Money
and Markets
COTTON REPORTS.
U.S. MARKET, DECLINES DUE TO RUMOURS.
We have received from Messrs. Pentreath and Co. the following report issued by Hornby Hemelryk Co. under date Liverpool, March 11:
American Cotton,
The market has been very weak during the period under review, and has declined about 50- points, mainly owing to a continued lack of confidence in the Farm Board and to Tumours that the Farm Board will not come to the assistance of the market until after the new crop is planted.
Ke-
According to a cable we ecived after the close of the New York market, the Chairman of the Farm Board appears to have 'stated that the bottom had been reached for cotton, but the Farm Board has made so many pronoun- cements lately that it is difficult to keep track of them,
It has been suggested that the Farm Board welcomes the drop in price, would like it to go even fur. ther, and is even prepared to help it to go further with a view of forcing other countries to produce
·less ectton.
NEW YORK STOCK EXCHANGE.
PROFIT-TAKING FOLLOW- ING RISING PRICES.
A DECLINE IN MOST
STOCKS.
[UNITED PRESS.]
THE HONG KONG DAILY PRESS WEDNESDAY, APRIL 16, 1930.
New York, April 10.-Following session of the New York Stock Exchange which was featured by rising prices, profit taking began near the close to-day, says the daily review of the Dow Jones Financial News Agency.
Many issues declined from one to closing quotations. three points below their previous
The bears hammered several in- dividual issues, concentrating their attpek' on Johns Manville, General Railway Signal and American Tel. Tel. American Locomotive also old heavily. At the close. Johns Manville stood at 129, off of: General Railway Signal was off 2 was off 2 to 271. to 1002; and American Tel. & Tel. International Tel. Tel., on the contrary, was ap 13 to 70%.
|
NEW YORK - STOCK
QUOTATIONS.
New York "April. 11.
•Market steady. Business done 6,031,810 shares.
Adama Exprés
***
Allied Chemical & Dye... American Can, a American Rolling Mil... American Smelting American Tel, & Tel. Amarican Tobacco “B”. American Waterworks... Anicanda Copper Atlantiu Redning '« Baltimore & Obis
Bethlehem Born
Warner
Calamet & Heels
DAILY SHARE QUOTATIONS.
HONG KONG STOCK ·
SHAREBROKERS ASSOCIATION.
EXCHANGE.
Apr. Apr. 2010
Buyin
Balers
Sam Nominal!
“TUESDAY,' APRIL 15:
Buyers
303-3181 1511513
781 741
** 2731 371
107 1067
*** 371 277
784781
1204 190
$169
2301 2361 *** 1131 1162
$1,400 $3,390
2116)
50
401
119 120
230
子
£192
蜓
... 21 311
Chesapeake Corporation
Chicago Rock Island.....
...
바
3815
40
- 681 00
·T,180
304 1
25 37
www
1440"
Canadian Pacific Ballway
Chrysler
Citles Bervice, Common
Columbia Gas & Electric
Columbia Graphaphone Commercial Solvents... Commonwealth & Southern Commonwealth &. 8. warr.
Consolidated Gas of N. Y. Continental Oil
Cara Products... Curtiss Wright, Common Davision Chemical D'Pont de Nemours Eastman Kodak Electric Bond à share... Erie Fox Film General General General Motors... General Railway Signal Gold Dust
•Railway***
Tectri rood
Certificates
Goodrich Rubber Goodyear Tire & Rubber Graby Great Northern Hudson Motors... International Comert ... International Combus. Eng. International Harvester International Nickel ...
**
وداو
*** 20 101
159132
... 107 107?
International Frinters Ink International Products, Com.... International Tel & Tel Johns Manville Kennecott Copper Con-gr & Tall
Lambert... Kroger Grocery.....
