The stock market
Media
Part of The American Chamber of Commerce Journal
- Title
- The stock market
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XVIII (No. 11) November 1938
- Year
- 1938
- Rights
-
- Fulltext
- November, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 The Stock Market (October 14th to November I Oth) Hugh Robertson Ovejero & Hall 14th, October to 20th October, in clusive: In a week of quiet trading the market continued to display a strong undertone and, although pe riods of profit-taking were at times noticeable, they failed to attract a following. The net gain for the week was just under one point, the aver ages closing at 88.31, slightly under the best level for the period, but re mained within easy striking range of the so-called “90” resistance level. The period was not featured with any special news and individual is sues fluctuated quietly with the mar ket. The notable exception was San Mauricio which assumed the leader ship from Masbate and closed a week of steady appreciation at 84/ (up 6). 21st October to 27th October, in clusive: The week opened auspi ciously by piercing the last interme diate high of 89.62 on Friday on mo derate volume. Following that, the daily volume increased considerably, averaging more than twice that of the days immediately preceding, while values appreciated steadily. During the period under review, the averages advanced to 96.79—a gain of 8.48 points—on a volume of al most P5,000,000. Although the gain made by the averages was considerable, it was principally accounted for by broad advances in Antamok, San Mauricio and United Paracale. On encourag ing development news, Antamok ad vanced 9/ to 45'/j while San Mauri cio gained 16/ to close at Pl.00 on strong buying from apparently in formed sources. United Paracale gained 9/ to 45 c also on good buying. Among the non-producers, Batong Buhay stood out with a gain of .005 to .019/ on the announcement that the Soriano interests had definitely decided to take over the management of the company. 28th October to 4th November, in clusive: In a week of active trading the averages for the second succes sive week closed in new high ground for the present movement. Friday, Saturday and the morning session on Monday saw steadily rising prices, but on Monday afternoon profit-tak ing pared earlier gains. On Tuesday and Wednesday, further profit-tak ing brought the average back under the “100” level, however, after a quiet opening on Thursday good buying was in evidence and the week ended with the averages at a new high, 104.20, after a gain of 5.37 points for the period. Once again, Antamok and San Mauricio proved to be the leaders, the former closing at 53/ up 8/ and the latter at Pl.18 up 18/. It was interesting to note the increasing public interest in two producers in the Surigao area; Mindanao Mother Lode which advanced 1% points to 11/ due to reports that the company had made a net operating profit of P126,537 in the July/September quarter; and Surigao Consolidated which advanced 4>/2/ to 31/ on good development reports. 4th November to 10th November, inclusive: Once again, the averages closed in new high ground, having advanced during the period 6.71 points to close at 110.91 on a volume fractionally greater than that of the previous week despite the fact that Tuesday was a holiday. On no one day was the rise particularly great and it may be possible that certain issues have been quietly consolidat ing themselves as others have been advancing. San Mauricio was once again the leader, having gained 52/ to close at Pl.70. Undoubtedly, the announce ment of the October production of approximately P440,000 which it has been estimated should show a profit of 21/2C per share for the month, and the expectation that the November figure will be even higher, was prin cipally responsible for this spectacu lar rise. In view of Marsman & Company’s considerable holding in producing mines, San Mauricio in particular, this equity advanced Pl3 to close at P58. Other market leaders Compliments of A. SORIANO y CIA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1938 were Benguet Consolidated, Demon stration and Surigao Consolidated. It may be interesting at this time to look into dividend possibilities for the last quarter of 1939 and accord ingly appended below are what ap pears to be conservative estimates. It must be understood that while these have been compiled with some care, they merely express a private * ACOJE .................................... ANTAMOK .............................. ATOK GOLD .......................... * BAGUIO GOLD ...................... BALATOC .............................. BENGUET CONSOLIDATED BIG WEDGE .......................... ” COCO GROVE ........................ DEMONSTRATION .............. * IPO GOLD .............................. I. X. L......................................... MARSMAN & COMPANY . . . ** MASBATE CONSOLIDATED PHILIPPINE IRON MINES + ** SAN MAURICIO .................... * SUYOC CONSOLIDATED . .. UNITED PARACALE .......... opinion regarding dividend pay ments. Quite apart, however, from the accuracy of the following, it can not be considered other than a meri torious achievement on the part of the management of the various com panies that an estimate approximat ing such a substantial figure can be made for a single quarter of so young an industry. P8,725,000 id P 90,000 id 275,000 1< 100,000 W 195,000 30< 1,800,000 50^ 3,000,000 155,000 2< 300,000 Id 100,000 If 80,000 3d 450,000 P5.00 940,000 500,000 P2.50 100,000 3< 255,000 Id 125,000 2d 260,000 The present outlook generally is for ultimately higher prices as it ap pears that the market is in the ear lier stages of a bull movement. How ever, it would be well to bear in mind that some degree of technical cor rection may be expected, especially as the market index has moved up wards, almost without interruption, since the current movement got un der way following the so-called war scare. The Balatoc. . . (Continued from page 22) ahead, spend big money for equipment and engineers—in other words, to shoot the works. “And we will shoot the works on Balatoc too!” he said. The Gods smiled. Benguet opened up richer ground than it had ever had. And they went 500 yards up Gold Creek from the outcrop of the first Balatoc vein, and found a wide, rich vein of gold that made Balatoc a mine among mines. Benguet Consolidated now owns 2/3 of the present capitalization of the Balatoc Mining Com pany, and is, therefore, probably a bet ter investment than the latter, but those quarterly dividends from both companies are declared as regularly as the sun rises. * Corresponds to 1938 half-year dividends. ** Corresponds to 1938 total dividends. 4- Basis 8i/o million shares. For Electrical Service Call Tel. 2-35-32 627 Rizal Ave. WE SUPPLY, INSTALL AND REPAIR AT REASONABLE COST t Motors, Fans, Radios Lighting Fixtures Telephone Systems Electric Wiring Signal Systems Alarm Systems A call will bring prompt attention and dependable service. dieapiiqld is given by the unsurpassable Os ra in - La m ps of unsurpassed brilliance. Jiuii onlyLAMPS SMITH, BELL & CO., LTD. Sole Representatives MANILA ILOILO (Please turn to page 35) LV RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMFER OF COMMERCE JOURNAL