TRADE and
THE CHINA MAIL, TUESDAY, JULY 12, 1955.
COMMERCE SECTION
NEW YORK AMERICAN ECONOMY
STOCK MARKET
New York, July 11.
A handful of wide-moving) individual favourites enliven- higher, moderately active stock market session today.
ed
The list generally featured gains up to a point or so, but these, combined with one or two big riscs, were sufficient to put industrial locks up 3.00 points on average and to lift rails 1,56.
Steel Bethlehem lender, rising more than 3 points. Chrysler ran up nearly 2 points, and Lion Oil featured
was ↓
with む
Kain of almost 5 points on the day,
New York Central was the soaring pace-setter in rails.
more than 4 points in active trading.
UNITED UP
United Airlines sparked its! group with a rise of more than
2 points.
ap-
Of a total 1,202 issues pearing on the tapt, there were 698 higher, 375 lower,
Scara Roebuck noveri up
early dealings i sharply in anticipation of a stock split to 10- come at a directors' meeting morrow, but realising pared the gain and the stock closed lower.
Turnover fell a bit below the
General Motors Stock Split Sets Off
Wave Of Speculation
By JOHN MORKA
New York, July 11.
The dramatic three-for-one stock split announced last week by General Motors Corporation easily overshadowed developments in the financial community.
The stock proposal by the world's biggest industrial enterprise took the US business world by surprise and diverted attention on the flood of stock split rumours which have been circulating through the financial district in recent weeks.
Friday, pace, tatalling 2,420.00 World Rubber
shares, 'compared with 2,450,000.
Standard Gas and Electric took top spot as the day's most active Issue, thanks to a 540,000 share block. It dipped to 94.
New York Stock Exchange bond volume was $4,570,000,
American
Market's
Singapore, July 11.
The rubber market was very steady en good demand for
Stock Exchange lower grades from consuning
Volume was 840,000 shares,
ecnires especially No. 3 Rs.
Dow Jones closing averages Future closings were:
were:
30 industrials
484.24
No. 1 rubber per ib.
20 rails
130.21
July
15 uities
4.2
AUR
63 Blocks
167.30
Sept
40 bonds
00.34
No. 2 rubber per 1b.
Comm. future price tadex
155.81
July
CLORING PRICES
No. rubber per 1.
Allied Chemicals
July
Allied Mills Inc.
367
No. 4 rubber per 1b.
Allis Chalmers
724
July
American Airline
Spot rubber unbaled
American Cyanamido Co.
GHEN
Blanket crepa
Am. Machi, & F dry.
201
No, pale crepe
American Metal
60
American Smelling
01
Am. Sugar Ref.
По
1831
GO
70
4319-
isa
1316
American Tel & Tei
American Tab. "U"
Anaconda Copper Armco Steel Arnour
Dalwin Lima-llamı, Baltimore & Oilo
Denguet Cons.
Bethlehem Steel
Boeing Airplane
Borden (The) Co.
Burroughs Add Machine
Canadian Pacifle R.
Case (J. 1.) Co.
C. L. T. Financial Corp.
Cal. Tractor
Celanese Cork Chase Manhat. Chrysler Motors Colgate Palmolive Co. Cotümercial Credit Commonwealth Elec. Consolidated Edison
• Continental Breol
Cora Products
Overnight the value of General | pared with the 1953 record of Motory common stock increased 1,338,000 tons; textiles are im- shoes by more than $1,300,000,000 and proving leather and helped lift industrial stack-nver- should improve by at least five half The Dow per cent over the first nges to new highs. Jones Industrial average on autos and truck production will Wednesday when General probably net new records for the Motors traded overnigà news year,
on the proposed stock split spurted to 467.41. un 7.99 point on the day. This was the widest Rain a single ssion since September, 1939.
Stackhokiers will be aged 15 sanction the stock split at a special meeting in September. But meanwhile, the proposal has 110-1302uched off what is expected to be the biggest second half record for slock history In Anoneist splits.
123-123!4
unquated
113-116
1001%-100% -204-205 12433-124% D-BBS 123-124
NEW YORK Futures today closed 125 to 203 points higher with sales of 202 contracts.
