1958-12-24 — Page 9

TRANSPORTATION

THE TRAMP STEAMERS ARE BECOMING THE BIG SHIPS

CH

THE CHINA MAIL, WEDNESDAY, DECEMBER 24, 1958.

Stocks Turned Down On New York Market

New York, Dec. 23.

Stocks turned down with some vigour just before closing time

today.

Goodyear was hard with an outside loss of four puinis, Du Pont fell four points and Toxos Co., two poluta. Losses of more than a point were set by Unit- ed Aircraft, American Telo- phone, and National Steel. All 130s are included in the in- dustrial

group average

and goins of substantial amounta In General Electric and West inghouse were insufficient

HANGES in the design and equipment of offset them.

cargo ships which have developed over the past few years are turning the tramp into a big ship of 12,000 tons or more.

Two furtora have vollspåred '

'That Eving about this change hat is the growing asportance of bulk cargoes and the second

gradual perfection Iri Bi devices which von by Atled out boued a cargo ship to speed up tartaroumi in part, which, of

neana mad discharge equally mugari loading. The Evipal bulk cargoes to- | 4. are from ore, bandite, mugur anif grain on the "dry" side; and The "wet" side oil and, to a exterat, hqaid jutro. Howing

1-721

where

possible

W

As a t

stapo surk

which con halde ettben

DIA DE Wat kargoS

SPECIALISED

These 14lalised shajas

arrangements for self-discharge

An advantage of all bulk car- rney is that, in general, le ting takes place by gravity; 1 Argu either by can be carried ature-based grab trimes

1 self

biji-based hours with Evaloshing apparatus taking over" the ergo from an endless love nd aft be: at the bottom of the which the Ulk haids, on to

Wide Losers

Amer. & Furgn Power Am. Gas & Eventy An. Machi, & P'dey Am Tican Mela Andries Ninelting Am Sugar_Ret. American Tel.

American Tob

Anecunda Copper Armco Stent

Ampoun

4296

Steep Rock (Toronto Exgo.)

10

Southern National Gas... Southern Railway (Cum,

425

Standard Brands

201

Blandford Oil of Cal.

4812

Standard Of Ind.

13

Standard 0

«I NI

Tei.

C1956

Da

Sudebaker-Packard Corp.

EV

Mining

Swift & Co.

2216

Texas Ch.

Batwin-Lima-lam

10%

Time Inc..........

17

Baltimore & Ohio

Twrotieth Century Fox Fun

Benedetal Flaner

Union Carbide

121

Bendi. Aðjathon Carp

Unton Oil of Cal.

44

to

| Benguet Cons

19

Union Phelle Rawny

Bethlehem Steel

481

United Altcraft

5014

Boring Alspinne

United Full

Calif. Packing Corp

1815

United Gas Curo

Bal

Campbell Boilp Çu

18%

US Gvnim

Canadian hoctite

US Line Co

30

2014

1:4

Hubler

4015

US. Selling

314

201

17.8. Steel

M

56

US Steel 7 PC PF

$44

572

Warner Bros

3416

B0%

Westinghouse Electric

7014

Western Unions Pet Co

4

Wert Va Pulp & Pape Woolworth

301% 1

-U.P.I.

Case (1) Co Cat Bear Celanese Corp.

CIT Financial Corpi

Chase Menthat Bant Chrysler Mod

Cuti Pony

Secta) issues had some wide laers tra, Zenith Radio rell seven pots and declines to two

three points appented in In

Salt, Johnson & ternatkmal Johnson, Coca Cola, Minneapolis Colgate-Palmolive s Honeywell, Repubile Steel, and Colombdas Carbon Co National Cash Register.

Omintervini Credi | C'ormosilca\ed Edlan strongntinental Out of Del Rastread Issues, through the afternoon, were be-[('havn. Zeljezbacti ang hit as the clame approached. Į cuban Amer Sugar

Seling developed activity within Alkal tickers running late

Emillet

arge is discharged by hoppers the day reils and wilities show-

ed gains in their averageR. nt the bollah

Now York

Stock Exchange

the Opinion awings like bouti very widely between thuse who believe thaa hulk cargo ship should be completely vol of cargo-handling op ralus to these who say that self-contahiedness in this respect increases the number of ports to bend volume was $5,000,000.

Imerly occupied by the shelt-pussitillition

ALADDE

was 2,870,000 shares.

New York Stock Exchat go

Aircraft

Deuglas Dow" Cherleade

Dupont de Neuwaars

| General Recitir

General Foods

Geurial Su

Elden Co

London

Closes Irregular

London, Dee, 23.

