Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 13, 1914, Winnipeg, Manitoba In i1 1 a financial new York weaker with Lack of incentive owing to closing of foreign j april for the Stock Market was pack ing and prices eased Oft Only a Small amount of came in Ostir the and the foreign were still under these and with a weekend i the Street looked Tor Only a nominal trading was limited to professional and j Wiiilie the movement was steadily the average kiss was not pressure converged on the steel which were in Disfavour on a 1 count of the Large of United states it ivs unfilled stocks he the steel group and shares of re companies were Petro Leum shares continued their is and the Rumely issues made Low records at 7 for Tulve common and 22 Jot the in the Railroad list Canadian Pacific the Earle weakness which has been evident for several falling to a new Low Mark since Xiv Haven weak ened on its february show ing another the Stock broke to Point of Ilie lowest Price at which i sold Bock dying by investors a through an anxious Sun the list As whole shows n clearly defined Evras no the Jarril is reason to expect any change in character of the Market to decrease in unfilled tonnage of the steel corporation was about As expect and has been discounted by the Belling of that which Hai taken place ii the Owins to the fact that the foreign Mai Keta Are All it is possible tha bears on of which there Are quite a Radom Nee this Opportunity to make a raid on that i dont believe there will be much liquidation in any Dow jo2ves add collateral reached Mark Atlin tjcxio4st Northern Pacific otherwise up fairly statement reflected there funds b Small Cash at there the aet Lial Cash Psi tile result for the it 5yei7t far toward restoring he fhe surplus to the amount held More Bei the mercantile agencies reported a better sentiment on account of the 3kd crop nevertheless Trade distribution was said to be disappoint ing buying fair future account is Cau and general conditions in the Bond Market business was of gift and pro cafes were total Par Panama 3s Coupon and 4s registered Call advanced London Idle Stock markets closed but Outlook for Trade after holidays is most Western associated press special april the Stock markets were on Satur the Money Market was though his also will the closed on Call Money was very without at 1 cent while till rates were three months Fra feeling negotiated at French indicating probability of a from Paris for the South african Gold which will arrive on Bank ers Are now of opinion that no reduction of the tank rate by the Bank of is Likely until the Bank is Ejbl Eto increase its Jerold which so impossible while foreign loan float actions encourage a steady Efflux of Tjie general Trade and financial situation is regarded As the in in the past three months As against an increase of Only in imports droves that credits Are increasing while the operation of the new Hanking Law in the United states promises an increased Supply at Gold from the United states to Europe when pressure the Outlook for the Stock markets after the holidays is the Bear position of Canadian rails foreshadows a Good la that when the of the upset by reduction i freight rates passes As it is expected will be the Case when the real facts reach this the Only Cloud on the horizon is that hitch has in the negotiations aimed at restoring Normal Finan Cial in the financial which organizing assistance desires to loan cover Ttoe brazil1railway an addition to the other taut with dissent from big pay ments to the Brazil the out Jook More from new april and the arbitration award yester deficit in the committee will not of Reserve better ones Lovett denies Union Pacific cent until n to new april Havid reports deficit after charges for against deficit of Jear Federal organization committee de fends its action in selection of re serve interstate Commerce commission on monday will apply to supreme court of District of asking of Billard company to explain relations with new Haven Turkey obtains for loan in in return for which France Railroad concessions in Asia pipe lines in Oklahoma Kansas Fields reduce crude Oil Froam to 95 cents second reduction this bituminous operators and miners in Central Pennsylvania District fail to agree Over wage dispute mines expected to be closed tonight Duns review says sentiment in Agri cultural regions strengthened by government wheat report and out look for phenomenal crop calculated to inspire greater Confidence in the fun steel unfilled orders in March decreased the poorest statement in three operations Are about per cent of Compaq new february Gross decrease deficit after tax increase f Eig Fot months Gross increase net decrease Cleveland and ship 1st week in april increase from july 1 increase Texas Pacific first week in april in crease from july 1 increase Canadian Northern first week in april decrease from july 1 crease twin City lines fourth week in harsh increase month of March increase from 1 increase the Gross earnings of the Canadian nor Thern railway the week ending april showed a decrease of As compared with the corresponding in this year Gross earning cars were last year they were reports for the successive weeks of the year to Date Are Ai increase or decrease 7 u 31 14 21 28 March 7 March 14 March 21 March 31 april 7 r Wix wipe april the announcement that the Northern Crown Bank had won Ira Case before the full court in Alberta helped the Stock Exchange today and a number York reported by Hammond new april i amal 76 76 Amer a chem 5631 s6j4 beet 22 22 Amer car dry so 49 42h 33 68ii 68fc 51 120 Cotton