THE CHINA MAIL, TUESDAY, MARCH 29, 1955.
TRADE and COMMERCE SECTION
STOCK MARKET INVESTIGATION
(1st Phase) OVER Operators Heave Sigh And Prices Recover
By JOHN MORKA
New York Mar. 28.
The Fulbright Committee ended one phase of its probe of booming stock prices in the United States on a firm note last week.
Its Chairman stated that he found no major abuses in market practices to account for a more than 50 per cent boost in security prices in the past 15 months. He said there was no need for any urgent corrective action now.
NEW YORK
STOCK
MARKET
Industrial Leaders Give Ground
The Senate Committee has the investigation," by its impact been trying to find out why on investor psychology, bai stock prices go up or down. It helped generate a needed note a! was prompted by fears that | caution throughout the nation. undue speculation in securities posed a danger to the US economy.
EDUCATE PUBLIC
Synthetic Plant Leased
Washington, Mar, 28. Publicker Indusries. In- 'corporated of Philadelphia wifi lease for three years
Government alcohol butadiene plant at Lesla- ville. This plant was one of three synthetic rubber plants not sold - under tha Government programme to turn over plants to private industry.
Under the Pabllcker will
agreement
Day the Government $6 for every ton of butadiene produced. The Government will re- ceive a minimum guaran- teed monthly. rental of 31.000.
Dis- According to the
Commission the Louisville plant has a de- signed capacity of 80,000 short tons
posal
Puhlicker will take over the plant on April: La---Ren- ter.
HONGKONG
"
STOCK EXCHANGE
By its headlines, it has helped Since its start on March 3, the educate the public to look to the market had experienced sume of market as more of an outlet for its widest gyrations in years long-range investments rather Many were ready to blame the than as a place for speculation Committee's "friendly sidrand "get-rich-quick" operations. the cumulative drop of about
The public, It is felt, has been So
the far $10,000,000,000.
mude more aware of the necessity market has recouped about two-
of looking before leaping. Atten thirds
of its three-week losses.
Was focused also on the The probe, however, is not
c practice of market tipsters, of over yet. There will be execu
(From Our Correspondant) the possible need for further New York, Mar. 28. tive sessions at week. And controls of certain speculative. Stocks turned irregular there is the possibility of more
the uremium notably
Business done on the Hong- issues, public hearings on special sub issues, which many are finding morning amounted to $548.392.50. kong. Stock Exchange this today, with rails shares P
fects. But financial experts here featuring
the on the upside were ready to dismiss the Ful- increasingly attractive for an
cccasional plunge. while recent industrial lead-oright Committee probe as a ers gave ground.
major market influence.
There was strong evidence of "Gains in the rails ranged to this new optimistic feeling in the more than 2 points ir. Union market's behaviour on Wednes
day. Pacific.
So-called special issues. In the industrials had gains rang- Ing to 3 or 4 points but proft- was the general rule taking
PRICES BOOMED
Prices boomed from two fteen points, with almost all and the group lust 1.86 points segments sharing in the rise. The on average. Utilities, too, dipped Fulbright findings were advanced with Panhandle Eastern Pipe as the reason for the market's
be no
for any corrte-
Noo quotations and
moming's transactions:
Should market prices show no upward drive, it is felt there will SHARKS BUYERS SELLERS SALES
ive lepsiation, such as another boost Ex the
margin rate. amount of cash Recently the payment required on so-called
marginal purchases of stocks was raised from 50 to 60 per cent of the purchase price.
FAVOURABLE
PEAKS
if the boom gets there will
most
Line the worst offender with thee showed signs of de- | certainly be some new pressure ·
a loss of nearly 2 points.
pace
However, cut-of-hand,
for further controls on credit and market practices.
Right now
American 'merchan- rising, manufacturing financial prospects see at their and most favourable peaks.
Prospects of string earnings, peak production, high dividend payments are expected to iŋ-
generating into a political foot
as Republican spokesmen Trading was at a moderate ball
with turnover totalling charged the Democrats with 2,540,000 shares, the same as undermining American confidonea in the business future. Whatever Friday.
the merits 01 this charge, 1,230 ISSUES TRADED financial observers here accept the Committee's clean bill of The setback boday came as with
health the list once again approached.
market highs after that if there is any weakness influence the market more thar Its bull
.conscoulive sessions of Out of a total 1.280. there were 582
four
advance. issues traded,
A virtual admission
the US economy, it is not the market.
