A NALYSIS of the capital market in respect to industrial bond and preferred stock financing during the years I933-37 is brought to completion in this article, which deals with the industrial companies that, during the period studied, floated only nonrefunding bonds and preferred stock.1 Balance sheets and income data for 36 such companies are presented. Earlier studies dealt with data for 96 industrial companies making ref undings during the period, some of which also issued nonrefunding securities; this group had assets of 9,756 million dollars in I937, while the group of 36 companies treated in the present paper had assets of 2,652 million dollars. Both classes of companies showed an expansion in assets greater than that for industrial companies as a whole, and this expansion was in part financed by the funds obtained through the publicly offered securities considered here. For the 36 companies issuing nonrefunding securities only, the resulting expansion in preferred stock and funded debt was relatively more rapid than that in assets, so that the proportion of such capitalization to total assets was raised. In the refunding group (which includes some companies making new issues), the proportion of debt to total assets declined, and an absolute shrinkage in preferred stock occurred. Both groups showed a large increase in surplus (relatively more rapid than that in total assets) and some increase in common stock. In both groups, however, common stock capitalization declined in proportion to assets. Since companies that issued only common stock were not included, only a few flotations of common stock issues appear. While nonrefunding issues were sufficiently large to affect the relative capitalization of the companies included, such issues we are dealing here with flotations offered in the open market were in comparatively small volume. The market at the time clearly did not present as advantageous conditions for nonrefunding as for refunding issues. For the latter, the rapid easing in money rates gave opportunity for savings of which financial managers could take advantage. The disturbed political and economic prospects, on the other hand, militated against new investment and expansion of assets through the assumption of new capital involving interest liabilities or preferred dividends. Nevertheless, it is clear from the statistical record that the circumstances which might be urged against the flotation of such securities were in many instances not decisive. Adequate balance sheet and income data are available for a smaller portion of the industrial companies floating only nonrefunding bonds and preferred stocks than for such companies floating refunding issues. The record for the latter is, indeed, almost complete, whereas (with the conspicuous exception of large companies issuing preferred stock) only a portion of the companies floating nonrefunding issues are represented in the corporate accounts summarized in this study. A considerable group of the smaller, less-well-known companies used in the study of rate and other characteristics of the I935-37 issues is not included here, and the sample is clearly biased toward the larger, and probably toward the better-known, companies.