There seems to be a tendency on the Stock Exchange
to fluctua- tions of a kind hitherto more frequent in New York than London The jobbing in " Egyptians " has been on. an unprecedented scale, and within the last ten days North British Railway Shares and Bonds of the Argentine Republic have fluctuated 21 and 18 per cent. respectively. In the former case, extravagant expectations of divi- dend were disappointed, and in the latter, there were fears either of an issue of paper-money or of a stoppage of the " drawings," but in both instances there must have been speculation by " rings " of men determined to send down prices without refer- ence to bond fide buyings and sellings. In one day, for example, " Argentines " dropped 10 per cent., though Messrs. Baring publish a statement, as agents of the Republic, that they know of no cause for such a fall. If this kind of practice cannot be checked by the Stock Exchange, the public will be compelled to avoid foreign loans altogether.
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