1955-07-12 — Page 9

TRADE and

THE CHINA MAIL, TUESDAY, JULY 12, 1955.

COMMERCE SECTION

NEW YORK AMERICAN ECONOMY

STOCK MARKET

New York, July 11.

A handful of wide-moving) individual favourites enliven- higher, moderately active stock market session today.

ed

The list generally featured gains up to a point or so, but these, combined with one or two big riscs, were sufficient to put industrial locks up 3.00 points on average and to lift rails 1,56.

Steel Bethlehem lender, rising more than 3 points. Chrysler ran up nearly 2 points, and Lion Oil featured

was ↓

with む

Kain of almost 5 points on the day,

New York Central was the soaring pace-setter in rails.

more than 4 points in active trading.

UNITED UP

United Airlines sparked its! group with a rise of more than

2 points.

ap-

Of a total 1,202 issues pearing on the tapt, there were 698 higher, 375 lower,

Scara Roebuck noveri up

early dealings i sharply in anticipation of a stock split to 10- come at a directors' meeting morrow, but realising pared the gain and the stock closed lower.

Turnover fell a bit below the

General Motors Stock Split Sets Off

Wave Of Speculation

By JOHN MORKA

New York, July 11.

The dramatic three-for-one stock split announced last week by General Motors Corporation easily overshadowed developments in the financial community.

The stock proposal by the world's biggest industrial enterprise took the US business world by surprise and diverted attention on the flood of stock split rumours which have been circulating through the financial district in recent weeks.

Friday, pace, tatalling 2,420.00 World Rubber

shares, 'compared with 2,450,000.

Standard Gas and Electric took top spot as the day's most active Issue, thanks to a 540,000 share block. It dipped to 94.

New York Stock Exchange bond volume was $4,570,000,

American

Market's

Singapore, July 11.

The rubber market was very steady en good demand for

Stock Exchange lower grades from consuning

Volume was 840,000 shares,

ecnires especially No. 3 Rs.

Dow Jones closing averages Future closings were:

were:

30 industrials

484.24

No. 1 rubber per ib.

20 rails

130.21

July

15 uities

4.2

AUR

63 Blocks

167.30

Sept

40 bonds

00.34

No. 2 rubber per 1b.

Comm. future price tadex

155.81

July

CLORING PRICES

No. rubber per 1.

Allied Chemicals

July

Allied Mills Inc.

367

No. 4 rubber per 1b.

Allis Chalmers

724

July

American Airline

Spot rubber unbaled

American Cyanamido Co.

GHEN

Blanket crepa

Am. Machi, & F dry.

201

No, pale crepe

American Metal

60

American Smelling

01

Am. Sugar Ref.

По

1831

GO

70

4319-

isa

1316

American Tel & Tei

American Tab. "U"

Anaconda Copper Armco Steel Arnour

Dalwin Lima-llamı, Baltimore & Oilo

Denguet Cons.

Bethlehem Steel

Boeing Airplane

Borden (The) Co.

Burroughs Add Machine

Canadian Pacifle R.

Case (J. 1.) Co.

C. L. T. Financial Corp.

Cal. Tractor

Celanese Cork Chase Manhat. Chrysler Motors Colgate Palmolive Co. Cotümercial Credit Commonwealth Elec. Consolidated Edison

• Continental Breol

Cora Products

Overnight the value of General | pared with the 1953 record of Motory common stock increased 1,338,000 tons; textiles are im- shoes by more than $1,300,000,000 and proving leather and helped lift industrial stack-nver- should improve by at least five half The Dow per cent over the first nges to new highs. Jones Industrial average on autos and truck production will Wednesday when General probably net new records for the Motors traded overnigà news year,

on the proposed stock split spurted to 467.41. un 7.99 point on the day. This was the widest Rain a single ssion since September, 1939.

Stackhokiers will be aged 15 sanction the stock split at a special meeting in September. But meanwhile, the proposal has 110-1302uched off what is expected to be the biggest second half record for slock history In Anoneist splits.

123-123!4

unquated

113-116

1001%-100% -204-205 12433-124% D-BBS 123-124

NEW YORK Futures today closed 125 to 203 points higher with sales of 202 contracts.

