Winnipeg Free Press

Winnipeg Free Press (Newspaper) - April 2, 1925, Winnipeg, Manitoba 14 Manitoba free press. Rwm mpg. Thursday april 2, 1925 Winnipeg Board of Trade is sues severe criticism of Mani Toba succession duties stating they drive capital from province news of the business Trade and Commerce mines and the Money markets Dillon Kead co. Buy Bros. Motors for in keen Competition with j. A Morgan interests. Standard Oil will control pan american same firm also controls British Merican for first time enters foreign Oil Fields special United to press by 1 ree press private it by Rodney f. Duther. New York april Long series of huge business mergers which have brought important changes in the american financial map in recent months was climaxed Lato on wednesday with announcements of the sales of the Dodge Brothers motor car company and of e. A. Doheny s controlling in Terest in the pan american Petroleum and transport company. Th.5 announcement of the Transfer of pan american control was said to be the first step in consolidation of several Oil properties into the pan american Eastern Petroleum company which will be controlled by the stand Ard Oil company of Indiana. The pan american Petroleum land transport company. It was announced simultaneously had also acquired Tho British mexican Petroleum company. Ltd., which a to Large marketing facilities in England particularly designed to sup ply trans Atlantic Marine Oil. Blair co., brokers revealed that three interests had worked through pan american Eastern to acquire 000 shares of a total of voting shares of the Cohen company. These interests were Blair co., affiliated Vith the Chase banking rout British interests headed by lord Unverforth and the Standard Oil company of in Diana. Dohoney s interests will be centred in Petro Leum company. Through today s Deal Tho Standard of of Indiana becomes interested in foreign Oil ields for the first time. Soon it is expected this activity will be extended to South America Asne got nations Are Well advanced toward acquisition of the to ago Petroleum corporation which probably will be the subject of the announcement in the consolidation of the Panama East Ern company the capitalization of which consists of 250.000 shares of preferred at s100 and of common with no Par value. The Panama Eastern Petroleum company May become the world s Gest company producing and marketing crude Oil. The first Deal eliminates Doheny from corp Fol of his South american and mexican Oil lands and lurks Standard Oil Harry f. Sinclair British interests and new York Bank ers in a Syndicate Tho potentialities or which Are enormous. The Panama Eastern was incorporated quietly last week in Mother of corporations. Gross railway Revenue during january in Naillan despalcli.1 Ottawa april revenues on Canadian railways decreased by or 8.9 per cent in january a import from Tho Bureau of statistics shows. Lighter freight loadings and a plight decrease in passenger traffic is reported by both railways. The can Adian National had an operating deficit of s126.982. The Canadian Pacific showed a decrease in the net aperans revenues of j171.296. Both had a Small increase in Tho operating ratio. April 2. 3925. All . Kill Lam Mckay. Cir Nash follow Nii approx into Bond quota Prex Arft Moody s . Is Lens not rot in Refl Telephone. A 1955 s9.si5 Orkun 19s9 99. Co rat pc Ray 1944. 9j.25 can phhm.hip-. 1942. 100.co . Per. 5, 1932 97.41 Don of 4 cd la Suar. Duvle s. Vim. Co. 6. 1942. 92.25 or Canada i 6. 191? 100.75 Ert Momon Hochl. 1953 99.50 of. Fri Liam. 5. 1933 .99.08 Fraser coc., 6. 19so 9t.50 x aaa x a. Naa a rent ii per. I946 Montreal. 1949 Montreal aptn., 1940 . 5 1943 i Rcv. Marc Irv Mills. 1942. Manitoba 7. 1941. Montreal trams 5. 195o. Scotia. S. 1943 Novitt weft irn Tull. T. 1938 Hydro. 5. 1939 Oci Kiwit Rev pier. Ontario 4w. 194-1 Oti Fatwa Montrea Power 1949 port Turchi pulp is paper. O a is Qutb a Power. 6. 1955 Quebec prov 4 a. 1946. 51-Npjon s Ltd. 1s45 i ask Chewan. 1944. Spanish River 8. 1941 St. Lawrence paper. 1944 Toronto 1931 web. Water Dis. A 1952. 1941 _. W. Kootenay Pis a. 6. 1943 can. Cona. 6. 1946. 