1958-09-17 — Page 91

ACTIVE SESSION ON

NEW YORK MARKET

New York, Sept. 16.

Stocks registered gains of one to more than two points in an

active session today.

CHATTER

ON WALL

STREET

New York, Sept. 16. There is no particular rule that says stocks must yield more than bonds- Walston & Co.

Greck Issues improved in

but rolls wore foreign bands featurelesa. Dollar stocks scored

ranging to

two polna.

Industrial equities rose through the day and wide-Noel & Cu sprend

appreciable established in Halns had been the Industrial market by the expected close.

and often

Industrials mounted to a new all-time high with olls getting falo action after a long period of dull steadiness. Gains in the olls ranged to more than two polnis.

Steels held strong. Chemicals produced several strong spole. American Telephone ma up

|

South, Puerto Rico Sugar Bouthern Dv. (The) Baltthern National Das Bouthern Railway (Com. } Standart rands...

Btandard Oil of Cal Standard ou of Lat.

Standard Oil of NJ,

Steep Rock Toronto Exge.) Sterling Drug Co. Stokely-Van Camp. Studebaker-Packard Corp.

wirt & Co. Sunshino Mining

лого than a point, Metals Texas Co. showed good gains and Textron Inc.

Tile Water Awars. Oli aluminium Isensor word up so

Time Ine........... much as 3 points in Alcon.Tri-Cont. Wacrabis Rails Armed whilo utilities held wrth Century Fox Filin barely steady.

lod

the

Union Carbide ......

Union Oil of Cal. Union Tallic Railway

Chrysler higher. Drugs had their strong us. Foul B issues,

motors United Aireran

United C Corp. UB Cypru

UB. Line Ch.

Rubber

Zenith ran up nearly four in US. Smelting

the television department.

U.S. Steel

UN. Girl 7 P.C. PF

the most for any session this

Of the 1,231 issues Indes- Warner Bros.

WESHA 4 Brake

Electric

Strength that has prevailed to date will continue to dominate the market scene-Van Alstyne, year-590 advanced, 387 deciin-Western Union Tel. Co. ed and 254 held unchanged. West Va. Pulp & Paper Evans products earrings areNew highs wero

set by 169

Lo rise and if they issues and now lows by 14.

recover na anteipated, it will Justify a restoration of dividends on-Dreyfus & Co.

Gold shares improved tocul buying although Harle- beest were depressed by South African

welling. Coppers res- ponded to Wall Street and other base metals held steady.

Yet, the production of slech Oils hoved up cheerfully with and tinplule wou rear maxium HP and Shell up two shillings

to and Burmah_1/Ü.—U.PL, 1.05 1075 000 c during August-continued

do well.

1.63 5600 50 1.85 1372 1.55

2320 23.40 1025.40

A. Tuwalt..

tl

Suvala

2.175 1.10

UTILITIES

Tram XD..

2000 25.401

2500

23.30

Star Ferry

Youmpti

107 31 17.36 179

11

$00

384

1300

17 40

1000 17.40

Beetle X All 20.30 Maeun E Tel X ..

18117.40

tà

The bull is of hard chine form if all welded steel especially de- signed to avoid "glanning" a starway,

C. Light

| INDUSTRIALS

23.00

Ergo. other parts of the sieci run down industry must have worse, and that speaks badly for investment plans,

Cheque System

In banking circles, the City is posed for a spread of the Midland's pioneer step in in- troducing a "personal cheque" 24 500 23. system. Although Lord Monck- 500 23.00 on admitted at his press re-

Cenya!.. 2130 211 100021. ception during the week that 200 31.60 the charge of four pence (apart from the twopence stamp duly) 111101000111, was hardly more than 40 per 500 11.20 rent of the cost of the bank, it is foll that other banks must introduce a similar scheme to Islay in the race.

In

STORES. ENC.

13.10

3.60

20

20000 400

The steering gear as designed Cand manufactured by Mathway

FOTTONS power- operation. Texti

INVESTMENTS"

is pietre-hydraulicnily

isted for nomusd

; Dat alternatively

C

The resorts, sold Me Detweiler, would the 365 metres lang, with perated by hand in the event cam c Engines giving saffichant power of power failure. The combined

i throttle and

VEDO Risir con-

to ross the Atlantie in 311⁄2 dess Two of the four liners would suit | Kols were supplied and fitted by

between Britain and the United States, and the others between

the United States and Lisbon.

