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 priceearnings
 ratio actually decreased as compared with September, 1928.

14