 7.3 8.1 8 . 3 9.0 9.2 9.3 9.8 10.2 9.8 12.3 12.0 11.6 13.1 11.1 10.6 10.5 11.3 * * * * * * * * 11.6 10.7 11.4 12.9 14.1 • 9.1 6.3 5.0 6.5 9.1 9.3 10.2 10.3 9.4 9.2 9.5 9.3 10.5 11.9 12.4 12.1 12.7 11.9 11.8 11.1 13.5 11.4 11.6 10.3 9.7 11.2 11.8 11.0 12.5 * * * * * * * * * * * * * * * 13.4 12.9 12.3 14.2 12.2 12.9 13.2 14.7 12.5 11.9 11.4 14.2 13.6 13.0 12.3 14.5 12.3 12.9 13.3 15.0 12.8 12.0 11.4 14.5 9.6 10.8 11.2 13.0 11.5 12.1 11.5 10.1 10.3 10.9 9.5 11.6 6 . 3 6.7 8.1 7.4 7.7 8.0 8.5 5.9 6.2 7.0 7.4 7.2 5.9 7.7 9.4 7.4 7.0 8.2 10.2 * * 6.4 8.6 9.2 * 7.1 8.1 * * * * • * * * * * * 7.7 9.0 4 . 0 3.2 1.8 3.4 11.4 9.5 10.9 2.6 * * 7.3 * * * 10.5 9.6 9.0 5.3 4 . 9 2.1 2.1 6.7 4 . 9 1.0 3.7 10.2 10.2 9.2 9.7 11.4 10.8 8.9 6.8 6.5 8.0 6.2 3.1 * 9.3 7.7 9.5 4.7 4 . 9 6.0 5.8 7.8 7.6 10.1 10.8 10.6 10.2 9.4 6.2 5.6 8.1 6.7 * * * * * 668444 O - 63 - 5 * * * * * * * * * * * 11.4 10.2 1.0 1.9 2.4 3.8 4.9 5.7 10.3 9.5 10.2 10.5 10.0 7.9 8.4 4 . 0 5.4 7.6 6.7 10.0 Table 4 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 34 1 EQUITY 9 1955 Industry Ql Q2 Q3 Q4 All manufacturing corporations, except newspapers 11.4 13.0 12.3 13.5 Durable goods industries 12.6 15.1 12.9 14.4 13.3 15.4 12.6 15.0 Metals and metal fabricating industries . . . . Transportation equipment Motor vehicles and equipment. . . . . . . . Aircraft and parts Electrical machinery, equipment, and supplies Machinery, except electrical. . . . . . . . . Metalworking machinery and equipment. . . . Other fabricated metal products . . . . . . . Primary metal industries . Blast furnaces, steel works, and foundries. Nonferrous metals . . . Other durable goods industries. . . . . . . . . Lumber and wood products, except furniture. . Furniture and fixtures Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance • . Chemicals; petroleum; rubber and plastics . . . Chemicals and allied products Basic chemicals and related products. . . . Drugs Petroleum refining and related industries • . Petroleum refining Rubber and miscellaneous plastics products. . Other nondurable goods industries N o t available 15.3 20.3 25.8 15.7 21.7 12.0 12.3 11.9 13.1 8.7 11.3 10.0 11.2 * * * * * * * * 8.4 9.8 11.5 12.3 15.0 13.0 10.3 16.2 11.2 14.5 12.8 15.5 14.5 16.1 13.5 17.6 9.5 13.7 14.3 11.8 10.3 13.0 13.3 7.7 5.2 7.5 11.7 12.2 11.5 19.1 18.5 13.2 10.1 13.0 11.8 15.0 5.9 6.8 10.3 11.2 11.1 11.7 12 .6 12.7 13.1 13.4 15.7 13.3 14.8 15.0 15.7 * * * * * * * * 12.4 12.1 12.5 15.9 12.6 12.1 12.5 16.1 12.0 13.5 13.2 13.9 7.8 8.7 9.7 8.9 7.3 9.2 10.7 8.4 * . Textile mill products . . . . . . . . . . . . Apparel and other fabricated textile products Paper and allied products . . . . . . . * . . Printing and publishing, except newspapers. . Leather and leather products. . . * 23.6 10.4 Nondurable goods industries Food and kindred products . Dairy products. . . Bakery products . . . . . . . . Alcoholic beverages . . . Tobacco manufactures 21.7 23.6 * * 8.9 * * * * * * * * 11.8 13.1 11.8 5.7 5.2 5.3 6.5 5.8 4 . 1 7.5 7.2 10.3 11.9 11.6 12.3 10.8 10.7 10.6 8.8 8.1 7.1 10.1 8.7 BY I N D U S T R Y , AFTER TAXES (Percent) 35 1956 91 Q2 12.5 1957 Q4 1958 Q2 93 12.6 Ql 11.9 11.6 10.6 13.2 12.7 14.2 10.0 13.4 13.9 13.1 20.2 12.1 14.2 8.6 6.9 17.1 11.6 12.0 10.9 16.4 14.7 19.9 15.3 11.5 16.1 15.1 18.0 10.6 94 Q4 Ql Q2 Q3 10.5 9.8 6.8 7.8 9.0 10.7 12.6 10.4 9.5 6.1 7.2 7.8 10.8 13.8 13.0 10.2 9.5 6.7 7.1 6.7 10.7 15.8 15.7 20.3 11.4 12.3 17.8 18.8 17.9 13.9 12.3 15.6 15.3 19.3 12.9 13.0 10.4 9.2 16.7 11.5 10.1 13.6 13.6 17.0 11.9 7.5 9.1 8.3 14.1 8.3 5.6 7.0 5.9 12.7 9.1 7.7 3.8 1.5 12.4 9.9 7.1 15.3 16.9 13.3 13.4 7.0 15.9 11.0 8.7 6.0 13.9 13.0 9.4 14.7 15.1 14.1 14.9 9.5 13.4 13.8 12.4 14.1 10.9 11.9 13.0 9.7 10.6 11.0 9.3 9.9 8.1 6.3 5.8 8.4 8.9 7.1 3.0 5.0 5.4 5.3 5.7 3.4 7.3 5.9 6.5 4.6 . 0.6 8.8 6.2 6.5 5.6 1.1 7.9 9.5 10.4 7.9 13.4 13.2 12.1 7.7 10.6 11.1 9.3 3.2 7.7 12.8 10.8 9.1 10.7 12.6 8.7 9.7 11.0 11.4 17.2 11.9 10.4 9.0 13.0 15.9 12.5 13.3 5.6 11.2 13.6 16.3 13.0 2.0 7.3 10.0 10.6 6.9 6.2 9.2 13.7 12.4 7.5 4.1 6.5 9.7, 7.8 13.8 11.9 11.6 13.2 5.8 10.4 0.2 2.0 3.4 7.0 3.6 3.1 3.4 11.0 9.6 5.7 11.0 8.6 14.7 12.2 13.7 8.4 11.0 11.4 13.6 9.2 11.6 12.0 11.4 12.1 11.2 10.6 10.6 10.1 7.6 8.3 10.1 10.7 13.6 14.2 13.0 14.6 13.9 12.5 11.8 12.3 8.8 9.2 11.0 12.3 15.0 12.9 13.1 11.9 14.7 15.0 16.5 14.0 14.0 13.1 13.1 12.8 18.8 13.1 13.2 11.0 13.9 14.6 17.4 15.2 15.3 12.8 13.7 13.9 17.9 14.2 14.4 11.5 13.9 13.8 16.6 11.7 11.8 11.6 13.1 12.6 20.9 11.1 11.1 10.9 12.3 11.6 19.1 12.4 12.5 10.6 9.8 8.4 18.8 8.7 8.9 5.3 11.0 8.8 15.5 8.2 8.2 8.7 11.8 9.7 18.9 10.5 10.4 11.5 12.8 12.5 17.7 12.2 12.3 10.8 9.2 .9.4 9.6 9.0 7.8 8.2 9.2 7.3 5.9 7.1 9.0 8.6 8.2 9.9 10.4 8.7 7.4 8.4 10.4 8.3 6.8 8.5 9.8 9.7 * * * * * * 13.0 93 11.0 13.3 14.0 14.0 16.1 16.7 *.. 10.3 11.9 * * * * * * * * * * * * * * * * * * * * * * 10.0 8.9 12.0 8.6 12.7 7.9 12.1 6.5 10.3 7.6 11.9 9.5 13.9 6.7 13.8 4.8 11.8 6.9 13.3 8.4 14.5 7.9 14.3 6.4 6.8 12.1 16.3 9.6 4.8 4.5 12.2 15.0 6.6 5.5 10.9 6.4 10.0 11.3 10.0 6.4 4.4 6.7 10.2 12.3 6.6 4.4 5.9 9.0 14.8 6.5 4.8 9.7 8.7 11.9 6.9 3.4 3.0 7.8 8.0 8.0 0.6 3.3 7.0 8.4 4.1 2.5 1.5 7.9 9.4 3.2 5.1 9.4 7.9 11.5 8.3 5.8 5.5 9.3 6.6 6.9 11.0 11.0 6.3 Table 4 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 36 1 EQUITY 9 1959 Industry Q3 Q4 12.4 9.6 9.6 10.2 14.0 8.3 9.0 . . . . 10.7 14.2 7.1 8.8 Electrical machinery, equipment, and supplies Machinery, except electrical 16.3 19.1 8.8 10.7 7.1 17.9 20.5 9.0 12.7 12.5 7.6 8.0 6.8 12.1 10.7 9.8 10.8 8.0 14.3 8.5 3.1 5.9 10.5 11.7 8.2 7.9 9.7 14.5 16.7 10.3 6.1 10.9 0.5 -2.7 6.7 3.7 5.6 6.4 6.3 6.7 7.8 13.0 14.1 10.0 6.1 6.2 8.0 10.8 7.2 11.3 9.1 17.4 12.0 7.1 12.9 11.7 15.7 14.5 12.4 7.0 8.3 9.8 14.8 10.2 9.8 11.0 10.9 10.1 Chemicals; petroleum; rubber and plastics . . . 11.0 11.8 11.4 10.7 Chemicals and allied products . . Basic chemicals and related products. . . . 13.0 12.1 18.5 10.0 10.1 10.0 15.6 14.7 17.0 9.5 9.4 13.1 14.1 12.5 20.8 9.9 9.7 11.1 11.9 12.2 15.0 10.0 10.1 9.9 8.0 9.7 10.3 9.4 7.8 9.5 10.4 9.4 * * * * * * * * 4.8 12.0 8.9 14.2 10.2 14.4 7.5, 12.8 5.9 8.6 8.5 9.8 6.9 8.1 7.5 10.2 12.0 8.9 7.6 10.1 9.6 14.9 8.7 8.6 8.1 9.6 8.8 9.2 All manufacturing corporations, except newspapers Metals and metal fabricating industries Metalworking machinery and equipment. . . . Other fabricated metal products Blast furnaces, steel works, and foundries. Nonferrous metals Other durable goods industries. . Lumber and wood products^ except furniture. . Furniture and fixtures. .. Stone, clay, and glass products Instruments and related products Miscellaneous manufacturing, and ordnance . . Nondurable goods industries Petroleum refining and related industries . . Petroleum refining Rubber and miscellaneous plastics products. . Other nondurable goods industries Food and kindred products Dairy products Bakery products Alcoholic beverages Textile mill products Apparel and other fabricated textile products Printing and publishing, except newspapers. . Leather and leather products * Not available Ql 10.0 Q2 BY I N D U S T R Y , AFTER TAXES (Percent) I960 1961 1962 Q1 Q2 Q3 Q4 Q1 Q2 Q3 9.8 9.9 8.7 8.4 6.8 9.2 8.8 10.5 9.0 10.3 9.3 10.5 10.0 10.1 7.1 7.0 5.2 8.9 7.8 10.4 8.9 10.9 8.5 10.2 10.8 10.0 6.5 6.9 5.6 9.0 7.1 10.5 9.8 11.0 7.9 10.5 Q4 Q1 Q2 Q3 Q4 15.7 14.2 5.9 10.9 7.6 12.1 6.7 15.8 15.2 16.8 9.5 18.5 18.5 16.1 6.1 13.2 8.0 13.2 6.3 18.1 16.8 18.3 9.3 20.6 7.2 7.3 6.4 8.5 7.2 10.2 10.9 10.8 12.3 12.7 11.8 13.9 10.4 10.0 9.1 8.6 7 . 3 8.2 8.1 12.0 9.2 10.4 9.5 11.2 8.1 9.7 6.9 5.6 5.7 9.1 7.8 8.5 8.1 10.8 9.2 8.2 5.9 5.4 4 . 5 5.3 4 . 4 5.1 6.0 8.4 8.2 9.7 6.8 8.5 5.3 6.9 7.2 3.0 2.5 7.3 7.7 6.2 6.3 9.8 8.6 6.9 10.7 8.1 5.0 4 . 9 4.2 7.3 6.3 8.0 7.8 6.8 4.2 5.8 12.1 8.0 4 . 0 4.6 3.2 7.0 6.4 8.0 7.6 5.8 3.4 5.0 8.0 8.2 6.8 5.5 6.1 8.0 6.1 8.1 8.2 8.8 5.8 7.3 6.6 10.1 10.1 7.4 3.1 8.7 10.5 9.9 5.0 10.2 11.2 9.1 4 . 9 3.3 6.2 4.6 0.3 -0.6 6.2 6.8 3.7 1.4 7.6 8.4 5.5 5.8 8.2 6.5 -1.1 4 . 0 7.0 9.6 4.6 7.2 10.8 9.1 6.7 13.1 11.9 7.8 2.9 10.9 11.7 9.7 3.7 11.8 11.9 8.0 11.6 12.1 11.9 10.8 7.1 9.9 11.6 13.5 9.8 12.6 12.0 13.6 5.7 7.9 11.5 11.6 5.9 7.2 12.6 13.7 6.8 7.3 12.3 11.3 9.6 9.8 10.2 9.8 8.5 9.6 9.9 10.6 9.1 9.8 10.0 10.8 10.6 10.6 10.9 10.9 10.0 10.9 10.4 11.6 10.4 10.5 10.5 11.9 12.5 13.b 12.1 10.6 9.8 13.2 11.8 12.2 11.5 13.5 12.2 12.5 11.8 12.7 10.2 9.8 9.1 11.4 9.9 11.8 10.7 13.0 10.7 12.5 18.6 15.1 18.6 15.0 16.2 15.2 18.7 16.6 17.8 14.7 18.1 16.4 9.7 8.8 10.5 11.5 10.5 9.6 9.7 11.3 9.9 8.8 9.7 11.8 9.8 8.8 10.3 11.5 10.6 9.6 9.6 11.3 10.0 8.8 9.7 11.8 9.8 10.5 8.2 7.9 6.7 10.6 9.2 10.7 9.1 .10.9 8.5 9.8 8.1 8.7 9.2 8.1 6.3 7.8 9.1 9.2 7.2 8.7 9.4 9.2 7.6 8.8 9.8 8.7 7.2 9.2 10.0 9.1 7.1 8.9 10.1 9.1 * * * * * * * * * 9.7 9.0 8.4 12.5 * * * * * 9.3 7.8 8.1 6.0 9.9 9.3 4 . 3 8.1 8.9 7.1 4 . 5 7.4 9.7 7.7 4 . 1 7.8 9.7 8.1 12.0 13.6 13.7 14.2 12.0 14.1 14.3 14.2 11.7 12.9 13.7 14.0 6.6 6.1 5.7 5.0 2.6 4 . 3 6.0 7.1 5.3 6.3 6.0 7.3 5.2 6.9 11.9 6.8 2.1 2.6 11.2 12.3 6.7 7.4 11.3 11.1 8 . 