Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 10, 1925, Winnipeg, Manitoba 10 Manitoba free press monday August 10, 1925 Federal government May seek abort term accommodation in Joe to York before floating big Domestic loan year. To r 1j news of the w Onu Trade and Commerce markets american Oil Fields May have passed Peak of production. Up Ture will see heavy importation and higher prices. Robb May decide for Short term loan this year the traders viewpoint Clark Martin co. 232 Portage ave. After getting temporary assistance from new York big loan May be floated 1926 in Canada g Wirdner Clark co. Special despatch to lie rpm Toronto aug. Further weak ening of the trading Market has taken place ibis week most notice ably in the 1934 Victory loan Issue which has declined to bid. Other outstanding issues such As Ontario 5 s of 1948 and . 5 s of 1954 have also sagged off slightly. This weakness can be attributed directly to a Complete Lack of interest on the part of Bond dealers due to the summer Holiday season. New municipal issues coming to the mar Ket last week were very Lii visited. The town of Kapus Kastner sold an Issue of 6 per cent Bonds Dua in -0 instalments guaranteed by the province of Ontario at a Price of 107.s4. Being an approximate yield of 5.-11 per cent. Term United counties of Stormont Dundas and Glen Rarry sold an Issue of 5 per cent. I instalment Bonds at. 99.s3. Or an approximate Cost of 5.02 per cent. Week the Only Issue that so far has been announced is that of the township of Scarborough who will in the Market with 5 per cent Bonds running from 5 to 30 instalments. Unless come further unexpected financing is announced next week will Mark the smallest municipal borrowing done this year. Speculation is current considerable speculation and rumours Are current in regard to the programme of the Dominion govern ment re their Nan cinch this fall. On sept. 15 an Issue of do minion of Canada. 4 per cent one year notes matures in new York a Small Issue of pounds matures this month in London and 000.000 5 per cent War loan Bonds which were issued in 1915, will mature on oct. 1. Fust whether or not the minister of finance will decide to borrow Money from the Banks which it is understood is offered to him. And carry Over the and 5.000.000 pounds financing until later in the fall consolidating it with financing which will be necessary around the first of october evidently has not been decided yet. Very attractive terms Are probably to him from new Yark Bankers for Short financing. Four per cent Money evidently could be secured in that Market. Should he decide to consolidate All this franc no and refund on a ions term basis say 20 years with Coupon Bonds at 4j4 per cent., it is doubtful whether an Issue could be put out Here at better than a 4% per cent yield. May adopt temporary loan As there is ocly a very Small do minion Issue maturing in 192k. It is not unlikely that the former alternative of financing Short dated notes in new York will be resorted to in the Hope that cheap Money could be pro cured in Canada on a refuelling Issue next year. At the present time there is very Little Industrial financing anticipated outside of a rumoured Large develop ment on the part of the Duke Davies group for developing a very substantial Power site on the Saguenay River. Combined with this Rumor is also that of the amalgamating of several Large aluminium companies both in Canada and United states. Which should this Power be developed cheaply enough would Likely build a very Large Plant in close proximity to this new development. It is anticipated that present prices of Bonds will in All likelihood be maintained until the first of septem Ber when an idea can be gained As to the future government and Muni Cipal requirements. Smelters Rise further on Toronto Exchange Canadian Prem despatch Toronto. Aug. Again showed outstanding strength in trading that was otherwise Tiu let on saturday s Stock Market. This Issue reached a High Price at list i. Which was retained at the close. Hurt common remained firm around to m. It la noteworthy that Wuriu tracs were in the for Dalch shares and the last transaction was at stirs. An Advance or other Price changes included sugar common up Vij. Brazilian off w fishing up i off v4 minors. I Ommon. Off up steel of Canada