Current Situation

As the Fall season develops, there is evidence that the declining stock market last Spring forecast general conditions in trade with some accuracy. A more conservative attitude prevails in mercantile circles; some disappointment is being expressed by previous optimists concerning the Autumn outlook.

As far as the merchant is concerned, conditions are in general quite satisfactory without being wildly exciting. A rapidly developing complaint by the public against higher prices for merchandise may, however, reduce consumption this Fall, if merchants press their present advantageous position too far.

Irregularities continue to feature the movement of prices; cottons and silks are high but in an uncertain position. It is evident, however, that retailers are in most cases avoiding overstocking, for manufacturers quite generally complain of their delayed buying.

More cheerful news is now coming from abroad; it has contributed temporarily at least to firmer stock prices, but will probably not be a factor to our merchants or manufacturers for many months, even if a settlement of the crucial reparations question is really heralded.