The week on the Stock Exchange has been one of
great agitation, for there has been a serious drop in the value of most stocks. The primal cause of the " slump " was the fall in American securities, produced by the fine of nearly six millions imposed on the Standard Oil Trust. The depre- ciation of values was intensified by the general feeling of unrest, and the fears that similar penalties might have been incurred by other Corporations which had pursued an illegal policy. Since stocks can only have one price, the effect of the semi-panic in New York was to depress stocks here, a depression in which Consols shared. It seemed indeed at one time as if they would touch 80, but in the latter part of the week quotations improved. On the general reasons for the lowness of Consols we have dealt elsewhere, and will only say here that they are not likely to rise in price as long as people think that they can invest their money with ample security at a higher rate than 3 per cent.
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