1957-07-03 — Page 9

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THE CHINA · MAIL, WEDNESDAY, JULY 3, 1957.

TRADE and COMMERCE SECTION

POWER COMMISSION CHATTER ACTIVE TRADING

UNDER FIRE

IN UNITED STATES

By HARRY WILSON SHARPE

Washington, July 2.

ON WALL

STREET

New York, July 2. Despite recent nega. tive action, confirmation of trend weakness has not taken place, accord. The embattled Federal Power Commissioning to E. F. Hutton & has another bear by the tail. It must let go soon and retreat or hold on and court the wrath of the oil and natural gas people.

Last April 18 the Commission, already under fire because it can't please everybody, notified Independent Gas Producers it was proposing to adopt a rule requiring them to file complete financial reports by July 31 on their 1956 State and interstate business.

Profit Taking In London

London, July 2. There was a fair amount of profit-taking but the market absorbed the sell- Ing without much trouble

It said this was necessary to proper administration of the Natural Gas Act,” and gave the producers until May 20 to file protesta. 37creafter, it saldi, 11 would docide whether to make the rule permanent,

A similar but less far-reaching rule was invoked last year on 1055 camnings. Protests then Commission falled to sway tho. but that rulo was mild com- panod to the new one and the protests this year have reached a new and angrier high.

MANY PROTESTS

line is less than a month away.

i

Co.

Obvia Brothers & Co.

says the market appears to further selective strength be in a position to reflect with some indications of an improving interest in the rail group.

Edmund W. Tabell, analysts for Walton & Co. saya his technical indicator which gave a secondary sell signal is now in a position to reverse itacif and re-affirm the primary buy signol given near the February low.

Gos

In 1957

Harris, Upham & Co, es timates Brooklyn Union will earn $3 a share against $2.83 in 1956.

ANALYSING

ON

WALL STREET

New York, July 2.

Stocks added more than 1 billion to overall, values today in the most active trading since June 13, sparked by olla, steels, drugs, building stocks and a host of special issues.

HONGKONG STOCK EXCHANGE

TRADING PICKING

UP ON NEW YORK COTTON

New York, July 2.

Cotton futures moved mostly higher late

| today after early irregularity with trading picking

up. thlo

Our Own Correspondent Business spine at the Hong- kong Stack Exchange

to sp

moming alhounted proximately $280,000.

No quplations and the morning's

News that a group of drug firms has develop-tractions: ed a new vaccine to combat the Asiatic flu which Bhara Der Bauru Rates autumn, sparked activity in that group late in the kan.. is expected to become a problem in the U.S. this

session.

The spurt in drugs added Impetus to an advance already in progress, highlighted by gaine of. around 2 to 4 points in the oils, a point to 2 in the stccia and around 2 to 3 points in the building shares.

Reception

were

Reynolds Metal Shell Oll Co.... Bears Toebuck & Co. Saint Reg

Paper incisir öll..... Bocany Mobiloll

solar Aircraft South Puerto Rico BURST

Southem Co. (The) Bouthern National Gan Bouthern Hallway (Com.)

· Standard Brandi Startats Off of cal.

Standard of oz and. Standard OII of NJ, Sterp Bock (Toronto Exge Sterling Drug Co. Helping pentiment

com- Brokely Van Camp mentators noted

the Studebaker-Packard Corp.

Bwit&Co.... favourable reception in building Tease Co circles to the new housing bill | fide Water Amin, Dil increasing Federal funds for Time Ind

Twenty Century Fox Film Co.ding and cutting down pay-Union Carbide

mente; increased auto output Union Falle Railway for the first half of the

Francis I Du Pont & analysing J. C. Penny & Co looks for 1057 net of $6

share for the company against

$5.68 in 1956.

United Aircraft

UB. Pal "D"

Valled Gas Corp.

