Current Situation

Several generally astute students of business have ventured the opinion that the U. S. is now about half way through a minor business reaction, and prophesy improved conditions by Autumn. The principal uncertain quantity in this analysis of the business situation is invariably stated to be the obscure and unpredictable effects and results of the coming political campaign.

Money is easy, and promises to remain so. For this reason any sharp and painful contraction in trade is unlikely. Business is at present drifting, with little or no wind in its sails. The present dullness in productive centres is not matched by curtailed sales on the part of merchants, apparently because employment at high wages holds out well. Just now, almost all business is engaged in watchful waiting, and even the professional business prophets issue as ambiguous messages as ever the Delphic oracle did. When the political conventions are over, however, prophecy and fulfillment are likely to begin again, and perhaps simultaneously.