1960-10-25 — Page 2

Late rally saves

THE CHINA MAIL, TUESDAY, OCTOBER 25, 1960,

Wall Trends of stagnation

Britain is urged Street from in Swedish industry

to control textile imports

London, Oct. 24.

A strong case for government control of total im- ports of cotton cloth, yarn and made-up goods into Britain and a warning about the possible

big

decline

New York, Oct. 24.

A late rally saved the stock market from a severe drop today, trading was heavy, it was the market's sixth consecutive decline.

The market

Wis

substan-

Untly lower and active at the opening prices continued to

plunge and were down hard started Tully got

when the

around the final hour. Trading

Parc Natural Gas Fully Finance Corp. Ferro Corp.

Firele Tyre & Rubber First Nat. City Bank Ford Motor Co. of Cana. Ford Motor Deorgie Pacino'

consequences if the present altuation con-picked up on the rally and put General Dynamies

tinued was outlined in the Textile Mercury.

In an editorial It regretted the governinent's failure to give positive assurance to the Cotton

conference Board

rogutive thut imports

1 BA- were

Roing to be stabilized either now or in the foreseeable future.

It refutes the suggestion that Loncashire might damage

iL

interesis if my thing were lu be said at this stage according to the Mercury the only thing!

which matters in point of timing during the vital seccud Industry's the of phase reorganisation programme is the production of solid foundations on which firms can build.

REDUNDANCY

11 added that every firm with an obsolescence problem knows hal It has to re-equip quickly to survive but none will hurry 0일 with this

the prospect redundancy hanging over them: It continued that at the pre- sent time very low spinning ond weaving concerns could uccurately forecast their future" let alone decide what manner of production they ought to be re-i qulpping for."

LONDON

MARKET

QUIET

London, Oct. 24. Most sections of the stock

markot

were

quiet

today, although

gold mining shares climbed on the strength of the con- tinued rush to buy the metal on the London Bullion Exchange. Gains ise among Industrials,

predominated

Oil shures attracted tile at- tention and leader's closed The only safe promise on which the Treasury alded remaindy lower.

bonds organisation programme can

investment

British

government

ahead on proceed is that the firms re- moved

persistent maining in the industry should buying spurred by have a stable market for the rumours that the British bank

I

per cent w and cloth they pro-rate-now

soon be lower to case the .con- credit government's servative squeeze-AP.

yarn duce." The Mercury added that no Such stability could be expected while total imports of cloth and yurn remained uncontrolled. was the duty of the government Its import pulley to declare covering the next two or three

years now.-Reuter.

It

3

Closing prices

British Government Securities

YCTIONNAI

Savings 1935/03/

J. Savings 1909/70-78-7/15,

Savings 1965,75-7-

Hanks & Insurance

NEW YORK Burplays Ord

COTTON MARKET

New York, Oct. 24, Cotton futures finishad caster today after holding mostly steady in a dull session.

At the finish the 1st was off 10 point to unchanged after opening this morning 10 points New 15 higher. 130 Oricans futures finished

Inwer

lower to 10 higher!

13

on

Scattered trade buying

same spot market

the basis of

Improvement

COUNTER com-

mission house selling, however, trade interest had all but dis- appeared by the close, leaving Des caster,

Conilleting reports came in tu of the effects apot house on rain and cold weather in the belt ist week. One report claimed Considerable damago while another said only a slight lower of grades resulted.

Exports reported today total- od 28,811 bales, Liverpool futures finished five to 35 English points lower-UPI.

:

Chartered Bank--31, Fiongkong

ayds Bank- 40785.

Union Insurance is.

Bu

1

Burtnah (3)--402. Hoyal Dutch-£11-23/93 xd.

Bigals Engineerged. United Steel-82 30. Vickers Ord-30 40,

Endustrije

Babcock & Wileds

the high speed üleker tape be hind floor transactions. Prices were well above theis lows for the day at the close.

It was the market's sharpest decline since September 28.

ranged Most lois few cents to around two dollars share, but some of the more volatile issues were down five to ten dollars,

GOLD SHARES

General Electric General Foods

General Motors den, Pub, Ul.