5.05 6.6u 5.00 7.0o 5.45 6.75 5.9s 0.15 6.20 100.5o s.46 93.38 5.00 93.50 6.65 100.00 6.50 103.00 6.7c 91.35 5.6i. J s 7.00 4.85 100.co 6.50 96.50 4.77 100.00 6.50 91.00 7.40 302.00 5.85 99.75 4.5. 99.00 6.co 94.94 4.30 106.00 7.15 99.00 6.60 98.25 4.80 100.00 5.00 110.s2 5.00 103.00 6.73 1co.oo 6.00 Assor lated press despatch new York april steady electronic spot and futures. 13h to tin. Firm spot and nearby futures Iron steady prices unchanged. Lead steady spot Zinc steady East St. Louis spot and futures. 7.10 to Antimony spot. S14.2s. At Copper spot 5s futures 5s. Electrolytic. Upon. Futures 10s. Tin. Spot. 7s futures. 17s Lead. Spot 1ss 6d futures. 5s. Zinc. Spot. 10s futures. 15s. Forhan exc Large t t i the United states Dollar was quoted at a Premium of 7-w per cent. The British Pound was quoted at the Banks for Normal Price without Bank charges 2-3. The Money of the countries of Continental Europe was for Sale at tha following prices in Canadian cents Day s Normal Price Price 5.28 19.3 5.20 19.3 19.43 19.3 4.22 19.3 1.71 19.3 15.90 27.0 18.45 27.0 27.12 26.8 23.96 23.8 14.42 19.5 40.02 40.0 Spanish rms is very Active French franc belgian franc Swiss franc italian Era _ greek drachma norwegian Crown _ danish Crown swedish Crown German reichsmark. Spanish peseta dutch Guilder Winnipeg stocks Winnipeg april 1. Listed stocks. Par value. Bid. Asked. Beaver fire. S100 105 can. Fire ins. So s3 can. Pao. By. 100 140 Crescent Creamery 100 51 Homo invest. 100mort. Fully pm. Ipod Union Bank of 0 100 109 Winnipeg elec. By. 100 40 unlisted stocks Brit Lslie am. Of 25 North Star o. Pad 5 410 traders build Lnor 100 81 grocers pad 100 was. Exec. By. Pm. 10o War loan. 1925 5 1931. _ 5 1937. _. 5 refunding loan 19285 3943. 5 1s44._ _ War renewal 1927. 1932 75 so 4-20 36 95 100 50 101.90104.00 1o4.25 100.65 100.80 1o2.15 102.20 36.55 96.63 101.35 -.02.10 s a 303.30 1o3.55 Victory loan. 1927.102.10 102.15 306.25 106.45 104.00 304.10 103 90 108.35 so 1934 5 a 1937. Sales. At 300.40. At 104.20. 500 at 102.60 500 at 102.60 500 at 3k.60 2.300 at 102.25 at 102.25 .1.000 at 102.20. It 102.60. At at 93.55 500 at 96.55 10o at 96.60 100 at 96.60. At 106.35 100 at s06.2s. At. 304.10. 1937, at 108.95 450 at 108.s5 50 at 103.95. Mcdo Grai Cowans Montreal april 1, open High Clous. A. Macdonald 7777 . Steel 2nd or 9% 9% 9% Alt lbs 6s% 66 65 a 66 Asbestos corp 5914 s9 a 59 Ash. Corp prod 90 90 90 Atlantic Sukar 26 26 25% steel 1st or 28 28 28 28 Bell Telephone. 125 135% 135 brazilian 51% 51% 51% Brompton papers 23 23y4 22% 23 Cani Ull. Car 46b 46b can. Car or 82 82 82 82 can. Steam. 12 12 12 12 can. Steam. Or. 44 44 44 44 can. Cotton. 105 105 105 105 can. Cement 100 100 100 100 can. Cement or 114 114 114 can. Con. 81 81 80 80 can. Ind alcohol 161s 16% 16 a 16% Dom. Brunse 83v4 83 a Dom. Canner 93% dem. Glass _ Ilia Ilia Detroit United 8 8 8 8 Dom. Textile 68b 58b Laurent do 80% Montreal Power 175 175 175 175 Nat. Breweries 48 48 47 47 Boll vie 139 us 138 138 Settle the estate after which Timo the duty carries interest at 6 pet cent per annul from the Date of death. Nova Scotia and Ontario allow is months for settlement and then charge Only 5 per cent on Tho duty. Eighteen months is the More reasonable period and interest should be charged from the end of that time. Few estates of. Any. Size can be settled a Shorter Elmo except possibly at a sacrifice. Nova Scotia and Ontario allow a 3 per cent discount if the duty is paid within eighteen months. Unless a longer period for the settlement of an estate is allowed there ought to be a provision for a refund in those Case s where the estate does not realize the valuation placed upon it. British Colum tila new Brunswick Nova Scotia Ontario and Prince Edward Island exempt bequests to charities and Manitoba taxes them under class 2 i.e., at the same rates As collateral it is suggested that the More Liber Al policy might be followed in Mani Toba. It is a Strong argument against succession duty that an estate May by reason of successive Deatha occurring within a Short period of one another be taxed Al most out of existence. Some pro vision ought to be made for exempt such cases. The Bond which the executor or administrator is called upon to give should be limited to