The downward swing of prices on the Stock Exchange, in addition to the decreased production of pig iron and the unfilled orders of the U. S.
Steel Corporation, have discouraged the blind optimists and Pollyannas of business, without materially changing the opinion of less one-sided observers. The business outlook holds no great terrors for industry or commerce, but its temporarily downward tendency should neither be blinked at or explained away.
In the ordinary business cycle, it is the raw material manufacturers that first feel an oncoming decline in prosperity, next the manufacturers of finished...
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