Rosin RAILS RALLY.
A market which has pursued a somewhat independent course during the week has been that for Home Railway stocks, and especially for the Prior Charge issues which have advanced considerably. To some extent this rise in Railways, and especially in the Ordinary stocks, was connected with hopes of an improvement in trade before long, but so far as the Prior Charges were concerned the movement appears to rest upon a somewhat more solid basis, namely, the belief that the pooling arrangements between certain of the trunk lines may lead to further economies of a sufficiently substantial character to make the position of the Prior Charge issues more secure than it has seemed to be of late. The effect of these hopes has been increased by the high prices of gilt-edged securities, which is making it increasingly difficult for the genuine investor to obtain a living income from trustee securities:
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