Gen. Tel. & Elee...

Gen. Tyre & Rubber Gelly Vit

Goodyear Tyre

317

from a

Great Northers Railway Granmas Altere'

301

Gulf Oil

Hammond Organ

Heyden Newport Corp.

Ing

Hiram Waikar

Hum Refrig.

10%

32

12

7222

30

The decline was on a broad front which included the steels, autos, rails, petroleums, coppers, electronles, drugs, aircrafts, chemicals and electrical equip- ment.

shares

advancei

Idaho Power

Imperial O

Imperial Tobacco Ingersoll-Rand Interenemical Corp.

Int'l Business Machines Int Harvester Internationa) Nicket International Paper Inti Tel & Tel Kaler Industries Remsecpis Copper

Liggett & Myers Tob. Eu,

Kimberly Clark

Ly Tulip

Lition Ind.

Lockheed Aircraft

The Hold price of bullion rose, but they Srly in the day as the London closed mixed,

Analyste blamed the full on more ui- recession talks and favourable business reports, The Lorillard P.

U.S. for the utter included a lower operat Ing rate industry this week,

Or

steel

Loews Incorp... Lone Star Cement Cu

Low win & Song McDermott 7. tay McDonnell Alterant Merck

1,257 Issued traded a Mesabi fron Corp.

Minnesota Mining brood market-926 declined 149 Minden Developement advanced und 182 Were un Mongalia Chemical Co. changed.

There were only three new hight for the year against 233 now 1960 lows.

Standard and Poor's 500 stock index tell 62 cents to $52.70, its biggest fail since September 20 When it was down 84 cents. the based on this indicator, quoted value of all stocks listed on the New York exchange lost about $3,400 million.

The Associated Press average of 60 stopics tell 2.00 to 203.80. The Dow Jones 30 industrials were down 5.62 at 571.03,

1090 to Volume shares compared with 3,090,000 shares traded on Friday,

HIGH VOLUME

4,420,000

The volume was the highest since May 18 when 8.240,000

shares changed hands.

Twelve of the 15 most active stocks declined, two advanced and Benguet was unchanged

General Telephone & Elec- tronics was the most active

Montgomery Ward Motorola ine. National Biscuit Co. National Chat Reg. "A" National Dairy Prod.

National Steel Corp. New York Centra

Noranda Mines Lid. Norfolk & Western By. North Amer. Aylation Northwest Airlines

Orahama Mud, Gar

Mathic

Que Elevator Owen-linols Cis Oxford Paper Co.

Pacife Gina & Elec.

Pan American Airways

Paramount Pictures Penny J. C. Co. Penn. Selt

Philip Morris

Pitney Bowes

Procter & Gamble Co.

Pittsburgh Plate Closa

Portian Gen. Elec.

Publicker Industries Fullman

Pure Oil, .... Radio Corporation Radia Corp. Pref. Raytheon Republic Steel Reynolds Metal „Reynolds_Tobacco

Bank of Canada Royal Dutch Rheem Mfg.

Assoc. Rice, mení-725 10154. / Block, off % at 24% on 91,800 Sears, Roebuck & Co.

ANGE. Portland

4d.

Beardna, Murden Ord- British Matur Ord-15s 10d. Cuatk 1. & P.) Ord-Gits 3d. Courtaulds Ord-5 d.

De La Rue Ord-- 63. Dunlop Rubber Ord-23 72d. Flee. Mus

Ford Motor Orde-415

General Electric Ord. Gilinan (Holdings) Ord-. Great Universal Ord-57 Hawker Siddeley Ort-J

Imparial Chernica) Ord-728 fisd. Marks Spencer "A" Ord-08 0. Rolls-Royce438.

Standard Triumplius,

Unilever Ord=-130% Dd.

Woolworth Ord-641 10:54.

Mines

d.

De Beura Det-132 Petaing T-3 344 Union Corporation--dis

Bacellaneous Bowmaker Ort-24s 134rt. Canadian Paelle Ord-78. Itongkong China Ga-15. P.&O. Steam Nav. Det-35

-Router

Unit trust

First Hongkong Fund: Buyer Price: $0.99. Seller Price $1.05.

