Current Situation

Continued study of the stock mar- ket heavings of recent weeks confirms the diagnosis that they marked in the main a subsidence of speculative investments. These latter were certainly supported by the ease and plenitude of money which has prevailed for so long a period. Last week the stock waves approached a level. Business throughout the country during the week was fairly stable. To intimate that prices may decline slightly during the coming months may seem uncouth and previous. The vivifying strength of spring trade has not yet made itself felt appreciably. Motor car and steel makers are under quantity production, although the former have retarded a bit. The Pennsylvania Railroad last week placed a $14,000,000 locomotive order. On the whole, though, dealers in moot lines sense diminished future retail buyings and are keeping stocks low. In the automotive field, makers are not forcing cars on dealers. - --