U.S. Business: FALLING RATIOS

Figures below indicate not the price of a stock, but the number of timesthe price per share exceeds the annual earnings per share. This iscalled the price-earnings ratio.

At 1961 At 1962 Last Week High High (est.) (est.)

Xerox 122 66 45

Polaroid 115 88

Hewlett-Packard …. 100 62 40

Texas Instruments … 87 50

IBM 80 64 44

Minneapolis-Honeywell 49 35 26

General Electric 29 27

Goodrich 23 18

American Cyanamid . . 21 16 10

Jones & Laughlin. … 19 15 10

Ford 15 14 10

Borg-Warner . . .15 12 9