The one topic of the day throughout the country, and especially in New York City, is: Bad Business, Its Causes, Effects, Rise and Fall. Everyone speaks of what the newspapers euphemistically call "the process of liquidation."? Men engaged in every line of commercial endeavour are not so moderate in their characterization of the present business depression. felt generally in financial circles that, were it not for the existence of the Federal Reserve System, by which the member banks can discount their commercial paper with government institution, we should now be witnessing one of the worse financial panics in the history of the country. Instead of which there is a dead calm. In every line of business, with the possible exception of some of the food trades, no business is being transacted, which gives the normally active American business man plenty of time to pay attention to
Text read from the printed page and cleaned; old type leaves the occasional error.