5 9.3 8.2 8.1 6.6 8.3 7.3 9.1 7.4 8.7 8.0 8.3 11.3 10.2 11.8 9.0 7.5 6.8 11.2 8.4 7.7 11.1 11.6 10.7 10.4 6.2 3.6 5.0 3.3 2.6 4.7 6.9 6.3 5.2 6.4 9.6 Table 5 . - PROFITS PER DOLLAR OF S A L E S , 38 Asset 1947 size Q1 All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million $ 5 million to $ 100 million $ 100 million and over . . Q2 Q3 Q4 12.4 11.1 10.6 10.1 9.6 8.9 8.7 5.2 13.0 11.2 10.3 8.3 13.3 11.9 11.3 11.2 12.2 11.0 10.8 11.6 Q1 Q2 Q3 Q4 12.4 11.7 10.5 10.1 6.4 6.2 4.8 3.0 9.9 9.1 7.1 6 . 1 . 11.9 11.1 8.4 8.8 13.7 12.8 11.0 10.6 14.4 13.5 11.7 11.3 15.5 14.8 14.0 14.4 Q1 Q2 Q3 Q4 9.9 10.6 10.2 10.3 3.6 5.7 7.5 <9.0 4.0 6.6 8.4 10.1 4.8 6.6 8.4 10.1 2.4 5.6 8.4 10.3 9.3 r <13.2 (_ 10.1 9.9 10.1 13.9 13.0 13.9) J 1951 Asset size All manufacturing corporations, except newspapers Under $1 million ,$ 1 million to $ 5 $ 5 million to $ 10 $ 10 million to $ 50 $ 50 million to $ 100 $ 100 million and over . million million million million . . . . . 1955 All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 million million million million $ $ $ $ 5 10 25 50 million million . . . . . million . . . . . million to $ 100 million . . . . . to $ 250 million . . . . . to $1,000 million and over BY ASSET S I Z E , BEFORE FEDERAL INCOME TAXES (Percent) 1948 39 1949 01 02 03 04 11.5 11.1 11.0 7.0 10.0 11.6 13.5 7.6 9.5 11.5 12.5 6.8 9.2 11.1 12.8 Ql Q2 9.9 9.2 1950 Ql Q2 Q3 Q4 10.9 9.9 8.5 9.5 3.7 7.1 11.1 14.1 5.4 7.0 9.7 12.2 4.1 6.5 8.2 10.5 5.2 6.9 8.9 11.9 Q3 Q4 Ql Q2 8.9 8.6 10.0 1952 Ql 02 Q3 04 9.3 10.1 11.8 13.5 14.9 2.5 5.7 9.1 12.6 4.3 7.3 9.5 12.8 6.4 8.5 11.3 14.4 8..6 10.3 13.3 16.0 7.1 11.0 14.9 18.2 1954 1953 Q3 Q4 Ql Q2 10.4 9.6 6.7 8.4 8.9 Q3 . 8.2 Q4 8.2 4 . 4 5.2 5.2 2.5 4.2 5.3 4.4 0.8 2.5 3.9 4.0 1.6 6.9 6.7 6.5 5.8 7.0 6.8 6.1 3.6 4.7 5.0 4.8 4.2 6.5 8.8 8.9 8.2 8.1 10.1 9.6 8.7 5.9 7.3 7.9 7.2 10.1 9.7 9.2 8.9 10.2 10.4 9.5 7.1 8.1 8.4 8.1 7.9 10.1 9.2 9.0 9.1 9.9 10.2 9.5 7.0 8.0 8.3 8.0 8.0 13.1 11.6 11.1 11.5 12.6 12.9 12.2 9.1 11.3 11.7 10.7 11.5 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 10.2 10.3 9.0 9.3 9.7 9.4 8.5 7.6 6.4 6.8 7.7 8.6 1957 1956 1958 4 . 1 5.0 5.1 2.7 3.5 4.2 4.2 1.5 1.3 2.5 3.6 1.6 6.9 6.9 6.9 5.9 6.3 6.3 6.0 3.9 3.1 4.4 5.4 4 . 5 8 . 9 8 . 8 8.6 7.7 7.4 8.4 8.1 6.1 5.5 6.4 7.9 7.3 9.7 10.2 9.6 9.6 9.1 9.1 8.6 7.5l 5.8 6.8 7.8 8.4 6.5 6.8 7.7 8.5 J 10.8 10.9 10.8 10.1 9.8 9.7 9.4 8.1 7.1 7.1 8.5 8.7 10.3 10.1 8.7 9.8 9.6 9.2 8.7 8.3 7.3 7.9 8.4 9.6 12.3 12.4 10.4 11.1 10.8 10.4 9.9 9.0 7.6 8.1 9.2 9.8 15.5 15.0 11.8 14.0 15.4 14.3 11.9 12.6 10.6 9.7 10.4 14.9 40 Table 5 . - PROFITS PER DOLLAR OF SALES, Asset size Q 1 All manufacturing corporations, except newspapers million million million million 8.2 7.9 million million million million 2.8 5.1 6.1 7.7 8.4 4.2 6.0 8.2 9.5 9.7 4.3 6.1 8.2 8.7 9.1 U8 4.4 6.4 8.3 8.3 to $ 100 million to $ 250 million to $1,000 million . . . . . and over 9.1 9.6 9.5 15.2 10.6 10.7 11.0 16.4 10.4 9.5 8.4 10.2 9.3 9.6 8.8 12.2 9.7 11.7 7.7 7.9 4.4 6.8 8.6 8.9 6.0* 9.9 10.8* 11.3 6.2 9.1 9.4 9.9 3.5 6.7 9.0 9.0 9.6 9.9 10.0 15.4 11.7 11.4 12.2 17.0 10.8 8.9 6.9 7.1 9.7 9.7 8.0 10.5 8.0 8.6 8.6 7.8 3.4 5.4 6.8 8.0 4.3 6.4 7.9 8.0 4.2 7.2 8.1 8.4 2.5 6.0 7.5 7.6 10.1 10.0 9.8 14.4 9.0 9.5 9.4 14.9 $ $ $ $ Under $5 million $ 5 million to $ $ 10 million to $ $ 25 million to $ million million million million 5 10 25 50 10 million . . . . . 25 million 50 million to $ 100 million to $ 250 million to $1,000 million and over Nondurable goods industries Under $5 million $ 5 million to $ $ 10 million to $ $ 25 million to $ $ 50 . $ 100 $ 2*50 $1,000 million million million million <34 10.2 Durable goods industries 50 $ $ 100 $ 250 $1,000 1959 Q3 8.9 Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 Q2 10 million 25 million 50 million to $ 100 million . . . . . to $ 250. million . . . . . to .$1,000 million and over 8.7 9.7 9.3 10.0 9.1 9.9 14.8 15.3 BY ASSET S I Z E , BEFORE FEDERAL INCOME TAXES (Percent) I960 1961 Q3 Q1 Q2 Q3 Q4 Q1 Q2 8.7 8.4 7.6 7.1 6.5 8.0 2.6 4.7 6.0 7.2 8.2 3.2 5.0 7.0 7.5 8.4 3.5 4.6 6.4 7.0 7.9 1.1 2.7 4.5 6.0 7.2 1.4 2.5 4.4 5.0 5.7 8.8 9.4 9.3 14.5 8.6 9.0 9.1 13.2 8.2 8.1 9.0 10.6 7.4 7.6 8.6 12.7 9.4 8.9 7.0 3.9 6.9 7.8 8.5 4.7 8.7 8.2 9.1 9.2 9.2 9.4 14.7 41 1962 Q4 Q1 Q2 Q3 Q4 7.7 8.5 8.0 8.6 7.9 8.2 2.9 4.5 5.7 7.0 7.8 3.4 5.0 6.8 6.9 8.1 2.6 4.6 6.5 7.1 8.1 2.3 4.3 5.4 6.3 7.2 4.1 5.2 6.6 7.2 8.4 4.2 5.4 6.4 7.2 8.1 2.2 4.0 6.3 7.2 7.9 6.8 6.6 7.7 11.6 8.0 8.0 8.6 13.6 8.1 7.9 8.8 11.4 8.4 8.5 9.1 15.2 7.3 8.2 7.9 14.2 8.2 8.9 8.4 14.0 8.1 8.3 8.0 12.0 7.8 8.5 8.2 14.4 6.8 5.8 8.4 7.5 9.2 8.5 9.4 7.9 8.5 4.3 6.6 7.1 7.6 1.6 3.9 5.8 7.1 2.0 4.4 4.5 5.3 4.4 6.4 7.1 8.2 4.6 7.3 7.0 8.0 4.3 7.0 7.9 8.2 4.0 6.0 6.8 7.2 5.7 7.5 8.0 9.0 5.7 7.2 7.4 7.9 3.5 6.6 7.4 8.2 8.8 8.3 8.4 13.2 7.7 6.7 8.4 8.3 6.6 6.2 8.1 11.5 6.2 5.5 6.6 9.4 8.1 7.4 8.4 13.1 8.3 7.3 8.4 9.3 8.9 8.3 8.7 15.1 8.2 8.1 7.5 14.4 9.2 8.8 8.2 14.6 8.7 7.9 7.2 10.7 8.6 8.3 7.6 14.0 8.0 7.9 8.2 7.4 7.1 7.6 7.9 7.9 7.5 7.8 8.0 7.9 3.2 5.0 6.5 7.9 3.4 5.1 6.7 7.5 3.8 6.2 7.0 8.2 1.9 5.1 6.2 7.3 1.8 4.4 5.4 6.1 3.1 5.0 6.9 7.4 3.7 6.4 6.8 8.3 2.9 6.0 6.4 7.9 2.7 4.9 5.8 7.3 3.7 5.7 6.4 7.9 3.9 5.6 6.9 8.3 2.7 6.1 6.9 7.6 8.5 9.6 9.2 14.0 8.5 9.6 9.6 13.3 8.5 9.6 9.4 14.0 8.0 9.0 9.0 14.6 7.4 7.8 8.6 14.5 7.8 8.6 8.8 14.3 8.0 8.5 9.2 14.2 8.1 8.8 9.4 15.3 6.5 8.3 8.4 13.9 7.3 9.0 8.6 13.2 7.5 8.8 8.7 13.5 7.0 8.8 8.9 14.9 Table 5. - PROFITS PER DOLLAR OF S A L E S , 42 1947 01 Q4 7,5 6.8 6.5 6.2 5.7 7.9 8.0 7.8 5.3 6.7 7.2 6.9 5.3 6.2 6.8 6.8 2.7 4.7 6.8 7.5 Q2 Q3 Q4 5.6 5.2 4.2 4.4 3.2 4.7 5.6 5.8 6.1 6.9 3.0 4.0 4.9 5.4 5.8 6.8 2.0 2.7 3.1 4.3 4.5 5.8 0.7 2.2 3.4 4.3 4.8 6.8 Ql Under $1 million $ 1 million to $ 5 million $ 5 million to $ 100 million $ 100 million and over Q3 Ql All manufacturing corporations, except newspapers 02 1955 03 <?2 5.1 5.5 5.4 5.6 1.7 2.7 3.4 f4.4 V. 2.1 3.2 4.1 5.0 2.7 3.2 4.0 5.0 1.0 2.8 ~4.3 5.2 4.5 5.1 5.0 5.3 7.0 7.4 7.1 8.0 i m All manufacturing corporations, except newspapers Under $1 million 1 million to $ 5 $ $ 5 million to $ 10 $ 10 million to $ 50 $ 50 million to $ 100 $ 100 million and over. million million million million . . . . . . . . . Asset size All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 million million million million $ $ $ $ 5 10 25 50 *. million million . . . . . million million to $ 100 million . . . . . to $ 250 million . . . . . to $1,000 million and over r Q4 BY ASSET S I Z E , AFTER TAXES (Cents) 1948 03 qi 7.2 Q2 7.0 4.0 6.0 7.1 8.7 4.7 5.8 7.1 8.1 43 1949 04 01 q2 Q3 6.9 6.8 6.1 5.2 6.0 4.2 5.6 6.8 8.3 1.9 4.2 6.8 9.2 3.1 4.0 5.9 7.8 2.1 3.7 5.0 6.7 3.0 4.0 5.5 7.6 03 04 Q2 03 04 4.4 4.3 1950 q4 1952 02 03 04 6.0 91 6.2 7.4 7.6 6.9 1.1 3.3 5.8 8.4 2.2 4.2 5.8 8.1 3.9 5.2 7.0 9.2 5.5 5.9 7.4 8.9 3.5 5.4 7.0 8.2 1953 01 4.2 02 4.2 4.3 4.4 Q1 4.3 2.0 2.6 3.5 4.0 4.2 5.8 2.6 2.6 3.4 4.0 4.0 5.6 2.6 2.8 3.4 4.0 4.1 5.7 1.0 2.5 3.8 4.2 4.5 6.3 1.9 3.0 4.1 4.2 4.1 5.5 2.8 2.9 3.8 4.4 4.1 5.4 Q1 02 Q3 Q4 Q1 5.3 5.5 4.9 5.2 2.2 3.4 4.3 4.8 2.8 3.3 4.3 5.1 2.8 3.5 4.2 4.8 5.4 4.9 6.4 8.9 5.6 5.0 6.5 9.1 5.5 4.3 5.6 7.9 T537 02 03 04 4.0 01 4.3 4.7 4.4 4.7 2.3 2.5 3.5 4.1 4.0 5.6 0.0 1.7 2.8 3.6 3.7 6.1 0.9 1.9 3.1 3.9 3.9 6.1 2.2 2.2 3.6 4.1 4.0 6.4 2.2 .2.1 3.3 3.9 3.9 6.1 0.5 1.9 3.1 4.2 4.4 7.2 02 Q3 Q4 Q1 Q2 5.1 5.0 4.7 4.4 3.4 3.8 4.4 4.9 1.2 2.9 3.9 4.9 1.8 3.0 3.4 4.4 2.2 3.1 4.0 4.5 2.2 2.9 4.0 4.3 0.4 1.7 3.0 3.9") 0.1 1.0 2.3 2.7 3.1 1.2 2.0 2.9 3.4 3.4 2.1 2.6 3.9 3.9 3.8 0.5 2.1 3.8 4.3 4.4 5.3 5.3 6.3 9.3 5.0 4.8 5.8 9.0 5.0 4.6 5.6 8.6 4.8 4.3 5.2 7.9 4.3 4.4 5.3 9.0 3.6 3.6 4.1 7.0 3.7 4.0 4.4 6.9 4.4 4.3 4.9 7.7 4.7 5.2 5.5 9.9 1956 1957 j 1958 Q3 04 Table 5. - PROFITS PER DOLLAR OF S A L E S , 44 1959 Asset size Q 1 manufacturing corporations, except newspapers Q 2 Q 3 Q 4 4.7 5.5 4.6 4.5 1 5 10 25 million million million million to to to to 5 million 10 million 25 million 50 1.3 2.3 2.9 3.8 4.2 2.4 3.0 4.1 4.8 4.9 2.5 3.1 4.0 4.4 4.5 0.7 2.1 3.1 4.3 4.3 $ 50 $ 100 $ 250 $1,000 million million million million to $ 100 million to $ 250 million to $1,000 million and over. 4.7 4.9 5.1 9.0 5.5 5.5 5.8 9.6 5.4 4.9 4.6 7.3 5.0 5.2 5.1 8.2 4.8 5.9 4.1 4.2 1.9 3.2 4.1 4.4 3.1 5.0 5.4 5.7 3.3 4.5 4.7 4.9 1.5 3.2 4.6 4.7 4.8 5.1 5.2 7.5 6.0 5.8 6.3 8.3 5.7 4.7 3.7 3.9 5.1 5.3 4.5 5.8 4.7 5.1 5.1 4.8 Under $5 million . . . . $ 5 million to $ 10 million $ 10 million to $ 25 $ 25 million to $ 50 1.7 2.5 3.4 3.9 2.3 3.1 4.0 4.1 2.3 3.6 4.0 4.2 1.1 3.1 3.9 3.9 $ $ $ 4.6 4.7 5.0 5.0 5.2 5.3 -5.2 5.0 5.4 4.8 5.0 5.6 $ $ $ $ Under $5 million $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 million million million million $ $ $ $ . . . . $ 10 $ 25 $ 50 to $ 100 million to $ 250 to $1,000 million and over. Nondurable goods industries 50 million to $ 100 million 100 million to $ 250 million 250 million to $1,000 million BY ASSET S I Z E , AFTER TAXES (Cents) 45 1960 1961 1962 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 4.7 4.6 4.3 4.0 3.5 4.4 4 . 3 4 . 8 4.3 4.7 4.4 4.8 1.1 1.6 1.9 0.1 0.2 1.5 1.8 1.3 1.0 2.4 2.4 1.1 2.1 2 . 3 2.1 0.9 0.6 2.1 2.4 2.2 1.8 2.5 2.7 1.9 2.7 3.4 3.1 2.1 1.8 2.7 3.4 3.2 2.4 3.2 3.1 3.3 3.4 3.7 3.4 3.0 2.1 3.5 3.3 3.5 2.9 3.6 3.6 3.7 4 . 0 4.2 4.0 3.7 2.7 4 . 0 4 . 1 4.2 3.5 4 . 3 4.1 4.1 4 . 4 4 . 4 4.2 3.8 3.4 4.0 4 . 1 4.4 3.6 4.2 4.1 4.2 4 . 8 4.7 4.2 4.1 3.4 4.2 4.1 4.6 4.2 4.7 4.2 4.7 5.0 5.2 4.9 5.0 4.2 4.7 4 . 9 5.2 4 . 