74 The Stock Market Crash—And After 
creased satisfactorily over the corresponding period 
of 1928. 
That the gains of 1929 were extraordinary as 
compared with 1928, is indicated in the figures cited 
above. That the gains of 1928 were extraordinary 
is also shown by a study of 914 companies published 
by Ernst & Ernst in their bulletin of May, 1929, 
that records corporation balance sheets at the end of 
1928. These had increased by 9.18 per cent in cur- 
rent assets at the close of 1928, as compared with 
the close of 1927; in net working capital they had 
increased by 8.86 per cent and in cash and marketable 
securities by 19.09 per cent. The latter item shows 
clearly that inventories and accounts receivable had 
been carefully controlled, and that inventories were 
conservative at the close of 1928 in relation to sales, 
as compared with 1927. 
Changes in corporation profits during 1923 to 
1927, inclusive, according to Recent Economic 
Changes, show extraordinary increases through the 
entire range, with the exception of railroad equip- 
ment, clothing, textiles and coal, which recorded de- 
creases ranging from .1 per cent to 48 per cent in 
the average annual rate of change; also, in motor 
accessories, building supplies and paper, with de- 
creases ranging from 1 per cent to 4.4 per cent. In 
all the rest of the industries great increases were 
registered—Ileather and shoes by 28.8 per cent for 
1927 as compared with 1923; motors by 22.5 per 
cent; amusements by 18.9 per cent; miscellaneous 
industries by 1¢ per cent: machine and machine man-