THE CHINA MAIL, `TUESDAY, MAY 23, 1961.
Wall Street stocks NEW YORK
turn lower Chicago
New York, May 22. .
Stocks turned tower in the final hour to-
day with increased activity in sales, Interest in the blue chips centred on Du Pont down around 7% points and General Motors off about two following a Supreme Court de- cision ordering the giant chemical company to divest itself of its 63-million share interest in GM.
Other leading chemienls anci motors were mixed bat losses ran past a xiint in key steel issues despite a further increase in production last week.
Tower.
Metal stocks were fractionally frregular although Alçou manag- ed to show about a two point gain. Most drugs were featuring a loss of more three points in American Home Products. Today's
shares.
New York Central
folk & Western, ity. North. Amer. Austins Northwest Airlines Oklubtas Nat. Cas Cho Mathlerain Ou Elevatisen
Owen-Bitnobs Glas
exford Paper Co.
rise Gas & Ele
grain
Chicago, May 22.
July, soybeans plunged
tho
daily 10-cent limit in a sharply lower grain mar-
COTTON
MARKET
Now York, May 22.
Colton futures holding to
the rocent trading pat- tern, drifted listlessly over narrow limits in
dealings today.
dull
At the close the last ruled off
ket today on the Chicago four to up even points. The Board of Trado,
market opened off five to up Selling was heavy in mest seven points. New Orleans also
oir four liquidated hold-closed į grains, Longs
ings in corn a beans, į points. white wheat and rye followed)
Trend. Heneral market
Evening-up
to up seven
operations be- trade- and commission and o futurns tweens
houses accounted for most of
A lower bean crush figure the activity. New market interest
continued to be held in abey ance pending some new tad-
for April as compared with o year age provided no surprise,ing incentives. Selling creased, however, on reports of large stocks at pro- cerity; plants.
293%
100*
477% 1/4
(Com
14 Soybean meal 34
also declineel.
47
GU
330
al
THIS
77
40
374
55
7 .
11
14)
Pen American Airways Pataniunt Pictures
than, Parke Davis „Cu.
Penny J. C. Co.
Salt Co Penn.
volume 4,070,000
Or a totul 1,200 shares traded, 404 were higher and 624 lower,
Amerienn
Exchange vulne
kens 2,300,000 shares.
Bonds volume amounted
6,370,000.
How-Jones closing averages:
30 Industrial--702.44.
20 Nails 147.47.
15 Ultitles---113.93
65 Stocks -204.16.
40 Fonds--85,89.
This Morris
Pitney Bowes
Preler Gamble Co. Pittsburgh Plate Gaun Portmad Gen. Ble
¦ Pubirker Industries
Pure
Itadio Corprerat pozi
To tudi Corp Pret
Raytheon
toput die K
Reyouds
Metal
St Tobiseen
Itoyal Dutch
Rheem Ma
Sears, Hoivak
Slut to
| Safeway Shares
Suit Rog Paper
Comm. future price index- Schenley" the.
(45.42.
Closing prices
Alden he. Acy.
Allied Chemitāls
Am. Drake Shee
Seatt Piper
Sagler Corp.
Shear Al
* Co
Siwith 10 & French
Sucony Mobel
South Puerto Biru Sugar
Southern Co.
The
tilla: Southern Natural Gas #!/
Southern Pacing Co.
Southern Hallway (C'oma
4 Sperry Raul
20. Standard Branite
Standard Oil of Cal
in soybeans, the July delivery sold below the $3 mark for the Brst time since April 3. Prices were down about 40 rents from the season's high.
No export sales were report ed as most European countries. observed holidays.
Whent cling range: elf "%
to cents.
Soybeans closing range:
3 to 10 rents.-UPI.
off
Rubber market
New York, May 22. Rex rubber futures today closed 45 to 74 points lower with sales of 61
Standard contract closed
45
Jower with 10
was a dull
Allied Milo Ine,
Affts Chalnawza
American Airline
American Cabɔje & Radio Corp.
1
American Cysnamid Co.