Wo feel, however, that this rum- pur has been circulated by bears who would like to see the price Coppers and Oils Lower, lower. We cannot for a moment be-
Coppers declined from fractions lieve that the Farm Board would
ap to two points, Anaconda was off countenance this theory, for, ob1 to 74; American Smelting was viously, in the process of trying to off to 74: Calumet & Hecla was ruin planters in other countries, it off an eighth to 27; Kennecott was would, in the first place, ruin off 1 to 531; and Nevada American planters. After all, it solidated declined a quarter point costs the American farmer a great to 27. deal more to produce cotton_than it costs planters in Brazil, Peru, Argentine and Needless to say, therefore, such a procedure on the part of the Farm Hoard, even were it feasible, would mean that the American farmer would be ruined first and the others afterwards.
other
Liggott & Myers "B" Mack Trucks Ludium Steel
咖啡
souri Pacifio Montgomery Ward
14 135 39 991 142 143
1301 237 111 111
58
471 46
621 53
103 1001 453 45 S32 63 91 821 551 58 Ung
561 551
72 731
$345
$900
$6,70 61/
41101
18 18
!!!!!!!!
$23
24 134
104 105
431 421
64 65
7
84 70
$151
1844 120
$5.35
55 531
341. 351
$38
38+ 39
109 110
T.81
1117 110
40+ 401
Standard Oil of New Jersey closed Oils lost their early gains. countries.off a quarter, to 79: the New York company was off to 37: Contin- ental Oil held at 504; Atlantic Re-Nevada Consolidated Copper... 271 271 fining was off to 198; and Phillips
New York Central Petroleum was off to 40
4
Utilities dropped, although for the entire day's trading the Dow As far as trade is concerned, we Jones average for 20 utilities was notice a slightly improved enquiry up .09 to 107.92. Electric Bond & in Lancashire at the decline, but Share closed up r quarter-point to we doub; very much whether any 111 Columbia Gas & Electric was material improvement will be seen off an eighth to 86: Consolidated in the demand from India until Gas held at 139: while Standard the political situation there is clearer and un'l the question of the new Indian tariff has been de- finitely settled.
Gas & Electric rose to 121.
Motors Weaker, Motors weakened. Hudson was As regards trade on the Contin-off half a point to 239 at the close. ent and in America, we do not see Closing fgcres on other leaders very much change. It is notice showed a slight gain at the finish, able that, in America, the stock however, with General Motors up market has latterly shown a rather to 831, Chrysler up to 421, and buoyant tone, and this may help Packard up a quarterpoint to 221.
The decline then spread to the to restore confidence."'
Of course, we now see some of electrical equipments, mercantiles the results of the hoarding of gold and amusements. Fox Film "A" by Amerien. Europe has got no closed down 1 to 46 Paramount money to buy American produce, Famous Lasky was off a quarter- and many careful observers in point to 74. Woolworth was off America are of opinion that the half-point to C5. Kroger Grocery only conerivable way to restore the rose to 39, however. Westing latter's export trade is for the can.. (Continued na next Column.) cellation of some of the European debts. We doubt, however, whether she will do this
The bank rate of the country was
|
Sorthern Pacific Railway
Pacific Lighting Packard Motor Car Paramount Famous Leaky Penzsylvania Railroad Pennroad Corporation... Phillipa Petroleum Public Service of N. Jersey Radio Corporation
Reynolds Tobacco "B" Sears Roebuck ...
2
TH!!
Banks
H.K. Banks
Do. (London)...{ Chartered Banks...
Mercantile Bks
Do
#
Bank of East Asia...) $107
Insurances
Canton Ins.
$818
Underwriters
$1.60
North China
Union Inskee
$355
$900
M#50 Yangtze Ins..
Chins Firea
H.K. Fires
Shipping
$331 Douglases ................................ 891.
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$43
$1,400
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HK. & S. Hotels.
