TRADE and
THE CHINA MAIL TUESDAY, MARCH 22, 1955.
COMMERCE SECTION
AMERICAN ECONOMY
NEW YORK STOCK
MARKET
Brisk Shakeout
New York. Mar. 21.
The stock market pync- tuated its spell of routinej trading with a brisk shake- out at the close today that! cut prices a point or more inį many issues.
The decline was pared nearly $1,000,000,000
«market from
valuations which had been
sharp break.
Business Confidence Strengthened
Despite Stocks Inquiry
By JOHN MORKA
New York, Mar. 21.
Business confidence strengthened considerably in the United States last week.
Skittish stock market prices gave indications of stabilising.
no signs of building up after last Monday's Americans still had a lot of money to spend and gave
retrenching. Production continued to boom.
There was more talk of prodis, being turned out at peak rates. remains high and dividends last week and Steel production less of a slump. And above all," with many steel users reportedly
áradi Government
business unable to get deliveries on orders
The move was seen as largely techinical in nature and did not involve
any pressured selling.
Trading, a dull affair through- cut most of the session as prices fluctuated narrowly either way, did not increase appreciably, on the downturn, Turnover for the day
totalled 2,020,000 shares. Industrial shares lost $2.35 points on average, pulled down ty losses of nearly three points
Bethlehem Stecti in
among
others.
Rails were down 1.06 points an average with loses ranging to ukines: 2 points in Atlantic Coast Line, around a point in Baltimore and Ohio, Canadian Pacids.
ཧཱུྃ་
COPPERS
Cupper stocks, features a one time with gains ranging
to 2 end 3 points, en prompeets for a price increase because ci a shortage of the metal. They fared badly in the sell-off, how ever. Only Magna. Inspiration Copper and Anaconda held small gains,
con-
General Dynamics, a sistent strong feature, added more than a point in the day's
most
Most active turnover. other aircrafls were lower-2 points in Boeing, 14 in United Aircraft, 11⁄2 Douglas,
Oils were mostly lower, with Texas Gulf Producing falling more than 2 points, Roya, Dutch more than a point"
Of a total 1,189 issues traded, 628 declined, 336 advanced.
The New York Stock Ex- change bond volunte $2,712,000,
Egyptian Cotton leaders talked of confidence in to replace dwindling inventorier.
Exports
Washington, Mar. 21. Egyptian cotton exports durin the months of August to December, 1954,
421.000. amounted
bales (500 lbs gross) or 28 per cent below exports in the corresponding months of the previous year, the Agriculture Department reported today. — United Press.
Japanese Misleading
Markings
*
Glasgow, Mar. 21. Mr J. Douglas Hood, Vice- President of the Scottish Wool- len Manufacturers Association, said here tonight that increased Japanese competition was "certainly not affecting" Scottish tweed experts
future.
American business
All this in sharp contrast to the measure of gloum which set
the week
before in the
as stock prices sagged under the heaviest
off sell
About 23 years. Ab $7,000,000,000 in market valua tions were sliced off in the week.
Another $3,000,000,000 dropped in Monday's trading as the Fulbright investigation
boom the market
gathered Some blamed the momentum, negative market behaviour in part on the Senatorial investiga- tion.
. MADE UP
of
above
ELSEWHERE "
27
Jardines Buy
John Little Co.
London, Mar. 21.-
The offer for the whole of the £175,000 ordinary stock of John" Little and Company
Limited, made
www
by Matheson and Company Limited, merchants and merchant bankers. been accepted by 39 per cent of the former's stock- Bolders.
The offer was made on behalf of Jardine, Mathem son and Company Limited.
Stu of Hongkong, and
· Pore · associates.
The offer was silil eon- diffonal on consent of the to transfer of
Treasury
management and
control
of the company to Singa-.. pory and for acquisition of contral by persons resident outside the United King- dom-China Mail Specläl.
World Cotton Markets
New York, Mar. 21. Cotton futures. today steadied following an open- ing price nose-dive which › Corporates plant spending is
sent the market down al- expected to total about million this year, one per cent most $1.25 a bale..
'weekend Accumulated Jast year's volume. It
liquidation, credited largely to Orleans could mean a lot of jobs.
Memphis and New Further, there was affirmation brokers plus the usual bedge of the business pick up from the selling and liquidation plumeted prices to the lowest Federal Reserve Board's index opering
week in a of industrial production for the levels month of February.
Selling for southern accounts, which coincided with a weak situation In the grain markets, was estimated at around 70,000 bales, mostly in the nearby Dsitions.
