Manila stock market

Media

Part of The American Chamber of Commerce Journal

Title: Manila stock market
Creator: Hall, A. C.
Language: English
Source: The American Chamber of Commerce Journal Volume XXVII (Issue No. 7) July 1951
Year: 1951
Rights
Fulltext: Banking and Finance By G. A. Benson Sub-Manager, Port Area Branch National City Bank of New York COMPARATIVE statement of condition of the Central Bank: CONTINGENT ACCOUNT Forward Exchange Sold. P 6,460 As of Dec. 31 As of March 31 As of April 27 As of May 31 ASSETS 1949 1951 1951 1951 in thousand of Pesos International Reserve. . P460.689 P579.119 P583.098 P 561,326 Contribution to International Monetary Fund............................... 30,000 30,000 30,000 30,000 Account to Secure Coinage................................... 113,306 107,570 107,570 107,570 Loans and Advances... . 77,047 55,863 47,338 18,645 Domestic Securities. . . . 92,197 163,088 163,197 234,959 Trust Account — Secur ities Stabilization Fund............................... 6,848 6,848 6,848 Other Assets.................... 20,390 56,562 , 61,208 59,982 P793.629 P999.050 P999.259 Pl,019,330 LIABILITIES Currency— Notes........... P555.576 P664.360 P671.052 P 656,523 Coins........... 74,384 92,680 93,735 93,722 Demand Deposits — Pesos............................... 117,682 194,213 173,224 203,478 Securities Stabilization.. 2,000 6,848 6,848 6,848 Due to International Monetary Fund. . . .’. 22,498 497 499 496 Due to International Bank for Reconstruc tion and Develop ment ............................... 2,389 2,383 2,383 2,383 Other Liabilities............. 2,636 21,275 33,671 36,966 Capital............................... 10,000 10,000 10,000 10,000 Undivided Profits.......... 6,464 3,105 4,157 5,225 Surplus............................... — 3,689 3,689 3,689 P793.629 P999.050 P999.258 Pl,019,330 the banks for the first time in months. Silver coins are still diffidult to get and have been practically replaced by paper notes. The Security Bank and Trust Company, the latest addition to Manila’s banking institutions, opened for business on June 18. It occupies the ground floor of the Consolidated Investment Building on Plaza Goiti. The President of the bank is Mr. Alfonso Calalang, well known banker, who was until recently Deputy Governor of the Central Bank. The Central Bank has announced that the Saturday closing of Manila banks, which originally extended from April 1 to June 15, will be continued until further notice. International reserves held by the Central Bgnk de creased by P21,772,000 during the month. However, the foreign exchange holdings by other banks increased sufficiently in the same period so that total dollar inter national reserves at end of May were $393,000,000 as compared to $382,000,000 at end of April. This compares with a total dollar position of $260,000,000 when the Central Bank instituted exchange control in December, 1949. Loans and advances were down P28,693,000 due to the repayment of loans by Philippine banks and the reduc tion in the Treasury’s overdraft. Domestic securities are up P71,762,000 because of further advances of P73,000,000 to the Philippine Gov ernment secured by Rehabilitation and Development Bonds. Total advances to the Government are now said to be around P187,000,000 secured by Rehabilitation and Development Bonds and F47,000,000 secured by Rehabilitation Finance Corporation Bonds. The past few weeks have witnessed a sharp reversal of the easy money conditions which have prevailed the past year, this having been caused by the comparative flood of import licenses released to merchants in recent weeks. Interest rates are firm but have not yet been re vised upward. Demand for credit is keen and it is reported that banks are pretty well loaned up. The issuance of subsidiary paper notes has alleviated the severe coin shortage that has existed for some time. One- and five-centavo pieces (coins) are coming back to Manila Stock Market By A. C. Hall Hall, Picornell, Ortigas & Company May 19 to June 15 THERE has been an accentuation of disinflationary factors during the past month. The continuing overall improvement in the country’s economy has permitted a liberalization in the Government’s import policy and local merchants are now engaged in a large restocking program. Following as it does upon the first installment of income-tax payments, this will absorb ad ditional large amounts of idle funds in banks and further assist in removing inflationary pressures. In sympathy with the foregoing, there has been a substantial decline in the local market price for gold which is quoted today at approximately Pill per-fine ounce compared to P145 nominal four weeks ago. At today’s price level, indications are that demand for the metal is considerable. Apart from Surigao Consolidated which has moved against the trend as a result of its high production for May, also good mine-development results, other gold and base metal mining issues have followed the deflationary ten dency referred to. Unlike the mining shares, however, prices of leading commercial and industrial securities have ruled firm during the month. This largely reflects genuine investment funds, partly from institutional sources, seeking employment for income purposes. 