If we multiply the price-earnings estimate of Sloan (1936), which is equal to , by 1929 total NIPA earnings, we get an estimate for the market value of all corporations in late August/early September of 1929 of times GNP (= × ). 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.