steel us Jar t 121 Woolen 34 Atchison 9655 96 atch did Atlantic coast lice 1b2 bait Ohio 83 89 4 8914 r 92 92 91 91 c r199a 198 198 Central leather 34 34 34 Dulu Fli void is v 1st is i Erie 2nd t37h 345a Northern Ufa 29ft 22 4 9 29 4s 145 133 123h 31x Western f in 12v 110v 14 1445s 69 122 la 40 244 24a 48s 46s1 torn 89s4 8944 89 Western 103j4 fac Flo 112 112 11154 Pennsylvania 110 110 110 Peon Las 132122 preyed steel car 43 43 42k 42a by 165 165 164 164 i 22 22 22 Ajoc sir Tii Virr f i fold filotas Sheffield 36 Southern Pacific 94 94 Southern by of 2514 34 345i Tou pc 9 twin m05 105 Jinou 158 ssh 158 158 50 60 6o 8 steel 61 4 61 it 60 steel Novi 110 110 Tuati caper 55 Virginia chem w Wabash Ned Western chipa62 elec 74 74 Wisconsin total sales 56 s5h sati 62 73 62 is Swastika mining april an order up Tea Swastika of incorporated six years with nominal capital Stock of made at Osgood pc Hall this by the Trust Ana is named reference to the the order was Mafle of the Weaver cd creditor to the extent at i stated that Stock to has been paid alcohol on april of the Navy Hay intr ordered that of the officers of tin has also annoy Asti Cohol in naval or station be army canteen the Bank of British North America established 1836 incorporated by Royal charter in 1840 seventy eighth annual report and balance Sheet i f the directors of the Bank of British North pre1 seated to the proprietors at their seventy eighth yearly general meeting on March in the Keport and balance Sheet to the 29th the court of directors desire to Point out the proprietors that the changes now into the form of the balance Sheet have been rendered Neces sary by the provisions of the Canadian Bank it toe seen that for the including i brought Forward from Whiteh was appropriated to a dividend paid last leaving a balance of which the directors propose to distribute As follows in the payment of a dividend of per payable less Iri Corne Oji the 4th april transferring be Shive to Bank account 33 and payment of a Bonus of 5 per to the leaving a carried Forward the above dividend will make a distribution of 3 per for the the dividend warrants trill be remitted to the proprietors on 3rd april since the last report branches have been opened 150 mile Mcgregor Street and Selkirk and sub branches at James and Queen Street and Beech a Branch has been closed at and a at the Jioji sep Csc West Follot Vamg appropriations from the profit and loss account have teen made the Benefit of the to the officers widows and orphans fund 4 a oops Ous particulars Given lower actually represent i will to the officers pension fund to the officers life insurance fund these amounts Are for the whale year and include those already set Forth n the statement to 31st Price paid for a was other smaller sales were at 90 and the important Case in which the Bank is interested will non be carried to the privy other sales made today were in commercial loan and great West permanent Union Bank and Home investment Corn loan and Trust was sold at Bank Hammond Kew Arll 11 the Bank state ment today is As follows Loans decreased specie increased 4 824 000 increased deposits decreased 000 reserves increased 450 for five canadians jux Morll Are the latest quotations of Active nov Uncial and municipal stocks province of registered 1943 97 go province of Nova 1949 3 per cent 75 73 4 per cent 89 91 Saskatoon s Der cent s7 99 Toronto general consolidated de 1948 99 101 go 92 Bank of Bri Isrl North Railroad issues Are coming More Nio Lavor Jencz uding the thenun0ii and then the Granger Alt Houch the trunk arc much attention great need of highe a ton see March was of t7o i r compared with feb declined Holiday in and favourable in the near lot is noted in some of Al Hal Low priced Raus it is for in houses feel that future the opik10ks vr031 sthee1x Hammond Nanton Jay w Belinic a Holiday in and the attendance on our Stock Exchange steel ton a Little worse than and Mav flu the steel 4j Over the not been As to York tic Bank British North America makes Public today its annual report and balance this Banff was established in j836 and incorporated by Royal charter in the present report is thus the in the history of the the report of the directors that the profits for the including brought Forward from the pre Vious amounted to from this sum there was deducted for a dividend paid last october and a similar sum was set aside for the cur tent the sum of a premises a for the purposes of Paylun t5e was set aside leaving a balance to be car Forward of the 4m Send was at the rate of s tier cent the net earnings for the year s9 exceeded those of Prev Ioir 4 be made an interesting state ment Restar Dunk general financial conditions in he Sataj that although 1913 hid been one of Canada 1t Haj been a 11 Allol them showed e earnings he referred to the fact Canada had been a Large Borrower n the London Market and stated that very Large Loans would be Sirini Larrv got lated there in the future purity which Canada Haa to offer for these Marjre borrowings was in Stock quotations Winnipeg 150 listed Canada fire loan Enid re loan 109 great West life 250 great test Perm 128 Home investment 136 Coal Northern Canada Mort Raee Northern Crown Bank Northern 104 Northern Trust i in Occidental fire ins Standard trusts Union Benk of Canada 144 4 Trust 5 great Vest 1 Northera 5 some investment 2 Homo investment fits Union baulk Crown 7 Northern Crown 111 Iso 90 150 to 170 the seventy eighth yearly general meeting of the proprietors was n March at the office f the 6 Grace Church Hare presid the Secretary Jackson Dolds Avig read the notice convening