Dealers in

TELEPHONE COMPANY

PUBLIC UTILITY & INDUSTRIAL

SECURITIES

MUTUAL FUNDS

Information and Suggestions

Specialists in

OVER-THE-COUNTER SECURITIES

FREE PORTFOLIO ANALYSIS

For further details and list of current attractive recommendations, write

Morris CoHon & Co.

Members: Pociño Conit B19th Krchamps

Raw Tork Forests Dresses damorgann Stan

19 RECTOR STREET • NEW YORK 6, H. Y.

Batowny Stores shares. Second was Western Saint Ting, Paper Pacific Railroad, up at 23% Behenley Inc.

Scott Paper Third was Siegler Corp. on 91,500 shares. American Motors, off å at 191⁄2 Sinclair Oll on 78,900 shares. Next came

Brunswick, o 12% al 72% and ampex, off 1 at

20,

Smith, Kline & French Sooony Mobil Ou

¡Com.)

South Puerto Rico Sugar Southam Co. (The Southern Natural Cos Southam Pacific Co..... Southern Railway (Com.) Sperry Rand Standard Brands standard oil of frit. standard oli of NJ. Steel Co. of Canada Business Sterling Drug Co

Stuckey-Yan Camp.

Electrical and Musical Indus- tries, up 4, was the only other gainer on the most active list.

Texas Instruments, 16th most active, plummeted 10% to 1504 on 20,600 shares. Polaroid drop- ped 5%, International

Oll of Cal

Machines 5. American Ship- stane, & Webster building 5, Thiokol 2%, Unil- Studebaker-Packard Corn. versal Match 2%, Florida Power Sunelune Mining

& Light 3%. People's Ga 3, American Home Products 334 d. and Chock Full O' Nuts 3%-

AP.

Closing prices

Abitibi Pwr. & Paper Alden mg. Acy. Algoma Steel Corp. Alued Chemicals Allied Milis inge.

All Chalmers

Swift & Co.

Texas Co

Textron Inc.

Thlokal Chem.

Tide Water Ol

Time Inc.

Traveler Inc.

Tri-Cont. Warrants

more

Stockholm, Oct. 24. Economic developments during the third quarter

of this year have brought about a differentiated pattern for Sweden's industry after the expansion which characterised the latter half of 1959 and the first half of this year, the Swedish Institute of Economic Re- search says In its latest survey.

HONGKONG

STOCK EXCHANGE

by

Dur Own Correspondent

Already in June trends of slagnation wore noted In some branches and these have пси рго- spread and become more nouneed.

The Institute's "barometer" survey indicates that the over- all industrial production might have shown a alight wird trend between the second und third quarter of this year. For the iron-ore mines, the iron and

Multi-storey car

park will house

3,300 vehicles

London, Oct. 24,

steel works and the engineering A multi-storey car park, the biggest of its kind in

industry, excluding the ship- yards. the upswing was ap

particularly parent, this being true of the iron-ore mines and the electrient engineering lar Business done at the Hong-

this dustry. Other mites and the kong Stock Exchange

report morning amounted to approxi- shipbuilding industry mately $1,700,000. Noon quota- atayang production, as do the paper in- tions, and the morning's tran- 11mber, pulp and

dustries.

soetonali

Silanes

Duyara Sallara 303) HK Bonk .. (305 1315

INFLUX

OF

the world, is to be built at the Austin Motor Company's Birmingham works to overcome difficulties which arise in accommodating the high output of vehicles from the factory,、

Orders for truck

possibly and bus chassis

Blognotion, 6 @ 1320

decline,

is reported by the cement and brick industry and

. 21-20 21.40 3000 2114

SLIDE 201315

409

10

1910

09!

E. Axia....

200

**

Union

**

124

120

17 183

015

721

Waterbost

27.10

雅

Wheelock..

