21.   Investors appeared focused on blue chips, with energy-related stocks especially suffering on concerns that inventories were growing too large.

22.   That likely would lead to pricing wars this spring as producers compete for scant export business, causing U.S. inventories to grow even further.

23.   The official noted that corporations on the whole are still cutting back on spending and reducing inventories as sales grow.

24.   Thirty-nine percent of the executives surveyed said they expected their inventories to grow during the third quarter.