Gloom?

Amid the babel of conflicting opinions during the past week, on the future probabilities in business, one strong and uncompromising attitude became conspicuous. This was the "bearishness" of Wall Street.

Now the opinion of the business future conveyed through stock market prices is not always right. But neither can it be casually disregarded as merely manipulation. The accuracy of the stock market as a barometer, when one impartially checks the matter up, is impressive. And the stock market during the past week has been quite gloomy as to the industrial conditions just around the corner.

Some classes of stocks have taken part in the rally which has occurred since last Fall, and have all along remained at low levels. Such has been the fate of most leather, shipping, rubber and fertilizer shares, and it reflects something tougher than a bed of roses in these particular industries. Now stocks of other classes are beginning to "look sick." Automobile shares have gone down hill despite advertisements of the new four-wheel brakes. Steels have followed them. There is little song in the tobacco camp. On the other hand, rails have held rather well.

Sometimes the stock market means what it looks as if it meant; sometimes it does not. But now these have developed outside signs of breakers ahead too. Even realtors are declaring the construction boom, particularly in the East, is somewhat overripe. The usually reliable industrial barometer of steel production has apparently reached its peak and begun to turn downwards, rather the way it did last year. Even the better foreign news has apparently been "discounted" in the markets, and has proved insufficiently cheering to allay a feeling that things are likely to get worse before they get better.