Show economic economic la highlights highlights stagnant Is the most descriptive I 1 word that can be applied to the present industrial situation last year ended ou on an exter ext eremo eme low and during january were was a moderate modora terise rise with the favorable factors outnumbering the auf unfavorable avor tho the first part of february brought a oft off in improvement aud and the last yeek week for which statistics are available shows a 11 sm all decline in tho the business indicators largely caused by another sharp drop la ill steel production few itaw industries have shown bettered pro records and P a great many are unchanged operating on or close to the levels levela obtain obtaining ini at the end of january the price situation continues to be ba one of the most disturbing factors president roosevelt lias has said in a press conference that he bo be clevs industry should shoula reduce k and at the camu ilme keep wages aa at present levels few ind industrialists or 01 economists think that is Los possible sible in some fields the public Is showing a to pay current jr pikes ices and appears appeals to boileve 1100 that the price structure should adapt itself to the drop in business on the other hand baud the bull bulk of Lu business siness leaders are exter ext ermely meli afraid of major price drops feeling that autho in tho long run thas would make the problems of recovery still more difficult they are confident that cheaper goods would have hae to bo swiftly reflected in lower wage rates and it Is a certainty that widespread pay cuts would be the cause of an immense amount bf 0 unrest at this time the administrations trat ions antimonopoly anti monopoly campaign which la id apparently designed to break prices in certain lines by the elimination of alleged conspiracies in restraint of trade coming so eo soon on the heels beels of the which mado price fixing and planned economy conomy c legally obligatory has added to the general confusion in brief it la Is demanded that business pay higher wages and at the same time sell Is products for less low how to achieve this Is one of apparently parent ly insoluble soluble liL problems some business briefs of 0 interest follow T motors production Is staying at it n comparatively low level typical la is that of general motors which sold units in january fla as against in dihe same month last year there la Is a reported ported lo easing of the used car problem in some areas electric power following general business this Indu output has been running materially under 1037 levels when an alli time high production was waa reached however in late weeks consumption lins has tended to tn improve slightly retail trado trade Is holding up bet ter ban was anticipated and la Is operating on oil a comparative basis substantially above manufacturing industry but it la Is expected that february figures will show a decline inventories wore were excessively heavy lu in somo some fields at the end of last year tho the situation la Is improve ans and it Is estimated that at the cud on of ju january a uary inventories in general were almost down to the early 1030 level inventories oi of consumers 1 goods of course are declining much more rapidly than inventories ven tories of durable goods employment still dropping as the baho growing demand in congress for more relief spending testifies further faither many thousands of 0 workers are now on a part time basis in industries which are am operating but two or three days daya a week workers me are not included in the unemployment totals but their vur purchasing chasing power has suffered a heavy reduction credit B bank ank loans and demand deposits have been steadily declining in 9 business week says thero there is a strong feeling in hi banking circles that a restoration ot of the former volume of lenk lank credit and deposits la Is a necessary part of any securities have been following a gently up and down curve with the general tendency downward r has been small on a recent day touching a four year low this Is a reflection on the general uneasiness of 0 both investors and speculators outlook gist of most of the business magadine magas maga lne sine forecasts Is haiat there will be resumption of a slow blow betterment in about three weeks when it comes to the long term on outlook alook you can caa find almost as aa many opinions as there are spokesmen in hi toe he heavily populated business of prognostication A few weeks ago this colu column lull discussed the pending world armament race at that time there were still some frail shreds of hope this could be prevented by negotiations tiati ons between the powers now these hopes are utterly blasted W japan in response to a an n american inquiry has baa refused to divulge her naval building has said in effect that she will do what she wants and brook no interference england prance france and the fhe U aj S will shortly hold conferences to establish their policies which unless a miracle happens will involve bigger aud and faster building latest U S plans call for the construction of ton men ot of war mounting 18 inch guns largest guns used in the ithe world war were 15 inch japan ia Is supposed to have actu actually nIly embarked on the building of naval giants of similar M eize ze and potential destructiveness |