Manila stock exchange in handsome quarters in New Wilson building

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Part of The American Chamber of Commerce Journal

Title: Manila stock exchange in handsome quarters in New Wilson building
Language: English
Source: The American Chamber of Commerce Journal Volume XVII (Issue No.4) April 1937
Year: 1937
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Fulltext: 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Manila Stock Exchange In Handsom Move comes during low market period but ticker se\ A Journal representative visited thcManilaStockExchangeinitsnew quarters and was shown about the place by Wm. Parker, a fellow crafts man employed there, without com ing to understand just how all the new conveniences work—sensing only that they do, and to the better ment of business. What would be still better for business, if all con cerned could come to agreement about it, would be the merging of the town’s three exchanges into one. The situation that induced establishment of three exchanges— a fourth is spoken of now—is regret table and should be obliterated if practicable means of doing so can be devised. So many exchanges, in a market that after all is only the Philippine market, with obvious limitations as such, affect the re pute of the business to its disad vantage. Before the second exchange was founded, many persons interested in trading thought it was needed. Perhaps, however, it was the Se curities & Exchange Act that was needed; and a prolonged lull in trad ing, to teach the less experienced ” Conditions genEnrique Santamaria President Manila Srock Exchange Melons are what brokers like best to cut. The substantial Manila Stock Exchange celebrated its re moval from its old Escolta offices to its new ones occupying the entire fourth floor of the new Wil son Building on Juan Luna by cutting a melon for the benefit of all its thirty members. Out of accumulated capital, an equity that had lifted the price of seats to a high of P85,000, each member received P22,500—a fund of P675.000 was distributed. The fact that this fund existed shows the liberal patronage the Manila exchange has been enjoying as well as watchful management on the part of its officers. In a moment will follow the Exchange’s author ized explanation of the movement, that had the effect, anticipated, of lowering the price of seats, of which fifteen new ones have been created, to 1*45,000. Before quoting, it is desired to congratulate the Manila Stock Ex change on its choice of permanent headquarters; and to congratulate S. J. Wilson himself, and Manila, on possession of the Wilson Build- . ing—so presentably constructed and conveniently arranged that share values go down as well as up. ________ „ and appointed. New business blocks, apartment houses and • erally prevailing carry one exchange along nicely, hotels in the districts of town best suited to them arc quite Says the Manila Stock Exchange: making Manila over. “Outstanding in a r6sum6 of events was the acceptance Total Record of Transactions Made by the Manila Stock Exchange Year 1936 Shares Aproximate Months................................ Sold Value January........................................... 24,366,576 P 6,110,406 Febniary......................................... 27,125,485 6,913,663 March..................................... 55,603,788 15,706,807 April................................................. 51,956,056 16,780,837 May....................................... 44,093,523 17,322,864 June. 59,991,411 26,615,314 July................................................. 102,194,539 49,849,003 August...................................... 122,052,506 58,089,052 September...................................... 114,885,356 65,873,873 October........................................... 156,263,771 67,705,872 November................................. 98,612,541 42,484,553 December................................ 121,637,002 39,387,918 General Total.. 978,782,554 P477,840,162 Daily Record of Transactions Made by the Manila Stock Exchange Day 1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 March 1937 Shares Sold 14,555,320 12,870,310 7,520,464 • 10,401,570 7,929,170 5,839,990 8,527,050 10,669,450 8,206,920 7,923,640 6,295,660 6,320,910 Approximate Value 1,509,293 1,312,326 1,442,577 1,591,205 1,623 610 826,881 1,134,586 1,338,685 1,097,825 1,478,500 1,907,904 1,127,984 949,828 1,438,822 15,267,630 Approximate Value 1,775,096 1,787,915 1,889,316 1,855,743 1,794,406 1,285,705 1,967,923 2,727,138 2,393,123 2,773,641 2,469,748 1,276,738 1,834,933 Day 17 18 19 20 22 23 24 25 26 27 29 30 31 March Shares Sold 7,564,780 8,029,710 16,424,525 7,780,870 7,792,470 4,673,600 1937 Aproximate Value . 1,025,751 1,261,631 2,658,145 1,151,161 1,294,513 693,601 February 1937 Shares Sold 12,704,427 11,712,300 10,094,515 6,938,800 Aproximate Value 1,899,891 1,407,811 1,388,142 828,083 3,246,700 5,644,600 5,542,300 2,635,909 1,700,260 2,084,600 2,152,553 1,190,466 Totals. 