The future market moved 49 higher in line with renewed 151 sharp advances at London and 043% Singapore. Trading was mostly 601 speculative.

Most of the con- traels hit new ilfe-of-contract 16 bighs.

SAVES MONEY

Ordinarily stock spills

come In the first hait. That method be- saves corporations money cause it isn't necessary to enl a 'special meeting of holders to vote on the split. It done at the regular can be meeting of stockholders,

stock-

Javourable fn ne with this

the

by report prospect Secretary of Labour Mr Jamnes. P. Mitchell that US employ- tment hit a new record in June.

Unemployment, he added, in- creased "much less than usual at this time of year. Mr MH- chell said the employment in- crease reflects increases in all kinds of work-farm, industrial and trade. He added that all in-all 1955 should be a "record year" for American workers.

And construction continues

records to run up new

also. June outlays were seven per cent higher than in May. Total private construction amounted

a peak Lo $2,000,000,000 in June, for the second month in a row. the first half of the year, For

outlays were 14 per construction cent higher than

In the same period of 1954. Private *con-

$13,750, struction outlays, at 000,000, were

cont 20 per higher while pubile construction spendings, at $5,304,000,000 re- themained at about the same level Fol for some as in the first half of 1054.

Stand-

Meanwhile, the 460 million

has set oft 071 year wage boost granted by the steel Industry

more

Companies generally spilt their stock for one purpose: to increase the number of stuck- holders. Spitting the stock not only makes the stock plentiful, but cheaper as well.

Some observers think Physical and consumer offer- ground has been

further stock-splitting. ings were..light............

ard-and-Poore taking note of this situation, pointed out there the second half because

many corporations are eager to pr pare the ground for new equity financing. Hence, Standard says, the chances are an unusually large number of split ups will be aeled on in the second half of the year,

in

Dollar Prospects

Favourable

New York, July 11. Prospects are favourable For additional rains of dollars by the rest of the world, and further pro- spess towards lowering of international trade barriers The eenvertibility of free world's

major currencies may bo ex- pected, the Federal Ro- serve Bank of New York вдум.

and

in

Several factors are ciled

(ho - Bank'. monthly review

latest credit and business as reasons for expecting continued moder- ate increases in the dollar holdings of foreign coun- tries.

They include the prob able Effect of the recent recovery movement in the which economy,

U6

of

promised to stimulate

dollars payments foreigners for imports: the restrictive monetary med sures recently adopted by many countries and the probable continuing supply of dollars provided to foreigners by US military spending abroad,—Ohlins Mail Special,

HONGKONG

STOCK EXCHANGE

(From Our Correspondent)

Busincs done on the Hang- kong Stock Exchange this morn- ing amounted to $893,573.60. Neon quotations and the mora- ing's transactions:

SHARES GUVĒRA BELLERS SALES

BANKS

ILK Bank .. 1783 1000

INSURANCES

Union

1000

Lombard .... 5415 14

DOCKS, ETC.

K. Wharf Dock

to #7.20

Provident

101703 421800 40 mm 1700

cr'1200

(old)

.... 147 14.00 1000 (14.00 Wheelock... 8.84 8,00

14

LAND, ETC.

HK Hotel

17 17.30 14X Lond. 134 2.000 F 72 Humphreys 18.30

1900 18,70 Really 2.5219 3.3713 20,000 kg 1.33

UTILITIES

Team

2423.39 400 or 24.107 Yi Furry 420 121 730 4 120 C. Light (0) 21.00 22:3400 21.80 1000 21.90

C. 74ght (N) 17.20) 172 17.30 Electric

42 421 20243 1100 6 42 3115 342 2000 or 3415

500 or 34

Telephone

INDUSTRIALS

Cement

Ropn

321 34 .....17.20 STORES, ETC.