Whether the Fulbright hear ings have been justified so far is still being debated. There is of last week's general agreement, however, that
lower, 403 higher.
backed down
While many strong movers under realising-Douglas, Zenith, Combustion Engineering, Eab-
cock and Wilcox, Radio Corp World Rubber
Eastern Corp., off a point la
mure than 2 points others con-
tinued in demand,
4
General Dynamics ran up more than 2 points.
A 4-point gainer was Owens- Corning up on a favourable
forecast.
Markets
Singapore, Mar. 28.
The rubber market steadied a bit towards the close after being very quiet during the day. Future closings:
any other set of factors, accord- ing to observers.
Business, meanwhile, continues in an uptrend. There is grow. ing foeling now that there might not be an auto strike, and that steel, auto output and construc- tion-the big thros of the US economy-might well set new highs this year.
BACKGROUND
Beckgounding this opunism are the following developments:
1. Industrial production in February operated at 132 per
cent of the 1947-49 average, an
increase of nine points from last year's low. March will prob-
BANKS
HK Bank East Anta
1550
210
4 @ 1550 109 @ 220
INSURANCES
Union. 90711⁄2 975* 20 @ 10
DOCKS, ETC.
K Whart
Dock 200 24.10
Providerit
(0) X ALL.
Wheelook
LAND, ETC.
HK Hotel
12 12 11.80
.. 730 720 500 @ 715
16.80 17.10 1800 † 16.90 HK Led XD 84% 100 65
Humphreys
Healty ...
22.05 5000 2. 3000
60002.
UTILITIES
·Tram XD
2032 20.80 500
Star Ferry Yaura Ferry
X All
C. Light (0) 17.83 C. Lin (N) 14.10
Electric
Tel. XD
INDUSTRIALS
Cement
35 357% 2000
Germans
Making Comeback In Malaya
Singapore, Mar. 28.
Several German business houses, which had operated in Malaya before the war, are attempting to make a comeback to this Southeast Asian mar- ket, according to a Singapore businessman who has just returned from a round-the-world trip.
Mr Khoo, Henr-pho, manager of a firin by the same name, a leading import-export concerti, said that during his visit to Germany, he learned of attempts by many German firms to re- establish their businesses Malaya.
Mr Khoo, who made extensive travels in Europe and the United States, said that business conditions" in rehabilitated European countries had im- proved tremendously since he. fast visited the Continent, In 1949.
«EXPECT MORE
"On the whole the picture is very bright and Malaya can ex-. pect more and more European manufacturers to offer their pro- ducts here," he said.
Mr Khoo said that Nether- lands firms, a good many of their Eastern trade, planned to whom had already re-established
send more of their dairy pro- ducts to Malaya...
World Cotton
Markets
New York, Mar, 28. Exceptionally quiet dealings accompanied narrow price swings in cotton futures today. After see-sawing within a range of 65 cents a bale, the market closed off 4 4 to up 9 points. Opening prices were off 4 to 9 points New Orleans closed off 3 to 6 paints.
Los Angeles reported very little cotton
the west coast in the past week. In
activity on the eastern belt, Atlanta ports said planting should be generally taken in the south- east next week. Memphis said little harm has been done be- cause of wet weather.
Trading volumes and open Interests in the Exchange today
Volume 22,700 19,600
were:
In Belgium, he stated that Morda manufacturers told him that they May July it hard to cope Oct. were finding with overseas orders-France- Dec. Presse.
Singapore
Stock Market
Singapore, Mar. 29.
Brokers today quoted the fol- lowing stock prices:
British Borneo Petroicure Syndicate........
جات
re-
Open Interest
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL' S.N. CO.
PASSENGER/FREIGHT "SERVICE
Leaves London Duo Hongkeng
Ontwarde *CANTON" "CHUSAN” "CARTHAGE" 30th March
"CORFU"
17th April
4th Apr
18th April
2nd May
30th May
Via Southampton. Port Sald, Aden, Bombay, Chlombo, Pepang & Singapore
Homeward
Leaves Hongkong Due Lohdon
"CANTON"
8th Apr
***CHUSAN
2nd May.