Teletex.

The superstructure is

I planned to carry about ¦ welded light alloy and the pas- one million passengers ayuranger erommodation: pleasant- between Europe'anu. America un ty furnished. Ventilation trunk- these ships.

with directional punkal ing Aevording to Mr Detweiler.inlivres is itted throughout the the Hnancing of the first two, the

Space. New Yorker and the Limben, has been arranged in the United States - peration with - terests in Purtigt, Spain, Haly

French and

The st two Vesgula would sall under the Portuguese Bag.

+

Protest Against U.S. Shipping Policy

A

Call To

Free The

Pound

Montreal, Sept. 16.

The Midland Bank has eer- Laiuly

the Public's caught Imagination, Mr

the Wood, Manager, admitted frankly

that '' persuade mow! of the new clients to make use

General

quite

Was hoped

of the uther services

offered,

soul that 111 this way many newcomers might wilch ordinary accounts in time.

were

CITY LIGHTS

"As a prospective bank much manager-now credit would you give the chairman on personal application ?"

Registration

Washington, Sept. 16, The U.S. Commerce Depart ment reported yesterday that

Just over half the new "per-world registration of passenger given for cars, trucks and buses Increased fril foangh

be doubtful by more than five cuts, but it must

por cent in whethers will be of par- 1057. ticular benefit to the motor' in- the majority will, no dustry: Canada tonight called for doubt, be second-hand tnrs.

full

of which are cheaper and convertibility

plentiful in the autumn the Motor Show, China Masi Economic Speclai,

Electrical power is derived Iran a 2.5 KW V.D.C. Listor Generating Set floating ir 24 V 130 impere-hour battery by the 1).P. Company. Equipment in- cindes searchlights för running ut night and 11 Pye Ranger' marine type ship-to-shora wire- less sel by Pye Telecommunica-the tions Limite

DE-RATED

As full power can be tran-

Starling. Speaking at a closed session of

Commonwealth Conference, Mr Donald Fleming. Canadian Finance Minister, sald Sterling was now virtually convertible currency In hands of non-residents of Sterling area.

0

the the

would

TC-

in-

NUMBER of Govern- 'The Napler Delic diesel

"We in Canada ments including those engine type 18.25K is a develop- of Holland, Britain, Norway, ment of the motor torpedo boat frankly like to see the present

and position engine as already used by many

recognised Sweden, Denmark, Belgium.nuvius throughout the world, but kulurised

in the formal con- and West Gormany-havo de-rated to increase the period vertibility of Sterling," he said.

Mr Fleming spid such conver lodged a protest against between overhauls for commer-

dbillly would be a good thing United States shipping policy clat use,

for the Sterling Area and would at the State Departmant in

Get an example which would Washington, according to smitted in either direction, both influence other countries the Royal Netherlands Ship-port aut starboard engines are cluding major trading countries owners' Association.

thus reducing the in Europe to move in the same spares folding at the operation-

direction and would be a factor al base. The drive from the

inspiring

in confidence future of world trade. ng at least 50 per cent of the engine passes into an integral shipment of gools under the reversing gearbox and thescu to a Napler Vee-drive, As there mutual security programme American Rag vessels and those is no reduction gear the final reserving 10 per cent on the propeller spoed is equal to that basis of lovna, credits and of the crankshaft, that is 1,500 guarantees of American Govern- R.P.M. at full speed inent. bodies, such as the Export- Import bank.

The protest is directed agains! United States

measures reserv-

for

Lienical

the

that

Mr Fleming suggested the absolutely perfect time for n decisive move to convertibili- ty, when every singlé condition was right, would "never arise in this imperfect world."

