PRICE OF METALS

Evening Star, Issue 22618, 9 April 1937, Page 9

PRICE OF METALS

EFFECTS OF SLUMP REACTION IN NEW YORK Press Association—By Telegraph—Copyright NEW YORK, April 8. Inquiry among the banks disclosed that none was refusing to accept consignments of metals from correspondents abroad or to advance credits against shipments. One of the banks engaged in purchases in London on its own account decided to discontinue doing so owing to the profits being too small to justify the risk of a possible Treasury change. Two others adopted the same policy for several weeks. The Stock Exchange, as a result of the gold and other rumours, experienced one of the worst breaks of the year. Leading stocks dropped one to six points, steels, coppers, and motors being most affected. LONDON STILL UNEASY INVESTORS BADLY HIT. LONDON, April 8. (Received April 9, at 10.30 a.m.) The future American gold policy is still anxiously debated in the City, where nerves are so badly shaken that the wildest stories have found at least some ready to believe in them. The * Daily Telegraph’s ’ City editor considers that the report originated through a misleading article in a New York newspaper, but whatever the origin it has been mostly to investors. Prices in all sections are marked down, sometimes sharply. A similar weakness has infected Continental bourses, notably Paris. Wall Street itself had one of the blackest days.