RALLY IN RAILS.
WHEN allowance is made for such adverse factors as the heavy drain of gold from the Bank of England and the rise in money rates in Lombard Street, the Stock Markets maintain a remarkable degree of activity and cheerfulness, and neither in the New York Stock Market nor in London is there much sign at present of any material slackening in speculative activity. Ili the markets here the feature continues to be, the gamble in the Gramophone group, where fresh sensationally high prices have been recorded. At one time British Funds and kindred stocks were affected not only by dearer money, but by the talk of a new Government Loan to deal with large lines of maturing obligations next year. The setback, however, has been slight and temporary, and it is not forgotten that hitherto any new Government Loan flotations have been arranged very skilfully on lines that have in no way impaired the firmness of existing securities. I am glad to note that quite an outstanding feature of markets during the Irist feW days has been a fairly general and pronounced rally in English Railway stocks.
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