COMMERCIAL

Star (Christchurch), Issue 18900, 26 October 1929, Page 2

COMMERCIAL

FINANCE AND MARKETS.

MILLIONS OF DOLLARS GO INTO THE POOL TO SAVE STOCK MARKET. CLOSING POSITION IS MUCH EASIER. (United Press Assn.—By Electric Telegraph—Copyright > (Received October 26. 12.10 p.m.) NEW YORK, October 25. Millions of dollars from the great banks went to support the stock market to-day and brought about a considerablyeasier tone. At the close there were some gains, a few losses, and a little irregularity. But, in all, the position was much easier than at the opening. Trading was active at the close and the tickers were sixty-nine minutes behind. The market opened in a rampant buying fashion on the basis of 12,000,000 shares a day. Prices gained support and then the recession commenced and many leaders suffered. Then came the announcement that the great banks bad formed an organisation to prevent reckless losses in good securities. The nervousness ended with this report and a better tone developed afterwards. “Bulls" bought moderately and “bears" were frightened and ceased their activities. Stock sales totalled 5,923,200 shares. STOCK EXCHANGE.

TO-DAY’S MARKETS. Markets were for the most part inactive on call to-day and several stocks showed a further easing * tendency. Transactions exclusive of vestibule business included:—3oo Comm. Bank of Australia, 500 Christchurch Drainage Board, SJ .per cent, 1973, 5 Bank of New South Wales, 200 Bank of New Zealand, 175 New Zealand Breweries, 100 Electrolytic Ztnp (ordinary),' 2000 Mahakipawa Goldfields, 200 Electrolytic Zinc (preference). A parcel of Christchurch Drainage Board 5i per cent. 1973, debentures was taken at £IOO 15s. Bank of New South Wales shares dropped 15s to business at £47 15s, and there were further sellers at that price, with buyers at £47 10s.. Bank of New Zealand shares were easier, with dealings at 60s, sellers staying in at that price, and no buyers offering. Australian Bank of Commerce shares, further declined to 31s 3d sellers, 30s lid buyers. Quotations for both issues of National Bank of Australasia shares showed a weakening market. Commercial Bank of Australia shares realised 27s lSd and 275, the market closing 27r sellers, 26s 8d buyers. New Zealand Breweries shares were firm with dealings at 88s 6d, and more were wanted at that price, sellers at 88s 9d. Electrolytic Zinc ordinary shares changed hands at 345, closing quotations being 34s sellers, 33s 9d buyers. The preference shares had dealings at 34s 9d, sellers staying in at that figure, with no buyers. SellerS of National Mortgage shares reduced their limits to 84s 9d, no buyers offering. British Tobacco shares showed a further decline on sellers* quotations of 45s 3d, with buyers at 45s 2d. Mahakipawa Goldfields shares wefe fractionally firmer, with dealings at 3d, the market closing id, on either side. CLSUUUMCfr BALE. Jones, M’Crostie Co.. Ltd., held a successful clearing, sale in their rooms on Wednesday last, on account of Mrs G. Morgan, and others. The following were amongst the prices realised;-—: Piano, £3B 10s; three-piece suite, £35; couch and two chairs, £l7; gramophone, £10; gramophone, £5 2s 6d; Electrolux, £ls; carpet, £l6 &s; carpet, £lO 10s; carpet, £l4; carpet, £11; carpet, .£lO ss; . carpet, £5 10s; camera. £4; sideboard, £8 ss; dining table, £6 10s; Chesterfield, £8 10s; six dining chairs, £8 10a; dining table, £5 ss; wardrobe, £6; 4ft 6in bed-

stead, £5 10s; bedstead, £4 2s 6d; wardrobe, £5 ss; 3ft bedstead. £4; 3ft bedstead, £3 15s; Electrolux, £7 ss; ducheisse chest, £6; duchesse pair, £5 2s 6d; wardrobe, £4 15s; rug, £3 15s; Axminster runner, £5 10s; lawn mower, £2 10s. 6

