1957-09-19 — Page 9

THE CHINA MAIL, THURSDAY, SEPTEMBER 19, 1957.

TRADE and COMMERCE SECTION UNHEALTHY UNINFORMED CHATTER Cotton Futures

Equities Had Losses Instead Of Profits

By SYDNEY GAMPELL

London, Sept. 18.

It is perhaps opportune to recall the adage that when any bull market or bear market gets into the headlines, it is time for the experts to reverse.

HONGKONG

STOCK EXCHANGE

Our Own Correspondent

Business done on the Hong- this

kong Stock Exchange morning amounted to approxi- mately $290,000. Noon quota-

tions and the morning's trans- Leticas:

Shares Buyers Sellers DANKS

The allegedly inevitable American slump has not yet got there quite so stridently as did the Inevitability of inflationary profits on equities. INSURANCES

NK Bank ..

Wreckuchs

It is only a few weeks since But there is lor much chate | ter about it in non-anedatolls and other equitles were all hedge places to be altogether healthy the regu as the sure

against the inevitable fadation for the bears. The chalter might

caused by world-wide labour | K. Wharf do much goed k labour and

quarters but invest pretensions. pulitical

inent rarely thrives on supli- fication.

Assistance

Programme Ended

Solt Loko City, Supt. 18. The

of Department

tho Interior har warned the mining industry that the day of the amergency inspired Government ds- sistance

programmo ending and that "an ad- to justment of supply

is

Recessions

of

Bales

2507.20 2400 47.75

Union SHIPPING

po

7.70

7.70

DOCKS, ETC

Linck Pelden 101 1 x

39 1500 34

11.90 12.10

1.15

LAND, ETC.

122

MC Hotel 14.80 15.10 Hi Ling XD 346

Equities having brought loses instead of easy profits, the equally Humphreya uninformed chatter now is

HUBBER inevitable recessions caused by Amalg American, German and Japan. cse bome policies and the weak- conmodilics end

ness freights,

America, Germany and Japan are trying to eradicate the be- lief in continuous inflation, even at some minor risk of recession. But they not contemplate a major alump and as their fight is for honesty instead of dis- honesty, it is not necessarily bearish even in the short run,

Monetary honesty has been far from bearish for German stock exchanges couple of months.

tha in the past

35

300 3426

100034

16

85 10.10

1373

WALL STREET STOCKS SCORE

SMALL GAINS

New York, Sept. 18.

Stocks scored a small gain in a more lively session highlighted by strength in cop. pers and selected miscellaneous issues and by lower prices for sulphur stocks.

The market showed signs of Sterling Drug Co. coming to life around midly-Van Camp.

Studebaker-Packard Corp. ression after idling through the Sunching Mining early dealings la a narrow, ir- regular range. The trading pace picked up and prices in faost sections advanced.

Late reallsing pared the gains somewhat but the major

closed higher groups all average-Industrials 478.00, up .32; rails 132.14, up utilities 68.11,

24: up

stocks 104.04, up 21.

Swift & Co. Texas Co. Textron Inc.

Tide Wales Assn. Oil Time Inc.*********

UB. Rubber

WORLD

RUBBER

MARKETS

Now York, Sept. 18. Rex rubber futures today closed Ove to 15 points lower with sales of contracts.

31

Sept.

Sept.

3112

Nov., Jan

. Mar., May and July 25.93 ... 20.04 Standard contracts closed & to 15 points lower with no reported.

20.00

sales

31

Sept.

20.00

111

Nov., Jan., Mar. and May ........ July and Sept. ....... !

20.50

2020

2011

with

Twendy Century Fox Fum

24%

Union Carbide

1ID

United Aircraft”,

Union Pacific Railway

271%

on

Unked Gas Corp.

US, Fall “p

3215

.10:

U.S. Gypsusta

04

VS. Line Ca.

231

05

时间

21

03

1712

器

--United Press.

Coppers responded strongly

to higher prices for the metal in London

narrow

Oils were generally narrow. 1.50 1.55 12000 1.623 | Rails were very

and mixed.

Volume totalled 1,540,000 shares compared with 1,490,000 on Tuesday.

UTILITIES Tram ..... 23 23.40 Youmati

103 105 C. Light (0) 10.00 10.10

Cement

2001 < 23,50

500 300

14.00

* 18,70

G00+ 18.00

2200

e 18.75

1200 12.70

500 or 2815 400 44 26.43

NY Stock Exchange bond volume was $3,270,000.

