" AMERICANS " ACTIVE.
:I commented last week upon the signs of a revival of. activity in Transatlantic shares, and during the past week there has been something like a boom in Wall Street. Curiously enough, the .turn in the American situation seems to have :come not with the success: of Mr. Roosevelt's N.R.A. pro- gramme, but with the decision of the Supreme Courts declaring that certain features connected with it were unconstitutional. That decision, however much it may have disturbed the authorities at Washington, seems to haVe encouraged confi- dence on the part of the community as a whole, and the result has been seen in increased business activity and now in activity in stocks and shares. A certain amount of English buying has been attracted, and with regard to the movement I can only repeat what I said last week, namely, that so .long as the activity is confined to speculative purchases for . short periods, there seems no need to utter any warning, but, taking a longer view, the market is one which should be re- garded with considerable caution by the genuine investor.