The future market moved 49 higher in line with renewed 151 sharp advances at London and 043% Singapore. Trading was mostly 601 speculative.
Most of the con- traels hit new ilfe-of-contract 16 bighs.
SAVES MONEY
Ordinarily stock spills
come In the first hait. That method be- saves corporations money cause it isn't necessary to enl a 'special meeting of holders to vote on the split. It done at the regular can be meeting of stockholders,
stock-
Javourable fn ne with this
the
by report prospect Secretary of Labour Mr Jamnes. P. Mitchell that US employ- tment hit a new record in June.
Unemployment, he added, in- creased "much less than usual at this time of year. Mr MH- chell said the employment in- crease reflects increases in all kinds of work-farm, industrial and trade. He added that all in-all 1955 should be a "record year" for American workers.
And construction continues
records to run up new
also. June outlays were seven per cent higher than in May. Total private construction amounted
a peak Lo $2,000,000,000 in June, for the second month in a row. the first half of the year, For
outlays were 14 per construction cent higher than
In the same period of 1954. Private *con-
$13,750, struction outlays, at 000,000, were
cont 20 per higher while pubile construction spendings, at $5,304,000,000 re- themained at about the same level Fol for some as in the first half of 1054.
Stand-
Meanwhile, the 460 million
has set oft 071 year wage boost granted by the steel Industry
more
Companies generally spilt their stock for one purpose: to increase the number of stuck- holders. Spitting the stock not only makes the stock plentiful, but cheaper as well.
Some observers think Physical and consumer offer- ground has been
further stock-splitting. ings were..light............
ard-and-Poore taking note of this situation, pointed out there the second half because
many corporations are eager to pr pare the ground for new equity financing. Hence, Standard says, the chances are an unusually large number of split ups will be aeled on in the second half of the year,
in
Dollar Prospects
Favourable
New York, July 11. Prospects are favourable For additional rains of dollars by the rest of the world, and further pro- spess towards lowering of international trade barriers The eenvertibility of free world's
major currencies may bo ex- pected, the Federal Ro- serve Bank of New York вдум.
and
in
Several factors are ciled
(ho - Bank'. monthly review
latest credit and business as reasons for expecting continued moder- ate increases in the dollar holdings of foreign coun- tries.
They include the prob able Effect of the recent recovery movement in the which economy,
U6
of
promised to stimulate
dollars payments foreigners for imports: the restrictive monetary med sures recently adopted by many countries and the probable continuing supply of dollars provided to foreigners by US military spending abroad,—Ohlins Mail Special,
HONGKONG
STOCK EXCHANGE
(From Our Correspondent)
Busincs done on the Hang- kong Stock Exchange this morn- ing amounted to $893,573.60. Neon quotations and the mora- ing's transactions:
SHARES GUVĒRA BELLERS SALES
BANKS
ILK Bank .. 1783 1000
INSURANCES
Union
1000
Lombard .... 5415 14
DOCKS, ETC.
K. Wharf Dock
to #7.20
Provident
101703 421800 40 mm 1700
cr'1200
(old)
.... 147 14.00 1000 (14.00 Wheelock... 8.84 8,00
14
LAND, ETC.
HK Hotel
17 17.30 14X Lond. 134 2.000 F 72 Humphreys 18.30
1900 18,70 Really 2.5219 3.3713 20,000 kg 1.33
UTILITIES
Team
2423.39 400 or 24.107 Yi Furry 420 121 730 4 120 C. Light (0) 21.00 22:3400 21.80 1000 21.90
C. 74ght (N) 17.20) 172 17.30 Electric
42 421 20243 1100 6 42 3115 342 2000 or 3415
500 or 34
Telephone
INDUSTRIALS
Cement
Ropn
321 34 .....17.20 STORES, ETC.
