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 production
 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).