Financial Notes
CHEERFUL MARKETS.
PRESSURE for loans in Lombard Street at the end of the half- year was even more pronounced than usual, and it will be rather interesting to note how far this additional pressure may have been connected with the high money rates prevailing in New York. In other words, it is possible that English banking resources may to some small extent have been attracted to New York for a short period by the high interest rates, thereby reducing the volume of credits available here. This end of the half-year pressure, however, is usually of a very temporary character and practically no effect has been produced upon the security markets, where attention was concentrated rather upon the steadily rising strength of the monetary position here. Moreover, the rally in Wall Street at the end of last week had given the markets here some additional stimulus, and both as regards existing securities and new capital issues activity continues to be fairly pro- nounced. All the same there is at the moment somewhat greater confidence with regard to investment than as regards the more speculative stocks owing to the uncertainty as to whether the Federal Reserve Bank will again call a halt to speculation in Wall Street.
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