4 billion deficit in the 1959 fiscal year, the largest in peace-time history, was accompanied by almost no change in wholesale commodity prices and by a rise of only about 1 per cent in the cost-of-living index. On the other hand, if low interest rates be regarded as the best measure of inflation, let it be noted that in the period before World War II, the average yield on high-grade corporate bonds was only 2.95 per cent; short-term interest rates, as measured by Treasury bills, were as low as 0.058 per cent. Yet, industrial common stocks yielded as much as 4.2 per cent after the cuts in dividends following the 1937-1938 business contraction, and common stocks were depressed.


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