PER

7.80 1000 140

Duck

.100

509108

-8222

100 100

50

70%

Provident

UK Hotel

11K Land

2030 a 13

300 & 31

1

200 BL

Youmotl

100

101

100 101

1:200 6 109

900

100

100 101

200

100

Yaumati

gh19) L

Tram 50. Light

BI

1541

Electrio 304Telephone

40

50

时尚

2416

1232%

Cement

++

500 21,40 42 130042 *101 0112 1007 @ 6155

31

23.30 23.40

400 233% 300 23.40 500 20.40 21.30 28 3 1200 4 2035 10002814 3514 3035 700 3500

85 14

Dairy Farm 30% BER

Watson

Allled invert.

Textile

Nanyang

A. fubber nubber T Tattoo Dock

Realty

HK Qu..

**

i4.70

5.10

02 0215

2000

3535

2500 35% 1000 $ 3545 700 @ 39%

31

900 or 0215 100

500 G 02

BOG C216 +1,825 1.85 5000 or 185

5000 of TRZA

200 15 10.40

13:4

227%

2016

II.K. & F.E.

Inv.......

Climan.... Star Ferry

13.60 2-10

4281

Macao Elec. 11.90 12.40 414% Lane, Craw. 40% 16.70

Vibro

18,10

100 e 18,10

200 gr 16 200

Agreed merchant

rates

15.10

Canadian dollar, maximum selling 17-1/16. Minimun buy ing 17-5/10 T/T; 174 O/D.

Exchange rates

tor the shoe and tobacco in-

The building, which will be in full operation by September next year, is nine storeys high with ramped floors, and will house 3.300 vehicles. Cars will go there direct from the assembly lines to await collection for the ex- port marker.

The works, the largest in- begrated motor plant i Europe

a week.

dustries, while a continued pro- Export, order for truck and has a current capacity of over

duction

has Laken increase place in the food industry and in the chemical industry.

-

The influx of orders in dustry during the third quarter socs to have followed more or less the same pattern as pro- duction. For the last quarter, the forest industry expects obtain about the same volume

10

of orders as in the third quar-

ter both from the export mar- ket and from the home market. The engineering Industry as a

which of 8,000 vehicles bus chassis volued

were under the £49 million British £1 million over

expansion Motor Corporation by the Ley-plan will che to 10,500 a week announced land Group at the and by 1982.

This creates a storage, prob- of the Commercial

lem. Outside the factory there Motor Show in London.

are usually long lines of cars Emanating from operators in

briefly for walinghowever Mulaya Southern Ireland, collection. But the factory Uruguay, Ceylon and Australia, self is expanding and reducing they will be added to the other areas svallable for parking

Leyland re-

anished vehicles, By the contracts which

Israel and ceived from Iran,

eccond half of 1901 a vast new building for the paint, rim, whole is counting upon a slight South Africa recently.

The largest contract has been finishing and final assembly of increase in new orders, white

Public Works 2,500 vehicles a week will be the iron and steel works placed by the

Federation Department,

in operation beside the existing pect stagnation, as also do

orgembly building on producers of building materials, Malaya. I calls for a fleet of

Chieftain tipping chassis car built by Albion Motors Ltd, of ground now occupied by vehicles Glasgow. During the past ten years Albion have supplied over

MAXIMUM USE truck 950 of the

and bus chassis to this country.

As there is no possibility of chassis are to be equipped with expanding outwards for park, three-way tipping gear, and willing space, the company must be fitted with dumper bodies on į expand upwards. To meet this arrival in Malayı."

need, Harry W. Weedon. The Irish State transport or-FRIBA, & Partners, the Br

Iompair tish Motor Corporation's off-

the

French bank

branch office in U.S.

170

ot

The

on despatch.

Caras ganisation, Eireann, has placed the largest cial architects have designed order for bus chassis. It calls this vast car park building 10 for 80 new Leopard low-wolght make muximum use of the arca bus

which will be chocsis

available. equipped with slagle speed rear axles and automatic lubrication equipment.

of . re- The building inforced concrete columna and

New York, Oct. 24. The French bank Banque de Paris Et Des Pays Bas is toppen a branchsportes Colectivos. Suilding work-will-stari

Compania Uruguaya de Tran-

office in New York next private-enterprise

concern which provides the bulk

an. was

slab construction and is 070 fest long and 104 feet wide. shortly, site clearance having already started.