Cornmon up Imperial Bank off Mackay com Mon stronger at bid with no Stock offering. Saturdays hid Price exceeds the highest Murk at which i icky common has sold on Tho Toronto in Chango. United states loses on ships the United states in Selling 200 merchant Marine vessels to Henry Ford for lost approximately on the transaction. The Fleet bought by the manufacturer was built during the War at a Cost of Between s70o.ooo and per ship. The Cost to Ford was each. Disposal of the ships leaves 231 merchant Marine vessels on. The mar Ket. The shipping Board to pre paring to ask bids on these ships at an Early Date. Buys rubber estate United states rubber company through to subsidiary general rub j her company has purchased from belgian interests the guru estates comprising about acres in Malaya. U. S. Rubber company s total Plantation holdings in the far Kast prior to the acquisition were around i acres. To of insurance notice is hereby Given that of a Cwm of the Prudential 3s company of America w at to office of Laid com y Craty. On f seventh Day of Rax Amber. 1925. At Swelto o Dock noon Tor the Nur Poa. Of a four Enow u be voted for 67tho policy u member of Tho Board of 1 to annual election of directors j to to held on the eleventh Day viit11 every polio Shower of the of Twenty ones be the past week saw a continuance the buoyancy experienced do Riff the week ending August new Helph. Re i cords Orrero established by loading in dim Trtala on so far in quailed and Tho demand for stocks seems to be insatiable. The important feature of the present Rise is that it is not uniform the Rise is mostly confined to Alrh priced industrials which Are shown or record earnings. The amount available for distribution should the income tax he reduced in the near future has no doubt been greatly Mair a fled and the latter is pro badly the underlying cause of the Presa it also and is Likely to continue to be the main argument for a further Rise in the Industrial list. Further statistics Coni 1ns to hand conclusively show that the main trend of the major industries is still decidedly upward and the seasonal decline occurring at this period has been smaller than usual. Railroad stocks t Railroad stocks for the past five weeks have been in a dormant state Are again showing so Kris of activity. Some of them came Forth with a burst of strength during by Day a session unequalled for a Long time past. The strength As displayed by them is due mostly to their relatively Low position in the Market coupled with the very favourable earnings As shown by the majority of the leading carriers. The Rise in this class of stocks on the basis of their yield has a Long Way to go before much Selling will be attracted to Check it. Motor stocks. The motor group was again the favorite during the entire week. The a Niue although not Cuite As Large As the previous week was still very it Gre. The feature of the group this week entered on Mack truck. It. Adv cml Over is Points in Days or within six Points of its High before Selling sex rights and its action so far gives no ind Ichton that it. Intends to Stop at the or Pant. Level. Holders of this is sue Are confident that some extra distribution not yet made Public will take place in the near future. The next in activity was. No doubt. General motors with a Rise of Over 10 Points since the lows of july 21. The action of this Issue during recession indicates that concentrated buying is going on for some definite purpose. Although the Stock advanced rapidly it Seldom More than two to three Points and offerings no fruit Tor How heavy Are always absorbed quickly. U will require considerably More sailing before Tho Rise in this is Suo will he Stop pts. White motors which were the feat ure of the previous week were quiet the last Days nut no recessions of importance have so far been recorded. The Stock la no doubt in the process of digesting the recent Swift Advance of 25 Points. There however no indications that the latter has culminated. Stur Lenker although fairly Active has not. Up to the present followed the Rise of the group. Its action since tie Low of july 22 has been that of slow creeping movement. But so far it been unable to establish itself above the 50 level and around the is and 40 Irvel it seems to encounter stubborn pressure. Oil stocks. The