American

Stock Exchange volume was 530,000 shurts,

Closing Prices

(eta) 12,00 Etccine Macao E. Telephone

NDUSTRIALS

Rope .****** 2435

2020 204

10.40 2715 27.00

300 A 27.60

28.40 28.80

100 20.00

Alden c. Acy,

10.00 15.70

44%

4.10

9.00

STORES, ETC. Datry Watson

COTTON

Textile

Wall Street maintains a high level, less than ten per cent oft INVESTMENTS the top, and has again rilled A d normal industrial demand from its

H.K. & F.E previous resistance

Invest. Is now necessary,” accord- | ievel, ing to reports from the Amarican Mining Convon- tion,

Speaking for the Secretary of

the Interior, Mr Fred A. Sea-

ton. Special Assistant Mr Jout

;

Pre-Paying

Germany has made

It clear

will be

that her contribution to solving

her surplus problem

confined to pre-paying her debli

G. Liebert also told the meeting and encouraging the export

of

that "foreign mining industries | capital, but that revaluation of should expect to share equitably | her currency is out the ques-

in this readjustment just as they shared the higher pro- fits during peak production,**

Mr Liebert said Government would continue to help improve US metals

through mining. mining research and a limited amount of financial assistance reserves to find new metals But he said that the Govern- ment's metal requirements for defence "have been met. sub- stontully"

that und

"except for a few commodities" stock- plle goals have been achieved.

Administration's backing of furl eller for lead and zinc is "recognition by the Govern ment that the welfare of the no- 1lon may be advanced by providing interim assistance from ime to time to the mineral In dustries

enable to achieve or regain a competitive status in world trade," he added. -China Mall Special.

them to

New York Metal Futures

New York, Sept. 18.

Prices of metal futures closed today

in cents per lb.

30

tica,

Unfortunately,

Allied Chemicals Alled Mill Inc.

20% 831

2314

J

10

UB. Sice!

Sicel? pt.

Warner Bros

Westinghouse Electric

Western Union Tel. Co

West Va Pulp & Paper Woolworth

• x-rs.

CHICAGO GRAIN

MARKET

✔

Chicago, Sept. 18. Grain futures closed steady to firm today in moderu. activity on the Board of Trade.

675 15.00 Allis Chalmers

American Alrune American Cable

4T o & Radio Corp. American Cyanamide Co.

Singapore Stocks

+

Singapore, Sept. 19. Brokers today quoted following stock prices: Batu Lintang Tubber Co.

LAG. British Borneg the

Syndicate Consolidated Tin Sellers

Ord, Fraser & Neave Lid 'Onl... Fraser & Neuvo 14% cum.

pret

these devices do not suffice. Over one or two years from next January German authorities expeel to be able to buy 400 million marka of their external bonds to reduce their surplus in the European Payments Union.

If they got the lot it would use one week's of her EPU sur- plus at the recent rate, It will not be easy for the new devices to keep up the recent big but Inadequate rale of supplying marks in such forms.

Very big exports of capital than half-way to went leas solving the problem in the second quarter and the problem since become far bigger.-China Mall Special.

Petroleum

Limas Rubber Estates Ltd. $1.07

Amer&Forge, Power Am. Brako Shoe Am. Gas & Electric

| Am. Mach._&_pdry,

American Metal

American Bmelting

| Am. Sugar Ret.

American Tel 4 Tei

American Tob. "E'

Copper

Anaconda

Armeo Steel

Annour

Allas Cons Mining

Baldwin-Lama-Hara, baltimore &

Banoficial Financo

Chrysler Melors

on

Prices were mostly steady al the

ening

scattered 48 hedging and profit-taking but 34the market railfod later in the session on flour mill and export buying

andi short covering. 2014 | Small" receipts were reported at

terminal markets.

LOCAL BUYING

Activity quiet was generally today. coinclding abattment of Russian interest in the London martiot and re- fccting political uncertainties in Thailand. Terminal markets were light and mostly re- presented give-and-take be- iween dealer interests,

int Shipment offerings came

mostly from Indonesia, Ceylon replacing

on

Turn Irregular In NY

New York, Sept. 18. Cotton futures today turned irregular after inch-

ing ahead through five consecutive sessions. Technical realising and hedge selling pared forenoon gains up to 79 cents a bale, and a cumulative rise of around $2.50 to $9 a bale over the past week.

Closing around the day's Jown the list ruled up one to off atron points. The market opened up there to 14 points. New Orizans closed up two to off seven points.