3 4.5 4.3 4.8 8.6 8.0 7.3 8.3 7.7 8.5 7.7 9.5 8.5 8.2 7.6 9.2 4.6 4.6 3.6 2.7 4.2 3.8 4.7 4.2 4 . 8 4.0 1.6 2.2 2.0 0.1 0.1 2.1 2.2 2.0 1.6 3.1 3.1 1.5 3.1 4 . 3 3.2 1.7 1.8 3.0 3.6 3.4 2.6 3.7 3.6 3.3 3.7 4.1 3.3 2.8 1.8 3.5 3.4 3.8 3.1 3.9 3.7 3.8 4 . 1 4 . 5 3.7 3.6 2 . 3 4.1 4 . 0 4.2 3.5 4.6 4 . 0 4 . 3 4 . 6 4 . 5 3.9 3.2 3.0 4 . 0 4 . 1 4 . 5 4.0 4.6 4.4 4 . 5 4 . 6 4 . 4 3.4 3.2 2.8 3.9 3.8 4 . 5 4.1 4 . 5 4.0 4.6 4 . 9 4 . 9 4.5 4.7 3.6 4.5 4.6 4 . 9 4 . 0 4.4 3.8 4 . 3 7.2 6.6 4.5 5.9 4.9 6.4 4 . 9 7.5 7.1 7.1 5.4 7.5 4.7 4.7 4 . 9 4.7 4.2 4.6 4 . 8 5.0 4.4 4.6 4.8 5.0 3.4 4.5 1.5 1.7 2.0 0.8 0.6 1.5 1.9 1.5 1.2 1.9 2.1 1.5 2.2 2 . 3 3.0 2.5 1.7 2 . 3 3.1 3.1 2.2 2.7 2.6 3.3 3 . 0 3.3 3.5 3.2 2 . 5 3.6 .3.3 3.2 2.7 3.2 3.6 3.5 3.9 3.9 4 . 3 3.9 3.0: 3.9 4.2 4.2 3.6 4.1 4.2 3.9 4 . 4 4 . 3 4.3 4.2 3.8 4 . 1 4 . 0 4 . 3 3.3 3.8 3.8 3.9 4 . 9 5.1 4.9 5.0 4 . 1 4.6 4 . 3 4.7 4 . 3 4.8 4.4 4.8 5.0 5.4 5.3 5.3 4.8 4.8 5.1 5.4 4.6 4.6 4.8 5.1 11.2 10.7 11.4 12.3 11.5 11.7 11.4 12.8 10.3 9.7 10.2 11.5 Table 7 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 46 1 EQUITY, 1947 Asset size Q2 Q3 Q4 All manufacturing corporations, except newspapers Ql 27.9 25.3 23.9 24.9 Under $1 million $ 1 million to $ 5 million $ 5 million to $ 100 million . . . . ; $ 100 million and over 32.5 38.7 31.3 21.0 30.2 30.1 32 .4 28.6 28.3 25.9 19.8 19.7 18.7 25.1 28.2 23.5 1951 Q1 Under $1 million $ 1 million to $ 5 $ 5 million to $ 10 $ 10 million to $ 50 $ 50 million to $ 100 $ 100 million and over. million million million . . . . . million . . . . . . . Q3 Q4 32.0 29.7 24.9 25.3 26.2 33.1 32.9 34.2 36.5 32.2 25.1 30.3 30.4 31.8 33.4 29.9 18.3 21.3 20.9 25.8 27.0 26.9 12.1 19.8 23.2 26.0 27.7 28.9 Q1 All manufacturing corporations, except newspapers Q2 Q2 Q3 Q4 22.3 25.0 23.3 24.6 13.3 16.6 17.6 /l9.1 \ 15.6 20.1 21.1 22.9 19.5 19.4 20.2 22.8 10.5 17.9 21.5 23.7 20.6 23.6 f <26.0- 28.1 I 22.5 24.0 > 28.1 J 1955 All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 million million million million $ $ $ $ 5 10 25 50 million . . . . . million million . . . . . million to $ 100 million . . . . . to $ 250 million to $1,000 million and over 25.0 BY ASSET S I Z E , BEFORE FEDERAL INCOME TAXES (Percent) 1948 47 1949 1950 03 Ql 02 03 04 Ql Q2 Q3 Q4 01 02 26.7 25.2 25.1 25.0 20.6 17.0 18.9 18.0 19.4 24.8 31.0 35.5 23.9 27.8 27.0 26.8 25.8 26.3 26.9 23.6 23.2 25.1 25.5 25.1 12.4 19.7 26.1 27.8 16.4 17.1 20.1 22.4 12.1 15.1 16.1 18.8 15.5 15.8 17.0 21.4 7.7 13.8 17.6 20.8 12.1 17.0 18.4 21.7 19.7 21.6 23.8 27.0 29.4 28.7 31.0 31.8 25.2 32.9 36.9 36.7 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 23.6 22.0 20.7 22.2 24.9 26.4 23.3 15.8 18.5 19.8 17.5 18.3 1952 04 1954 1953 16.8 19.9 19.9 10.5 16.5 21.3 17.4 3.2 8.7 14.5 15.0 6.5 20.7 20.2 19.1 18.4 20.7 20.7 17.7 10.3 12.8 13.7 13.0 11.9 21.6 22.0 19.6 21.4 27.0 25.8 21.6 14.7 16.0 18.5 15.6 15.1 24.0 22.8 21.5 22.7 24.9 25.9 22.7 16.5 17.7 18.4 17.1 17.1 23.3 21.2 20.2 22.8 23.8 25.3 22.5 15.7 17.2 18.2 16.9 17.3 25.7 22.6 21.2 24.9 27.0 28.8 25.8 18.7 21.7 22.4 19.1 21.9 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 23.8 24.2 20.2 22.3 22.5 21.6 19.1 16.8 12.9 13.9 15.9 18.8 1956 1957 1958 18.3 22.8 23.8 12.9 15.6 19.3 19.6 6.7 5.5 11.4 16.5 7.8 21.4 21.5 21.4 18.9 18.8 19.7 18.7 12.2 8.9 13.0 16.8 13.7 22.2 22.5 21.3 19.5 18.0 21.0 19.7 14.8 11.8 14.0 17.8 17.2 22.6 24.5 22.5 23.3 21.1 21.4 19.7 16.81 12.3 14.6 16.9 18.6 J 12.3 13.5 15.3 17.9 23.4 24.2 23.0 22.5 22.0 21.4 20.7 17.5 14.2 14.8 17.9 19.0 24.1 2 4 . 5 19.9 24.1 22.6 22.0 20.1 19.1 15.0 16.7 18.0 21.3 2 5 . 4 25.7 20.3 23.9 22. t 21.2 19.4 17.7 13.9 15.2 17.7 19.7 25.9 24.4 16.6 24.0 27.3 23.1 17.7 19.3 14.3 12.3 12.3 21.4 1 Table 7 . - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 48 EQUITY, 1959 Asset size Q 1 Q 2 Q 3 Q 4 # All manufacturing corporations, except newspapers 18.7 23.1 17.1 16.8 Under $1 million . . . 1 million to $ 5 million $ $ 5 million to $ 10 million . . . . . $ 10 million to $ 25 million $ 25 million to $ 50 million 12.5 15.4 14.4 16.7 17.3 20.4 19.7 21.1 22.1 21.6 21.1 19.5 20.4 20.1 19.7 8.8 14.0 15.8 19.2 18.2 $ 50 $ 100 $ 250 $1,000 18.5 20.7 18.5 21.7 23.3 25.0 23.2 24.5 22.1 20.7 16.0 12.1 19.5 21.1 17.1 15.9 20.8 27.7 15.8 16.9 10 million 25 million 50 million 13.6 14.2 16.9 15.7 20.4 23.7 23.4 23.4 20.7 20.5 19.1 19.3 11.7 14.9 18.9 18.4 to $ 100 million to $ 250 million to $1,000 million and over 18.7 20.9 18.9 30.3 25.6 27.0 26.2 36.9 21.7 18.9 12.5 10.4 19.5 20.9 15.3 18.2 16.7 18.5 18.4 16.7 10 million 25 million . . . . . 50 million . . . . . 14.7 14.7 16.6 19.0 19.7 17.9 20.3 19.5 19.7 20.3 21.5 20.3 11.6 16.9 19.6 18.0 to $ 100 million . . . . . to $ 250 million to $1,000 million . . . . . and over 18.3 20.5 18.1 14.6 21.2 23.1 20.3 14.1 22.4 22.5 19.4 13.6 19.4 21.3 18.8 13.9 million million million million to $ 100 million to $ 250 million to $1,000 million and over Durable goods industries. Under $5 million $ 5 million to $ $ 10 million to $ $ 25 million to $ $ 50 $ 100 $ 250 $1,000 million million million million Nondurable goods industries Under $5 million $ 5 million to $ $ 10 million to $ $ 25 million to $ $ 50 $ 100 $ 250 $1,000 million million million million BY ASSET S I Z E , BEFORE FEDERAL INCOME TAXES (Percent) 47 1960 1961 1962 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 18.4 18.0 15.4 14.8 12.6 16.8 15.8 18.5 16.7 18.9 16.7 18.1 11.7 15.2 16.7 5.0 6.3 13.7 15.8 12.5 10.6 19.8 19.8 10.8 14.1 15.6 14.1 8.2 7.5 15.0 16.7 15.8 14.3 18.4 18.8 13.9 14.3 17.9 15.6 11.0 9.8 14.2 17.2 16.5 13.4 17.4 16.7 17.2 15.8 17.1 15.7 13.1 10.2 15.6 15.4 16.4 13.8 17.1 16.8 17.0 17.0 18.1 16.5 14.9 10.9 16.1 16.7 17.1 14.8 18.3 17.4 17.3 18.1 18.4 16.7 15.3 13.6 16.9 16.8 18.2 15.1 18.1 17.1 16.8 20.2 19.4 16.7 15.5 12.8 16.7 16.4 18.0 16.7 19.3 17.4 18.5 17.7 17.8 16.9 16.5 14.5 17.3 17.4 18.4 16.0 17.5 15.9 17.0 21.9 19.0 13.3 17.4 14.4 18.0 13.6 21.4 20.1 20.2 15.6 21.5 20.6 19.7 13.9 14.1 11.0 17.8 15.0 20.3 18.2 21.3 16.5 19.2 12.3 15.3 13.3 4.8 5.8 14.0 14.6 14.4 12.6 19.6 19.3 12.0 i 4 . 9 20.7 14.3 8.2 8.3 13.9 16.4 16.1 13.3 18.1 16.8 16.0 15.5 16.8 13.6 11.0 7.9 13.8 13.5 16.0 13.2 17.2 15.6 15.8 16.6 18.7 14.5 13.7 9.2 15.5 14.8 16.0 13.7 18.2 15.5 16.4 17.8 17.8 14.5 12.7 11.1 16.1 15.7 18.1 15.2 18.5 16.5 16.9 19.6 17.8 13.2 12.4 10.0 14.8 14.5 16.9 16.2 19.1 16.0 17.9 17.8 16.7 15.7 15.2 12.2 17.4 17.0 18.3 15.7 17.9 14.7 15.9 30.9 26.0 13.0 21.0 14.7 23.8 14.1 29.2 26.7 28.0 16.9 27.7 16.2 16.4 16.9 15.4 14.1 15.8 16.5 16.8 15.3 16.5 16.8 17.0 13.9 15.7 17.7 9.2 8.4 14.8 18.4 14.3 12.7 18.4 19.2 13.0 13.6 14.2 17.2 14.6 11.6 14.6 18.0 17.1 13.5 16.7 16.6 18.8 16.1 17.4 18.6 16.0 13.3 18.1 18.0 16.9 14.8 17.0 18.4 18.7 17.6 17.4 18.9 16.3 12.8 16.8 18.9 18.3 16.1 18.5 19.4 18.4 18.5 18.8 18.6 17.5 15.9 17.7 17.7 18.3 15.0 17.6 17.7 16.7 20.9 21.2 20.7 19.0 15.9 18.9 18.6 19.2 17.4 19.4 19.0 19.1 17.7 18.7 18.0 17.5 16.4 17.2 17.8 18.5 16.4 17.1 16.9 18.0 13.9 12.7 13.5 14.3 14.1 13.3 13.2 15.0 15.1 14.1 14.5 16.6 Table 7. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 50 Ql All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million $ 5 million to $ 100 million $ 100 million and over Q2 Q3 Q4 17.0 15.5 14.7 15.2 19.2 ,. • . 18.1 18.2 9.6 23.4 19.4 17.1 14.2 18.8 17.1 15.7 17.1 13.1 12.4 12.5 15.2 1951 Asset size Ql Q4 14.3 13.3 10.0 10.9 12.2 7.7 2.7 15.6 13.2 8.0 7.0 15.4 13.5 7.7 9.0 14.6 13.5 10.1 10.4 15.5 14.4 10.4 11.8 14.4 million million million million Q3 13.8 11.1 13.7 Ql Under $1 million $ 1 million to $ 5 $ 5 million to $ 10 $ 10 million to $ 50 $ 50 million to $ 100 $ 100 million and over Q2 13.3 All manufacturing corporations, except newspapers Q2 Q3 Q4 11.4 13.0 12.3 13.5 6.4 8.1 11.0 4 . 5 7.9 9.7 9.4 8.8 1955 Asset size All manufacturing corporations, except newspapers $ 50 $ 100 $ 250 $1,000 million million million million $ $ $ $ EQUITY, w Asset size Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to 1 5 10 25 50 million . . . . million . . . . million . . . . million . . . . to $ 100 million to $ 250 million to $1,000 million and over . . . . . . . . . . . . . . . . . . . 8.0 10.3 9.7 10.9 ^ 9 . 3 11.4 11.3 11.9 10.1 11.8 11.4 12.6 13.8 15.0 13.5 16.2 r •J BY ASSET SIZE, AFTER TAXES (Percent) 1958 1949 1950 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 16.6 15.9 15.8 15.7 12.7 10.5 11.8 11.6 12.0 15.6 17.5 16.5 13.6 16.1 14.3 6.4 9.4 6.2 8.9 3.4 6.3 11.9 18.8 12.5 16.5 16.0 15.1 11.6 9.8 8.7 9.2 8.1 10.0 13.1 16.5 16.0 16.5 16.6 15.7 16.1 12.2 9.7 10.5 11.2 11.2 14.6 17.2 17.4 17.3 15.3 16.4 18.1 14.2 12.1 13.7 13.8 13.7 17.3 17.8 16.6 Ql Q2 10.1 10.0 7.5 7.9 8 . 5 1952 1953 1954 Q4 Ql Q2 Q3 9.9 11.3 10.7 11.2 9.8 10.0 4.2 7.6 8.0 8.2 7.9 8.9 8 . 5 8.1 9.9 9.4 9.5 9.3 9.7 9.2 11.5 IliO Ql Q2 Q3 12.5 13.0 Q3 Q4 Ql 10.5 9.5 9.4 10.4 9.3 10.6 11.3 9.0 0.1 3.2 8.1 -.8.1 2.1 8.8 7.4 5.0 5.3 6.1 5.6 5.4 10.8 10.3 8.7 6.9 6.8 8.4 7.2 7.2 10.6 10.3 10.9 9.8 8.4 8.4 9.0 8.3 9.2 9.3 11.4 9.8 10.1 9.5 8.2 8.4 8.8 8.3 9.4 10.8 13.7 11.8 12.1 11.9 12.5 11.7 10.8 13.7 Q4 Ql Q2 Q3 11.0 12.6 11.9 11.6 10.5 1956 Q2 Q3 12.3' 1957 Q4 1958 Q4 Ql Q2 Q3 9.8 6.8 7.8 9.0 10.7 Q4 9.8 12.9 13.0 5.8 7.8 10.4 10.4 1.9 0.4 5.4 9.3 2.5 10.6 10.4 10.7 9.1 8.9 9.6 9.1 5.4 2.9 5.9 8.0 6.5 10.7 10.9 10.4 9.8 8.4 10.1 9.7 7.3 4 . 