Addressing the Commonwealth Conference yesterday, Britain's Chancellor of the Exchequer, Mr Derick Heathecal Amory said that full convertibility of Sterling remained Britain's objective. Hé two bout longtha. They Niso

said that Britain would move te- fully automatic storting and protection equip.wards it "just as soon as circum-

stances perll,”—Revier, ment giving complete

These two engines incorporate a patent Napier device whereby "Revision of the discrimina- tery shipping policy of the Unilastern can be colected from full speed ahead, enabling the launch

ed States, which is accompared to come to rest in approximately

by

the transaction of the Export-Import Bank, is being Incorporate vigorously pressed for," said the Association.

from the wheelhouse.

control

mor?

after

Tului registration of

such vehicles on Jan. 1 was reported at 108,012.200 compared with 102,200,305; on Jan. 1, 1957, or an increase of 5.59 per cent.-

U.P.I.

DORMANT

It la felt that the aircraft Ertup, recently rather dormant, will soon again become con- siderably active. Attention the laggarda is warranted, in- cluding Douglas and Martin-- E. F. Hutton & Co.

On

New York Stock Exchange volume was 3,040,000 shares.

New York Stock Exchango bond volume was $5,372,000.

American Stuck Exclunge volume was 930,000 shaver.

Don-Jones closing averages

were:

21

26.47

Falls

130.53

sticks

180.71

bonds

Comm. future pirien index

10124

13

40

Few companies possess such 30 industriale internal earrings leveragu an

35 utiles race where a rise of one per cent In pront margins could add emits a share 15 pre-tax profis -Josephat & Ce.

BO

American Stores

enrings

will

6.75

be in the area of 6.50 to share against 5.97 in 1057...May

lag 1958 expected around $4 to against 3.78 In 1957-Abraham & Co.

ESTIMATED

Closing Prices

Woolworth

New York Cotton Market

New York, Sept. 16. Cotton futures today edged

higher for the third ses sion in a row, achieving gaina up to rear $1 a bale before running into Te. sistance.

Realising

pain to leave

Alden. Acy

1

191

nel

Allied Chemicals

201

4.25

Allied M Inc.

304a

Allis Chalmers

Am. Brake Shoe

American Airline

412

U

the close.

161

sp, ene

10742

443

2350

Merger with Euster Corp. will put Standard Packing in the big leagues with 1850 sales estimated close to 70 million against 37.4 million last year-- 1ra Iaupt & Co.

$1

J. 1. Cuse should carn

stare "This year and 2.15

|

Au. Cable & Hadio Corp. Argenicali Cyanamid Co. Amer. & Forgh. Power Am. Gas & Electrie „Am. Home Prod. ... Am. Mach, & dry. American Metal American Smelting Am. Sugar Rot. Amerka Tel & Tel

Amerkan Tub, "" Ananda Copper

Amco Steel

Arnsour **

Atlas Cons, Mining Baldwin. Ling-Hui, Ballimore & Ohk net Beneficial Finance

Bendix Aviallon Corp. Benguet Cons. Bettchem Steel Boeing Airplane Borden (The) Co. Burroughs Add Machine Calf Packing Corp. Campbell Soup Co. Culan Pacis I.

your-Deere & Co. 1058 next.

at .10 against net estimated 3.00 in 1957.

Scheley, Industries maled al 290 for year ended August 31 and 1950 (scal year

Oppenheimer & Co. Gimbel Brus earnings for 1058-50 will run only slightly under post-Korca high of 3.89 a share... New York, Chicago & St. Louis net this year ex- Case.J. I.) Co. pected around 2.50 agnlast Cat. Tractor 3.58 last year-Francla

I Du Celanese Corp.

C.LT. Financial Corp. Chrysler Motors Pont & Co.

Babcock & Wilcox earnings | Ciselt 1eabucy dipping from 209 last years in Colgate-Palmolive Co. $2 estimated for 1958-Harris, Colombian Carbon Co. Upham & Co. U.P.I.

COMMODITY PRICES

FOREIGN EXCHANGE

NEW YORK

Closing rates were: Canada

England 90-daya

Giners unchänged.

