FINANCIAL NOTES
MARKETS RECOVERING.
THE recovery in the Stock Markets during the past week has been almost as sensational as the previous decline. For this several causes are responsible, but perhaps the 'simplest and more general explanation is to be found in the fact that the fall, as I suggested last week, was overdone, and comparatively few buying orders were sufficient to bring about a remarkable rally in quotations. Naturally the recovery was most pronounced in the directions where the fall had been greatest, and in-the Miscellaneous section and in several of the Iron and Steel shares in particular, the upward rebound has been very pro- nounced. Moreover, although Wall Street has been somewhat slow to respond to the reports of large Governnient and other expenditure in the near future in connexion with housing schemes, the mere belief that the fall in American securities was overdone has imparted a more cheerful tone to American shares. I refer elsewhere, however, to the part played by America with regard not only to American Railroad and Industrial shares but also with regard to markets outside the United States.
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