SAFETY FIRST.
It is quite true that the principal feature of markets at the moment is the strength of high-class investment stocks, and it is not difficult to trace the effect of lower money rates upon gilt-edged securities. At the same time, the unsettlement which pervades other departments of the Stock Exchange suggests that not merely cheap money, but great uncertainty with regard to the general outlook, may be responsible for the -adoption of the " Safety First " motto by investors at the present time. I do not think, however, that this principle of " Safety First " is finding its expression entirely in the purchase of high-class British stocks, for some who are impressed with the uncertainties of the outlook are dis- posed to keep their powder dry altogether and await a clearer outlook, -while some others have been disposed to invest in the better class American securities.
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