The stock market closed Irregularly higher today

on reduced volume

with

the approach of the holl- days.

Gilt-edged securities were Bonds quiel but short-dated. improved on far support.

London & Wall St. Markets Show

Great Confidence

By SYDNEY GAMPELL

London, Doc. 23. London and Wall Street stock exchanges continue to display great confidence. At Wall Street's present heights it is harder to achieve still higher peaks, but the market manages to achieve them.

Ölls remained unacliied and after an erratic performance during most of the acasion finished lower. Shell was down

while three

Royal nbakings, PT Dutch anct Canadian Eagle were also lower. Burmah was

individual When

companies | teenage market and the steady show that they were expansion of the leisure market. British Petro-results unchanged nud leur higher.

badly hit by the recession the These and other social changes

have become market as a whole s not hurt.

more importani than the trade cycle. Oils continued to reflect over- seus' political uncertainties of

Markets Closed

For Holidays

Now York, Dec. 23.

in the will be Thursday. Christmas Day, and Friday. All markets also will be closed the following Thors- day, New Year's Day,

following US

The

Kustern Arrline

Eastman Kodak

Of 1202 issues Faded, 312 advanced, 430 declined

Family Finster

Costa

322

Firestone Tyre & Rubber

1J1

The Nat. City Bank

7470

741

All

471

Gen Pub. Unit

4041

United

43

closed

markets Staton

on

Goodyear Tyve

J15

Guir On

123-

{

bgming to man

anto tie Beld

which the ship can trade, an therefore improves her charter

Heydan Newport Corp

1314

ship or be.

Dow Jones

were:

American Stock volume was 1,160,000 shares,

averages

Exchange

givesoll-Rand

941

Intervhemicnl Corp

502%

Jutt Business Machines

vishing

In Harvester

40

International Nickel

130

0141

3126 194

40

104

13

120 2

Dut

1967 19

30

10

Comm. future price jadex

146 14

Lockheed Airurakt

02++

Loews Incorp

201

Closing Prices

Lone Star Cement t

Lawenatem & Sons

MaDermott

R

MeDansell Aussat (A

Alled Alte fotmanns

Chomcats.

221

Stick

Avertran Table & Battle Cup American Uvatornid

Memorial İndo Cor.

Motuste Chemical 1

KIN

Montgomery Ward

is deck tweendleek

8.000 a

adweight

12,000 tons

with tour

ds, wer sur Three Torward and

1 days, and machinery anielskups.

This is a type of ship which cvolved from the old pre- World Wer 1 three island single deck

ANOTHER FIRM

JOINS JET RACE

TX7ATCH for a third name

in Wostern Intercon-

ep, and which whit the specta) Bulk cammer began to occupy a position of increasing importancetinental jet airliners.

how carried the majority of the bulk cargoes, azul on world's

ng-term charter in the aer trades a good deal of a dry and packaged enzynes 100.

مان

11 is

Iamous Ime Jo

This enval aviation-Douglas

Nou Hove the world American the DC-3 Dakota-still leading

the Lumumbers on

wex ki's airlines--the DC-4 Skymaster. the DC-6 and the DC-7.

speeding towar is Now it s the day when 13 rst jets will

Britain's line up

de Havilland Comets and the rival American Boeing 7079. Spvilised. UP TO 600 M,P.H.

progress report Cabfornia to the seven

whala airnes

Many ships of this kind are and ll under construction, there are shipwoners, and above shipbrokers, especially 22 1tain, who are the option that this is atilla trest sausine-

ry typu

of ship however her, should ever dispiace. SUPPOSITION

which no

Are we correct in this sup- | peut

The present Losition?

trend untered the

21ew

ןןןןןן!

Euro-

have

DC-8

jets

madu

It hus flown

indicates that this is not the says that No. 1 has now

Coll-

The present held of cargo CANU

be fivltled into Carying can

in sections-that twu cerned with the dry bulk cargan's md general cargoes.

Bulk cargots can be canled 'twerp- sherlerdeck ek atkl spherol buti type Expl For mosing which the bouxit: 212213221 Assit, the free-lance or Trump shup Per Lentis favor those bulk carriers which equally at home with coal,

ore, bapxte, sugar

et

tu

vircumstances Uber or amber, though these inte auf strictly speaking bulk raigues. Owners in Britain who formerly have been interested in the coastwice shipping from jacant of view, maloly in the coal mw beginning to

it

K ferther afield for their

activities, and they have evolved

type of ship watch is in the

9.009 to 18,000 tons deadweight

category,

slightly "blown-up"

45 test Nights a! up to 600 n.p.k

No. 2 has just made its st

third and the Atgent, fourth will be joining the light jest ogrance this mouth

of

DC-BN Many

the Fairte

to have RIT Ils-Ruyou Coway engines.

