The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1939-1949, 1939-05-18
ECONOMIC HIGHLIGHTS

ECONOMIC HIGHILGHTS |
The news is again going around
that the Roosevelt Administration
is inaugurating new policy OF ZAP
peasing" industry and business.
There is plenty of reason why the
Administration might do that, OUT
business in general seems to be 60
ing ON the theory that seeing Is pc
lieying. According to practically
all of the economists, and especially
those connected in one way or an
other with the government, busl-
ness should he on the upgrade now.
inventories are low. Government
deficit spending is at a high level.
Public purchasing power IS IN 1alr
shape. There seems to be plenty OF
room for expansion, with conse-
uuent issues, in important INDUS
tries. So far so good. But indus
try Is not expanding, and new Sc"
curity issues simply haven't been
offered. Business is on SLOW
downgrade, instead of an upgrade.
Sentiment among a large number OF
business leaders tends toward the
pessimistic side.
What, then, is the cause OF this
apparent anomaly? For many
months government and other ex-
perts blamed it on European
troubles. And those troubles have
undoubtedly been an important de-
pressive factor. But by now. the
experts say, wars and war scares
have been discounted to the limit.
It is no longer possible to blame the
shadow of Mars for our domestic
depression. As q result the ex-
perts continue, there is but one
thing to which it can be attributed
and that is the feeling OF indus
try at large that inimical govern
mental policies continue to so dark
en- the future that all business can
do is stand still, spend only the
money that Is needed to keep In OPP
Grafton, and wait and see what hap
pens.
Some time ago this column OBJ
served that the psychological fact
or" is, at the moment, as important
and perhaps more important than
the more concrete factors on which
business forecasts are usually based.
All the economic indicators may be
good but they won't produce much
result IL the people who are In
charge Of our commercial affairs are
worried and dispirited and fearful
of what government may do. To-
day, some Of the influential Admin
istration officials and advisors are
apparently tending toward thai
point of view.
There have been number OF &C.
lions lately which while they have.
mt been l1eadlined to any extent
may indicate the way the wine
blows. Recently Secretary OF Wa
johnson issued q statement prais
ing the electric utilities in the mos
flattering terms for their coopera
ton with the War Department Il
its national preparedness program
And the utility industry has beel
the principal target of inimical ad
ministration action for six years.
More recently still Secretary {
; Commerce Hopkins in his capacit
of chairman of the American Trac
Association Executives had the Jo
of choosing the industry which mac
the greatest progress in publi'
spirited trade association work Ia
year. The industry chosen W
Portland Cement. That is the j
dustry which has been threatent
with prosecution by the Justice d
partment for alleged price-fixing
q threat which according to M
high in other industries was q 81
nificant factor in producing
dustrial paralysis.