Markets

Always the noisiest of exchanges is the Paris Bourse whose old building (1808) is a copy of the Temple of Vespasian at Rome. Conveniently, the Bourse does not open until noon, closes at 3. But last week its short sessions were noisier than ever as agents de change fought to buy and employes screamed out the prices at which deals were made. Favorite stocks on the Bourse include Banque de France; L'Air Liquide; Coty; Societe Anonyme Andre Citroen; Ford, Societe Anonyme Franc,aise; Compagnie Universelle du Canal Maritime de Suez; Union Miniere du Haut Katanga.

After hours the 4,000 top-hatted brokers of the London Stock Exchange filled Throgmorton Street well into the evening to continue dealings. New British Woolworth shares were a favorite, and such prominent London groups as the rubbers, home-rails, breweries and artificial silks were all higher. Internationals (mostly Americans) were strong. So were old favorites like Bats (British-American Tobacco), Imps (Imperial Tobacco), the Tinto (Rio Tinto), and the Johnnies (Johannesburg mining shares).

In Berlin the first modern (1859) building built of stone instead of brick was the Boerse, or Exchange of the Berlin Chamber of Commerce. Last week such big issues as A. E. G. (German "General Electric"), I. G. Farbenindustrie (Dye Trust), Vereinigte Stahlwerke (United Steel Works) and Siemens & Halske soared.

But more significant than the rise in stock prices, last week, was a world-wide gain in commodities. The most important gain was that registered in silver. The only calm thing about the Bombay silver bullion exchange is the sacred cow which, fat and lazy, spends most of her time in somnambulistic repose, blinking sadly and chewing her cud. During the Depression the sacred cow has seen many disconcerting things. Silver has dropped from 1929's high of 57 1/2-c- to the historic low of 25 1/2-c-per fine ounce. The only notable interruption was the remarkable corner staged last year by Chimauram Motilal, aged Hindu who drives in a Cadillac, carries a Malacca stick, wears but a white loincloth and a turban. But last week with much yelling and gesticulating Bombay silver buyers shoved the price up 1.66%. The gain was of paramount importance to the buying-power of 500,000,000 Far-Easterners. To China it was especially welcome.*Long-coated, silk-trousered members of the Shanghai Gold Stock Exchange on Kiukiang Road bought silver by the simple method of selling gold. How desperate is China's state is well illustrated by the ugly rumors heard in Singapore concerning the affairs of Tan Kah Kee, great rubber, pineapple, biscuit and brick tycoon, patron of Amoy University. Once a coolie, he became a multimillionaire, is now thought to be heavily in debt, frantically trying to incorporate his private affairs.

In addition to silver practically all commodities rose, including the baser metals. The most spectacular performer of these was volatile copper which jumped from 8-c- (New York) to 9-c- as domestic and foreign buyers threw large orders into the market. Lead and zinc followed along. Typical of the increase in trading was the excitement in Manhattan's Raw Silk Exchange where trading reached almost 4.000 bales a day after being at 80 a few weeks ago. Startled pages and clerks hurried to put their summer linen-suits on a fortnight ahead of time. In Tokio, Japanese bears talked of harakiri. On the Coffee & Sugar Exchange, Manhattan, coffee continued its recent rise which had begun to die out; sugar started its first rally in months. Some $25,000,000 was added to the value of sugar supplies. Along the Gold Coast native farmers gathered in British villages to receive cable despatches which told the glad tidings of what was happening on the New York Cocoa Exchange. Cotton, despite the bearishly small decrease in acreage, rose throughout the world. Textiles rose in the U. S. and on the great Manchester Royal Exchange. In the Chicago wheat-pit, 36 stories under the 40-ft, 15-ton aluminum statue of Ceres which is the Chicago Board of Trade Building's talisman, grains rallied smartly, sent the theoretical total value of U. S. grains up $300,000,000. On the New York Rubber Exchange, where recently less than a dozen members have come down to trade, the volume increased 500%. Speculative buying from Wall Streeters was credited with having much to do with rubber's comeback.

While renewed confidence and the rise in commodities were the most important events of the week, the news-index of world-wide change was the New York Stock Exchange. Performing in a spectacular manner, that great market once again proved its world leadership. There were cheers when United States Steel again crossed par, a triumphant return from the recent nadir of $831. Twenty-six leading stocks gained $4,159,000,000 in value. Bullish rumors ran wild; there were tales of tremendous pools being formed, huge mergers in the making. Concrete bullish news, in addition to the moratorium, was the favorable decision to Radio Corp. (see p. 12), the raising of the wholesale cigaret price, the declaration of the regular dividends by Westinghouse, Anaconda, Baltimore & Ohio. Stocks with interests in South America soared on a baseless rumor that the President would soon make an important announcement regarding credits to Latin American countries (see p. 10). Long deferred investment buying appeared. Vivid tales were told of big bears trapped, fretting behind the bars of higher prices. One venerable member of the Exchange was heard to sing that old bull war chant of the Chicago Wheat Pit: "He who sells what isn't his'n must buy it back or go to prison." And even the most sanguine of optimists was willing to concede that the song was applicable in any market last week, that much of the recovery's violence was due to the running-in of bears who for months have sold "what isn't their'n."

*Official Chinese name for Equitable Eastern Banking Corp., Chase's big unit, is "Dah Tins Ning Hong," or "The Big Silver Bank Known Around the World."

This file is automatically generated by a robot program, so reader's discretion is required.