Oil group persistently moves contrary to the general trend of tile Market. Continued in the face of i advancing Market seems to be one of the characteristics of this group during the 4th and nth they were subjected to a wave of Selling orders. Some of the issues withstood it Well but some gave ground badly and were Carrel to new lows for the present de Cline. The weakest member of Tho group and the one to lose the most ground was pan american the Selling pressure during aug 4 and 5 forced it Clown to go 1-2, this making a 50 per cont decline from the Low of april 1d24, to the highs of last March. There is no indication that at this level the Stock is beginning receive consid Erable but it will require considerable accumulation before anything of a substantial Advance Dun take place around present Levels Marland Oil is stubbornly contesting the decline but pressure was too great and it declined slowly in sympathy with the rest of the Oil stocks. The important accumulating Points formed during june around the 42-43 level Are. However still holdens and there is no indication that they brokers Sinclair is another Issue of the group that has been unable to Mahdal its level. It is gradually retracing its Steps Hack toward the 20 level. No volume of consequence is. However cording Forth. Houston of was also forced to the 6fi level making a 14 Point decline from the High of june 14 and the de brings that Issue to within 6 Points of its last Low. The decline appears to be culminating at this level and considerable buy ing is taking place. U is now in a Posi Tion to stage a Sharp come As was seen during the last decline last april. Steel stocks. The group continues to give a Good account of itself. All Levels were maintained except in one or two issues and the decline wherever it took place was quickly recovered. The entire steel group has yet to Clomon Strate the potential strength acquired during the last period of accumulation. Indications Point that from now on those issues will enjoy consid Erable activities on the constructive Side of the Market. . Steel the Leader of the group is giving unmistakable signs of coming activities and the latter Are Likely to very rapid. This Issue during the decline of the previous week was strongly supported around the 117 level. During this last Rise it established new High around the 123 level and although around this level will meet with further Selling the Istock is in a position to absorb it very easily. Bethlehem steel declined to the 41 level where it received Good support and its action is indicative of considerable strength that will soon Manifest itself. Crucible steel refuses to give ground and although considerable pressure is put on it no recessions seem to to affected. There also appears from the action of the Stock that a Large Short interest has not yet taken the trouble to cover their commitments. Week closes on Strong note of Bull enthusiasm Reading does Well subject to adjustments which Are made at the end of the year. Read ing company came within of earning or the full year s dividends upon the preferred and common stocks in the first six months of 1923. Bethlehem officials retire Archibald Johnston vice president h. S. Snyder vice president in charge of finances and William m. I Tobias general manager of the Bethlehem steel corporation have re tired. Their duties will be Distri buted among other officials. General electric crosses 313 to reach new Peak Price Ameri can can declines slightly associated 1 Ross despatch new York aug. By reports of improving Trade conditions Stock prices again swept Forward sat urday in the face of rather fun Talpins and sporadic Bear Selling. Gains ranging from fractions to 3% Points were registered by a majority of the issues in although several of the. Popular industrials including United states steel common showed slight recessions at the close. High priced industrials again mounted to new High Levels. American can crossed 219, and then eased to 21svg. For a slight fractional loss on Tho Day. Mack trucks jumped to and then slip Ped to whore it was up Iva on the Day. Midland steel products preferred moved up Throo Points to a record top at or a gain of about 1 5 Points above the Low of. The week. General electric touched the hug ii est i ice reached since the Segre