Financial Notes
THE RALLY IN SECURITIES.
jr is not often that the Stock Markets experience so general a rally in securities as that which has taken place during the past week. It was, as I explain elsewhere, a rally considerably overdue, and, for that reason, it is difficult at the moment to determine whether those who purchased because they regarded certain stocks as having fallen to an unduly low level will now be followed by other buyers, who may be per- suaded that the same securities are still cheap even at the higher level. It may be well also to remember that the close of August not infrequently witnesses a good deal of buying by professional operators on the expectation that with the return of the public from holidays there will be a reawakening a interest in the Stock Markets, with a good deal of buying on the part of the genuine investor. Whether that will be so on the present occasion remains to be seen, but, for my own part, I am certainly inclined to think that after the expe- rience of the last few years the public may be inclined to wait for more definite signs of improvement in the general economic situation before acquiring Industrial securities. During the past week the gains have been most pronounced in English Railway Stocks and in the shares of many leading Industrial concerns, both local and international. Gilt-edged securities have also been well supported, though, at the moment, there appears to be a slightly easier tendency, owing to exports of gold.
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