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.