THE CHINA MAIL, TUESDAY, FEBRUARY 14, 1961.
Profit-taking causes more
LONDON MARKET DULL
•
New York, Feb. 13.
Stocks met continued profit-taking today with many of the recent favourites suffering the biggest losses.
Scattered strength showed t8i (Consolidated_Paper
In many parts of the list, how-
to
the
ever, while volume dropped_con- siderably from last Friday's level. A good part of the volinhu decline was attributed London, Feb. 13. Buyers steered clear of now effects of the Lincoln's Birthday commitments today and holiday, but a lack of desire to noted by. Gome dealers markedstocks unload wan
analysts. down on light selling in Drug issues, one of the tronk
uncertain markets. Wall Street's
Consupiers Gas Continental Can Continental Oll of Del, Creolo Pet Crane Co
Crows Zellerbarts Cuban Amer. Bugar Delaware & Hudson Co.
Diamond Alkali Dimiller-Sengra Domitiun Store
Douglas Aircraft
Dupont de Nemours
declines in
Wall Street
622 Sterling Drug Co.
United Co Corp,
US Foll "B
Us Gyprum
Us Line Co.
DUB Rubber
US Sinelting
91 US Sterl
742
17% Stokely Van Camo.
20
Blone & Webster
Suntine Mining
**2; Studebaker-Packard Corp. 111
7
091*
Swift de Co.
47
2033Textron Ine.
Texas Co.
Tuko? Chem.
4512
1051
Tide Water Oll
2005
Ferro Corp. ....
4753
Tri-Cont. Warrants
20%
First Nat. City Bank
Be
Twentieth Century Fox Firs
47
Ford Motor Co. of Cons Ford Motor Georgia Pacific
142)
eff | Unton' Carbide
381
Union all of Cat.
GIL
K
Union Pacile Hallway
United Aircraft
4234
est groups in recent weeks, sul-Yamein Air Line ferru sorte of the wident loases Fastman Kodak today,
Deneral Dynamics General Electric General Food
General Motors
A
Gen. Tel. de Etc.
fall on Friday! and gloom from the Federation
Electronics were mixed with of Brit 1afustries survey of
business outlook helped Beckman down around 12, the
sector dull Most Texas Instruments off more than tum most
with points and IBM around 2. fenders took small falls metal box a weak spot on steel losses run to 2 points in | Youngstown, bul Lakens scored engineering equities.
Despite the best beer output for around 3 in the wake of for 12 years in 1950, beweries sharply higher earnings report
buoyancy, i Jol thur recent Stores fell back and tobaccos shaded.
banks, Hongkong and Shanghai made the standout 3 points higher at 97% sterling For were dull. Dollar stock riga bonda Idled, Rubber i teas were firm.-UPI.
Closing pricos
British Government Securities 21, Canseltriated-£43.
Converaton-£57
3. Savings 1995/65-100-13/10, 3. Savings 1000/70-19-3/16.
Savings 1965/75-70-11/16.
Overseas Bonds 6. German 1 Dawnaj-EMRS. 3. Ind. Aented-409~.
Bank & SACER
Erdays Ord
Chartered Bank-02x.
Guarding Assurance-128.
Hongkong Bank-EU'
Joy's BMK-7?».
Lombard Banking Ord-19 34.
British Petevlounu–523.
Human O-42#
Royal Dutch-413-12/10.
Steel & Bugissering
Habcock & Wilcox Ord--J. Tube investments-704 Od United Siee)—{},
Vicketa
Ord--28 1140).
Electric
Anne. Fire. Industries-03 [x]. Fee. & Mus. Industries 3d. Englady Fretzie Ond-33% $. General Electric On-ats Gel.
Industriais Assoc. Partiand Cement-72x 4d. Boardman, Marden Ordan 3d. Joyax (Holdings) —Zin.
Dung Rubber Ord-23 11⁄2d. Formal Land-12 150. Gilman Heidings) Ord. Is 25). TediRation Ord-4 34.
Tumer & Newall Ord---43%. Unilever Ord£-100% 18%d. Westland Aircraft--18r.
Do Lu lue On-Sily D,
Paper
Wiggin's Teape Ord-36
5
Тоблеков Brildi-Amer. Tol. Ord-Car nd, Carteras "'}}" Orgundy Jel. Imperial Polarve Ondál
•Motors British Motor Ord-10 9. Hawker Siddeley Ord-28. Jaguar Cars Oid-01n 30. Rolls-floyee Ord
Standoyd-Triumph-100,
Textiles
Ol
Calles Printers Dad-14 10450. Cain J. & P.1 Ord-65+ Courtauld Chri-422 56.
