PRICE EARNINGS RATIO

Ed

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plliranees
sespenes Bo =
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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.