study extends through the subsequent depression and recovery, the bull market of the late twenties, and the stock market crash of I929. It thus includes the two periods of high interest rates and monetary strain -I920 and I929experienced during this time. The study is based upon indexes of the yields of short and long term governments published in the Annual Reports of the Federal Reserve Board, and upon a private compilation of the rates attached to new issues of short and long term government securities sold in the open market. For purposes of comparison and to show the position of these indexes in the money