LONDON

RUBBER

SUCAR

· SINGAPORE

New York, Sept. 10. World No. 4 Mar futures The market was up at the closed today unchanged to three opening in sympathy with over- 1.0-5/

paints higher with sales v 302 2.79-13/10 seus and ruled quiet at higher | contructs.

level with small tuctuations

Closing rates were: New York ***** 2.50-5/16-230-7/10 2.74-7/18-214-6/20 10.3394-10334% II 6834-11.69" 12.19-12ATI Others unchanged-U.P.I

Montreal Copenhagta Frankfurt Zurich

COTTON

NEW YORK

Prices of co-ton 'futures closed today as follows:

Spol: Jan; Oct: 35.89; Dec; 35.03: Mar: 38.53: May: 30.37: July: 3.61; Oct: 02.44-45; Dee: 32.23: Mar: 32.10.

NEW ORLEANS Prices of colton futures closed today us follows:

Spot: 35.10n: Det: 35.50; Doe: 38; Mar: 30.80;-May: 14,38; July: 24.57; Oct: 32.42; Dec: 32.19; Mar: 32.14. LIVERPOOL

No, rubber par it. Oct. 821-82%

Nay. No. 2 rubber per ju. Oct. 60-81

7744-785 No. 3 NG. 4

2412-75% Spot rubber unhaled Hanko crepa No. 1 pale crepe

LONDON

"

*

816-83 64-66 08-98%

The rubber market was slcady with spot quoted at 1/16 higher to 24 pence per lb.

Domestic No. & sugar futures closed one point lower to one point higher with sales of one contract,

3145

Cunumercial Credit

Commonwealth Elec. Casated Edison Continental Of Del Crown Zellerbachs Chan Amor. Sugar

Alkali

Plan Mater Co. Douglas Alteraft Dow Chemicals... Duprat de Nemours Eastern Alime Fastman Kodak

El Pes National Gan Family Fance Corp. Firestone Tyre & Rubber Ford Motor

General Dynarslen

General Electric General Foo

General Motora

Gen. Pub, Vill

Tyre & Rubber Cildden Co.

Goodyear Tyre Gran Alterafs

pared the extreme

the list net nine

higher to two points lower at The market opened

tu tive points. New 44 Orlours closed off one point.

33-12

IMPOUNDINGS

The heavy este of loan im- 1864, poundings pointed up the ro- 0613duced mite of hedge selling and Basolned with Formosa uncertain-

43

1814

les in keeping prices on on up- 1212 ward slant,

1316

4076

Tho Government weekly crop report was generally favourable, although

a long range forecast 48 for above normal rains in 484 western sections caused concern 7842 DVOT possibility of delayed a lowering of 512 Harvesting and 494 grades in the affected oreas.

301%

22% Buying in old crop months Balso was attributed to the fact 192

that spot collon at the 14 6116 southem! markets is selling

about 70 points under the Gov emment loan level

+21

231

04/

STIA

NOTICE DAY

Houston spot Antaresta were 314 buyers of around 4,000 bales in 415 the

March delivery, New Orleans and commlasión houses bought on balance. Transferring 2004 of October December and

333

ss

124

243

500

"44i

March, anticipating notice day

on September 24, co-featured the trade.

The New York Collon Ex-

701 Sumption

45

ait change estimated domestic con- sexd

of raw

colion in August at 825,000 bales agains! 441637,000 bales in the same 1937 period, Estimated consumption

383 for the 1957-58 senson, which ended on July 31, approximated D48,000,000 vs 8,000,000 bales last

season.

Goodrich B. F.; Co.

10

21

Gulf Ot

15

Herden Newport Corp.

14M

+ ELIVE3ke Bini Co

Ingersoll-Rand

304

1001

off

Interchenical Comp.

03:

Int'l Burner Machines

410

Inland Steel Co.

fat' larvester

International Nicket International Paper Int'l Tec Tel

All Co.

Industry Kennecott Copper

Contract No. 4 (world) Out: 3.45-40 Jan: 3.48: Mar: 3.45 May: 3.45; July: 3.40; Sept: Oct: 3.44, Spal-lcents per lb. fob Liggeis Meyers Tob. Co. Cuba): 3.45: Open Interest: 6,715 contracts.

Contract No. 1 (domesilo) Nov; 8.10; Max: 5.651 May: 6.69; July: 0.73: Sept: 53: Spot-cents per i, e NY ex-duty): 6.07: Open Interest: 1,100 eontracts.-U.P.I.

