Financial Notes
INCREASED SPECULATION.
ALTHOUGH the general undercurrent of the Stock Markets is one of cheerfulness, the fultnightly settlement this week demonstrated very clearly that speculation in the Industrial section is not only increasing but is becoming somewhat unwieldy. In particular, the'gamble in Celanese shares and the heavy drop which has occurred during the past account occasioned some embarrassidents in one or two directions, though the difficulties are believed to have been surmounted. How far the speculative movement has been stimulated by loan operations it would be difficult to say, but I fancy that the banks are disposed to show some restraint at the present time in making advances in connexion with the shares in which dealings just now are upon a very large scale. During the past _week a feature has been the great strength of Gramophone shares and of some of the Newspaper shares, but, on the other hand, the shares of Tobacco companies have given way sharply on apprehensions, believed to be well founded, of impending aggressive com- petition on the part of American companies.
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