Trade news continued to reveal a sizeable recession in both production and trade. The basic steel industry in particular has slowed down to a marked degree, and is now operating on about a 60% capacity. In some specialty lines, such as carpets, a real breakdown has occurred.
One of the peculiarities of the present situation lies in the ease and abundance of cheap money, another in the almost motionless and sphinxlike stock market. The latter has apparently entered a curious Sargasso sea, where ships become embedded in a mass of seaweed.
Disappointment was...
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