The Current Situation

Indications as to the Autumn's business continue to blow both hot and cold. On the one hand, money is easy, railroad car loadings are very large, unemployment is practically nonexistent, wages are high, merchants' stocks are scanty rather than heavy and the construction industry is apparently settling into more inexpensive and efficient production. On the other hand, wheat has touched new low prices under one dollar, cotton has also declined, petroleum is being produced in excess of the immediate demand, radical legislators are rapidly getting into apparent control of the next Congress, the long-predicted crash of financial Germany is seemingly near at hand. Finally, stock prices -- usually a reliable index as to future business conditions--have continued to sink ominously.

The truth, of course, lies somewhere between these contrary indications. In general, however, it would seem that next Fall the merchant should fare rather better than the manufacturer or extractive producer.