PROPERTY SALES. H. C. Smith, the City Market, 550, Colombo Street, reports the following sales through his agency during the past few by private treaty:— Having sold, account Mr Fisher, his farm of 58i acres, at Oxford, to Mr Nicholl. Account Mrs Kogoneski, her farm of 24 acres, situated Prebbleton, together with all live and dead stock, crops, etc., to a client. Account Mrs Thornhill Cooper, her farm property of 112 acres, situated Yaldhurst, to Mr Mitchell. Account Mr Nicholls, his up-to-date residence and i-acre, situated London Street, Richmond, to Mr fisber. Account of a client, fine residential property and 1-acre land, situated St Albans, to Mrs Rogoneski. Account MV Gaffney, his farm property of over 200 acres, together with all live and dead stock, as a going concern, to a client, situated at Rolleston. Account of a client, two fine residential properties, situated at Spreydon, to Mr Gaffney. Account absentee owner, up-to-date residential property, situated Shirley, to Mr Gaffney: Account Mr Wilkins, his milk round, including all equipment, situated Burwood, to Mr Patterson. Account Mr Roberts, his milk round, including all equipment, as a going concern, situated Marshland, to Mr Sherwood. Account Miss M. Cole, her fine residence, situated George Street, New Brighton, to Mrs Faulke. 4

U.S. STOCK MARKET IS STABILISED BY SUPPORT FROM BANKING CONCERNS (United Press Assn.—-By Electric Telegraph—Copyright.) (Received October 26, 12.30 p.m.) NEW YORK, October 25. Powerful banking support stabilised the stock market to-day, closing quotations disclosing fairly moderate gains on the losses in the leading issues. Trading was approximately half the volume of that on Thursday. Wheat. Chicago wheat prices rebounded sharply at the opening, when the steady tone of the early stock sales induced heavy buying, as also did the reports from Liverpool and Buenos Aires markets, which favoured buying. Wheat closed at the following prices - December, 1211 cents a bushel; March, 129* cents; May, 1323 cents. CANADIAN WHEAT CLOSES FAIRLY FIRM. (United Press Assn.—By Electrio Telegraph—Copyright.) (Received October 26, 11.10 a.m.) VANCOUVER. October 25. A Winnipeg message states that, despite tremendous liquidation to-day, wheat closed more than a cent higher after early losses of six cents. The largest export trade in the season’s crop was worked on Thursday’s break

POTATO PRICES IN N.S.W. DROP £6 A TON.

(United Press Assn.—By Electric Telegraph—Copyright.) (Received October 26, 10.10 a.m.) SYDNEY, October 26 The new season’s potatoes have dropped £6 a ton to £24. and further substantial reductions are expected.

STOCK EXCHANGES. CHRISTCHURCH. Following’ are to-day's quotations:—

—7* * h Sales on ’Change-—-Christchurch "Drain- s age Board 5J per cent 1973. £IOO l. r .s; Bank of New South Wales, £47 15s; Bank of New Zealand. 60s (2); New Zealand Breweries, 88s 6d (3); Electrolytic .. Zinc (ord.), 345; Mabakipawa, 3d (4). y Sales Reported—Comm. Bank of Aust. 4 27s lid; Electro Zinc (pref.), 34s 9d (2). *: No. of Shares.—6oo Christchurch Drainage Board, 55 per cent, 1973; 5 s Bank of New South Wales, 200 Bank of New Zealand, 175 New Zealand Breweries. 100 Electro Zinc (ord-), 2000 Mahakipawa Goldfields, 200 Electro. Zinc (pref.), 100 Comm. Bank of Aust. p ■<

OTHER EXCHANGES, D er Press Association. ’ WELLINGTON, October 26. Reported Sales.—Bank of Adelaide, £9 17s 6d; Bank of New South “Wales, £4B ss; Westport Coal, 34s 6d. AUCKLAND, October 26. Sale on 'Change.—Commercial Bank, Sale Reported.—National Insurance, 16s 4id. Additional sale on ’Change, Bank of New Zealand, 60s 3d. DUNEDIN, October 26 Sale Reported.—Paddy's Pint. ss.

