As September advanced it was possible, though not cheerful, to estimate business conditions in the country for the first nine months of the year. Beyond question the first three quarters of 1931 will go down in U. S. financial history as one of the most unsettled, depressed periods ever known. During the summer months and culminating in August, U. S. trade came as close to a standstill as seems possible in that season in peace times. September has shown an increase in activity somewhat below seasonal expectations, has been extremely disappointing since everyone...
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