PRICE EARNINGS RATIO 
Ed 
aessvansee 
plliranees 
sespenes Bo = 
essasactmesnene: To 2 
DECREASE 
arg. ho 
Tome 
LAL 
INCREASE 
LL 
RAILROADS 
XED GROUP 
25 STOCKS 
ECREASE 
AUG. SEPT. OCT. NOV. DEC. 
CHART 12.—Standard Statistics Data! Fixed group of rail stocks 
shows decline in price-earnings ratio during four months preceding 
October-November break, denoting more rapid increase in rate of 
earnings than of common’ stock prices.