UCS

Com-

to

Thunday, it

of bus transportation in Monte-

the ramped floor nounced here today.

video, hos placed a repest order The bank, which will be for a fleet of 30 high powered principle of operation. All park- are ramped, and . # The ing flopry known in the US, as the "Feris Worldmaster bus chassis, Bas Corporation, to start most successful export model double spiraj gyalem of Boors with an initial capital of U.S.$12 ever produced by the company, enables upward and downwars! million end as such will be a they are equipped with Pneumo traffic movement to be

Important relatively

Wall-Cyclic semi-automatic gear-pletely

Passenger bugregated. street business bank.

boxes and powered by 150 h.p. lifts and staircases are provided Leyland diesel engines. Leyland at the four corners, and, In SURPRISE

Car Recess by th of the has supplied no fewer than 200 addition The

announcement

Nw York branch bus chassla to this concern in ramped doors, two car lifts will. opening of

bo installed, Principally offlec came as quite a surprise recent years many of them

fourth foot move cars above in financial circles caraidering being of the type ordered.

From Ceylon, the group hazi_lgyet. the Important role played by

an order from the received

In constructing the building the Luzard Freres and Co Bank Transport Board for another 60 the lift slab principle will “be in the States, a subsidiary

Comet passenger chesals and a employed. After the pre-cast branch of the Franch Lazaru

repeat order has been received reinforced concrete

columns Freres Et Compagnie and ong of Brisbane City Council, have been erected, the upper the main shareholders in Australia. It calls for 12 World floors and roof are then cust Banque De Paris Et Des Pays master buses with fully-suloma- round the columns in complete similar to a slabs, at ground level instead of tic transmisalon, The President of Faris Bas Beet delivered share lust Decem- at floor or roof height. Corporation Is to bu Robert ber. The chassis of thosc President of the vehicles will be assambled at the International Corpora- group's Australian headquarters

plant in Melbourne.-LPS.

morning at the following rates:-

U.S. doler (per #1)

Business was dong in the locat this market unofficial exchange

5.00

Bos.

Twentieth Century Fax Film

Blerling boter (per 211

15.87

734

Union Olt of Cal

Indonesian rupiah (per 100)

Australia notes (per £1) ...

13.50

Craft, Vice

3.80

SK (per 1001

293

Chase

Bingapore (Straits)

1.00

tion-AFP.

32

Union Carbida

Union Pecille Balles

United Alterart

ABJA United Fruit ....

2354

United Gas Corp. 11.5. Fall "B"

07 U.B. Copeum

181⁄2 13. Hbber ......

Am Brake Shoe

American Airline

American Cable & Radio Corp

American Cyanemic Co.

404%

*** meiling 11.5. 52201

Amer. & Forgn, Power

102

64

21

49***

A G&ctric

Am. Home Prod.

Am. Mach. &/F dry.

American cial

Am. Natural Gas

Antrian Smelting

Am. Bugar Ref.

Ainerican Tel & Tel

Amertean Tob.

Alupex

Anaconda Copper

Armour

Arbestos Corp. Allas Cous. Minina Ballimore & ONLO Bank of Montreal Bank of Nova Beatle Brach Lite Sovera

D.C. Tel. Co. D Bell Teleptione foneficial Finance Benguet Cons Bethlehem Sledi Hosing Airplane Borden (The) Co. Burroughs Ada Machine British Amer. Oll

Brial Cahunbia Pwr. Cellf. Packing Corp. Cana. Bk. Comm. Cona, Brewers Campbell Soup Co. Canadian Pacific R Caj. Tracias Celanese Corp. CIT. Tinanclat_Corp. **jak, Manhunt. Bank Chrysler Motors Cluell. Peabody Colombian Cafton Co. Commercial Credit Forming Gim Worke Cuneo)data de Consolidatořáper Continental Can Comental Oll or bel Freely Pet

Grants Co. Kuvia Amer. Bagar Delaware & Kusion. Co, Hamonikl Gan benoudard

jizatiljare:fig Udruza Douglas Alzaren 13. how thethidal

Dupont de Sjemovés Karuman Kodak,

0724 Warner Bros...

Waukesha Motor"

Weetinghouse

Broke

Westnghouse Electric

Western Union for Co.