UB. Gypsum U.S. Line Co.

lubber

forecasts of near-term improve ment in steel output; a pickup expected for television pro Josephthal & Co, cays this is duction, and hopes of a better the time when there are interest-inventory situation for the oils. Steel

and Dynamics

Asked what the Commission and the tone WES fairly was doing about making the Arm.

rulo effective,

spokesman * British Governments were an said: "Nothing as yet." Buting values

& Josing action one way or another must Jones exception, nearly all ground. Old Consola lost 5 como noon. The July 31 dood-Steel, shillings to 60 starting, close to their 1957 lows of 40% sterling while War Lour last 6 shillings 3 pence to 88-9/18 sterling com- pared with its low of 8914.

in industrials feature Only was the heavy profit-snatching In the department store shares. John Barker closed at 103

Tho spokesman conceded there bed been. "lota of

shillings comparod with their when recent short-lived peak of 137 ahillings; Gamages was heavily bought and sold but ratatood a modest gain of 1 shiling D

the

Laughllu, Republic Special issues were in the rintkos. Gladen, limeline, stocks such as Bell & Wilson, US Rubber Howell which spurted over 8 points on active turnover on reports it with make a bid for General Anjine & Film; Elastic Stop Net, nearly 3 higher on a favourable report.

Turnover swelled to 2,450,000

NY

Gimbels. and RCA.

Associates Investment Co. has protests too many to count just published a pamphlet

financing, entitled but he wouldn't prophesy the commercial

It was "meney to grow on" to help Commission's reaction.

mch obtain funds noted, however, that Commission busincas Seaborn L Digby dissmted without affecting management

proposal was control or corporate ownership, shares from 1840,000 on Monday. broached.

Value Line looks for an imp-

Stock Exchange band The sharpest complaint by provement

for the volume was $5,280,000. in profits far was filed by General Couneet milling industry over the com- Russell B. Brown of the ing year. Independent Petroleum Associa- olts were went, the leaders on of Amrica.

Alexander Herrälion Ho charged

Institute losing at least 2 shillings,

there can be but bluntly at the Commission 078 that before they recovered in the afternoon

plans a "shing expedition" in hopes of moving materially Into and showed very file change. demanding financial data

new ground, there will have to Foreign bonds were quiet but

be a further period of consolida- 'some of the Japanese werted

ton-United Press, bonds gained a few shillings; the German Young Loan non-

aspented gained United Press.

pence

sterling, -

Commonwealth Economy Study

on

Intrastate operations which are out of its furisdiction and hence none of its business,

PERSONAL

"It would

effect," have the he said, "of compelling pro dusers to loy open to the public cat divulge information that as personal and private, in many istances adversely affecting the competitive position of the producers,"

such

Billiton To

Issue

New Bonds

In its notice the Commission -sid the Gas Act gives it London, July 2

Amsterdam, July 2 authority lo demand Official sources said today reports, with some Exemptions The Billiton Company of financial secretaries and for sinal producers. It said The Hague is to make an experts of the Common- that after last year's reports issue of five per cent con-

found that wealth governments would were analysed it wa

vertible bonds totalling 21 "more complete information on meet here in a two-day

gales under Tate million guilders.

FPC session starting July 8 to mehedules is essential" if it is to examine in detail "the im-do

an effective job of råle pact of the proposed control"

Brown raised five objections. European free trade on the Commonwealth economy as He said the Gas Act cantors no such authority: that the stale a whole."

would violate the due procesy They said Britain destres [4]quirements of the Consiltulion; "looser industrial association in that it would violate the Federal order to keep intact nearly Reports Act; that it is all Commonwealth preferences, improper exercise of authority, especially when 50 per cent of and imports from the Common-administrative Eshing

wealth is food."

Such an industrial free trade

that it

pydition."

aron, they sald, would not affect |

the Commonwealth economy,"

All Afro-Asien Commcawealth

Jobbers at the stock exchango here calculate the value of the Tights of this loan at about 80 to 100 guilders.

|

American Stock Exchange volume was 740,000 shares, de

Closing Prices

Aldos Ing. Acy

Alled Charlenis Millet Me inc,

Alta Chalmers Amacion. Aurling American Cable & Radio

American Cranamide Co Amer. & Farga. Power Am. Go fue decizia An. Mach. & F dry. American Metal American Amelling Aul. Suang Bat American Dei & Tel Azerican The Anagenda Copper Armeo Stoel ARNOUT

Atlas Cons. Minky Baldwin-Tree | Salts. Baltimore di Dhio

Hengelal Finance

Aviation Corp.

