AN EARLY REACTION.
The year had not proceeded very far when a keener realization of the importance of these factors began to exert a disturbing influence upon the Stock Exchange. At the end of January the Bankers' Magazine's list of representative securities showed an increase in capital 'slues, as expressed in market quotations, of over £180,000,000, but in the following month this was diminished to the extent of £87,000,000, and now at the end of June, or to be more precise on June 19th—being the last date of the valuation of the Bankers' Magazine— the same list of securities shows a shrinkage as compared with the end of December of last year of just over 1100,000,000. Of this decrease, about £86,000,000 has occurred in what are knosim as high-class fixed interest securities, and the balance in variable dividend or more speculative descriptions.
Previous page