197,312,340 P29,473,76' 312,899,192 P42,750,570 p p April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 i Quarters in New Wilson Building vice and surplus earnings distribution help greatly by the Governing Committee of the application for two new members at a price of P45,000 each. Those new members are Esteban Parellada, Manila stock broker with offices in the National City Bank Building, and MigueJ Simon of the firm of Hess&Zeitlin, Manila stock broker age house in the Crystal Arcade. “Tuesday, April 6, at a general meeting of the Manila Stock Ex change, the membership approved the distribution of 1*675,000 equally between the 30 members of record as of April 3, 1937. The effect of this was to decrease the price of seats to an approximate minimum of 1*45,000 as against the previous approximate valuation of 1*85,000. As explained by President Enrique Santamaria of the Manila Stock Exchange: ‘The distribution by the Manila Stock Exchange among its members of surplus funds accrued through sale of seats and other sources, and establishment of 15additional seats, was designed to decrease the large equity which broker-members have tied up at present in their seat holdings and thereby to bring the price of new seats to a level more consistent as an invest ment with the actual earnings of brokers. This does not by any means indicate any change in the Exchange’s conservative or constructive policies in behalf of public service. On the contrary, it is felt that this action will result in stab ilizing and clarifying the present trading situation.’ “As a result of the action by the membership, the Govern ing Committee on Friday accepted the offers of bids by Messrs. Parellada and Simon, subject to their complying satisfacto rily with the usual membership requirements. “The Governing Committee also constituted a Committee of Publicity and Quotations of which A. C. Hall, treasurer of J. G. Eisbnbbrg Ttchnical Adviier Manila Stock Exchange Some Manila Stock Exchange Rules Some of the rules governing opera tions of the Manila Stock Exchange. Penalties Sec. 3. The Governing Committee may prescribe penalties for violations of rules adopted pursuant to the Consti tution, and for neglect or refusal to comply with orders, directions or deci sions of the Governing Committee, and for any other -causes or offenses where penalties are not specifically prescribed by the Constitution. Corners Sec. 6. Whenever, in the opinion of the Governing Committee, a corner has been created in a security listed on the Exchange, or a single interest or group has acquired such control of a security so listed that the same cannot be obtained for delivery on existing contracts except at prices and on terms arbitrarily fixed by such interest or group, the Governing Committee may postpone the time for deliveries on Exchange contracts therein and may from time to time further postpone such time, or may postpone deliveries until further action by the Governing Committee, and may, at any time, by resolution, declare that if such security is not delivered on any contract calling for delivery—such contract shall be settled by the payment to the party entitled to receive such security or by the credit to such party of a fair settle ment price— Committee of Investigation Article XI. A Committee of Investi gation, to consist of two (2) members, which committee shall have the follow ing powers and duties: (a) It shall be the duty of this com mittee to consider matters relating to the Manila Stock Exchange, is chairman. The two other members of the committee are Max Kummer, of Max Kummer & Co., and A. U. Fox, of Swan, Culbertson & Fritz. The purpose of this committee will be to facilitate the dissemination of market information for broker members and the investing public. “The ticker service of the Manila Stock Exchange, which service is operated by the Stock Quotations Company, Inc., owned by the Ma nila Stock Exchange, functions with remarkable degree of efficiency and timeliness. On the morning of Thursday, April 8, news agencies and market reports from New York and London stated that rumors had been widely circulated in foreign markets that a reduction in the price of gold was contemplated. European and American markets had weakened in face of these rumors. “But in Manila, brokers and investors were fortunate. After the first reports were received through out the city, the Stock Quota tions ticker service transmitted to brokers complete reports from the United States and abroad and the public was thereby able to obtain full information through Manila Stock Exchange broker-members before the opening of the day’s trading here. “The official opening of the Manila Stock Exchange in its new quarters, the entire fourth floor of the S. J. Wilson Build ing, gives the exchange three times as much space as it had in the old quarters. The total membership of the stock exchange is now 30 and with the acceptance of two new mem berships, 32. There are now at the disposal of the Govern ing Committee, subject to specific regulations and formalities, 13 additional seats.” the business conduct and financial con dition of members and their customers’ accounts, and to observe the due course of transactions on the Exchange, with the view to seeing whether resort is being had to improper transactions; (b) With the prior authority of the Governing Committee, it shall have power to investigate the dealings, tran sactions, and financial condition of mem bers, and to examine their books and papers and their customers’ accounts without previous warning or advice. It may confer with members regarding any matter within its jurisdiction and advise the President in respect to any such matters, and it shall report to the Governing Committee any matter which in its judgment requires the considera tion of that Committee. The books and papers of any member or member firm of the Exchange shall at all times (Please turn io page 32)
pages: 26-27