Current Situation

Nothing is quite so easy to do, or so unfair in the ''doing, as throwing mud at former prophecies that haven't "panned out." Hindsight, now as previously, is much simpler than foresight. All the same, there was heard last week considerable criticism of the bankers and industrial leaders who last Fall predicted great prosperity this Spring. The Spring has come, but profits in most lines of industry are getting leaner each week; in some industries they have disappeared.

After all, the only future events, of which even prominent bankers are certain, are when their loans are due to be repaid. Unfortunately, we encourage them to look upon themselves as gifted with prophesy beyond other mortals, and incessantly invite them to make after-dinner speeches about the future. They can scarcely be expected to arise, and say: "Mr. Toastmaster, I think that business is going to the devil, that my bank has quite a few very poor accounts, and that some of you gentlemen here present will find yourselves in very hot water inside the next year." Such sentiments, however heroically sincere, would curdle the postprandial ice cream. About all the banker, considering his position, can well say is, that every cloud has a silver lining, that it's a wonderful country, and that if something doesn't prevent it, business will shortly be very good, probably.

The point is, American business men are apt to take their bankers as well as themselves too seriously. Bankers are bound to be always optimistic; it would cause scandal if they were anything else. Sometimes, however, they can be just a trifle too cocksure like the rest of the human race.