Current Situation

As the winter advances, the temptation becomes constantly stronger to predict the reaching of an ascertainable turning point in business expansion. Already signs, such as heavy pig iron and steel production, which usually accompany or only slightly precede the crest of business prosperity, are seen. There is a large school 'which adheres to the belief, consciously or not, that all "business cycles" are alike in duration as well as in general theory and phenomena. Hence some "financial services" are already bearish on the stock market and are becoming pessimistic over the business outlook also. No prophet can, of course, be entirely disproved until after the event.