Manila stock market

Title

Manila stock market

Creator

Ortigas, J. J.

Language

English

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

Contingent Account Forward Exchange Sale.. P 6,460 — — — The International Reserves as of August 31, 1954, 370.00 360.00 12.00 ------10^00 were as follows: Central Bank International Reserves................ $237,133,529.73 Japan Open Account (due from)........................ 14,957,739.44 Net FX Holdings other Banks............................ 59,007,194.99 2.50 $311,098,464.16 This is an increase of approximately $2,250,000 as compared to July 31, 1954. Currency and coins issued totalled P684,643,271.10. Money is still tight in Manila and the provinces. The drought in certain rice-growing regions has only recently been allayed by delayed rains, and what was predicted a few months ago as a rice crop estimated to be in excess of normal consumption requirements, now is reported short by 50,000 to 200,000 tons which will have to be imported. The unemployment picture is darker, with no im mediate relief in sight. Manila Stock Market By J. J. Ortigas Picornell, Ortigas & Co. August 21 to September 24 DURING the past month the mining-share market had a mild sag, but this was followed by a recovery led by Lepanto Consolidated,—which was the principal feature attracting good quality buying on the basis of the Company’s improved outlook. Consolidated Mines was also well bought during the last few days of the period under review on the announcement that the Board of Directors of the Company had passed a resolution to be submitted to the share-holders asking their approval of the proposal to increase the authorized capital stock to F20,000,000 and subsequently Co declare a 100% stock dividend. Philippine Iron Mines, after being traded lower, closed firmer. The price of gold in the free market is approximately at Pl 10.60 per fine ounce. In the commercial and industrial section, Philippine Long Distance Telephone Company common shares con tinued in demand, registering a further advance of Pl.25; San Miguel, on the other hand, was a minimum fluctuation lower. Fixed-interest securities in general continued firm. 1953-54 Range Hi eh Low MINING SHARES 7.50 0.40 3 60 0.06 0 06 20.50 5.00 16 75 0 98 35.50 .50 0 86 99.50 107 50 102 00 14.00 13.00 Company 0 255 0.12 0.0875 0.037 0.0975 0.06 2.10 0.60 0.0026 0.0011 4.60 2.60 0.046 0.034 0.305 0.115 0.22 0.09 0.105 0.03 0.49 0.325 0.1475 0.05 0.23 0.06 2.29 1.42 0.31 0.14 0.27 0.17 M.S.E. Mining Share Acoje Mining Co.... Atlas Cons. Mining. & Dev. Co.................... BaguioGold Mining Co. Balatoc Mining Co... Batong Buhay Gold.. Benguet Cons.............. Consolidated Mines, Inc. General Base Metals. Hixbar Gold Mining Itogon Mining Co..,. . . Lepanto Cons. x.. ,. . . Mindanao Mother Lode.......................... Paratale Gumaus Philippine Iron Mines, Inc..................... San Mauricio Mining Surigao Cons............... x—Ex-Dividend High Low Close Change Total Sales 95 95 14 91 53 94 12 74 1325 08 085 15 044 09 034 49 13 23 64 14 18 065 0725 2 95 041 09 03 44 20 50 14 175 2 07 Off 0725 Off 80b 0015a 95 ' 044 13a 09 03 485 10 20 1 Off Up OffOff Up Off OffOffOffOff .22 12,116,058 .0075 342,205 .0075 1,128,786 .01 120,000 .20 11,410 .003 2,971,900 .01 70,000 .006 165,000 .045 1,014,038 .035 215,000 .03 55,000 .02 110,780 .01 10,000 .005 438,000 196.00 135.00 20.00 11.00 72.50 60.00 130.00 100.00 105.00 90.00 45.00 26.00 COMMERCIAL SHARES Bank of the Philippine Islands....................... Bogo-Medellin Millingx Central Azucarera de Central Azucarera de la Cariota................ Central Azucarera de Pilar.......................... Central Azucarera de — — 195.00b — — 13.0Gb 72.00 72.00 72.00 130.00 130.00 130.00 90.00 90.00 90.00 41.00 39.00 39.00 Up 6.00 Off 10.00 Off 3.00 71 183 420 China Banking Corp... Cia. de Celulosa de Filipinas..................... Pilipinas Cia. de Seguros......................... Industrial Textiles Mfg. Co. P.I........... Insular Life Ass. Co. .. Manila Broadcasting Co............................... Manila Wine MerMarsman & Co., pref.. Mayon Metal, class “B"........................... Meralco, 6-1/2% .... Pasudeco .................... Philippine Air Lines, Inc.............................. Philippine Long Dist. Tel. Co., com. x . . Philippine Oil Dev. Co. Inc. xx...................... Philippine Racing Club, R & 'b' 4% Bonds— 1959........................... San Miguel Brewery, 3.60 10.00 16.7' — 350 12.00 00b 12 00 22 00b 2 7 50 00b Off 1 00 37b 3 30b 30a — 103 27.00 — 10.00 27 05b 00a 00 50 .041 .032 033 00b 00 34 50 34.00 34 San Miguel Brewery, San Miguel Brewery, 8 % pref................... Univ. Ins. & IndemWi'lliams ' Equipment', x—Ex-Dividend xx—Ex-Rights T—Bond Sales reported in units of P100 Bcnguct Exploration .............. Capsay Mining Co.................... Demonstration Gold................... Jai Alai Corp, of the Phil.......... Mine Operations......................... Philippine American Drug Co. Philippine Electrical Mfg. Co... Realty Investment-,......... Victorias Milling Co........... Off 2 00 Off Off 100 625 33,036 .006 .50 T 40 20,457 00 101 50 101 50 Off .50 772 106 50 106.50 106 OVER-THE-COUNTER High L 50 13 00b 10 00b 132 Total Sales P 0.03 0.04 0.00! 7.00 0.00*1 75.00 70.00 7.00 95.00 Credit By Duncan Burn Manager, Eastern Inspection Bureau and Manager, Association of Credit Men, Inc. (P.I.) THE Association of Credit Men, Inc. (P.I.) completed on September 22, 1954, a resume on the collection situation as of mid-September. Thirty-seven member firms contributed specific comments and the consolidation of data proved most interesting to members. Twenty Association members reported the collection situation at mid-September as tighter than in mid-June, 1954; 11 reported the situation virtually unchanged; and 5 found the collection situation somewhat easier. The members reporting the collection situation as either easier or un changed, explained that this condition was due in part to greater effort exerted in collecting and in more careful selecting of credit risks. It is interesting to note, however, that 3 members found the collection situation somewhat easier through no efforts of their own. In explaining the conditions responsible for a tight situation at mid-September, 10 members believed that the second-half income-tax payments, registrations, and other normal factors were largely responsible. Fourteen members considered the Nationalization Act as contributing to the tighter situation, and 2 members believed the Na tionalization Act had no bearing on this. Only 3 members stated that the Wholesalers’ Tax contributed to the tight situation; 7 members believed this tax had no bearing. Thirteen members reported that the tight situation could be attributed to unusual conditions, including a variety of factors, several mentioning unusual weather. Various members provided amplification to the basic survey and made comments to the effect that money is usually tight at this time of the year but that the situation is worse than usual now because of the Nationalization 380

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