Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 7, 1925, Winnipeg, Manitoba 12 Al it Jii Jii Vav Winnipeg Bank clearings Are greater than corresponding week last year for first time since May 14. News of the business world Trade and Commerce mines and the Money markets Canadian level of prices Falls .4 Point in july. Of 236 commodities 140 remain unchanged in value. Winnipeg Bank clearings show Large increase for first time in 10 weeks local figure outstrips corresponding 1924 total Winnipeg Bank clearings for the week ending yesterday were greater than those of the corresponding week last year for the first time since May 14. The week s clearings to talled an increase of Over last year s total of s43.134.s11. The increase Over the 1923 figure was even greater Clear Ings in that year amounting to Only Montreal and Toronto also show increased totals while Vancouver is Over a million less. Saskatoon and Medicine hat Are the Only Prairie cities to show smaller clearings. The list of the principal cities of the Dominion is Wees nerf aug. 6. 25 a Moncton 784.47s St. John 2.916.413 Sherbrooke 981.625 Montreal Ottawa Kingston Teterboro Toronto Hamilton Brantford London foreign Exchange the United states Dollar a quoted at a discount of 1-64 of per cent the British Pound was quoted a Normal Price without ban charges 2-3. The following quotations Are 1 cents per unit of foreign currency Day s Norma Price belgian franc. 4.58 brazilian Milreis danish Krone finnish Finmark French franc German Reich snark Kitchener fort Brandon Redfin it. Saskatoon Moose jaw Prince Albert Edmonton Calgary Medicine hat n. Westminster Vancouver Victoria 106 472.578 835.491 782.e62 5.170.026 925.238 2.376.1x5 947.096 3.280.687 976.701 3.638.996 1.112.174 312.428 4.254.360 7.o69.413 17.145.762 1.901.225 wee if end Auff. 7. 24 s 5.09o.452 708.504 2.590.127 865.029 5.667.134 99.451.464 757.721 763.244 647.273 4.397.710 850.313 2.582.425 3.s05.022 906.822 548.181 2.082.695 7c2.217 344.188 601.57o 18.819.900 British Trade with Canada is larger canal in -pres-4 be Ottawa aug. Trade with the United kingdom is showing an improvement in both exports and imports. Exports to the United kingdom during the twelve months ended april were or More than the previous year. Imports from the United kingdom were 600.000 More than the previous year. U. S. Buys More. Pc acadian Prew Ottawa aug. Purchases in Canada for the twelve months ended june at or about More than the year previous. On the other hand. Canadian purchases in the United states were or less than in the correspond ing year previous. Gasoline consumption continues to expand the feature of the american Ern ment s statistics on the Oil Indus try is the manner in which demand Tor refined products continues to expand particularly for gasoline and lubricating oils. Complete figures for the first six months show Domestic demand and exports of Gaso line aggregating Gal Lons an increase of 25.4 per cent Over demand of Gallons m the same period of 1924. June showed combined Domestic and Export demand of Gallons an increase of Gallons or 22.5 per cent Over june of last year. Compared with the first half of this year when daily average Domestic and Export demand was Gallons june showed an increase of Gallons Dally. Makes second payment greek drachma. Dutch Florin Indian Rupee italian . Norwegian Krone peseta swedish Krona Swiss franc. .11.85 23.25 2.57 4.76 23.95 1.63 40.43 36.96 3.70 18 84 14.58 27.06 19.55 price1 19.3 54.6 26.8 19.3 19.3 23.8 19.3 40.2 48.0 19.3 26.8 19.3 26.8 19.3 Winnipeg stocks Winnipeg. Auk. 6, Par value. Bid. Asked 100 105 50 55 142 100 100 100 100 100 100 50 100 100 25 5 100 100 1 6o listed Beaver fire. Co. Can. Fro ins. Co. Can. Pac. By. Crescent Creamery of. As. Ca. Home inv. Sav. As. N or. Mort., fully paid nor. Mort. 50% nor. Trusts co. Union Bank of can. A per. Elec. Ray co. Uni Pleil Brit. Am. Oil co., Ltd. North Star Oil co. Or. Western grocers pad. Mpg. Al. By. Co., or Blinso mines can. War 1925 1931 1937refunding 1928 19431944 War loan 1927 1932 Victory 1937 1933 quotations on Victory Bonds Aro for denominations. At 102.40, lit 103.10. At 97.05, 200 at 97.20. At 103.95. 300 at 103.85, 103.85, 50 at 103.70. 330 65 75 25 35 115 38 .400 32 95 7 100.00 102.00 104.15 10o.25 102.05 102.15 97.00 97.25 .101.30 101.60 103.00 102.70 102 05 1.o5.70 105.95 103.75 103.90 108.60 109.10 american Sumatra tobacco com Spany which was placed in receiver ship Early in May May soon Mako a second payment of 25 per cent. Interest on the principal amount of its per cent Gold notes due june 1 last. This would bring outstanding notes Down to approximately Studebaker earnings Studebaker net earnings for the second Quarter of 1925 Are 26s, which compares Well with the record Quarter so far that of april june. 1923, when earnings totalled a Baltim Asbestos corp. 67 Asbestos Cor. Pad. 101 Atlantic sugar 32 Bell Telephone 138 Montreal stocks still Cowans Montreal. Aug. 6. Open. High. Low. Close. 