Trends discussed in the latest weekly bulletin continue unchanged; electric power production is at a five year peak; car loadings hold up and steel activity advances. Price-fixing provisions of NRA codes seem doomed to eventual elimination. The Institute presents its Price Index in this issue. Normal prices are defined as those necessary to preserve the long trend equilibrium between gold production, purchasing power, and prices. The brief review of the historical record makes it possible to fix the present normal level substantially above present prices. Rising prices during the next few years in an approach to or perhaps a movement slightly above are in prospect.