919-1926 COMPARED WITH 
PRECEDING TWO DECADES 
400 
350 
300 
| PRIMARY y, 
HORSEPOWER 
IR{ 
A 
; MFG. 
our 
20 
- 
Hi 
10C 
NO. OF 
WORKERS 
OUT: EE 
WORKER 
i ‘ { Posie 
THE GROWTH OF MANUFACT!IRES 
} (FED. RES. BOARD DAT? 
50 y mr — La iin ie 
1899 1904 1909 1914 1919 21 23 25 27 
CHART 1.~~The Hoover Committee on Recent Economic 
Changes reports, for 1922-1927, an increased “tempo” of pro- 
duction due to inventions and improvements in the arts, by 
which “production per man hour of effort has risen to new 
heights,” together with “higher per capita income in 1922-1927 
than ever before.” This record largely explains the rise of 
stock prices to a new plateau, which remained after the panic 
of 1929 (see Chart 4).