Financial Notes
UNSETTLED MARKETS.
THREE main causes have been responsible for unsettled conditions in the Stock Markets during the last few days. High-class investment stocks have been adversely affected (Continued on page 992) --Finincial 'Notes
(Continued from page 991)
by -disappointment' on the part of those who had hoped for a lower Bank Rate ere this, while the adverse movements in the Foreign Exchanges and the foreign demands for gold have practically caused an abandonment of Such expecta- tions. In the second place, all markets have been mote or less affected by uncertainty with regard to the period for and the terms of the flotation of German Reparation Bonds, though at the time of writing it looks as though the issue might make its appearance before these notes are in the reader's hands. Of a total representing in sterling an amount of about £60,000,000 in German Reparation Bonds, about £20,000,000 will be taken in France and the same amount in the United States, while this country will be responsible for Bonds realizing in sterling about £12,000,000 and smaller balances will go to other parts of the Continent. The general expectation is that the Loan will be in 5i per cent. form to give a -yield of just over 6 per cent. A third influence affecting the more speculative markets has been the fresh slump in Wall Street. This has occasioned general depression in most of the international stocks, and, notably, in what are known as the Anglo-American securities.
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