NEW YORK STOCK EXCHANGE.

Press, Volume LXVII, Issue 20411, 4 December 1931, Page 12

NEW YORK STOCK EXCHANGE.

DROP IN VALUES

RUMOURS OF RAILWAY DIFFICULTIES. (usited rnras association -hi klecteic TELEGEAPH —COPYRIGHT.) (Received December 3rd, 7.20 p.m.) NEW YORK, December 2. The entire stock market dropped, due to a series of rumours and reports affecting steels and railways. The latter lost as much as thirty points on the receipt of word of the proposed wage reductions on the Canadian railways, which, it is believed, may influence similar reductions among the American companies, and due to fears of difficulties for further railways. Following the receivership for the Wabash Railway, it is rumoured that the United States Steel common stock dividend may be eliminated. Preferred payment not being earned, Steel common stock equalled the lowest level since 1915 at and preferred stock dropped over four points to the lowest level since 1924. The American Can Company, the Westinghouse, and other industrial leaders also touched new low levels for a long period.

TOOTH'S SOUND CONDITION. MEMBERS URGED TO RETAIN SCRIP. Though air Septimus Levy did not definitely indicate that Tooth and Co., Ltd., would continue to pay dividends of at least 8 per cent, per annum, he struck a cheerful note at the annual meeting of shareholders held in Sydney a few days ago. He pointed out that the expense ratio had been reduced proortionately to the fall in turnover, that the efficiency of the brewery was never higher, and that finances were in an eminently sound condition. Referring to the retail trade, Mr Levy Eaid that the speculative type of-licensee had now been replaced by a sounder type of licensee, who would build up the trade to better advantage to all concerned. The chairman urged shareholders not to sacrifice their investment in Tooth and Co. at prevailing market prices, as the shares would prove a profitable investment to hold for themselves and their grandchildren.

T. AND G. MUTUAL LIFE. Kew business written by the Australasian Temperance and General Mutual Life Assurance Society, Ltd., lor the year ended feeptember 30th comprises 136,826 policies in tne ordinary end industrial departments, assuring £lO,-453,176, and 2600 personal accident sickness policies, assuring £1,381,650. Payment 6 to policyholders in the year amount to £1,607,297, compared with £i,5C7,239 in the previous year. This includes £C38,50l in surrenders and redemption of advances by surrender of policies, an inciease of £200,223 in comparison with the previous year.

SWAN BREWERY. Accounts of Swan Brewery, of Perth, .for tho half-year ended September 30th show that thd net profit is £20,188, as compared with £45,751 for the September half last year, and £41,049 for tho half-year ended March 31st, 1931. Tho rate of dividend has been reduced from 16 per cent, to 12 per c*nt. per annum. Dividends on preference and ordinary shares paid for the September half-year exceed net profits by £6839, and the urcount carried forward is reduced to £24,716, compared with £31,555 brought in from the previous term. In the half-yettr the company also received £10,172 from the West Australian Glass Manufacturers, Ltd.

BRITISH FILM INDUSTRY. The British. Trade Commissioner in New Zealand, Mr L. A. Paish, has been advised by the Department of Oversea Trade that British film producers to-day are as well equipped as and better situated than any in the world for the turning-out of films of quality and entertainment valpe, and as the exhibition of these pictures increases, not only in Great Britain and the Dominions, but throughout the world, there is little doubt that this new industry will grow considerably and be of direct help in bringing British habits, methods, and ideals to the notice of all who have the opportunity 'ot viewing the products of British studios. It is estimated that during the season 1981-32 between 120 and 140 full-length films will be made in British studios in addition to a considerable number of "shorts." The figures of estimated production output ot the principal British'companies during the current season will be considerably in excess of that of the preceding season. The first multi-lingual talking film ever made was produced in a British studio, and feature films have been made in the United Kingdom in the French, German, Spanish languages.

DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Co.. Ltd., have received the following cablegram from their London office, under date December 2nd: — Butter—3 08s to 109s. Market is quiet. Cheese—'White 67s (small supplies), coloured 635. A. H. Turnlmll and Co., Ltd., have been advised by W* Weddcl and Co., Ltd., London, that both butter and cheese quotations have advanced 2s per ewt, and that there is a bettor feeling in the market. Quotations are.as follows: — Butter —Salted 106s to 110s (last week 104s to 108s), unsalted 116s to 120s (114s to 118s).Cheese—White 64s to 66s (62s to 645), coloured 62s to 64s (60s to 625).

AUCKLAND. Sales on 'Change— £ s. -d Bonds, 1938, 4} per cent. 90 17 6 lionds, 1933, per cent. 98 0 0 Stock, 1933, 5i per cent. 99 0 0 Stock, 1937, o£ per cent;. 99 0 0 City of Auckland Debentures, 1956, 51 per cent. 98 0 0 Bank of New Zealand 2 8 0 N.Z. Insurance ... 2 0 6 South British 2 14 0 Northern Steamship (con.) 0 2 9 Electro. Zinc (pief.) 0 19 6 W.aihi 0 1G 0 <2) 0 16 1 0 16 1* 0 16 2 Waihi Grand Junction 0 3 7 0 3 8 WELLINGTON. Sales Reported— £ s. d. oj per cent. Stock, 1937 98 15 0 Wellington Woollen Co. (ord.j 4 6 0 Commercial Bank of Aust. _(ord.) 0 16 0 National Bank of Australasia (£5) 5 0 0 Union Bank of Australia 8 0 0 / * 8 1 0 DUNEDIN. Sales Reported— Dalgety's £. s. r). 7 17 0 oj per cent. Bonds, 1937 98 10 0 Commercial Bank <*» 0 16 1