ECONOMICS OF THE FISHERIES 



385 



1920 

 120 



tlO 

 100 

 90 

 80 

 70 



60 

 50 



1922 



1924 



1926 



1928 1930 



1932 



1934 



1936 



1938 



19 



40 

 120 

 110 

 100 

 90 

 80 

 70 



60 

 50 



300 

 250 



200 

 150 



100 

 90 

 80 

 70 



60 

 50 



40 



300 

 250 



200 

 r50 



100 

 90 

 80 



70 

 60 



50 

 40 



1920 



1922 



1924 



1926 



1928 



1930 



1932 



1934 1936 



1938 1940 



Fig. 8. Sundry Non-money Series of Indicators of the United States Business Cycle in 

 Various Units: A. Index of Industrial Production, 1935-391=100, Federal Reserve Board; B. 

 Number of telegrams sent in tens of millions, American Tel. & Tel. Co.; C. Railroad freight in 

 bDlions of loaded car-miles, I.C.C; D. Composite employment index, 1923-25 = 100, Bureau 

 of Labor Statistics; E. Index of Industrial Activity, secular trend = ico, Cleveland Trust Co.; 

 F. Advertising Index, 1923-32 = 100, McCann-Erickson, Inc.; G. Fertilizer Consumption, in 

 hundreds of thousands of tons, National FertiHzer Association. 