4
Standard Our Ind
Amer. & Fargal. Shiver
Standud 9 of N. J
Am. Gan de Electric
Sterling Brog Co
54. xu
Stokely-Var Con
201
contracts.
Stune & Webster
Studebaker Packard Cura
EL
Sunghte Mining
10 75 points
sales reported.
Terminal troding
227
a spurt of commission
124
143
da
31
45
2017
1027
44
Am. Mach. & dry
Am Natural lines
American Smelling
Am. Suker Hef. .... American Tel & Tel American Tub.
Ampex
Anteonda Copper Arincu Slee
Armour
Allas Cons, Mining Salwin-14m-}|am Hallmare & Ohio Bank of Montreal
Beech Life Savers
Benelelal Finance
Bendix Aviation Corp.
Je Swift & Co.
134 co
Textron Ine. Thick Chem Tide Water bi
7744 19îme ine.
494Travsters five.
5877wentieth Century Fox thi
35 Carde
644 Unlun Off of Cal
United Aircraft
United Fruit
aited Gas Corp.
B.S. Buleber
Benguet Cons.
Bethlehem Stoel
being Airplan
Burden (The) Co.
Tri-Cont. Warrants
61
in Pacific Railway
داده
دان
from domestic exporters market interest. Outside traders continued le be more interested in the stock market action and fluctuations other In soybeans and some commodities.
Dullness in the textile mac- ket, and the stackening demand for spot cotton
mills texille curbed new
Private crup
suid reports cotton In the Rio Grande valley has been malding good pro
EL Kress,
Paso also reported favourable conditions with tem- peratures uniformly high, How- ever, strong winds rapidly dried top soll in Oklahoma. California and Arizona reported "reason- abte progress" with the arrival of normal temperatures.
The certifented stock roso lo a new bigh today at 103,098 bales plus 2,873 bales awaiting Inspection. UPI.
Sale of debentures
New York, May 22. Union Oil of Californija has registration statement house with the SEC covering a pro- selling found the market with posed sale of $60 million of The debentures due on June 1, 1080 support. mited tradi holidny nt London,
and atten- und $00 million of convertible subordinated debentures due on dance at the annual outing to- day of the Rubber Trade Asso- June 1, 1091. clation made for a generally thin market,
34 affair until the last hour when fed a
Public offering of both issues nre to be made through underwriting {TOUP.
Net
In the spot market, limited 24 offerings included some Thud-
proceeds are
be to land smoked blankets a 20%
May-June, cost applied toward centa a pound,
purchase for freight. and
Also some spot retirement of the company's African blankets were reported outstanding $120 million of 3% offered here ex-dock basis at per cent convertible debentures 20 cents a pound, both an- subordinated, which were sold Union OU to Gulf Oil Locally spot
No. 1 Has was Corporation n 1956 and which quoted 324 cents." nominal are to be re-purchased from UPI.
471.S. Eine Co.
Burroughs Add Machine
111
630.S. Smelting
45
11.5. Stepi
Briti Amer. Ou
341%
US Steel 7 PC. PF
1451
British Columbia Pur.
Wener Fro...
DI
falt. Packing Corp.
314%
Waukesha Motors
32
50
Westinghouse Air Braku
2233
Catapbell Soap Co.
1:1
Worlinghouse Electrie
431
Canadian Pacine 1.
#12
West Union Tel. Co.
Case J. I. Co.
11
Wort Va. Halp & Paper
392
Cal. Tractar
Winn-Dixie Stores
1
347
C. 2. T. Financial Corp.
Zenih Radio
Cana. Brewers
Celanese Corp.
Chose Mantan. Bank
Chrysler Motors
Chell Pesbukły
Colgate-Panelve
Colombian Carbon Co Commercial Credit Corning Glass Works Consolidated Exion Continental Cat Continental Out of Del.
renie Pet
Crane Cu
Crown Zellerbach
Caban Amer. Sugar
Delaware & Hudson Co.
Dusen Alkal
Diamond Nat'l
Bisillers-Seagraḥns
Douglas Aircrail
Dow Chemical
Dupont de Nemoirs
Eastern Air Line
Eastman Kh
El Paso Natural Gas
Family Finance Car
Fatra Corp, ...
