Although the "steel barometer" has failed to register a decline so far, it is still possible that somebody may be holding a match under it. Elsewhere in business, the earmarks of a new downward "trend" seem plainly apparent. Not only have commodity prices as a whole registered their first decline for many months, but in the speculative markets the drop has been especially severe. Even the much-heralded intention to advance steel prices has apparently been abandoned. Thus it may be that the recent advance of the New York Reserve rediscount rate will mark a "turn" in business from expansion to contraction....
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