96 The Stock Market Crash—And After 
$270 before they expired. “Rights” attached to 
other issues were not so valuable. 
The equivalent price in the case of General Mo- 
tors, for instance, is arrived at by the Bureau in the 
following manner. The stock which made a 1923 
high of 1714 was exchanged on the basis of one new 
share for each four shares, thus reducing the number 
of shares to one quarter of the previous number 
outstanding. Then a 50 per cent stock dividend was 
declared, followed by a two for one split-up and a 
still later two and one-half for one split-up. The 
comparative list, with fractions omitted from the 
last four of the five columns is as follows * 
AppreciaTioN oF Pivorar Common SHARES 
From Tor PRICES OF 1923 To Low Prices DURING 1929 PANIC 
(Compilation by Boston News Bureau) 
Equiva 
lent 
1929 
low 
77 
197 
s5d 
86 
90 
62 
193% 
160 
70 
1953 
30 
103 
633 
rho 
80} 
70 
80 
68% 
-3% 
80 
-R 
‘n23  Apprec. Apprec. 
-h  'n points in % 
220 
76 
175 
382 
23 
170 
50 
rox 
32 
26 
Air Reduction .......... 
Allied Chemical ....... 
Allis Chalmers ......... 
American Can ......... 
American Locomotive .. 
American Smelting ..... 
American Tel. & Tel... 
American Tob. “B” .... 
Anaconda 
Atchison ......ceenvenn. 
Atlantic Refining ....... 
Baltimore & Ohio...... 
California Packing .... 
Ches. & Ohio ......... 
Cons. Gas ,....evuvennn 
Corn Products ......... 
DuPont ...oovovvnnnnns. 
General Electric ...... 
General Motors ........ 
Gillette Safety Razor ... 
Hudson Motors . 
+ 
- 
6 
ro 
186 
193 
320 
70 
195 
120 
10% 
127 
160 
160 
280 
560 
672 
63 
376 
[33 
t 2 
59 
53 
105 
160 
60 
7 
24 
69 
160 
148 
202 
17 
292 
22 
45 
40 
76 
91 
120 
412 
470 
46 
34 
19 
75 
46 
90 
132 
75 
278 
235 
271 
29 
3Q