the assets which come into his hands. It has also been suggested that an allowance should be made for contingent liabilities and collections of Art or curios which Are of National interest should be exempt from succession duties in Manitoba table showing amount of succession duties a filble under Manitoba succession duties act amount of duty according to class t class 2 c3a83 3 of family and rate of collateral Rato of relatives d Uty and Distant duty others rigorous criticism of the. Sue cession duties levied in Manitoba is made in a pamphlet just issued by a pedal committee of the civics Bureau of the greater Winnipeg Board Trade. The committee claims that the. Present scale of do Les is driving capital out of the province it attacks the principle in olved in any tax upon capital lays Tress upon Tho urgency of co Odora Ion bet Ween the Canadian provinces a order to avoid unjust and Oner dus multiple taxation and suggests right defects in the Manitoba act. The committee was composed of John Maclean chairman and r. Lennox w. Gray a. D. Watson r. W. Campbell and h. 1l Fisher. The report in part says the ease with which succession duties could be collected and Tho arge amount which could the realized rom them has made this form of a Atlon particularly popular with he officials of the exchequer. The a rests upon Tho theory that the health of an individual belongs to Lim alone and upon his death is without an owner except in so far As the state invests some other por on with rights of ownership. The erroneous Ness of such a theory be omes perfectly Otivious if it is apr filled to its full extent. By virtue if thin the state would have Tho ight to confiscate entire estates. As Ach manufacturer died his property Ould be confiscated. Gradually All Industry in the country would be ,xtinguished., it is impossible to concede the rectitude of a theory of taxation which would destroy the Ery sources of taxation and enable state to commit economic suicide. Impairs working capital legislation in the matter of Suc cession duties has not got to the Point where an entire estate is confiscated although in Canada when each of the several provinces of Tanada has taken its bite out of a arge estate there May be very Little Eft. The rates at which the duties levied in Canada particularly in he Western provinces Are so High hat they result in a serious impair ment of the work nor capital of the province. The table Given below Wilt show hat the legislators of Manitoba Lave Ben restrained by no concern or the working capital of this pro Vince. In Manitoba a new country t is unlikely that much capital is Yang Idle. This would be a reason or making the maximum duty less n this province than in countries where there is a surplus of wealth. Manitoba however charges higher rates generally speaking than any other province in Canada and Fol owing As close running mates Are he other Western provinces. The Point where capital begins o be impaired is the Point where taxation ought to Stop. Nothing whatever can justify the schedule of rates charged in class 3 of the above table and in View of the cont Omic condition of this province it s doubtful whether More than 10 per cent should be charged on any estate. It seems to be an irony of Fate that the Western provinces which cannot be developed for want of. Capital should pursue a course of Egi Slaton the sure effect of which s to keep away from them. Succession duties have become such a menace to capitalists that the first question they ask is what Are the succession duties Trust companies in Winnipeg Are continually being asked this question by prospective investors living in great Britain and the United states. Individuals die tout corporations live forever. It is quite possible therefore for an individual to protect his estate by. Transferring it to a holding corporation and where succession duties Are High. It will pay him to do this. The big fish accordingly escapes the harpy like activities. Of the state and it is compelled to feed on the minnows. Multiple taxation the Burden of Succes Lon duties is added to by the fact that the same property May be taxed by More than one province. The provinces of can