Show 11 ION IL CIT cm 1 1 U K S the spring rise of bu I 1 ie is s evident ly p passed assed its peak about the first of may and the trend since then haa has neen moderately downward influences were apparent in both the automobile and steel industries which were the leaders of the up ward mard movement in the spring A factor of recession Is the drouth news from the grain states the possibility of a loss of 0 farm ing power through crop failing has has slowed up both retail and wholesale trade in the areas worse affected and naturally leads to business hesi best tation elsewhere the situation is disastrous in the spring wheat belt and generally serio serious uso over the north central area though in other regions the damage may not be ble the farmer may not only have few dollars to spend but each dollar will purchase less in the of prices it is incont rov the fact that the real activity of capital goods and employment depends upon vate vale c spital and that in turn upon confidence of business men and in vectors la in the future the stage of recovery which everyone desires is the stake at which priming of the pump by governmental instrument ins trumen bality will come to an end private enterprise must take over and carry on there Is apprehension of disrupting changes of policy or of un forseen complications in many features of the recovery program overhead authority may bring new disorder natural forces of cry will overcome all Impediment si experimental measures will be aban boned or modified as they are dis covered to be ineffective the assumption that government will keep business going through its expenditure se is a false basis tor for confidence heavy government ex tures and private enterprise freely nourished by Iri private vate capital do not readily exist side by bide side and the paramount problem is to restore private investments inq one per cent tor for call loans to 1 for time loans and for ban hers kers acceptances spring wheat states suffered from la a drouth in 1931 and again in 33 3 and these droutha left a deficit of subsoil moisture mois tuie which has made the shortage of water thus far a ser ious problem in many areas the seed had to be planted in dust the department of agriculture reports that the conditions were the liorest by may 1st in fifty years A feature of the news idu t storms dorms the AAA corn program haj in fact been a race between the at tempt to diminish th the supply by the acreage deduc on alir and to uphold the i rices ba b loans birot pirat pig slaughter second maintenance of the corn orri price to the livestock prices which made feeding unprofitable and therefore led to faster market ing with consequent lowering again of prices all this illus illustrates rates the tendency of an artificial solution of one problem to create equivalent problems it Is scent of the farm board boards s exper lence in buying up ull the surplus wheat and cotton which resulted merely in absorbing the lobess temporarily in the treasury hog prices are lower the aaa AA has been in operation one year and plainly it is in older to con co nider cider why its results have been so disproportionate to its tre efforts and enormous us ex tures it is in the position of aiming at goals which are constant ly moving higher this is the ous u contradiction of the recovery program industry and agriculture each pursuing the other around a circle but tailing failing to meet |