Current Situation

Except for vague reports of industrial revival, and a slightly firmer tone recently in the prices for industrial shares on the Stock Exchange, the past week--like previous weeks-- has proved inconclusive. The railroads are coming into the season where their maximum tonnage is ordinarily hauled and, with good crops in prospect, should do rather well this autumn. Comparison of freight loadings this fall with the banner year of 1923 is, however, apt to be unfair and misleading. The exact crop situation is still undetermined, especially in corn and cotton, being still dependent upon the weather. It is mainly a question whether the farmer will do very well, or only fairly well. The real thrill in business just now is furnished by real estate. The Oct. 1 renting season comes on apace. Generally, rentals are falling over the whole country this fall, with a surplus of available houses, apartments and stores on hand. In some places, real estate brokers have frankly thrown up their hands and are renting for what they can get--a situation boding ill for "shoestring" holders. In other places, the real estate profession staunchly declare rentals will not come down. In some localities, this may be true. Meanwhile, renters are holding back for lower rates--a tendency against which even New York realtors solemnly inveigh. Money continues very easy and very cheap. First mortgages run high, however, and second mortgages bear exorbitant interest rates.