Show ECONOMIC HIGHLIGHTS I As was anticipated the appearance of summer brought definite declines In business activity Early in July steel stel Ingot production dropped from 62 82 to 40 and automobiles slid from 82 12 to 39 n During ensuing weeks weeD automobile auto auto- automobile mobile product pJ recovered somewhat while steel stayed down There Is nothing extraordinary In to this But the question is being asked asked asked ask ask- ed where are we going COing in business In other words have han we dropped to a permanently lower le level l or will activity ac- ac ti rebound shortly to the levels of May and June In answer to that question various business observers are a long way from agreement The annalist for example which is a conservative authority and is Inimical to many Important Administration measures tends to the belief that only part of the loss will be recovered and that the future of business is clouded with doubt Other agencies of information information information tion are more encouraging although a highly cautious note is evident Inmost in inmost inmost most pronouncements and forecasts Experts are uncertain and as IS a re result result result re- re sult they are avoiding as much as I possible definite guesses as to comIng coming coming com com- ing events In the business world This much however seems definite Progress of recovery generally has been disappointingly slow The new federal bureaus including the mul have not been able to accomplish as I much as was as hoped The picture ls Is isi I inevitably confused contused by government spending spending spending-no no one knows how much of the rise in business achieved since two years ago is due to artificial stimulation of this sort and how much to genuine recovery It is an obvious obvious ob ob- ob-I ob fact that If the government puts puls I out billions for one kind or another of relief and relief and all the special activities from the building of ot dams to the COO camps fall under that relief heading heading- sales of all types of products are bound to rise It is not equally ob obvious obvious ob- ob what will wUl happen when the government government gov gov- emment Is forced to slow down or stop atop this kind of spending as no one knows to what extent private enterprise enterprise enterprise enter enter- prise will be able ble to take up the load |