Financial Notes
DEPRESSED MARKETS.
IT is some time since the market for high-class investment securities presented so depressed an appearance as that which has characterized it during the past week. In the main, the influences operating have been of the monetary order. In other words, the adverse position of the French and German Exchanges with a heavy drain of gold to both of those countries has revived apprehensions of a rise in the Bank Rate. Indeed, unless there should be an early radical change in the situation, it is difficult to believe we shall get through the autumn without a ei per cent. rate. This possibility in itself accounts for a good deal of selling of high-class stocks, but other influences have also operated. Markets in fact are still feeling the after-effects of the boom in new capital issues, especially the boom in some of the shilling share variety. Moreover, it is to be feared that in some of these cases under- writing went to weak hands where there has been difficulty is fulffili4g obligations, and there have not been wanting signs in some sections of the markets of forced liquidation.
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