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...Today we stand, as we did in the closing months of 1915, at the beginning of an upward sweep of the whole price structure. ... By April 1917, the wholesale price index had jumped 63%; by June 1917, 74%, and by June 1920, it was nearly 140% over the October 1915 mark...
Production Steady: TIME'S index dipped to 153.0 (estimated) in the July 19 week. Final figure for the preceding week is 153.2. Main reason for the slight drop was that some industries-notably steel -were catching breath after setting a record-breaking pace. But the clamor of steel's customers, most of whose orders now have priority ratings, was so great that last week some mills prepared to open their order books...
...Senator Elmer Thomas of Oklahoma, who combines a farm constituency with a weakness for greenback schemes. Such men were already talking opposition to any price control until farm prices reach 100% of parity, or even more. But since parity is a variable figure (related to a cost-of-living index) and since higher farm prices mean a higher cost of living, parity is a mirage, and an effort to reach it is likely to result in a price spiral...
Production Up. TIME'S production index rose two full points last week to 154.4 (estimated). Final figure for the previous week (ended June 28) was 152.4. Many basic steel mills worked right through Independence Day, thus keeping the steel rate at over 93% of capacity. The steel industry is now 60% devoted to defense production...
Last week, as the May Federal Reserve production index hit a new all-time high (see chart), a young OPMite named Peter R. Nehemkis Jr.* predicted that one-third of U.S. industry might be soon shut down for lack of business. Because of defense priorities, he said, ten industries are already facing eclipse. Chief victims, moreover, would be little businessmen. "It is one of the profound ironies of our defense effort that its total effect may well be to obliterate smaller enterprises...