Current Situation

The very successful flotation of the German loan has indicated that subsequent foreign loans may fare well in U. S. financial centres, and the economic recovery of Europe be thereby hastened. There now remains the final hurdle of the presidential election, before the progress of U. S. business can be smooth or readily forecast. Most merchants, manufacturers and business men generally are engaged just now in "watchful waiting." The election of a conservative ticket seems assured--almost. Also, there is a growing realization that Congress will be a strange collection of partisan organizations and blocs, even if Mr. Coolidge rides alone to the Capitol steps next March. The short session of Congress this winter will probably not get anywhere particularly, or accomplish anything much--almost certainly not taxation, which is the issue of greatest general interest to U. S. business men. Consequently, the political outlook is still uncertain as far as it affects business, and business leaders are obviously aware of the fact.