METALS

NEW YORK

Lockheed Alreraft

Loews Incorp. Lone Star Cement Co. Lowenstein & Sons, McDermott J, Ray

Alteraft McDonell

(Am.

Stock Exo.) Mesabi Iron Corp. Minnesota Mining Missior Develosment Monsanto Chemical Co. Montgomery Ward Mutorola Ine. National Blactile Co. National Ca Reg. "A" National Dairy Prod. National Lead .......... National Steel Corp. New York Central Norfolk & Water Ry. Norli Amer, Aviation Nott-west Airlines (Com.) Oil Mathieson ...

No. 1 Roc spot Battlement house term:

Out. Nov.

2434-2016

Dec.

2441-24

Jan/Mar.

241-242

April/June

3418-219

General marketa, el basis, ports:

Sept.

2334-21

Oct. Nay

24-2414

21-2412

Estate crepe thin

Out,

Estate crepe thick

Occ

154%

2015

Sept.

Prices of metal futures closed today in cents per lb. as follows:

Landh

10.416

NEW YORK

Oct.

QUA Elevators

Cotton futuro closing pence per ib. were as follows: American Contract

in

Zinc Sept.

9.00

Owen-bus Glpas

Rex

Dec/Jan: 23.03; Oct/Nov: 13.07; Mec/Ape: 13.03; | May/June: 23.35;

July/Aug: 23.50.

futures today rubbor closed 15 points lower to 15 points higher with sales of 40 contracts.

OCL.

Copper Sep!.

To

Sept act,

Mixed Contract

Closing prices;

LONDON

Oct/Nov: 2440;

Dec/Jan: 24540 Mar/Apr: 2430; May/June: MM; July/Aug: 2338.

Bapt. Noy. Jan

20.00

Mar

4108

AMSTERDARK

SANSKAR

1.300

28.300

20.371

94.000

94,001

Oxfont Paper Co,

Pacis Gai & Elec. Pan American Airways

Farminaunt Pictures Farke Davis Co. Penny J. C. Co. Pern. Ball Co. Philip Morri

Prices of metals closed today Procter & Gamble Co.

in sterling per long ton es fol lower

Tin spot

The express launch undergoing trials in Southampton' waters.

SAO PAULO

Prices* all unquotąd today.

In the United States, the

average price of one-ine" cotton

at 14 designated spot .markets was unavailable.

3-month

Copper apot S-monta

The rubber market was steady and half

but quiet. Prices all unchanged Zino ad hall Bepi.

Total sales were 10,700 bales today. U.P.I.

-U.P.I.

Pittsburgh Plate Glass

• Publicker Industrie Fuze Oil******

Buyers Sellers Radio Corporation

730

Radio Corg, Fret,

Ti

Republic Steel

$10

Reynolds Motal

210

Be toebuck & Co.

OL C

BIGBAGS BI

Bovoby Mobilol

Solar Aitorart

The Liverpool market closed

three to up Ave English

points and 711 to 816 American points under New York futures. -UP.I.

French Car Production

J

Paris, Sept. 16. French motor vehicle produc- tion totalled 107,043 vehicles in T4 July compared with 103,020 in 21 Junio and 92,267 in July 1957.

The July iotal includes 80,020 cure, 17,410 commercial vehicles 49spadƒ and 310 buses. This comparez 7434 with 84,401 cars, 18,222 com- mercial vehicles and $43 buses 1041)

(revised figures), in June, and 21 72,890 cars, 19,900 commercial vehicles and 323 buses in Jitly 1957.

0

si

34

Sri Senger

In the dret, seven months of 1998 output this reached 097,227 744 vehicles (Including 588,532 pas

curs) compared with 580,483 (including 438,483 pay- 4214 senger Cars) In the correspond- ing period of 1957.-China” Mai). 67 Special.

10

Exchange Rates

Drouinese mala, dóna in the local unofficial exchange roarket 150k 64 morning, at the folowing TA14B>-9 331 Udelse (per 1)

40) | Sterling noter (ver 2)), sin

fedorolny rubiah (per 100)

4835 BLOMA (per 100)