Current crisis grinds stock exchange to a standstill
The London stock exchange and other stock exchanges around Britain have been closed today until further notice after several days of crisis.
Yesterday opened with another failure of a fairly large firm. The bank rate was also raised because of the large gold withdrawals. Many of the stock exchange across Britain were at a standstill and in Paris the Banque of France raised the discount rate from 3 ½ to 4 ½ per cent and interest on advances from 4 ½ to 5 ½. In Liverpool and Swansea the price of flour rose for the third day in a row.
The American stock exchanges were also affected showing the severity of the current crisis.