New York, Oct. 6.
A glut of farm commodities in the United States has seriously hampered business recovery and pushed prices of wheat corn, cotton and sugar to the depression levels prevailing several years ago.
Ever since early summer, major industrial indexes in this country have shown an encouraging upward trend, contrary to the usual seasonal tendency. Steel ingot production, for example, advanced 21 per cent. düring July, as compared with a normal seasonal drop of 5 per cent. By the end of August steel operations had risen another 19 per cent.
Similar contra-seasonal summer gains were made by automobile sales, railroad carloadings, electric power, 33ê production and residential building contracts. To the statistician, it appeared as if industry had been given 20% the "go ahead" signal Prospects for a sharp upturn in business during the autumn seemed excellent.
Text read from the printed page and cleaned; old type leaves the occasional error.