1955-03-15 — Page 9

TRADE and

THE CHINA MAIL, TUESDAY, MARCH 15, 1955.

COMMERCE

SECTION

NEW YORK AMERICAN ECONOMY World Rubber

STOCK

MARKET

$3 Billion Nosedive

New York, Mar. 14.

Stick cracked wide open, anih turlay, plinumeting nu other $3,000,000,000 in one, of the worst market breaks.

iner 1929, saved only by late, mengere recovery.

11

indivolual storka -105 grade American

INLIN

..

1.

21:4

General Mole

engrakk

S Tel

Hated Atmaft, Jules-

No E

Sumped 2 to 4 penta

after an

CRIFUN

1. opening, was ANTI-

N

fly before 1800 GAT ben De felt bækur al fon trutin- Data for a period of mine Han ar bg"

bama for

FIRK

AJ MURA

led EW20

aude 53 04809 A

FINAL GONG

at the Real porus, kralen

down 972 on None wott Break PARTS

1. how w

小

1 he

24

111

raits

3

1......

Colymy

{

W

I

Senate p

'The

1110

... 47 sorer Septem

for hires the

1950

While apertekta

.

teslimenty ke Wishidag

the 2. tv.

Fire St abis ne Fraun on the mark A run-down of trading groups showed

To the chemicals, Du Pont of poline Alled Chemical diswn more than 2 points

4

Mixed Reaction To Reasons For

Stock Market Setback

By JOHN MORKA

New York, Mar. 14.

The stock market-under pressure all last week- appeared to have recovered its equilibrium on Thursday after the three- day pounding which saw about $5,000,000,000 in valuations slashed from the whole list.

Leading issues improved about 2 points during the day, in sharp contrast to the drop ranging from 1 to 7, as aircrafts and other defence issues bore the brunt of the price rollback.

the

World Cotton smply a comme reactions to the Beetes, former Chairman of the

Markets

New York, Mor

Terbany

Cutter Tu *mond the actrend which he gon bet werk, suiker oop Joses upe

52 hale Beamysly sentimene an antapleret. kiket declin, with this

the condition aules the textile

1 us that

1:

Jepla

ין,

Teng Wal Stories wh alructure

authorRies, by |Hakreldrug mat that the three-day | itapetus to this line of thinking market reaction may in effest be was given when Mr Marriner S.

Jonk

trend apowan!

int stock Federal Reserve Board, urged i leveja Ten days before, prices, today that norgla requirements · hut new high in some instances, for stuck trading should be: und the market appeared to raised promptly to 75 per cent.

discounted the effects of "friendly" stocks market

F

That would

** STATE

stock would Jave to fail up probe being conuiurled in Wash- buyer

of a stock pur- intre by Senator Willium three-quarters

The current re- Fit-right and is Senate Bank-chase In cash.

!quirement 00

per cent cash, I Committee.

the remainder- is Bronced on credit,

Some experts now insist that the market

WELS clue for terlinien) adjustment after re- fernt Lises. The three-day well- Live portfounda rabog with ft, they pointed out, resulted in joner supports alms of about three per cent fethawed or the total value of stocks un Government the

N** York Stock Market, Reaction to rising market The Hat Bungled jer 15 puanla sometimes brings on a break of lower to 2 pounds higher, Open-

up to 10 per cent, it is stressed. ang prices were off 5 by 14 pottabs, New Orleans closed ouť 4 to 14 points,

at the play w in disposi helppo overseas

11

PROVIDED EXCUSE

Some Wall Street observers mid the drop might have occur- even without the stock market sludy.