However, despite these favour able developments, Wall Streeters are ready to watch the Fulbright investigation results in guessing the
future merket behaviour. How the market will. turn is anybody's guess, of
But the day's loss was more than made up in the succeeding two days activity, bolstered in part by excellent business cOLITSE. news and favourable earning
Some people now hope things reports and prospects.
Observers attributed the rise will quieten down, somehow.
of the
Yalta The disclosure in confidence to
host of
the Fulbright developments including the papers pushed following
probe off the front pages on 1. President Eisenhower's Press helped to
Thursday
That, Wall Streeters alter market conference statement that theychology in a more favourable conduct of US stock markets ap- pears on the whole to be very direction. satisfactory.
3
still cam bo a testimony to 2. Assurances by Mr Willinen Financial observers here said
bows and McChesney Martin Jr, Chairman the 1929
}:
many
of the Federal Reserve Board anticipated in the near future. that there was little chance the How will that test be met may raise the present help determine what is ahead for Board would margin requirement of 60 per the market for some months, it
ie held cent or stock purchases to 100 Mr Hood said one of the per cent. Some witnesses at the grievances of the Scottish tweed Fulbright hearing have urged a industry was over the Japanese rise in the margin rate to curb The American Stock Exchange practice of producing misleading what they felt was Over volume was 840,000 shares,
markings such as "Made in speculation. Dow-Jones closing averages
Scotland." on Wall Street today were as follows:
30 Industrials .....
20 rails
15 lies
65 Flocks
40 bondsmen
Comm. future price index
YESTERDAY'S PRICES
Alden Inc. Acy,
Ated Chemicals
A Chalmers
American Arbe American Metal American Smelting American Tel & Tai American Tobacco "B"
Anaconda Copper Annco Steel Armour
Balwin-Luna-Hamilton
Baltimore & Ohio
Bendix Aviation Corp
Benguet Cons.
Bethlehem Steel
Boeing Airplane
Canadian Pacine Railway
Case ( Co. Chase National Bank Chile Copper Chryslse Motors Commercial Credit Comunenwealth Elec. Consolidated Edison. Continental Steel Corz Prxducts
Craze Co...
Cuban American Sugar CUs Wright
Dupont de Nemours
Eastman Kodak
General Electric
General Foods
General Motors
Gillette Safety Razor
Goodrich (B. F.) Co.
Goodyear Tire & Rub Homstake Mining Co. International
Machines
tarvistes
Internationa} International Nickel International Paper International Tel & Tel.
John-Marvile Co.
Kent Coppe
· Lockheed Aircraf
Leows IncoYD.
Lone Star Cement Co
Minnesota. Minkag
Montfomery Ward National Cash Register National Distiller
National Lend
New York Cezabral
Ott
leva
Pacific Ga
Electric
Packle Western Ou
Pan American Airways Paramount Pictures
Philips Petroleum
Pittsburgh Plate Cinos,
Radio Corporaction.
Reo Matory...
Repubbe Steel
Shell Oil Co.
Sinclair O
Bocony Vacuum ... Southern Hallway (Com.) Standard Brands ARKAS Standard Oil of California. Standard Oil of Indiana Standard Oil of New Jer Stokley-Van Carp. Studebaker-Packard Corp.
Union Carbide
Valon Pacific Railway
United Gas, Imp
U.S.. GypsumDI
US. Line Co.
U.B.: Rubber.....
United States Singling
US Steel
Warder ErDES DA
Westinghouse Flectric. Woolworth
was
402.40
There is nothing illegal about that sort of thing but it is of 145 course extremely misleading,"
63.38 (he added.
150.10 29.70
255.25
205%
481
"Happily it does not affect our American siles although it has
3.
HONGKONG
STOCK EXCHANGE
the
(From Our Correspondent),
Business dane ON Hongkong Stock Exchange "this morning amounted to $743,284.60. Noon
the quotations, and morning's transactions;
SHARES BUTERS SELLERS SALES
HK Back
GOVT, LOANS
2
316 (1903)
BANKS
1570
20,000 3
1883 20 1000
@ 4011⁄2
East. Aste INSURANCES
Triton Lombard
DOCKS, ETC.
K. What Dock
Provident (0)
x An -Wheelock
3000
4000
2000
1000
LAND, ETC.
