Financial Notes
RISE IN SECURITEES.
IN another column detailed reference is made to some out- standing features of the abnormal condition of markets now prevailing. Not for the first time, the month of August— the peak of the holiday season—is proving a comparatively cheerful one on the Stock Exchange, but there must have been few occasions on which the cheerfulness was in more striking contrast to the actual developments. Anxiety concerning The Hague Conference, adverse foreign exchange movements, and a heavy drain of gold are factors such as are usually accompanied by a declining tendency in securities generally and in high-class investment stocks in particular. As a matter of fact, however, the tendency of all markets has been good and even cheerful during the past week, and there are few sections of the House which have not experienced a rise in prices. Among British Funds a feature has been the rise in Victory Bonds, where scarcity of stock has been apparent, and, indeed, I think there is little doubt that the steadiness of British Funds and kindred stocks generally can be traced to the fact that owing to the view taken some time ago of the monetary outlook large Bear positions were opened.
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