Review of the exchange market

Title

Creator

Williams, Stanley

Language

English

Source

The American Chamber of Commerce Journal Volume 7 (Issue No.9) September 1927

Year

1927

Rights

In Copyright - Educational Use Permitted

Fulltext

September, 1927 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 REVIEW OF THE EXCHANGE MARKET By Stanley Williams Manager International Banking Corporation. Telegraphic transfers on New York were quoted at 1 % premium to 1, 8% premium on July 30th with buyers at 3/4% premium and the market was un changed on this basis throughout the month of August and on the quiet side. Sterling cables were quoted at 2/0-7/16 on July 30th and remained unchanged throughout August at this level. Buyers wanted 2/0-9/16 up to August 9th when their ideas were lowered to 2/0—1/2 ready but remained at 2/0-9/16 for forward deliveries although some interbank business was done during the latter part of the month at 2/O-1/2 for October-December del iveries. Three months sight credit bills, quoted at 2/1-1/16 and 3 m/s documents against pay ment bills at 2/1—3/16 on July 30th, were unREAL ESTATE By P. D. CARMAN San Juan Heights Addition Sales Citu July 1927 r <>/ Manila ' 1927 Sta. Cruz.............. ......... P 136,468 1*164,774 Malate.................. ......... 319,318 172,596 Paco...................... .......... 44,397 19,394 Sampaloc.............. 85,741 74,098 Ermita....... 84,300 121,354 Tondo................... .......... 104,094 34,946 Sta. Ana............... 24,390 1,507 San Nicolas.*. . 12,500 22,130 Binondo................ 016 Quiapo.................. 79,080 22,327 Intramuros........... 010 2,477 San Miguel.......... Pandacan............. 5,500 Sta. Mesa............. 4,100 10,050 Pl,045,121 1*649,662 Another low August as is seen by the following: 1919 ....................... 2,357,558 1920 ....................... 1,886,047 1921 ....................... 558,491 1922 ....................... 692,891 1923 ....................... 504,123 1924 ....................... 795,260 1925 ....................... 1,295,260 1926 ....................... 585,519 1927 ....................... 649,662 Manila sales January to August inclusive last year and this year were as follows: 1927 1926 January................. .......... 1,128,773 1,215,531 February.............. 919,150 594,903 March............... 1,373,079 1,733,105 April..................... 1,298,722 673,760 May......... ‘............ .......... 749,975 600,547 June...................... 738,503 1,045,121 July....................... .......... 1,843,930 894,398 August.................. .......... 585,519 649,662 8,637,651 7,407,027 Under the presidency of W. G. P. Elliott, with J. J. Russell as vice president, a stock exchange has been organized, incorporated and put into operation in Manila, with both local and New York stocks listed daily. The ex change members convene daily for the transac tion of business, some 3,000 shares changing hands the first day, September 1. While these were principally well known mining stocks, it is confidently expected that interest in Philippine investment and speculative stocks will increase through the medium of the exchange, and that more capital will be drawn into local industries. changed until August 9th when the latter rate was lowered l/16th. The New York London crossrate closed on July 30th at 485 -9/16 and gradually rose to 486 3 32 on August 9th. After receding to 486 on the 11th, 12th and 13th it again rose with slight fluctuations downward to 486-3/16 on the 26th and 27th and closed at 486-1/8 on the 31st. London bar silver closed on July 30th at 26-1/6 spot and forward and dropped gradually away to 25-7/16 spot and forward on August 6th and then on August 8th dropped sharply to 24-15/16 spot 25 forward. It reacted to 25-1/4, 25-5 '16 on the 10th and dropped again to 24-15 16, 25-1/16 on the 11th and then reacted to 25-5/16, 25-3/8 on the 13th. It Travel Across America via Glacier National Park The Oriental Limited In an observation car where wider, higher windows permit an unobstructed view of the scenic grandeur visible from the car windows as the train passes along the southern boundary of the Park for over 60 miles. The Oriental Limited is The Finest Train Between Seattle and Chicago A de luxe train. No extra fare. Hauled by giant oil-burning locomotives, assuring freedom from soot and cinders. Across America to Chicago in 69 hours and 55 minutes. Convenient connection at Chicago for Eastern points. Get our folder “Through the U. S A. via Seattle Gateway,” with its wealth of maps and information. A. G. HENDERSON, AGENT. Chaco Building o R AMERICAN EXPRESS CO. Manila, P. I. Great Northern A Dependable RailuJau again dropped away to 24-15/16 spot and for ward on the 22nd and reacted the following day to 25-3 16 spot and forward on the 23rd. It then hovered between a low of 25-1/8 spot and forward and a high of 25-1/4 spot 25-5/16 forward, during the rest of the month, closing at 25-3/16 spot 25-1/4 forward on the 31st. New York bar silver closed at 56-1/2 on July 30th and ranged during August between a high of 56-1/2 on August 1st and a low of 54-1/8 on the 8th and 11th closing at 54-1/2 on the 31st. Telegraphic transfers on other points were quoted nominally at the close on August 31st: Paris, 12.25: Madrid, 171-1/2; Singapore, 114; Japan, 95-3/4; Shanghai, 81-3/8; Hongkong, 97-7/8; India, 135-3/4; Java, 122-1/2. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

25

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