Million Share Days

The stockmarket easily proved the center of interest to the business world during the past week, which saw a remarkable succession of " million share days," and the most active trading since June, 1922. All the week the industrials climbed, and at length even the long lifeless rails likewise began to move upward. It is not improbable that the advent of March 4 and the termination of Congress played its part in the more optimistic view taken of the railroad industry; not until December next can the legislative threats of the Brookharts and Cappers be heard in official session. But apart from this, traffic continues heavy, with apparent prospect of substantial earnings during coming months. The old topic of merging the roads into a few systems has begun again, but until certain Eastern roads can be viewed as assets rather than liabilities, few significant steps toward its realization are likely. In general, prices of railroad and industrial stocks have reached their highest level on the present movement, and except for the level momentarily attained last October, are higher than since 1920.