26 NOVEMBER 1937, Page 42



IN another column I refer more fully to the further heavy fall in securities during the past week. It is difficult to recall a time when there has been such a universal slump both in securities and in commodities. For while the appreciation both of securities and commodities over a period of years has been considerable, it has, for the most part, been a steady, persistent, quiet rise, whereas the fall of the last two months has been of the panicky order. Mcre wer, during the past week conditions have not been impro red by. the Brazilian default and the heavy fall in Brazilian securities.

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