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 making
 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 evidence
 of deflation that would be shown in the general
shutting down of plants and unemployment. That