"CARTHAGE"
"CORFU”
8th May
Ard June
9th May
30th May
8th June
3th July
Via Smgapore, Penang. Colombo, Bombay, Aden, Port Said & London
* Also calls Marselles.
*SHILLONG
*BURAT"
"SUNDA"
FREIGHT SERVICE
dur 9th Apr. from UK. & Straits... hoads 10th Ape, för Kole de Yokohama 1030s 15/15th Apr.for S'pore, P. Swastane
bam, Pening. Colombo. Aden, Port Bäld, GenCE, Marseilles, Havre, In don. Antwerp, Botter dam & Hamburg
dae 19th Apr. from U.K. & Straits lunds 26th Apr. for Kobe & Yokohama
with liberty to call at Belawan before or after traits Porta and at Bombay If inducement offers.
Tanks available for carriage of Oil'in Bulk. Space for refrigerated cargo, Limited Passenger "
accommodation
BRITISH INDIA S.N, CO., LTD.
“WARLA”
“SANTHIA"
due 10th Apt. salls 11th Apr.
from Japan
for Singapore, Rangoon, Calcutta & Chittagong-
due 18th Apr. from Japon -alls 19th Apr. for Singapore. Penang.
"Rangoon" & Calcutta
P.&O./B. I. JOINT SERVICE
due 20th Mar,, from' Japan
"OKHLA"
sally 31st Mar, for Singapore. Colombo, Karachi Basra, Kher, reconstr & Kuweit.
"OBRA"
das th Apt. tails 7th Apr,
- "OZARDA"
duo
from Japan
for Singapore, Penang. Colombo.
Karachi
Bombay
8th Apr. from Bombay & Straits salis 9th Apr, for Japan
180,500
BEZ, UDD
4.900
294,700
800
243300
March
1.900
18,000
May
1100
137.000
July
2000
143.700
Total
39,500
15,000 boles
NEW YORK
"EASTERN"
"NANKIN'""
due 19th Apr.
sala 2014 Apr.
Frices of futures closed today
as follows;
Spot
May
July
October
December
March
NEW ORLEANS
*.64-83
33.92
34.00
Prices of futures closed today
LIVERPOOL
closings, American
May
July
as follows:
Spot
May
Consecated
The Smelters,
July
Ordinary
30460
October
Fraser and Neave Ltd...
Ordinary suo v
$1.07
December
March
775 cm. ""pref.
$8.80
3500
· 14.30
14.20
Hongkong & Shangha Bank
May
Corp. (Colonial Register),
5830
July
Malayan Breweries
$3.99
Hot
52.72
Future
Storage
$1.12
320.50
as follows:
$16.00
Mar/Apr.
Unted
Engineers
Ordinary
May/June
$11.50
July/Aug.
28,70 20.70
Wrets Broada cas Honkong In Petaling Tin
$1.30
Oct/Nov.
BS 3d $3.90 with div.
Dec/Jan
per kilo were as follows:
Apt.
27.30
May
New York Foreign
July
Dec.
27.30
2140
si 311⁄2
2000
X Al .... 28.00 28.90 500 1000
22.40
દ
Raffles
234 Sinespera
South British femtenete
Straits Steamdaly
31
STORES, ETC.
Dairy L. Crawford 24.70
COTTONS Textiles Nanyung ... MISCELLANEOUS
Yangtze.... 8.15 614 3000 @ 6.20
4.10
E
ably show another increase with New York Sugar
No. 1 rubber per b. Apr. 881-1950 prospects of an additional rise
May 88-0911 before the second quarter is over. June ungnoted
No. 2 rubber per tb. Apr. 88-661 No. 4
No. 3
COPPERS RESPOND Some coppers continued to respond to a tightening price and supply picture for the metal but others lost Оп profit-taking. Spc1 rubber unbaled.
Blanket Craps Andes Copper featured with a
No. 1 pale crepe gain of more than 3 points."
Oils were mostly lower. Bethlehem, a strong leader last week, backed down nearly 2 points to stand out in a nAITOW steel group.
The New York Stock Ex-
bond volume change
พร $3,280,000.