Unfavourable Castern And central belt rains, with the re- sultant interference with har

activities, vesting end glening accounted in part for the slow- down in hedge offerings, market. analysts reasoned,

DIRECTLY

Other observers thought a

od cart of the early market- inga have been going directly

stocks, thus

into consumer Iessening the weight of hedging #gainst cotton moving in the "free" market.

The New York Cotton Ex- change Service Bureau

This

today

GILTS MAKE HEADWAY

IN LONDON

London, Sept. 18.

Stock markets made a much better showing today, as a result of a small selective demand for the leading issues.

Gilt-edged securities

the Ick down in estimated domestic consumption tinued to make headway, al- Thailand offerings.

Domestie of all raw cotton in the five- though business was on ammatter. werk period ended Aug. 31 at 4cale than yesterday. Wee Loan factory business remained

650,000 bales. with $30,000 bales used in the and Funding

compared per ceat fell 2/6 to £65-3-9 4 per cent rose of last 2/0 to £91-1-3, Transport & per

cent rose 1/9 to £62-10-0

BANK RATE

the slow side. Spot No. 1. Has

was quoted at 30 cents,

SINGAPORE

The market opened higher on belter overseas advices td steadied further in good buying interes L

Later it eased slightly profit-taking which was absorbed at lower Futurca: No. 1 rubber per lb. Oct... Nov...

No. 2 rubber per lb. Oct.

No. 3

No. 4 Bpot rubber unbaled ".. Blanket crepe Ne. 1 pale crope

LONDON

well level.

preceding four

season.

tveck

Daily rate of used averaged 32,500 bales in August against 25,500 in July and 34,300 bales

last year. August

123

The Exchange adjusted the estimate on consumption for all of, the 1958-57 bales to around 8,800,000 bales against 9,200,000

00-0814

bolca used In the previous 805-401, i season. 04-641 Month

Oct. 4514-851 star. 1915-015 MAY

Volume 13,200

Open interest

100,200 10500

100,800

113,400

17.800

7,700

$77.300

10,000

July

7,600

Oct.

4,500

Dec.

1,800.

blar.

Was Total

The rubber market quietly steady with spot quoted at 24 15/10 pence per lb. Prices: No. 1 18 spot

....... 2876-23 Settlement house termi Oct.

Local buylry, short covering | Nov.

Dec. and substant.al buying by an

Oct/Dec. industry moved soybean futures

Jan/Mar.

after upward

mid-morning. Apt/June July/Sept Prices were easy at the opening General markets, cit basis, ports:

on favourable weather news Sept. and selling by some houses.

Oct. eastern

Scattered commission house

and local selling kept wheat futures steady during the early trading but buying by local and soi commission houses brought rally later in the day.

429

000

107 200 37,000 1,000

£3,500 283,400 Dales

NEW YORK

Prices of coton futures closed

today as follows:

31.80

33,00

223833828

NEW ORLEANS

Prices of co.ton futures closed

23-2636

Spot

23-96-23%

Oct.

Dec

25-25

23-24-P

Mar.

20-20

May

29-2010

July

2018-2044

Oct

Dec.

249% buyers

Mar.

Nov

2474-2532 21-25- Estate crepe un Oct. 128

thick Oct

2892

today as follows:

Spok

Oct.

Day.

Mar

May

July

Oct.

Dec.

Mar

AMSTERDAM

2.42 num, 2.40 0. 2.38 nom. 2.10 now.

United Press.

The rubber market Was quiet. Prices closed today in guilders per kilogram, clí Sept. Japan was the most active as follows: nation in foreign trading, buying No. rubber 1,225,000 bushels of US Pacific No. 2 rubber const white wheat, 1,055,000 of No. 3 rubber

No. 1 crepe US western barley and 350,000 bushels of Canadian wheat. Israel bought a small amount of US corn in other foreign deal-

off 1 to up

Soybears elcsed off to up 14 cent.

12

Onin

sa

18

Bendix Aviation Corp.

Benguet Cons.

the

Bethlehem Steel

Boelty Airplane

Borden The) Co.

00

Burroughs Add Machine

154

$2.621

Campbell Soup Co.

3312

Canadian Pacife R.

312

Case (J.) Co.

170

Cal Tractor

34. $2.91'2

Celanese Corp.

C. I. T. Financial Corp.

1

Chase Manhat. Benk

$4.05

75

Garmons (Malaya) Limited

Kong Mong

$2.50

Comox Molybdenum

717

Shanghai

Cuett Peabody

362

Banking Corp..... Hong Kong tinh khi

2470

Colgate-Palmolive Co.

7/71

Colomblan Carbon Co.

Kumpas Ltd.

