The Current Situation

Except for the obvious approach of a financial crisis in Germany, with presumably dangerous effects to her Continental creditors, business news for the week lacks interest or particular significance.

The outlook for the Autumn is still " spotty," but in general less favorable than some months ago. The prophetic weakness in the stock market, as well as the continued drop in wholesale commodity prices, are already unfavorable influences upon certain mercantile lines. But caution is more prevalent among manufacturers than among merchants, and this seems altogether justified from such facts as have clearly emerged in a cloudy and confused outlook. Nowhere is there any fear of panic, but the danger of a depression is making itself more widely felt as the Fall approaches.