1938-09-17 — Page 12

Buyen allers Bal

Nominal

FRIDAY. SEPT. 16.

Hanks!

14

$1,420

$1,430

$1,400

Do. (Col. Reg.)..........

£67

+

585

Do. (Loa. Seg )......

210

Chartered Banks

eli

223

Marcanilä Bka. "A"

£28

13

Mercantile Bks. "C"

£13)

Bank of East Asia ...

$88

N. C. & 8. Banks....

03

k. (Insurandos

$226

1225

Canton InesrSLICES.

$310

610

Union Insurances ................

PAGE 12-HONG KONG DAILY PRESS

DAILY SHARE QUOTATIONS Hong Kong Stock · Exchange

$5071

H.K. Backs

Sharebrokers' AssociationTM

Buyers Bellers Biominal

THE EXCHANGE MARKET

MESSRS. ROZA BROS.

Silver prices were unchanged yesterday, the quotations remain. ing at 19 11/18 for Ready and 19 Silver advices 7/15 for Forward. reported sales made by India and speculators. The 'market' was steady with very poor-support. American Silver was quoted at 42 3/4 for Spot.

The London New York cross- New York rate was quoted at 481.

London was quoted at 480. 13/16.

MARKET

FINANCE

NEW YORK STOCK EXCHANGE

High

Through Router's Service)

QUOTATIONS

145.87 96.96 30 Industrials

3:

Sept. 16, 1938. Sept. 14 High Low Close Chang“

132,03

SATURDAY,

SEPTEMBER 17, 1938.

1938

Low Dow Jones Averages,

186.87 134.47 136,32 3,99 up.

38.77. 19.00 90 Haliz 9356 16.14 90 Utilitie 99.30 81.39 40 Bonds

24,22

25.42 24.79 24.19 .87 up

17.80

18.41 17.87 13.38

MS up

88,vid

B8.83

$7 og

59.00 45.03 11 Commodity Index 48.03

47.39

.64 off

Business Done:--1,140,000 shares.

STOCKS

Adams Express ... Alleghany Steel Co.

Last Sale

STOCKS

Last Sale

Sept. 14 15

Sept, 14 15

TD

10

Great Western Suga: 28.

261

183

17.

Greyhound Corpn 141

151

Underwriters".

2805

395 HE. Fires

Shipping

$72

Steady at the

opening and throughout the morning. Business was smail

Allis Chalmers ......... Amer. Can

451

471

Hecker Products

7

71

+

90

Int. Nickel

461

48

Amer. For, Power

21

31

Int. Tel. & Tel......

81

71

#de $22

Donglasses

$321

İstasimboats wo

$60

Indo-Chinas (Prof.)........

$80

184

Indo-Chinas (Del.).....

$24

96 3

86/3 Shalls.................

$9.15

:

18.10 Waterbosta

Mining

16/3 Kailan ...

erdir. 19.70 Baube

Venezuela Gold Fida.

17 eta.' Hong Kong Mines....... Docks, Wharros,

«Godowns, sta

15/8

ex.dir. $0

$3

...

$198

ST

*

$19

H.K. & W. Doch.... Do )...

$15 Shanghai Docks 8.

$3.90 New Engineerings 8.

·H.K. & K. Wharvas...

#12st

Providents (oid}.........

6.80/7

86.80

$680 Providanta (new)................

320

$18

17:30

$3.96

Lands, Hotals, and Balldings

$6.70 $4.90 $61. -$37.05.

$38

5.) H.K. Bosities.......

$10

*17.80

842

H.K. Hotel

H.K. Lands........8.

$107 Do. 4% Debentures-

B8:40 Shanghai Lands B.

SON

324

Humphreys make

Chinese Estates

Cotton Mill

{Bw:(6.) ......

8'hai Cottons (8.)......

Zoong Sings 18.)

Pubile Utilities

6.71/73

$38

11071

€5.00

STERLING

The opening selling rate of 1/3 attracted buyers resulting in. business later for cash. At Junch time the market closed with sellers at 1/3 for near and 1/2 31/32 October December, buyers at 1/3 1/32 Cash /September and 1/3 "Some busi- October/December. ness was also reported at 1/2 31/32 for January.

U.S. DOLLARS Were on offer at 29 15/16 for near at the opening but business was done only at the level of 30 1/16 for Cash. The market closed at 1 p.m. with sellers at 30 September October and 29 15/16 November December, buyers at 30 1/8 Cash /September and 38 1/18 October November.

