NEW YORK EXCHANGE.

New Zealand Herald, Volume LXVI, Issue 20263, 24 May 1929, Page 9

NEW YORK EXCHANGE.

GENERAL FALL IN STOCKS. EFFORTS TO PROP MARKET. Australian and N.Z. Press Association. (Received May 23, 5.5 p.m.) NE\V YORK, May 22. As a result of the announcement that the Federal Reserve Board may approvo increases in the rediscount rate by the Federal reserve banks,, the stock market suffered a broad general declino to-day, with losses of from 3 to 15 points in many issues. High-priced specialties slumped more than 10 points, and at times the market verged on an open break, but the weakness was never allowed to go too far, for support 'appeared at critical moments, and there were intermittent rallies. It is significant that the volume of trading was greatest on the decline. BRITISH COTTON MERCER. EGYPTIAN SECTION MILLS. United Service. LONDON, May 22. The report of the merger of the spinning mills in the Egyptian section of the Lancashire cotton trade is confirmed. The Times says it already includes 30 mills, comprising nioro than 3,000,000 spindles, and that other firms owning nearly 2,000,000 spindles asked to bo allowed to join. The underlying idea of the merger is to prevent price-cutting. NEW ZEALAND APPLES. PRICES ON LONDON MARKET. Australian and N.Z. Press Association. LONDON, May 22. Consignments of New Zealand apples just to hand sold as follows Jonathans, 14s to 16s; Delicious, 13s 6d to 16s; Coxs, 18s to 20s, and a few at 27s 6d. The Mataroa's pears sold as follows: — Rays and Josephines, 5s to 7s 6d; Winter Nelis, 4s 6d to 7s. NELSON BUILDING SOCIETY. • INTEREST RATE REDUCED. [BY telegraph.—press association.] NELSON, Thursday. The Nelson Permanent Building Society at its annual meeting last evening, carried a proposal to lower the rate of interest on loans from 6 to 5 per cent. In moving the motion of reduction, the Hon. W. W. Snodgrass, M.L.C., said the directors of the society had every confidence in recommending this action. They had over £200,000 out on mortgage, and a reduction of 1 per cent, was an extraot'dinary step. Recently the Prime Minister, speaking at Napier, said the Government was going to advance money at 52 per cent. It was owing to the splendid. management of the society that the directors would bo able to beat the Government rate and help borrowers to the extent indicated, when . they reduced the rate of interest on loans by 1 per cent, in June. Mr. W. Lock, speaking as a shareholder, said he thought it would be,... a wise move to reduce the rate. Everybody in Nelson would be gratified with the proposed rate of interest to be charged. The society had been in existence for 67 years, and had not lost a penny through bad investments. The motion was carried unanimously. MELBOURNE HIDES SALES. Australian and N.Z. Press Association. (Received May 23, 10.55 p.m.) MELBOURNE, May 23. At (lie Melbourne hides sales to-day good-conditioned parcels of lights, kips and mediums were unchanged in price. Sheeties and badly-conditioned parcels were one farthing to one halfpenny lower. CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO, May 22. Wheat. —May, 1 dol'ar 3 cents per bushel; July, 1 dollar 6 1-8 cents; September, 1 dollar 10 7-8 cents; December, 1 dollar 14 3-8 cents. AUSTRALIAN PRODUCE. Australian and N.Z. Press Association. (Received May 23, 10.15 p.m.) SYDNEY, Mas* 23. The following are to-day's quotations on the Sydney produce market: — Wheat.—-Market lifeless, in sympathy with depression overseas. It is impossible to define even a nominal quotation. Flour.—£ll 10s. Pollard.—£7 10s. Bran.—£6 10s. Potatoes.—Tasmanian, £l3 to £ls; Victorian, £l3 10s. < Onions. —New Zealand Globes, £8 to £9: Victorian Spanish, £ll. Oats. —White, 4s Bd. Maize.—ss 9d Adelaide prices are:— Wheat. —Growers' lots, 4s 2d. Flour.—Bakers' lots, £lO. , Pollard.—£6 15s. Bran. —£6 ss. Oats.—2s lOd. TARANAKI OILFIELDS. [BX TELEGRAM!. —PRESS ASSOCIATION. ] GISBORNE, Thursday. Taranaki (N.Z.) Oilfields, Limited, report as follows:—Gisborne No. 2 well: The depth this morning is 3067 ft., in harder formation, consequently (he prospects of making better footage are now brighter. SOUTHERN EXCHANGES. [p.Y TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON, Thursday. The following sales took place on the Stock Exchange, to-day :—National Bank of New Zealand, £7 2s 9d ; Bank of New Zealand (long term mortgage), 28s 10s; Wellington Investment, lis; P. and O. deferred stock, 60s; Commercial Bank, 30s 3d; Wellington Woollen (ord.), £7 ss; New Zealand Breweries, 65s 3d; Goldsbrough, Mort, 51s 9d; New Zealand Guarantee Corporation, 9s. CIIRISTCHURCH, Thursday. The following sales took place on the Stock Exchange to-day : —New Zealand Government Bonds, per cent., 1932, £99 12s 6d; Australian Bank of Commerce, 36s 3d (three), 36s 4d; Commercial Bank of Australia, 30s 2d; Goldsbrough, Mort, 52s (three); National Bank of Australasia (£5 paid, cum div.), £9 17s; New Zealand Guarantee Corporation, 8s lid; Stockton Coal (ord.), 3s (two); Grey Valley. 22s 9d (three); Auckland Gas, 24s 3d (two); New Zealand Brew cries, 64s 9d, 64s lOd ; Beath and Co. (is paid), 8s 9d; Dunlop Rubber, 28s; Mahakipawa, 9d (three), 9J,d (two),lod, 101, d. DUNEDIN, Thursday. The following sabs were made on the Stock Exchange to-day: —New Zealand Refrigerating (con,), 7s sd, 7s 4d: English, Scottish and Australian Bank, £8 12s; Waihi, 12s lOd; Mount Lyt>,ll (cum div.), 44s 3d; Bank of New South Wales, £52; Wilsons Cem-wt, 425.