Financial Notes
REACTIONARY MARKETS.
I snot t.n he afraid to say how many times optimi:m in the Stock Markets during the opening days of the year gives place to greater soberness towards the end of January, but the occasions must be many. This year the eximberanee was the more pronounced because of hopes, both of better trade and of easier- money rates. Indeed a reduction in the Bank Rate by or before the .end of the month was freely pre- dicted. And in anticipation of that event discount rates in Lombard Street were forced down to about 4 per cent., while on the Stock Exchange British Funds and kindred securities rose almost excitedly.- Moreover, the improvement extended to many departments. of the Stock Exchange, st that the appreciation in the aggregate capital value of seem. ties in the early part of the month must have been considerable,
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