Mihailo

24 ralla

15 untilles

6) Blocks 40 bonds

AM

"Course I've said nothing

International Paper

Tel & T

John-Manville Co

Kaiser Industry

Kitas cost Coppa

Liggett Meyer'

Motorola Le

National Biscuit Co

Nation Carh Beg "A" National Dairy Po

National Lead

National Steel Corp New York Central Norfolk & Western Ry North Amer. Aviation North-west Airlines Ole Mathieson 01:n Elevators Owen-linols Clark Oxford Paper Co Pacific Gas & Elec Pan American Airways Pornmunt Pictures

Penny . C. Co.

iCom.)

70%

ל1 72

ола

markels will operate a half session

Wednesday, Christmas Eve: Wool tops And wool futures: cocoa;

oll; cottonseed

costce;

sugar: Chicago wheat, corn oats, ryc. 0y beans and lacă

These others will keep a full day: colion, copper, zino. tin, lead, hides and rubber.P.I.

MIXED

were

mixed

Foreign bonds ux dollar stocks eased,

Gold shures met selective demand und several issues closed higher Copper stockя were dull.

Industrials

were

Sterling

boun Mus

stron,

both the Middle East and the Western Hemisphere, but In-enough for Britain to make the year-end payments on ibe dustrial equities remain strong.

North American debts, www American conversely are being

wurned by their banking and Food business leaders against pricing eventual | themselves nut of the market ai

Britain dd In 1949.

the

enersy

-

In both Britain and America

of strength

consumer demand is taken as

for enough augury revival in capital goods

013

rm with several issues features. viding

Lanenshire

Bree shillings Steel ruse goud earnings report. Tubaccos and selected breweries, storce and textiles were strong spola,

U.P.1

New York Cotton

Market

New York, Dec. 23. Cotton futures today see- Bat ed narrowly in quiet dealings as most traders become moro holiday-

Chicago Grain minded.

Market

Chicago, Dec. 23.

closed weals for most grains today on thit Bourd

Grain prices

d

increased

At the close the list ruled up

to four three

points. The market opened off one to six points New Orleans closed up three points.

Operations were mostly of a couline character. Declines close at- solow the previous tracted a routhie demand from

Competition

In the United States there is Treasury no competition from

The Treasury sue- refunding. erasfully finances its deficit by Issuing short-term securilles to non-bank lenders. It does not compete with business for long- term capital.

In Britain, relaxation of funding pressure could be a potent Instrument For nc- relerating the recovery.

severe,

The Bank of England's r funding pressure was and repressed eaplul projects and construction along with the bond market.

A relaxation bos storted. Given time, it could go for in of three sectors.

There LE renewed signa that Moscow may be deddedly interested in reviving trade with the West, particularly a large dollar credit Ib by finance purchases of equipment to make consumer goods.

Easing

A

Before

would Washington even discuss such an arrange. ment there would have to be a great easing of international hedge selling anchored prices in mil interests and the specula- tension.

from chango ony Aive talent. Conversely, small embittered low tones and prevented

to triendly

East- advances attracted Eight helg West relationa would greatly ing and selling credited to

conduce to world prosperity. New стор Memphis accounts.

continued to be deliveries neglected.

17

45% of Trade.

102

Penn, Sall (v

0015

Liquidation

Philip Morris

60%

Procter & Gamble Co.

Publicker Balustries

Pure O!!

413

slarble advance.

Radio Corporation

43

Radia Corp Pref

71

Repubile Sterl

Wheat No. 2. red

and

Sears, Roebuck & Cu

30

Shett Oil Co

31 3

TOURE THRILİ

190 num. 1942% -7.

you

about

being tato Christmas coming

Satrit Reg Paper

44

Mux

ยก

Sinclair Ol

July

10124 1033

for British

all!"

Secony Mobil 031

17

Sulne Alveraft

20% Corn. No. 2. yrilow

South Puerto itev Surai

33

Spat

Luton &ipreia Ser WILK

Soulliern (%

Thi

Mar New

Me:

July

35 11.

Mur

fat

Oats

Ma

iny

No. 1 rubber per Ps. Jan.

B5-652

cotton al 1 designated

spot

Soybeans, No. 2, yellow

No 2 rubber per ih

Feb. Jan

0515-85

Spot

markets was 34.30 cents

Mar

A3-03'

No

វា

No. +

82-024 001-81

Total sales were 31.488 bales. -U.F.I

May

July

64-G3 neti

BAD BO 21824-1 21916-2 2200%

Sept

044-85!