the the chairman said be Ore commencing business f tha a allow me say a few words on personal Tou Al miss the familiar figure of our old and Richard he was pres ent at the last but he was then suffering serious Anil in the following May he elected he had been a director for no fort seven and had Given his Best the i also have to inform you with deep re Gret of the death of Kendall As recently As last Hai been a director our Many having been elected in you have already the great changes that have been introduced into the balance after read ing the report you understand that they Are rendered necessary inthe provisions of the Canadian Bank a Videl balance Sheet has been fir Awn up to which All the chartered Banks must acc although we May All of us prefer the simplicity of our old to you have been accustomed for so Many we must fall into line with Al the other difficulty in addressing you today is in making an intelligent comparison of the various figures with those of the preceding and i were to attempt to explain to you the exact meaning of each of the new lines you i am be there certain important items on both sides of the account ill is necessary to and i Hope that i May be Able to to you with sufficient the capital remains the and to the Reserve fund we add out of the profits of the the notes in circulation show Little being above the figures of the Are the explanation of this is to be found in the that i made when the of addressing you two years i then referred to a larger in the deposits than to Are accustomed to but i explained included in that total were de posits which we did pot expect to be exactly has those special deposits have been withdrawn i May mention that v tanking deposits generally been about stationary during the past owing chiefly to the favourable opportunities for invest ment which always accompany a Long period of dear Bills payable the next item calling for this a new and must not be with the item acceptances the balance the item Bills payable in clud6s important accounts besides the accept ances Are in fact less thaa on third the in order that the com Parison with 1913 May be presented to you distinctly i give the following figures in Bills these Are All drawn in tire Ordinary course our Exchange against be letters of compared with Thea shows a reduction our accept ances in far below the without this explanation they would appear to you to be higher than last on the other Side of account you have probably been struck by the apparently wide difference in the Coin and Bullion this and the Gash and specie of the difference is accounted for chiefly by the separate line Given Dominion being Legal have in the past been included the notes of other Banks have in the past been with in the same there Are also other amounts included in the Isumer not weary by describing in i will give the net re bad the balance Sheet made up As the Cash and specie at Bankers and in hand would have shown an of on the other Cash at Call and Short notice would have shown a decrease of Bank premises show a further increase of after appropriating for this account out of the profits of tha the necessity for this expenditure has already Jeenii explained to you so fully that i May avoid it interesting to Trace the course of the premises account during the last ten on december 31 the premises account stood at1 on november the premises stood at an increase of to addition to this we have appropriate to out of profits during this period so that the actual on premises during the ten years has been which we think has been fairly divided Between press ent generation and new line amongst the assets is Dei posit in Central Gold which i will explain Laten and leaving the Maze of these unaccustomed i come to the profit and loss you will observe that still in conformity with the act Enow give the figures for the whole instead of for six months Only As in the i is an for it shows at a the result iof the years the net profit was compares an increase of seeing that was of would a riots the earn Power the Bank was better than there certain items in 1913 charged against the prof and Rohi Inion notes in the Central Gold these Central Gold reserves to Fol be under the joint control of the Canadian Bankers Asso and the minister of and will be subjected to inspection at frequent intervals by that the Banks Are entitled to Issue in circulation equip Cleat to their deposits for the Liis is the explanation of the this heading to which i have just we did As the Flor ures of the note circulation sex Cee dour authorized circulation on november 30 by More than but by making this Deposit we Ware protected against unexpected de this new privilege affects us in no Small principally because it finally relieves us of a Ani Laty during recent has some times been quite disturbing lest we should exceed the limits of our authorized circulation daring the autumn months when Che movement of the Harvest causes unavoidable it also affects is individually in an other i have often explained to you at our annual meetings Chat owing to there being no liability on the shares of this under tha Royal our note circulation has been by the Canadian acts to 75 per of the paid up and for any excess Over the 75 per until the full1 amount of our capital is we have de posited with the Domin Ion Ocanada which we Hava held amongst our investments for this special under new act that necessity will no longer and should we at any future feel that it is no longer to our advantage to continue to hold that investment we May let it go As an May Deposit in the Central Goldie serves