Financial Notes
MIXED INFLUENCES.
TIIE influences operating upon the stock markets during the past week have been of a complex and even conflicting charac- ter. Satisfaction in the City with regard to The Hague settle- ment has been marred a little by uncertainty as to the precise effect of the Conference upon international amity, though, at the same time, due recognition is made of the patriotic stand made by the Chancellor of the Exchequer for British claims. There has also been a general hope that the course of peace may be furthered by the Conference now proceeding at Geneva, especially as regards the question of Disarmament. On the other hand, the hopeful feeling j with regard to inter- national politics has, of course, been jarred a little by the developments in Palestine, while a still more dominating influence has been the continued outflow of gold and the fears of a higher Bank Rate which forms the subject of the preceding article. Speaking generally, gilt-edged stocks have been chiefly affected, but a very good example of the manner in which monetary factors exerted their influence, quite apart from intrinsic merits of stock, is shown in the moderate reaction which occurred in English Railway securi- ties. These had been bought on signs of a real improvement in the position of the companies, and those signs remain. The buying, however, was largely professional in character, and consequently the prospect of dearer money occasioned a stampede on the part of the buyers. Industrial shares have fluctuated a good deal, but on the whole recent gains have been very well retained.
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