The different daily papers in their endeavours to find adequate
explanations for the slump on Wall Street on Tuesday, seem, oddly enough, hardly to mention one factor which, to judge from what I hear privately, played a considerable part. A London finance house, concerned at the American quotations, rang up three different New York brokers to ask what was wrong. The answer in each case was the same—fear of a European war. London, a great deal nearer to the seat of possible danger, and perhaps better informed about the probabilities, sees no reason for panic.