Dairy

1500 4 11.30

Watoon

22.00 23 300 a 22.10

14 14.40 1000 a 13.20 Crawford 314

Textiles... 0.10 Nanyang

0.05

COTTONS

Page

P&O B.I. E&A

COMPANIES

PENINSULAR 'G ORIENTAL S.N, CO,

PASSENGER/FREIGHT SERVICE

Ontwachte "CARTHAGE" “CORFI"""

"CANTON"

Leaves London Bun tongkong Naked

2014 July

17th August

"CARTHAGE” 141) September

250, July

43rd August

Polis · Roptember

32011 October

Via Routhampton, Port Buld, Aden, Bombay, Colombo,

Penang & Singapore

Monowarda "CARTHAGE"

"CORFU"

"CANTON"

"CARTHAGE"

Leaves Hongkong Dus London

2011 July

27th August

23rd September

21st

October

29th August

27th Reptember

24th October 211 November

Via Singapore, Penang, Calamba, Fombay, Aden, Port Bald à London

FREIGHT SERVICE

"SINGAPORE“due 22nd July from UK.

"SOMALI"

loade 33rd July for Kobe & Yokohama lines 27/2861s July for Spore, P. Swetten» ham, Penob Aden. Part Bald: Genea Marseilles, flavre, Lon- don, Antwerp, totter- dat & Hamburg

With Uberly to call at Belawan bafoto de aftes Strate Ports and at flombay if induerment offers.

Tanks available for carriage of Oil' In Bulk. Space for refrigerated cargo. Limited Passenger accommodation

++

BRITISH INDIA S.N. CO., LTD.

"SIRDHANA” dhe “2nd July frou Japan

salis 23rd July

for Singapore, Penang. Rangoon Calcutta

"SANGOLA”- due 26th July, from Calcutta, Bangoon

&Siralts sails 27th July for Japan

der 7th Aug. from Japan

0.14

"EULTALA"

THO 300 3.10

1130 0.00 4000 K ...... 5.00 £5.70 1000 m2 4.03

World Cotton MISCELLANEOUS

+

Markets

New York, July 11. Collon futures moved irregu- Iarly today in moderate dealings

Yongtszo... 0.03

Allied

Singapore

The list closed eight points Stock Market

higher, Opened four lower to one higher. New Orleans closed to one higher. New Orleans closed six lower to six higher,

Trading was quiet at the opening as routine mill buying absorbed some early hedging Grande Valley, from the Rio

Dealings Increased toward noon, however, on evening-up operations in nearby October and December. The deferred months held steady on replace- ment buying by traders who cold July.

Singapore, July 12. Brokers today dupied the fol- lowing stock prices!

<ails Bin Aug, for Singapore, Rangoon

& ChittagoDE

P. & 0./B. I. JOINT SERVICE

"OKHLA"

dur 13th July

sails 1411 July

"OLINDA"

de 16th July kalle 17th July

from Karnehl & Bombay etc.

for Japan

from Japan

for Singapore,

Madras.

Karachi, Basti, Khor- camshafir & Kuwait

EASTERN & AUSTRALIAN ́S.S. CO., LTD.

ue 3 30ly salis na Aur

die 19th Aug, salis 2005 Aug

from Australis & Jepan Discharges only

from Austrija fur Japan

from Japan

for Sandakan.

Habaul, Brisbane, Sydney, Mol- bourne & Adelälde

All vessels have liberty to call at any poris on or off the rosie & the route & sailing' are subject to change or amendment with or without notice.

July 12 Openlug Batu Lintang Rubber Co.

Lid.

$1.35 British Dornco Petroleum

43/6 Syndicate

Tin Consolidated

Smelters

34/34 Ord. Fraser & Neave Lidð.

$1.73 Lid. On!. Fraser & Neave Lld. 71550

cuin. pret ........

$055 Hongkong Shanghal Bank-

"NANKIN"

"EASTERN"

"NANKIN"

1a Port

Hungkong Tin Lid,

ing Corp. **********

7/10d

Kempas Ltd.

$1.02

New Berandah Rubber Co,

Lid,

Lunas Rubber Estates Ltd. £1.18 Malayan Breweries

$3.40

$1.851

Petaling Tin Lid, itamfies itotel

$4,55

$2.34

at

Singapore Cold Storage

$1.50

Ltd.

$20.00

$22.63

$14.00

$13.00

$2.12

xded-China Mali Special.

The market was fairly active throughout the afternoon but held at their mid-day levels.

Aguin there were no July

notices issued transterable

In the spot market, smoked ribbed sheets No. 1 were quot- may be a new twist this year recompanying rise in the price New York, with the expira-South British Insurance Co.

cents u

ed up 14 cents at 30 pound. Futures:

Crown Zellerbach

Crane Co *****

Sept,

Dec.