gation of the electric Bond and share properties. A Strong demand developed for inter National combustion engine ring which crossed 48, to a. Now for the year in further reflection of the closing of important contracts. Heavy buying of Missouri Pacific preferred which advanced Over four Points to a new 1925 High at and the establishment of new peal prices by Chesapeake and Ohio new York on Tario and Western and Norfolk and Western featured the trading in the Railroad shares Nickel plate com Mon broke nearly five Points on a few sales. Total sales shares. Montrea stocks mod Usall to Clivans Montreal coi ii. Atlantic sugar Bell Tel Brazil. Traction. Can. Car pro c. Stea Maquis p. Can. Cement comm pad Doni. Bric Iffe. Joni. Dom. Textile. It Iii Mckay Mont. Power National Braw ugly Vale. I of mans. Price Brns Quot Uny open. O7 133 s3 78 44% 109j 107 35% so i 1301 8. Hon h. Low. Close. 57 67 32 it Isa 73 32 53 78 45 10-j 321.4 136 a 45 107 81 46 Lis ii 95 107 10v 3s 4 81 204 45 161 158 53 113 smelters Spanish Hiver Spanish rival p. Steel of Canada mpg. Elee. A. 45 161 158 53 115 112 104 46 151 111 153 153 54 115 us 164 i 104 i 113 112 i 110 104 104 104 114 11414 87 h7 32. I 52 33 Victory Laanti 1933 5 i 105.65 105.65 105.65 105.65 1934 Oli 103.65 103.65 103.65 103.65 Union 1.16 116 115 116 sal1ss reported by Mcdougall aug. 8. Atlantic at 132vt. Bell 138 10 at 13814. At. 58 45 at Canada at 109 75 lit 50 at 108 45 at 90 Canad i Cement at Canadian Inelus ral at "15 15 at can. At it 110 125 at 111 350 at 11114 230 at 111 a 165 at 112 100 at Hou urd soil Ali at 100. Dominion at 107. . Steel 2nd at 710 at 210 at 840 at 1054. Dominion at . Steel at of 80 130 at 80 at 81. Can Ida Cotton at 95. Price at 54 45 it 50 at Montreal at 2q4v 100 at 2080 it 205 310 at 204 5 at 204% 50 at 205li. As Bistos it 150. At 67 National at 46 33 it 2s it 25 at 45. Okla Van at 161. At 158. Quebec at 115 5 at 113. Spanish River at 114. At. Spanish at 104. Steel of at 87 38.at 87vt. Dominion at 95 730 at 100 at 385 at 96 10 at 36vt 220 at 60 at 97 10 at 115 at 98 20 at 125 at 98 a 75 at 99. 35 Victory loan. At 105.4s. Victory loan at 103.65. Union at 116. New York stocks Clark Martin co new York a Uff. 8 Copper High Low close an. Smelting 108 108 42% 42-% 53 j 4% 34 it 34% 55 it 55% 55 is i 119% la j i Anaconda Cerro de Pasco Chile Kennicott Ray Hill Rouchl Atchison 121 4 Baltimore of. 78v Onn. Pac. Fly. 142 142 Chesapeake o. 100% 100% Chicago North. 06 a Erlo com. 31 31 it. N Orth. Pad. 70 70% a. K. To. 3914 391-i to. Pacific com. 35mi 35% to Pacific pad. 81 i new Haven. 34 34% n. Y. Can in nor. Pac Fli pore a Birquette. Hendles Rock Island so. Pacific. Southern .1y St. A. S. A. Union Pacific Wabash Ltd com Egizii Pernt. Aft Amer. Car Amer. . Pullman co. By. Steel Springs 126 motor on. Motors Hudson Hupp. Mack truck Packard Stewart Warner. Set Debaker Timken roller. White motors cat. Petrol. Colden. Houston. Imperial Oil int. Patrol. Marland Oil pan am. Phillips p. Oil and Gas. 54% Sinclair cons. 20ij4 201-4 Stan. Oil of cat. 55vt a set . Oil of ind. Is2vi 62v, stall. Of of . 3-j 41 i Stan. Oil n. Y. 4lv4 Texas co -19.j4 49187 is 42% 52v. 34% Svi. 78 142 99 66 a 31 70 38% 35 a 81 a 34 142 99 a 66% 31 70 38v, 81 a 34 s7-ia sufi a 16. 100 10h4 1 j 2 n 62% 18 199 3414 69 a 48% 43 91 a 28 29 30-4 23% 68% 40% 47 4 101. 49 id 141% 36% 1o3 112 a 11 a 41 126 a 13 200 i 34v, 69 a 48v. 43 91v, 2svf 29 it 67 30% 23 to 44 a 67 69 4-6 100 a Lood 49 i m. 69 86 it 46 99 it 10o 49 it 35 it 101% 112 140 a 141 126 a 126 a 93 a 62 a 62 a 18 18 1985i 199 34 i 68 a 4814 68 a vacuum Oij steel mock Amer Beth. Steel Colo fuel loss Sheffield -i9. A 87 a 39 42% 42 a 103% 31 28 a 29 66 30v, 23% 43 a 68 a 40 it 54 20 55v, 62 a 4114 49 87 a 39 41 a 42 a 15v, u. S. Steel 122% rubber Flake rubber 22 u. S. Robber a set Sukner Amer. Sugar. 