In 1933 President Roosevelt declared that a prime New Deal objective was to raise commodity prices to the level of the ''normal'' year 1926. Last spring, when the commodity price level (Bureau of Labor Statistics) was still only 88% of the 1926 norm. President Roosevelt announced that commodity prices in general and steel and copper prices in particular were too high. His remarks precipitated a worldwide slump in commodity prices, which have fallen almost steadily since, were last week back to 80% of the 1926 norm.* Last week Franklin Roosevelt once more delivered...
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