3- 2. With rising costs many industries have been unable to raise prices commensurately. Some because of public regulation, like the railroads, fire and casualty insurance, and gold mining. Some because of foreign competition, like non-ferrous metals and some heavy chemicals. Some because of domestic competition either within the industry or between industries competing with different goods for the same market. Whatever the reasons, management is being put to the test to maintain profits under present circumstances. Mention has been made of various methods of correcting the recession, although no effort was made to reach agreement on the appropriateness of the suggestions that have been offered. We touched upon tax relief and tax reform, pump priming, deficit financing, credit and monetary control. Regardless of what method or combination of methods the Administration may finally adopt as anti-recession devices, there existed in our thinking much apprehension over the effect of these methods on the threat of long-range inflation, and many considered that this is the most important economic problem because of its lasting duration in contrast to the more temporary problems with which we are now faced. Perhaps most important of all is the fact that we must conduct our business against the somber backdrop of a world enjoying an uneasy peace. We must conduct our national political and economic affairs, always mindful of the ever-present threat of war - hot or cold. But all was not gloom and doom in this Conference, for many segments of the economy are doing well.