Firestone Tyre & Bab
First Not City Rank
Ford Moter
eneral Dynamics
General Electric
General Foods
General Motors Gen. Pub. Uul.
Cen Tel.
Side
Cien Tyre & Hubber
Celly Oit
Gildder Co.
Goodrich B. FJ Ch.
Goodyear Tyre
alway
Great Northern
Grimman Alrewaft
CW: OB
Hammond Organ Heytlen
liran poet Fary.
Itomeatake Bining Co. Huunnan Refrig. Imperial oil
Ingersoll-itand
Inland Atel Co
1.' Business Machines
Int Harvester
International Nickel
Jaternational Paper
Jat Tel & Tel
اعلان
Woolworth K, W
Fold.
by
Gulf Oil-Chira Mall Special.
Expansion is still the
keynote of this great enterprise
(4 £400 million company whose truding profits have jumped £23 million in 10 years,
dre there any fresh fields for the British-American Tobacco Company to conquer? Alexander Thomson asks Sir Duncan Oppenheim and learns that expansion is still the keynote.)
By Alexander Thomson
London, May 22.
Sir Duncan Oppenheim, stockily-built and 56, is the kind of
man who will try anything once.
He is head of the £400 million British-American Tobacco Co., one of the
greatest of our commercial enterprises.
Already he sells cigarettes in Ling mure than
sume of Jis ancillary
50 countries. Now activities. he is trying to get inside the;
For
the years Iron Curtain 100.
group has made elrette paper as you would expect. Now the Inten- tion is to broaden its footing in the paper field. are Λ jolntly-owned
with Wiggins Teape will take
In his Milbank headquarters "We are making he told me: gutte a big <fort there.
"At present our sales very limited. But with the in-
crease in
inturkan
we
could
make quite a good thing out of
"There is no reason why the
Jolina-Manville Co
Kalser Indraries
Kane C. Power & glit
Kennrett Copper
Kimberly Clark
04
it.
Liggett A Myers Tol. En
Lily Tullp
B01
Itton Ind.
1071
Lockheed Aircraft
4122
Loewa BuenTY,
2
Lone Star Cement Co.
Lillard P.
Lowenstein & Son.
McDermott 3. Ray
Melkonnell Alteraft
Merck
Mesabi Irug Corp.
Merton Development
Monsanto Chemical Co.
Montecatin
Muntgomery Ward"
Minnevala Mining?"
company
over a couale of mills in Bri- tain and the other interests in India and South Africa.
"The idea," Sir Dunean ex- famous British and American plained is to expand overseas
brands
we handle should not
be available in the hotels and that the Wiggins people make." 246 | Kirlines of Izisin, Poland and 52% Czechoslovakia."
friendship,
Yet after a pause he told me: "Expansion in sales will to on. But costs are rising. Profit margins are not keep- ing abreast of volume."
"Under - developed colut- iries will offer new oppor- tunities
Clock that
that tells all
The first full astronomicul clock to be produced in Bri- tała for 250 years is un show at the Selence Mustin, South Kensington, London, until June 25. It is an exact Teproduction of a clock first designed and made nearly 600 ars ago by the Halian John Dond. His clock, which ions destroyed during the Peninsular wars in Spain, show- ed, braides mean or clock: time, the sidereal or star time and the motions of the sun, the moon and of the five then known planets, all driven from an ordinary weight-driven cluck movement. It also recorded the hour, the minute, the length of daylight for every day, the Saints' days, the day of the ninth and the times of the rising and setting of the 32. It also included a perpetuat mechanical calendar for Easter, an achievement not paralleled for 500 years. Al- though Dondi's clock was destroyed, fortunately he left a Jull description, in Latin, of how he made the clock, teith teorising drawings. This was translated by the late G. I. Baillie in the 1930's, and note the horological author I. Alan Lloyd has completed Baillie's work, and had a recon- struction of Dondi's clock matte, by Thwaites and Reed Ltd. Picture shows: Mr H. Alan Lloyd with the reproduc- tion of Dondi's astronomical clock.