65% 65% 65% 69 67 101 93 32 32 138 it 138 Brazil tract Ion. 58 57 Brompton paper. 21 21 Canada. Car 38 38 38 on. Car pad. 78 "4 78 can steam pad. 45 45 45 can. Cement can. Cement pad 116. 116 116 116 can. Indus. Al. 15. 15% 15 Domlin. Bridge 92 92 93 92 Domlin. Textile . 80 Montreal Power. 199 National brew 45 or Lovle 161 Price Bros. 51 Quebec Shawn Lgan pow. 164 smelters 108 69 99 32 138 21 33 78 45 80 199 45 161 51% 164 108 a 108 93 Tsvi 80 80 198 it 198% 45 45 161 1-61 51 it 112% 51 our 73 103 Spanish River 103 Span. Rev. Pad. 113% 114 mpg. Elec. Rail. 51 51 mpg. Elec. R. Or 96 96 Victory Loans jo5.85 105.8s Union 117 117 245 295 117 sales reported by Mcdougal cow Anul Montreal aug. 6. Atlantic sugar 100 at 32. Bell 60 at 138 25 at 138v4 Brazil 95 at 58. Romp. 145 at 21 10 at Canada Cement 135 at 90 108v4 50 at 108 235 at 10 at 107 Canada Cement 6 at 116. Canadian Industrial alcohol 440 at 15 20 at can. Steamships 173 at 45. Can. Car. Foundry 70 at 38. Consolidated mining 365 at 108 75 at 108 it Dominion Glass 25 at Dominion Glass pad. 10 at 113. . Steel 2nd Ltd. 55 at 9. Dominion textile 7o, at Price Brothers 886 at 51. Montreal 155 at 193 s60 at 65 at iss Vil 60 at 198. Asbestos com. 25 at 67 25 at 25 at 69. Asbestos 10 at 101 195 at 175 at 99 s at National breweries 10 at 45 Ogle Al at 161. Mckay co. 25 at 69. Quebec 10 at 60. 113h 78 at 114 30 at 114h 80 114. Spanish River 15 at 113v. 65 at 164 10 at 0 at 20 fat the Choice the my who real old scotch Shuky Royal diet sued and guaranteed by a a. Gilbey Scotland a Bank of England action indicates Faith in future lower Bank rate is reply to critics and calamity howlers position is sound United despatch to free press by free private wire by Todd Wwright now York aug. Action of the Bank in reducing its re discount rate from five per cent to four and a half per cent took the financial Community Here by Surprise As Etnere had been no recent marked change in rates to Herald the step. The reduction of the English rate has an important bearing on the new York Money Market As it makes less Likely any possible Advance in the new York Federal Reserve Bank s rate of Tai be and a Holf per cent. Bankers Here declared that the eng Lish Bank would not have taken such a step if there had. Been any possibility of an increase in the new York rate the decrease in the British rate was interpreted Here As a vote of Confidence on the part of English hankers in the stability of the new Standard programme to which England recently returned. Situation improved since the return to a Gold basis last april predictions of dire consequences that would follow have failed to materialize. On the contrary the situation. In London has improved and the banking position greatly enhanced. That the Bank rate was lowered on the eve of fall Trade demands is plenty of evidence to the doubting Thomases that the Bank of England As Well As the British Treasury is ass tired that England s monetary position is Well established. There is no doubt that the step i a Concession to those elements in Britain which feared the re sumption the Gold Standard policy to this time would be detrimental to business. In some quarters it was thought that burdensome Money rates would be necessary while in others the Prospect attracting Gold from abroad was. Criticized As ending to bring about inflation. Thus in a Little Over three months. He British government can not Only Point to the successful establishment if the Gold Standard but is Able to placate the business interests which encouragement exports of pulp and paper 12 10 v. I food pulp lib. Pulpwood newsprint paper exported from Canada. In june was valued at falling off from in May but higher than in 1924 Wood pulp exports were compared with in May and exports of. Pulpwood. Rose from in. May t doubtless ust need some at Spanish River -215 at 85 at 103 Victory loan 108.90. Victory loan. At 105.85. Winnipeg at 51. Afternoon sales reported Liy Mcdougall Atlantic at Bell at 138vt. 19 at at 58 5 at 165 at Brompton Al 21. Canada at _ Canadian Industrial at 15 mining-201 at 10814. Dominion at . Steel at 9% 40 a. Dominion at Price at 51. Montreal at 198.14 30 by Asbestos at 68 15 at 69. Quebec at Spanish River at at 164 f at Spanish at los a 65 at 103. Bank of at 245. Royal at 295. Winnipeg at 220 i of j.125 at 30 at financial notes Bank England