Changed Ratio of Prices to Earnings 95 
In no period during 1929 did stocks generally go 
down together or rise together indiscriminately, ex- 
cept at the height of the panic; but during the entire 
year, and not excepting the worst of the panic period, 
the new plateau of the market stood firm on its 
foundation of unexampled national prosperity. 
As illustrative of this truth, the Boston News Bu- 
reau has published a table showing 1929 low prices, 
established in most cases during November, and 
what these prices represent in terms of the former 
capitalization, after taking into account split-ups 
and extra stock dividends. The high prices in 1923 
are also indicated for comparison. No consideration 
is given to “rights” or regular stock dividends. In 
this table it is shown, for example, that Radio Cor- 
poration with a 550 per cent appreciation leads the 
group in percentage rise, while General Electric takes 
the honors from the standpoint of appreciation in 
dollars per share. The Bureau states that had con- 
sideration been given to the distribution of Electric 
Bond and Share stock to General Electric share- 
holders, together with subsequent split-ups and 
“rights” on that issue, General Electric would 
unquestionably be the star performer from both 
angles. 
The records of such issues as Anaconda, Ameri- 
can Telephone, Liggett & Myers “B”, Montgomery- 
Ward, Reynolds Tobacco “B”, and the railroad 
shares, would show up better if “rights” were taken 
into consideration. For instance, the Bureau says, 
in the case of Montgomery-Ward the “rights” issued 
in November, 1928, fluctuated between $19¢ and