Ster H bem, US, Mee, Yourstown Sheet and Tube, Paul liquidation in the nearby March delivery, before us *** Republe Steel all off more than

piration tomorrow, brought red additional weight on the market Delivery polices Kalay covered 1,200 bales,

Molens Byan an

Chrysler down more Motors ; General 112 A

Rak Santa Fe and Lamutsville

& Nichville, off snerre than four,

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uned

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Gulf

than 4. tum

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Perpiny safe

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liter

217

Compt for geare

All

Whencoteli

Trading volumes. nel

open is tore in the Exchange were: Shanth

Vultie

Urn herent 2304

דין

MA

$4 979-

Mo

180

YESTERDAYS PRICES

Abacha the Am

AFL Madame

Aretinas Auber

American Sam Ring

American. TYLN TO

ALAN REARATE

Anaconda tapgar

Armeo Stel

Anataran

ften

み

חי יד

i

ADVERSE EFFECTS

"There cannot be a perpelua! bull market and to the extent that excesses (are allowed) 10 much develop unchecked, just imore

painful the decllite will be, with adverse effects on the economy in general," Mr Eccles testified.

A

The suggestior: by Prof. Gol- braith opening up the possibility of a 100 per cent morgin re- quirement sent Wall Streeters to on examination of back records.

cash-on-the-barrelhead They said some statements by

opera- muintained was tion

for nearly Mr Fulbright and by witnesses probably triggered the drop, or

one year from Janumy 21, 1940 to Feb. 1. 1947.

That was at least provided an excuse for only time in history the US has The reaction was also attribu-had a cash market just as today

Is the only time a 60 per

cent text to:

*The margin has been in effect. The 3.

statement of Prol.

first day the margin

went UP John K. Galbraith, of Harvard

from 75 per cent to 100 per cent Univery, that margins ought the market derlined 3.58 points to be rated to 100 per cent if in the industrial average. the market resumes its upward J

jl.

R

SN Se

May

HELANO

2974.7420

Judy

ค

1945 720

1*

ZA NA

278 100

235 19

121 100

2510 500 boles

od haures closed Polay

CN

QUEN

33 22

ATT SH

334 21

4

Jos

NEW YORK

الله أنا

31

February

ห

Sale Of Ford Stock Rumour

New York, Mar. 14.

O elals of the Ford Foundation declined today ether to confirm or deny

a report that Ford Motor Company stock will be mus on sale for the first time this year.

The Foundation,

owns

the stock

which reported

A

to be involved, issued statemens

Lart Octobo

the Freal- dent of the Ford Founda- tion, Mr H. Rowan Gaither Jr. stated that the diver kification of the Founda tion's Investment Pori- follo was the subject of continuing study by Trustees,

nothing

. ""There further to report at this ime and the Foundation has no comment to make

on the article appearing in the March 18 lue of US News and World Report, The Magazine did nut obtain from the Founda tion any Information that has not previously been mado public." - United Press,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Stock

Markets

Singapore, Mar. 14. The rubber market opened steadiér but Jater turned irregu- Jar anch DET VOUN

closings:

No.

rubber

Marchi Apell Mary

P&O B.I. E&A

COMPANIES

PENINSULAR & ORIENTAL S.N. CO.

PASSENCER/FREIGHT SERVICE

Future

Outwards "CANTON"

“CHIBAN

"CARTHAGE"

"CONFO"

Ith

122-1285

unted 1434-35

80-5-205%

11-921

044-05%

No. 2 rubber per th. Mar. Nes, 3 mbber jour Mar

| No. • rubber per Ib. Mar.

Spot rubber unbaled Blanket crepe

No pale crepe

Futures closed today 64 to 75 points lower with sales of 203 contracta.

Tho stock markc1 weakness became the dominant factor after a steady opening. Wall Street commission house nelling along with hedging and dealer selling kept a scattered demand overnight.

The spot

market ruled dull, although uilers were more an xious when the stock market and terminal markets hid the mid- afternoon decline. Spot No. 1 Has were qyoled at 30 cents per pour. Future closings:

May July

314-2

Mat

LONDON

The market was dull.