London cigarettes 1o inter Empire Trade latest Trade show that the movement lending to greater Trade. Tween Canada and great Britain and less Between Canada., and the jolted states is still in Progress. N measure at least great Britain s greater purchases in this Market will be due to. The enhanced value of he Pound Sterling since the return o Gold. Any depreciation cur ency while stimulating to a coun by s Export Trade tends to reduce its purchasing Power in other markets. All fear is allayed last february the Bank of eng and raised its discount rate from our to Jive per cent., As a reply to he Rist i in the. Rate i the new Ork Federal Reserve Bank fio m free to three and a half per cent. His was part of British policy to. Strengthen the position of Sterling before embarking once More upon a old basis the action taken efts erday by the governors of the Bank n reducing the rate to four and a Alf per cent. Is. Proof positive that hey do not fear any outflow of Gold the immediate future. Gold re Erves have been greatly increased Ince last March. Eight nations represented eight nations Are represented in he membership of the new York Otton and it has 36 Raemers whose offices Are in countries ther than the United states. Great retain with her extensive Cotton Layf curing interests outranks All hers having members on the India and Canada both ave one France Belgium and pain Are also represented. Those German Bonds again further details of the re valuation of securities legislation Holch recently passed the Reich Stag lace the value of German govern ent Bonds at 5 per cent of cur ency Exchange value at the time of sue. Thus the ear Iier the Bonds Ere issued the greater a their Alue As the descent of the Mark As practically continuous from 919 to 1924. German synthetic alcohol american producers of alcohol have been much agitated recently Over the pro wins importance of synthetic made in Germany which threatens to capture the markets of the world. Inquiry into the Situa Tion will be held on aug. 12 by the Commerce commission when . Manufacturers will demand increased Tariff Protection under the flexible provisions of the Fordney Law. Stocks and shares on the Montreal Stock Exchange Price Bros and Quebec Power reach new highs in duller Price is being bought by for Dominion Bridge appears muddle remains Alfred s new Mill to Cost special despatch to Tho free press Montreal aug. Were less buoyant in the trading on the Loca-1 Exchange on thursday Sains out numbering losses in a fairly Broad list in which however the turnover was on the. Light aide. Tha Only is sue to furnish trading Ija a thou. Sand shares waa. Price which with. Quebec Power established the Only two Siuw Hleb prise Levels Dur is the Day. In the Case at Price a steady buy ing demand irom London. Further Sharp declines were registered by the Asbestos issues a re Flection of u a quite muddled Conr edition which Haa Arisen in connection with the merger situation Kami nist Icinia in its first appearance since last March was off five Points to 115 but at the close the Stock was 114 bid and 120 asked Stock. Generally the Market gave a fairly Good account of itself despite the somewhat easier tendency. From present appearances the do minion Bridge company deem to be faced with the brightest our look in about the Street one now hears that sufficient business is in sight to keep that company buy for three to five tears if the company has secured the contract for tons of steel worn la connection with the aluminium company development at Chute a Caron. It is not outside the realm possibility that the Dominion sintering a subsidiary will set the contract for. The turbines. What this will amount to can be judged fact. That. 800.000 horsepower is t be developed and that Turbine the Cost in Over another development from which the Dominion Bridge company and its subsidiary Dominion might reasonably expect business is the new paper develop ment Anglo Canadian paper then last but far from least is the Mont real Bridge in which under Akins it is confidently expected that Domin Ion Bridge will set a. Rood share. Dominion Bridge company pays four per cent per annul on tiie common Stock of which there is out standing there Ara no other capital obligations. Further weakness in the Asbestos Issua of thursday would seem to reflect a growing scepticism among the of the corporation a to the Outlook for a consummation of the merger in the near future the meantime from interests in close touch Witt the Bankers who Are sponsoring the la learn that no doubt is enteral led on the score of Sakiris satisfactory a with the three United states manufacturing companies who Are