67% cuban a. Secir 28 a Toba no tobacco pro 89% tobacco pro a 104 dept. Store 42v4. Isy 103% 43 23 66 23% 43 5414 20 41v. 49 87% 39 41 a 42% 15 a 12314 122% 122 i 59 22 28 a 39% 104 104 mime am. Water was. As 5sh 89 104 employment by districts All parts of report increases in the number of persons employed during May. The Index figure for All Canada Rose from 90.s on May 1. To 94.5 at the beginning of. June. The Index figures for the other districts were Matt me provinces Quebec and Ontario 95.2 Prairie provinces 93.1, and British Columbia 10b. 5. Stocks and shares on the Montreal Stock Exchange Market close is Bridge and Power stand exists Canadian equipment stocks Wuh soon do companies operate near capacity. Special despatch to the free 1 Rem Montreal aug. On the Louil Exchange ended the week in a Blaze of strength with advances by smelters Bridge Montreal Power and Quebec Power featuring in sat urday s Short session. The upward movement was spread Over a quite Broad hat but particularly wide advances in a number of favored issues overshadowed the rest o e the mar Ket. The week end was devoid of any thing new in connection with the Asbestos situation although in some quarters there were hints of some thing important to be announced. Monday or tuesday. Certainly last week saw a considerable falling off in the Statuch Confidence that had been prevalent about the Street that the merger was hound to go through. The Market As a whole gave an impressive display last week with the Lead taken by those issues in which some favourable development is imminent or whose Outlook is particularly Bright. The National steel car company has received an order from the c. . For the construction of. Special cars for the transportation of silk. The new cars Are unusual in construction being specially designed to meet the requirements of the silk Industry just As refrigerating or cattle cars Are made to fill tie de mands of those services. The cars will be 46 feet Long and approximately the same Width As baggage cars. At present the National steel car company is Busy constructing eleven tourist cars for the Cana Dian National railways Hilt will be Gin work on the . Contract about the Middle of August. President Fletcher the Ameri can company in. An interview gives out the following statement which will be of interest to shareholders of the Canadian locomotive company or. Fletcher says the percentage of All Plant operations to rated capacity aver aged about 29 per cent for the period. This Montreal locomotive works which operated at an average of about two per cent1 during the six months As compared with 21 per cent for the similar period of 192-1 and 63 per cent in 1928. During the past six months the Montreal Plant operated at the lowest rate of its capacity of any similar period since its Purchase 20 years ago. The depression existing in the. Locomotive business in can Ada we believe is also but Tempo i Stock prices moved Forward sharply in the trading on the local Exchange last week with particularly wide advances by Dominion Bridge Montreal Power Price Bro thers and Quebec Power featuring the period in the Case of Power the impending split up of shares would seem to have provided the principal impetus. The buying of this Issue was characterized As of the investment nature in the Case of Bridge the movement might have been in. Reflection of the fact that it is now generally known that the company hag in. Sight Busi Ness sufficient to keep the company going for a Long time. The buying in Price Brothers was the most part from London sources and would seem to be biased on the future our look for this company rather than any immediate development. The Asbestos issues were the weak spots of the week s list and while there were Rio new developments in the merger there appeared the period under review to be a growing scepticism about the out look for an Early consummation of the Deal. Tho paper stocks with the exception of Price Brothers which was up sharply and Howard Smith prefer red which suffered a Sharp decline in a Light turnover were for most part firm in Light trading. A rom sources in close touch with the Prin Cipal newsprint producers it is Learned that. These companies Are for the most part producing at nearly capacity it is Learned that Spanish River those year ended june 30, will show in their financial state ment for that period a surplus of about charges including preferred and common dividends. Other Strong spots in the week s list included British Empire steel first and second preferred. Smelters Shawinigan and steel of Canada. Estimates Are favourable to bulls american crop of Over Bales is needed Hester s estimate of the amount of. Lint Cotton of. American growth on hand in All parts of the world on the first of August 1935, is