Rss were spol

quotes pence per ib. Prices:

331 24 303-4)

20 60 20.20

No. I at

27

-N

Leaves London Dur Hongkong

4th April

1812 March

101 April

2 March

2nd May

30th May

27th April

Via Southampton, Puzi Nald, Aden. Hombay, Chlomap. Penang & Bingapore

Homewards

"CANTON"

Leaves Hongknug

April

2nd May

"

*"CHUSAN” "CARTHAGE"

**CORFU**

On May

Orel

June

Due London

tl May

30th May

Oth June

July

Via singapore, Penang, Colombo, Bombay, Aden, Port Hald & London

* Also calls Marseliler,

"SURAT"

"SHILLONG"

FREIGHT SERVICE

que 18th Mar SI 14 Mar

[te** 7th Apr

ends 8th Apr

"SURAT *

Toads 14733

fem U.K. via Straits for Kube & Yakuliaran

from UK. & Strait

for Kobe & Yokohane Apr,for S'pore. P Swetten- ham, Penang, Colombo, Aden. Puri Bald. Gencs. Maraelites. Havre, Lon doa, Antwerp. Hotter. dan & Haniðurg

with Hiberty to all at Belawan before or after traile Ports and at Bombay if inducement oftere. Fanks available for carriage of O in Bulk. Space for refrigerated cargo. Limited l'assenger accommodation

BRITISH INDIA S.N. CO., LTD,

"FULTALA"

In Pork walls 15th Mar,

from pAD

for Singapore, Calcutta & Chittagong

from 27.4 Mar

No spot Ras

Settleinent Louse term

April

May

June

April/June

July/Sept

Oct/Dee

27.274

26-27% 25-20 2014-2044 2014-201 204-201 20-201

*WARORATM

doe

"SANGOLA"

sail 23 Mar our 25th Mar sall 26th Mar.

Jan./Mar.

21-20

General markets, et basis, ports:

"SANTHIA"

due 28th Mar.

Mar

April

May

Estile crepe thick

thila

201 2635-27 20-201 201 201

AMSTERDAM

The market was stendy, Prices closed today in guilders per Business done on the Hong-kilogram, CIF April as follows:- kong

Exchange this mortg

amounted 10 $250,- No. 1 rubber D27 50. Noon quotations and the morning's transactions:

SHARES BUYERS SELLERS SALEN

BANKS

101 Bank X Al East Aska

INSUILANCES

Union Lombard

100 1600

200

231590

155 15.60 1000 185

100

I

EXO

5014

the

SHIPPING

Asia Nav.

DOCKS, ETC K. Wharf Dkk Provident -

(Old)

1000

7Jr

04

20.30

1

1053310

By

four poin's

LAND. ETC.

IK Hotel XD HK Land Thumphrey

XU

1000772

21

and

TOSH four

UTILITIES

10.00

3:00 175

That mulification should hig

higher, It declined moderately be taken in the capital gains in

Fax and his dislike of the stock

ACK steadily. After the

geN edutentional pro- months it moved lower to a low Exchange spokesmen of 161.00 on June 13, 1949, the have urged some casing of the day a majority of the market

fax to spur stock selling to case hu tit supply of available lock estes;

2

The news from

Formosa

experts feel was the start of the bull movement.

In effect, Wall Street exports,

Wheelock

Tra XT Yls Ferry

10.00

C. Light (0) 16.70 10 30 100 14,00 C. LARAT IN) 131⁄2 13,60 2008 ve 13,60 Electric

34 1300 3

100 A 34

that the Chinese are expecting while admitting a market van NEW ORLEANS

a Communist attack, and a re- generale considerable momentum

Dairy to and rtse for a time after there Just future, elesed halay port from Tokyo attributed

high US

military chiefs that als G 100 per cent margin, war in Aslu might be near;

Concern over the

As Below

« « ¢* *!

7

Arnoul

Cel T

Best-Lang - Hamilton

14

12:

Baltimore & Olem

This Avalon Poug

14

Bengel

Mar 21 May July

techienen Steel

Being Airplane

Canadian Pagine Festsay

Case 13 2C%

Chang National Bank

וא!

