THE CHINA MAIL, TUESDAY, MAY 8, 1955.
TRADE and COMMERCE
SECTION
MARGIN BOOST LEAVES WALL
NEW YORK STREET
STOCK
MARKET
New York, May 2.
A' few specia! Issues changed 2 points or more today while the main body of stocks Aluctuated irregu- larly and narrowly in quiet trading.
Turnover for
session the totaled only 3,220,000 shares. Industrial average 0,15 higher and utilities 0,02 higher.
Pabco Products common rese nearly 3 points, its. preferred more than 4. These two, with Baldwin-Lima-Hamilton in top spot, made up the day's most active issues.
Zenith climbed 4 points in the Ielevisions while Philco and Magnavox lost around a point cach
CHRYSLERS LOSE
Among the leaders, Bethlehem Steel, John-Manville, ..Union Carbide rose a point or more. On the other hand, Chrysler turned to a loss of nearly 1 point and United Aircraft fell nearly 2.
lower.
COLD
Market May Be In For
Period Of Consolidation
By JOHN MORKA
New York, May 2.
Wall Street took the new boost in margin requirements in stride last week.
Prices eased at the opening on Monday in reaction to some uncertainty about the margin boost, but firmed later, in the day. Prices continued to reflect strength the next day. also although some easiness was noted in spots in succeeding sessions.
H
World Cotton profi-taking after the
Markets
New York, May 2, Cotton traders
today navigated close to shore while
Metals had some good gainers with climax Molybdenum and National Lead
around Up 2 points.
evening-up
financial However,
expertscasts to 1953, and these with attributed this latter sell-off to some reservationsS, The US long News report therefore appears rise. There was some disposi to have hit a new high in the tien among market observers to new preoccupation of predicting link the latter-day sell-off to what is ahead. the margin rise.
In fact, many observers here now feel that the market might well be in for a period of con- solidation and possibly a žur- rise despite some her market fear that margin rates might ultimately be pur on basis.
all cash
Here is the magazine's analysis of the future:
ALL-TIME HIGH.
"ProA are going to close to all-time high."
Other aircrafts were mostly awaiting new developments.
Prices secawed narrowly but manager
"This means that dividends to to keep just above
The boost in the margin was shareholders will soar, too. Re- the previous clase most of the
the second in Jess than two cord incomes for people and time.
Demand for tighter for The
industry mean well-alled operations months.
on market activity was cofers for the Government." the main reins of May trading feature for
or several prompted by a growing concern But it added, only war wecks, continued to
some catastrophe occupy among legislators and.
can halt the up- that an unbridled swing before the middle trader's economists
deve-market might get out of hand 1958. Danger thent overcon-
bring on an eventual ndence.
Oil shares were mixed,
contracts,
attention. Otter traded, awa issues
congressional 528 awaited
ipments later this week on the and Issue of rigid against flexible collapse. farm price supports.
A total 1,199
there were 438 higher. lower.
The New York Stock Ex- bond volume change
$3,771,000.
was
The American Stock Exchange volume was 130,000 shares.
Dow-Jones closing
were:
30 industrial
20 rails
15 utilities
35 stocks
40 bonds
Comm. future price index
YESTERDAY'S
Alden Ine ACT, Allied Chemicals Allis Chalmers
American Atrine American Metai American Smelting American Tel & Tel American Tobacco Anaconda Upper Armco Steel Armour
Baldwin-Lima-Hamilton Baltimore & Ohio-
Bendix Aviation Corp.
·Beravel Cum
Bethlehem Steel
Boeind Airplane.
Canadian Pacille Railway
Chase National Bank
Chile Copper .... Chrysler Mowre
Comunereal Credit Commonwealth Elec.
Consolidated Edison. Continental Steel Crane Co.
Cuban American Sugar
"Curtis Wright
Dupont de Nercury
Eastman Kodak
General Electric
General Foods
General Motors
Gillette Safety Razor
Goodrich B..) Co. Intercațional Business
Machines International Harvester International Nickel
Three delivery notices against May were taken up by trade interests. Open contracts in the spot month were whittled down averages 123,300 bales. Träding there
20
and in the noon hour on 428:30 will and 160.87 May 12, -G0.87 Weather and crop news 180.00 09.23 mixed, but leaned more toward 12.48 the favourable side, traders said. Eastern belt accounts
sald planting progressed rapidly and in all see- neared completion
tions.
