Financial Notes
HOLIDAY MARKETS.
THE Stock Exchange is now in the middle of what is known as a " long " account : that is to say, one covering three weeks instead of a fortnight, while this same account is also broken by the occurrence of a Bank Holiday. in normal circumstances, therefore, quietness and even dullness of markets at the height of the holiday season was to be expected, and when to these conditions has to be added the disturbing developments on the Continent, followed by Mr. Baldwin 's serious speech in the House of Commons it is scarcely sur- prising that prices in some directions should have reacted. Indeed, the fact that they reacted so moderately for the most part gives an impression of underlying strength. Curiously enough, it is the market farthest removed from the zone of trouble in Europe which has displayed the greatest perturbation with regard to European affairs. Wall Street during the past week having experienced some days of almost panicky selling, from which, however, some recovery has now taken place. It must be remembered, however, that the markets in New York have been affected not only by the European news but also by signs of reaction in internal trade.
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