COMMODITY PRICES
RUBBER SUGAR":""
NEW YORK Rubber futures clcsig prices,
NEW YORK
RANSPORTATION
Murchison brothers win control of railway giant
New York, May 22.
The Murchison brothors of Toxas have gained control of the Alleghany Cor- poration from eastern financier Allan P. Kirby.
HONGKONG
STOCK EXCHANGE
Our Own Corresponden
The cowling of proxy ballots
bren has
completed In But both sides in
battle of
Haltimore.
the corporate century
the to with-
have agreed Hold the ofleat announcement of the Murchison victory natiL the reconvenci ornual meating ACIBOFTOW.
Informed Force: said that the Murchisons won control of the $6,700 million railoa and investment empire by margin of more than 500,000 shares.
The voting tide turned in the Murchisons' favour a week after the polls were closed on May 2, But few observers anticipated
Business done at the long-that the youthful brothers, folin
kom: Stock Exchange this morn-
and Clim W., would so ing amounted to approximately seunally defeat the 60-year-old
$5,100,000. Noon quotations and the morning's transaction:
Buyers Sellers
Shares RK Bank
UK Bank
Lon. E. Aain Lombard
XD
Whart
424
HAICA
424 160 A 924
100
flex, 310 320
240
012
304
Taikoo Dock
75
100 & 392 100 + 392 100 390
Kirby.
but
COSTLY
The victory, was a costly ene it corrles a rich price. Alleghany is a sprawling hold- ing company which controls the | $2,500 million New York Cen- tral and the $3,700 milion Minneapolis investment cbr plex, Investors Diversified Ser- vices.
K Gas... 21.00 21.76 15 21.70 1900 21.30
Kirby and the Murchison in- Wheelock.. 17.10 17.20 120 ve 16
than $80 spent more 1000 10.00 terests 1000 or 10.00 million for the vuling stock acquired. A total ob
#1 Deck Provident ..
HK Hotel
Jus Yat:mall
::
::
1300077 they
14300 17.10 9,844,970 common shares olest 17.20 seven of the nine directors of
group
the
2000 17.10 Alleghany. The Kirby
17.20 Owns 3,251,747 shares and 70007,20 Murchison camp 2,833,171
000 G 17.20
2000
200
17.10
500
113
110
400
$75
331a 3944
500
34
300 m 30já
200 Gr 34
dent shareholders.
1000 331
2006 75
407
HA Lond. 140
100
744
0104/ 14
1000 74
1000
74%
HK Land
49
50
104
49
138
$37 1006 137
Closing prices, all in cents per
HK Tra
394 30%
100 3945
all in cents per 1b.:
|ib.:
Tirx
May
31.30
Standard 3130
Contract No. 8 (world)
Ca. Light
37 374
July
July
31.30
31.15
Supt.
30.50
36.40,
HK Elec.
371 37
70.45
30.35
to 30
30.20
Jun 30
30.40
براین به
Jan.
Mar.
May
SINGAPORE
Closing prices all in Straits
54!-687 #IPS-BAR
3.45: Det! 328 Mar: 323) May: 313: July: 3.13: Spol-Worki Average) 3.13.
Total Sales: seven contracts. Open interest: 1,110 contracts,
Contract No. 7 (domestic) July: 054; Sept: 0; Nov: 0.17; Spot-Bulk, duly paid): 0.52. Total Sales: 110 contracts.
Interest: 2,505 contracts.
cents per Ih.
fob. Malayan Upen
ports:
No. 1 May
No. 3 June
No. 2 May
No. 3 May
No. 4 May
Spot rubber unbaked
Blanket repe
Rio, pale crepe
$71-2014
$715-577% 82-847 00-0024 13-7419
93%-25%
--UPI.
COTTON
NEW YORK
New York
sugar market
New York, May 22.
Closing prices, afl in cents per World No. 8 sugar futures
t
Sput
July
Oct.
Dec.
Mac.
Stay
July
Sept
34.20 num.
33.31
34.10
34.00
35.11
36.34
31,20
NEW ORLEANS
Closing prices, all in cenis per
1b.: as living standards improve," he declared.
But he warned: "If their governments get too greedy they could kill the natural de- velopment of the cigarette business.
