Manila stock market

Title

Manila stock market

Creator

Hall, A. C.

Language

English

Source

The American Chamber of Commerce Journal Volume XXVII (Issue No. 5) May 1951

Year

1951

Rights

In Copyright - Educational Use Permitted

Fulltext

P793.629 P963.702 P971.937 P999.050 Other Liabilities............. 2,636 13,793 17,461 21,275 Capital............................... 10,000 10,000 10,000 10,000 Undivided Profits.......... 6,464 9,493 10,290 3,105 Surplus............................... — 1,616 1,616 3,689 1950-51 Range High Low P126.83 61.71 MINING SHARES 0.295 0.09 CONTINGENT ACCOUNT Forward Exchange Sold. P 6,460 The International Reserve increased during March by P24,500,000 and at the month end was Fl 18,430,000 greater than the reserve as of December 31, 1949. Cur rency and coins in circulation again increased, reflecting a continued inflationary trend. The coin shortage remained acute. In March, it was rumored that the Central Bank would mint coins in the United States to relieve the situa tion. However, the Monetary Board of the Central Bank announced about the middle of April that it had contracted with an American bank note company to print F60,000,000 worth of paper currency in 5,10, and 20-centavo denomina tions. The first shipment is expected to arrive around the end of April. While this should alleviate the existing coin shortage, it will create new problems for merchants and banks which have to handle large quantities of small notes. The notes will measure 4-1/4 by 2-1/8 inches and each denomination will have a distinctive tint. 0.035 0.68 0.1275 3.50 0.0051 5.30 0.085 0.016 0.25 0.135 0.08 0.90 0.05 0.455 0.20 0.09 0.27 0.345 0.038 0.10 0.012 0.26 .04 1.78 .0027 2.50 0.012 0.0078 0.08 0.042 0.025 0.17 0.016 0.205 0.01 0.06 0.14 0.12 0.01 0.045 M. S. E. Mining Share Acoje Mining Com pany .......................... Antamok Goldfields.. . Atok Big Wedge Min ing Co.*................... Baguio Gold Mining Balatoc Mining Co.. . Batong Buhay Gold Benguet Consolidated Coco Grove, Inc......... Consolidated Mines, Inc.............................. Hixbar Gold Mining Co.............................. Itogon Mining ComI.X.L. Mining Com pany .......................... Lepanto Consolidated Masbate Consolidated Mindanao Mother Lode*. p Inc"1 ' San Mauricio Mining Co............................... Surigao Consolidated Co.*........................... Suyoc Consolidated... United Paracale MinHigh Low Close Change Total Sales 110.39 101.19 101.44 I 25 032 21 032 34 28 GumauB Off 7.67 8,108,306 245 Off .04 032 — 285 Off .055 1275 15 10 05 2 1275 Up 15 Off .0275 .35 5 0035 IS 08 016 23 135 015 09 26 .075 5 0135 20 67 028 37S 015 08 25 .07 016 Up 205 Off 13 Up 025b 375 015 09 26 25 03 372,000 242,350 335,000 510,000 750 .0005 .30 .01 .025 .02 Off .02 Off .003 Up .015 Off Up Up Off .08b Up .002 .01 .01 .01 .01 700,000 39,038 275,000 120,000 273,000 500,000 340,000 542,000 40,000 67,000 56,000 415,125 50,000 274,000 The Central Bank has granted authority for a new banking organization, the Security Bank and Trust Com pany, to operate in Manila. It is reported that the bank will begin to function in about two months time with an authorized capital of F5,000,000 and a paid-up capital of about F2,500,000. Effective April 17, the Central Bank issued Circular No. 26 on the subject “Administration of Foreign Ex change Control”. The circular states that, in future, the Central Bank will not receive directly applications for exchange licenses to effect payments or remittances abroad or to carry exchange out of the Philippines. All such appli cations for foreign exchange must be submitted to banks which, are Authorized Agents. Banks may continue to approve applications and issue licenses within the author ity previously granted. All other applications will be ac cepted by the Authorized Agents and forwarded to the Central Bank for approval together with such other docu mentation or supporting evidence which the Central Bank requires. Approved or rejected applications will be returned to the banks, which will notify the clients. All applications for licenses filed with the Exchange Control Department of the Central Bank prior to April 17 will continue to be released direct to the applicants by the Central Bank. Money continues easy. During the month an issue of F15,000,000 in one-year Treasury Bills was fully sub scribed on a discount basis at 98. 1950-51 Range. High Low P118.00 78.00 17.00 10.00 90.00 220.00 135.00 40.00 235.00 27.00 0.35 2.00 .18 .25 .085 .085 100.00 135.00 27.50 25.00 0.1075 .013 1.40 1.20 38.00 25.50 *Ex-dividend COMMERCIAL SHARES Manila Stock Market By A. C. Hall Hall, Picornell, Ortigas & Company Bank of the Philippine Islands...................... Binalbagan - Isabela Bogo8MedeUin Milling Cent. Azucarera de Bais........................... Cent. Azucarera de la Cent. Azucarera del Pilar.......................... Cent. Azucarera de Tarlac....................... China Banking Corp. Filipinas Cia de Seguros......................... Insular Life Assurance Co............................... Manila Broadcasting Co.............................. Manila Wine Mer chants, Inc............... Marsman & Co. Inc. Marsman & Co. Inc. pfd.............................. Mayon Metal*............ Mayon Metal 7% pfd.............................. Meralco 6-1/2%......... Metropolitan Insur ance Co.................... Peoples Bank & Trust Co.............................. Phil. Guaranty Co. Philippine Oil Dev, Philippine Racing Club Inc.