Current Situation

As statistics on business continue to come in, it is apparent that the months of February and March this year marked a "peak" in the most active industries. April has seen a consistent decline in the basic industries, particularly iron and steel, and the assumption now seems to be for a quiet Summer, with a possible rally in the markets in the Fall if the likelihood for Mr. Coolidge's re-election is strong.

Just at present certain industries are very sick--the leather, textile and fertilizer lines are examples. Other industries are not well, and will presumably be worse before they are better ; these include iron and steel, high cost copper properties, automobiles and railroad equipment. Still other industries, like the oils, have been sick and are now getting through their convalescent period. The whole question is whether the present recession in business will broaden and lengthen into a depression, or prove only a slight halt in operations. When things get bluest will be the time to plan on renewed activity. But that time has not yet arrived.