Business: Current Situation: May 28, 1923

The stock market, thus far the most accurate barometer of public opinion regarding future business, has been in the main dull and hesitant, indicating the inability of the ablest judges at the present time to read any clear meaning in the confused and contradictory trade outlook. To the confusion of the pessimist, the iron and steel output continues at record-breaking figures, while the optimist is bewildered by the evident climax reached in speculative building, the strange unfavorable trade balance, and other disturbing events. In the absence of a willingness to undertake either buying or selling commitments, it is natural that the business man should do neither unless he can help it— which accounts for the tendency in trade toward dullness. It is not, however, the dullness of stagnation, but of intensely watchful waiting.