Barley

Blanket crepe

70-70

долей

128-133

No. pale crepe

87-80

New York Nour

200 lb.

cl

COMMODITY PRICES

FORLIGN TXCHANGE

version of the ordinary 4,500- Eland official

nship which they have been

using for many years on

30-day 90-days:

Spol rubber unhaled

LONDON

The rubber market was in-

at 24-11/18 pence per 1b, Prices:

active with

No. 1 Ray not

Settlement house term

2.80 13/2

Feb.

Janar

April/Je

July/Sent

Oct/Der

quoted

METALS

NEW YORK

Prices of metals closed today

in cents per lb, as follow:

NEW YORK Closing rates were

2.00

2416-241%

2.00 7/10

2432-26

2.24 1/10

Mar.

2.70

1.00

244-23 24*1-21 2516-2614

Lead

Dec.

no17

2100

2100

Jan.

Veb.

Estate Crepe thin

Jan. Eriate crepe tuck

Jan.

251-234 251-251 244-21% 24%-244%

201

201

Jan.

Zino

Dec.

Jan.

Copper Dec

Tin

Dec.

Jan.

-U.PL

LONDON

Jakisler,

the

Australlo New Zealand constal trade

Whether they

ritht in South Afric

Benzil Bullet raised India continuing to quarterdeckers of large type may be open to doubt; but that they arc dung by an indication of the fact that they want to get the best of all worlds in ell possible bulk trades. EVOLUTION

LONDON

2.00 7/16-41.0015 2,70%-2.701;

Closing rates were: New York Montal Amsterdaen Brow Copenhagen Frankfurt Lisburn

ar Stockholm Zurich

10209% -10.58TA 139.30-130.35 1921-19 11.70-1470 00.15-00.25

20.00-20.004 170-179 14 401-47 12.10-13.10%

~UPI

RUBBER

COTTON

NEW YORK

Prices of cotton futures closedl

xtay as follows:

Spor

Mar.

Mny

July

Oci.

Des

closed

Mar.

May

Ships designed particularly for the aurar trade, and of the roised quarterdeck type, may well be equally at home with #rain or cual, or even perhaps ore; though li is clear that such a ship does not offer the best, possible stowage for all cargoes, and that accounts for the present tendency towards the evolution of what has been terms n univer- rat bulls carrier which by a clever arrangement of tanks and

NEW YORK 'tween-deeks permits optimum loading of any bulk cargo.

fiez rubber futures The ordinary

J0 points shelterdeck today unchanged to

shies of alx con- tween-deck, machinery amid-hipher with ships, cargo ship suffers when tracts, carrying bulkenrgoes from Closing priecs:

Jan: 302a: Mar: 30.17; May: 2015; permanent 'tween-deck; on the

Juty: 2010 Sept: 2013; Now: 22.53; other hand this latter is an ad-

Jan: 29.45. vantage should the ship he long- term Ume-elartered la any uf the liner traden.

She alco

AMSTERDAM

market

The rubber

Jan

11,400

11.400

10.45b

10,401

20,126

17250

07.200

Prices of metnis closed today

In sterling per lang ton as fol- lows:

Kyo

1133-5

11346-

113-1 11642

110

It would be the most hearten- ing development of the New Yeur, and not an impossibl

Tradera awaited the conven- ! one.

Congress when tnx of

new į

Meanwhile, the main strength farm legislation is expected to

thair be one of the Brst ordere of of equities is

probably

and their gain business.

scarcity value, of the esteem that bonds tiave

The Liverpool market cloned lost.

to up 10 unchanged

English! points and

795 o 923 Ameri- can points under New York futures.-U.P.I.

U.S. Cost Of Living

U.S.

Гозд

Second comes the expectaUon of economic growth. Expecta- tions of early inflation ore Р poor third, generally conceded to have been exaggerated few months ago.

*

be

Growth prospects may solid rather than exciting. The restraining factor is the dim- inculty of having a capital goods boom when there is already so much surplus capacity.

Washington, Dec. 23.

living costs November to equal an all-time peek set in July, the Govern- ment reported today.-U.P.I.

CANADIAN DOLLARS

-THE

HOTTEST

CURRENCY

New York, Dec. 23.

Buyer Sellers The Canadian dollar is now just about the

Tin

Apot

75-1

754

1-month

TNG 7027

Copper

Spot

211 212

3-month

39.70

Lead 2nd half

Dec.