No. 2 rubber

No. 3 rubber

No. 1 crepe

Aleutka, gong Sienną for Japan trom Japan

[OT

Chitta-

Singapore, Penang. Rangoon & Calcutta from Calcutio. Bangoon & Straits

antis 29th Mar,, for Japari

P. & O./B. I. JOINT SERVICE

"ORMARA”

"OKHILA"

102 buyer

2.00 buyers

2.86 buyers 2.78 buyer

"OBRA"

United Press.

New York Sugar Market

New York. Mar. 14. World No. 4 sugar futures closed today 2 points lower lo

1 point higher with sales of 430 |contracts.

Domestic No. 9 suger futures closed unchanged to 1 point lower with sales of 228 cu-

tracts..

The Unded Kingdom reporlyd- ly soká a cargo of refined sugar Russia, and possibly an addi- tional cargo. but detalls were lacking, tracers said.

Redners and dealers were on both sides of the domestic run- haeta, Futures:

321-24

3.24

3.23

1. XD

INDUSTRIALS

Hop STORES, ETC.

29 70

Contract No. 4 (World)

May

17,70

July

Sept

#15 3000

3.

MAN

July

3374

weak

feel that a cash market would bring prices down.

33424

34,17

34 33

3423

ness in commodity prices which some feel is an indication of a posuible weakness

2160 21.00 300 21.70 20.10 20.00 STO ų 20.30 Watson.... 13.30 $11.00 1000 19 19.50 L Crawford 24.20 COTTONS fexuire

Már.

123

Contract No.

Spot-teents per in, tobi Cuba)

320

May

0.38

July

6.50

500 un

Bril.

1 AB

BUG 0.10

Nuv.

8,70 8.90 2300

0.70

Mar.

5.37

| Spal-(cents per

Fit NY

kr

13.13

the of a

0.00 0.10 200 @ 4.18

O

ex-daty)

8.26

United Press.

+420

Patures

LIVERPOOL, eles.ngs.

135

.

Ameriera nee poe li, were

Chde Capper.

Clayder Molars

Cenimereil Credit

Commonwealth Elec

Si

40%, Maxidote

April.

Consolidated. Esirun

Continental Steel

1964 Nov

*በ

Cora Produir-ta

te. Jan

了

Crane Co..... ..

41

Cuba American Suga

15% include

Chris WLL......

241

Dupont de Nemours

10$

Ameilet & I

Ensinan Kodak

fr1,

7t

General Electric

General Fonda

103

Mexlean oulding 1-1732nd inch

General Motors

SAO PAULO

Gillette Safety Razor

ሲያ

in

Goodrich 1. F.) Co.

GL

Greshwar Tire & Ritter

the

In

Bomstake Mining Cu

41

International Busines

May

Machines

International Harvester

30

DeL

International Nickci

Dec.

20.00 2000 30.45

20.00

the

vist

International Paper

International Tel & Tei

John-Manville Co.

Kontreet! Conver

Lockheed Aroratt

Laws Incorp.....

话

100

Que 24th Mar.

sal 25th Mar dur 280 Mar is 20th Mar

dur 6th Apr. kaila TU Age.

from Kakinada, ladron & Singapore for Japari

from Japan

for Smgaporo, Colombo, Karachi, Darah. Khor- rashade & Kuwait. from Japan

for Singapura, Penang. Colombo,

&

Karachi

Bombay

EASTERN & AUSTRALIAN 5.5. CO., LTD.

"NANKIN"

"NANKIN"

due 22nd Mar, trom Australia kaits 23rd Mar. for Japan

due 15th Apr. from Japan. walls 16th Apr. for Sandakan, Brisbane, Bydney, Molboyroo & Adelalde

All vessels have liberty to call at any ports on or of the route & the fbute & sailing 'are subject to change or amendment with or without notice.

