78 The Stock Market Crash—And After 
income of $14,033,000,000. Even for the depres- 
sion year 1921, despite the heavy losses of inven- 
tories in that year, the revised net income figure 
is $5,858,000,000. 
To these estimates Mr. Snyder adds a reckoning 
of revised net income reported by individuals doing 
business and by partnerships. In this he assumes 
that the percentage of net to gross income is the same 
as for corporate net to gross. He has also estimated 
the total gross income of all business which rose 
from $145,000,000,000 in 1919 to $222,000,000,- 
000 in 1926. 
Despite the growing share in total business done 
by the larger corporations, the revised net income of 
individuals has also expanded, in Mr. Snyder's cal- 
culations, from $3,878,000,000 in 1919 to $6,281,- 
000,000 In 1929. It appears, therefore, that indi- 
viduals in business are suffering no extreme hardship 
in competition with larger corporate units. 
So long as the larger aggregations of capital can 
buy the assets of many concerns and fix their prices, 
they have undoubted advantage over individuals who 
may not even combine in price agreements that pre- 
vent cutthroat competition. The larger corporate 
form has advantages, also, in economies of large- 
scale production that account for a steady advance 
in proportion of business done. But it would appear 
that for the business of the country as a whole, net 
income is by no means low and there is no dearth of 
distributed products. These are increasing. But the 
ratio of reserved profits, of profits saved for a “rainy