also producers in the que Bec Field. One thing in the entire situation that seems quite evident is that the High Levels established Ivy the Asbestos corporation issues was in direct anticipation of a Success Ful merger and certainly not War ranted in. Any degree by conditions in the Industry. Construction of the new newsprint Plant of the port Alfred pulp and paper corporation of which Gaor Sre Mckeen was recently elected presi Dent being proceeded with at ones. The which is being built at port Alfred que., will have a Dally capacity of 200 tons of newsprint and will be built along Side of the pres ent sulphate Plant of the company there. The new newsprint Mill will use the sulphate from this Plant which has a capacity of 160 tons a Day. The new Mill will Cost it is Esti mated in the neighbourhood of and the general contract has been awarded to the foundation com Pany while h. S. Taylor and com Pany consulting engineers Are carrying out the design. Power will be supplied the company by the Duke Price company and requirements it is estimated will be about . The Ottawa Montreal Power com Pany have acquired from Ayers Limi Ted of Lachute the distribution sys tems supplying Light and Power to the towns of Lachute St. Phillip Eto and have tied these systems with their present sys tem. The company has also acquired the Small Hydro Plant of the dockland Thurso Etc. This com Pany is now supplying Light and Power to Over forty municipalities. . Petroleum output is biggest recorded Advance due to heavy grades Light is lower production of crude Petroleum in All Fields of the United states during the first six months of this exceeded the output of any similar Perloff in the history of the Oil Industry the Oil and Gas journa.1 of Tulsa okla., will say this week. From january 1 to july 1, production of crude Oil totalled barrels a Dally average of barrels. Despite this record breaking total production of crude Petroleum the output of Light Gravity or the Grade chiefly desirable for its refining. Value showed a net decline of barrels during the half of Thia year compared to the first half of 1924. Canadian partners share allotment expected today the Telegram canners to get Canadian Toronto aug. 8. On thursday says holders of Dominion common Stock Are Likely rather less than two shares of Cana Dian canners preferred a. Canadian mariners common and close proximity to s25 of Canadian can ners six per cent Bonds for every share of Dominion they now hold. Announcement of the exact amounts available for distribution is anticipated by tomorrow. Canadian canners. Limited is hav ing a pack Well up to Normal this year. It is Likely that a further dividend distribution will be announced at the end of the year. Wilde it in unlikely that the full seven per cent called for will be paid in 1926, it that those behind the company favor putting it on a isgut Lar quarterly basis beginning next january and increasing this disbursement As earnings american Trade with soviet Breaks records social a noted news despatch Iree wire Washington aug. Russian Trade All records during the fiscal months of 1926, according to a. Report compiled for the russian in formation by Islah j. Hoor Grin chairman of the amt org trading corporation of new York and director of the textile Syndicate the turnover for the half Yew end ing june 30 was of which represented purchases of american goods for shipment to the soviet Union and represented sales of soviet imports Here. Chartered Bank statement june new Metal markets a in rooted York Aust. Copper firm electrolytic spot and futures. We. Tin steady j and nearby 25 futures. 7ron. Steady prices unchanged. Learn. Firm spot. To Zinc steady East St. Lonte spot and futures. Antimony. Spot to at Jondon. Standard Cowper spot iss futures 15s. Electrolytic futures. Is. Tin v Aub total assets and total liabilities of Canadian Bank both increased during the month of june. In the Case of by statement issued through deposits increased markedly during june but there we a fall Oft of Over six millions in savings deposits. Current Loans held i in june. The statement follows end of May to spot. Spot 6d futures 15s. 15s. Zinc spot Loi 2s 6d. Total Reserve fund. Note circulation. Demand notice deposits a out current Coin Dominion notes _ i Deposit c. Call Loans can. ._.