VIOLENT UPWARD TREND.

Horowhenua Chronicle, 19 March 1938, Page 5

VIOLENT UPWARD TREND.

1 MARKETS QUITE IRRATIONAL. (By Telegraph-Press Assn.-Copyright) (Received This Day, 10.15 a.m.) LOJN.UU.N, March j.B. The jtauic which demoralised the JStocK Exchange has died uuwn. Giltedged securities opened with small rises, and other shares showed recoveries almost as smart as yesterday's fails. Rubber and mining shares wore also firmer. The utter irrationality of City buinessmen in the face of the present crisis is exemplified in yesterday's movements, which were as violently upward as they were' downward the previous day, though the full extent ot the previous day's heavy losses was not quite recovered. (Sentiment is similarly better on the foreign exchange markets. Prunes recovered to around 159. Refugee funds are finding their way t» New York or into bullion, causing appreciation of the dollar. Gold touched over £7 an ounce.

The commodity markets are also less nervous. Wool was well cleared at the London sales in face of active demand from the Home trade and the Continent, including Russia. There were few withdrawals. The Continent bought freely of good quality Merinos, and prices generally were unchanged on opening rates.