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18,60 B141
+++
241 25
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COL
56. 601
122 123 119 1211 793 79
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80.05
823 699
873
Unq, 841
879 3231/1
Do. Star Ferries
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372
મન 88
$181
tel
.... 104 104
$72
$72/+
... 230 235
$23
+
Ung. SPE
$18
33
341
1.19
1964 1961
10/
114 115
18/3
... 1804 1924
TH
65 66
Shell Union Simmons
Company Southern California Edison Southern Pacife Kailway... Standard Gas & Electric Standard Oil of Now racy Standard Oil of New York Texas Corporation Texas Gulf Sulphur Timker Roller Bearing Trans America Talon Carbide & Carbon Union Pacific Railway... Ünited Aixerait & Transport Dalted Dry Docks
U.S. Kubber C.S. Stoel
diam Westinghouse E. & M... Woolworth
house E. & M. held to a gain of
A valued correspondent in Alex- | 34, closing at 1923. lowered on Thursday to 4 per cent.andria writes that the short interest U.S. Steel closed even with yes- the lowest rate since October 1925, in new crop Sakel is considerable terday at 195, but Bethlehem re but the reduction had no marked Any revival in the demand will treated to 100 and Ludlum Steel affect the cheapest deliveries and effect.
was off an eighth to 401. Adams
:
Call Money.
In the meantime, the pessimism restrict purchases in old crop to Express was off a quarter to 343. is perhaps getting a little over minimum. Cotton suitable for Curtiss Wright common was down done. We have had a very atrenu-tendering will be practically non half a point to 131. Du Pont rose existent in November, except the closing at 1431. Kreuger & Toll ous decline, and the market is a lower than it was at this time Government stock, which, according was up a point to 353. last year, with (according to the to unofficial statements, will not be sold except at a price of about 83. New York Cotton Exchange Ser-
over the purchase price. It there vice) a prospective carryover of all fere seems dangerous to be short of growths at the end of this season af approximately the same quantity new erop at present prices.
Business in Egyptian yarn con- as last season, the decrease in the tinues very unsatisfactory. Unem world consumption of American be- ing offset by an increased consump-ployment is rife. tion of other growths.
The position is bound to be saner owing to the decline. Whether the drop has said its last word, it is almost impossible to say at present but a period of steadiness would probably bring in the buyers who have been holding aloof so long. The fact is that the trade is wait- the futures market to ing for steady, and the futures market is waiting for the trade to come in: Empire Cotton.
The final All-India, erop estimate was larger than expected and com- pares as follows:-
Acres,
Current year 25,121,000 Previous year 20,350,000 Average (five
Bales 5,533,000 3,073,an
years). 25,484,000 5,600,000 According to mail advices; from Bombay, prices have reached in level at which merchants are not anxious sellers. There is nothing attractive on the short side of the market, and it is expected there will be a gradual improvement in the parity, of East Indian with American cotton.
Egyptian Cotton.
Is company with American the Egyptian market has registered a further decline. Continental sell ing of November Sakol and also of November and January Uppers bas been noticeable, together with switching of hedges from nears to distanta. The result is that neari are now at a premium over distants, whereas, a week ago, they were at a discount. Later in the week, the imarket. showed a steadier tendency, (Continued on next Column.)
Call money continued at 3 per
cent. with time money at 4 per cent. for 60 days and 41 per cent. for 90 days.
Sales for the day-totalled 5,681,370 shares.
AMERICAN STOCK QUOTATIONS.
LATEST WALL STREET PRICES.
The following quotations have been received from their cor-. respondents, Messrs. Hayden, Stone & Co., of New York, by Messrs. Swan, Culbertson & Fritz, Sassoon House, Shanghai, (cable address: "Swanstock," Shanghai), who are not responsible for cable mutilations:-
Tone of Market--Easy,
No. of Shares done-4 million.
Call Money 4 per cent.
American Smelting Anaconda Copper. Baltimore and” Ohio Borg Warner Chryiler Motors City Service Common Curtis Wright Common
NEW YORK, April 14, 1930.
***
Sandakan Ligirts.
#713
$721
$23.40
$72
$13
$5.05
C. Lights (old).....: 823
Do. (new)....$18.40 HK. Electric
Macao do.
Telephones.
China Buses
Tractions...
Do. (pref.).......
Industriais
T.10
Caldbeck, ori.)
T.10
Macgregor praf.)
$21
Canton Icer
$15.80
$15.85
811
Do
543
Do.
(new)... 341
17.35
Ropes
***** *** $7,30
$0.80
China Sugars.0.9140
827
Malabon Sugara |---|
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