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Wine, Slaves, and the Emperor at Villa Magna

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If we multiply the price-earnings estimate of Sloan (1936), which is equal to 17.5, by 1929 total NIPA earnings, we get an estimate for the market value of all corporations in late August/early September of 1929 of 1.54 times GNP (= 30.8/1.76 × 8.8). We can use the same procedure with companies in the S&P indices. In Table 2, we provide a list of the 50 companies in the S&P industrial index, the 20 companies in the S&P index of railroads and the 20 companies in the S&P index of public utilities. The 90 are the stocks in their composite index. Along with names, we report.