Dairy
1500 4 11.30
Watoon
22.00 23 300 a 22.10
14 14.40 1000 a 13.20 Crawford 314
Textiles... 0.10 Nanyang
0.05
COTTONS
Page
P&O B.I. E&A
COMPANIES
PENINSULAR 'G ORIENTAL S.N, CO,
PASSENGER/FREIGHT SERVICE
Ontwachte "CARTHAGE" “CORFI"""
"CANTON"
Leaves London Bun tongkong Naked
2014 July
17th August
"CARTHAGE” 141) September
250, July
43rd August
Polis · Roptember
32011 October
Via Routhampton, Port Buld, Aden, Bombay, Colombo,
Penang & Singapore
Monowarda "CARTHAGE"
"CORFU"
"CANTON"
"CARTHAGE"
Leaves Hongkong Dus London
2011 July
27th August
23rd September
21st
October
29th August
27th Reptember
24th October 211 November
Via Singapore, Penang, Calamba, Fombay, Aden, Port Bald à London
FREIGHT SERVICE
"SINGAPORE“due 22nd July from UK.
"SOMALI"
loade 33rd July for Kobe & Yokohama lines 27/2861s July for Spore, P. Swetten» ham, Penob Aden. Part Bald: Genea Marseilles, flavre, Lon- don, Antwerp, totter- dat & Hamburg
With Uberly to call at Belawan bafoto de aftes Strate Ports and at flombay if induerment offers.
Tanks available for carriage of Oil' In Bulk. Space for refrigerated cargo. Limited Passenger accommodation
++
BRITISH INDIA S.N. CO., LTD.
"SIRDHANA” dhe “2nd July frou Japan
salis 23rd July
for Singapore, Penang. Rangoon Calcutta
"SANGOLA”- due 26th July, from Calcutta, Bangoon
&Siralts sails 27th July for Japan
der 7th Aug. from Japan
0.14
"EULTALA"
THO 300 3.10
1130 0.00 4000 K ...... 5.00 £5.70 1000 m2 4.03
World Cotton MISCELLANEOUS
+
Markets
New York, July 11. Collon futures moved irregu- Iarly today in moderate dealings
Yongtszo... 0.03
Allied
Singapore
The list closed eight points Stock Market
higher, Opened four lower to one higher. New Orleans closed to one higher. New Orleans closed six lower to six higher,
Trading was quiet at the opening as routine mill buying absorbed some early hedging Grande Valley, from the Rio
Dealings Increased toward noon, however, on evening-up operations in nearby October and December. The deferred months held steady on replace- ment buying by traders who cold July.
Singapore, July 12. Brokers today dupied the fol- lowing stock prices!
<ails Bin Aug, for Singapore, Rangoon
& ChittagoDE
P. & 0./B. I. JOINT SERVICE
"OKHLA"
dur 13th July
sails 1411 July
"OLINDA"
de 16th July kalle 17th July
from Karnehl & Bombay etc.
for Japan
from Japan
for Singapore,
Madras.
Karachi, Basti, Khor- camshafir & Kuwait
EASTERN & AUSTRALIAN ́S.S. CO., LTD.
ue 3 30ly salis na Aur
die 19th Aug, salis 2005 Aug
from Australis & Jepan Discharges only
from Austrija fur Japan
from Japan
for Sandakan.
Habaul, Brisbane, Sydney, Mol- bourne & Adelälde
All vessels have liberty to call at any poris on or off the rosie & the route & sailing' are subject to change or amendment with or without notice.
July 12 Openlug Batu Lintang Rubber Co.
Lid.
$1.35 British Dornco Petroleum
43/6 Syndicate
Tin Consolidated
Smelters
34/34 Ord. Fraser & Neave Lidð.
$1.73 Lid. On!. Fraser & Neave Lld. 71550
cuin. pret ........
$055 Hongkong Shanghal Bank-
"NANKIN"
"EASTERN"
"NANKIN"
1a Port
Hungkong Tin Lid,
ing Corp. **********
7/10d
Kempas Ltd.
$1.02
New Berandah Rubber Co,
Lid,
Lunas Rubber Estates Ltd. £1.18 Malayan Breweries
$3.40
$1.851
Petaling Tin Lid, itamfies itotel
$4,55
$2.34
at
Singapore Cold Storage
$1.50
Ltd.
$20.00
$22.63
$14.00
$13.00
$2.12
xded-China Mali Special.
The market was fairly active throughout the afternoon but held at their mid-day levels.
Aguin there were no July
notices issued transterable
In the spot market, smoked ribbed sheets No. 1 were quot- may be a new twist this year recompanying rise in the price New York, with the expira-South British Insurance Co.
cents u
ed up 14 cents at 30 pound. Futures:
Crown Zellerbach
Crane Co *****
Sept,
Dec.