9 6.4 8.8 8.8 11.1 12.2 11.1 11.8 10.2 10.5 9.8 8.7V 5.6 7.2 8.4 9.6 5.9 6.6 7.5 9.2 / 11.8 12.3 11.6 11.8 11.1 11.1 10.4 9.2 7.2 7.6 9.2 10.2 11.5 12.1 9.9 13.0 11.2 11.0 10.0 10.1 7.4 8.5 9.2 11.5 13.2 13.6 10.9 13.6 11.8 11.3 10.3 10.3 7.4 8.3 9.5 11.1 14.9 14.9 11.1 15.9 16.0 14.0 11.8 13.7 9.5 8.8 9.1 14.2 Table 7. - ANNUAL RATES OF PROFIT ON STOCKHOLDERS 52 1 EQUITY, 1959 Asset size Q1 Q2 10.0 million million million million to $ 100 million to $ 250 million to $1,000 million and over Q3 Q4 12.4 9.6 9.6 5.7 7.0 6.8 8.1 8.5 11.7 10.0 10.5 11.1 10.8 12.4 9.8 10.1 10.1 9.8 3.3 6.6 7.8 9.9 9.5 9.5 10.5 9.9 12.9 12.0 13.0 12.2 14.3 11.4 10.6 8.8 8.6 10.4 11.4 9.9 10.7 10.2 14.0 8.3 9.0 5.8 6.8 8.1 7.7 10.7 12.0 11.8 11.8 11.0 10.2 9.6 9.6 5.1 7.1 9.7 9.6 9.4 10.7 9.8 14.8 13.2 13.8 13.5 18.0 11.4 9.8 6.7 5.7 10.4 11.5 8.6 10.1 . . 9.8 11.0 10.9 10.1 ...... 7.1 6.7 8.2 9.4 10.7 8.7 10.2 9.8 10.9 10.1 10.8 10.1 5.2 8.7 10.3 9.4 9.6 10.4 9.9 11.3 11.0 12.2 11.0 11.1 11.5 11.3 10.8 11.0 10.3 11.2 11.1 11.2 All manufacturing corporations, except newspapers Under $1 million $ 1 million to $ 5 million to $ 10 million to $ 25 million to $ 50 $ 100 $ 250 $1,000 $ $ $ million million million million $ $ $ $ 5 million to $ 10 million to $ 25 million to $ $ 50 $ 100 $ 250 $1,000 million million million million 5 10 25 50 10 million 25 million 50 million to $ 100 million to $ 250 million to $1,000 million and over Nondurable goods industries $ $ $ 5 million to $ 10 million to $ 25 million to $ $ 50 $ 100 $ 250 $1,000 million million million million . . . . . 10 million 25 million 50 million to $ 100 million to $ 250 million to $1,000 million and over . . . . . . . . . . BY ASSET S I Z E , AFTER TAXES (Percent) 53 I960 1961 1962 Ql Q2 Q3 Q4 Ql Q2 Q3 Q4 9.8 9.9 8.7 8.4 6.8 9.2 8.8 10.5 9.0 10.3 9.3 10.5 5.0 6.3 6.4 7.4 8.4 8.0 7.1 8.6 8.5 9.1 9.0 6.5 7.5 7.6 8.3 0.5 2.8 5.2 6.6 7.6 0.9 1.8 3.9 4.4 5.1 6.8 7.0 6.7 7.9 8.3 8.4 8.0 8.5 7.4 8.4 6.3 7.4 8.3 8.1 8.8 4.6 6.0 5.9 6.4 7.2 11.7 9.0 8.5 8.5 9.4 11.7 9.3 8.0 8.4 8.8 5.5 6.6 9.0 8.8 9.0 9.2 10.2 9.5 13.0 9.3 10.2 10.1 11.5 8.5 8.5 9.3 9.1 7.8 8.3 9.6 11.4 6.9 6.6 7.9 9.5 8.6 8.8 9.3 11.2 8.4 8.4 9.6 9.2 9.4 9.7 10.5 13.5 7.5 8.5 8.7 12.1 9.2 10.1 9.4 11.8 8.6 '.,8.8 8.7 9.9 9.0 10.2 9.8 13.8 10.0 10.1 7.1 7.0 5.2 8.9 7.8 10.4 8.9 10.9 8.5 10.2 5.0 6.6 7.4 8.0 7.1 10.3 8.4 9.2 6.2 6.8 6.4 7.2 0.2 3.5 5.3 6.9 0.4 3.4 3.2 4.0 6.7 6.5 6.8 7.8 7.0 8.2 6.5 7.4 6.6 7.8 7.8 8.2 5.2 5.7 6.1 6.5 10.6 9.0 8.4 9.3 10.3 8.4 7.7 7.9 5.2 7.9 8.1 8.6 8.8 9.9 9.4 15.1 9.1 9.3 9.7 13.0 7.4 6.8 8.4 7.1 6.1 6.4 8.7 10.8 5.4 5.1 6.6 7.6 8.0 7.7 9.2 11.6 7.8 7.5 9.2 7.4 9.2 9.2 10.3 14.5 7.4 8.1 8.5 13.2 9.3 9.8 9.7 13.6 8.4 8.2 7.9 8.5 8.8 9.9 9.1 15.0 9.6 9.8 10.2 9.8 8.5 9.6 9.9 10.6 9.1 9.8 10.0 10.8 6.7 6.0 7.5 8.7 8.0 6.4 8.6 9.0 9.4 8.4 9.2 9.8 3.7 7.3 8.3 8.6 2.7 4.6 6.0 6.3 7.2 6.7 9.4 8.8 9.6 8.9 8.8 9.5 7.3 8.9 8.6 9.6 5.6 6.0 6.9 7.9 9.7 7.9 8.6 9.5 10.5 7.6 9.5 9.9 7.1 10.3 9.6 9.4 9.5 10.6 9.6 11.1 9.5 11.2 10.4 10.2 9.5 10.5 10.1 10.9 9.2 10.4 10.4 12.0 8.2 8.3 9.1 11.1 9.2 10.0 9.4 10.9 9.0 9.4 9.9 10.7 9.7 10.2 10.7 12.6 7.5 9.0 8.9 11.2 9.2 10.4 9.2 10.4 8.9 9.5 9.3 11.0 9.2 10.5 10.5 12.8 Ql Q2 Q3 Q4 54 DEFINITIONS OF THE INDUSTRY GROUPS DURABLE GOODS INDUSTRIES Metals arid metal fabricating industries Transportation equipment — includes corporations primarily engaged in manufacturing equipment for transportation of passengers and cargo by land, a i r , and w a t e r . Consists of motor vehicles and equipment (see the next paragraph below); aircraft and parts (see the second paragraph following); ship and boat building and repair; railroad equipment, including street cars; and transportation equipment, not elsewhere classified. Motor vehicles and equipment — includes corporations primarily engaged in manufacturing or assembling complete passenger automobiles, trucks, commercial cars and busses (except trackless trolleys), and special purpose motor vehicles; or in manufacturing passenger car bodies, truck and bus bodies, truck trailers and triick trailer chassis, and motor vehicle parts and accessories. Aircraft and parts — includes corporations primarily engaged in manufacturing or assembling complete aircraft and complete guided missiles and space vehicles; or in manufacturing aircraft engines and engine parts, aircraft propellers and propeller p a r t s , aircraft parts and auxiliary equipment, not elsewhere classified, and guided missile and space vehicle subassemblies. Electrical machinery, equipment, and supplies -- includes corporations primarily engaged in manufacturing machinery, apparatus, and supplies for the generation, storage, transmission, transformation, and utilization of electrical energy. Consists of electrical transmission and distribution equipment; electrical industrial apparatus; household appliances; radio and television receiving sets; communication equipment; electronic components and accessories; electric lighting and wiring equipment, except insulated wire; and electrical machine r y , equipment, and supplies, not elsewhere classified. Machinery, except electrical — includes corporations primarily engaged in manufacturing machinery and equipment, other than electrical equipment (see the preceding paragraph above) and transportation equipment (see the second, third, and fourth preceding paragraphs above). Consists of engines and turbines; farm machinery and equipment; construction, m i n i n g , and materials handling machinery and equipment; metalworking machinery and equipment (see the next paragraph below); special industry machinery and equipment; general industrial machinery and equipment; office, computing, and accounting machines; 55 service industry machines; and miscellaneous machinery, except electrical. Metalworking machinery and equipment -- includes corporations primarily engaged in manufacturing machine tools, either metal cutting or metal forming types, and other metalworking machinery; special dies and tools, die sets, jigs and fixtures; and machine tool accessories and measuring devices. Other fabricated metal products -- includes corporations primarily engaged in fabricating ferrous and nonferrous metal products such as metal cans; cutlery, hand tools, and general hardware; heating apparatus (except electric) and plumbing fixtures; fabricated structural metal products; screw machine products, and bolts, nuts, screws, rivets, and washers; metal stampings; metal coating and engraving; fabricated wire products; and miscellaneous fabricated metal products. Primary metal industries — includes corporations primarily engaged in the smelting and refining of ferrous and nonferrous metals from ore, pig, or scrap; in the rolling, drawing, and alloying of ferrous and nonferrous metals; in the manufacture of castings, forgings, and other basic products of ferrous and nonferrous metals; and in the manufacture of nails, spikes, and insulated wire and cable. Blast furnaces (including coke ovens), steel works, and rolling and finishing mills, iron and steel foundries, and iron and steel forgings are included in the Blast furnaces, steel works„ and foundries category. Primary and secondary smelting, refining, rolling, drawing, and alloying of nonferrous metals, nonferrous foundries, and nonferrous forgings are included in the Nonferrous metals category. Other durable goods industries Lumber and wood products, except furniture -- includes corporations primarily engaged as logging camps and logging contractors or as sawmills and planing mills; or primarily engaged in manufacturing millwork, veneers, plywood, and prefabricated structural products, and miscellaneous wood products, except furniture. Furniture and fixtures — includes corporations primarily engaged in manufacturing household, office, public building, and restaurant furniture; and office and store fixtures. Stone, clay, and glass products -- includes corporations primarily engaged in manufacturing products from materials taken principally from the earth in the form of stone, clay, and sand. Consists of glass and glass products; hydraulic cement; structural clay products; pottery and related products; ready mixed concrete; concrete, gypsum, and plaster products; and miscellaneous nonmetallic mineral products. 