Goldor Dominion notes equiv Alent to any excess of circulation Over the 75 per of our we have no present intention of making any such As you Are we hold at present in Dominion of Canada maturing for repayment in 1914 to and this is a most convenient investment for Bank to apart altogether special purpose for which it was now i shall detain you any for our general manager is Here with us we invited him to come Over and be present at the it and Jos account that did notap1 so that we might have the Pear in to pleasure of introducing him to i shall now request him to address you and to explain to you the present position of in Dominion and our prospects for the coming general Stripay business Money for the quire ments of Aad those the item in this total was in anticipation of probable loss in re of the guarantee for the Sove Bank another was Ford Precia Tion in with this explanation that we May be fairly Well satisfied with the of the years you have already both from the report and the the proposed distribution of the goes the payment of the dividends to the Reserve to the Bank and in the payment of a Bonus 5 per the you who was received with applause said chairman and Gen i say anything i would like to you that it was very Gratifying to me to learn Froni the court of directors that they wished me to present Attis it gives me much pleasure to meet the share the visit affords an Opportunity which value for in the always so generous1 personal with the court by sanctioned the payment of Theof directors regarding our various to the staff that we Are in task you to do so once and we couple this request with the Assurance that it is for i cannot speak too highly of the loyalty and the Energy displayed by All ranks of the service in their duty to the we Nave also made tha usual appropriations for the officers widows the pea Sioa the life insurance of feel confident that you will the pension Furiati inevitably increases with the constant business Hoare Lias dealt with the affairs of the Aud i have been re Quested to address you regarding business conditions in the Dominion of the year 1913 was not free from but at the same time it was a profitable one for the and All of them show increased there been references of late to the likelihood of a financial crisis and some quite pessimistic the staff and the retirement i utterances have been made there is of the senior but it is impose not the same readiness in ism Dan to sible to overestimate the value of i buy our and higher rate apart altogether from the fact is our Manifest duty to make provi Sion for those who have spent a life time in service of theban in balance Sheet it has been necessary to refer to the Bank of the clauses in that act in Ray stand out the compulsory audit by Independent and duly Quali fied require to be nominated and according to a definite formula we All have to this Independent audit moans new to this for we adopted it of our own freewill As Long Agoras and have continued it this sufficient evidence that we consider the new regulation to be a Wise secondly provision has been made for a much greater elasticity in the circulation of All the Banks by the Deposit of sold other natural real estate purchases or Tive there change in this a Banks and if i will gradually uncover that tim9 w1i securities which Repesec and earning Power do and the speculators who have Tome Eltsos Thrush Rosa oos i trill Aow general Busi Cineas i am Glafiro aay Emte i account can be in the maritime pro were Good except the Nova which lumber the had fair you eries have teen operations constitute in the province were satisfactory has also h the Case of which far in lumber editions during the were not Crelli of and some docs the but demand and the had a i in Ontario the crops were average and prices he the some former did m Minsaas there was with increased output s ahead of that itt British Sist principally of he those i had a poor from the above a the manufacturers unto Vanoot dominions Well though the outdo offt b hardly so Good general business has been thong Trade has suffered at Toos were it had been stimulated recent years by the Early other the action of government from cattle and is expected to balance 29th 1913 capital shares fully Reserve dividends declared and unpaid profit and loss balance brought Forward from 30th dividend paid net the year ending this Date after deducting All current providing for bad and doubtful debts dividend deduct re transferred to serve fund 33 transferred to Bank premises transferred Toffi widows and orphans fund transferred to offi life insurance fund transferred to offi cer pension fund staff Bonus balance available for april dividend notes of the in circulation deposits not bearing interest deposits bearing including interest accrued to Date balance due to other4 Banks in Canada balances due to Banks and banking Cor respondents in the United kingdom and foreign countries Bills payable acceptances under letters of and accounts not included in the foregoing liability on endorsements 38 liability Winder guarantee m re Spect of the Sovereign 448 of Canada current Coin and Dominion notes notes of other Banks cheques on other Banks balances due Banks balances due by Banks and banking correspondents elsewhere than in Canadian municipal securities and British foreign and colonial Public Safe unities other than Bonds at Cost railway and other Bonds Call and Short Loans m Canada on Bonds debentures stocks Call and Short Loans elsewhere can Ada other current Loans and discounts in can Ada less rebate of interest other current Loans and discounts else