THE AMERICAN BooAr.
It is very generally recognized that so far as economic conditions in the United States are concerned there is nothing to justify any immediate extensive boom in securities. Prices of shares of leading industrial concerns had fallen so low, however, that an early rally was almost inevitable, and this rally seems to have been further stimulated by a good deal of buying on British account. The market, too, was, perhaps, in an oversold condition and it is not altogether surprising that the rise in prices up to a certain point should have been very rapid. Moreover, the rally in some of the leading commodities is really an encouraging feature if it can be maintained, but the danger is lest by a premature Wall Street speculation an industrial recovery should be strangled.
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