PRICES: Soap Sermon

In a report to his 48,000 stockholders, Procter & Gamble Board Chairman Richard R. Deupree last week preached a short sermon on U.S. industrial efficiency. Said he: "With wages and taxes equivalent to 40 times the wages and taxes of 66 years ago, with raw material prices three times what they were, a cake of soap [Ivory] that cost 5¢ in 1885 costs less than 10¢ today. That's a solid contribution to the American standard of living."

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