$2.00

| Commercial Credit

40%

Kunta Kampar Tin,

481-

Malaya Breweries

...............

*15.84

|

New Berandah Rubber Co.

Lid.

12.65

Commonwealth Elec. Consolidated Edison Continental Oil of De Crown Zellerbach Cuban Amer. Sugar

42

Petaling Tin Ltd.

$3.28

Diamond Alkali

Hanes Hotel

$2.0749

Diamond Match

Singapore Cold Storage

$1.08

Douglas Aircraft

Strails Trading

$2.38

Dow Chemicals

has

Struts Steamship

$17.50

Dupont de Nemoirs

30 Ings

cent.

Wheat closed

United Engineeri On

31.40

Easter Airline

Westne Bros, lexdivj

$3.38

Eastman Kodak

China Mall Opecial

PA Pato National_dos“

Wheat new contract

Fantly Finance Corp.

Spot

215150

Firestone Tyrs de lubber

Ford Motor

Sept. 219%(11) 218{L}""

82%

Dec.

2120 7172-12

General Electric

Mar

General Foods

May

General Motors

July

2011-2

Gen. Pub. Usli

351;

Getty Oll

2011

Corn, No. 2, yellow

Spot

Glidden Co.

2013

Goodrich (B. F.) Co.

Sept.

Goodyear Tyre

·Dec.

Gulf O

1401%

Mar.

Heyden Newport Corp.

May

1416

Honestake Mining Co.

July

Ingersoll-Rand

RYC

Inland Steel Co.

Sept.

Intarchemical Corp.

331

Dec.

înti Business Machines

Sept.

12825 15231

65

Dec.

5815-2%

Soybeans, No. 2, yellow

Spot

ALL

Sept.

Nuy.

2320

234-

Jan.

Mar.

230-

May

Barley,

Spot

125-133

tam.

New York Jour 200 lb. Back..

RUBBER TYRES

THAT

RUN FOR EVER

Wayne, N.J., Sept. 18.

Int'l Harvester .... International Nickel International Paper Inti Tel Tel

.. Hay. Meds att Join Manville Co.

Kaisar Industry .......

12.00 United States Rubber Co. disclosed today a five-s C Power & Light

year 120 million research programme aimed

P.02

9,566

follows:

Lead Fept.

Oct,

Zinc Sept.

Oct

Copper Sept.

Oct.

Tin

Bent.

Oct.

[P*, INTER

-United Press

103,00z

0.80, 23.10b 16.052

London Metal Prices

London, Sept. 18. Prices of inttals closed today in sterling per long ton as follows:

TID

spot

Copper spat

74546

month

3-month

Buyers Sellom

745

240

740

203

205

200

DO

Lead and Ray

pod Det

Zinc 2nd

half

hol

Sept Dec.

734

74

Untied PrONS

Lead Ind halt

at a host of new developments running the gamut from the elimination of the spare tyre for cars of the future, to substances of rubber and plastic with the properties of metals,

Kennecat Copper Lockheed Aircraft

Lggett Myors Tob. Co

Loews Incorp.

Lone Star Cement Co. Stock Exgs.] (x)

McDonnell Aircraft

Mesabi Iron Corp. Minnesota Mining Mission Development Monianto Chemical Co.

H. E. Humphreys Jr., Preal- more mileage than any tyre Montgomery Ward dent, announced the Company's now on the market. bold research effort embracing | Another Lyrs on display is National

115 22 laboratories here and designed for supersonle "aireraft abroad at a press showing of aand, according to the company, will stand up under flight con- new research centre.

ditions that would reduce any ordinary tyre "to jelly.""

One of the company's major goals will be the development of a passenger car tyre of such "such a tyng durability that

RESEARCH DRIVE

Another main object of the

at popular prices would perint the elimination of the spure company's stepped-up research tyro on both new

and used drive, Humphreys sald, "s to

Do Cars, Humphreys sald,

Company Dividend

The Douglas Steamship Com- pony, Limited, will recommend n dividend of $40 per share for the year ending December 31, 1050, at the forthcoming Annual General Meeting of the Com- Dany.

FEEL CONFIDENT

bridge the gap between rubber and, metals."

Motorolt Ins, neg. "A” (xd) National Dairy Prod. National Tend National Bleel Corp. New York Cantral

Norfolk & Western By, on Mathisan Otis Elevators

$13.00 ****tīnited Press.

London Foreign

Now York *****

Montreal Amsterdam

Bruksels

7.7817-2.70 6/14

10 601,-10.1999 130.02-1311.67 14402396-10.33}=

New York Sugar Market

New York, Sept. 18. World No. 4 sugar futures

today closed three points lower to one point higher with sales of 245 con- tracts.

