Current Situation

With Winter almost over, and Spring not yet really here, the usual indecision of business has been emphasized in recent markets. Merchants resolutely refuse to make large commitments in advance, although the prospects for a good Spring trade seem encouraging at this time.

The bankers here so firmly clapped the brakes on the money market that talk of inflation, 'despite our ever-increasing stocks of gold, is dying out. Strong opposition has developed to any lowering of the Federal Reserve rediscount rates for the present. Money is easy, although becoming somewhat firmer on increased seasonal demand.

Amid the flood of annual corporate statements for 1923, here and there reports of industry and trade during 1924 are beginning to appear. In general they show a tendency toward increased sales competition and diminishing margin of profit that were predicted by some students of business at the beginning of the year.