Manila Stock Market

Title

Manila Stock Market

Creator

Hall, A. C.

Language

English

Source

The American Chamber of Commerce Journal Volume XXVIII (No. 12) December 1952

Year

1952

Rights

In Copyright - Educational Use Permitted

Fulltext

Manila Stock Market By A. C. Hall Hall, Picomell, Ortigas & Co. October 18 to November 28 EARLY in the period under review, gold shares drifted into new low ground, but recovered partially following the Atok-Big Wedge Mining Company’s announcement that it had reached an amicable settlement with its labor union as regards the valuation to be accorded to the com pany’s “give-aways” to labor. This agreement, which is expected to serve as a basis for the industry, will reduce the actual cash disbursement required under the Mini mum Wage Law, and will enable the Company to continue its operations. The constructive attitude shown by labor in this matter is encouraging, but, as mentioned in this column last jnonth, gold mining has been reduced to the barest subsistence level, and requires a much greater degree of assistance if it is to survive at all. In the meantime, investors are unlikely to show any interest in this group’s securities. The price of gold in the free market has moved in a narrow range during the past six weeks, but has displayed a firmer tone during the last few days. The approximate price range has been P104 to P106.50 per fine ounce, closing at the latter figure. In the base-metal section, little interest has been dis played with the exception of Consolidated Mines which has been sharply higher and active during the past ten days or so. The strength in this issue is principally due to a couple of 20% cash-dividend declarations during the past month. In the commercial and industrial section, the market has ruled steady in very restricted trading. Fixed-interest securities have firmed, but, at closing levels, the demand is small. Overall conditions continue unfavorable for equities as a whole.. Money is easier at the moment, but this is con sidered a temporary situation, and not a reversal of the past year’s deflationary tendency. The unsatisfactory state of general business retards a more constructive attitude to ward securities. 100 00 75 171 00 00 105 111 00 100 00 50 00 30 325 00 00 320 00 12 00 10 00 27 50 25.100 00 36 5 50 0 12 0 12 107 8 30 0 25 3 20 0 085 0 085 00 100 23 7 00 50 27 50 0 00 20 5 25 00 0925 0 012 46 •43 00 101 00 108 0 96 26 50 93 00 102 16 00 13 00 50 7 00 6 00 Central Azucarera de Central Azucarera de la Cariota............... Central Azucarera de Pilar....................... Central Azucarera de China Banking Corpo ration ...................... Cia. de Celulosa de Filipinas.................. Filipinas Cia. de SeIndustrial Textiles Mfg. Co. P.I.......... Manila Broadcasting Co............................ Manila Wine Mer chants..................... Mayon Metal, class “B"......................... Mayon Metal, class Meralco, 6-1/2%....... 1 Metropolitan Insur ance Co................... Pasudeco..................... Philippine Air Lines, Inc........................... Philippine Guaranty Philippine Oil Deve lopment Co., Inc.. . Philippine Racing Club, Inc................ San Miguel Brewery San Miguel Brewery 7% pref.................. 1 San Miguel Brewery 8% pref.................. 1 Univ. Insurance & In demnity Co............ Williams Equipment T Bond sales reported in units of P100. Company Commonwealth Insurance Co.. Manila Jockey Club................ Philippine Long Distance Tel ephone Co. 6% bonds (1966). Polo Coconut Plantation, Inc... Tabacalera, 6% bonds (1962) . Victorias Milling Co., Inc......... 78.00 38.00 12.00 25.00 9.50 3.50 21.00 78.00 78 00 00 100 00 38.00 38 00 282 00b 12 25.00 8.30 3.50 21.00 .0525 25 00 9 50 20b 50 111 Ha 00 ISO .043 Off 2.00 Up .25 Up .20 Up 3.00 T 220 10 140 5,400 50 13,450 625 1951-52 Range MINING SHARES -.00b 21.00 366 5 00b 00b 045 90b 36.00 33.50 36 00 101.00 100.00 101 105.00 105.00 Over-The-Countei High r160.oo 2.30 00 210 108.00b 50b 100.00 700.00 100.00 130.00 77 Close P160.00 2.30 Total Sales 331 P 44,000 5 P102.000 170 0.315 0.155 0.0925 0.028 7.80 2.15 0.14 0.06 2.80 1.60 0.0036 0.0015 5.30 3.50 0.042 0.011 0.29 0.16 0.17 0.0625 0.075 0.031 0.96 0.59 0.05 0.024 0.43 0.09 0.1275 0.06 3.26 1.20 0.32 0.17 0.305 0.185 0.13 0.05 M. S. E. Mining Share Acoje Mining Co........ Antamok Goldfields. . Atok Big Wedge MinHigh 98.96 .18 .04 92 09 16 Close Change Total Sales 98.33 .175 .04 Off Off .21 .005 8,817,490 213,000 35,500 Baguio Gold Mining Co. Balatoc Mining Co.. . Batong Buhay Gold Benguet Consolidated x Consolidated Mines, Inc.x........................ Hixbar Gold Mining Co............................ Itogon Mining Co.. . . I.X.L. Mining Co.. . . Lepanto Consolidated.. Masbate Consolidated Mindanao Mother Lode........................ Paracale Gumaus Con solidated................. Philippine Iron Mines, San Mauricio Mining Company................. Surigao Consolidated. United Paracale Min-Ex-Dividend 2 15 1.75 .0017 3.60 .024 1 3 0015 50 034 2.50 0625b 1.75 .0017 3.50 .042 Off Off Off Off Up .20 .25 .0005 .30 5,563 .007 3,304,000 .0725 .075 .87 .034 0625 032 81 032 .15b .065 .075 .84 .032 Off .005 ,Up .037 Off .01 Up .002 .13 09 .1225 Off .0125 623,500 .105 105 .105 Off .01 20,000 2 25 2.40 29,542 .23 .23 .06 .0525 COMMERCIAL SHARES .19 .225 Off Off .045 .005 .06 80,000 1951-52 Range High Low 143.00 105.00 22.00 12.00 15.00 15.00 High Low Close Change Total Sales Bank of the Philippine Islands................... — — 130.00b — — Binalbagan - Isabela - . SugarCentral......... 22.00 22.00 22.00 Up 5.00 133 Bogo-Medellin Mill ing Co..................... — — 15.00a — — Credit By C. W. Muilenburg Manager, Credit and Collection Department International Harvester Company of Philippines THE Association of Credit Men, Inc. (P.I.) has announced the active participation of three additional members effective December 1, 1952. These three are the Allied Brokerage Corporation, Manila Daily Bulletin Publishing Co., Inc., and Fred Wilson 8s Company, Inc. Active membership as at December 1, 1952, stands at 76 members. The Association is drawing an increasing amount of interest among business firms and it is anticipated that membership will be further increased in the near future. Credit executives report little change during the past month. Most of them indicate that collections are as hard and as slow as at any time this year. A few report that collections are somewhat harder and that clients request longer time and larger limits, with the result that the large suppliers are in effect financing smaller clients. A few report collections somewhat better and suggest that money was tighter last month than any month this year, with money somewhat more plentiful at present. Some sources report that circulation of money has improved slightly in the past month. During August and September, bank deposits were built up at a satisfactory rate, but during October and November deposit build-up was slow and, as is usual, withdrawals in December will probably be heavy. With the releasing of licenses by the Import Control Office for the second semester, import vo lume will increase and banks are now concerned more with import than domestic business. Sugar is also beginning 484

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