“MOST FANTASTIC”

Wanganui Chronicle, Volume 80, Issue 251, 22 October 1937, Page 7

“MOST FANTASTIC”

WALL STREET BREAK LONDON BEWILDERED (By Telegraph—P.ress Association—Copyright) LONDON, Oct. 20. City business people are frankly bewil ie-red at the behaviour of Wall Street. “Most fantastic” is the adjective most commonly employed. It is only three months since almost every reputable broker in New York was advising clients to expect an appreciation of American stocks in the autumn. The principal reasons for the slump appear to be the fear of war, which is taken most seriously in the United States, combined with big business people’s growing distrust of President Roosevelt. The Financial Times interviewed a former director of the Federal Reserve Bank, who bluntly declared that the bankers and business people had come to the conclusion that the Administration intends to let business make only meagre profits. When earnings are satisfactory, the Government takes them in the form of taxation or higher wages. President Roosevelt has now got to do some--thing to save his political shirt. LONDON STOCK MARKET STEADY TONE MAINTAINED LONDON, Oct. 20. The markets are proceeding with a steady tone, except mining shares. Business is, however, small.

MARKETS UNCERTAIN EARLIER GAINS LOST LONDON, Oct. 30. The markets this afternoon lost most of their earlier improvement, operators being still uncertain whether Wall Street’s liquidation has concluded. Signor Grandi’s announcement came after the markets had closed. If the Spanish situation can be cleared up in the next week or two a sharp rebound is probable. PRICES RISE AGAIN BUYING ORDERS FLOW STEADILY Received Oct. 21, 8.40 p.m. NEW YORK, Oct. 21. Buying orders flowed steadily on to the Stock market, forcing prices up one to eleven points. Transactions amounted to 4,340000 shares. High grade bonds were firmer and the speculative issues which habitually follow the trend of stocks rallied one to four points. LONDON EXCHANGE FAVOURABLE REACTION Received Oct. 21, 9.35 p.m. LONDON, Oct. 21. Though the Stock Exchange has closed there was an immediate favourable reaction in. outside dealings.