Cuban Amer, Sugar

1816

Mnr.

Curlin Wright

May

Diamond Alkali

4322

July

Dow Chemical

671

Sept.

Dupont de Nemours

234

Eastman Kotak

Erie Hallrowd

General Electric

General Foods

Family, Finance Corp.

General Motors

Gen. Pub. Uti.

Homaine.Mining Co.

LONDON

39.40

38.05-10

38.60

$4.45

34.40

33.47

The market closed higher with No. 1 spot Rss quoted at 372 pence per lb. Prices: Seutleinent houro term:

Straits Trading Straits Steamship

United Engineers Ord. Wearne Bros.

effects on cotton yields. New York Sugar

of steel. United States steel set tion date only two days away. the pattern for the Industry A total of only 17 have been

st

week with ኮን average issued to date, boost of 7.50 a ton. In some

With The Government cotton types of steel, the rise will be acreage report row out of the aldut twice as much. Steel

way interest is focused more users, some of whom will try to directly on the weather and its absorb the added costs, will on the costs

Should thu output be 2 these nes most likely pass Proposals along

down the line to consumers. secret.

normal average of 300 pounds garded are generally

PRODUCTION LOSS

an acre, the crop will be about ibs But the move by GM has re-

10,257,000 bules of 500 sparked interest and speculation

Last about some other split possi-

it was estimated. Meanwhile the loss of pro- cach, duction bilities.

due to the shortlived year's crop was 13,870,000 bales strike the week

the 1943-52 average was befor has and dampened all industry hopes of 10,405,000 bales,

Trading volume and open in- ever bringing production in line with the terrifle demand which terest in the

Exchange today shows no sign of abating. Even were:

accord

Month steel ing to Iron Age

July consumers know they were in Oct. for a bad time over the balance Investors of the yest. Consumer

tories are short now. Many The market was armer. Prices moved into the second half of eksed today

in guilders per 1955 in a happy frame of mind, firms have been forced to buy averages, to tide them over until ges, emergency tonnages from ware- by the Measured kilogramme. elf, July 45 follows:

prices have improved in 14 of hous mill fast 18 months. This fave

Gilletto Safety Razor

701

Glidden Co,

40

AUR.

#4

Goodrich (B.F.) Co.

Bept,

Goodyear Tire

Oct./Dec.

Heyden Chemical

10th

Jan./Mar.

37%

Apr./June

Ingersoll-Ron!*

Inland Steel Co.

77% July

Interchenical Corp...

4215

AUR.

Int'l Business Machines

427

Sept.

Int Harvester

International Nickel

International Papor

Int'l Tel. & Tel

John-Marwile Co.

Kansas C. Power & Light Kemmwcoll Copper

Liggett Meyer Tob. Co. Lockheed Aircraft Loews Incorp.

Lone Star Cement Co. Lowenstein & Bons Meant Iron Corp. Minnesota Mining Mission Developincat Monsanto Chemical Co. Montgomery Ward National Cash Reg. "A National Distillers National Lood

National Steel Comp. New York Central...

Oin Mathieson

Otis Elevators

Owen Illinois Gisee

09

Pacific Gas & Hine.

Pacific Western Oil

4336

Pan Amarican Airways

IDI

Paramount Pictures

407%

Parke Davis Co.

TE

Penny J. C. Ca.

Penn. Balt Co.

Philip Morris S

Philips Petroleum Procter & Gamble

Pittsburgh Plate Gike

Panicker Industries Pure Oll

Hadio Corporation

Keo MotorS Republic Steel

Reynaldi Motal

Shell Oil Co.

101

20

40

DOLL

18

aid

3072-37 3320-357% 3316-3324 318-31 20%- 3349-34 3412-35 3415-35

35%

General markets, cif basis, poris:

Estate compe thick July

thi AMSTERDAM

No. 1 rubber

No. 1 rubber No. 3 rubber

No. 1 crepe

Thro Include

Bethlehem

Her- Steel, Chrysler, Du Poot, cules Power, Sears Roebuck, Standartt

and of Califorint Texas Co. These issues all re- acted strongly to the General Motors rise of 143% on nesday's trading.

