Changed Ratio of Prices to Earnings 97 
APPRECIATION OF Pivorar ComMmoN SHARES—Continued 
Apprec. Apprec. 
in points in % 
165 
124 
118 
71 
90 
83 
251 
169 
49 
175 
155 
446 
13 
218 
550 
61 
12 
9 
Int. Harvester ......... 
Int. Tel & Tel. ........ 
Kennecott ............. 
Liggett & Myers “B” ... 
Loew's, Inc. ............ 
Mont. Ward ........... 
Nash Motors ......... 
Nat. Biscuit ......ou0n.. 
N. Y. Central .......... 
North American ........ 
Otis Elevator .......... 
Packard Motor ......... 
Paramount Fam. Lasky. . 
Pub. Serv. of N. J. ..... 
Radio Corp. ........... 
Reynolds Tob. “B” ..... 
Southern Pacific ........ 
Stand. Oil of N. J....... 
Studebaker ........ 
Texas Corp. ........... 
Union Carbide ......... 
Union Pacific .......... 
United Fruit ........... 
U.S. Steel ......couvn.. 
Western Union ......... 
Westinghouse Elec. ..... 
Woolworth ............ 
6g 
23 
498 
80 
12 
19% 
40 ‘ 
140 140 
160 160 
66% 66 
95 390 
2 82 
i, 105 
54 162 
26 26 
39 i21 
1o6 tob 
48 = 4b 
38% 03 at 
so 50 J? _ 
59 177 67 10 164 
*00 200 134 56 39 
99 247 187 6o 32 
150 210 123 97 80 
I55 155 119 36 30 
100 110 67 43 64 
521 313 200 21 8 
3 
Here is a record of the appreciation of leading 
stocks, reckoned at the panic low of 1929, ranging 
from 8 per cent for Woolworth to 446 per cent for 
Packard Motors, and 550 per cent for Radio Cor- 
poration. This comparison establishes beyond per- 
adventure the substantial appreciation of market 
values above the old plateau of 1915-22, and at a 
remarkable average percentage over the highs of 
1923, even at the 1929 panic bottom, when the 
average price of industrial common stocks had fallen 
to less than ten times earnings.