221 22115

717%

**

34577-20

Mar,

7434

01.10-16

33.02

Zine 2nd half

Dee,

7178

71

3154

Mar,

31.10

3164

1UPI

31.50

NEW ORLEANS Prices of callon futures closed Today ng follows:

Spot

Mar.

May

July

Oct

was

Dee.

Mar

May

at a disadvantage | Heatjy. Pelecs cloned in guild- from the point of cuble, dimen- era per kilogram, elf January na sion for dimension, because her follows: machinery in amidships. She in

No. 1 rubber

n logical steenssor of the old No rubber

No. 3 rubber

reven-knot, coal-burning, triple No. 1 repe expansion engined, three-sland

2,40 no. 2.11 nom.

34.45

23.01

31.60

01.00

HE TO

SUGAR

"hottest" trading currency in the world, New York bankers said today.

commercial

paper...

That's because trade aerom prime the border between the United business Arms promissory noves 74% Blates and Canada is now biggin which cry short term and hence'

than the bilateral trade of such very liquid.

714 #rez Arwing nations as Britain,

Germany, France. ffollandoT Japan.

Domestle No. 6 sugar futures closed unchanged to two points lower with sälen of 31 con~ tracts.

THE DEMAND

A Canada's

scoond

Dus

Interest

INTEREST

Let us say prime commercial

paper of a bit, solid corporation

In the United States might colch that 2% per cent forest, while in vizor= | Canada atmilar paper will reich lana per cent because of the

opportunities

Canadian

reason is rapid and growth In the few yehre ban crowied relatively bigger demand for New York, Dec. 23. demand for money that means capital in Canada, World

futures golden No. 4 sugar

By lavesting in closed unchanged to five points for American investors who corninercial paper Instead di lower with males of 708 Con- 11171 trade In the Conedion American, the U.S. Arm with tracts.

take dollar in order to

ad-temporarily kilo capital will make about 1,500 bere dollars in vantage of these opportunities.

interest .per year on coch According to George Chillen million dollars it invests, den, hoed of the Foreign

also further profit Department of J.P. Morgan &ponsibility. Clontract No. 4 (world) Co. Jest amounts of money are

By taking adveninge of the Mar: 281] May: 388; Jute: 358 |beln] ando by American Hrne Brpt: 0.31: Deli 361: Mar: 3.46;

and the forward price Chriadian Mavs 3.631 Rpal-feet car in. To which have notice officers who difference between the spot price Jonow how to use the condollars on the foreign exchango C interest: Pan0 conlinets, plexitice of truding J fl market and using a hodging Canadian dollar and how to operation, the company financa

Canedin amber sometimes caa Mari 07 May: 6.00: July: 4.91; take advantage of

perhaps Re: D. Iov: 6,02, Apotestcenta | klerest raten,

maka ao extra quarter of one The per ib, CU NY **-Chile): bija,

per cent interest on lila invest- Donn interea: 2,639 contacte- one-Inch u.

cashment-U, P. 1.

LIVERPOOL Cotton future closings, In pence per lb. were as follows! 2.32 nem. American Contract 2.34 Mom.

Dec/Jan: 2245; Mar/April: 22.01; May/June:

73.03

July/Aug 20.95; Ori/Nov: 20.43; Dac./√ün: 20.45. After opening slightly higher Mixed Contract ·

sympathy with overstar

Deo/Jan: 23:00; Mar/April: 22.60; the The next ten years will conviern

muming ruled May/June: 20.00: July/Aug 22.003 the demise of tho shelterdeckt qules with fluctuations within Oct/Nov: 20.00, Dre./fan: 50.00

nlp of pre-World War 1 ern,

which made a lot of money for

a lot of shipownern,

BINGAPORE

weendecker as she is known at narrow limiks.

present, because ali bulk trades The afternoon market was will have hived, themselves off rather more active with most day." Into special slip type groups, buying inking place toward ind some of which will have special end of the day. Futures:

SAO PAULO

All prices were unquoted to- In the averago

United States,

prico

of

Contract No. 9 (dementio)

For example, many companies | invest their surplus

Thoren

for

However, the demand both capital and consumer goods In the United States is helped by the lower marriago age, the spectacular

of growth

the

uver-

Any much threat to the dollar must slit be regarded as long- The dollar's term. valuation gives sterling no store than

comfortable minimum of elbow boom against home unerrantles the

the politics and of

European Common Market-China Mail Specint

Red Baby Car

London, I c. 22. Radio Moscow reported today thai Russla is producing a new, four-passenger "baby" car. UP.I

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