SHANGHAI DOLLARS

Bethlehem Steel Boeing Airplane Co. Borg-Warner Briggs M'facturing. Brooklyn-Manhattan

Amer, & For. $7 p.

14

151

Kennecott Copper

381

401

s

ES POT

Amer. Locomotive ... Amer. Metals Amer. Radiator ...... Amer. Rolling Mill.... Amer. Smelting Amer, Sugar Rio Amer. Tel. & Tel.

161

171

Libbey-Owens- Ford

OCT.-DEC.

30

321

GIBAS

461

49

137

141

Lockheed Aircraft .

12

12

JAN.-MARCH

153

161

Loew's Inc. ........

481

433

461

Martin, Glen L

182

20

211

McKesson" & Rob-

1351

1391

bins, $3 pf... 32

#.

Amer. Tobacco "B" Amer. Waterworks ..... Anaconda Copper ... Atchison, T. & B. Fe. 311 Auburn Motors

321

83

Bi

81

Monsanto Chemical 92 Montgomery Ward...

32+ 941.

43

45

301

321

Nat. Dairy Products 121

121

321

Nat. Distillers

213

221

3

31

Nat. Power & Light

53

51

Baltimore & Onio' ...

51

7

Nat Supply Corpn.

14

143

Barber & Ca ........

181

18

New York Central...

44

161

Barnsdall Ol

151

18

N. America. Aviation

71.

#1

531

367.

North America Co.

172'

18.

4

201

214

Northern Pacif

BL

10

301

324

Pacific Gas & Elec

25

251

311

321

Pacific Lighting

351

95

Packard Moturs.....

41

4

70

Paramount Pictures

01

9

Brooklyn-Manhattan

Pennsylvania R.R.....

"181

$10

172.

38 cum. pf.

24 "

251

Phillips Petroleum-367

371

SHANGHAI MARKET

Canadian Pacific

5

51

Public Service of N.J. 261

23

$18

Case. JI.

781

84

'Pure Oli

81

อ

$95

Sterling 8.21/32 and U.8.$ 17.

$244

11/32 both sellers for Spot,

Chesapeake & Ohio Chrysler Corpn.

261

EBA

Radio Corpn. of Am.

6

61

607

701

Republic Steel ..

16.

17

The market opened 11 cent higher for all deliveries as compared 484

with Wednesday's closing quotations. 19)

Early in the morning the market ruled, orm due to favourable. developments in the European political situation, the whole world anxiously awaiting the outcome of the conversations between Mr. Chamberlain and Herr Hitler which will also have a decisive influence upon the immediate trend of Rubber prices.

Active buying of "spot" and forward positions was recorded on the basis of quoted rates, but only a moderate volume of business was. transacted due to the reserved attitude of sellers.

Later in the session, however, the higher price-level attracted" profit-taking, resulting in a decline of 4 cent, the market closing with a gulet but steady undertone.

Commodity Research Bureau uunder date of August 15 reports 38 follows:

"As expected, the International Rubber Regulation Plan was ex- tended for another 5 year period. A few modifications were enacted but the agreement remains almost-unchanged In the broader aspects, of limiting crude rubber exports through shipment quotas. Basic quetas beginning in 1939 are set at 1,449,000 tons, excluding Siam and French Indo-China. with moderate increases allotted for each sucz ceeding year."

LONDON RUBBER

PAYNE & CO.

COMMODITY BROKERS STOCK EXCHANGE BUILDING

HONG KONG

COMMODITY MARKET REVIEW

-(FROM PAYNE & CO.).

SINGAPORE RUBBER

Sept. 14 buyers

buyers sellers

Sept. 15

sellers

Change

23... 23-1/4

28-3/4 27

7 4P. 3/4

28-1/2

28-3/4

27-1/8

27-3/8

27-1/8 27-3/8 27-3/4 28

up 5/B

up 5/8

Wing On Textiles (8.)

$42

THE AFTERNOON

Columbia Gas & El.

52 53

Reynold Tcbac. "B".

401

41

Previous close

Today's close

1657

Η

Tramways ........................

$16.80

Peak Trama (old)......

#31

Peak Trams (na) -----

136

STERLING

$77

Star Forrig...........................

$77

524

Y'mati Ferrias C.B.$

$24

(new)

81.0 China Lights (old)......

$11,95

$11

159

3681

39,36

in Lights (new)...... H.K. Electrics...