Trading volumes and open into terests in the Exchange today WETE":
PRICES
23
90
1820 Month
724 May
60% July
791 Oct.
155 Dec.
1024 Mar.
45
May
55% July
1 Total
137
5015
17
is
US BICYCLE HONGKONG
INDUSTRY
Wuainator, Máy 2. Rep. James T. Patter son said
today he has appealed to President Eisenhower to "prevent the extinction of the American blcycle Industry” by boost- ing tariffs on importa." President Eisenhower considering recommenda tions of the Tari Com mission on bicycle tariis and must make a decision by May 14. The Commis sica's
recommendations have not
been made public.
Mr. Patterson mild bicycle Imporis, have caused a big increase in unemployment In the Tarrington, Connee- ilcut, area—United Press.
Singapore Stock Market
11
Singapore, May 3. Brokers Today quoted the following.stock prices:
British Borneo Petroleum
Syndicate
Consolidated
·Ord-..
Tin
30% Ed Smelters
30s 3d Fraser & Neave, Lid. Ord. 31.12 Fraser & Neave Ltd., 74
30.00 cum pref.
Henekona
Shanghai
Banking Corp. Malayan Breweries Raffles Hotel ........ Singapore Cold Storage South British Insurance
Ltd..
Straits Trading Straits Steamship
STOCK EXCHANGE
(From Our Correspondènt)
Business done on the Hong- kong Stock Exchange this mom- ing amounted to $1,353,902.70. Noon, quotations and the morn- ing's transections:
SHARES BUYERS JELLERS BALES BANKS
HK Bank... 1533
East Asia
INSURANCES
Union
Lombard SHIPPING
Asia. Nay DOCKS, ETC
K. Whart
Dock
238 1540 151340
113
1030 1040
49 301
6 1040 820 82 49.50
20012
Provident (0) 11.90 Wheelock
LAND ETC.
HK Hote HK Land
Humphreys *** Ris
UTILITIES
Tram
Star Ferry
17.40
07 1400
100 12,50
200 635
1612
1346 @A
2.05
21.20 21.60
Ris 5
Yuma Ferry 103 108
C. Light (0)
XD
..... 13.40 181⁄2. 200
c. Light (N)
XD
Electric
Macso Electric
XD. Telephone
INDUSTRIALS
Censent
14.40 14.00
3814 1816
10.80
2
....23.20 2325
Rope XD... 15.40 STORES, ETC.
$50,00
$14.25
United Engineers Ord.
311.25
Wearne Bros.
$2.70
Hongkong Tin Lid
73 Gd
Petaling Tin Ltd.
01
Batu Lintang Rubber Co. Ltd. $7.45 Kempas Lid
*** $1.47 Lucas Rubber Estates Ltd. 31.90 New Secandah Rubber Co.
Lid
31.32
ex-div.-China Mail Special,
Watson COTTONS
• 33.40
Textile Corp. 5.70 Nanymg
Dairy XD. 20.30 20.00
New York Wooltop MISCELLANEOUS 614 6.30
Market
Yangisze Allied
655-9 635630 CSEY CO
89 999
4.00, 4.95 2000 * 4.905
1832-183.5
Business was 176.6378.9
done in the local unoficial 132.7-172.4
exchange market 170.3-171.4 morning at the following rates: 159.2.169.8 VS, dolar (per $3)
167.8-161.8
Sterling notes (per £1) 1632-1664 Indonesian rupiah (per 100)
1064) Siam, ticals (per 100) 136.0 nom, Singapore (Straits) United PreSE, Indo-China plastres
this
5.64 14,90
1270
1,81
(per 100)
8.70
"Businessmen," the magazine said, IMPORTANT ROLE "
"are likely to be more apprehensive in 1956 than in Most observers in forecasting any recent years.
The reason a further market rise," point to is that leaders of the Democratic the prospects of bigger Party have said that, if elected. dividends, and wider
New York, May 2. profit they will favour policies of margins as playing an impor taxation and regulations that Wooltops closed today steady 2 tant role in bolstering investor businessmen usually regard as higher to 5 points tower. Prices Exchange Rates confidence and participation
plnilive and harmful to in cents per lb. were: Business la
at
Miny of private enterprise soly now humming systera near 100 per cent of capacity
Any
development which might October for the major lines. And there frighted businessmen be in- December
March not lack of confidence either. vestors can be upsetting. The
May How's business? Many ask prosperly today rests upon an July
Uctober these days, and nobody seems expanding system of private
Spot be overly worried.
enterpris. The role of Govern- Typical of, the new trend in
in this prosperity ment
· s forecasting: A special report by shrinking, not expanding, Volurne Open interest the US News and World Report will shrink more as the months
12,700 183,400
best times in go predicting the 877.800 28,400
by." history.
