Slump

While the political parties are indiscriminately blaming each other for real and imaginary ills in the business world, wiser and more judicious students of industry and trade are finding the explanation of the present depression, as well as the probabilities for improvement.

The monthly review of the Federal Reserve Board stated that production had declined about 10% during last May, factory employment about 4%, prices 1%. This pronouncement was scarcely news during the last week in June, although it made clear just how bad things had become a month earlier. The Board held out no especial hope for an early improvement in the general situation, and ventured few opinions as to the cause of the recent decline.

Leading bankers proved equally the duties of citizens. But what Mr. Head thinks of business conditions he apparently locks in his bosom.