For full particulars apply to:-

MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos, 27721-4.

eronomy and poses more danger than any bull stock market.

DANGEROUS

be

The

Mr Ralph Hendershot, writing in his column in the NY World- Telegram and Sun, said the public might getting Impression" the market stüdy so NO. 1 TOPIC

for was concerned mainly with The stock market probe is the values; rather than with over 31.34 No.

tople of conversation speculation, which he said "is across the United States these dangerous no matter where it 20.01 3071 days. For the moment at least, appears and Irrespective of its 30,70 | barebail and to some extent the relation to values,” Omerat values for spot cotteus cold war has been shunted 혼다

1

the background

millions A great many investors may Amatean middag 15/10th inch 31 07 cr Americans wonder anew have missed the point, the zu oz whether they are heading for a Financial Editor noted, and now 33 70 boom or bust

Ia The United States

Report

21 average price of 15/16 middling tabuinted about half of these,

cotton

to

run

Nanang MISCELLANEOUS

Yanginze Alfred

Japanese

Assets

Will Be Returned

in

an

Washington, Mar. 13.

may be thinking in terms of American officials sald today that the United Best clue to the nation's think-selling their holdings.

$10 million to States probably will return on the bull market is Futures closings, in cruzeiros survey taken by the Investiga-

"No one can possibly tell at per kiko were as follows

what Committee

levels any specific stock Japanese nationals whose assets in this country unquoted on Banking

or groups of stocks should sell were seized during the war and liquidated. than which it

canvassed more 5,000 brokers,

today unless they can look into dealers, econo-

Negotiations on the subject { The great bulk of mists and others on their views the future and determine the

course of business in the years are expected to begin shortly Japanese assets was owned by of the market rise. The US the News and

with officials of the

none of Japanese 21 corporations and Immediately shead," he wrote. World

Embassy here. Officials

sald this would be returned, under "If business continues to be no the settlement probably at 10 designated spot markets was 33.32 rente. Sales To the question are there any prosperous as some of our in- follow the pattern set would present plans,

It also is expected that the 1 at these centres totailed 11,680 dangers to the economy inherent dustrial lenders bellove it will, skreement with Germany. us will agree to return Japan-

bales.-United Press.

In the present market activity,"

many stocks undoubtedly are consensus tabulation showed 12 still underpriced. If we

This agreement provides for CSC

marks turn trade olving "No."

objects but not one replying As to whether, there were any undoubtedly, will stump and seized in the US but excludes items is difficult to estimate and of these Assets prints. The value

the market today and 1920-the them.""

fguro For $60 million. year of the crash → consensus

JAPANESE CLAIM voted to "No."

Who knows, for instance.

Return of the Japanese assets The Japanese have whether a war will break out that their seized assets had a accompliehot

claimed in a limited amount would be under Congres- in Asia: Yet such a conflict total value of $100 million but slonal authorisation which the

an important Opinion was

In- more evenly could have 1.0123/33 101 15/10 divided on one significant ques-unce on stock prices and the US, has set the figure at 300 Administration seeks to obtain

million, basing it on the amount Who knows how rapidly 1.01 25/33 10113/10 tan, namely, "I the rate of atom

will

it receives from Liquidation. be made 1012/31.017/ increase in stock market prices atomic energy 1.01 29/32 1.01 31/33 between Nov. 1, 1954 and -Jan, available for peacetime uses or Gomonth 1.0133/11271, 1885, should continue for any development? Which companion the probable effect of such 瓶 United

other year, would there be any danger to the national economy will benefit and which will be

New York Foreign

Exchange

Canadian dollar rate Spot: close

New York, Mar. 14. sellers

high low..... 1.01 Future: 3-day no-day

1.01 29/33,

London Foreign

Exchange

Standard Oil of California

Standard Oll of Indiana.***

Standard Oll of New Jersey

Sloklay-Van_Comp.

Studebaker-Packard Corp.

121

.Awift & Co.