Ada claim not Only to tax personal property which is situated physically within their Borders but also per Sonal property which is legally with in although physically outside their boundaries. For example Stock in an incorporated company May be taxed in one province where the Transfer office is the Stock being held to tie situated where title is obtainable and at the same time taxed in another province on the grounds that the latter province is the testator s domicile. England recon Mizing the injustice of multiple taxation has established the practice of exempting from Taxa nerves infill apparent though rally is aided by Good news of big Deal sptclo.1 United sews Bend nth to Tress by 1 acts private wire by Todd w. Wright new York april it Proba Bly will be several Days before it can be definitely stated that the current re action in financial markets has run its course that conclusion will tet of they began automobile manufactory of a own account. Both Brothers to in 1320. F 29 29 34% 35% 69% 43% 43% 83% 88% Mack truck 129% 128vi 13514 Packard. 19 it a 18% 19 s9 a 61 a 59 a 64 a 65 64 it 43 43% 42% 59% 51% 86 w 86 a 85 a Stewart Warner. Stromberg a. . White motors Willys Over pad. Oil Atlantic refining Calif. Petrol. to . Imperial Oil int. Petroleum Marian d Oil incl Lac Oil. Pan Amer. Phillips petrol. Pure Royal Sutcli Sinclair cons. Stand. Oil of stand. Oil of ind. Stand. Oil of . Stand. Oil of . Texas co. Vacuum Oil steel am. Steel Korles Bethlehem steel. Col. Fuel Iron Crucible. Gulf states steel rep. Iron. Steel 28 a 28% 34 a 35 69 a 70% 43% 43% 87% 87% 65 43 a 60 a 85% 30 64 2914 29 2714 63 23 22% 34% 54% 26 i 50 i 18% .1914 58 a 59% 61 40 it 44 it 86 ii 101 28 a 28% 27% 27 63% 28 cd i o to Lei sex of in so 22% 29 22% 35% 34% v cd via 5. 55 79 a 3714 27 50% 60 v. 43 43% 85 49 41 33% 67% 71 15 a 41% 34% 68 71% 47 a 15 a 54% 76% 3t 26% 50% 18% of 60% 40. 43% 85% 49 40s 33% 67 71 46% 15 a 54% 76% 37 26% 50% 18% 58% 61 40 a 42 a 44 a 86 a Sloss she held . Steel 115% 116% 115 Vanadium rubber Flesko rubber co. I1m 53 a 54 w 36 it 53% 36 .40% 40% 62% 65% 62% 29% 42%goodrich. . Rubber sugar am. Beet sugar. Amer. Sugar co. Cuban am. Sugar Punta Aleg re tobacco am. Tobacco 87% 88% 87h 88 cons. Cigar co. Reynolds 4-7 tobacco prod. To a 73% 73% May department 103 103% 103 105% Montgom. Ivan. 44% 457. 44 Shultze stores. 110% Sears Roebuck. _ 153% 155 152% 1s2 a 113% 11914 117% 118% Public Utility stocks am. Tel. Tel. 133% 133% 132% 13314 am. Water wits. A6 a 47 45% 45% 38% 54% 64% 75% 75 a by k n Manh. To. Columbia Gas cons. Gaa . Gaa Eleo. Pub. Serv. Of . Atli Elbl p. P. Air reduction Allied chemical. Alts Halmen 38% 54% 54% 7s a 104 99 99% 82% 83 78% 79% 66 a 99 9914 82 83 78 79% Amer. Express am. Into in run. Am. Cast Iron pipe Central leather. Coca cola. Anti Golem co. Corn products Davis an clime. Duji ont in Alcott Johnson famous players. General Asphalt. General electric. It. Xor. Ore. Int. Harvester ind. Alcohol. Int. Mer. Ii. Pad. Int Nickel int. Paper Amer. Co. Phil. Ads Coal Pittsburgh Coal radio corp. co. Gulf Sulphur Worthen Gitin a. Else. Am. Can co. 163 a 161% stocks and Bonds government municipal Public Utility and other Ling a Grade securities bought and Exchange in Winnipeg Toronto Montreal new York and London eng private wire connections Winnipeg Toronto. New York Osler Hammond Nanton Lim Tejo Cor. Main St. And Portage Aye. Winnipeg suggestion for diversified investment Southern Canada Power co. Ltd. 6% 1948 St. Lawrence paper Mills 1944 East Koo Tejay Power co. Limited 7% 1942 Canada steamship lines limited Manitoba Power. Co. Limited 7% 1941 Ottawa River Power co. Limited 6h% 1953 Northwestern utilities limited 7% 1938 Ottawa Montreal Power co. Ltd. 1949 10 Shi. Ottawa and Hull Power co. 7% preferred 10 she. East Kootenay Power co. 7% preferred mar. Mar. Apr. May May june june june ?32.50 sept sept. Oct. Nov. S3.5.00 nov. Dec. Dec. Dec. Quarterly quarterly i v j if can secure this identical diversity in Miiller amounts by purchasing sea we write your inquiries for investment ferrite Nesbitt Thomson company limited electric railway Chambers Winnie by j Telephone a. 9.793 most Al Hamilton Toronto lonw3n. One ;