The American Stock Exchange volume was 907,000 siranes.
Dow-Jones closing averages
today were as follows:
20 raila
874-875 B6-87 8875-8091 2014-811 84-964
2. Dividends and construction are at top levels. Dividends mee about five per cent above last
year's payments,
The 1954
dividend
Market
New York, Mar. 28. World No. 4. sugar tutures melon closed today 4 points higher to
Straits Trading
Canada England
Balgium
$38.2
-China Mail Special.
middling, in pence per Ib. were
SAO PAULO
Future closings, in cruzeiros
Exchange In the United States.. the
average price of 15/16 middling
New York, Marat tea designated spot markcls-
$101 13/18 was 33.67 cents. Sales at these 2.79-5/16 centres totalled 6,585 bates..
unofficial .36-day futures ..
30-day futureS
Others were unchanged,
247-2.69
2.79 3/10
2.79 5/16
0198
United Press.
might be surpassed by the end en poet lower with sales of 245 London, Foreign
tracts.
Exchange
Montreal..
NEW YORK
of 1955.
3. The strong showing of steel Domestic No. 8 sugar futures Futures today closed 70 to
The outlook for closed 85 points higher with sales of and autos.
unchanged to 3 points Lavourable stazi 183 contracts.
operations is higher with sales, et 479 con
the third Political uncertainties in the being extended to Far East and higher primary quarte, now. Heretofore, predic Both markets continued to New York market cables encouraged shorts were confined to the second refices the higher trend of gawe.stea
Mills are swamped Some Cuban sellers reportedly Brisada covering, dealer and investment
Lisbon Paris the industry. New pound
fob for world raws stockholm spot marketS.
West Marks Dealers indicated a small to industries are begiming to show Futures:
Zuric's moderate tonnage was worked in the pickup in steel demand,
competition in the spot market, mostly on intensifying
CUBILET.
buying in both the futures and with hacklogs reportedly plingwere holding for, 3.35 cents a
up
in
for
one sheets for June delivery available finished products, Iron between 31% and 31% cents a Age magazine notes,
Contract No. 4 (world)
30 industrials
412.91
180,79
pound Spot No. 1 Bes were
15 uplitics
63 Klocka
184,69
quoted at 32 cents a pound, nominal. Futures:
GREATEST PERIOD
SEXY. July Sept.
Mar. May
A top steel spokesman, Mr July
40 bands
100,01
May
5,25
Corom. fuktarn, price index) ..
July
32.25
Sept
the US Steel Corporation, NG, 1
YESTERDAY'S PRICES
Dec.
31.25
in the
Mar
301935.
Mar. 28.
May
30.55.
the
American
Ceonorny as May
July
-Alden Inc, Azy,
Allied Chemicals
Allis Chalmers
$2116
7874
American Airline
American Metal
American Smelting Batwin-Lima-Hamilton Bendie Aviation Corp. Boeing Airplane Case (J, X), Ca Chase National Bank
Commercial Credit Commonwealth Mec Crane Co. Goodrich (B. F. Co.
Goodyear Tire & Rubber
International Paper
John-Manäle: Co,
Pactic Wer.
Pitzburga" Platze
Minnesota Mintag
Shel-On Co.
Bouthern Hadhway" - (Com.): Stokley-Ven Camo,
Riudebaker Packard. Corp.
US. Line-Consty
LONDON
The market was very steady, No. 1 Rss spot were quoted at
28% pence. Prices:
No. 1 spot Ras
|_ Settlement, hotse- termé May June
80 July/Sept
Owing to poor radio rec many of our stock prices were
United Preat.
received this," murang,
Oct/Dec.
Jan/Mar
265-2017
General markain, elf, þauls, Apri
Jung Estata ́crepe thick · Apr Estate crepe thin Apr
AMSTERDAMO...
Benjamin Fairless, Chairman of Spot-(cents per Ib. fob Cuba
United States, sized up
London, Mar. 28.
2.7952-2.79 3/16-
27471-2706
10.03-10.84
United Press.
Anglo-Japanese
Payments Agreement
London, Mar: 28.
A spokesman of the Treasizy.
three
here sold today that talks on the extension
another 1392216-139 25 60-30-80-402onths to the end of June, ot
the 1953 Anglo-Japanese
sterling
97236-97735
11.79-11.80
1849-1155 payments agreement were stil
mited Press.