Thus,

the

American

Wed-

without the Me

tor

Volume Open interest

22,000 182,200.

NEW YORK

Market

New York, July 11. World No. 4 Hugar futures one point lower closed today with sales of 102 contracts.

Domestic No. 6 sugar futures were unchanged to

one point higher with sales of 220 contracts,

World futures trading ་་་ dull today. It was reported that Iran has postponed its scheduler buying of sugar, 1

Domestic futures were up slightly with all the activity in the September and November contracts. Futures;-

24,800

071,700

Dec.

20,500

075,000

en-

Mar.

15,000

210,000

* May

10.000

207.000

July

5,700

172,109

Oct,

4,800

70,000

Plec.

1,100

7,200

Total

114.500

2,108,100

deliverles arrive,

thore

of

from plies

18 the strong

steel-hungry as follows:

Contract No. 4 (world)

Oct.

Europe now enjoying one of iis biggest periods of industrial activity.

Mnr.

Spot

34.7011 May

July

13.07

July

Oct.

Dec.

Mar

MAY July

Oot

abb nom ourable trend has contributed course, 1.20 nom: Immeasurably solidifying busi-pressure being exerted on sup- 3.45 nom. pegs and investor confidence in Umiled Press.

the business future.

Another basic factor in this connection has been the strong

STOCK carnings showing by many

LONDON

MARKET

London, July 11.

Earnings reports favourable but

America's Industrial glands,

of

With many American cu panies deriving substantial profits from overseas opera

To como obtervers, the steel wage boost will spur a new programme capital Investment by the

to boost pro- industry duellen from 13 to 30 million The Journal of tons annually. Commerce, for example

In M

Prices of futures closed today | Sepi.

NEW ORLEANS

34.00

Sept.

24.20-27 Spot-feents per lb. fob Cuba)

34.28

Contract No.

343-40 AUR.

33.03

Sept.

33.04

Nov.

33.01

Mar.

May

epld

Prices of futures closed today

as follows:

in lions, the industrials boom the $7.50 average price rise will Stocks retreated on the Lon-Europe has helped no end ti don Exchange today in reduced keeping balance sheets out of more than offset the 15 cents should

July volume.

the Red. Some companies such an hour wage boost. It

Biecl provido

companies Oct. also. continued as American and Foreign power

It Pec. with additional earning?,

Mar possible obtain almost all of their car added, with a large proportion May the

The Inter- effect of the proposed 18 per ings from abroad.

of the increase expected to ba July cant coal price increase Don-national Telephone and Tele-

carmarked for plant expansion from its cent

Dec. per dustry and weakness in British graph gets 65

and Improvement. Creaole bonds Government

prompted overstas operations; 4214 caution and proft-taking. Petroleum, Paramount Pictures,

Steci shares were

and each 50 per cent; Socony Mobil, Canada, Ford of some of the leaders went down Coca-Cola,

Losses among the Standard of New Jersey, each chips

generally wero 38 per cent.

sold

28 or more. bluo around a shilling or less. im-

ELSEWHERE

Elsewhore this wook, Sucre

nt With steel now operating or near capacity, and with de mand showing

of no signs slackening appreciably, the in- dustry might find this a good lime to get on with its long- planned programme of replac

with: less efficient millis ing

Olia opened firm but ran into come heavy profit-taking. At the tory of Commerce Mr Sinclair cost-maving plants, 10% clone fractional

Baint Reg. Paper

30

Sinclair Oil HEL

69

Bocony Vacuum

201

South Porto Rico Sugar

Southbra National Cha

361%

Bouthern Railway (Coin.]

Standard Brands

20

Blenderd Oil of Cal.

perial Chemicals lost, sd.

Blandard Oil al Ind.

Blandare out of NJ.

100

Stokely-Van Camp, ...

18

Budebaker-Packard Corp.

Bwitt& Co.

TOR

CO.,

Side Water Amn, GiliSE

Union Carbida poruka

Union Pollo Hallway

„United: Aircraft

1.8. Gypsum

Franty Century Fox Film ..

1. 9. Line Co.

FUS, imeiting

Marner BrO4).

