Current Situation

The past week provided a cross word puzzle of great difficulty to those numerous folk who attempt to detect tendencies in business "early in the day." Stocks faltered, bonds firmed, sterling rose, iron and steel contracted and dealers hesitated to place anything but small orders. Anyone who wishes to deduce any consistent conclusion from these happenings is welcome to try.

In domestic business, the railroads continue to occupy the limelight. Mergers abound, and still more are projected. When and if the Interstate Commerce Commission approves the Nickel Plate consolidation now before it (TIME, Aug. 11, 18, Apr. 6, 27), many of these tentative and private rail merger plans will probably be rushed to completion.