4036

Texas Co.

Union Carbide

Union Pagilio, Tailway

1404

Untied- Gas, Imp

1.8. Пурни

214

New York

-18, Line Co.

PA

Montres!

UB. Rubber vinnu

591

·United States Smelting.

17.5. Bite! ***

Warnar From

yok.

Amsterdam

yass Competigen

Lubon

Other

wenn

Londen, Mar, 14

into a serious selback, earnings the return of up to $10,000,000 and

for Individuals having

rignificant similarilles between stock prices will slump with sny return of corporate assets. does not appear in the

1 EVENLY DIVIDED

Brokers voted "No" by 7 to hurt?"

bul dealers voted "Yar by 4 Press,

to 3 and investment advisors

1

likewise by 8 to

to 1. Consensus

Economists voted "Yew! by a

917019-3370 0/18 16 to 1.

10.00-80.15

uncher

würdted

sus voted "No" by

-

ha concluded-United

EVERETT

LINES

EVERETT ORIENT LINE

Fast regular freight passenger

P

service to Philippines, Indo-China, Rangoon, Calcutta and

"NOREVERETT“

Arrives Solla

refrigerator

Korea,

Siam, Malaya,

Japan,

Chittagong-

Mar. 21 from Manila,

Mar. 22 for Singapore, Penang,

Rangoon, Chittagong Calcutta.

"LENEVERETT"

Arrives Sails

'Mar. 20

from Singapore, Mar, 28 for

Kobe

& Yokohama,

(Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)

EVERETT STAR LINE

Fast regular freight – refrigerator service to Japan, Malaya, Colombo, Bombay, Karachi and Peralan Gull, (Subject to inducement for direct call Korea)

"STAR ARCTURUS“

Arrives

Salle

Mar, 20 from Singapore.

Mar. 20 for Kobo & Yokoha “STAR BETELGEUSE”

Arrives

Salls

as soon ag the agreement' is reached.--Unlied Press.

MESSAGERIES MARITIMES

[P.O: Box 63 4. Queen's Building "¿Tel: 266318,

DE FAST PASSENGER/FRECHT SERVICE

sailing Apr. 9th salling" May 20th

Exchange Rates “VIETNAMPLE

Business was done in the boom

In all, the group of o

group of economista unomelet victianae, mackay ~ ERLE

took-the dimmest view of the móming, at the tolgyting, ratem- bull market. Manyolisurvers. dollar pADE

now wonder whether the way indonesian rupiah) (20%)2 100)

Kians teal (99, 100) | Is slowly, being paved for some

further tightening in the creditdo-China plastres (per 100)

Ringapore (HELPAT24)

;"CAMBODGE"

FAS

CHT SERVICE

"MEINAD

Balling Mar. 27th salling Apr. 15th

Mar. 22 from Japan,

Mar. 23 for Singapore, Port Swetten- ham, Madras, Colombo, Bombay, Karachi, Khor ramshahr, Basrah, Kuwait & Bahrein,

(LIMITED FÄSSENGER ACCOMMODATION). (Accepting cargo for transhipment Kobg/Pusan; and: Hobe/Okinawa)

EVERITT STEAMSHIP CORPORATION S/A

· ([dcorporated in, the Repibile pt, Panama

Chinese Departments, Telephone 28293. Queen's Building, Talephone. 31204,

Lene Star Cement Co.

Manools Min

872

Mentsemary Ward

7011

National Crah Rezister" "A"

4012

Nations Distillers

2019

National Lent

New York Central

Otis Elevarleg

Profic Gas & Elbetrie

Pacing Western Oil

Pan American Mirways

Primant Pictures

Philips Petroleum

Pittsburgh Plate Glade

Rasito Corporation

Reo Mriton

Republic Steel

Shell O Co.

Sinclair, D}}

* Socony Vacuum

Bouthern Railway (Coin.)

Standard 'Brands ....

Westinghouse. Electric

Woolworth