Bales. A year Ngo his estimate was Bales. While the total this year is larger than last the figures yield Only to a. Bullish interpretation according to the Wall Street. Jour Nal. If Europe continues its recovery the world carryover of Bales of american in Attis a slim Assurance against a crop failure. Louiw teen million Bales is outside of All estimates of the crop at this time but take that As the base from which to figure and future Esti. Mates can be changed according to. The crop gains or losses. That the world consumption in the present season exactly what it is was according to Hester s Esti mate last year. Then if there is a. Crop his. Estimate next year must show a carryover reduced about a Quarter of a million Bales. In order to real Security and ease to the spinning Bur crop assuming a continuance in the recovery of Europe must go considerably beyond Bales. 90i4 by Len Mafli in. 5314 5js4 col. Gas 72% 72% cons. Gas 90 Pac. Gas elec. 116v. Put. or.- 84% is a air reduction los ii 10514 Allied. Chemical. Aids Chalmers .82 82 82 an. Can co. 218 it 219v. 218 an. Int. Corp. 36. 36% an. Woolens coca cola 141% Jon oleum co. 247. Continental can. 7754 Davison chem. 42 Dupont 199 82 4014. 40vt 141 139 77 a 42 a 199 107 42 199 famous players. 407 107 Al Lachmann s a. 98 98 general. Asphalt. 54% general electric. 313 3l6 of. Nor. Ore. 28 a 28 r. M. Mar. Int. Nickel ._31 int. Paper 56 a. Anier. Co. 59v4 p. And r. Coal. 39% radio corp. 56 a Simmons co. 49% Tex. Gulf sulph. Worth. Pump 40 a wait. Elec 31 66 h s9vt 39% 4944 51 31 66 it set _ 49 11144 ill a 40v, 75 72% 36 a 13944 24 it. 77vt 42.14 199 107 Sqq. 5494 310 28. 66 4 say ,39h 49 4014, 7.4% Copper steadily increases demand is greater in All branches of Trade the american Bureau of Metal statistics estimates consumption for second Quarter at com pared with for. First Quarter and for last Quarter of 132-4. Domestic shipments same periods were and tons respectively. Electrical in United states in second Quarter consumed tons of Copper compared in first Quarter of 1925, and in last Quarter of automobile consumption for the Quarter came com pared with in first Quarter of and. In last Quarter of 1924 for Export consumed against 000 tons respectively. Consumed Tonsi compared with and respectively. Eight specified Indus tries in second Quarter consumed a total of tons in second Quad compared with in first and d4j950 in last Quarter of 1924. New York curb. Standard Oil of Indiana 629fc to Standard Oil of new York. 41 to 11% Imperial of 30% to International Petroleum 23h to Continental Oil to 23 a British Abner Canaii 38% to Leo motors 21. To Banks. Montreal Nova Scotia 275. Royal 235. Union 116. Commerce 207. Increases Oil output in the first six months of 1925, of 443 Wells drilled in. The Tampico District 160 were commercial successes with initial production of barrels v i is steel opera tins operations steel subsidiaries this week Are just under 70 per cent capacity compared with per cent last week and 61 per cent a Montt Tyaglo t american Coal strike should not last Long Anthracite mines Are now at Capa City production bituminous out put is also very great special United Cwb despatch to free press by free Tress private wire by Todd w. Wright new York aug. By the possibility of a. Coal strike sep tember 1, the demand for Domestic size of Anthracite is assuming such proportions that operations in Virtu ally All Anthracite mines have been seeded up in the last week to Capa City. There is Little evidence of concern in the Trade As a result of the withdrawal of the miners delegates at the Atlantic City conference taut in addition to the 20 Cunt Advance by the Large companies at the beginning of. The month a firmer tendency in Independent prices is reported some of Tho latter of group demanding a 25 cents Premium in the preferred sizes. Developments cumulative Over the week end negotiations Between the miners and operators have shown no Radical change since their interruption Early in the week. Some sus pension of the mines it is he Leved will be necessary to Force a Settle ment but it is not generally expected that Tho suspension will be ions. Retail Yards arc Well stocked As a result of the Spring and Early sum Mer accumulation but it is True there has been a substantial movement from these supplies