Mr. Livermore's Opinion

Last March the predictions of Jesse L. Livermore, operator, concerning a decline in stock prices were so immediately and emphatically realized, that much attention is now given to his remarks. After predicting higher industrial share prices --a prophecy in part already realized--he last week turned his attention to the railroad stocks. For these, he asserts, there is a bright future in the coming year. In fact, Mr. Livermore believes that the rail-road stockholders would recover much of the $3,000,000,000 lost through declining prices over the past 15 years.

Attacking the legislative and political attempts to lower railroad rates, he expressed his belief that Congress, if it takes any action next session upon the railroad question, will help rather than hurt the carriers, especially respecting further railroad consolidations. Curiously enough, as Mr. Livermore pointed out, this movement for greater consolidations was not only severely criticized by Congress, but was blocked by Congressional action two decades ago, when promoted by the late E. H. Harriman and others.