Financial Notes
MORE CHEERFUL ntaarrs.
IT is not often that a severe slump in one market is the occasion of greater cheerfulness at another centre. Nevertheless, the fact remains that for the better tendency of high-class invest- ment securities on the Stock Exchange during the week previous to the Easter Holidays, the severe liquidation in Wall Street must be partly held responsible. The connexion between cause and effect is to be found in the fact that it is the prolonged speculation in Wall Street which has occasioned dear money in New York and at other centres, and conse- quently the liquidation revived hopes of a return to healthier conditions with a possible easing in money rates. Other influences such as some moderate gold arrivals and the closing of " Bear " positions no doubt also helped markets, but the main influence was the one to which I have referred. On the other hand, it is also true, of course, that in some directions, and more especially in the speculative shares dealt in on New York account, the liquidation referred to has occasioned lower prices. Not the least favourable feature has been the rally in English railway stocks owing to better traffic returns and to hopes that the Easter figures would also be satisfactory.
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