The Waterbury Democrat., 1934-08-02
BY RICHARD L. GRIDLEY

(COpyrlght 1B34 by United Pfcss) )
 Washington, Aug. ? - (UP) - American business gained progress sively in 10 of the 17 months of the New Deal.
 Business levels now are approxi- mately where they were in 1881 (middle year of the Hoover admin. istration) having slumped this summer below the averages of one year ago.
 Those are the major conclusions to be drawn from an authoritative survey of the results of the Roose- welt recovery program compiled from official records today by the United Press.
 Order of Recovery
 This statistical summary based on federal reserve board and com merce department figures indicates the extent of recovery since the president took office:
 Building up S5 per cent.
 Payrolls up 72 per cent.
 Foreign trade up 55 per cent.
 Employment up 35 per cent.
 Freight car loadings up 31 per cent.
 Department store sales up 26 per cent.
 Bank deposits up 25 per cent. M Commodity prices up 23 per cent
 In terms of money the price this country has paid for recovery and relief in the last IT months is be- lieved to be upwards of 5000, ,000.- GOO, or more than half of the s. f50, 0,000,000 the government has spent since MT Roosevelt's inaugu- ration.
 Usual Summer Slump
 One year ago today the country was counting the cost of the Roose- welt little boom" which began with the inauguration and collapsed in July this year. Factors in ham, pering business this summer were strikes, drouth and sensationally adverse developments in Europe.
 Add to those elements the doubts, fears and suspicion of Roosevelt policies which have devel- opcd in big centers among some financial leaders and you have the angwer to the summer slump.
 But despite the recession of June and July. business appears to have held much of the sweeping gain made in the early months of Roose veltian rule. Private estimates indi- cate that July statistics (not yet available in complete form) will show industrial activity 39 per cent greater than on March 4, 1888.
 The 39 per cent gain in business activity in the above table is based Oh private estimates of rise in the federal reserve boards index of in dustrial output from 59 in March, 19a3, when President Roosevelt zef fN in Vll1v of this year.
 From 50 in March, 1888, the boards index rose to 100 in July, 1933,t fell to 72 in September and then rose to S6 in May, 1884. It i. dropped to S4 in June and to an estimated S2 last month. At that figure, industrial activity would be 39 per cent of the 192324-25 ar bitrary average.
 Expect Rise In Fall
 After further unsettlement in the current month administration off cials are banking on resumption of the rise in the early autumn and point confidently to. their $6,- 300,000,000 recovery and relief "war chest" which they have available to spend in their effort to defeat depression.
 Federal spending slumped in July. Thousands were added to the Unemployed relief rolls as payrolls shrank in comparison to the early simmer of 1883. Stock and com modity markets wavered. The com mittee for the nation estimated s10,000, ,000,0O of paper values were lost in 10 days. The public debt hit an all time high-$27.- 1SS,000. 900.
 The administration plans further outlays. Plans are dvelopins for all autumn spurt. sought to regain the upturn stride. July has been g month of recess and stock taking for the New Deal. MT Roosevelt and many of his chief advisers have been vacationing.
 Automobile output fell from s0.' s36 units in the last week of June to 59,412 units in the final week of July. Steel mills reduced theil nnara tions from 2R Der cent Ol