Actual Billion

Although some U. S. firms have done an annual gross business of more than a billion dollars (TIME, May 24), none until last week was capitalized at that figure.* The American Telephone & Telegraph Co. has just made the mark by issuing $154,000,000 of new stock and thus bringing its outstanding total to $1,075,597,500. New shares will be distributed to present stockholders on a 1:6 ratio.

"The original $1,018,583,600 capitalization of the U. S. Steel Corp. was reduced in 1903 by $360,281,100. Its present outstanding capital stock is $868,583,600. Standard Oil of N. J., the largest oil company, has $707,229,675 stock outstanding.