President Eisenhower last most observers week at his Press
conference, for said cautious
that the Administration experts were keeping
a close waten on the economy. He add- ed that no one has spoken to
14.300
450,300 13.000 450.200
0.300 13,200
279,200 199,200
8500 204,600
27.200 2,373,400
NEW YORK
Prices of futures closed today
as follows:
Spot
301 May
569% July
40% October
50
December
B014 March H May 17% July
مو
33.94 33.04-05 34.03 33.46 NEW ORLEANS Prices of futures closed today
Spot
2234
IKT
53, as follows:
B4
9012
May
October
JULY 654 December
March
4211 May
LIVERPOOL
33.80
33.67
13.19
33.89-90
33.95
34.10
34.02
33.47
Future closings, American
Heretofore, confined their
It
World Rubber him in terms of carnest warn-
Markets
Singapore, May 2, The rubber market was dut
Ulle inclination and with trade. There was some reserved the buying interest towards close. Future closings were:
9014-001)
JA
middling. In pence per lb. were Spot rubber unbaled
Blanket crepe No. 1 pale crepe
31.00 29.97-98 29.42
29.27
July
International Paper International Tel 4
104..
267
John-Manvile Co.
Kennecott Copper
106
Lockheed Airētati
40
as follows:
Leows Incorp.....
2015
May/June
་”
Lone Star Cement Co.
60
Suly/Aug.
Minnesota Mining
Oct/Nov,
Montgomery Ward
Dec/Jan.
National Cash Register-
Mar/Apr.
National Distillers
2022
National Lead
New York Central
43
수
47
4122
1324
Oct..
20.50 20.70 32.78
7614
Dec.
34.250
Iz the United States the 4% average price of 15/16 middling
Otis Elevators
Pacific Gas & Electric
Pacife Western Ol
Pan American Airways
Philips Fetroleum..... Pittsburgh Plate Giass
Radia Corporation
Reo Motoris
Republic Steel
Shell On Co.
Sinclair ...
Bocory Vacuum
44
SAO PAULO Future closings, in cruzeiros per kilo were as follows:
Moy July
0044-0031
30-81
Ji
ings" of a business slump in the second half of this year. The higher margin requirement, he described as a "red flag to the business community,"
ELSEWHERE
of
Wool Production
Up 3/4 Per Cent
London, May 2.
World wool production during the 1954-55 season is now estimated provisionally at about 4,450,000,000 lbs., according to the latest figures issued by the Commonwealth Economic Com-
mittee.
This estimate is 10,000,000 lbs.
earlier less than the
estimate 321
last September, but is still New York Sugar
increase of 4 per cent over the
1953-54 total revised
of
11-
Market
New York, May 2. World No. 4 sugar falures closed 2 points higher to 1 point lower with sales of 25 contracts. Domestic No. 6 sujar futures closed changed to a points. higher with sales of 419 con- tracts.
The American iron and steel industry estimated the week's production at 96.0 per cent capacity to yield 2,316,000 tons, the best since the peak 2,324, 000 tons in the week of March No, i rubber per lb. May
June 201-823, 1953. 2 July unquoted According to Iron Age maga- No. 2 rubber per 1b. May 8-881 No. 3
export demand, already 4,420,000,000 lbs, 86-87 zine, No,
strong. will
get stronger. Europe
Production of merino wool is is enjoying an unprecedented
be und expected. to.
8,488,000,000 boom, is
buying 945-352.the US mills can spare.
every pound
The bs or 20,000,000 lbs more than NEW YORK
previous season. Crossbred two-fold step-up in demand the 20.35 Futures today closed 40 to 55 United States
from within and outside the production should remain
changed according to the fore- for steel Iron
costs. points lower with sales of 54 Age said, will probably mean contracts.
that "sooner or later the mills
TURKEY LUWER for a long.. Prices drifted lower with the must refuse orders
The estimates for Australia tring de- primary markets in mixed and enough period featureless
tradic between liveries into line with pro and New Zealand remain vir-
tually mises"
unchanged Production dealers.
Steel earnings, reflect favour-in Turkey proved to be some Trader attention was centring ably the strong temper of the 6,000,000 for lower at ten designated spot markets | more.