where than in Anafla less rebate of interest liabilities of customers under letters of credit Asper Contra real estate other than ban premises overdue debts loss provided for Bank premises at not less amounts written off Deposit with the Canadian minister of Fin Ance for the purposes of the circulation Cut Canada 3i per cent fit Cash Deposit in Central Gold reserves other and accounts not included in the foregoing h to Ceni fled returns f barbs artates As shown of Bool Sand of the firm of the Price waterhouse chartered of interest has to be paid on the is sues that Are there is no that has been developing very and it is recognized that slackening of the Pace is de the Large borrowings of recent years Are mainly a reflection of the continued excess of imports Over sex for the ten years ending March the excess amounted to and 5f this total or 47 per occurred during the last years of until year or two ago k was easy for issues of Canadian securities to be floated in and it was perhaps natural that an enterprising and san Guine people should take advantage of Opportunity thus accorded Fca extend their railways and Industrial came to the Market and few were turned it is a matter for regret that amongst these issues there were seme which did not represent commensurate value or earn Power and the disappointment experienced by Thor purchasers of these is no doubt in Large part accountable for the curtailment of our it is that Canada for Many years to come require to be a the Good and cheap land awaiting settlement in a country 7aw and order pre Vail and the rights of Are respected will naturally operate As a Magnet to draw settlers from Europe and from the United states and these new arrivals compel the expenditure of Large sums of Money for railway build ing order that they May reach the in earlier times railways were built through districts already an which seemed Likely to afford prof Itable the railways Are pushed out into unsettled districts in that the land May be made available for the growth of the towns and cities Aso makes increased expenditure for Public improvements necessity which cannot but i think it can safely is said that the Money raised this purpose is in the main spent a legitimate and productive and that reasonable taxation will provide for both interest and speculation in real estate has been going on for Amine there Are Many instances of fortunes quickly made la this and is natural that others have been influenced by examples and have endeavoured to Short Cut to wealth by Mak ing heavy purchases of real estate with a Small first payment ind a Long series of the Money however Lias imposed a wholesome Check upon operations of this there has Beec no inthe of Ffoyd inside town and City trouble la be ing experienced by some of those who Havo to pay fancy prices Jar property in oat lying though underlying Toutsi Ziess conditions in Ca Aiada Are it would be unwise to expect an easy return to the bounding Prosperity of r years no difficulty Jug sex a period of quiet and there is due to slackening in the building this will and the Roay be said Olin Lavway More Tymn year past a severe Check been imposed by canal Banks on All transact Soiu not late Trade through our wider one Saune Diate the shipment to the United use and ill Felt that too Many of the Farmers induced by the high1 prices to deplete their la the annual address of the Etel Man three years reference made to the establishment in by american manufacturers of manufacturing Aai the was expressed that this example i be followed by British Gratifying to see that since that t several British firms of a 61 class have arranged to establish manufacturing plants m these form a Welcome Alf Letioa m business and tier Sai every reason to expect that to fetal penance will encourage of 1 owing probably to the report Ionedi pression in the out Lwft immigration this year is not so though there will to doubt ten Stantial number of itt connection the fact seems often looked that in the maritime and m Ontario Aad Quebec of sea the great bulk of tie Grants still go Steps Are to the i taken to draw awl Vul Ion to the available leads m the erf i cannot offer any prediction As the time the full tide purity will return to 13 Well to keep in Moid that business is by no Means and i May remind you that the Teress of this Bank Are Ali of tirely connected with toe destries and with commercial interest in company or other operations of and few advances Otias strictly business i of perfection in this matter but As nearly so Tayi try to confine our i to business people for purposes of their Burca of repayment in Vigw j liquid before i sit Down i won i i take this Opportunity of a pleasure it is to myself Aris to members of the staff in csna4 Welcome the visiting come to us from time to Teal specially indebted to Ftfe to whose helpful Ana we had the pleasure of a who in thet managed to see in Fiunary number of branches Ai form himself regarding All tie important departments of these visits Are of g to the and i Only for hut for when i express the they will continue to be the chairman have listened to address with very great had no idea of what he offered me tilt declined to take i should prefer that he Here to meet you entirely by any comments that i body else might Maroon and i am sure you will sir my that that preyed to tha beat that Cool Tou have heard i Able report on the Afi Atra Inion and of our own Banff Hoare moved by Frederic Lubbock pc port and accounts is was truly some discussion Sheet after i at k Maytie a Aad elected auditors r Tea the Ina Ted with a vote and ;