Financial Notes
THE year has begun well on the Stack Exchange, so far as activity in business is concerned. Dealing dragged a little dining the fag-end of the account in which a settlement has taken place last- Week, lnit as soon as dealings for the new account became practicable, a very general spurt in business was noticeable, more especially as regards the speculative descriptions, with particular activity in those dealt in on both sides of the Atlantic. During the early days of the year; a- feature was the remarkable strength of the 5 per cent. War Loan which rose to over 103, but there has since been a moderate reaction due in part to the flotation of large loans such as the Indian, and the New Zealand, while there- is also now a tendency -noticeable hi places to effect realizations of the 5 per cent. War Loan, where a profitable exchange can be made into a longer dated stock, giving a somewhat similar rate of interest. But although there has been a slight reaction in the 5 per cent. War -Loan" from the highest point touched, not the least noteworthy feature of the stock markets as a whole is the manner in which pari passu with the increased activity in the speculative markets the firmness of high-class investment. stocks is maintained.
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