Business: President's Prices

Often and earnestly did President Roosevelt talk about prices during the early years of the New Deal. In those days the gist of his press conference remarks was that prices were entirely too low. Last week after prefacing pronouncements from two of his most trusted ministers, Secretary of Agriculture Wallace and Chairman Marriner Stoddard Eccles of the Federal Reserve Board (TIME, March 29), President Roosevelt declared that prices—at least of certain durable goods—were entirely too high. As a corrective the Government would drop its hitherto basic policy of stimulating heavy industry,...