*.............. San Miguel Brewery— common.................... San Miguel Brewery 7% pfd..................... San Miguel Brewery 8% pfd..................... Universal Insurance & Indemnity................ Williams Equipment Co. common............ High Low Close Change Total Sales 00 14 00b 00b 86.00 86.00 86 00 175.00 170.00 174 38.00 27.00 3.80 . 8 .25 00 90 00b 38.00 38 — 225 27.00 3.80 .18 .25 .026 33.00 100.00 103.00 00 00b 27 00 5 50b 32b 3 80 18 25 08b 103 08b 00 143 Up 2.00 118 Up 4.00 310 Up 4.00 90 Off 2.00 445 — 50 Up 2.00 00b 65 00b 26.50b .013 013 42 31.00 33 00 100 00 103.00 103 00 16 900 2,000 2,000 T 300 Off .016 250,000 Up .05 1,000 Up 1.00 38,735 Up 6.00 650 — 445 00b 6 00b March 26 to April 20 THE market has developed a generally easier trend since our last review. The principal losers were Acoje and Atok. The former was sharply lower for a day or two following news of the attack by lawless elements on its mining property, but the stock later recovered part of the decline. Atok sold off following publication of its annual report showing some deterioration in its ore reserve position. There was little change among the market leaders which, with one exception, were slightly lower principally as result of these issues selling ex-dividend during the *—Ex-dividend T—Bond Bales reported in units of P100 OVER THE COUNTER Capsay Mining Company.............................. Demonstration Gold Mines........................... Glo-co Company.............................................. Manila Jockey Club....................................... Nielson Co. Inc................................................ Philippine Iron Mines—Common................ Victorias Milling Company Inc.................... Tabacalera Bonds 6%..................................... P0 2 70 Close P0.04 70 Total Sales 30,000 20,000 1,233,500 109 11,000 500 172 2,000 *Reuters News Agency brings in 337 New York Stock Exchange quotations every day and will add to its list if requested. Subscription rates are very reasonable. Phone 2-94-30. (Advt) 154 May, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 155 period. Consolidated Mines moved against the trend on its increasing production and ore shipments. Generally speaking, the market showed vyy little response to news, favorable or otherwise. Congressional approval of an increase in the corporate tax rate to 28%, also a 17% tax on remittances abroad was virtually ignored. Also receiving no attention, marketwise, was a reliable report that the Central Bank will not seek any increase over the current 25% of production which gold mining companies are required to sell to the Bank at its official price of ?70 per ounce. The coming tax-payment season may cause some in crease in offerings; on the other hand, continued inflationary tendencies are likely to sustain demand for equities; hence there appears little change in the immediate market out look in the absence of unforeseen developments. There has been a further advance in the local price for gold which is now quoted around Pl65 per ounce. In the Commercial and Industrial Section, there has been a noticeable firming in fixed-interest securities as a result of institutional buying and limited offerings. San Miguel improved, and sugar shares were higher. Credit By W. J. Nichols General Manager, General Electric (P.I.) Inc. THE annual meeting of the members of the Association of Credit Men, Inc. (P.I.) was held April 17 at the Winter Garden of the Manila Hotel. Following luncheon the representatives of the following companies were elected to serve as directors for the coming year: Colgate Palmolive Philippines, Inc. Bank of the Philippine Islands General Electric (P.I.) Inc. Rehabilitation Finance Corporation National City Bank of New York Filipinas Compania de Seguros Equitable Banking Corporation In addition, representatives of the following firms were elected as alternate directors: Macondray & Company Manila Electric Company Caltex (Philippines) Inc. Following the general meeting the newly elected di rectors met for selection of officers and the following were chosen: President, H. E. Richmiller—Colgate Palmolive Philippines Inc. Vice President, W. J. Nichols—General Electric (P.I.) Inc. Secretary and Treasurer, S. Orosa, Jr.—Equitable Banking Corp. Work is progressing well on the project of compiling a credit manual for the benefit of the Association’s mem bers. It is planned to hold a general meeting early in June to enable the members to offer suggestions and advice on subjects which they wish to have included in the manual. Real Estate By Antonio Varias Vice-President, C. M. Hoskins Co., Inc., Realtors REAL estate sales in the Greater Manila area registered during the month of April numbered 759, with a total value of P8,676,696, as compared with 716, with a total value of P8,721,477, registered during the preceding month of March. Of the April total, 273 sales, with a total value of STEEL FABRICATORS • CONTRACTORS RIVER & HARBOR WORK • SHIPS’ REPAIRS ENGINEERS • MANUFACTURERS MERCHANDISERS Operating: MACHINE SHOPS FOR CONSTRUCTION AND REPAIR FOUNDRY FOR CAST IRON, DRASS 4 BRONZE STRUCTURAL STEEL FABRICATING SHOP MARINE REPAIR SHOPS • WOOD PRESERVING PLANT ATLANTIC, GULF & PACIFIC CO. OF MANILA

pages

154-155

Media