Buyers. Sellers. N.Z. GOVERNMENT STOCK- _ 4 a P.c. Inscr, 1938 and 1939 .... 5J p.c. Inscr., 1933 5i p.c. Inscr., 193 6 and Bonds. 1936 OTHER DEBENTURES— (Bonds) .... Springs Ellesmere Power, 6 J p.c. 1939 Sluggish River, 5J p.c., 1944 100 0 BANKS— Adelaide .(cum 9 IS 0 Aust. of Comm.. . 1 10 11 1 11 3 Australasia .... 13 18 Comm, of Aust.. * 1 6 8 1 7 0 Comm. of A. ust. (new, fully pd.) 1 8 0 Comm, of Sydney 24 7 e E., S. and A 7 19 0 Natl. of A'asia (£10 pid) 17 11 0 18 1 0 Natl, of New Zealand 6 14 6 6 16 6 New South Wales 47 10 0 47 15 0 New Zealand 3 0 Union of Aust. .. 14 6 6 1410 0 INSURANCE— A.P.A. 0 13 3 National ..... ,r 0 16 'i United 9 19 0 DOAN AND AGENCY— Dalgety and Co... 13 18 6 Goldsbrough Mort 2 2 7 2 3 0 National Mortgage 4 8 9 United Building Society ...... 0 0 15 5 SHIPPING— Huddart - Parker 2 3 9 P. and O. Deferred Stock 2 19 0 FROZEN MEAT— Canterbury (ord.) 8 12 6 Canterbury (pref.) 4 12 0 4 16 6 N.Z. Refrig. (£1 paid) ... 0 12 9 0 13 1 N.Z. Refrig. <103 paid) 0 5 1 0 6 0 North Canterbury Freezing 0 17 0 WOOLLENS— Kaiapoi (17s pd.) 0 14 0 Kaiapoi (7s pd.) G 3 3 0 4 0 Kaiapoi (pref.) .. 0 15 4 COAL— Westport I 15 0 Grey Valley (cum div.) ........ 1 5 0 1 8 4 GAS-

paid) 0 13 0 0 13 3 BREWERIES Carlton 2 • 2 11 Fosters 3 IS 0 1 2 6 4 S 6 4 8 y Staples 2 13 6 2 13 10 Swan . . , 5 0 0 Timaru 0 15 9 0 16 3 Tooheys - 13 6 Tooths 2 9 6 2 10 3 White Star .... 0 10 3 0 11 6 M1 SC 121. LrA NEOU Sr— Australian Glass 11 9 Beath. and Co. (la paid) 0 9 6 British Tobacco. . 2 6 2 2 5 Colonial Sugar .. 54 0 0 Dunlop Rubber . . 1 Electrolytic Zinc :1 13 9 Electrolytic Zinc (pref.) 1 14 9 Greater Crystal Palace 1 Hayward’s PicHenry Jones Coop Hu me Pipe 0 17 0 2 2 2 13 N.Z. Drug: Co. . . op. (10s paid) . . Z 6 0 N-Z. Farmers Coop. (1st pref.).. 4 0 4 7 6 N.Z. Farmers’ Coop. (“A” pref.) 3 .2 3 N.Z. Farmers’ Coop. (“B” pref.) S N.Z. Farmers’ Coop. (6£ per cent ' Stock, 1940) .. 92 0 0 N.Z. Farmers' Coop, (65 per cent Stock, 1945) .. 90 N Z. Farmers’ Fer1 l 11 N.Z. Sugar of Milk Quill Morris 0 Taranaki Oil .... 0 3 Victoria Nyanza Sugar ...... 9 Wilson’s Cement.. Wunderlich .... 1 L9 0 MINING— 0 4 1 0 4 3 Mahakipawa. 0 0 25 .0 0 36 Winding Greek (6d paid) .... 0 1 4 1 6 Winding Creek (Is paid) .... Stoney Creek (6d paid) 0 0 105 0 1 0