186 The Stock Market Crash—And After 
already taken by the Federal Reserve Board, the 
upward and downward fluctuations in purchasing 
power of the dollar have been less observable than 
during any equal period since 1800. There has been 
a slight tendency to increase in the purchasing power 
of the dollar. as reflected in a lower wholesale price 
WHOLESALE COMMODITY PRICES [RVING FISHERS STABILITY 
20 
17 
18¢ 
12: 
162. 
3 
'S 
1828 
18926 
1927 
1928 
ga 
1929 
CHART 19.—Stable wholesale commodity price level, 1923-1929, 
(steadied purchasing power of the dollar) has encouraged the mak- 
ing and keeping of business contracts. 
level since 1925; but this was brought about mainly 
through reduction in costs by mass production and 
skilled organization. While the dollar increased in 
purchasing power during 1926, part of 1927 and 
during the latter half of 1929, there was slight evi- 
dence of deflation that would be shown in the general 
shutting down of plants and unemployment. That