American American Average, Current Liabilities

• When Graham wrote, only one major mutual fund specializing in utility

stocks-Franklin Utilities-was widely available. Today there are more than 30. Graham could not have anticipated the financial havoc wrought by can TABLE 14 3 DJIA Issues Meeting Certain Investment Criteria at the End of American American Average, Can Tel. & Tel. Anaconda Swift Woolworth 5 Companies Price Dec. 31, 1970 ?4 ?8 21 ?8 ? Price/earnings, 1970 11.0
12.3
6.7
13.5
14.4
11.6
Price/earnings, 3 years 10.5
12.5
5.4
18.1
b 15.1
12.3
Price/article value 99% 108% 38% 113% 148% 112% Current assets/current liabilities 2.2
n.a. 2.9
2.3
1.8
c 2.3
Net current assets/debt 110% n.a. 120% 141% 190% 140%

Stability indexa 85 100 72 77 99 Growtha

55% 53% 78% 25% 73% 57% a See definition on p. 338.

b In view of Swift’s good showing in the poor year 1970, we waive the 1968

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