The Waterbury Democrat., 1939-02-21
Worlds Uncertainty
 Retarding Business
National Executive of Credit Men Reviews Pres ent Picture-Lack of Confidence Decisive Factor
 Expansion Deferred.

GOAttA4Ak VAb bAAat w NoAAAtSt RSAASt the world and should not attempt, as Q nation, to do so, Henry II, Hei- man, executive manager of the Na- tional Association of Credit Men, states in his monthly business re- view released yesterday that "in for- eign affairs this is 0 time for the American people to have sober judg- rlent and silent tongues.
 "The attention of the nation dur ing the past several weeks has been focused upon foreign affairs. The unsettled state in Europe and Asia has undoubtedly added to the do- nestle feeling of uncertainty. In this era of rapid communication, there is a quick reaction to foreign entanglements among our own peo- pie.
 Tn illustration, let me cite Q re- cent survey of our board of direc- tors and past national presidents. The question was asked whether the companies they represented had in mind any plant expansion and, t so, did they intend proceeding with 1t or was 1t to be deferred. About 30 per cent indicated that they had planned certain expansion of facil- ities but that actual work upon the programs had been deferred. They listed as causes for the post ponement, uncertainty arising from our governmental policies, taxation, Ia laa aata dltiay.p aud aha RtiA aAAAi. tons abroad, in that order.
 "ft will be seen, therefore, that in e troubled world many are not will ing to venture, even In this nation with It's comparative freedom from outside dangers.
 Paths to War
 "The American people are most anxious to avoid entangling alli- ances with the older countries abroad. We may have our prefer. ences but they should not extend to the point where we will be drawn Into participation, Certainly this nation is opposed to any foreign ex- petitions. The late one Is still too fresh in our minds.
 "Our memory, however, as to events leading us Into participation seems hardly as good. There are many Americans who hope our for. eign representatives will, at all times, have In mind our desire to Do neutral insofar as such posi- ton is tenable. We cannot afford ct this critical time to have our Tor. eign representatives act as special pleaders for the countries to which they may be assigned.
 Much Of the news Of the day Is based on propaganda for this or that cause. Failure to properly aaalyse and think for ourselves in times past has caused our emotions to ih- fiuence our viewpoint-not our Judgment of right and wrong but rahter our decision as to where our responsibility begins and ends. Most of our people feel it Is of greater importance that we get our own house in order than that we con. eern ourselves with quarrels among nations separated from Us by the seas.
 Tn tho matter of seif.protection, our interest centers largely in an adequate navy with the necessarily well.rounded facilities to implement our needs. If we intend to main. tain the Monroe Doctrine an ade. quate navy Is essential. The extent of our armament increase, therefore, would seem judioiously limited to c strengthening of the navy and c gradual improvement Of military and air facilities. Such c program, however, would De safely short of tlte armament hysteria now engulf- Ing the world.
 "!t is essential 70 bear in mind the influence of credit in world Of. fairs. An improper use of credit can just as effectively yiolnte the spirit of true neutrality as the ship ment Of arms. Nor should we pe forgetful Of the fact that there b c dual danger in industrial produce tivity based on war needs, whether they arise abroad or ct home. In such e situation we may later face c drastic slump due to curtailnent Of these unusual demands or the ac- tivlty may heighten or Interest II, tho war to the point where we are drawn in."
 Discussing the business situation tho credit executive then declared that "the softening of business con. ditions in January was not expect. ed. And it is perhaps only the hrtt Of . series of relatively short cScl. teal movements that can be expect. cd during this year. Aside from tho contributing factor of adverse world conditions it was natural to experience some hesitancy after the holiday activity. The ieveling procr ess may well continue but it is rca- sonably certain to Do followed by a late spring upturfi.
 Tn the resumption Of the gccov-