The most generally accepted and widely quoted single figure on the rise and fall of U. S. business is the Federal Reserve Board index of industrial production. In this index the normal 100 is Calculated on the years from 1923 through 1925. Since that time the population of the U. S. has increased 13%. and living standards have presumably advanced. Disregarding the advance in living standards, Cleveland Trust Co.'s famed Vice President Leonard P. Ayres recently declared that "we shall not be much in error if we consider 113 to be normal now." The latest Reserve Board figure...
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