More Risk Capital

Though businessmen complain of a shortage of risk capital, the SEC last week reported that in 1951 corporations floated $7.8 billion worth of new securities, more than $1 billion above the 1950 total and equal to the alltime high in 1929. The new securities were more speculative than in recent years, chiefly as a result of the bull market. From 1940 to 1945, the SEC noted, only 16.1% of the new issues were common stock; the rest were bonds and preferred stock. But in the past six years, the common stock share of the total has jumped to 30.7%.

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