Benguet Cons. Bethlehem Steel Boeing Akplane Borden (The) Co.

Burrough Aki. Machine

Campbell Soup Co.

Cardin Polbe ·R.

Case (3) Co. Cas. Traator

Celiacre Corp, Cinement Corp.

Chase Manhet, Bank Chrysler Motor..... Cimex Molybdenum

Colombian Carbon Co. Conornervial Credit

Trading in these rights begins Colgate-Palmaline Co. toporrow.

As previously reported 2,000 Guilders nominal value of the bons entitle holders with a additional cash payment of 500 constitutes "n

ex-uilders to receive 1,000 gulder

shares at nominal value.

The conversion price of the bonds is consequently 255 per

WHAT RIGHT?

| Commonwealth Rice. Consolidated Edison Croom ZeBarbach Con GB of Del. Cuban Amer. Sumr

amona Alkall Dougies Algeraft Dow Chemicals Dupont de Nemes Batman Kodak

El Paso National Gas Family Finance Corp, This data to convert the Firestone Tyre & Rubber members want to be satished He said the Commission's boods into shares has been Ford Motor

General Electric embrace arranged in the same manner as that Britain's industrial asso-jurisdiction does not

General Foods ciation with the projected free intrastate gas sales or activities the Philps convertible bonds general alors

to gas production.oon. trade arca would not be not related

Gen Pub, UIN, What right,

Gildden Oo.... inimical

Before details of the issue, Goodrich (B. 7.) Co. to their agricultural Oll, for example, industries and to the execution he asked, does the FPC have to wore released Billiton sharts doodyear NY ARE

an accounting of oll of their industrial development demand

were quoted at 286 per cent. Beyden Newport Corp.

Homnesiaku Mining Co. schamez,"

saki-United venues which pre a

They then fell to 173 per cent. Ingersoll-Rand they

jintrastate gas operations?

Stock brokers are interested to)

Co "The producers," Brown _conco hou oots the shares will Intershamlesi Corp unrelatat activities, yet tinued, “engage in a myriad of | risa'agala-China - Ball Special i Ant'l Mundom Machines

the Commission la demanding the right to see their ledgers, "It has absolutely no jurisdiction," he added.

Press.

NEW YORK METAL FUTURES

· Now. Yoric, July 3. Prices of metals closed today ini cents per ib, as follows:

Lead June

July

Zinc Jurie July

Copper Junie

July

Tin

June

July

June

جنرل

•

15.00b 12.001

9.256

0.76

27.151

27.100

part of

He charged further that the Commission

septring could competitively

"retroactive" data which

be embarrassing

"h

Arrangements Completed

London, July 2.

In11 Harvester Ares International Nickel InterTikkaat Paper

Ipha-Maovitis Co.

Eria C. Power & Light

Liggets Mayers Tob. Co.,

Lookcases Aucrati

Low Incorp,

Lone B Cables Co.

MEDONIA Alrusf. (Am.

because the Commission itself Philip Hiir, Higginoon & Com-Mont not establishedk firm pany Lárust and Messrs Hothis- | notoriety ha 23.2730 standards in which to determine child 2. Sorm ampanied that Ben DO. 87 at producer prices for paa."

azyangements have been com "Until such standards are pleted for the placing of 27 established". - hemid, "the milión worth of 0%, por oss

will · bo | debenture: stock 1997-83 at £9

standard; t strait-

nited Press.

LONDON METALbject to abari, per cont ca brand of Mutulice.

PRICES

3 Løuzion, July 2. Prices of metals clowed today in, starling (per, long, tom as fol- low:

J-month

Buyers Bilan

104

703

The Tule, therefore, in Copper Milham Llanlled, wil jock. premature, It i fishing Try ponent at the pillo

xpedition."-United Frenk of relevant dosyacente.

