LONDON SENSATION.

Auckland Star, Volume LX, Issue 224, 21 September 1929, Page 4

LONDON SENSATION.

EXCHANGE BARS BUSINESS. THE HATRY GROUP. LOSSES £8,000,000. (Australian and N.Z. Press Association.) (Received 11 a.m.) LONDON, September 20. Newspapers yesterday drew attention to a slump iu the shares of the "Hatry Group," with wliich the corporation "General Securities, Ltd.," is associated. The corporation this week sponsored the Melbourne Harbour Trust issue. Following a further fall on the Stock Exchange, the committee suspended dealings in Hatry shares. Certain connected I unusual happenings indicate the serious view taken by the authorities. The Stock Exchange committee suspended permisison to deal with five Hatry companies, also the Drapery Trust Ltd., and Wakefield Corporation iYa per cents. The action of the committee in suspending dealings in the Hatry Group caused a great sensation on the Stock Exchange, as it is the first time such a step has been taken since emergency regulations at the outbreak of the war. Business in many sections of the Exchange has practically ceased, groups of members eagerly discussing the position. It is estimated the total market value of the five Hatry companies dropped £5,000,000, compared with highest prices this year. The committee's action is generally approved, as it will prevent shareholders selling at prices which may prove unjustifiably low after full investigation has been made. The newspapers describe the suspension as one of the greatest financial sensations in recent years. It is reported that in a?i endeavour to prevent a slump Hatry and others interested in the companies concerned endeavoured to obtain the support of large financial groups, and also approached financiers in America, Germany and France.