LONDON’S “BLACK MONDAY”

Timaru Herald, Volume CXLIII, Issue 20893, 24 November 1937, Page 9

LONDON’S “BLACK MONDAY”

STOCK EXCHANGE COLLAPSE SUFFERED WORST DAY OF DEPRESSION LOSSES BY STRONGEST COMPANIES United Press Association—By Electric Telegraph—Copyright (Received November 23, 8.50 pun.) LONDON, November 23. The Financial writer in “The News Chronicle” says: “It was a black Monday for the Stock Exchange, which suffered its worst day of the depression period. Prices of nearly all stocks shared a remissionless slide, some of the worst affected being stable and well managed companies. Consols fell by 10/- to £75/12/6. War Loan weakened by 5/- to £101.” The market value of the shares of twenty representative companies with paid up capital amounting to £lBO,000.000, slumped to £28,000,000 representing a fall of £250,000,000 from the highest prices touched in 1937. Nobody could explain the severity of the ’ump. though the Wall Street drop may have influenced it.

NO FEAR OF DEPRESSION VIEWS OF FRENCH WRITERS United Press Association—By Electrio Telegraph—Copyright PARIS, November 22. The “World Trade Monthly,” the journal of the International Chamber of Commerce, published in Paris, declares that prevailing conditions do not indicate the imminence of any major economic depression.