56 Instruments and related products — includes corporations primarily engaged in manufacturing scientific and mechanical measuring instruments; optical instruments and lenses, and ophthalmic goods; surgical, medical, and dental instruments and supplies; photographic equipment and supplies; and watches and clocks. Miscellaneous manufacturing, and ordnance — includes corporations primarily engaged in manufacturing jewelry and silverware; toys and sporting goods; ordnance, except guided missiles; costume jewelry; musical instruments; pens, pencils, and other office and 1 artists materials; and manufacturing industries, not elsewhere classified. NONDURABLE GOODS INDUSTRIES Chemicals; petroleum; rubber and plastics Chemicals and allied products — includes corporations primarily engaged in producing basic chemicals or manufacturing products by predominantly chemical processes. Consists of basic chemicals and related products (see the next paragraph below); drugs (see the second paragraph following); soap and related products; perfumes, cosmetics, and other toilet preparations; paints and allied products; gum and wood chemicals; printing ink; fertilizers and other agricultural chemicals; ^and miscellaneous chemical products. Basic chemicals and related products -- includes corporations primarily engaged in manufacturing basic industrial inorganic and organic chemicals; and plastics materials and synthetic resins, rubber, and man-made fiber, except glass. Drugs — includes corporations primarily engaged in manufacturing, fabricating, or processing medicinal chemicals and pharmaceutical products; and in the grading, grinding, and milling of botanicals. Petroleum refining and related industries — includes corporations primarily engaged in petroleum refining (see the next paragraph below) and miscellaneous petroleum and coal products (paving mixtures and blocks, asphalt felts and coatings, lubricating oils and greases, and products of petroleum and coal, not elsewhere classified) . Petroleum refining — includes corporations primarily engaged in petroleum refining, without extraction, or integrated petroleum refining and extraction. Rubber and miscellaneous plastics products — includes corporations primarily engaged in manufacturing from natural, synthetic, or reclaimed rubber, gutta percha, balata, or gutta siak, rubber 57 roducts such as tires, rubber footwear, mechanical rubber goods, heels nd soles, flooring, and rubber sundries; and in molding primary lastics for the trade, and manufacturing miscellaneous finished lastics products. Other nondurable goods industries Food and kindred products -- includes corporations primarily ngaged in manufacturing meat products; dairy products (see the next aragraph below); canned and frozen foods; grain mill products; bakery roducts (see the second paragraph following); sugar, confectionery nd related products; alcoholic beverages (see the third paragraph ollowing); bottled soft drinks and flavorings; vegetable and animal >ils; and food and kindred products, not elsewhere classified. Dairy products — includes corporations primarily engaged in manufacturing creamery butter, natural cheese, condensed and evaporated milk, ice cream and frozen desserts, and special dairy products such as processed cheese and malted milk; and in processing (pasteurizing, homogenizing, vitaminizing, bottling) fluid milk and cream for wholesale or retail distribution. Bakery products includes corporations primarily engaged in manufacturing bread, cakes, and other "perishable" bakery products; and in producing "dry" bakery products such as biscuit, crackers, and pretzels. Alcoholic beverages — includes corporations primarily engaged in manufacturing malt liquors and malt; wines, brandy, and brandy spirits; and distilled, rectified, and blended liquors. Tobacco manufactures -- includes corporations primarily engaged n manufacturing cigarettes; cigars; and tobacco manufactures, not lsewhere classified. Textile mill products -- includes corporations primarily engaged t broad woven fabric mills and finishing (cotton, man-made fiber and i ilk, and wool) and as knitting mills; or in the manufacture of carets and rugs (woven, tufted, and braided), yarn and thread, wool arn (including carpet and rug yarn), narrow fabrics, and textile 111 products, not elsewhere classified. Apparel and other fabricated textile products -- is known as the ltting-up and needle trades and includes corporations primarily ig&ged iti producing clothing and fabricated products by cutting and iwing purchased woven or knit textile fabrics and related materials ich as leather, rubberized fabrics, plastics and furs. Consists of 58 1 men's and boys clothing; women's, children's, and infants clothing; millinery and fur goods; apparel and accessories, not elsewhere classified; and miscellaneous fabricated textile products. Paper and allied products -- includes corporations primarily engaged in the manufacture of pulps from wood and other cellulose fibers, and rags; the manufacture of paper and paperboard; and the manufacture of paper and paperboard into converted products such as paper coated off the paper machine, paper bags, paper boxes, and envelopes. Consists of pulp mills; paper and paperboard mills; building paper and building board mills; converted paper and paperboard products; and paperboard boxes and other containers. Printing and publishing, except newspapers -- includes corporations primarily engaged in printing by one or more of the common processes, such as letterpress, lithography, gravure, or screen; and those corporations which perform services for the printing trade, such as bookbinding, typesetting, engraving, photoengraving, and electrotyping. Consists of periodicals; books; miscellaneous publishing; commercial printing and lithography; manifold business forms; greeting cards; and bookbinding and printing trade services. Excludes newspapers. Leather and leather products -- includes corporations primarily engaged in tanning, currying, and finishing hides and skins, and corporations manufacturing finished leather and artificial leather products and some similar products made of other materials. Leather converters are also included. Consists of leather tanning and finishing; footwear (except rubber); and leather and leather products, not elsewhere classified. /FACSIMILE OF THE QUARTERLY FINANCIAL REPORT FORM7 Form Approved Budget Bureau No. 56-R004.12 FTC Form F E D E R A L T R A D E COMMISSION DIVISION O F F I N A N C I A L S T A T I S T I C S W A S H I N G T O N 2 5 , D. C. THIS REPORT IS REQUIRED BY LAW under authority of the Federal Trade Commission Act. It will not be made public. It will be used only in combination with reports from many other corporations to estimate national totals by corporate size and industry. WITHIN 25 DAYS OR LESS after the end of the period for which this report is requested, complete and return one copy in the enclosed envelope. THIS REPORT IS FOR YOUR 3-MONTH PERIOD which ended within the If your annual closing date is in— You should report /or— March, June, September, or December February, May, August, or November January, April, July, or October your 3-month period* which ended in your 3-month period* which ended in your 3-month period* which ended in * Companies on a 13-period year should submit a 16-week report for the third quarter of their fiscal year and 12-week reports for the other quarters. CONSOLIDATE operations of all subsidiaries which are taxable under the United States Internal Revenue Code and were fully consolidated in your latest report to stockholders. (Report to stockholders includes independent audit or company-prepared report, either annual or interim, presenting a consolidation of parent and one or more subsidiaries both as to income statement and balance sheet.) AUDITED FIGURES ARE NOT REQUIRED. Estimates may be used wherever necessary. figures to thousands. If rounding is used, enter zeros for the last three digits. You may round all dollar (Please correct if name or address has changed.) 1. The person to contact regarding this report is (Print name, title, and office telephone number) 2. This corporation's annual closing date is 3. This corporation (check one): • is active. • discontinued business on (Month and day) (In all correspondence, refer to number at right of address.) (Date) 4. This corporation (check one): • is not a subsidiary of another corporation. • is a subsidiary of (Name and mailing address of parent corporation) 5. This corporation (check one): • has no subsidiary corporations. • has domestic and (Number) (Number) foreign sub- sidiary corporations. (Explain in space at right any change from previous report, including name, state and date of incorporation of each subsidiary involved.) 6. This report is (check one): • for a single corporation. • consolidated for parent and corporations. (Number) subsidiary 60 FACSIMILE OF THE QUARTERLY FINANCIAL REPORT FORM7 AUDITED FIGURES ARE NOT REQUIRED. Estimates may be used wherever necessary. to thousands. If rounding is used, enter zeros for the last three digits. SCHEDULE A. from 1. 2. 3. 4. You may round all dollar Condensed statement of income and surplus for your 3-MONTH PERIOD 19 to -, 19 , inclusive. jc £ > w » - © Is CO 1) Net Provision for Federal income taxes Deduct: profit before Federal income taxes (reflect credit in item 23) Net profit (or loss) for quarter Add: Earned surplus and surplus reserves at close of preceding quarter Deduct: Cash dividends charged to surplus in current quarter Other direct charges or credits to surplus (net) Earned surplus and surplus reserves at end of quarter (to agree with item 30) 12. Amount of depreciation, depletion, and amortization included in items 2 and 4 above SCHEDULE B. Condensed balance sheet as of (The date of this schedule should be the same as the ending date of Schedule S* S> » $ ^,5 8i 5. 