Fine Salarers Ord-30% [k]. Lancashire Cotton Ord-60s 101⁄2l.
Htoter
Great Universal Ort-Sta. B. Marks & Spencer “A” Ord-Uta 30, Tate & Lyle Dich-Bon.
Wandweer (P.W.1 Ord-54% 3d.
Miscellaneous
Bowmaker Orl=23; 4g). Hongkong & China Gaz-Bit, Indi-China Def. Ord-9447 Land Securities OM-25
Steam
d.
aumos-
TOO FAR AHEAD Motors stocks clipped fractions.
selling The overall phere was an extension of Inst prost-talding Mort week's analysts said the list was mov- ahead of the ex- Ing too far pected upturn in the economy and that some "correction" was vey,
Today's volume was 3,500,000 Of a total 1,288 shares shares. traded, 133
higher and were 602 lower.
American exchange volume was 1,500,000 shares.
Bonds volme
$5,140,000.
Gen. Tyre & Rubber Getty
Glidden Co. .............. Goodrich (D. F.) Co. Goodyear Tyre
Great Northern Raliway Granman Alterait Gulf OIT ........ Hey Organ
Bewport Corp.
Hiram Walker
Homestako Mining Co. Human Refrig. Dabo Power Imperial Oil
Imperial Tobacco Ingerul-Hand
Inland Sfert Co.
31
Interchrmitent Corp. Int'l Business Machines Int Harverler International Nicket
amounted to
Intl Tel A Tel
30
Kaler Industries
Kennecall Copper
Kimberly Clark
837.04
Liggett Myers Tob. Ca...
139.03
Luis Tulip
Litton Ind.
107.29 Lockheed Aircraft
216.10
Loews Incorpɔ.
Dow-Jones closing averages:
30 Industrials
20 Rails
15 Utilities
65 Stocks
40 Bonds
Comun
Index
future
price
Closing prices
Abi Pwr. & Paper
Alden ine. Aey,
Algoma Steel Corp.
Allied Chemicals
Allied Mills Inc.
All Chalmers
83.00 Lone Star Cement Co.
Lorillard P.
Lowenstein & Sons,
143.50 McDermott 3. Ray
McDonnell Alregaft
44
24%
Merck
0221
Mesas Iron Corja
0.52%
Minnesota Mining
$ 411
Mission Developinent
58%
Monsanto Chemical Co.
8344
Montecatin
2311
58%
Muntgomery Ward
283
40
Materala Inc.
National Biscuit Co.
242
43%
National Cash Heg. "A"
75
National Dairy Prod.
0115
National Lead
0936
A. Cable & Radio
American Cynn
Corp.
Ca
44%
National Steel Corp.
would
created
Amer. Forgn Power
100%
New York Central
1631
A. Gas & Electrie
0416
Noranda Mines Ltd,
Au Bonus Pond.
1971%
Norfolk & Western Ry.
1042
the world.
Korili Ainer. Aviation
403
However opposition
21% | Northwest Airling (Com)
21
Oklaamu Nat. Gaz
331
bid was apparent
Americon Smelting
77
Olin Mathiesen
714%
Am Sugar Ref
374
American Tet & Tel
211
American Tab.
Ampex
Am. Broke Shine American Airline
Au. Mach. & dry,
American Metal
A. Natural Ca
Anaconda Copper Arne Steri
Annor
Asbestos Corp.
Allas Cons, Mining
Baldwin-Lima-Ham.
altimore & bild
Bank of Montreal
Bank of Nova Scotla
Beech Life Savers
3. C. Tel. Co.
Bell Telephone
Hereticial Finater
with
Warner Bros.
Waukesha Motora
Westinghouse Air Drake
Wertinghouse Electric Western Union Tel. Co. West Va. Pulp & Paper Winn-Dixie Stores
Woolworth (K. W.) Zenith Radio
COMMODITY PRICES
RUBBER
NEW YORK Rex rubber futures closing prices, all in cents per lb.
Mar.
MAY
July
Sept.
Nov.
Jan.
Spot: 20.70; Mar: 33.42; May: 32.07: July: 33.40; Oct: 34.00; Deu: 54.55; Bar: 34.70; May: 24.90; July: 31.40.
