Uncertainty

The business outlook continues uncertain and without general trend. Industrial news has been fairly good, on the basis of the heavier seasonal fall and winter activity rather than particular forward progress. Textiles are not yet out of the woods, however, and nowhere is any boom in sight. Cutting of gasoline prices, while temporarily painful to producers and refiners, is a constructive and necessary step in the long run.

Money continues easy, although call rates have risen to 2 1/2%. Gold imports have almost ceased, precious metals being attracted to India for the time being. Foreign issues continue to be floated in Wall Street, and the German loan now seems only a few weeks off.

The heavens are aiding the U. S. wheat farmer. Wheat futures touched $1.50 on destructive rainfall in Europe and heavier consequent foreign demand for grain in Chicago.

Car loadings hold up very well and, owing to rural prosperity, promise to continue so when Eastward-bound grain cars return West loaded with merchandise.

The real estate world is debating whether we have sufficient construction. Permits have generally fallen off. Landlords have generally tried to maintain high rents. On the other hand, "To Let" and "For Sale" signs appear almost everywhere.

Business men are bored with the election campaign. They wish the windy formalities were through with and generally concede Mr. Coolidge's reelection.