6. 7. 8. 9. 10. 11. — 4J "> gu § S* (Omi'f cents) Sales (net of returns, allowances, and discounts) Deduct: Costs and expenses (net of purchase discounts), including selling, general, and administrative expenses Net profit from operations Other income or deductions (net) — figures - £u » ~ 0 w.j? ® $ & $ § < • £5 S - u 0 — w » 19 A above.) Assets 13. 14. 15a. b. 16. Cash on hand and in bank U.S. Government securities, including tax anticipation bills (do not net against taxes) Receivables from U.S. Government, excluding tax credits Other notes and accounts receivable (net) Inventories 17. 18a. b. 19. 20. Other current assets Property, plant, and equipment $ Deduct: Reserve for depreciation and depletion Other noncurrent assets, including cash value of life insurance Total assets Liabilities and Stockholders' Equity 21. 22a. b. 23. 24. Short-term loans from banks (original maturity of 1 year or less) Advances and prepayments by U.S. Government Trade accounts and notes payable Federal income taxes accrued (prior and current years) Installments, due in J year or less, on long-term debt f (a) Loans from banks. (Classify noncurrent portion of debt in item 26.) \ ( 6 ) Other long-term debt Other current liabilities, including excise taxes and accrued expenses • f ( a ) Loans from banks Long-term debt due in more than 1 year < . _ t , , I (b) Other long-term debt 25. 26. 27. 28. 29. 30. 31. Other noncurrent liabilities, including deferred Federal income taxes Reserves not reflected elsewhere Capital stock, capital surplus, and minority interest (net of treasury-stock) Earned surplus and surplus reserves Total liabilities and stockholders* equity (T) List and explain, below or on a separate sheet, principal debits and credits ( 2 ) List amount of progress payments deducted from items 15a, 16, and 17. 8 3 M S .5 c o TJ 4 > cr $ - ® — - 6 | — * o J5 S © is ® •§ v g* c — jJJ — S'g g £ $ $ - - - u £1 § c © reflected during the quarter in items 4, 10, and 28. _ _ $ S ^o u*r 2£ v jr 8-p , " S ' < ~C M £, jj i 3 ££ a VXI 8= S /FACSIMILE OF THE NATURE OF BUSINESS REPORT FORM7 THIS NATURE OF BUSINESS REPORT IS REQUIRED BY LAW under authority of the Federal Trade Commission Act. It will not be made public. COMPLETE EACH ITEM 1 THROUGH 10. Omissions and inconsistencies will result in correspondence which is both costly and time consuming. W I T H I N 7 DAYS, complete and return one copy to: 61 Form Approved Budget Bureau No. 56-R016.7 FTC Form NB FEDERAL TRADE C O M M I S S I O N Division of Financial Statistics W a s h i n g t o n 2 5 , D.C. IN REPLY to items 1 through 4, consolidate the operations of every subsidiary which is taxable under the U.S. Internal Revenue Code and was fully consolidated both as to income statement and balance sheet in your latest report to stockholders. (Report to stockholders includes independent audit or company-prepared report, either annual or interim.) Operations of all other subsidiaries should be excluded from items 1 through 4. 1. For its latest accounting year ended the reporting company's: (Month, day, year) a. Total assets were b. Total gross receipts were $ $ (Please correct if name or address has changed.) (In all correspondence, refer to number at right of address.) 2. Specify the particular type of operation which most clearly describes the primary business activity of this company (for example: book publisher, contractor of women's house dresses, manufacturer of machine tool accessories, etc.): 3. Total gross receipts reported in item lb above were.derived from (list all sources below): Source of Gross Receipts Estimated Percent of Gross Receipts List products made, processed, or assembled by this company with its own facilities {include contract work done for others on their materials): a. b. c. d. e. f. Materials Used Principal raw materials used in production (indicate form in which purchased): % % % % % List products made, processed, or assembled for this company by others (from materials owned by this company): h Materials from which products were made: % % i <%• List products bought and resold without further processing or assembling by this company: V 1 % % X X X % % X X X X X X X X X X X X X X X X X X X X % X X X X X X X X X J* X X X X X X X X X X X X X X X X X X X List all other sources of income: m n. TOTAL GROSS RECEIPTS 100 X X X X 4. T h e primary processes performed by or for this company in making the products listed on lines 3(a) through 3(j) above were: _ _ " OVER 62 /FACSIMILE OF THE NATURE OF BUSINESS REPORT FORM/ The replies to items 5 through 9 should reflect the PRESENT status of your company as of . 5. T h e reporting company (Today's date) f Exact corporate title) is a corporation chartered o n . (State or, if foreign, country) (Date) 6. T h e reporting company (check and complete where • is not a subsidiary of another corporation. • is a subsidiary of applicable): (Name of parent corporation) (Mailing address of parent corporation) 7. T h e reporting company (check and complete where applicable): • has no subsidiary corporations, domestic or foreign. • has the following subsidiary corporations, domestic or foreign: (b) Incorporated (a) Name (exact corporate title) and mailing address of each subsidiary (note after its name if it is inactive) (c) Its operations were fully consolidated in reporting company's reply to item 1 in {State or country) (Date) latest report to stockholders * {yes or no) * Fully consolidated report to stockholders includes independent audit or company-prepared report, either annual or interim, presenting a consolidation of parent and one or more subsidiaries both as to income statement and balance sheet. 8. Since J u n e 30. I960, the reporting company (check and complete where • has been operated without change in its corporate structure. Q was organized as a completely new business. • was formed as a successor on to • (Date) • was succeeded on Q sold its assets on (Date) - (Name and mailing address of successor company) to ; (Name and mailing address of purchasing company) • was merged on • discontinued business on • was legally dissolved on • made other changes in corporate structure (specify): (Date) (Name and mailing address of previously existing business) by (Date) into • ' • applicable): _ (Name and mailing address of continuing company) (Date) (Date) • : 9. T h e reporting company, itself, or as a subsidiary of another company (check one): • is I required to file an annual (Form 1 0 - K ) or quarterly (Form R - l ) financial • is not I report with the Securities and Exchange Commission, Washington 25, D.G. 10. T h e person to contact regarding this report is (Print name, title, and (jffice telephone number) • 63 EXPLANATORY NOTES Responsibility, The Federal Trade Commission and the Securities and Exchange Commission have been jointly responsible since 1947 for summarizing for each calendar quarter uniform, confidential financial statements collected from a probability sample of all enterprises classified as manufacturers, except newspapers, which are required to file U.S. Corporation Income Tax Form 1120. These quarterly summaries are prepared jointly by the Division of Financial Statistics in the Federal Trade Commission and the Branch of Economic Research in the Securities and Exchange Commission. They are scheduled to be mailed to subscribers approximately 75 days after the end of the first, second, and third calendar quarters, respectively, and approximately 95 days after the end of the fourth calendar quarter. Purpose. The purpose of this sample survey is to produce, each calendar quarter, an income statement and balance sheet for all manufacturing corporations, classified by both industry and asset size. (Corporations account for more than 96 percent of total receipts from all manufacturing activity in the United States; more than one-fourth of the national income originates in corporate manufacturing; manufacturing corporations account for more than half of all corporate profits.) The quarterly summaries are used by various agencies in the executive and legislative branches of the Federal government to analyze current business conditions, evaluate the current financial position of small business, estimate net income in national income statistics, estimate current tax liability and future tax receipts, and determine current monetary and credit policy. The quarterly summaries are also used by thousands of nongovernment subscribers to measure efficiency and appraise costs by comparing a company's operating results with the average performance of companies of similar size or in the same line of business, to determine whether to undertake new ventures by comparing the profitability of various types of business activity, and as a guide to the relative movement of sales and profits in order to reduce controversies in wage negotiations. Comparisons with other statistics. The FTC-SEC quarterly financial estimates will not necessarily agree with other statistical compilations, whether based on a sample or complete canvass, for the following reasons: (1) The FTC-SEC quarterly