Spot
21.75
July
53.27
Ovi.
34.00
Dec.
33.07
Mar
31
SAO PAULO Closing prices all in cruzeiro per kilo:
U.S. in
at 14 Average price designated spot markets: 31.00 cents.
Tutal sales: 10,051 bales.—UTI
in the
وره
"High tobacco taxes here in into a wider range of paper Brita are a bad example
the leg sophisticated countries. To cement their
"They will reach a position BAT has suggested, investing VP of diminishing returns 45% Sir Duncan of course hus no to £5,400,000 in the company uleidy than wy
thought of setting
shall up factories
The
this behind principle there. But
United Kingdom." this shows how project is that two firms with 11814 Lively
BAT folk are in their special “know-how" can Bush 204; | world-wide business,
nhead
cheaply moro Any other examples? Well effectively than one. 301%2 there the now le-up Bat Wiggins Teape, the paper giant,
201
30
abroad.
with
Motorola Inc.
National Birutt Co.
na
National Cases Heg. "A"
for combined operatione mainly
073%
National Dairy Prod.
GOT
National ac
011
National Steel Corp.
a new polley in DAT of develop
This, I gather. Is in line will
ITALY
If you are searching for MEDICINALS with
QUALITY
ATTRACTIVE PACKINGS
RIGHT PRICES
write to: MEDICALEX,
Pharmaceutical Manufacturers,
Via Revero, 15.
Milan - Italy.
who have a wide range of antibiotics and pharmaceutical specialities to offer you.
from a law training.
and
$64 QUESTION
I glanced at my watch and Will it be carried
any Sir Duncan Oppenholm tocl; a farther? "It might be, cold Sir sideways lock at his as I asked Duncan with caution that stems the $64 question.
"How big is your Browu and The wealthy BAT concern Williamson also has interests in
Corporation Jo printlng America? The City has been and packaging. "We may do wanting something there
(1 hatr
stage," he revealed,
In the last 10 years British- American Tobacco has shown
know for years Ba Importance In the British- American Tobacco family,"
With a smile Sir Duncan sald hand dune this big pubaiúlary
a majestic growth. Since 1960 well in the swing-over to ter trading profits have climbed cigarettes in the States,
from £40 million to close on
£60 million.
Ho also volunteered that BAT had another winner in Weston "What are the chances for the Germany whore it had a top- next 10 years?" I asked, Felling filter brand. memberbig that is shares are u
But how about the size and
deep blue-chip on the stock ex-profits of Brown and William- change.
son? Clearly the City will have
It seemed that no outsider to go on wondering. There was had ever put a question like that mo ducking insido that *Iron to Sir Duncan before.
Curtain'.
}
NEW YORK
today closed one higher to three points lower with sales of soven contracts.
HK Tale
53
G.I. Cement
6019
Dairy Farm
Watson .... Alked Invest. Textile
Nanyang
الله
3
༣
67
3011⁄2 30%
200 301
3000 m 371⁄2
2000 : 3714
1000
039 2 3732
200 33
5000 / 3724
200 33
500 3744 1000 642 4000x 2590 54 3300 54 1500 or 0315
300 & 64
1000 4 67
1000 60%
1000 N 001
349
GT
100 67
3040
shares. The remaining 3,800,000 shares are owned by Indepen-
Preferred shares
elect
the
oller two directors---UPI.
Bulk cement carrier
for New Zealand
The singlo
Bcrow
motor
ship John Wilson, con- structed to the order of Wilson (N. Z.) Portland of Auck- Cement Ltd. land, Now Zealand, by Honry Robb Ltd. of Leith, recently complcted batlast trials on the Firth of Forth.
The ship was handed over to her owners and proceeded to the Thames estuary where trials of the cargo handling equipment, 23303011⁄2 for loading and discharging her 500 394 bulk cement corgoes, were car- 4050301ried out at the Kent works of the Associated Portland Cement Manufactureru Ltd.
40 0015 12AG 12.00 1000 6 12,60
1.30
$ DIS
4000 or 0.40
15.30 13.40 3000 15
A. Rubber
Rublins T.
