Stock market: November 15 to December 12, 1947
Media
Part of The American Chamber of Commerce Journal
- Title
- Stock market: November 15 to December 12, 1947
- Creator
- Hall, A. C.
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXIV (No. 1) January 1948
- Year
- 1948
- Rights
-
- Fulltext
- Banking and Finance By C. R. Leaber Manager, National City Bank of New York THERE has been little material change in the general picture and no outstanding developments during the month, to report under this heading. Pre-holiday trade was a supporting factor in keeping demand for bank credit at a high level. Money rates are unchanged and quotations for foreign currencies remained unaltered throughout the month. The Bureau of Banking issues a weekly report conso lidating the Statements of Condition of all Manila banks, and the Bureau of the Treasury issues a monthly report on the volume of currency in circulation. Both of these reports are of considerable interest in that they reflect the condition and the trend of banking and business. It is our purpose in this column each month to select significant figures from the Bureau of Banking reports, average them for the month and compare them with the average figures for the preceding month, and for the same month the pre vious year. It is also enlightening to know how much cur rency is in circulation as compared to the amount which was circulating the month before, and the same month a year ago. Comparative figures for this month are as fol lows: Loans, Discounts, and Advances (monthly averages) (000 omitted) November, 1947 October, 1947 November, 1946 P351.425 P340.257 P183.595 The volume of bank credit being used in business and industry did not increase much in November, compared with the previous month, but the comparison with a year ago is indeed striking. Total Bank Resources (monthly averages) (000 omitted) November, 1947 October, 1947 November, 1946 P826.868 P822.194 P822.474 Total resources of banks will not vary much unless deposits increase. Bank Deposits (monthly averages) (Includes Demand, Savings and Time, but excludes Public Funds) (000 omitted) November, 1947 October, 1947 November, 1946 P402.780 P407.930 P351.720 December 1. After a minor dip of a week’s duration, the price-index registered an advance in the succeeding six sessions to close today at 119.53 for a gain of 9.37 during the month. The penetration of the February resistance-point, affirms views previously expressed in this column that we are on the second leg of a primary Bull market. The cur rent phase will top out in due course, and will be followed by the usual secondary correction according to the princi ples of the Dow Theory. Turning to individual issues, Lepanto has shown outstanding strength for a gain of 24 points. Acoje at one time showed an advance of 9 points, but heavy profit taking pared the net gain to 2 points. In the gold group, Atok and Big Wedge were inactive and have been consoli dating their advances of the previous month. Mindanao Mother Lode was well bought for longer-range investment, and closed at Pl.08 for a net gain of 15 points. Other price-changes were of small proportions. In the unlisted mining group, about 9,000 shares of Balatoc changed hands at P4,off 30 centavos; about 220,000 Itogons were done between 7-12 and 8 centavos; 70,000 Suyocs at 3-3, 4 centavos; and 135,000 United Paracale between 8 and 9 centavos. Over-the-counter, Benguet Consolidated gradually eased to P4.25, on a turnover of some 23,000 shares. Small but persistent offerings from the United States caused the easier tendency in this stock. Profit-taking in Antipolo caused this stock to decline to 23 centavos, but during the last few days it advanced to 28 centavos on strong demand following favorable development reports. In the commercial and industrial section, San Miguel Brewery traded between a low of P83 and a high of P92, closing at P88, on a turnover of about 2,000 shares. Phil ippine Racing Club was easier and the stock lost 6 points to Pl.24, with 22,000 shares traded. Other business in this section included 200 shares Bank of the Philippine Islands at P66. Sugar shares were in small demand; 12 shares Bais traded at P600, and 400 shares Cariotas between Pl00 and P105. Far East Oil was very active and traded between a low of 43 and a high of 61, closing at 47 centavos for a net gain of 1/2 centavo over the month. The total turnover was 1,765,000 shares. In unlisted commercials, Jai Alai changed hands at from P14.50 to P16, with 2,000 shares traded. Small lots of Botica Boie were done at P140 and P142. Debits to Individual Accounts (monthly averages) November, 1947 P112.198 November 30, 1947 P755.OO5 (000 omitted) October, 1947 P110,400 Circulation October 31, 1947 P725.054 November, 1946 P87.268 November 30, 1946 P685.895 Stock Market November 15 to December 12, 1947 By A. C. Hall A. C. Hall &• Company UNDER the leadership of base-metal issues, the market forged ahead during the last half of November, and some spectacular advances were registered. The sharpness of the rise brought out some profit-taking at the beginning of December, but selling failed to - attract a following and the market has since pushed upward again. During the period under review, the Manila Stock Exchange Mining-Share Average easily penetrated the February 20 high-point of 113.97 to close at 117.34 on MANILA STOCK EXCHANGE LISTED MINING SHARES October 16 to November 14, 1947 Total Hi*:h Low Close Chance Sales Acoje Mining Co......... P .43 P . 345 P .36 Up .02 1,341,000 Antamok Goldfields. . .03 .029 .03 Up .005 298,000 Atok Gold Mining Co. 1.36 1 .28 1 .32 Off .02 77,000 Baguio Gold Mining Co................................ .075 .065 .0675 Up .0125 85,000 Batong Buhay Gold Mines......................... .0076 .007 .007 Off .001 2,290,000 Big Wedge Mining Co................................ 1 38 1 .28 1 .32 Off .02 78,000 Coco Grove, Inc.......... .023 .023 .023 Unchanged 10,000 Consolidated Mines, Inc............................... .016 .0145 .0155 Up .001 11,989,000 IXL Mining Co........... ,07a .055 .055 off .0125 10,000 Lepanto Consolidated .80 .56 .80 Up .24 923,000 Masbate Consolidated .046 .035 .035 Off .013 690,000 Mindanao Mother Lode........................... 1.08 .93 1 .08 Up .15 574,000 Paracale Gumaus Consolidated........... ,105b .10 105b Up .0125 35,000 San Mauricio Mining Co................................ .205 .195 .195 Off .02 95,000 Surigao Consolidated. .45 .395 .41 Up .02 659,000 12