FINANCIAL NOTES
MARKETS IMPROVING.
A wEEK of heavy liquidation in the New York Stock Markets, accompanied by a certain amount of forced selling on the London Stock Exchange, has been followed by a few days of improved conditions. At no time has the depression in American securities been so pronounced in London as in New York, and on Monday morning the market here gave a strong lead to Wall Street, raising prices well above the level to which they had been put in the New York Stock Markets on the previous Saturday. New York responded at first to the improvement, but on the resumption of further selling prices closed here on Monday night with a dull tone. Later, however, Wall Street took its courage in both hands and established a really substantial rally, the effect of which was seen in the Stock Markets here on Tuesday, and a more cheerful tone was apparent throughout all markets. British Funds and kindred stocks, however, have been firm throughout; and the continued cheapness of money had the effect of causing some revival of investment orders. The great ease in the Money Market here was emphasised at the beginning of the week when the Liverpool Corporation was able to place Li,000,000 in Bills running for a whole year at an average interest rate of just under I2S. 6d. per cent.
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