As the second half year begins, a backward survey suggests that the most significant business and financial feature of the first six months of 1928 was not the boom of stocks, but the number and scope of corporate mergers. The stock market strength of securities depends upon the strength of the underlying business ventures and by mergers those ventures have strengthened themselves. Some significant mergers, acquisitions, or consolidations this half year have been:
Ajax Rubber Co. and McLaren Rubber Co.
Borg and Beck Co. (automobile accessories),...