STOCK MARKETS REVIVE

Hawke's Bay Herald-Tribune, Volume 81, Issue 52, 24 November 1937, Page 5

STOCK MARKETS REVIVE

-FrHas Assn.'

From Deepest Gloom to Heavy Demands LOSSES WIPED OUT

(By TolesraDb-

-Oonvright.)

(Received 24, 12.55 p.m.) LONDON, Nov. 23. There has seldom been a more extraordinary day on tlie Stock Exchange. Business opened in the deepest gloom and it was almost impossible to sell stocks. Sentiment suddenly turned iu tlie afternoon and traders found an almost equal difficulty in buyiug. The rises wiped out the initial losses and in sonie case's carried shares above bverniglit levels. The steadiness of metals and othei' commodites helped a- more confident feeling. A Paris message says that a better tendency was apparent on the Bourse. French shares opened steadily and advanced throughout the day. The News-Chroniele's financial writer says it was a black Monday for tho Stock Exchange, which suffered its Worst day of the depression period prices. Nearly all stocks shared in a remissionless slide, some of the worst affected being stable, well-managed companies. Consols fell 10/- to £75 12/6 and war loan 5/- to £101. The market value of the share of 20 representative companies with a paid-up capital of £180,000,000 sterling slumped by £28,000,000, representing a fall of £250,000,000 from the highest prices touehed in 1937. Nobody could explain the severity of the slump, though the Wall Street drop may have influenced it.