Financial Notes
INCREASED SPECULATION
I FIND it rather difficult to describe the condition of the stock markets as satisfactory at the present time inasmuch as the principal features include phenomenal activity in the New York stock markets and considerable activity here in Gold Mining shares. In both cases, however, the impetus seems to come from the big inflationary movement in the United States, and in both cases it is a matter of speculative rather than of investment activity. It is in periods of great uncertainty such as the present when so many issues including future currency standards are in the melting pot that the speculator often finds his opportunity, but whether these opportunities and these previous speculative operations are helpful either to the ultimate solution of currency problems or to the general situation may be doubted. Meanwhile high-class investment stocks have reacted a little by reason of the diversion of interest to other markets.
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