financial estimates represent the aggregate of all enterprises classified as manufacturers, except newspapers, which are required to file U.S. Corporation Income Tax Form 1120. Each enterprise classified as a manufacturer which filed a U.S. Corporation Income Tax Form 1120 in a given fiscal year or filed 1 an application for a Federal Social Security Employer s Identification Number in a given calendar quarter has a known probability of being 64 drawn in the FTC-SEC quarterly financial reporting sample. In computing the quarterly financial estimates, therefore, each corporation in the FTC-SEC sample is given its proper weight. Moreover, the composition of the sample changes each quarter so as to reflect the effect of all corporate births, deaths, acquisitions, spin-offs, mergers, consolidations, and the like. In addition, one-eighth of the FTC sample segment is replaced each quarter. The FTC-SEC quarterly financial estimates, therefore, may differ significantly from estimates based on the sums of reports for identical groups of companies. (2) The consolidated enterprise concept is used in the FTC-SEC quarterly financial estimates. This concept eliminates the multiple counting of all interplant and other intra-company transfers included in establishment statistics and, to the fullest extent possible, eliminates the multiple counting of all intercorporate transfers included in statistics based on unconsolidated or partly consolidated reports from multicorporate enterprises. (3) The conventional accounting concept of profits is used in the FTC-SEC quarterly financial estimates. This differs from the national income concept of profits used in other estimates. In the national income concept, capital gains and dividends received by corporations are deducted from profits, capital losses and depletion charges are added to profits, and adjustments are made for international flows affecting profits. (4) The FTC-SEC estimates by industry are based on the latest edition of the SIC (Standard Industrial Classification). They differ from estimates based on an industry classification system that does not conform with the SIC. (5) The FTC-SEC estimates by size are based on the total assets of the consolidated corporate enterprise. They differ from estimates based on other criteria, such as sales or number of employees, and from estimates based on other reporting units, such as the establishment or the unconsolidated or partly consolidated multicorporate enterprise. (6) The FTC-SEC estimates are based on quarterly financial statements which, aggregated for any four consecutive quarters, differ from similar aggregations of annual financial statements because of existing differences in accounting years, particularly among the larger corporations. Current sampling method. The sampling method used is essentially an optimum allocation (that is, the greatest statistical precision obtainable with a given amount of funds). In terms of number of corporations, the current sample accounts for approximately seven percent of the composite frame while, in terms of total assets, the current sample accounts for approximately 87 percent of the composite frame. (See page 70, Table 9.) 65 The first part of the composite frame from which the sample for any particular quarter is drawn consists of the Internal Revenue Service sample of U.S. Corporation Income Tax Forms 1120 filed for a given taxable year by all enterprises classified as manufacturers, except newspapers. The second part of the frame consists of all applications for a Federal Social Security Employer's Identification Number filed by manufacturing corporations, since the end of the year covered by the income tax returns, with the Bureau of Old-Age and Survivors Insurance. A subsample is drawn each year from the first part of the frame, onefourth of which is introduced each quarter, replacing a comparable part introduced eight quarters earlier. A sample is drawn and introduced each quarter from the second part of the frame, replacing a comparable part introduced eight quarters earlier. In processing the composite list of sample companies, proper screening techniques are used to insure that the two parts of the frame are mutually exclusive. The sample from the income tax returns is drawn in .two stages. In the first stage of the sampling, carried out by the Internal Revenue Service for its own purposes, stratification by total assets is employed. In the second stage, carried out by the Federal Trade Commission, stratification by both industry and total assets is used. The sampling fractions, applied to the cross-classifications defined by asset size and industry, range from one-out-of-sixty to one-out-of-one. In the sampling of applications for a Federal Social Security f Employer s Identification Number, the criteria for stratification are number of employees, industry, and quarter in which application is made. The sampling fractions, applied to the cross-classifications defined by number of employees, industry, and quarter in which application is made, also^ range from one-out-of-sixty to one-out-of-one. In sampling each of the two parts of the frame, sampling within strata is systematic. Comparison with past sampling methods. The first sample in this survey was drawn from U.S. Corporation Income Tax Forms 1120 for the taxable year 1943. A second sample was drawn from U.S. Corporation Income Tax Forms 1120 for the taxable year 1949. The third (current) sample was drawn from U.S. Corporation Income Tax Forms 1120 for the taxable year 1954 and each taxable year thereafter. Each sample has been supplemented by a quarterly sample of applications for a Federal Social Security Employer's Identification Number filed with the Bureau of Old-Age and Survivors Insurance. The second and third samples were drawn in order to redistribute the reporting responsibility among the smallest corporations and because the older the sample, the less representative it is of the current population. The third (current) sample meets both requirements 66 to the fullest extent permitted by known sampling methodology, consistent with a minimal budgetary allocation: (1) to maintain current representation in each industry and asset size as effectively as possible, a sample is drawn each year for replacement purposes and (2) to redistribute the reporting responsibility as equitably as possible among the smallest corporations, one-eighth of the FTC sample segment is replaced each quarter. The first sample was used to provide estimates for each of the quarters in calendar years 1947 to 1951, inclusive; the second sample, from third quarter 1951 to second quarter 1956, inclusive; the third (current) sample, from second quarter 1956 to date. To splice the estimates based upon the first and second samples, an overlap was provided for third quarter 1951 and fourth quarter 1951. To splice the estimates based upon the second and third samples, an overlap was provided for second quarter 1956. Within the third (current) sample, an overlap was provided for each quarter in calendar year 1958 to splice the estimates based upon the 1945 and 1957 editions of the Standard Industrial Classification (see the "Industry classification" section below). Industry classification. After a corporation has been introduced into the sample, its industry is classified according to the latest information at hand. Unless in the interim it is deleted from the sample or there is a change in the corporate structure of the reporting enterprise, the corporation remains in the same industry category for eight quarters, at which time its classification is reviewed on the basis of the latest information at hand. Where there is a change in the corporate structure of the reporting enterprise, the industry classification is reviewed to take into account the effect of the change. In the reports for first quarter 1947 to fourth quarter 1958, inclusive, estimates were based on the 1945 edition of the SIC (Standard Industrial Classification). Beginning with the first quarter 1959 report, estimates are based on the 1957 edition of the SIC. The first quarter 1959 report contains estimates for each quarter in 1958 revised according to the 1957 edition of the SIC so as to provide a four-quarter overlap in the estimates. Size classification. After a corporation has been introduced into the sample, its size is classified according to its total assets at the end of the quarter for which it first submits a quarterly financial statement. Unless it is deleted from the sample in the interim, the corporation remains in the same asset size category until the first quarter of the following calendar year, at which time it is classified according to its total assets as at the end of that quarter. (Where there is a change in the corporate structure of the reporting enterprise, the new reporting enterprise is classified according to its 67 total assets at the end of the quarter in which the change has occurred.) Changes in the classification of corporate enterprises by asset size, therefore, contribute to the differences between estimates of the fourth