Business & Finance: 16.66X

Last month appeared the 1928 financial statements of many a U. S. corporation, offering stock market students an opportunity to discuss the much-debated ratio between the earnings of a stock and its market quotations. In bygone days, when bulls were not so fat and bears were not so lean, conservatives estimated that a stock which earned $10 a share should be selling at $100, or ten times its earnings-per-share. In recent years this ratio has been considered extremely backward. Thus, in March, 1928, John Jacob Raskob announced that General Motors should rise to...

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