HK Hotel XD 11.80 16.70 2000
1415
-100-
16,80
1000
$1000
HX Land XD 683 ST Good
64 114
17,000
-150 €. 221
2.0346 2,00
Humphreys
Realty TELAITES
טX הרי ידT
...20.60 20.80 1300
Star Ferry
Youmot Ferry's
Elec.
144
C. Light (0) 18.10 18.40 500 C. Light (1440-14.50 Flectric
354 36% Macao Telephone
XD
32 321 3000 INDUSTRIALS
Cement X AL 28.70 20.90 300
STORIS, EX.
Dim
(2)
500
22.40 2.80 100
88 888888
G$
BEFES
Page
P&O B.I. E&A
COMPANIES
PENINSULAR & ORIENTAL SIN. CO.
PASSENGER/FREIGHT SERVICE.
Outwards
"CANTON"
"CHUSAN”
Leaven London This Hangkone
"CARTHAGEN 30th March "CORFU
27th Apr
40 April
16th April
and May
3th May
Via Southampton, Port Said, Aden, Bombay, (lamba,
Penang & Singapore
Flamewards
"CANTON"
Learen Hongkong. Due Landen
- 8th April
*"CHUSAN** ..nd Mag
- "CARTHAGE" 8th May
"CORFU”
3rd June
9th Mar
30th May
8th June
5th July
Via Singapore, Penang, Colombo, Bombay, Aden,
Port Said & Londen "
Also calls Marseilles...
11
FREIGHT SERVICE
"SHILLONG"- due ith Apr. from UK & Strai
loads 8th Apr. for Kobe & Yokohama loads.14/15th Apr for S'pore, F. Swetten.
"SURAT
ham Pemang, Colombo, Aden Part Said, Genoe Marselles, ESTO, LOD- don, Antwerp, Botter- dam & Hamburg,
“SCĂDĂ“・ due 25th Apr. from U. & Straits
1010s 26th Apr. for Kobe & Yokohama With liberty to call at Belawan before or after Straits Ports and at Bombay if, indurement offers. Tanks available for carriage of Oil in Bulk. Space for refrigerated cargo. Limited Passenger sccommodation
BRITISH INDIA, S.N. CO., LTD.
que 24th Mar. from Japan sails 20th Mar. for Singapore, Persang..
Rangoon Calcutta
"SANGOLA”
"SANTHIA" due 28th Mar, from Calcutta, Rangon
& Straits salis 29th Mar, for, Japass
"WARLA"
due 10th Apr. from Japan
sails 11th Apr. for Singapore. Razgaon,
Calcutta & Chittagong
.
P. & Q./B. I. JOINT SERVICE
due 2nd Mar from Kakinada, Madras
& Singapore salla 23rd Mar, for Japan Aue 8th Mar, from Japan'. salls 29th Mar.
"ORMARA"
"OKHLA"
Textiles Nexgang
EL20 E.D
Arked
4,80
"OBRA"
due
Our Apr. ails 7th Apr.
Before the first hour elapsed. however, the excitement died down and the market irregular-ATONS ly retraced a good part of the lost ground on covering opera- tions and technical replacement demand.
Farm legislation uncertainties and nervousness over the Gov- ernment policy on the sale of surplus cotton stocks to foreign countries, also accounted for early selling. traders thought
World Rubber Markets
Singapore, Mar. 21. rubber market. QUALI
110
The steadier Future closings:
short covering,
No. 1 rubber per lb.
April
May
June 13, No. 2 rubber per ib. April.
per Apr Spot rubber unbaled No. 3 rubber per b. April
Blanket grepe No. 1 pale crepa
House farm bloc leaders de- cided to postpone a floor show- down until mid-April on the question of reviving mandatory for a £0 per cent supports three-year period on six basis commodities.
The final official estimate on STUDY INFORMATION
ginnings from the 1954 crop
in There is less than a week or had no apparent market
out-turn of 13,- Senate public.
hearings on the fluence. The market still scheduled and then 594,166 bales proved to be only Demand by Republican Committee goes
Into closed slightly higher than the Senator
Homer Capehart that
in its final crop government the Fulbright Committee and its session to study what it has 569,000 bales estimated by the
learned. probe of stock prices, and Meanwhile public comment on fepor: last December 8.
Trading volumes and open warning" by Secretary
Mr
Mthe probe remains George
generally
-to- Treasury,
guarded and mixed. The New interests in the Exchange Humphrey, that the investigaYork Herald Tribune. "In the day were: tion might be undermining the
Volume Open interest | Mar.