Arst on the
expected. International industry, as the building, auto was 33.71 cents. Sales at these Rubber and Quality and Packing and appliance industries Cón- The most important revision centres totalled 2,030 bales Conference scheduled to get tinue to place new orders. US has been in the United States,
Corp
No. 1 American, where owing to a correction. underway here from May 3 to 6. Steel
producer, enjoyed a 5.1 per the factor used for converting July No. 1 Ass spot were quoted at cent sale rise in the first quar-raw wool to greasy basis, out- Sept. 31% een's a pound Sellers-ter, and set a now earnings put is now around 15,000,000 Mar. season.. The May record, "climbing 62.1 per cent lbs for each
1954-55
erimate has been fur. about one-year-ago, level,
| Beat,!- ther increased, owing to an up spot-teens per ib. fob PROSPECTS. BRIGHTENED ward revision of the figure for
Contract No. wool shorn production and now On the International front stands at 308,000,000 lbs, in- prospects brightened that Pre- stead of 277,000,000 lbs Fuly sident Eisenhower's foreign originally forecast, economic programme for re South African output is now. | Mar..
United PresI,
Future closings were:
Southern Railway (Com)
Standard Brads
Standard Oil of Califorña .
Standard Oil of Indiana.....
Standard Oil of New Jersey
118
LONDON METAL
Studebaker-Packard' Corp.
121
Switt & Co.-
PRICES
Union Carbide
May July
Lindon Paciße Radway
United Cas, imp.
ww
U.S. GyperT
230
The tin market was much steadier while other. markets
September December Manch
12312
May
LONDON
Texas Co.
US, Line. Ca.
U.S. Rubber
United States Smelting
Us. Steel***
Warner Bros.
Woolworth
Westinghouse Electric
London, May 2.
46 were also steady. Prices closed
51 today, in sterling per long fon as
Be
follows.
1942
Tin spot
481⁄4
-month.
New York Foreign
Exchange
New York,
Conads England
New; Zealand
South Africa
Copper spot
3-month
Land ist ba
1st half" Aug.
May 1st half Ang.
Zlao Jat
30.95
30.85
30.45
30.05
23.75
29.40
The market was quiet, Rss spot were quoted at 26% pence per lb. Prices:
buyers
seliers
711
37135
1113
11
300
3:07
20535
103
103%
No. 1 x spot
10934 10934
June
July/Sept.
--United · Press.
NEW YORK METAL FUTURES
New York May 2 Prices of metal futures closed today in cents per bas follows: Lead May
14275 MAR 90.32116 190,000 11.135
Bettlement hours term:
ما
than
wax
as
Trade buying order on balance tolstered the world contract in a generally slow market.
Domestic futures responded to the farmer trend of the markt.
Futures;
Contract No. 4 (world)
July
Sept.
Nov,
May
[ex-duty) ·
No. 1 duced tariffs might be enacted put at 295,000,000 lbs, an Spot-icents per lb. cit NY
without substantial or crippling crease of 16 centUnited
per amendments, Congr
Congressional lead-Press
In the Senatè Finance Com- 2014-287%mittee approved the President's 23-26-1/5 reciprocal trade programme in a 25-26
form described as acceptable to 25%-25% the Administration. Jan Mar
2314-251%
Meanwhile, the US Council General markels, eif basis, ports: 2day?
23%-25% of the International Chamber of June
Commerce called attention tó July Belate crepe thick lay
the failure of any Congressmen
תמן. : ., .
23/
AMSTERDAM
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL S.N. Co.
RASSENGER/FREIGHT SERVICE
Leaves Londoa
Outwards "CARTHAGE Salled
"CORFU "CANTON"
25th May.
*CARTHAGE" 2nd June
Dne Hongkong
In Port
30th May
with Jime
23 July
Via Southampton, Port Said, Aden, Bombay, Colomba, Penang Singapore
Hottewards "CARTHAGE" "CORFU":
"CANTON" "CARTHAGE?
Leaves Hongkong Dus London
5th Mar
5th June
3rd June
4th July
1st July
. Jus
1st August
29th August
Via Singapore, Penang, Colombo, Bombay, Aden, Port Said & London
Also calls Marselles.
