It would seem to be more the professional speculative element
which has been responsible for some of the sensational advances in industrial securities in recent weeks, and prices in some directions have undoubtedly reached levels which can only be justified, from an investment standpoint, by a considerable future expansion in earnings. Investment demand shows some signs of turning once more to the Home Railway market, where distinctly good returns are promised if the companies can attain the " standard revenues" contem- plated under the Railways Act, 1921. At the moment the situation appears more promising, for revenues from goods traffic are improving and expenses should show very handsome economies, but the market has been so productive of dis- appointment in recent years, and so many new problems confront the "companies, that it cannot be expected that the ordinary stocks will regain for a very long time anything like their former investment status.
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