Current Situation

This is the season when much nonsense is uttered by business men, bankers and stockbrokers about future probabilities. There is much avoidance of admitting unpleasant facts, and much loose talk about the necessity of having "faith in the United States." Between rather obvious " bearish" propaganda on the one hand, and platitudinous optimism on the other, it is hard to keep one's vision squarely on present facts and future probabilities. That 1924 is not destined to equal last year in the extent of most corporate profits is generally agreed-- although not always out loud. In many respects it has been a disappointing Spring, especially if one started the year by believing all that orators at business men's dinners last January had to say upon "prosperity" and kindred topics. Several industries and lines of enterprise have faced an inevitable deflation-- among them real estate and housing, automobiles and steel. In the long run, this will be beneficial to everyone, although temporarily it may be somewhat painful. Other industries have been undergoing deflation for some time.