SLUMP IN WALL STREET

Greymouth Evening Star, 29 April 1937, Page 7

SLUMP IN WALL STREET

EXCHANGE AS A BEDLAM RUSH TO SELL [BY CABLE —PRESS ASSN. —COPYRIGHT.] (Reed. April 29, 2.45 p.m.) NEW YORK, April 28. Stock prices tumbled one to six points in another heavy wave of selling, turning the exchange floor into a bedlam, the brokers struggling to execute a flood of “bearish” orders. Wall Street plunged into pessimism over the downward trend, blaming the situation to a variety of factors, the chief being Mr. Roosevelt’s warning against speculation, and his efforts to curb the speculative orgy in commodity prices. United States Steel lost six, Chrysler 4i, General Motors 11 and United States smelting 5 points. Selling for foreign account continued heavy. LONDON- UPS . AND DOWNS (Received April 29, 11.30 a.m.) LONDON, April 28. Mr. Chamberlain’s statement heartened the markets. Industrials were particularly more cheerful. The Australian. Associated; Press City Editor, understands, however, that neither the city nor many Conservatives, are completely satisfied, and will press for important amendments and concessions. LATER. London discount short loan interest rates and New York call money are unchanged. That it seems there is no sticking power in the markets was the gloomy conclusion in the city business circles, after .the rally in the morning, tailed off into dismal selling in the afternoon. A heartening change of sentiment is reported from the Continent. Vienna, Budapest and Prague bourses made good most of yesterday’s heavy falls.