Financial Notes
REACTIoNARY MARKETS.
VARIOUS circumstances combined to impart a more sober tone to the stock markets during the past week. The big deficit in the national accounts, referred to elsewhere, was in itself a sobering influence, increasing anxiety with regard to the forthcoming Budget. A more potent influence, however, was the revival of activity in the New York stock markets, the revival occasioning some fears lest a recrudescence of the Wall Street boom might impair the confident hopes which have been formed of an easy Money Market during the greater part of the present year. It is possible, too, that the investment market was somewhat affected by the indications of numerous capital flotations of the trustee order, white allowance has also to be made for the fact that, a certain amount of the recent buying of gilt-edged stocks was of the professional kind so that realizations were to be expected. At a lower level the undertone of the markets appears to be quite firm, though it looks as though there would now be a tendency for business to slacken until after the secrets of the Budget have been disclosed.
(Continued on page 590.)
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