Current Situation

Liquidation has been halted in both the grain and the stock markets. Yet evidence accumulates that, of late, production of steel and iron, gasoline, copper and other important commodities has been somewhat too brisk for the gradual development of consumption, and the trend of prices is therefore toward lower levels. Gasoline led off in this direction last week by a 1-c- price reduction.

Yet there is no great apprehension throughout business. Money is still easy, and only in scanty money markets can a swift depletion in commodity prices be readily brought about. Buyers are therefore continuing to buy from hand to mouth, and general business continues fairly prosperous but devoid of inflation or undue stimulus.