Cuban Amer, Sugar
1816
Mnr.
Curlin Wright
May
Diamond Alkali
4322
July
Dow Chemical
671
Sept.
Dupont de Nemours
234
Eastman Kotak
Erie Hallrowd
General Electric
General Foods
Family, Finance Corp.
General Motors
Gen. Pub. Uti.
Homaine.Mining Co.
LONDON
39.40
38.05-10
38.60
$4.45
34.40
33.47
The market closed higher with No. 1 spot Rss quoted at 372 pence per lb. Prices: Seutleinent houro term:
Straits Trading Straits Steamship
United Engineers Ord. Wearne Bros.
effects on cotton yields. New York Sugar
of steel. United States steel set tion date only two days away. the pattern for the Industry A total of only 17 have been
st
week with ኮን average issued to date, boost of 7.50 a ton. In some
With The Government cotton types of steel, the rise will be acreage report row out of the aldut twice as much. Steel
way interest is focused more users, some of whom will try to directly on the weather and its absorb the added costs, will on the costs
Should thu output be 2 these nes most likely pass Proposals along
down the line to consumers. secret.
normal average of 300 pounds garded are generally
PRODUCTION LOSS
an acre, the crop will be about ibs But the move by GM has re-
10,257,000 bules of 500 sparked interest and speculation
Last about some other split possi-
it was estimated. Meanwhile the loss of pro- cach, duction bilities.
due to the shortlived year's crop was 13,870,000 bales strike the week
the 1943-52 average was befor has and dampened all industry hopes of 10,405,000 bales,
Trading volume and open in- ever bringing production in line with the terrifle demand which terest in the
Exchange today shows no sign of abating. Even were:
accord
Month steel ing to Iron Age
July consumers know they were in Oct. for a bad time over the balance Investors of the yest. Consumer
tories are short now. Many The market was armer. Prices moved into the second half of eksed today
in guilders per 1955 in a happy frame of mind, firms have been forced to buy averages, to tide them over until ges, emergency tonnages from ware- by the Measured kilogramme. elf, July 45 follows:
prices have improved in 14 of hous mill fast 18 months. This fave
Gilletto Safety Razor
701
Glidden Co,
40
AUR.
#4
Goodrich (B.F.) Co.
Bept,
Goodyear Tire
Oct./Dec.
Heyden Chemical
10th
Jan./Mar.
37%
Apr./June
Ingersoll-Ron!*
Inland Steel Co.
77% July
Interchenical Corp...
4215
AUR.
Int'l Business Machines
427
Sept.
Int Harvester
International Nickel
International Papor
Int'l Tel. & Tel
John-Marwile Co.
Kansas C. Power & Light Kemmwcoll Copper
Liggett Meyer Tob. Co. Lockheed Aircraft Loews Incorp.
Lone Star Cement Co. Lowenstein & Bons Meant Iron Corp. Minnesota Mining Mission Developincat Monsanto Chemical Co. Montgomery Ward National Cash Reg. "A National Distillers National Lood
National Steel Comp. New York Central...
Oin Mathieson
Otis Elevators
Owen Illinois Gisee
09
Pacific Gas & Hine.
Pacific Western Oil
4336
Pan Amarican Airways
IDI
Paramount Pictures
407%
Parke Davis Co.
TE
Penny J. C. Ca.
Penn. Balt Co.
Philip Morris S
Philips Petroleum Procter & Gamble
Pittsburgh Plate Gike
Panicker Industries Pure Oll
Hadio Corporation
Keo MotorS Republic Steel
Reynaldi Motal
Shell Oil Co.
101
20
40
DOLL
18
aid
3072-37 3320-357% 3316-3324 318-31 20%- 3349-34 3412-35 3415-35
35%
General markets, cif basis, poris:
Estate compe thick July
thi AMSTERDAM
No. 1 rubber
No. 1 rubber No. 3 rubber
No. 1 crepe
Thro Include
Bethlehem
Her- Steel, Chrysler, Du Poot, cules Power, Sears Roebuck, Standartt
and of Califorint Texas Co. These issues all re- acted strongly to the General Motors rise of 143% on nesday's trading.