Domestic No. G sugar closed unchanged to one point lower with sales of 27 contracts.

Trade interests were identified on both sides of the market, mostly in the way of evening-up operations.

In the spot market, Belgium was the eccredited buyon of

2.500 tons of now Crop Cubas,

LIVERPOOL

Cotton futures closings, in pence per lb. were as follows: Old contract Oct/Nov.

Deo/3an.

Mar/Apr.

May/June

July/Aug.

New contract Oct/Nov.

Deo./Jan.

May/June

Mar/Apr.

July/Aug.

SAO PAULO

24.12

Cotton futures closings, in cruzeiros per kilo were as fol- lows:

Oct.

Dec

Blac

July

30,00

In the United States, the average price of one-inch cot- ton at 14 designated spoi markets was 33.22 cents.

Total sales were 10,137 bales. United Press.

NAMESAKES

Answers-1 Screen, 2 Child,

March shipment at about 3.903 Füm, 4 Bright, & Talent,

8

១

| cents ▷ pound, fob. This is Valec, 7 Prodigy, 6 Actress

about the going discount of new Entertains, 19 Animal, 11 Lolli- to old crop Cubas, traders said, pop, 12 Curls, 13 Records.

Shirley Temple,

Korca also was expected to hold a tender in late September for a cargo of raws for Oct/Nov. shipment.

Contract No. 4 (world)

4.30

Exchange

Det

Jan

Mar

May

London, Sept. 10.

July

Closing rates were:

Bopl

OCL

2.50 10/26-2.07 1/10

Spot (cents per lb. tab Cuba)

Open Interest;, 5,663 contracts,

Contract No. 0 (domestic)

39.93-10.431

Now,

1100-1170

MOT,

0.41

United Fresa.

VERY

July

Sept. Nov,

48

Open interest:

Spot (cente per ib. cir NY

exachity"},

2.34 contracts

Qwery-Illinois Glass

Offert Paper

Copenhagen

Preila Gas & Elec, (xd) Pei American Airway Paramount Pictures

Milan

1472

0142

Parg

Fenny J. C., Co.

703

Porn. Belt Co.

Philip Morris

Parke Davis Co.

Proofer & Gombie, Co. Puro 01

He said that, the company is Pittsburgh Plate Class

working on a whole new

list Radio Corporation

In uiling three new ex-of rubber tyres and plastics as poriental synthetle tyres the well as blends of the two.

"These," he added, "wiil pro- rubber executive said it is 100

hardness, carly

range of Predict if one of these vide will fill our five-year goal

toughpens and stretchness all the but we feel confident that we way from rubber to metals."

He also disclosed that the are on the verge of a non breakdown, toward a superior Company's research scientists tyre material, tyre design and are experimming on types of rubber that will hand up under tyre construction."

He said that one of the new atomic rays in muclear energy typres will give 200 per cent plania--United Press.

Republic Steel Reyside wat

Bissen, Roebuck & Cơ. Bhel Oll Co Batut Reg Piper' Bloclair Oi Borony hobijoti Solar Afrcraft South Puerto Rico Sugar Bouthern Co. (The) Bouzov Jaway. (Čava) Houthem Natios! dạn standard firstda Stulard all of Cal Blanderd Ou of luf. Diandard QR DE NJ. Bladp Rock (Toronto

New York Foreign

Exchange

New York, Sept. 18. Closing rates were:

Canada

England omical

H

UROTEÍ

X-day

10-day

New Zealand

Buth Ateson

bije; i Belgaum ...

E

Brusth

Indle

Pakistani

1.04%

2.77-7/10

2.74-9/18

3.7T-0/10

Unlied PreER.

Exchange

Rates

This

Thueinem was done in die Jocs! societat exchange markot 1118-11/10 | morning at the following rates

01907

1.3. dollar (per 4)

Sterling noles (ph #1) gi Auriručan, noses (per. 21).... Indonesian rupiak per(100) *** Blam Beal (per 100) Singapore (Benin)

Foreign bonds were quiet but German Isauca improved to- wards the close, although this came before news of a reduction in the German bank rate.

Industrials were firmed. As- sociated Electric rose Bd to 60/9 and Unilever 9d to 93/8, Great Universal Stores closed 108 down at 49/10 %, after going ex-dividend.

ORS responded to the better toyu on Wall Street. British Petroleum, rose 1/10 to 129/-. after ex-dividend earlier in the day. Shell closed 2/9 higher at 103/14 United Press,

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