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