quarter closing surplus and the following first quarter opening surplus for each asset size (see "Precision of the estimates" section below). Composition of the sample. The sample consists of (1) approximately two percent of all manufacturing corporations with total assets under $1 million, (2) approximately 25 percent of all manufacturing corporations with total assets of $1 million to $5 million, and (3) all manufacturing corporations with total assets of $5 million and over. The Securities and Exchange Commission collects quarterly financial statements from corporations classified as manufacturers which are required to file annual financial reports with the SEC. The Federal Trade Commission collects quarterly financial statements from all other manufacturing corporations in the sample. (See page 70, Table 9.) Precision of the estimates. More than 2,700 aggregates are estimated each quarter (and an approximately equal number of ratios calculated each quarter). Each estimated aggregate has its own standard deviation which indicates the difference that can be expected, due to sampling, between the estimated aggregate and a comparable total based on a complete canvass^. Each estimated aggregate will differ from a comparable total based on a complete canvass by less than one standard deviation approximately 68 times out.of 100, by less than two standard deviations approximately 95 times out of 100, and by less than two and one-half standard deviations approximately 99 times out of 100. The sample is designed so that one standard deviation of the estimate for the item "Net profit before Federal income taxes" for all manufacturing corporations amounts to less than one percent of that estimated aggregate. For most of the industry groups, one standard deviation of the estimate for this item amounts to less than five percent of the estimated aggregate. Each report form received is reviewed b y accountants and, where variations from conventional accounting are encountered, adjustments are made after communicating with company officials. In the review, the surplus reported in the balance sheet must be the same as the closing surplus reported in the income statement, the closing surplus must reconcile with the opening surplus for the quarter, and the opening surplus for the quarter must be the same as the closing surplus for the preceding quarter. Since corporations are added to and deleted from the sample each quarter, however, estimates of the opening surplus for the quarter are usually not identical to the estimates of the closing surplus for the preceding quarter. This is so because corporations are added to the sample with an opening surplus which was not reflected in the estimates of the closing surplus for the preceding quarter, while corporations are deleted from the sample with a closing surplus 68 which is not reflected in the opening surplus for the quarter following; in either instance, the opening surplus or the closing surplus of any corporation may be positive or negative. Financial statements in ratio form. Many kinds of quantitative comparisons are used to measure the financial strength of a company and the success of its operations. The simplest is to compare related financial items, such as sales and profits, and to express the relationship in the form of a ratio. By use of these ratios, various aspects of a company's operations may be compared with the performance of other companies or groups of companies of similar size or in a similar line of business. Certain tables show each income statement item as a percent of net sales and each balance sheet item as a percent of total assets. The operating and financial characteristics of the respective industries and asset sizes are thus reduced to a common denominator so as to facilitate analysis by executives, investors, grantors of credit, 11 and others. These common denominator or "common size statements, as they are often called, are a valuable external standard in gauging the success of a particular company's operations. These tables also include these additional basic operating ratios: (1) Annual rate of profit on stockholders' equity at end of period measures the 1 earning power of a company or group of companies from the stockholders point of view; it also provides a basis for comparing rates of profit of various industries and asset sizes. This ratio is obtained by dividing the net profit before or after Federal income taxes for the quarter (multiplied by four to put it on an annual basis) by stockholders' equity at the end of the quarter. Stockholders' equity consists of capital stock (net of treasury stock), capital surplus, minority interest, earned surplus and surplus reserves, and reserves not reflected elsewhere (the bulk of the last item is surplus reserves because not all companies include such reserves with earned surplus as called for on the report form). Ideally, stockholders' equity should be represented by the average of stockholders' equity at the end of the quarter and at the end of the preceding quarter; such calculations, however, would delay issuance of the published report more than the differences would justify. (2) Current assets to current liabilities measures the potential ability of a company or group of companies to meet current obligations. It is obtained by dividing total current assets by total current liabilities. It is expressed as the number of times total current assets covers total current liabilities. (3) Total cash and U.S. Government securities to total current liabilities measures the ability of a company or group of companies to 69 satisfy current obligations with cash on hand or its equivalent and supplements the ratio of current assets to current liabilities as defined in (2) above. It is obtained by dividing total cash and U.S. Government securities (including tax anticipation bills and nonguaranteed Federal agency issues) by total current liabilities. It is expressed as the number of times (ordinarily less than one) total cash and U.S. Government securities covers total current liabilities. (4) Total stockholders' equity to debt measures, for a company or group of companies, the relationship between capital owned and capital 1 borrowed. It is obtained by dividing total stockholders equity, as defined in (1) above, by the total of short-term loans from banks, installments due in one year or less on long-term debt, and long-term debt due in more than one year. It is expressed as the number of times 1 total stockholders equity covers the total of short-term loans from banks, installments due in one year or less on long-term debt, and long-term debt due in more than one year. Financial statistics for earlier years, tabulated by the Internal Revenue Service from income tax returns filed by manufacturing corporations, have been published annually in Statistics of Income, Corporation Income Tax Returns. The most recent complete tabulation, for 1959-60, may be purchased for $1.75 from the Superintendent of Documents, Government Printing Office, Washington 25, D . C . 70 Table 9 . - Composition of the FTC-SEC sample, by total assets and data collecting agency, 1st quarter 1962 Total assets of all manufacturing corporations 1/ Asset size Million dollars $1,000 $ 250 $ 100 $ 50 million million million million and over to $1,000 million to $ 250 million to $ 100 million Total FTC segment SEC segment 83,947 61,468 30,723 19,905 31 22 11 7 34 119 195 278 1 2 30 67 33 117 165 211 196,043 71 626 100 & 526 50 million -.14,286 25 million 14,772 10 million 9,856 5 5 4 409 953 1.194 171 554 879 238 399 315 234,956 39,876 85 15 3,182 7,425 1,704 6,909 1,478 516 274,832 100 10,607 8,613 1,994 $ 50 million and over $ $ $ 25 million to $ 10 million to $ 5 million to $ $ 5 million and over Under $5 million All asset sizes Percent Number of manufacturing corporations in sample 2j 1/ Figures are rounded and will not necessarily add to totals. 2J A sample consisting of all manufacturing corporations with total assets of $5 million and over, approximately 25 percent of all manufacturing corporations with total assets of $1 million to $5 million, and approximately two percent of all manufacturing corporations with total assets under $1 million. Of the estimated 165,863 U . S . Corporation Income Tax Forms 1120 filed by active manufacturing corporations with accounting periods ended July 1960 through June 1961, the latest year for which such information has been published by the Internal Revenue Service in Statistics of Income, 3,877 were returns with total assets of $5 million and over, 12,009 were returns with total assets of $1 million to $5 million, and 149,977 were returns with total assets under $1 million. 3/ Of these 100 corporations, 731 1 are not included in "The 500 Largest U . S . Industrial Corporations listed in The Fortune Directory 1 dated August 1962. Financial statements are not given in Moody s Industrial Manual, 1962 for 68 of these 100 corporations* 17 of the 73 and 20 of the 68 corporations have assets in excess of $100 million. U.SL GOVERNMENT PRINTING O F F I C E : 1963 O - 688444