in recent weeks. In the bituminous Field there has been a further increase in production representing the. Continuation of the tendency evident since Early in june. Productions for the week ended August 7 was the largest since Early february. Demand has kept Pace with the larger output so that prices have become somewhat ii Mer though no. Wide Advance has taken place. Low volatile is showing some Bene fit from the present situation in the Anthracite Field and a steady Price improvement is noted. Mon trates will Harden this fall August is last month of easy Money Money rates Are slowly hardening about a says Moody s review. There is no dearth of loan Able funds and no probability of any but one May reasonably expect that Call Money should be definitely firmer the last week of the present month and that time Money should show a slow but persistent upward movement into october anyway. Relating the Money Market to the Stock Market one must observe that August is typically the last month of distinctly easy Money. If present monetary trends continue borrowers on collateral May find a month or two from now that the interest rate plus the Stock broker s interest profit will bring their interest payments up to a relatively High figure. The remaining reasons for optimism concentrate themselves upon this present month. Especially is this True of railway stocks for the aug ust and. September net earnings should make an exceptionally Good ought to be reflected to some extent in the share quota american car loadings reach new Peak figure More cars were loaded with re venue freight on american railroads in the week ended july 25 than in any previous week of the current year to Date according to the Ameri can railway association. Total was cars Tho second car week of this year up to the present time. Compared with the previous week which up until now marked the 5925 was an increase of curs or per cent and it was cars or 11.1 per cent Ovar the corresponding week last year but a decrease of cars or 1.1 per cent under the same 1323 week. Total was however consider ably larger than in the corresponding weeks in ,1922, 1921 and 1920. Higher shipping rates an increase of 60 cents a thousand feet to effective september 1, was announced at Vancouver last week in steamship rate on lumber from the North Pacific to the Atlan tic coast. Money at work credit should be handled As carefully As High explosive. Into a surplus is often converted fixed assets sup aus did in dividends it my be invested in fixed property Peak production of american Ott May be reached report suggests higher Oil am gasoline prices Are inevitable will be needed m How can you determine whether or not a Large surplus account on a company s balance Sheet has Al ready been appropriated or is still free for dividends probability that lir the United Pikso. Male Peak of production in have a a Terr a upon their i of Kenw and is inn in special Opu to r m a Lio Sci pts from of the fori mos of the country. The a on Iii ions of this that on tempi on i. Creatine Morr rapidly than that Lii her prices of Petroleum pm inevitable and Are is stimulus 10 Jiroud Eliw if exception of jew year since Jjck one of the easiest mistakes the average investor can make is to assume that because a company Lias a Large surplus it can pay big i ply. Comm Tom now in. I reply in Ollie Voo ated a that with in Ore when Domestic shown an nver the Prevez year thai rip spite phenomenally pools Arnii trait in in Anil of of Consu Ptim was 31 per cent great the of the rate increase of 3.7 dividends or in fact any dividends at All. He atom apically assumes that a surplus is in the form of extra Cash Wing around just wailing to be declared in dividends. In most cases that is not. True. To May have taken Twenty years to accumulate that surplus and ordinarily it would be invested in the business in the form of fixed prop Erly. Cash dividends cannot be paid from Money which has already been invested in a factory. The important question to the investor considering his chances for dividends then is How much of that surplus Lias already been spent and How much is available for dividends since Only Cash or its equivalent can be used to pay dividends that question can be answered by total ing those liquid assets and subtracting any debts that May be