$17Macao Electric....

Sandakan Lights..........

$30 Telephones (aid)....... $9.3 Telophones (DEM).........--- **/*

Traction ......

$8.10

$581

The market was quietly steady Columbia 6% "A” på. in the afternoon.

The market closed with sellers at 1/3 Cash /September and 1/2 31/32 October /December, buyers

at 1/3 1/32 Cash /September and 1/3 October/December.

67 * Commercial Credit... 443

87 +

Schenley

141

15

46 Schenley, 51% pfd..

70

71 *

buyers sellers buyers sellers

Change

Commonwealth & S Commonwealth & 8

6% cum pf. Consolidated Edison 24 Cansolidated C

1

1

Sears Roebuck

853 89

SPOT...

7-15/16 8

Shelf Union Oil

13

143

JAN-MARCH

341

37

Socony-Vacuum Ou"

121

13

APRIL-JUNE

247

Southern Pacifie

141

151.

81

B

Southern Rly $5 pid.

14

152

Continental Can

371

39

Standard Brands ....

67

.62

8-1/16 8-1/8 8-1/4 8-1/18 8-3/16 8-3/16

up 1/8 8-1/4 8-3/16

8-5/15 8-1/4

up 1/16 Market firm in response to improved political, atmosphere, but ruled quiet.

up 1/8

A

Continental Oil

27+

291

Stand Gas & Elec.

2)

3.

$261 $9.65

26.0

26/7 | Tractions (praf.)

Industrials

DS. DOLLARS Sellers at 30 September and 29 15/16 November Decem

Cash 1/8. at 30 ber. buyers /September and 30 1/16 October

December.

Corn. Products

661

Standard Oil of NJ. 51.

512

October

Curtiss-Wright (C)

44

Stone & Webster

71

P

Caftiss Wright "A" 191

19

Switt International 28

Distillers Corpn. Sea-

Technicolor

172

-201 182

131

141

Texas Gulf Sulphur "34

351

Douglas Aircraft

411

421

20th Cent. Fox. Films

231

243

$14

Cald, Macg. (Ord ) B.

$13

Caid., Mace. (Prof. B.

$1.70 Cancun Ices

$1.80

172.

$17 Cemedia

4171

$4.90 Hopea

Consolidated

$4.80

::

China Prov. fold).....

China Prov. (new)..............

$16

Miscellaneous

Dairy Farma -

SHANGHAI DOLLARS

SHANGHAI MARKET

Last advices from Shanghai in- dicated the market as follows: Sterling 85/8 and U.S.$ 17. 13/32 sellers for Spot.

Du Pont...

12T

1311

do. Flima pf...

311*

311"

Eagle Ficher: Lead

31

91

Union Carbide &

Elec. Bond & Share

51

84

Carbon

778

80

Elec. Bond & Share

Union Paciie

BO

83

$5-01.......**

40

36 *

United Aircraft

241

251

* NEW YORK COTTON

Early in the day. prices advanced on Trade buying and covering by shorts. Later, however, trading quietened down, awaiting the re- sult of Mr. Chamberlain's meeting with the Fuehrer.

There was some heavy liquidation, but this was well taken by the Trade. Good factory interest was in evidence.

CHICAGO WHEAT

The market was lower in sympathy with Liverpool cables and heavy liquidation.

NEW YORK RUBBER

J

Elec. Bond & Share

United Airlines Trans

7

$8 pl.

48 *

501

United Corpn. ....

21

21

Elec. Power & Light'

United" Corpn.

$3

$20

$7 pt

28

291

cum. pf.

271.

27

6%.pm

360

H

Ch. E'tainments

$130 Constructions (old).....

Constructions (new)..

$8.70 Lane Crawforda.......

Nanyang Tobacco.....

$2.308mcereal

674

Ch.G.5%19%G.B

H.K. Gort, 4% LogAs

4.pa H.K. Govt. 31% Lowas 3101

H.K. Wing On

S'ial Wing On............

$65 | Vibro Piling ................

13/

Marsmans Inv. (L00)

Marco Lav. (H.K.)

|75 cia | Wm. Powells her

*Skies to Shanghai

LONDON EXCHANGE RATES

58,30

Flintko c

211

221

United Gas Corpn.

3

31

31.50

H. K. STOCK

Gea. America Trans

451

451

Un Gas I'provem't

ទ

91

Gen. Electric,

382

40

U.S. Rubber pt.

