22° 
soo 
75 
20 
RAILROADS 
1926 = 100 
3TOC” PRICES 
~ 
n= 
3 
Te 
1828 
1920 
CHART 6.—Net railway earnings show an upward trend from the 
first quarter of 1928 to the fourth quarter of 1929, more marked 
than the upward trend of stock prices. 
22% 
200 
Tr 
[ALL INDUSTRIES] 
19262100 
STOCK PRICES 
225) A 
4 
LY 
D- 
SQOFT 
30 
IO28 
1027 
1928 
1928 
ural 
CHART 7.—Upward trend of industrial net profits since 1927 has 
been more pronounced than the rise of industrial common stock 
prices.