Thus,
the
American
Wed-
without the Me
tor
Volume Open interest
22,000 182,200.
NEW YORK
Market
New York, July 11. World No. 4 Hugar futures one point lower closed today with sales of 102 contracts.
Domestic No. 6 sugar futures were unchanged to
one point higher with sales of 220 contracts,
World futures trading ་་་ dull today. It was reported that Iran has postponed its scheduler buying of sugar, 1
Domestic futures were up slightly with all the activity in the September and November contracts. Futures;-
24,800
071,700
Dec.
20,500
075,000
en-
Mar.
15,000
210,000
* May
10.000
207.000
July
5,700
172,109
Oct,
4,800
70,000
Plec.
1,100
7,200
Total
114.500
2,108,100
deliverles arrive,
thore
of
from plies
18 the strong
steel-hungry as follows:
Contract No. 4 (world)
Oct.
Europe now enjoying one of iis biggest periods of industrial activity.
Mnr.
Spot
34.7011 May
July
13.07
July
Oct.
Dec.
Mar
MAY July
Oot
abb nom ourable trend has contributed course, 1.20 nom: Immeasurably solidifying busi-pressure being exerted on sup- 3.45 nom. pegs and investor confidence in Umiled Press.
the business future.
Another basic factor in this connection has been the strong
STOCK carnings showing by many
LONDON
MARKET
London, July 11.
Earnings reports favourable but
America's Industrial glands,
of
With many American cu panies deriving substantial profits from overseas opera
To como obtervers, the steel wage boost will spur a new programme capital Investment by the
to boost pro- industry duellen from 13 to 30 million The Journal of tons annually. Commerce, for example
In M
Prices of futures closed today | Sepi.
NEW ORLEANS
34.00
Sept.
24.20-27 Spot-feents per lb. fob Cuba)
34.28
Contract No.
343-40 AUR.
33.03
Sept.
33.04
Nov.
33.01
Mar.
May
epld
Prices of futures closed today
as follows:
in lions, the industrials boom the $7.50 average price rise will Stocks retreated on the Lon-Europe has helped no end ti don Exchange today in reduced keeping balance sheets out of more than offset the 15 cents should
July volume.
the Red. Some companies such an hour wage boost. It
Biecl provido
companies Oct. also. continued as American and Foreign power
It Pec. with additional earning?,
Mar possible obtain almost all of their car added, with a large proportion May the
The Inter- effect of the proposed 18 per ings from abroad.
of the increase expected to ba July cant coal price increase Don-national Telephone and Tele-
carmarked for plant expansion from its cent
Dec. per dustry and weakness in British graph gets 65
and Improvement. Creaole bonds Government
prompted overstas operations; 4214 caution and proft-taking. Petroleum, Paramount Pictures,
Steci shares were
and each 50 per cent; Socony Mobil, Canada, Ford of some of the leaders went down Coca-Cola,
Losses among the Standard of New Jersey, each chips
generally wero 38 per cent.
sold
28 or more. bluo around a shilling or less. im-
ELSEWHERE
Elsewhore this wook, Sucre
nt With steel now operating or near capacity, and with de mand showing
of no signs slackening appreciably, the in- dustry might find this a good lime to get on with its long- planned programme of replac
with: less efficient millis ing
Olia opened firm but ran into come heavy profit-taking. At the tory of Commerce Mr Sinclair cost-maving plants, 10% clone fractional
Baint Reg. Paper
30
Sinclair Oil HEL
69
Bocony Vacuum
201
South Porto Rico Sugar
Southbra National Cha
361%
Bouthern Railway (Coin.]
Standard Brands
20
Blenderd Oil of Cal.
perial Chemicals lost, sd.
Blandard Oil al Ind.
Blandare out of NJ.
100
Stokely-Van Camp, ...
18
Budebaker-Packard Corp.
Bwitt& Co.
TOR
CO.,
Side Water Amn, GiliSE
Union Carbida poruka
Union Pollo Hallway
„United: Aircraft
1.8. Gypsum
Franty Century Fox Film ..
1. 9. Line Co.
FUS, imeiting
Marner BrO4).