412

431

#3

$2.05

EXCHANGE

Gen. Motors...

434

40

U.S. Steel...

801 831

New York Commodity Market

Gen. Railway Signal 161

18

US. Rubb

54J

503

$8.10

Glidden Co.

19

191

Valudium

"101

171

67%

1100

Goodrich (BF.).....

191

311

Warner Bros. Pict...

SI

5}

++

Goodrich $5 pl.

61

52

Westinghouse

Elec. 98

091

550

Goodyear Tire & Ca..

253

37

Woodward Iron Cor.

161

17

(By Courtesy of Messrs. Swan, Culbertson & Fritz and 8. L. Levy & Company)

Great Northern Iron

Chase National Bk.

29.*

297*

Ore, i

101.

11

National City Bank

22

2237

New York, Sept. 15 (Thursday)."

Great Northern Rly. 16

18

Call Money

1%

1%

+ ex. dlv.

bid.

75 eta

New York Cotton New York Rübber

Chicago Wheat"

Dec....... Dec. Dec.

Chicago Comm Winnipeg Wheat - Dec.

Dec...

83 061

Prev. Today's. High Low Close Close Change.

*7.88 7.94 7.09 7.92

.06 up *01 of 16.64

18.31 16.23

16.30 46 641 671 047 21 03 514 501 511 511 641

14 of

631 21 off

Parls

Geneva

Beriln

Athens

Milan

Copenhagen

Sept. 14

(British Wireless Service)

178-21/84

Sept. 15 178-21/04

21.27-3/4

21.291

12.02

91-5/16

911.

Stockholm

18.40

19.06

Shanghai

Bld.

82d

New York ....

4.781

Amsterdam

8.92

4.81 "8.021

Vienna

Prague, ....

1391

139-11/16

220-3/4 .. 670

Helsingfors

Bucharest Hot Kony Bombay ... Montreal

Yokohama Belgrade

Buenos Aires

Monte Video

31lver. (Forward)

Silver (Spot) summilli War Loan

UN LONDON:-

1/2 31/32

1/5-29/324. 4.82-1/4

28,36

1.5-15/16 4.831 *28.491

214

19.071

204

20

2-15/18 191 19-9/16 3%87+

197

Closing Quotations

eptember 18, 1983,

Telegraphic Transfor... 11/97 Bank Billa, on demand. Credits, 4 months' sight. 1/3/

UN SHANGHAI:'---

On demand

UN SINGAPORE:-

On deniand

IN JAPAN

On-demmad

165 mom.

19-9/16 34% 1001

$6.40

On Naw Yoxx:.~---

Bank Bills, on demand 2913/18 Credita, 60 days' right. 20-5/16 ON BATAVIA

45-3/16

Du demand ON PARIE:-

Bank Bills, on demand; 1,095 Crédits, months' right 1,180 US SALDON:

On, demand

68-8/16 ON MANILA:-

1081

Telegraphic Trameter.... | Pa Jerak. 40 dan

15/16

On démand'

On demand

ON BANGKOK:-

149)

Sovereign Noten

Bank Buying Rate........... · 1/8÷1/16

Silvar ¦ DIE WIL

YESTERDAY'S

OFFICIAL QUOTATIONS

In view of the political situation, the market has remained very steady with enquiries tor most stocks at slightly reduced prices.

BUSINESS DONE DURING THE WEEK

Hong Kong Bank, $1,460, $1,450, $1.420, $1.430) =

Union Insurance, $510.

Wharves, $128).

Docks (Old), $19.

Docks (New), $19j.

Providents (Old), $7. $61.p

Providents (New); $7.05, $6.80,

$6.50.

Hotels, $0.

Lands, $384, $38. $37.70. Tramways, $17.10, $17.05, $17.00, $16.80, $17.00.

Peak Trams (New), $31. China Lights (Old), $11.05, $10.90. China Lights (New). $8). . Electrics, $59, $583. Ewo Cottons, (8.), $17.80. 3.15 pm CHANGES (CLOSING

QUOTATIONS).

BUYERS

Hong Kong Bank. $1,425. ́. H.K. and K. Wharves, $128. Providents (Old), $8.65. Providents (New), $8.50. Hong Kong Lands, $37.50.

SELLERS HK and 8, Hotels, '$6.80. Hong Kong Lands, $37.70. HK. Realties. $5.80. HK. Tramways, $17. Dairy Farms, $253.