FREIGHT SERVICE
"SHILLONG" loads 6th May for S'pore, P. Swetten
"SUNDA"
ham, Penang, Colombo, Aden, Poet Sild. Alerin- dria. Genor, Marseilles, Havre, London, Antwerp, Rotterdam & Hamburg
ports. "SHILLONG" above.
loads 29/29th May for
sama
With liberty to call at Belawan before or after Straits Ports and at Bombay' if inducement offers. Tanks available for carriage of Oll in Bulk. Space for refrigerated cargo. Limited Passenger sccommodation
BRITISH INDIA S.N, CO., LTD.
“SIRDHANA" due 18th May Kajis 14th May
“FULTALA" due
SANTHIA"
"ORNA"
8th June salis th June
dne 10th June
from Japan.
for Singapore, Penang, Rangoon & Calcutta from Japan
for Singapore, Rangoon & whitengand from Calcutta. Rangoon & Straits
balk 11th June for Japan. -
P.&O./B. 1. JOINT SERVICE
due 6th May
"ORDIA"
*OZABDA"
talk in May dua 11th June
salls 12th May due 18th May mile 19th May
from Karachi, Bombay, Cochin, Colombo
Straits
for Japan
ני
tromi Kakinada, Madras Sc Straits for Japan"
from Japan
for Singapore, Penang, Madras, Karveli, Вле
rah, Abadan. Khoran shar & Kuwait,
» EASTERN & AUSTRALIAN S.S. CO., LTD.
“EASTERN"
due 13th May from "Japan-
ails 10th May for Sandakan, Brisbane....
Melbourne. &
Sydney, Adelaide
"AKAFURA”
due. 24th May sails 25th May
from Australia for Japan a
All vessels have liberty to call at any porta ́ON OF off the route as the routa & salling are subjeck to change or amendment with or without notice.
For full particulars apply to:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
EVERETT
LINES
EVERETT ORIENT LINE
Fast Regular Freight Refrigerator Passenger Service Lodding for Stopapore, Pening, Rangoon, Calentia, and - chittagong.
"REBEVERETT-
"NOREVERETT" "RRADEVERETT** "LENKVERETT""
JI
AT. June
1 Sails June 2
-June 23
June 4
-July 5
-July 20
July July 22
Loading for Kobe, Osaka, Nagoya, Yokohama. "REBEVERETT
"NOREVERETT: "BRADEVERETT""* - "LENEVERETT"
Arr. May $." Salla Mar
-May 22
Jule- 8
-June 23
May 2
June 9
June 24
LIMITED PASSENGER ACCOMMODATION.· ́ All the above subject to alteration without notice.
EVERETT STAR LINE
FAST, REGULAR FREIGHT, REFRIGERATOR SERVICE Loading for Singapers, Port Swettenham, Madras, Colombo, Bombay, Karachi: & Persian Gulf Port THAI
"STAR ALCKONE
Art. May 18
mpani June. 36
LAO
— July
5.62
"STAR BETELGENE"
--- July 24
"STAR ARCTURUS"
6.35
United Press.
MESSAGERIES MARITIMES
PA
FAST
“CAMBOD
to introduce a bill to eliminate pet red tape in Import evaluations.
Although this principles "LAOS” The market was quflet Prices Dame Pustenta
Pro closed today ɛin guilders: per:
kilograma.cit. May as follows the ureta the President
17312/16.
Juna
2.80€
Belzun
Tä
Seydizerland
Ju
Uruguay
'Zino May
No. 1 rubber
2:03
· Juno
11135
De The London
·Copper, May
38.45b
No. 3 rubber
fates
this
25b
No 1 creps
United Press,
No. 2 rubber
2.58 buyers
Building Tel: 28831- FREIGHT SERVICE
IN
Bailing May 21st were sailing-June-18th-
FAST-FREIGHT SERVICE
157, buyers and the Congresta take "PEIHO 2.56 buyers prompt action in remedying the "BIR HAKEIM”. Unified Presteltuation United Press
27 1.72 buY IT'S
saling May 11th salling June 25th
Salle May 19
-June 196 July
July 25
- Pág. 14, (mejmé Aug. 15 2:
Loading for Kobe, Onka, Nagoya, Yokohamaz
"STAR ALCYONE” Art. May 15
LAO
**STAR DETELGEUSE": - June 28, Jise · 39.
"STAR ARCTURUS"
July 19.
18 - Justy
• July 30 - July 31, LIMITED PASSENGER ACCOMMODATION....
All the above subject to alteration without noties,
EVERETT STEAMSHIP CORPORATION S/A
Incorporated in the Republic of Panatis --with-Limited Tänbility) *****
Chinese Department: Telephone 28293. Queen't Building, Telephone 31206