Financial Notes
INVESTMENT MARKETS FIRM.
ALTHOUGH money has tightened up very distinctly now that the market has completed its repayments to the Bank of England in respect of loans borrowed over the end of the half -year, gilt-edged stocks and investment sections generally have remained very firm. The pressure for money in Wall Street, which has caused high rates to be paid for call loans there, has attracted London money to New York, but so far this has not affected the American exchange to any appreciable extent. Nevertheless, while to all outward appearances the money position is steadily improving and the Bank of England gaining in strength, the further outlook is still somewhat obscure. No unsatisfactory developments as regards the international monetary situation have followed the stabilization of the franc, but if the American speculative loan position is not reduced within the next month or so, there is a fear that autumn demands may produce a further advance in rates there. That speculation in London has not outrun discretion seems to be proved by the very small effect upon markets as a whole exercised by the tragic death of M. Loewenstein. Undoubtedly the shake out in Brussels in the Loewenstein securities about a fortnight before his disappearance was a rather fortunate occurrence. With the approach of the holiday season, activity in markets has been somewhat reduced, and railways, for the reasons already mentioned, continue to fall away.
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