Show STEPS ON THE ROAD TO RECOVERY Dollar wheat ten-cent ten cotton cotton cotton cot cot- ton those figures are the best news that has come out in years Rising prices for agricultural products are the best evidence that tha t the depression is over and recovery has begun For agriculture agriculture agriculture agri agri- culture is still the largest basic industry of America and if its followers do not prosper the rest of the people suffer with them Increased farm buying power accounts for a great deal of the industrial recovery which is ife well wen Under way We Ve are not back yet to the fons condit of 1923 to 1925 which are regarded regard regard- ed as the standard high level of speculative non prosperity But in March l industry was doing doing doing do do- ing only 60 percent of its normal normal normal nor nor- mal activity in April this rose roseto roseto roseto to 67 percent and f for or the month of May the Federal Reserve Reserve Reserve Re Re- serve Board announces industry induStry industry indus indus- try in in general was up to 76 percent percent percent per per- cent of its pre-depression pre pro pro- And through-out through June the figures were still rising The increase in business activity activity activity ac ac- ac- ac is larger in steel ste l automobiles automobiles automo automo- biles lumber te textiles iles and shoes We Ve are re beginning to again to replace worn out cars with new ones to buy new clothes and new shoes Those are always always al always al- al ways the starting points toward recovery Employment is increasing steadily but not as fast as pro pro- About 61 percent of employees are back at work P Payrolls still stilli lag behind being only about 42 percent of normal at the end of May That is characteristic characteristic characteristic char char- too wages dont don't come back until higher prices have haye been established long enough enough enough e- e nough to bring in money with which to pay the higher wage Wages must always be proportioned to profits There is a good deal of talk about establishing a minimum wage and and- many people have havethe havethe havethe the idea that 5 5 a day would be about right But we notice that the right But we ve notice cotton spinning industry in fits new code of practice sets 10 10 a week in southern mills and 11 in northern as a fair m minimum min minimum min min- n- n for machine We Ve dont don't know enough about the cotton business to judge but w we think too many people are I expecting ting the New Deal tomake to tomake I Ima ma make e everybody rich over night As we understand it I folks will still have to work hard for a living and a little harder to get ahead |