LIVERPOOL
Closing prices all In pence per lb.:
American Contract
Mar: 2383; May: 23.05: July: 23.70;
Oct: 24.03: Dec: 24.85; Mar: 24.70.
Mixed Contract
Mar: 27.95; May: 24.10; July: 24.15: Oel: 24.79; Dre: 24.70: Mar: 25-
29.15
201.75
21.
UPL
39.37
21,50
28.40
SINGAPORE
Closing prices all in
Straits
cents per ib. f.o.b.
Malayan
ponin:
No. 1 Feb
Mar
B172-621
24
No. 2 Feb.
No. 3 Feb.
42
No. 4 Feb.
Spot nibber unbsled
Blanket cipe
LONDON
011-42
-10
74-77
01-01
28-17
وازدانه را هذا
70% Nu. 1 pale crepe
Closing prices all in pence per
fral
METALS
NEW YORK
11.00
HONGKONG STOCK EXCHANGE
Dur Own Correspondent..
long-
Busines done at the kek Stock Exchange this morning amountvil to ap- Noor proximately $5,700,000.
quotations and the morning'a transactions!
Shares Buyers Sellers
Bales
Closing prices all in cents per Bank
1015 1055
402055
05 4 1000
lb.:
Lead Mar.
18.25
a 1500
May
10.30
4 1935
Zine
Mar.
* 1950
May
11,03
[HIC Bank
Copper Mar
27.00
May
27.69
{Lombard Znj.
Lo sg.
1000 1000
290
2000 49
LONDON
lb.;
No 1. Be must
24
Stemment house fer?
Jan/Mar..
241-24*1
Apr./Juma
Closing prices, all in sterling per long tot.:
Buyers Sellers Tin
Spot 3-month
Taikug Dock 701% 771 200 TEL
1100 u 11 Cas... 30 19.10 10200 18.00
2500 10.00
0300 19
1000 19
787
700
7071% Wheelock.. 701
12 12.00
1060 12.30 3000 1 12.40
July/Sept.
24 Copper
4000
Ruy/Dec.
241-247-
Bipol
22319
10g
Jan/Feb.
240-24
7-month
2133
General markets, cit. basis, Dorte:
Lead
Feb.
Spot
Mar.
24-241
3-month
6534
Estate crepe tile Feb.
Zine
thick Feb.
JK Dock
Expat 3-month
13!
03P
Provident
UTI.
Ik Hotel
UK Land
2.31 buyera
31 buyers
buyers
buyers -UPI.
Montreal
Oslo Parin
Youmat!
100
140
++
(New) 130
133
HK Tram
353:
3015
Ch Light
2000 1 2000
1000
2000
1 Electric 30%
37 3300
1000 7480
4514 403% 200
Sears, Roebuck & Ch.
Safeway Stores
Smith, Kine & French
Socony Mobil Ol
South Puerto Fuco Sugar Southern Co. (The)
Southern Pacule Co. Sperry Rand
standard Brondя
50% Standard Oil of Cal. Standard Ol of Ind. Standard Oil of NJ. Steep Rock
Urlled Fruit
BIG BRITISH TAKE-OVER BID IS OFF
London, Feb. 13.
A £65 million toko-over bid
Remove trade
restrictions,
U.S. is advised
by the Jack Cotton- | Mi Charlos Clare property
group for the City of Lon- don Real Property Com- A
second pany Britain's
biggest such company- is off, it was announced tonight.
A statement Issued by elly properties, which be- centre longs to Mr Cotton and Mr Clore said they "did not pro- posc to
matter pursue the further,
The decision to call or the bld came less than two weeks ufter 119 launching--and on the very day that the merging of the Cotton and Clore property empires was completed.
BOLDEST
The planned link-up Real Property was the biggest and boldest deal
calo
New York, Feb. 13. Harvard University economist' said last week that any effort to the dollar drain on tho United States should give
to priority
removing restrictions on American exports, export subsidies abroad and high costs at home.
Olto Eckstein in an article in "The Reporter magazine, pointed out that "there is lot of room for redistribution of the aid burden and for numer ous small croponites" in Ameri- can activities oversees.
"These are the Jogical
of its kind steps," he added. "But so long faces ever attempted in Britain and as the United States
danands like
the foreign-policy greatest property combine In those of the present, the best defence for the dollar is a good offensive Against to the offence-an
The trade restriction and export sub- from
stort it was known that some sidies und against high costs at
big institutional shareholders home." wore firmly against the move.... China Mail Special.