4,300 economy by damaging the coinquiry to date there has been onth
little evidence adverse to the May
33,500 ** 836,700 855.500 July market, even though the future
294.900 course of the committee might t
Dec. result in more harm than good." Mar. Mr Humphrey stressed the Mr Ralph Hendershot, Finan-May
of conâdent cial Editor importance
the of New York July America to a strong economy. World Telegram and Sur, said Confidence, he said, or the lack in his column: The people are of it, has more to do with con-convinced that he (Fulbright) duct
as follows: of investors, businessmen has done his best to inject a the great mass of and the
the
strong role of distrust of the
in
May handling of
July added
OFE the break in the of the
said. people example,
he noted. But, he noted that Fulbright probe from are inclined to link the market DW on is no longer a "financial drop with his committee in their thinking,, right or wrong, and seminar."
red-hot political for this he must share part of observed. If the the responsibility. continues to drop.
a marked effect in the Southfidence of the people.. American countries and in the Middle
Mail East.”—China Special,
Gas Co. Office
Transferred
To Hongkong
Mr G. E. Marden, Chairmanı of the Hongkong and China Gas
403% Co. Ltd announced today that
理
telegraphic advice had been re-
IMPORTANCE STRESSED
He
that
generally than any single thing" market his
"Some observers see in Mrwitnesses, as not been entirely Humphrey's statements the. start Fulbright
to blame for of an administration campaign calculated to calm public fears stock market. of a business selback. The Wall witnesses are Street Journal, for
IL'S
it Issue,"
ceived from London that H. M.market
18% Treasury has approved the trans- Republicans -cartTM readily
21 fer of residence of the Hongkong blame the Fulbright investiga-
164P
sa and China Gag Co. Ltd from 4944 the U.K. to Hongkong.
3
London Foreign Exchange
24New York
20
Montreal
MOG Amsterdam
Erugel 18% Copenhagen
Paris
9214
Stocklet's
West Marks
Other Press
221
Zurich
London. Mar. 21,
2.79-2.706/16
OTHER COMMENTS
The New York Post: “By any Mr Fulbright-and many prevailing tion.
standard of Con- agree with him-denies that his gressional inquiry, Sen. Ful probe him caused the market sell bright's stock market investiga off.
tion has been a model of sobriety and intelligence."
The Wall Street Journal: "A exchange....function of ding a market for capital
Total
LONDON
0212-9112
The market was easier. Prices closed today in pence per bo
as follows:
No.1 spot Ra
20.500
8,700
226400
4.900
-130,300
8.300 135,100
11.600 Miy
܂
Settlement house term:
April
113.500 2.494,300 bales June,
NEW YORK
Prices of futures closed today Oct./Dec.
Spot
Det
Har
May **July
Apri/June July/Sept.
Jan./Mar
General markets, cif basi
-34.350
March
33.74-75 April
34.03-04 May
14.03
Estate crepa
34.12-14 Estate crepe
34.12 3423
NEW ORLEANS Prices of futures closed today as follows:
Spot
May
July
Det
Mar.
May
July
33.75 13.72
34.01-02.
SAO PAULO Future closings, in cruzeiros per kilo were as follows
May
الفات
October
December
28.80 30,10
Ing the United States. The average of 15/16 middling cotton
thick. Aprii
rubber.
thin Apri The NY and Amsterdam. prices were not received.—United Pregt.
New York Sugar Market
New York, Mar, 21. World No... 4 sugar futures closed today imchanged · sales of 184 contracts,
with
Domestic No. 6 sugar futures closed today unchanged to one point higher with sales of 90: contracts.
Both marketa ruled quiet with
Futures:
PREVIOUS STATEMENTS The Wall Street Journal re-stock called that in 1953, when a providing a business decline threatened, Mr 1s a vital one which can be in at ten designated spot markets the undertone steady in com- Humphrey and
lear wher Admin-jured only by doing injury to was 33.68 cerita. Saler at these pany 2.74 15/16-2.75 1/13 stration
- Including There is some argument Frealdent Elsenhower issued Innumerable statements attesting to the sound
of the status of Party
10.82%-19.82%
139.35-139.00
19.30%-19.39%
14.5444-24.54%
87624-977
11.79-11-192
122712-12-274.
the country.
centres totalled 4,824 bales.
The Liverpool cotton prices received, United whether this bearing is accom-wee plishing anything. It seems to Press. us that it will indeed accomplish
opposition Denhower in his something it before it is over,
President
this lesson has somehow been
were unchanged--United Press conference sounded an earned." United Press.
optimistic note. Secretary of Commerce, Mr Sinclair Weeks, |-·
something to have say along these lines also, the firemcial dally predicted.
