It is natural that a mood of expectancy rather than a realization of accomplishment should pervade the summer financial markets, and the present July is no exception. Trade is experiencing its usual seasonal slackening. The extractive industries, especially steel, are at last showing a decided slowing down; even the excessive oil output is beginning to lessen. In general, five separate parts of the business outlook are now looked to as likely to develop tangible and important results: 1) the anticipated crash of German finances, with its attendant reparation problem; 2) the...
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