He said "immediate need in domestic
the policy is clear; total level of final demand must be increased, both to get the economy out of recession,
and assure
President of equally important, to
textile
the
that the next recovery will be complete."
"Wisely, the Federal Reserve has so far kept money easy in this recession, leiting domestic Hows
will have been won.
will
AMSTERDAM
Closing prices all in guilders
per kilogram, c.lf. Feb.
No. 1 rubber
No. 2.rebber No. 3 rubber
No. I crepe
COTTON
NEW YORK
Closing prices all in cents per 16.:
Mar: 32.47; May: 33.02; Juty: 33.53; Ort: 310: Dec: 34.38; Mar: 34.75: Atay: 34.93: July: 34.45.
NEW ORLEANS Closing prices all in cents per
FORDICA LXCHANGE
LONDON
Closing rates:
New York
Amsterdam
Brussels Copenhagen Frankfurt Lisbon
Stockholm
Milen Vienna Zurich
2.00-3/16-2.60-8/14 2.7744-3.772L 10.0024-10.01 139.03-130,8US 19.3574-10.354 11.08-11.087 80.25.80.33 220.0134-20,62 13.7236-13.7314 24.49-164914 1741 1741 72.30-73.01 12.00-12.0012
-UFI
British experts arrive
Now York, Feb. 13. Three British Treasury ex- perts arrived today from London for discussions in Washington "on" inferng- tional financial' and 'eco- nomic problems.
The leader of the group, Sir Frank Lee, Joint Permanent Secretary of the Treasury, sald the talks would provide the initial contacts with the Kennedy administration,
Sir Frank added that the diɛ-
New York, Feb. 13. The Textile Export Associo-needs rather than gold tion of the United States today determine interest-rate policy.
If the gold flows ease or re- covery comes soon, this gamble cussions, opening tomorrow, will TICR- But we be with officials of the
sury, the State Department and must be prepared for the conti gency that the recession the federal Beserve board: There continue at the gold flow wori also will be meetings with sen because of speculation World Bank and International
ร the dollar. Then interest rates Monetary Fund officials. will have to be raised, despite the depressing effects and the heed for a stimulating fax and expenditure policy will become even more acute.”
announced
of election Willam Singer as President for the ensuing year.
Singer, who succeeds Harold Dunderman, J. P. Stevens and Company Inc., is associated with Turney Halsey Company, Tue,
William M. Landa, Burlington Export Company, and Walter Sharoff, M. Lowenstein and Sons Inc., vere named Vice Presidents.UPI,
Unit trust
First Hongkong Fund: Buyer Price: $1.21. Seller Price: $1.20.
WHOLE RANGE
He said that the tits would cover "Ihe whole range of prob- tems" with particular emphasis on world trade and help to un- derdeveloped nations.
U.S. in
time maintain the strength of
the pound and the dollar."
The question of speculation in the dollar' and 'the pound will another subject of the dis- cussion, Sir Frank cald.—UPI.
Chicago grain
Chicago, Feb. 13. The grain futures market was most of the generally mixed time today on the Board of Trade.
Old crop wheat and soybeans were under steady selling pres- sure, but new crop soybeans again hit their highest levels of the season.
Soybeans were 24 cents bushel lower to 2% higher Tho He said "the U.S. must guard
cluse, Mureli 2.094-70 against inflation,'
I think that we should dis- Wheat 1% lower to higher. "since International trade simply does cuss how to maintain and in- March 2.09; corn lower to not permit it." President Kun-crease world trade and provide 4- higher, March 1.15-15%;
ait to less developed countries oats unchanged nedy, he added. "must play
to lower. 1% to 234 major role in keeping prices and how to recomplish these March 854 rye steady."-UPI.
Itwo objectives and at the same lower; March 1104-AP.
MK Tele.
(New)
G. 1. Cement 091%
Dairy Form 3014 1ation Allied
R.10 20.60
0.20 0600
1500
2.10 2.20 03700
40L 479%
Rub. Trust Humphreys Realty
Lane Craw U Waterboat Cald. Macg.
(ON).) Int'l Pav. IKFE IN Griman tinlon Wboat 311⁄2 Stor Ferry Mecao Fice. Rope Cald. Marg
(Ord)
2000 + 3.175
31
רד
Cila Elevators
Owen-Ollinois Glaze
Oxford Paper Co.
Pacific Gas & Elec.