SALES HK. and K. Wharves, $1281. Providenta (Old), $89. Providents (New), $81. Hong Kong Lands, $37.70. Hong Kong Tramways, 317.

A.K. SHAREBROKERS ASSOCIATION

3

RALES

Wharves, $1231.2

Lands, $37.70.

19-9/16

Trams, $16.85.

How Stamp Values Are Fixed

and of economies, even economic theories don't always work out to the text? book:

עם 09.

J

Time and again I am asked the for life, demand may be „a question-"What makes a stamp thing.

One year a stamp may be worth valuable? So today I propose to sketch briefly some of the influ- only a few pence, and then on Bonie external in- ences which work on the stamp account at market, and to dispel some of the Avence, romantic or otherwise, the may push the price up fallacies which seem to exist in demand the minds of some collectors. to shillings" or even to pounds writes a. Bulletin correspondent. Bome stamps are dear because the

country is "popular." Actually I cannot lay down

NEW YORK RUBBER DEPENDS

MARKET hard and fast rules regarding

ON the value or market price of

Then, again, the price which September a stamp. It is essentially a

stamp may "fetch depends on the December

It March question

market in which it is sold. will realise only what the market May will bear

Ackle

NEW YORK COTTON - Close October

Opening

Closing

Change

7.83/83

7.93/94

7.87/87

.04 up

December January March May July

7.88/89

1.98/99

7.94/95

08 up

(1939).

7.82/83

7.90/96

7.92/92

.10 up

7.86/87

8.00/7.99

#

7.98/97

10 up

{

7.81/81

7.94/93

7.90/90

}

... 7.79/79

7.93/92

7.89/39

.10 up

Spot

7.95

7.99

.04 up

16.20 B *...... 16.31/32 18.38/42

16.18 N

.02 ou

16.54/48 16.53/56

16:30/34

.01 off

16.40/41

16.43/44

16.45b/51a

02 up .03 up

Bales for the day:

CHICAGO WHEAT September ... December....

7.510 tons

662/861 673/673* 681/681

641/641

642/642

001/652

66/661

34.027,000 bushels

... 631/631 514/52. 5377541

524/521 501/502 501/501 -521/521

521/521

86+/601 84/631 83/631 601/001 691/691

84/04 631/832 *67767

.21. aft

43.25b/42.80a 43.80 N

42-3/4 480-13/16

It really surprises me that more people do not write to the editors of newspapers which from time to time describe the Penny Black as the world's rarest and most valuable stamp.

May

This is the explanation of the fact that you may see stamp fa some small recond- hand book shop selling st few shillings, while the same

Wednesday's Sales:- stamp may fetch a pound in

CHICAGO CORN an imposing London dealer's. They argue of the assumption

Apart from the fact that the

September that because the Penny Black is

December the oldest stamp it is the rarest antique dealer may not be aware of

May ...... and because it is the rarest it the demand for such a stamp, he is trying to attract at least one must be the most valuable.."

stamp collector to his shop. | WINNIPEG WHEAT Those theories explode imme-whereas the dealer, by an adver diately when one discovers on cantisement in a philatelic paper. October get a tolerably good copy of as the attention ...of. Bome Penny Black for about $5.

thousands of collectors.

QUESTIONOF;, DEMAND Actually there is no such thing

December May:

If you are stranded on's desert NEW YORK STRAITS TIN island you might as well exchange

December

coconut, and

consider yourself

Do I make myself clear? The leading dealers guarantee their stamps-that has to be paid for

*** 43.00 N NY Buyer, amcial ...... 42-3/4 NY-L'don Cross Rate... 4.86-7/8

65/641

as the rarest stamp: we hear about the British Guiana of 1866 being a stamp, catalogued at £20 for a worth about £10.000, but there lucky. are other stamps just as rare but not in such great demand."

This brings us to the most im portan factor in market price the

INFLUENCE OF CONDITION relationship between supply and

An interesting point, from the demand. I the supply is amall and the demand great, then the psychological point of view, 18

to offer up for because the stamps belonged to a for substitutes. Thus a Ane speci price will be high. But since this. If I were

stamps can sale a set of stamps and "Lord notable person and then they men may fetch a few pounds, but obsolete...postage hardly be regarded as a necessity Timbuctoo" were to offer an iden-could boast of their acquisition, a poor one only a few shillings.

tical set, I would be willing to Lasty, but by no means of least wager that his set would realise importance, is the influence of considerably more than mine condition Collectors want the People would pay more just best they will not willingly pay