NAMESAKES

Call "on" the stock would be

friends that the proceedia k Ébèn improve astrouht be applica to-

Thigh World Mucosals the sopper

Troms,” 100,000): tha: 105.000

US. Smelting"

Warner Bros. Westinghouse Electric Watem Urlon Trì, Co. West Va. Pulp & Paper Woolworth

BANKR

INSURANCES

SHIPPING

1:30

2016

360 PO 240 00 100 of

864

Wheelock DOCKS, ETC. 415 | K. Wharf ..

Dosk F'vitem (0)

2.80 7.00

100 100 2415 4536

1737.80

LAND. ETC.

ER

28014

63%

HK Hotel HK. Lond.. Humphreys RUBBER

Amir.

200 → 108

15.00 15.00 3500 en 1814

A

16:40 20:00

1.68

140

1.323

At the close, the list ruled three points lower to 17 points higher. The market opened three higher to two lower. New Orleans closed one point higher.

..

Early Irading was dull withi Yo the United States, the prices hovering around the average price of one-inch cotten- previous close as traders awalled at 14 designated spot markote

Le government's weekly | was 34.07 centa.

Sales totalled 12,848 bajes, weather report in the afternoon for estimasice of the hurricane

BARACHI damage on cotton in the central bolt.

The government reported wind and rain damage to the .cotton crop in Louisiana and Mississippi, and to ICC

other Barrunding

extent artis.

The market Wis highly erratic today as buis tried to squeeze it for their own **- ploitation. However, absence of any genuin support, forced the rate to recede. Prides in Kupecs per mauna today closed as fol. lows: Ar Bind roller gia

The report had no immediate | 2805 6ind voller Bin ..... 23.10 23.30 1000 re 23.20

UTILITIES

Team

Yaumati

102 104 C. Light (0) 18.00 18.00

irte) 12.20 Mecirte

30

21.80 20.10

Перель ... 3244 24 Rope

1.40 KTOREN, ETC. Deery. 19.00 14.90 11.30 11.80 Pape, C... 30 31 LUTIONS

MISCELLANEOUS

Telephone INDUSTRIALE

Exert

W

the close trade covering boosted 2007 Punjab roller gin priots higher, particularly in

ho distant deliverien,

40/14

23.10

effect on the market but toward

BAW gin

BS/14

85/14

100

gin

90%

United FreNS.

000 29.00 580 60 29.00 000 € 21

500 63234

1000+ 1.45

500 14.00 11,70 100 03016

4.85 3800 @ 4.30

21

10 INVESTMENTS

Ahed

4.03 ARA HE. & FE

Invest. 10.30

-United Press,

WORLD RUBBER

MARKETS

New York, July 7. Rex rubber contract closed to-

day 4 to 25 points higher on

sales of 70 contracts,

July

Sept

Nov.

July

CHICAGO GRAIN MARKET

Vacation closed down of textile mills and next Monday's government estimate on culliva- tion helped to restrict today's trading.

Certificated cotton stocks held unchanged at 9,734 bales)

May

July

Volanie Open interest

7,500 19,900

Month

Inly

October

7,000

100,000

$4,300

224,000

March

6.30

137,600

5.900

150,300

B400

100.000

October

13,000

104,180

December

$7,300 909.300 bales NEW YORK

1000

Total

Prices of cotton futures flooed

today as follows:

Spot

July

October

December

March

MAY July

Chicago, July 2. October Grains, with the excep-December tion of wheat, rebounded from the mid-day declines and closed higher on Board of Trade today.

25.49

New York Sugar Market

New York, July 2. World No. 4 sugar futures closed today live points [higher to one point lower with sales of 111 contracts. Domestic No, □ sugar fultires closed today unchanged to 2 42 points higher with sales of contracta

Futures

WHE trading quiet today, partially reflecting the slow business in

very

raws,

Dealery reported that an expeel-

- od tender today by Morocco for 35.97-28 28,000 tons of raw was poi-,

pored until a week from Thurs- 30-21-29 day.

