Page:Walter Renton Ingalls - Current Economic Affairs (1924).pdf/51

There is no generally accepted, composite index reflecting the status of all affairs. However, for the estimation of the national income by my method it is necessary to have such an index. After an examination and study of all index numbers I deduced a series as the “most probable” composite. Comparison of this with the index of compensation to railway employees appears in the table on page 36.

What I have called the “most probable composite index” may also be described as the “general economic index.” It aims to represent the general average of the rises in prices that have occurred as the correlating factor between the national production of goods and

Comparison of Index Numbers^[1]

Year	Raw materials						Producers’ goods, FRB	D. A.
	B	Dun	BL	DA	WRI	FRB		Crops	Livestock
1913	100	100	100	100	100	100	100	100	100
1914	97	101	98	94	100	99	92	108	103
1915	107	105	101	97	102	101	97	110	95
1916	128	123	127	132	123	126	143	124	111
1917	170	169	177	176	173	187	184	208	164
1918	203	190	194	186	198	205	181	224	192
1919	203	191	206	195	230	218	179	234	198
1920	204	205	226	234	187	229	214	238	168
1921	123	141	147	161	148	142	135	109	107
1922	132	142	149	163	…	159	128	113	112

1. Some of the figures for 1922 have been computed with estimates for December. The figures attributed to the George A. Fuller Co. for 1919 and 1922 represent only portions of those years. The numbers attributed to W. R. Ingalls are computed by estimating the value of about 1100 million tons of agricultural and mineral commodities, figuring the average value per ton and reckoning from 1913 as the base equal 100. There appears to be something wrong with these indices for 1919 and 1920, the reason for which has not yet been determined.