Financial Notes
SUBDUED MARKETS.
LAST week's improvement in the money outlook had but a short life, the 'flit:ler tendency of the American Exchange "due due merely to tine execution of a large purchase of
sterling on American account in connexion with an arrange- ment whereby certain investments in South American Utility companies passed to American hands. The easier tendency of long-term rates in New York, too, seem merely to give fresh rein to the bull movement in New York forcing call money up to 12 per cent. in the course of the week. The boom seems now to be leaving American Industrials and going into railroad stocks, and that London is merely a spectator in the movement is proved by the fact that successive advances in New York only promote dullness in the British market. When the New York break comes, as it must do eventually, there should therefore be little fear of heavy liquidation in our markets, while the ultimate result should be easier money all round, but until such'break comes the pressure on sterling is likely to continue. Gilt-edged stocks have held up remarkably well against the adverse influences, but Home Railway stocks remain depresSed on the prospect of the cancellation of the 24 per cent. cut in wages established last August, while general markets have been uniformly idle.
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