SUMMER BOOMS.
It is difficult at the moment to determine whether, as the holiday season proceeds, dealings will further slacken, or whether there will be one of those freak bursts of activity in the holiday season which are by no means unknown to the Stock Markets. It has sometimes been asserted, with what truth I am unable to say, that some of the greatest " booms " have been started in the summer season. That may be so, but I cannot help thinking it is a case of the exception proving the rule, at all events so far as a really sustained boom. is concerned. Very frequently, indeed, pro- fessional operations before August is over will start a move- ment in some particular group of shares, anticipating, as it were, demands by the public after the holidays. With almost equal frequency, however, the public does not respond, and the result is a great deal of liquidation during the early autumn months. Speaking broadly, and having regard to the activity which has prevailed during the greater part of this year, it will be all to the good if there should be a pause during the autumn, when the technical position of markets can be tested very thoroughly.
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