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Show by industry, and that material gains will be made after Labor Day. On the other hand, at least I lu,uuO,(HH people ares till out of work, and there seems to be small chance of most of them finding jobs, unless a business revival of much greater intneity than anyone anticipates occurs. SECURITIES: Turnover on the stock exchange has slowed somewhat. some-what. Butp rices haveh eld their gains for the most part, and bullish bull-ish sentiment is still uppermost. The market has become less influenced in-fluenced by European scares there have been som any of them in the last few years, and so few have amounted to anything. z , GENERAL OUTLOOK: Most authorities au-thorities agree that the recovery I movement will continue into next apring. Few arew illing to gamble an opinion on what will happen thereafter. The political situation is an unsettling factor, and will probably remain so. The government govern-ment fiscal policy remains the worst of all factors sot ar as the long view is concerned. both because of hard times and because of the expectation that sharp price redctions must occur. Today, wtih consumption of perishable perish-able goods rising, anj with the, government's latest emergency spending program putting a spark of life into the long-paralyzed durable dur-able goods industries, commerce is being forced to replenish itp stocks. This is proven by the Fed- I ECONOMIC ! I HIGHLIGHTS i 5- t The business picture has been marred by some unfavorable factors fac-tors lately. But, taking it by and large, the outlook for steady if slow improvement seems to remain re-main good. One bad element has been renewed re-newed weakening in the commo-" commo-" dity price structure. The values of wheat and other farm futures have tended to decline, in spite of efforts to hold them at stable ' levels. There hvae been no sharp breaks, however, andg eneral opinion opin-ion believes that prices will soon f strengthen. Also bad has been the chaotic situation aboard. Hitler seems to bep laying the old game of "bluff Czechoslavakia" again. Foreign currencies.notably the franc and the pound, have lost ground in eral Reserve Board'sindex of in- j dustrial production, which made its first gain of the year in June, anc ,which is now five or six points above that level. Some briefs of interest follow: STEEL: Operations have held to a fan level, and substantial im-provement im-provement is expected. Future committments are good. MOTORS: As is always true in mid-summer, productino is now almost nil. But some makers are planning more of a splurge with their 1939 cars than they thought was wise a few months ago. The general upturn in business and sentiment has encouraged them. I Mr. Roosevelt may succeed in defeating Senators George and Ty-dings, Ty-dings, and Representative O'Connor O'Con-nor the three Congressmen who head the Administration's "purge list." But even if he does, his troubles will not be over by any means. That is the gist of political opinion opin-ion on the President's recent tour. Reason: If theseand other more or less anti-New Deal Democrats are beaten, itw ill bee redited to White House intervention. TheSr thousands thou-sands of followers will be bitter at tflie Roosevelt leadership. They will be eager to change the control of their party. Furthermore, there is a growing feeling of restiveness among congressmen, con-gressmen, including some of those who have been 100 per cent New Deal, because of what they regard as White House dictation. The prospect pro-spect is that the President will I have plenty of trouble getting his I legislative program through next I session, irrespective of what hap-suojiaaio hap-suojiaaio etrj uj sued ELECTRJC POWER: Production, Produc-tion, when seasonal adjustments are made, it at a good level. Outlook Out-look indicates that fall consumption consump-tion will bee lose tot he 1937 level. On the adverse side, sentiment in the industry is at a low ebb, due to politics. AGRICULTURE: As mentioned above, prices have weakened. On the other hand, the chances are ther relation to the dolalr. But most authorities regard all this as being of little importance. They think a general war in the immediate immed-iate future is unlikely, largely due to the economic weakenesses of the tolitarian states, and that matters mat-ters abroad will continue about as , they have during the past two or p three years, with "crises" appearing appear-ing periodically, making the headlines, head-lines, and then dropping into obscurity. ob-scurity. , So far as the figures are concern ed, thed omestic situation is good. Everything seems to be present f that is needed for a stable recovery recov-ery movement. The 1937 recession resulted in production falling be- hind consumption. Merchants large and small reduced their Jnven-tories Jnven-tories to the minimum. Buying that the farmers' cash income for major crops will e reasonably satisfactory this year though prices will bei ower, yields will be higher, especially in the case of grains. EMPLOYMENT: Latest figures which have any prtense to authority author-ity indicate that there" has been a fair amount of reemployment |