Woolwort
Puls & Paper
500
2016
100
iosses · PreWeeks made publica Lastry on n'more merchandiyad
94.00
888888888
38828
Spot (cents per ib. eif NY
ex-duty)
•United Prem
FEBAREA SCRA
5,40
London Foreign
Exchange
LIVERPOOL
July/August
New York Montreal Amsterdam Future closings, American Brussels middling, in pence per 15. wete Copenhagen
Lisbon as follows:
Pări Zurich
Orlüber/November
31.42 30.43 Bookholm
· December/January March/April May/June
30.00
West Mark
29.07
29,76
+
-PAULO SAO The incentive to put the in dominated. Gold shares managed survey forecasting new
Future closings, in, cruzeiros lo tack on small gains..
[high, production and saler 20«
basis,, according to the Journal per kilo were as follows. Government bonds cords, A similar survey of - British
of Commerce, is particularly found the going rough Selling intuietes, made at the first of strong at this time because of was heavy at times, at the close the guil-edged securities were off the year turnout to be con- the scelerated pace of wage
ME servativa in its estimates,
A tlakes" In major inäusicien.“ Weeks noted Almost every espected to
Pojedw, major, indurialen kaare, immárly, twize the M20,1
or 128.
senin, reflecting the approach of show an imp the sunmli talice at Genova, trvales will "tough a
“Japanese","lieni | this year" Tubber
United Prof.
roeicosa,
wings riser hot counting oerhalf. wwa: unk reachtringo beddits granted, it said com• United
London, July 11.
2.70-210 7/10
2.74 5/10-2.7432 10.631-10.89AS 134.50-188.08
10.494-10437 2033-00.00 07532-070-14
12.1714419.171
14.43-14.435
11,3434+11,60.
Other were sinchanged.
The New York Foreign Exchange mates werO
available United Pers
not
Exchange Rates
• 23 (pitsoun", "brás done in the local 2.79 unomdat exchange market this
morning at, tha: following ratasim ballad States, the Valar Der.
Ut 15/16 middling: Iberinggnolias par #1
Inble,.. Sains, at the
tallod 7,017 balan
Lian,notes
indonesian rublah (DWY 2003.
For full particulars apply lo:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.
EVERETT
LINES:
EVERETT ORIENT LINE
Bervice Fant Regular Freight Refrigerator Passenger Loading for Singapore, Penang. Dangoon, Calcutta and Chittagong.
AT. July 17 1 Aug.
A
"DRADEVERKIT"* *
"LINEVERETT""
"REDEVERETT"
-- Sept. 3 -- Sept. 24
Sails, July AUR. →Sept. -- Sept. 21
14
2
4
Arr. Aug.
Salls Aus.
2
-
Aug. 23
Aug.
24
- Sept.
7 - Sept. 14
Sept.
Sept. 10
"NOREVERETT”
Loading for Kabo, Osaka, Nagoya, Yokohama.
*NEDEVERETT” ·
"NOREVERETT
"BRADEVERETT""*
PLENEVERETT""
LIMITED PASSENGER ACCOMMODATION.
́All the shove subject to alteration without notice.
EVERETT STAR LINE
FAST REGULAR FREIONT RefrigeCatOK SERVICE Loading for Singapore, Port Bwettenham, Madras,. Colombo, Bombay, Karachi & Persian Gulf Post. "LAD"
Arr. July 18 Sally July 18
*STAR DETELORUBR"
"BTAR ARCTURUJ"
"THA?"
**TAR ALCYONE”
10 Al
- Sept. 9
***Aug 17 -Sept. 10
Sept. 20
3
Bept. 21. Del,
#
Leading for Kobo, Osaka, Nagoya, Yokohama,
"STAR DETELORUSE"
“STAR ARCTURUS” *THAI"
“ATAU ALCYONE"
Arr. July 15 Salls July
27
-- Aug. 13
****Aug.
~~ AVE.
Bept. . g
therow Shopt. #
du, Oct.
LIMITED PASSENGER ACCOMMODATION......
All ihb-abora sanjons to alteration without notice,
EVERETT STEAMSHIP CORPORATION 5/A
(Incorporated in the Repubila of
· Parkman · W{{h" Limited Liability)
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