0.00
$20
Domestic No. 7 sugar closed City Hotel. unchanged to four points tamuhreyn higher with sales of 10 con-Realty Tracts.
Firmness in domestic futures was tied to the continuing strength in the spot market where raws rose to a new IDG❘ high with sales of 4,000 tons of bugged
10 Talian
local refiner at 0.50 cents a paind, This was figured to delivered. br the equivalent of aiseit 1.55
#
ennta a paund, bulk baris.
Following this sale, additional K.M.D...... limited amounts of nearby bulk
sugars were available at 0.55
Ster
Ferry cents, but must sellers reported-
withdrawn from iy hod
the K. & F.E.
Invest. Gilman ...
inarket.
World
futures
and sugar spole were dull, reflecting the Closing prices all in cents per, hoilday, in London. Brazil to-
will norrow reportedly
offer 40,000 tons of world sugar, half
1b.:
Lead May
Zing
July
Miny
July
Copper May
July
10.30
10.42
11.24
for Japan, and half for Chile, plus 10,000 tons of rawn for the U.S. market.-UPI.
37.37
-U.
FOREIGN
32.37
EXCHANGE
NEW YORK Closing rates: England clai
**
30-days
DO-Y Audiralla New Zealand
Stock purchases
Washington, May 22. Sen. Albert Core. Democrat, Tennessee,
Federal urged the Reserve Board today to Talad Ήτα
for
margir requirement
stock purchases from 10 to 100
27030 per cent, 27095
27516 Finance
2.7330
Other unchanged.
--UPI.
Gore, a member of the Senato Committer enil elimination of credit buying in "gambling" necessary to curb
on the market—UPI.
1000 15,30
On completion of trials of the cement handling plant the vessel
1000 15 salied for New Zealand vin the Panama Canal. This vessel, 3500 1520 launched in January, is propel- 3000 or 15.40 led by, diesel-electric machinery 500 530 manufactured by the General Electrle Company. The same machinery drives the loading and discharging equipment. - LPS.
0.85 GOOD #25 6000 0.15 0.30 5000 8.20
0000
36
140
400 331
24:34 2440 1800 20 30 2.525 2.83 15000 to 2.35
$5000 23175 B/0010 20000 or 2.00
20000 72.875
16000 2
10000 > 2,023
One of smallest tankers built
Susur 29 One of the smallest tankors
20000 or 2.85
10000 kr 2,825
2.83
10000 225
10003 / 2,825
2000 2.015 10000 2,925
10000 or 2.85 2000 2.1
ever built has been com- picted by Scott and Sons of Bowling.
She is the 340-1on gross Esso 50002.023 Jersey for Esso Patroleum Co Ltd and she has been built on the Clyde where, at a yard only # few miles away construction is at presunt going on of a tnaker of 67,500 tons dead-
31 1930 02
2150839
1001
400 424 or 200 214
100 br 310 25.30 20.00 3000 20.00 5.20 5.30 6000 5.30 1000 8.300
fnt Invest. 15.00 IT LARD, CTAW, 501 515
4000 525 2000 4.40
2005.40
140088.30
10000 4.35
Exchange rates
Business was done in the local
oficial
mrkai xiange Fourning at the following rates: U.. doftar (per 13
Starling noles (per £11
Australian notes (per 411
weight.
The small tanker is especially designed for coastal work and for navigating the Exeter Canal in Devon. She has a Lister diesel engine which develops 300 bhp ondale in a Plouger activated rudder which can propel hor forward at very gerillo" speeda suitable for canal work.
Bosphorus vessel
runs trials
first of nine steam forry boats being bull
6.767 The
15.97
1700
Indonesian Rupiah (per 100) Biam ticals (per 100) Singapore (Sirsile)
3.50
Agreed merchant
rates
by Fairfield Shipbuilding and Engineering Co. Ltd.
of Goyan, Glasgow, for usa on the Bosphorus ron trials recently.
Each of these vessels is of 900 grom lona and they are equipped chaines for chay
Swiss Francs Maxbhum Beli- Wh stepm ing 14.
maintenance.—LPS.