Woolwort

Puls & Paper

500

2016

100

iosses · PreWeeks made publica Lastry on n'more merchandiyad

94.00

888888888

38828

Spot (cents per ib. eif NY

ex-duty)

•United Prem

FEBAREA SCRA

5,40

London Foreign

Exchange

LIVERPOOL

July/August

New York Montreal Amsterdam Future closings, American Brussels middling, in pence per 15. wete Copenhagen

Lisbon as follows:

Pări Zurich

Orlüber/November

31.42 30.43 Bookholm

· December/January March/April May/June

30.00

West Mark

29.07

29,76

+

-PAULO SAO The incentive to put the in dominated. Gold shares managed survey forecasting new

Future closings, in, cruzeiros lo tack on small gains..

[high, production and saler 20«

basis,, according to the Journal per kilo were as follows. Government bonds cords, A similar survey of - British

of Commerce, is particularly found the going rough Selling intuietes, made at the first of strong at this time because of was heavy at times, at the close the guil-edged securities were off the year turnout to be con- the scelerated pace of wage

ME servativa in its estimates,

A tlakes" In major inäusicien.“ Weeks noted Almost every espected to

Pojedw, major, indurialen kaare, immárly, twize the M20,1

or 128.

senin, reflecting the approach of show an imp the sunmli talice at Genova, trvales will "tough a

“Japanese","lieni | this year" Tubber

United Prof.

roeicosa,

wings riser hot counting oerhalf. wwa: unk reachtringo beddits granted, it said com• United

London, July 11.

2.70-210 7/10

2.74 5/10-2.7432 10.631-10.89AS 134.50-188.08

10.494-10437 2033-00.00 07532-070-14

12.1714419.171

14.43-14.435

11,3434+11,60.

Other were sinchanged.

The New York Foreign Exchange mates werO

available United Pers

not

Exchange Rates

• 23 (pitsoun", "brás done in the local 2.79 unomdat exchange market this

morning at, tha: following ratasim ballad States, the Valar Der.

Ut 15/16 middling: Iberinggnolias par #1

Inble,.. Sains, at the

tallod 7,017 balan

Lian,notes

indonesian rublah (DWY 2003.

For full particulars apply lo:- MACKINNON, MACKENZIE & CO. OF HONG KONG LTD. Telephone Nos. 27721-4.

EVERETT

LINES:

EVERETT ORIENT LINE

Bervice Fant Regular Freight Refrigerator Passenger Loading for Singapore, Penang. Dangoon, Calcutta and Chittagong.

AT. July 17 1 Aug.

A

"DRADEVERKIT"* *

"LINEVERETT""

"REDEVERETT"

-- Sept. 3 -- Sept. 24

Sails, July AUR. →Sept. -- Sept. 21

14

2

4

Arr. Aug.

Salls Aus.

2

-

Aug. 23

Aug.

24

- Sept.

7 - Sept. 14

Sept.

Sept. 10

"NOREVERETT”

Loading for Kabo, Osaka, Nagoya, Yokohama.

*NEDEVERETT” ·

"NOREVERETT

"BRADEVERETT""*

PLENEVERETT""

LIMITED PASSENGER ACCOMMODATION.

́All the shove subject to alteration without notice.

EVERETT STAR LINE

FAST REGULAR FREIONT RefrigeCatOK SERVICE Loading for Singapore, Port Bwettenham, Madras,. Colombo, Bombay, Karachi & Persian Gulf Post. "LAD"

Arr. July 18 Sally July 18

*STAR DETELORUBR"

"BTAR ARCTURUJ"

"THA?"

**TAR ALCYONE”

10 Al

- Sept. 9

***Aug 17 -Sept. 10

Sept. 20

3

Bept. 21. Del,

#

Leading for Kobo, Osaka, Nagoya, Yokohama,

"STAR DETELORUSE"

“STAR ARCTURUS” *THAI"

“ATAU ALCYONE"

Arr. July 15 Salls July

27

-- Aug. 13

****Aug.

~~ AVE.

Bept. . g

therow Shopt. #

du, Oct.

LIMITED PASSENGER ACCOMMODATION......

All ihb-abora sanjons to alteration without notice,

EVERETT STEAMSHIP CORPORATION 5/A

(Incorporated in the Repubila of

· Parkman · W{{h" Limited Liability)

Deportinnati Telephons,

Telephone