PRICE EARNINGS RATIO

dont

1929

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i928

ING

Ea Ol

1928
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CREASE —

1929

ALL INDUSTRIALS
STANDARD STATISTICS

Ce he
JAN. FEB. MAR. APR. MAY JUNE JUL. AUG. SEPT. OCT. NOV. DEC

CuART 10~—For all Industrial common shares earnings increased
far more rapidly than the increase of stock prices during 1929. But
this group is open to the objection that it is a variable group of
stocks.

3