__1 Call Loana out current Loans can. Current Loans out total liabilities. Jurie 1925 37fi, 382, 84.1 May 1925 t i i at 1924 debt refunding saves province a year of debentures Ai ready be refunded oct. 1 refunding of debentures of Thi province of Manitoba totalling maturing this year and Al ready effected will produce an an Nual net saving of it Wai Learned at legislative building Toda a a further of six per cent Bonds remains to be refinanced Abou oct. 1, and with the province in t position to wait for an advantageous Market possibilities Aro thin saving will be increased the Success which attended the refunding efforts of f. M. Black Dur ing his term of office As Provencia treasurer thus has been continued in the regime of Hon. John Bracken who fills the double role of provincial treasurer. A consider Able portion of the debt was paid of from proceeds of the Sale of City o Winnipeg securities held the provincial government while a contribution from Tho municipal com missioner s sinking fund and from Sale of government elevators also was made toward reducing Tho total to be refunded. After All. Reductions had been made there remained to he refinanced of which was in six per cent Bonds and the remainder in five per cents., total annual interest charge on which were to refund this reduced debt the following Seoul Lei have been issued at 4vi per cent., 000 at 4.90 per cent., and at 4% per cent., or a total of 500 annual interest charges including flotation charges and amortization of discount in connection with which aggregate in computing the annual Savins on interest charges of allow Ance is. Made1 on maturing flotations for the amount paid off. The Money used toward these reductions had been invested in securities con sequently there is a corresponding loss of Revenue. The saving there Core As shown is net. In All of. Six per cent debentures live been paid off entirely by rank no use of sinking funds and Selling certain securities so that the actual disbursement for interest charges is Urther reduced by a. Year. The Gross reduction in interest charges thus would amount to 964.27 so far As the budget is concerned though there is a loss of Revenue also since the investments no longer Are in existence. Canadian National earnings increase Canadian Freob Montreal aug. National railway Gross earnings for the Keniday period ending july 31. 1025, were 159.027, being an increase of or 8 per cent Over the corresponding period of 1924. The Gross earnings of he . From Jan. 1" to july 31. 1925, have been being a decrease or s per cent Over the corresponding period of 1924. Pays regular dividend. The Bunque canal Henna nationals is declared its regular quarterly div Send of two and one half per cent or. The Quarter ending August 31. Pay Vale september 1, to shareholders of ecord aug. 15. Prices decline Canadian 1 rom Despu Lull Ottawa Ang Dominion Bureau of statistics Index num Ber weighted according to the commercial importance 236 commodities included in its computation foil slightly in july be ing 158.4, As compared with 158.8 in june. Forty quotations were higher 37 were lower and 159 unchanged. Although four of Tjie main groups were has her and two were unchanged declines in the remaining two groups especially in Grain prices., were sufficient to cause a downward movement in the total Index number. New York stocks closing bids Clark. Martin co. New Toroc aus 6. Copper open. High Low. Close an. Smelt lne 105 a 105s.i Anaconda 42% Cerio tie Pasco 52 Chile 34 chino._24% a a Umby. Inspiration 28. Konn Ecott 54 .4 54h Miami Ray consolidated 15 14h Utah 97% Railroad atch sol Baltimore o. Can. Pac. Ray. Chesapeake o. 97% 38 a mag of North. 66vi kans. Ally so. Ssh miss., kans. T. Miss. Pac. Com. 34h Mui. Pac. Pad. New Haven 33% 34 y. Central 118j4 n Orch. Paounc. 66 Pennsylvania 45% Pere mar Juette. Reading 8sv4 Rock Island St. L. It ban of. 89% St. Paul pm. South. Pac Flo 98 98% Southern Rev. St. L. Few Ulhan. 48% Union Pacific 1417n Wabash common St Oft 96 34h 80 it siv4 85 89% 98 s 141 120 h 77 it 14114 97 65 32% 38 34 a 33, 117% 66v4 45 i 85 45 98 v4 47 141 35 v. Equipment am cd Balden Loco. Limn motor stocks Bosch Magneto Chandler in. Motors supp Mack truck Packard Stewart Warner. Stromberg Litu Obaker Timken roller shiite motors Wilya of r d or Atlantic . Cal. Petrol. Osden i Outton me real it. Larland Pacific Oil in am. Hll lips pet. Oil and Gas. Ure Oil Oyal dutch inc Lair cons. Tan Oil of Cal. Tan. Oil of ind. Tan. Oil of . Tan. Oil of . A Ulun co. Steel a. Steel of drop. Lath fit eel olo. F. And i. Re Clulo. States steel lepus. R. And s. Loss Sheffield u. S. Steel Vanadium 09w 109 4 shh 110 a 110% Dominion stores 3vefine display also in demand Ai Toronto Canadian prese Toronto Auer. Dominion common gave spectacular perform Ance i today s Slock Market achieving a Nln Point Advance to a new High Mark of 65. Another interesting per former wan mule Leaf common which moved up Sharp la to ?3, Dominion stores was run up in the afternoon not Sion from to Vic ;