1950-51 High MINING SHARES High Low Close Change Total Sales 126 83 61 71 295 06 68 50 0051 5 30 085 017 25 135 08 09 27 345 038 10 09 012 25 04 78 0027 2 50 012 0078 08 042 025 06 14 M. S. E. Mining Share Acoje Mining ComAntamok Goldfields. . Atok Big Wedge Min ing Company.......... Baguio Gold Mining Company.................. Balatoc Mining Com pany .......................... Batong Buhay Gold Benguet Consolidated Coco Grove, Inc.......... Consolidated Mines, Inc.............................. Hixbar Gold Mining Company.................. Itogon Mining Com pany .......................... I.X.L. Mining Com pany .......................... Lepanto Consolidated. Masbate Consolidated MindanaoMotherLode Misamis Chromite, Inc.............................. Paracale Gumaus Con solidated ................... San Mauricio Mining Co............................... Surigao Consolidated. Suyoc Consolidated... United Paracale Min.285 .1125 .0031 L50 .07 .017 .175 .115 .042 .67 .032 .35 .014 .17 .295 .0725 .19 .05 .25 .1025 .003 1.30 .06 ,20b Off 0525 Up .05 .0025 120,000 334,100 25 Off .04 1025 Off .0175 2 00b 003 Off30 — 06 Off Off .0005 .20 .01 .0135 .16 .1025 .014 .17 .26 .07 0135 Off 16 Off 1025 Off Up Off Off Off014 17 28 03a Off Up .07 Off .0005 2,720,000 .035 .0075 .035 .025 .0025 285,000 55,000 17,000 304,500 100,000 225 1950-51 Range High Low T122.00 78.00 90.00 209.00 135.00 40.00 235.00 27.00 1.00 3.80 .18 .10 .14 103.00 150.00 .75 27.50 .1075 1.46 55.00 118.00 90.00 20.00 189.00 27.00 .35 2.00 .18 .25 .085 .085 100.00 135.00 .30 25.00 .012 1.20 25.50 94.00 100.00 16.00 6.00 38.00 100.00 105.00 16.00 8.50 COMMERCIAL SHARES High Low ' 'Close Change Total Sales Bank of the Philippine Islands............. 122.00 122.00 123.00b1 Up 3.00 Bogo-Medellin Milling Central Azucarera de Central Azucarera de 90.00 90.00 90.00 1,240 la Cariota................ Central Azucarera del 170.00 170.00 170.00 Up 5.00 250 Pilar.......................... Central Azucarera de — 1100.00b Tarlac....................... 28.00b China Banking Corporation.................... 230.00b Filipinas Cia. de Se28.00a Insular Life Assurance Co............................... Manila Broadcasting 5.50b Co.............................. Manila Wine Mer.32a chants, Inc............... Marsman & Co. Inc. 3.40b Common................... Marsman & Co. Inc. ,20a Pfd............................ .25a Mayon Metal.............. Mayon Metal 7% Pre .10 .10 .10 Up .015 20,000 ferred ......................... .10 .10 .10 Up .015 30,000 Meralco 6-1/2%........ 103.00b Metropolitan InsurPampanga Bus Com.50 .50 .50 OfT .05 3,117 Peoples Bank & Trust Co............................... 65.00b Philippine Guaranty Philippine Oil Dev. 26.50b .012 .012 .012 100,000 Philippine Racing Club, Inc.................. San Miguel Brewery 1.46 1.44 1.44 - 15,000 Common................... San Miguel Brewery 35.00 33.50 35.00 Up 1.50 9,138 7% Pfd..................... San Miguel Brewery 8% Pfd.. .•............... 100.00 100.00 100.00 250 105.00 103.00 105.00 Up 2.00 285 Universal Insurance fit Indemnity........... 16.00b Williams Equipment Co. Common........... 7.00 7.00 7.00 544 OVER THE COUNTER High Low Total •Sales 15,000 15,000 527 Amalgamated Minerals................................ P.04 P.04 Demonstration Gold Mines....................... .01 .01 Jai Alai Corp, of the Phil.......................... 4.00 4.00 Nielson & Co., Inc..................................... .01 .01 Philippine Air Lines................................... 7.50 7.50 Philippine American Drug. Co.................. 165.00 165.00 Philippine Iron Mines, Inc. Common... 65.00 65.00 Victorias Milling Co. Inc............................ 190.00 178.00( * ) ( * ) Ex-Dividend Electric Power Production (Manila Electric Company System) By J. F. Cotton Treasurer, Manila Electric Company 1941 Average—15,316,000 KWH January...................................................... February.................................................... March......................................................... April........................................................... May............................................................ June............................................................ July............................................................. August....................................................... September................................................. October...................................................... November................................................. December.................................................. KILOWATT HOURS 1951 1950 40,713,000 37,661,000 37,066,000 33,828,000 40,117,000 38,107,000 39,197,000 35,378,000 40,405,000 * 37,611,000 40,810,000 ** 37,529,000 38,774,000 39,872,000 38,791,000 40,657,000 39,268,000 41,099,000 Total......................................... 458,576,000 ♦•Partially estimated Output in June increased substantially. Despite one less day June exceeded the May output and was the highest month this year. The increase over June, 1950, was 3,281,000 kwh, or 8.7%. It seems probable that a new output record will be set in July. Real Estate By Antonio Varias Vice-President, C. M. Hoskins &• Co., Inc., Realtors REAL ESTATE sales in the Greater Manila area regis tered during the month of June numbered 651, with a total value of P6,601,585, as compared with 688, with a total value of P6,3 06,233, registered during the preceding month of May. Of the June total, 172, with a total value of P2.793,341, represented deals within Manila proper, while 479 sales, with a total value of P3,808,244, were sales within the cities of Quezon and Pasay, and in the suburban towns of Calaocan, Makati, Malabon-Navotas, Mandaluyon, Paranaque, and San Juan. Among the bigger sales registered during the month in the cities of Manila, Quezon, and Pasay and in the subur ban towns were: The transfer, at a consideration of P381.600, by Alfonso Tuason to the corporate name of Alfonso Tuason 8s Sons, Inc., of his properties in San Miguel and Sampaloc; A property comprising several parcels of land on Espana Street, Sampaloc, sold by Rafael Roces to United Realty Corporation for the sum of P281.297.88; The - Marsman residence at Robert and William Streets, Pasay City, with a lot of 4,851 square meters, sold by Mary A. Marsman to Metropolitan Enterprises, Inc. for P255.000; A property with a lot of 26,651 square meters on Shaw Boulevard, Mandaluyong, sold by Julia Vargas Vda. de Ortigas to Maria Suarez for P210,000, or nearly P8 per square meter; A property with a lot of 12,446 square meters on F. B. Harrison Street, Pasay City, sold by Simon R. Paterno to the Intestate Estate of S. de Madrigal for P186.700, or about P15 per square meter; A parcel of 3,695 square meters on Isaac Peral Street, Paco, sold •by Cia. General de Tabacos to Philippine Guaranty Co., Inc., for P166.275, or P45 per square meter; A property with a lot of 3,070 square meters in San Felipe Neri sold by George Edward Koster, Inc. to San Miguel Brewery, Inc. for P156.900; A property with a lot of 3,691.2 square meters on Inverness Street, Sta. Ana, sold by Stewart Tait to Rattan Arts and Decorations, Inc., for Pl04,400. A property with a lot of 885 square meters at Donada, corner Menlo Streets, Pasay City, sold by Vicenta A. Garcia to Guia S. Jose de Bayer for P100.000; and A tract of 499,600 square meters in Caloocan sold by Oscar L. Uy to Aurora Aquino for P 100,000. Real estate mortgages registered in the Greater Manila area during the month of June, 1951, num bered 409, with a total value of Pl 1,800,888, as compared with 405, with a total value of P6,508,347, registered during the month of May. Of the June total, 151, with a total value of P4,215,944, represented deals within Manila proper, and 258, with a total value of P7,584,944, represented deals within the cities of Quezon, Pasay, and in the suburban towns above mentioned. Of the June mortgages, the biggest transaction was that executed by Peoples Homesite and Housing Corpora tion in favor of the Government Service Insurance System for P4,000,000. REAL ESTATE SALES (January to June, 1951) January.. February March... April.... May........ June........ Manila Quezon City Pasay City Suburbs Total P4,466,475 3,549,050 4,562,104 5,272,052 2,586,055 2,793,341 Pl,267,690 3,775,341 1,698,970 1,178,036 1,394,514 1,435,895 P743.346 709,598 645,878 487.954 819,779 578.954 ►1,453,264 1,411,773 1,814,525 1,738,654 1,505,885 1,793,395 P7,939,775 8,445,762 8,721,477 8,676,696 6,306,233 6,601,585 January.. February March... April.... May........ June........ P2,105,600 5,636,640 3,817,877 3,140,154 3,753,891 4,215,944 REAL ESTATE MORTGAGES (From January to June, 1951) P 490,457 1,106,948 1,373,880 902,932 1,150,614 5,184,350 P272.300 869,100 245,760 188,750 372,032 869,144 Pl,051,546 1,722,790 1,970,627 1,057,926 1,231,810 1,531,450 P3,919,903 8,334,848 7,408,114 5,289,762 6,508,347 11,800,888 226
pages: 225-226