NEW YORK METAL PRICES
New York, Mar.-28. Prices of metal futures closed today in cents per lix as follows:
6.60 Lend
Contract No. 6
5.48
Fellows "I personally think Sept. that we are on the threshold, of Nov. one of the greatest periods of Mar prosperity that this great country Spot (cenfis per lb. c, NY of ours has ever known,"
Autos, likewise, are enjoying a boom. Production, contifmies at recard levels, with no indications of-American buying resistance to 25 date. The auto and related in- dustries by way of illustrating their importance to the American economy burns out about one fith of the country's national product. people, News Week magazine
May
ex-duty):
Mar.
2,05
Apr
4.00 Tia
Apr.
3.45 Zine Mor
Apr.
5.45 Copper Mar
United Press,""
TRADE PACT
Faris, Mar, 28.
It was reported here that France has concluded a new gives | trade pact with These tending for mother rade pret eiged lapt “It was sundas stood.. changes amounting to
The market was steady. Prices noted in a survey. Cara and closed today in guilders per trucks consura 88 per cent of kilogram, CIF April as follows: petroleum 20 per cent of stbel No. 1 rubber
107 paid 64 per cent of fallonblè izon 12 MARIA buyers per cent of 2nd, 75-ple bent of Dlate gliss) for example ---United Press
No rubber:
No. Fubber
No.1 crepe rubber ... 227
Formosa
14376
14.12
90.50b
20.50b
1930
10.441 39.45
Apr: b-bid -traded United Press,
LONDON METAL
PRICES
London, Mar. 28. All metal prices were steady.
going on in Tokyo.
A Tokyo report that Britain had
already agreed to the exter ston $ requested by the Government, camot be
Icon the spokesman added.
Meanwhile, negotiations on a new`. Anglo-Japanese, payments agreement are scheduled to take place in May-France-Presse,
Steel Ordering
Basis Changed
New York Mar, 28,
In view of the beavy demand for structural steel, Bethichem Steel Corporation will place at- ceptance of such orders on a monthly basis, effective May 1, instead of the presect weekly busine
This would permit more or Prices closed today: in, sterling derly scheduling of structural :
US$10. 3-month
green tea and receive in French fertilizer - and equi Zine and ment—Ching Mail Speckl
sellers week Buctuations; whi 5%/716% be taken care of exci
· there was - enough, apar steel
tu maising" capaci
YSTAL they sanse diane,
| denied, reparĖS
beghi allocating irbeel
básty China" Mail Special:
EASTERN & AUSTRALIAN 5.5. CO., LTD.
due 19th Apr. frêm Australia sails 20th Apr. for Japan
from Japan.
for Sandakan. Brisbane, Sydney, Melbourne & Adelaide
All vessels have liberty to cali at ang ports on or off the route & the route & sailing are subject
to change or amendment with or without notice,,.
For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
STT LINES
EVERET
EVERETT ORIENT LINE
Fast regular freight - refrigerator
service to Korea, Japan, passenger Philippines; Indo-China, Siam, Malays, Rangoon, Calcutta and Chittagong,
“BRADEVERETT”.
A rives Salls
Apr. 5 from Manila. Apr. 6 for Singapore, Pena
Rangoor Chittagong "Calcutta,
"REBEVERETT”
Arrives Salls
Apr, 22 from Singapore, Apr, 22 for Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Pasan and Kobe/Okinaws)
EVERETT STAR LINE
Fast regular freight — refrigerator service to Japan, Malaya, Columbo, Bombay, Karachi and Persian Gulf
(Hubject'fo" inducement for direct call Korea)
"THAI". Arrives Salls
Apr, 16 from, Singapore,
Apr, 18 for Kobe & Yokohama
"STAR ARCTURUS”
Arrives Sails
Apr, 19 from Japan.
Apr, 20 for Singapore, Port Swet- tenham, Colombo, Bombay, Karachi, Khorramshahr, Basrah Kuwait & Bahrein.
MITED PASSENGER ACCOMMODATION)
(Accepting cargo for transhipment -Kobo/Puzan, and - Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A
Chinese Department:
Queen's Building,
372067
+3