Business: First Quarter

It does not strike very close to home to tell the average U. S. citizen that commodity prices are at 50% of the 1924-26 norm (Dow-Jones). Index figures always seem a little theoretical. Last week, however, the public had plenty of opportunity to be impressed as dollars & cents first-quarter reports for many U. S. businesses put Depression in terms that anyone could understand. With the exception of a few fortunate industries, the figures were unanimous in showing that business has taken a tremendous beating in the first three months of 1938. Samples:

First Quarter Durable Goods 1937 1938

Republic Steel $5,567,003 d$3,062,564

Libbey-Owens-Ford...

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