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•37

•38

B. Steel Production in the United States from 1921 to 1938. 1926 Equals 100%.

This chart shows concretely that the average for the base period actually averages 100% on the chart. Sec also 302B.

INDEX NUMBERS SHOWN BY CURVES

MOCX NUMBint, HI6H MONTH Of i«s;>ioo

National Industrial Confrrcnoc Board. Inc , November 2S. 1038

SCALE 7

Depression and Recovery in the United States for the Years 1937 and 1938.

1. The most interesting feature of this chart is that the high month of 193 7 is equal

to 100% in each of the six charts. The result is that each curve has a different base figure.

2. The lowest point from that date to the date when the data were last available was

designated the end of the depression period. As a result, there is a variation in the date at which the depression period supposedly ends in each of the six charts.

GRAPHIC PRESENTATION

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U. S. Department of Labor, Bureau of Labor StatUtici, "Labor Information Bulletin," April 1936.

A. Physical Volume of Industrial Production in the United States fronn 1919 to 1936. 1923-25 Average Equals 100%.

Compare with B below.

INDUSTRIAL PRODUCTION

(PER CAPITA)

Magazine of Wall Street, January 29, 1938.

SCALE 7

B. Per Capita Industrial Production in the United States fronn 1875 to 1938. 1923-25 Average Equals 100%.