SHARE MARKET RECOVERS

Hawke's Bay Herald-Tribune, Issue 86, 28 April 1937, Page 5

SHARE MARKET RECOVERS

-Pre«s Assli.-

"Black Monday" Sees Slump on Exchange LONDON & CONTINENT

(By Telearraph-

— 1 Copyricht.)

(Eeceived 28, 1.0 p.m.) LONDGjf, April 27. Sentiment on the Btock and share markets, which experienced such a bad day was compieteiy changed after lunch, when psices began to turn upwards. A panic on the Hungarian Bourse resulted in the annulment of all transactions in* volvlng losses of more than ten per cent. The Vienna Bourse wae severely affected in sympathy. The markets have received a succession of nasty stocks from which it will take ■Hme to reeover* Many who wer» forced to sell have taken severe losses. The Paris Bourse also experienced hard times, and yesterday, described as Black Monday, saw all classes of securities marked down, owing to the growing extremist pressure on M. Blum. An earlier massage stated ths.t share prices were crumbling badly in the uiarketa, which experienced the worst day since the autumn df 1931. Dealers stated that the City'g almost entire absenec of support left margins, even in ieading industrials, So wide that it was almost impossible to do business in market capitalisation. Typical businesses dropped so heavily that the Financial Newfl industrial share index was the lowest since July, 1936. Shclls have failen 14 per cent. since March 1, equivalent to £56,000,000. Even the extra half-penny per gallon just imposed on the price of petrol did not lift them. Eoanantelopes dropped £32,000,000, Westwits £13,000,000, and Jfohn Brown £2,000,000 in tha same period. Bargain hunters who normally ctishion the market are holding off ow« ing t£ the prefit tax uncertainty. None know what prices aie reasonable, though it is generally considered tbat liquidation caimot go on indefinitely.