SOME SERIOUS ELEMENTS.
If it were possible, as some years ago it was possible, to base the argument mainly upon the working out of economic conditions and influences, I think considerable weight would have to be given to this line of reasoning, and that, speaking in general terms, prices of English Rails and many leading Industrials could be described as unduly low. The investor might, in short, be counselled to make purchases now instead of waiting until the expected rally had commenced. He might be reminded of the old maxim that it is as difficult to "get in at the bottom" as it is to "get out at the top." Nevertheless, .I Must confess that without first warning the investor of certain dangerous elements in the situation, I should be dis- inclined to proffer any wholesale advice with regard to acquiring at the present moment stocks directly concerned in the welfare of British as distinct from world industry.
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