Fon American Airways
Paramount Pictures
Parko Davis Co.
45 Penny J. C. Co.
Pullman
Raytheon
42% Republic Steel
261.
1'enn. Suit Co
4
Philip Morris
14
Pitney Bowes
351
Procter & Gamble Co.
61%
Muiburgh Plate Glass
60
Portland Gen. Elec.
50
Publieker Iustries
47
*R*
Pure Oil
17
Fadio Corporation
Bendix Aviation Corp.
Rado Corp. Pret.
Rengurl Cows.
Betlehem Sterl
Boeing Airplane,
anlynolda Metal
Borden The Ca.
Reynolds Tobucco
As Amer. O
Berroughs Add Machine
53
Reyni Dutch
321
Ricem MIN.
Columbla Ele.
w
British Columbia Pwc.
435:
Saat jeg. Paper
Cana. Dk. of Comun. Conn. Brewers
62
Schenley fac
an
Scott Paper
$15
Stegler Corp,
Canadian Pacifle R. Case (3.
231
Sinclair Ou
Co.
10
33
2271
412
32
Ray Def.-423 | Calif, Pucking Comi
Stol Theatres- 4.
Mines
De Beers Def–155%.
·Petaling Thi-te 1950,
Rio Tinto Bearer)-- £2-3/12, Rean Antelope Copper-35 60. Welkom Gold Mining-165 WL Western Holdings--iina (07.
Rubber & Tras
Anglo Indonesian Plant,-- $150, Ceylon Tea Orth--2014 Sch. Imperial Tea Ord-1 pd.
Kuna Lumpur-Kepong 14.
Lambak Rubber-4567 Heuter.
Cabell Soup Co.
Cat. Tractal
Celanese Corp. CJT. Financial Corp. Chrysler Motom.... Clyett Peabody Colgate-Palmolive Co. Colombian Carbon Co Commercial Credit Corning Glass Works Consullinted Edison
78
179%
Ga
Southern Natural Gas
BOEING 707
Jer
INTERCONTINENTAL
have
body
STOKYO
HONG KONG
20 2000
1000
Inv. 9.05
3000
Textie
B.ta д
3000
Nanyang Amal. Rub.
12.00
7.20
74 3000 7.15
-2200 $719
1 14.40
17.00 3.00
230
13.20 24.10 24.40
57
+ at
NEW YORK
TWICE WEEKLY TO EUROPE FROM TOKYO
VIA HONG KONG WEDNESDAYS AND FRIDAYS
HONG KONG TO TOKYO
TUESDAYS AND THURSDAYS
■ speed-Booing Jet Intercontinentals with Rolls-Royce engines for top spood and range
FRANKFURT
.
elegance-Famous Senator Service in First Class at
no extra
ROME
Cost
KARACHI
CALGUTTA
■ thrift-Economy Class, complimentary moals - bar service at modest prices
4.
■ officient and dependable cargo Service on all Lufthansa Flights
LUFTHANSA
GERMAN
AIRLINES
CAIRO
DHAURAN
BANGKOK
For Reservations See your Travel Agent or JEBSEN & CO. Tel: 35361
DESITY/VENTILA
COTTON MARKET
New York, Feb. 13. Rallying tendencies in cotton Futuros, under way last week, gathered a little moro momentum today when all deliveries, except spot March, roso' to' now schsonal highs:**
alld
After posting maximum gains up to $2.45 a bale for the new crop May delivery, prices back Highly from the highs under prbat-taking but the general list still closed act 4 to 35
points higher. Opening prices were up 1 to 27 points New Orleans closed up 4 to 34 paints
Buoyancy ngales was associat- ed mainly with expectation for n higher governumitina'· Respon the now crop.tit
HIGHER LEVELS
Indications of a broader demand for spot cotton joined with "reports of an improved buying Interest In textile market, in boosting the market to higher 16veti.
Nearby March Jogged at times, reflecting a further in- crease in the certificate stock to 43.976 bales, plus: 2,980 bales nwalling Inspection.
Brokern with commission haust and Memphis conticesiona wero' aming' the day's' leding büyer, with on -- Bourgau nocredited Buyer of around 15,000 bales across the board. spot "interes) werd éstiriated “sellerá of around 900 Balça in nearbý sontha
nt
Raw cotton exporta for the pessoas ware ‚"estimated“
563,030 disa nghinet 3390,712 beles up to the same thins last Reason, accordlig){"46/1965-Now York Cotton Exchange-UPT.