West Va. Pulp & Paper

Winn-Dixie Stores

Woolworth (K. W.)

Zenith Kgolo .....

New York and London. Block Market Reviews have not been received because of poor reception,

UPY/TIES

Textile

market

New York, Oct. 24. The cotton textile market

was slow

Monday, pp Dealers reported isolated sales of print cloths and other constructions. The volume was mol large enough to determine any

real trend in the market,

Yesterday's Closing

from

COMMODITY PRICES

METALS

LONDON

Closing prices, rl in sterling per long ton;

No, Nov. No, Nov...... Spos rubber unbed Blanket crepe

No. 1 pale crepe....

LONDON

9714, Det: 33.000: Deo: 23.976; for: 33b;

May: 33.05b; July: 37.9sh.

Closing prices all in pence per

Dec.

ib.:

No. 1 pat

Settlement house term:

Nov.

TIR

Spot

Jon/Mar,

-month

Apr./June

Copper

Spot

3-month

Zino 2nd half Oct.

2107%

BS

July/Bept.

General markata sit,

Nov,

Lead and hair bet

Estata crept thin Nov. jer Noy

Jan.

-UPL.

Jan.

RUBBER

NEW YORK Reorders of spring · 1901 Rox rubber futures, closing woollens and worsteds wwe prices, all in cents per lb.

aniali.

COTTON

2836

Lb;

LIVERPOOL Closing prices all in pense p*r

American Contract

Ost: 22.63; Ded; 12. Mar: 23.30 May 23.35 July! 83.85,

Mixed Contract Oct: 21.20; Der: 23.10; Mar: 23.55; May: 2530) July! 23.90UPI.

ין

FOREIGN EXCHANCE

NEW KORE Closing rates: Canada 1,02-7/16.

231-5/10=0,$1-7/16

62.15;

All others unbanged."

LONDON Closing rates: NEW YORK':

New York Cloring prices, all in cont per Montreplac

Amsterdam). 1.1

$1.30b1 Cruise|N Spott 22.35 nomi Poet Dot: 21,000 Dedi" admobi" "Mary: sibi | FraOKIUPS - UNI

h. Laben May 01 Jutri, mb,

NEW ORLEANS Cloding prices, all in cont per

L

Blockholm Exp

",

(Novi 33.501" Jani 20150;'Mark Mar: 379); 24070253ebf July! 22.760) Copeplingen fle

Most of activity in synthetic May! 21.705 Tuys sikte. goods was for spot delivery,

However, milla reported a

SINGAPORE Closing prices all la Straik besler. inquiry for a few rayon cents per 1, 198, Malayan constructions and dacron costan Blends for delivery tanging porta, Suip the Drst quarter pt, ñank | Nat

No.

Hov.

2479–48/16,

22231

A separating medium such as polythene strip is used between the slaba. The slabs ara. liftet to their correct positions by synchronised hydraulic

fucks and permanently connected to the columns. The advantages Include speed and economy, and the foot that all major congraj- ing world is carried out ht ground level, which avolds ex- pensive shuttering, and the trad to bois materläis/ LPS, ;

Airline reduces economy fares

Northwest Orient Airlines announced today that, effective. December 1, it will put its economy class, fores, between the Orient and Seattle, Tacoma, Portland and other West Coast points an average of approxl- mately 15 per cent.

The move is in line with a recent decision' to redkico trans- Pacifc economy fares made at the Internatloniki. Air Transport Association traffic confermos in Connas, TANCO,

"Inga mother declalon, tha conference announced that ofteritve December, lat, in most esses groups of. 35, or more trans-Ppoida travellers will be eligible for a 50% faris discount, on either first class or economy tickets The discount will be figured on a one-way: fare busin, Round trip, or return, farea will te telóo the dilegupied maeÍKY.