FISCAL: The Missing Ingredient

Before the American Bankers Association in Detroit last week, Westinghouse Electric's President Gwilym A. Price painted a brave picture of the new world ahead of U.S. industry, "an economy whose horizons will be almost as far beyond those of the present as today's are beyond those of our boyhood."

But, said Price, one essential ingredient is missing: the willingness of U.S. investors to risk their dollars on industry's expansion. They are hanging back. Of the $26.5 billion which U.S. industry spent on expansion in 1947, said Price, less than 4.7% (only $1.25 billion) came from stock sales, i.e., risk capital...

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