1930-04-16 — Page 11

Money

and Markets

COTTON REPORTS.

U.S. MARKET, DECLINES DUE TO RUMOURS.

We have received from Messrs. Pentreath and Co. the following report issued by Hornby Hemelryk Co. under date Liverpool, March 11:

American Cotton,

The market has been very weak during the period under review, and has declined about 50- points, mainly owing to a continued lack of confidence in the Farm Board and to Tumours that the Farm Board will not come to the assistance of the market until after the new crop is planted.

Ke-

According to a cable we ecived after the close of the New York market, the Chairman of the Farm Board appears to have 'stated that the bottom had been reached for cotton, but the Farm Board has made so many pronoun- cements lately that it is difficult to keep track of them,

It has been suggested that the Farm Board welcomes the drop in price, would like it to go even fur. ther, and is even prepared to help it to go further with a view of forcing other countries to produce

·less ectton.

NEW YORK STOCK EXCHANGE.

PROFIT-TAKING FOLLOW- ING RISING PRICES.

A DECLINE IN MOST

STOCKS.

[UNITED PRESS.]

THE HONG KONG DAILY PRESS WEDNESDAY, APRIL 16, 1930.

New York, April 10.-Following session of the New York Stock Exchange which was featured by rising prices, profit taking began near the close to-day, says the daily review of the Dow Jones Financial News Agency.

Many issues declined from one to closing quotations. three points below their previous

The bears hammered several in- dividual issues, concentrating their attpek' on Johns Manville, General Railway Signal and American Tel. Tel. American Locomotive also old heavily. At the close. Johns Manville stood at 129, off of: General Railway Signal was off 2 was off 2 to 271. to 1002; and American Tel. & Tel. International Tel. Tel., on the contrary, was ap 13 to 70%.

|

NEW YORK - STOCK

QUOTATIONS.

New York "April. 11.

•Market steady. Business done 6,031,810 shares.

Adama Exprés

***

Allied Chemical & Dye... American Can, a American Rolling Mil... American Smelting American Tel, & Tel. Amarican Tobacco “B”. American Waterworks... Anicanda Copper Atlantiu Redning '« Baltimore & Obis

Bethlehem Born

Warner

Calamet & Heels

DAILY SHARE QUOTATIONS.

HONG KONG STOCK ·

SHAREBROKERS ASSOCIATION.

EXCHANGE.

Apr. Apr. 2010

Buyin

Balers

Sam Nominal!

“TUESDAY,' APRIL 15:

Buyers

303-3181 1511513

781 741

** 2731 371

107 1067

*** 371 277

784781

1204 190

$169

2301 2361 *** 1131 1162

$1,400 $3,390

2116)

50

401

119 120

230

子

£192

蜓

... 21 311

Chesapeake Corporation

Chicago Rock Island.....

...

바

3815

40

- 681 00

·T,180

304 1

25 37

www

1440"

Canadian Pacific Ballway

Chrysler

Citles Bervice, Common

Columbia Gas & Electric

Columbia Graphaphone Commercial Solvents... Commonwealth & Southern Commonwealth &. 8. warr.

Consolidated Gas of N. Y. Continental Oil

Cara Products... Curtiss Wright, Common Davision Chemical D'Pont de Nemours Eastman Kodak Electric Bond à share... Erie Fox Film General General General Motors... General Railway Signal Gold Dust

•Railway***

Tectri rood

Certificates

Goodrich Rubber Goodyear Tire & Rubber Graby Great Northern Hudson Motors... International Comert ... International Combus. Eng. International Harvester International Nickel ...

**

وداو

*** 20 101

159132

... 107 107?

International Frinters Ink International Products, Com.... International Tel & Tel Johns Manville Kennecott Copper Con-gr & Tall

Lambert... Kroger Grocery.....

