SUBSEQUENT DEVELOPMENTS.
So far as the three factors already enumerated are concerned, it may be said that the only one which has developed favourably from the stock market point of -view is the agreement reached by the Committee of Reparation experts. The result of the General Election has necessarily brought with it a good deal of uncertainty With regard to the future, and uncertainty is not a favourable factor for " bulls " of securities, while, although there may have been some slight reduction in the specu- lative position in iVall Street, the financial position in the United States as a whole is still of a character calcu- lated to exert an unfavourable influence on the general monetary situation. What, then, it may be asked, are the prospects for the second half of the year ? -
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