PRICE EARNINGS RATIO 
lL 
. 1929 
25h 
ahidder 
Fhlnbd 
—{c28- 
i 
devessne 
EE GE 
INDUSTRIALS 
FIXED GROUP 
45 STOCKS 
1928 
DEC 
li 
— 
3. JAN, FEB. MAR. APR. MAY JUNE JUL. AUG. SEPT. OCT. Nov. DEC. 
CHART r1.—Standard Statistics Data. A steady trend downward 
in the price-earnings ratio during 1928—that is, the number of times 
industrial common stock prices were of earnings—indicates that 
while the market price level was climbing earnings were climbing 
at a greater rate. At the market high during September, the price- 
earnings ratio actually decreased as compared with September, 1928. 
14