Taxation of Excess Profits

Archive Report

Progress of American Recovery from the Depression

Advances Since March in Prices and Business Activity

From the beginning of March to the middle of July, 1933, wholesale commodity prices, in terms of United States dollars, advanced from an index number of 59.6 to an index number of 68.9, a rise of 15.6 per cent.1 The New York Times index of business activity rose from 60.0 per cent of normal in the middle of March to 86.4 per cent of normal for the week ended July 15, 1933.2 The combined advance of prices and of business activity shown by these indexes was the swiftest of any four-month period in the history of the United States. It was followed by a sharp reaction of prices during the third ...

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