Wo feel, however, that this rum- pur has been circulated by bears who would like to see the price Coppers and Oils Lower, lower. We cannot for a moment be-

Coppers declined from fractions lieve that the Farm Board would

ap to two points, Anaconda was off countenance this theory, for, ob1 to 74; American Smelting was viously, in the process of trying to off to 74: Calumet & Hecla was ruin planters in other countries, it off an eighth to 27; Kennecott was would, in the first place, ruin off 1 to 531; and Nevada American planters. After all, it solidated declined a quarter point costs the American farmer a great to 27. deal more to produce cotton_than it costs planters in Brazil, Peru, Argentine and Needless to say, therefore, such a procedure on the part of the Farm Hoard, even were it feasible, would mean that the American farmer would be ruined first and the others afterwards.

other

Liggott & Myers "B" Mack Trucks Ludium Steel

咖啡

souri Pacifio Montgomery Ward

14 135 39 991 142 143

1301 237 111 111

58

471 46

621 53

103 1001 453 45 S32 63 91 821 551 58 Ung

561 551

72 731

$345

$900

$6,70 61/

41101

18 18

!!!!!!!!

$23

24 134

104 105

431 421

64 65

7

84 70

$151

1844 120

$5.35

55 531

341. 351

$38

38+ 39

109 110

T.81

1117 110

40+ 401

Standard Oil of New Jersey closed Oils lost their early gains. countries.off a quarter, to 79: the New York company was off to 37: Contin- ental Oil held at 504; Atlantic Re-Nevada Consolidated Copper... 271 271 fining was off to 198; and Phillips

New York Central Petroleum was off to 40

4

Utilities dropped, although for the entire day's trading the Dow As far as trade is concerned, we Jones average for 20 utilities was notice a slightly improved enquiry up .09 to 107.92. Electric Bond & in Lancashire at the decline, but Share closed up r quarter-point to we doub; very much whether any 111 Columbia Gas & Electric was material improvement will be seen off an eighth to 86: Consolidated in the demand from India until Gas held at 139: while Standard the political situation there is clearer and un'l the question of the new Indian tariff has been de- finitely settled.

Gas & Electric rose to 121.

Motors Weaker, Motors weakened. Hudson was As regards trade on the Contin-off half a point to 239 at the close. ent and in America, we do not see Closing fgcres on other leaders very much change. It is notice showed a slight gain at the finish, able that, in America, the stock however, with General Motors up market has latterly shown a rather to 831, Chrysler up to 421, and buoyant tone, and this may help Packard up a quarterpoint to 221.

The decline then spread to the to restore confidence."'

Of course, we now see some of electrical equipments, mercantiles the results of the hoarding of gold and amusements. Fox Film "A" by Amerien. Europe has got no closed down 1 to 46 Paramount money to buy American produce, Famous Lasky was off a quarter- and many careful observers in point to 74. Woolworth was off America are of opinion that the half-point to C5. Kroger Grocery only conerivable way to restore the rose to 39, however. Westing latter's export trade is for the can.. (Continued na next Column.) cellation of some of the European debts. We doubt, however, whether she will do this

The bank rate of the country was

|

Sorthern Pacific Railway

Pacific Lighting Packard Motor Car Paramount Famous Leaky Penzsylvania Railroad Pennroad Corporation... Phillipa Petroleum Public Service of N. Jersey Radio Corporation

Reynolds Tobacco "B" Sears Roebuck ...

2

TH!!

Banks

H.K. Banks

Do. (London)...{ Chartered Banks...

Mercantile Bks

Do

#

Bank of East Asia...) $107

Insurances

Canton Ins.

$818

Underwriters

$1.60

North China

Union Inskee

$355

$900

M#50 Yangtze Ins..

Chins Firea

H.K. Fires

Shipping

$331 Douglases ................................ 891.

Steamboats.............. $36)

$43

$1,400

**

#

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T13 x. Rt.

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96

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-T9.70

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22 22

744 741

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Japan....

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831 £3

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$IR

$12 $121

HK. & S. Hotels.

H.K. Lands

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118%

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58.