Supplementing these political financial the pronouncements, coterie and the swaying stock New York, Mer. market derived strength from 1.1 19/32 favourable business develop- 1208-27)
ments,
particularly in three Tales were of
major segments of the economy. autos, construction and steel.
New York Foreign
Exchange
Canada Dagland-trollcal
Canadian received. Umited Prats.
dollar
Railway Deficit
STRIKE THREAT
BROKERS
RULES
Paris, Mar. 21. The Brokers" - Association which manages the unofficial market "courtier market
here has issued new About the only uncertainty in governing prices the gloture is in the auto Under these new
cent limit imposed Andustry, where there is a threat the ten
Tot be per longer be ap oc strike. If there is a pro- generally
basic plied to arbitruge stocks when longed strike in this
compareign,
not
Exchange Rates
with the rare market.
Contract No. 4 (world)
May JUNY
September
May
Spot-(cents per ib. fob Cuba)
Contract No...6
Burers
was done in the local
market unofficialə coxchange morning at the following extenz U.S. dolar (ber $1)
May July
September
$5.2
November
Manch
Indonesian Tubiah (297
*14.85
May
Slám ticals (per 100)
21.70
Singapore. (Strafts)
180
Spot-(cents per 1b.
ex-duty)
Indo-China plastres (per 100);
947
Sterling noter (per,
MESSAGERIES MARITIMES
P.O. Box 53, Queen's Building A Tel: 26831,
FAST FÄSSENGER/FREIGHT SERVICE
Balling Apr. 9th- sailing May 20th
VIETNAM CAMBODGE"
FAST FREIGHT SERVICE ®
Ottawa, Maz The Canadian National Rail- 7414 way today reported a net deficit
In 1954 of $23,758,008 after the dustry, all segments would fluctuations sherpest revenue slump in its suffer Autos are the biggest home noted or the
they are consumers of steel, for instance. thankets on which
Construction continuero qually traded. Other rules boom. Housing stocks la concern procedure. If there LANADIE February, rose 20 per cent above no counterpart to offers or de-MEINAM the year-azo level. Aixos are mand China: Mail Special 1:
History and the deepest cut in expenses since 1932
It reported operating revenues were down by $50,000,000. United Press.
sailing Mar. 27th sailing Apr. 21st
for Singapore. Culembo, Karachi Basrah, Khor ramshahr &e Kitwait.
from Japan
for Singapore. Penang, .Colombo, Banbay
Karachi
ام
EASTERN & AUSTRALIAN:S,S. CO., LTD,
"NANKIN"
"NANKIN"
due rd Mar. from Australia.
sails 24th Mar, for Japan
duo 19th Apr. from Japan. salli 2011 Apt. for Sundakan, Brisbagie. Sydney, Melbourne Sc Adelaide
All vessels have liberty to call at any ports on of off the route & the route & 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.
EVERETT
LINES
EVERETT ORIENT LINE
Fast regular freight refrigerator --- to Korea, Japan, passenger service Philippines, Indo-China, Siam, Malaya,
Calcutta and Chittagong, J Rangoon, "NOREVERETT"
In Port Loading Sails -
Mar. 23, for
Singapore, Penang Chittagong
Rangoon,
Calcutta.
"LENEVERETT"
Arrives Sails
Mar. 88 from Singapore. Mar, 28 for Kobe & Yokohama, (Accepting cargo for transhipment Kobe/Pusan and Kobe/Okinawa)
EVERETT STAR LINE
Fast regular treight refrigeratob. ́service. Japan, Malaya, Colombo, Bombay, Karachi and
Persian Gulf.” - (Subject to inducement for direct call Korea)
"STAR BETELGEUSE”
Arrives Mar, 24 from Japan,
Salls
"THAI"
Arrives
Sails
Mar. 25 for Singapore, Port Swetten- ham, Madras, Colombo, Khor- Bombay, Karachi, ramshahr, Basrah, Kuwait & Babrcia.
Apr 13 (from Singapore
Apr. 14 for Kobe & Yokohama, (LIMITED FASSENGER ACCOMMODATION) (Accepting carzo for traziskilument“ Kobe/Pusan and Kobe/Okinawa)
EVERETT STEAMSHIP CORPORATION S/A (Incorporated_in_she_Broubise of Panang
Chinese Department: Tolephone 28293, Queen's Building, Telephone 31206.
"
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