THE BUSINESS DEPRESSION.
The optimistic belief which prevailed in the United States a few months ago, that the business depression would be short.. lived, has now given way to a feeling of intense gloom which affects the whole country. Business is extremely flat and no sign of revival has yet appeared. This is accompanied by a great drop in commodity prices and widespread unem- ployment. The security markets during the last few weeks have been in a very weak condition, and it would appear that a considerable readjustment in security prices is still in store. It is now evident that nothing but the slow processes of adjustment to our new price level all along the line, together with hard work and the accumulation of savings, will bring a revival. The country is clearly overbuilt so far as housing and factories are concerned, and it will be a year or two before the surplus in this direction can be absorbed.
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