001

T.245

Shanghai Lands

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33 62

$14

***)$12.40 $12.80 $12.50

$73 $79)

18,60 B141

+++

241 25

$98

COL

56. 601

122 123 119 1211 793 79

$211

$21.90 21/.15

.379 371

80.05

823 699

873

Unq, 841

879 3231/1

Do. Star Ferries

(new). $3

372

મન 88

$181

tel

.... 104 104

$72

$72/+

... 230 235

$23

+

Ung. SPE

$18

33

341

1.19

1964 1961

10/

114 115

18/3

... 1804 1924

TH

65 66

Shell Union Simmons

Company Southern California Edison Southern Pacife Kailway... Standard Gas & Electric Standard Oil of Now racy Standard Oil of New York Texas Corporation Texas Gulf Sulphur Timker Roller Bearing Trans America Talon Carbide & Carbon Union Pacific Railway... Ünited Aixerait & Transport Dalted Dry Docks

U.S. Kubber C.S. Stoel

diam Westinghouse E. & M... Woolworth

house E. & M. held to a gain of

A valued correspondent in Alex- | 34, closing at 1923. lowered on Thursday to 4 per cent.andria writes that the short interest U.S. Steel closed even with yes- the lowest rate since October 1925, in new crop Sakel is considerable terday at 195, but Bethlehem re but the reduction had no marked Any revival in the demand will treated to 100 and Ludlum Steel affect the cheapest deliveries and effect.

was off an eighth to 401. Adams

:

Call Money.

In the meantime, the pessimism restrict purchases in old crop to Express was off a quarter to 343. is perhaps getting a little over minimum. Cotton suitable for Curtiss Wright common was down done. We have had a very atrenu-tendering will be practically non half a point to 131. Du Pont rose existent in November, except the closing at 1431. Kreuger & Toll ous decline, and the market is a lower than it was at this time Government stock, which, according was up a point to 353. last year, with (according to the to unofficial statements, will not be sold except at a price of about 83. New York Cotton Exchange Ser-

over the purchase price. It there vice) a prospective carryover of all fere seems dangerous to be short of growths at the end of this season af approximately the same quantity new erop at present prices.

Business in Egyptian yarn con- as last season, the decrease in the tinues very unsatisfactory. Unem world consumption of American be- ing offset by an increased consump-ployment is rife. tion of other growths.

The position is bound to be saner owing to the decline. Whether the drop has said its last word, it is almost impossible to say at present but a period of steadiness would probably bring in the buyers who have been holding aloof so long. The fact is that the trade is wait- the futures market to ing for steady, and the futures market is waiting for the trade to come in: Empire Cotton.

The final All-India, erop estimate was larger than expected and com- pares as follows:-

Acres,

Current year 25,121,000 Previous year 20,350,000 Average (five

Bales 5,533,000 3,073,an

years). 25,484,000 5,600,000 According to mail advices; from Bombay, prices have reached in level at which merchants are not anxious sellers. There is nothing attractive on the short side of the market, and it is expected there will be a gradual improvement in the parity, of East Indian with American cotton.

Egyptian Cotton.

Is company with American the Egyptian market has registered a further decline. Continental sell ing of November Sakol and also of November and January Uppers bas been noticeable, together with switching of hedges from nears to distanta. The result is that neari are now at a premium over distants, whereas, a week ago, they were at a discount. Later in the week, the imarket. showed a steadier tendency, (Continued on next Column.)

Call money continued at 3 per

cent. with time money at 4 per cent. for 60 days and 41 per cent. for 90 days.

Sales for the day-totalled 5,681,370 shares.

AMERICAN STOCK QUOTATIONS.

LATEST WALL STREET PRICES.

The following quotations have been received from their cor-. respondents, Messrs. Hayden, Stone & Co., of New York, by Messrs. Swan, Culbertson & Fritz, Sassoon House, Shanghai, (cable address: "Swanstock," Shanghai), who are not responsible for cable mutilations:-

Tone of Market--Easy,

No. of Shares done-4 million.

Call Money 4 per cent.

American Smelting Anaconda Copper. Baltimore and” Ohio Borg Warner Chryiler Motors City Service Common Curtis Wright Common

NEW YORK, April 14, 1930.

***

Sandakan Ligirts.

#713

$721

$23.40

$72

$13

$5.05

C. Lights (old).....: 823

Do. (new)....$18.40 HK. Electric

Macao do.

Telephones.

China Buses

Tractions...

Do. (pref.).......

Industriais

T.10

Caldbeck, ori.)

T.10

Macgregor praf.)

$21

Canton Icer

$15.80

$15.85

811

Do

543

Do.

(new)... 341

17.35

Ropes

***** *** $7,30

$0.80

China Sugars.0.9140

827

Malabon Sugara |---|

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