coming due shortly. In Short he would then have the total of not Quick assets which is the fund from which dividends must be paid. That figure is 1he one which determines How much of the surplus is available for dividends. Copyright 1925. Associated editors inc the for til an while in 1024 Supply the rate of consumption 5.1 per cent., or a spread of g cent Between consumption and so. Henvy importations and in. Creased volume of Oil in storage steadied the situation but then conditions Are Noc is Kurily Ai a. Oil imports expected a. Remedy Tho United look to increased and then to the development use of substitutes Lor Murit a must tons and sum financial notes which is right while Canada congratulates her self on her improved Trade balance with the United states the depart ment of Commerce at Washington publishes returns which show in creased import by Canada of Ameri can instead of the decrease noted by the Dominion Bureau of statistics. The mystery remains unsolved although tile solution prob ably lies in the use of a different statistical base. It is suggested that re Export figures May be included in one Case and not in the other. A land reclamation scheme reclamation of the Kootenay Flats near Creston b.c., draws nearer with the proposal of Hon. T. C. Pat Tullo. British Columbia minister of lands to offer. Acres free of charge to anyone who will undertake its drainage and sell such portions of it at a Price which will insure cultivation. The great Fertility of his untrained land has been ions recognized. Active steel Industry the spectacular Rise of . Steel common at new York yesterday May Well be due to the continued opt m i stir reports from steel w Educ Long centres in the United states. The rate of production of this Basic i commodity is far ahead of that a year and one Independent pro Ducer Trumbull at Yousuf town. Is reported As operating at 100 per cent capacity. A search for Platinum development of routes of communication to its leases has been completed by the Tulameen Platinum company in British Columbia and sluicing will begin in the near future according to the Vancouver Sun. A certain number of sluicing dredges were taken to the scene of operations on the Fraser and ques Nel Rivers last Spring. Oil say the report increased steadily from 19-10 a 1923, but showed a marked re Verbil i in i9 j4. Whether or not. 1823 re. Presents the Peak of production in i the United states it is still too Early to Hay but this reversal is the mod significant indication that has it. I Velu Ped in this much discussed Jet. Study of the economic princ Lelm relating to production of Oil urdu Cater that the chief in la. Creasing production is Rii Long or Lei. If. Therefore an Roult of the crease of consumption relative to Supply prices Rise the inc Euve to further exploration Fri new flows becomes greater. Tie Cost ported Petroleum will in the probably be greater than thut of present Domestic production but Ai the recent tendency is fur the Coil of producing Domestic nil to it is Clear that if the consumption continues to increase at the rate established in recent years the demand can be met Only by higher radio equipment sales will show improvement there is Little doubt concern pm i improved Busi Nelm and out loot few Tho Sale of radio equipment nays 1to Wall Street journal. Already miss of the manufacturers Are to look after the larger orders Eta ing in for Call Busl Nese. I have enlarged their factories altogether Outlook for j ton of the Boom which was temper Arlly held up this Spring in on comr i ing. Officials of the radio corp. Of America Are looking for sales beginning next month and it looks As if the Winter will again so record sales. The Copper and brass he Searah association estimates product my will he sets in which Tel consumption of Copper and brass be about Cotton rect Ines Washington aug. Cotton crop declined to Tho extent i 22.000 Taal a Between july 16 August 1. Tim department of Azicri culture s August 1 forecast of prospective production. Issued places the crop at compared with a forecast of based on july 18 conditions. New Vork Cotton. Clark. Martin open 23.p9 24.10 c.o.1 oct. Dec Jan. Mar. May spots new York firmer at for Arxty at for demand. Allver. Canadian Premium. Vranics demand. 4.66h. Demand absolutely pure and thoroughly matured ;