Show economic mic highlights figh lights it should bo be remembered that was tins improving in this thia cul labrY before germany invaded ioia iii nud find bricalli BrI and france de clarcA war thore Thorer fore late jumps in III tile hns liHs icycle cannot lit lie entirely laid to hostilities abroad war was it a boom fac or r but it change a down ward trend into an ail upward trend it simply acce accelerated I eratA to an im melim extent in ill so borne me I 1 lines tile t the h e IL betterment t ter ill 11 t that had set in some 1 time 1110 before ulm first aweeka of tile war saw frenzied buying and manufacturing everybody seemed to be t try ry ilig to get lit in on oil alio ground floor nt at once before prices shot skyward That first rather hysterical phage of the current improvement apparently lias has passed the in the barometers continues but at it a blow pace the outlook Is talat future betterment will also be r slow but blit it la Is it fact which you yol cua jn 1 luke lake fur for what it Is worth that TV h t all of tile the economides economises decollo feel that it will ca continue I 1 I 1 tj nu e Is better than most inott of im IIA ste industrial production product loA today Is close to tile the im 9 level mile home show it even slightly above that point A number p um of industries have actually a paced ik MAI tile the pre peak I 1 of tile important Is sted r te Q which recently touched a new hag high other industries which are doing bettor now than in 1020 1029 from the production standpoint but not front from the profit standpoint aro are electric power shoes textiles oil refining and tobacco manufacture ing As tills this column has pointed out before th the overy very sharp increase in inventories inventoried Invent oried occasioned by the war ar has not lot yet been baon mot inet liy by a comparable increase in consumer purchasing Il and it seems improbable that foreign demand at least in the more or less visible future will be adequate 0 jo o absorb the sup su s all europe Is short of cash anil and her nations will use their own resources to tile the utmost before SlIe 1111 illy any of their slender gold As a result it is the do clestle market alint we must prin took look for a rise in ili that will justify tile rise in production duct lon that country is all set to go allaead a lien d is obvious from even 11 cur wry ory i glance nt at the basic statistic week for instance thinks that thai being over sanguine it la Is reasonable to anticipate a push upward that will bring us of loa 10 economically ai evidence tile magazine agazine In points out that bank deposits are arc at their all time high and that excess rc 1 enes q of banks are ulso also at record levels lev ills me cash is on hand when our are arc toady ready to use it 1 all tile the temporary influences wem to be for the better at the i sit same we time tillie it pays to bo be cautious time and again in the last ten years we have seen the stage set for recovery only to liate a new receSs recession recession lon take hold and shatter mir aur hopes if another brenk break cornea comes won and ilie indicators reverse their upward course about every expert lit in the alie country will have to go 90 into ill biding oling they are practically all bullish today one school of thought holds that the war in europe must inevitably be become conle a stalemate that british scap ower and german air power will just about offset each other in effectiveness and that neither Geri german germani nAns i nor allies will bo be able to ina make ice important gains through ill the great lines of formica aortic a eions on oil the western front from this it la is argued that both sides will finally be forced to conclude some kind of I 1 a peace if only to prevent communism front from engulfing I 1 aig huro europe P e it lias has long been said that the only winner in a protracted european pea ii war va r wiy w iq be b e russia and during the brief time this war has been fought it is apparent that stalin StIl lill has achieved tile the only major victories the ominous shad of if tile USSR US ILS SR SIl blankets the baltic ana extends far into the balkans many an expert ar glies that hitler gave away fat far more than lie he gained when he made tits ills deal deai ath the tale soviets today koday ftp It certain that rus rua sla holds the balance of power slie she can stop hitler cold in his northern fior thern advance she holds holda germany at her fler ingrey when it comes to many essential supplies on tile the othir other hand if she threw in with hitler and actually sent her vast ast army aimy to fight with the germans few believe prance and england could long survive the me probabilities abilities seem to be that stalin has definitely decided not to take the latter step it is to rus sias interest most experts are convinced that she stay neutral play one side against the other and finally wilen when tho the two sides b are worn and exhausted step la in and gather tile the spoils Also loof great importance is ia the current attitude of italy no longer does the controlled italian press hell at every opportunity and revile lethe the french and beitl british s h mussolini hates bates communism apparently P patently ly far more than 11 he e loves ov es the nazis and tilie ole german rus sian pact seems to have blasted the rome axis to bits |