海鮮

24.03

34.34-20

NEW ORLEANS.

Prices of cotton futures closed today as follows:

$1.96

the

2210

31.96

Spot July

31.80

2130

31.6.

30.00

Prices were irregular at the Delober

December opening, declined at mid-day arch best picked up late in the May July passion.

October December

LIVERPOOL

The standard contract closed 41 to 25 points higher with no sales reported,

33.94

53.20

3133 F1.00

The weather continued to be

a factor in the market. Reporta of favourablo werber in the, grain belt was expected to help in the

of SLETTER

wheat, Soybeans were also helped by 10 good weather. Fordign trade was niso-elow.

Wheel closed up to 17% pents for old and úp 3⁄41⁄2 to 1% sents for now; soybeans closed

84 cents. up 4

Futures trading con limper quiet' with prices Arming line with London cable Dealers reported smalt consumer inter- est in the physical market. #91; } Indonesian

were offerings moderate saritha little business | going on, Spot. No. 1 Ray was its quoted nominally at 32% eenis

a pound.

42

SINGAPORE

The market - ruled dull and Ibactive throughout the day with speto singli Tactory buying, but lower grades were, neglected.

Future closingy, in sirait ernia - per lb. tob, Malayan ports, were:

Ho. 1 rubber July

No. 1 rubber Augum

rubber July

at

No.

294

100%

No. 3 rubber July No. 4 Tubber July

Spot rubber unbajed Blanket eride...

bio, i palaÇIEDU

LONDON

Prlops per bushel in cents: 19heat No. 2, red

Spot

July 2

Septembe

December

Morett

May

Dorn, No. 2, yellow

Брод

مراوات

September

Pecember March

May

September

Rys

July

016-

Osta

July

91-935 WANNOUN

September

Soybeans, No. 2, yellow

914-0124

Spot

63.05

July

$9.1vj

The rubber market was quiet- ly steady with spot quoted at y, steady with spot quoted a

16: 1 Ras spot

Settlement · house term: Augu

Gel./Dec.

JUMAT

2336-37

Grostal markets, elf deale 2017 Ang, and Beti

AMSTERDAM

-The rubber maches was dull

September

November

January

March

Taricy.

Spot

New York hour

200 lb. sok

Cotton future clopings, pence per lb. were as follows: Ola contract

July/Aug

Oct/Nov

Mar/Apr May/June

Now contract

July/Aug

Decan

28.67-80

Contract No. 4 (world)

September

0.30-11.

October

6.07

January

0.01

Maret

4.61

May

4.50

July

September

4.58

Spot-cents per 1b.fob Cuba) 6.15

Upen Interest:/ 8525 pontracts.

Contract No, & (domestic)

September

6.07-05

November

6.08

March

6.70

September

D.TS

Epot (cents per ib. clt KY

ex-duty}

Ореп interest: 2.503 contracte.

Unlled Press.

London Foreign Exchange

London, July 2,

Clesing rates were;

2.7916-27914

60-100 10.0419-10.001 140.12314057 19,3052-19.307 11.00-11.081

20.32

20.00

17.00

New York

27,00

Moestrual

Mar/Apr.

Amsterdam

May/June

Copenhageni

follows:

SAO PAULO

future Colton cruzeiroa per kilo

July

MOD

1730-17991

10.073-19.38

closings,

980 8/0-0813%

were

as asichalm

14.46%-14.0

39.00

218-279

Oct.

40.70

Doc

41.00

41.0

May

$1.20

303h-131

-133

120-100

$13.800

munited Press,

WINNIPEG PRICES

Winnipeg, July 201 Prices of grain futures closed today in conta per bushel -as follows:

Och

Fuby

Dre.

today. Prices cipsed in guldery Bye

rubber

rubber

rubber

UNITED STATES

TOTAL IMPORT

Mar.'

#T

Vie

71.339-72.30

Zurich 12.2014~23.2039

Others unchanged. ·

New York exchange rates were unavailable--United PreOS.

TYPHOON MAP

$4.9

$500

South China

Post Ltd.

stony,