MAXIMUM LOAN VALUES OF FOUR COMMON STOCKS AT PEAK OF BULL MARKET (SEPT. 3, 1929)

Market Price (Average), Sept 3, 1929
N.Y Stock Exchange (Debits over $5000)

LEGEND 2000 NY Stock Exchange (Debits under $5000)
Fletcher-Rayburn Bill
Twentieth Century Fund.

Lowest Price

west Price

$30

MAXIMUM LOAN VALUES OF FOUR COMMON STOCKS AT APPROXIMATE BOTTOM OF BEAR MARKET (JUNE 1,1932)

$25

F.W.WOOLWORTH COMMON

-$19.44. -$18.80

$16.82

$15.15

Market Price (Average) June 1, 1932. www. N.Y. Stock Exchange (Debits over $5000)

LEGEND N.Y. Stock Exchange (Debits under $5000) ****** Fletcher-Rayburn Bill.

Twentieth Century Fund

Lowest Price 75

Lowest Price 22

MAXIMUM LOAN VALUES OF FOUR COMMON STOCKS DURING EARLY PHASE OF RECOVERY (FEB. 1, 1934)

EXHIBIT I.-Loan values of four common stocks compared with market values F. W. WOOLWORTH COMMON

• Based on lowest price for preceding three years, adjusted for changes in capitalization.

POSSIBLE PYRAMIDING IN ONE YEAR UNDER SECTION 6 (C) OF FLETCHER-RAYBURN BILL. (ASSUMING LOANS OF 75 % OF MARKET VALUE)

Original 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th.
Purchase Mo. Mo. Mo. Mo. Mo. Mo. Mo. Mo. Mo. Mo. Mo. Mo.