Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 14, 1925, Winnipeg, Manitoba 12 Manitoba free press Winnipeg Friday August Schreiber mining men con Sider discovery of new Gold vein May develop into one of richest mines in Ontario. It r .1 1 news 01 the business wond Trape Commerce seven Sisters May be Centre of Power fight mayor states ownership of Pinawa gives control of Only other available Power on River sounds of a far Distant Battle Utility concerns in Winni Peg for control of the seven Sisters Falls the Only available Power site on the River. Were heard at a meeting of the special commit tee in pure a he of the Street railway yesterday when the question of buying the Pinawa Power Plant from the Winnipeg elect rec company was raised in connection with the traction system Purchase. Mayor r. H. Web. Chairman wan asked to a detailed report from j. O. Glassco manager of the Hydro electric system and other civic officials on the City s future Power Supply in rotation to operation of the Tram system with a View to taking Over Tho Pinawa Power Plant if required. Mayor web. Himself brought up the question of acquiring Pinawa and pointed out to committee members that whoever owned Pinawa when the Power resources at Falls owned by the Manitoba Power com Pany and at. Slave fails owned by the Hydro elect rec so Stem. Were absorbed would hold control of the seven slaters Power site. Veering from Thor position of a year ago when aldermen with one Accord took the stand they would allow Tho City to be saddled with the obsolescent Plant at Pinawa if the City were to consider Purchase of the traction system the majority of members adopted mayor Webb s View and agreed to look into the question As a Means of ensuring future Power development for Tho City. Mayor Webb thought it a significant thing that Tho company had included Pinawa Plant in us statement of properties to to Wold to the City with the traction system and. Interpreted it to mean that the company itself was alive to Tho value of the Power site even though Tho Plant itself were oboes cent. Rail chiefs to discuss Alberta railway problem can Lynn desp nth Edmonton atta., aug. Hah vice president in Montreal of the Canadian Pacific railway will attend Tho conference in Edmonton next week on Tho question of joint operation of the Northern railways. Premier Greenfield has received word to this effect thus assuring full representation at the meeting. The conference will be Hehl tues Day instead of monday As arranged. Sir Henry Thornton has wired that he will be delayed Ono Day in Here and Tho Date has therefore been moved ahead to arive both of them More time. Bank of England shows further Reserve increase foreign Exchange Tho United states Dollar was United at 1-s4 per cent discount the British Pound was quoted at Normal Price without Bank charges j4.s6 2-3. The following quotations Are in cents per unit of currency Par today s value belgian Fronc 19.30 brazilian Mirels 54.62 Dan Krone 26.80 finnish find Nark. 19.30 French franc 19.30 German Rel Schwark. 23.82 greek drachma 19.30 dutch Florin 40.20 Indian Rupee 2 shillings italian lira 19.30 norwegian Krone 2g.80 Spanish peseta 19.30 swedish Krona 26.80 Swiss franc 19.30 Price 4.57 12.26 23.33 2.56 4.74 1.63 40.46 36.96 3.68 18.s9 14.55 27.06 19.55 Winnipeg stocks Winnipeg. Auff. 13. List Rel Par value. Bid. Asked. Braver fire co. 100 105 can. Fire Ink. Co. 50 can. . By. 100 141 Crescent Creamery 100 60 it. Wont like As. Co. 100 325 Home inv. Sav. As. 100 65 n or. Mort. Paid 100 75 n or. Mort. Paid 100 35 nor. Trusts co. 50 35 l non Bank of can. 100 115 elec. Re. Co. 100 51 52 Brit. Am. Oil co. Ltd. 25 29 North Star o. Co., pad 5 4.10 Western grocers pad. 100 31 w per. Al. Ity. Co. Pad 100 95 bin Foo mines 17 so for 1925100.05 1931 101.90 1937 104.40 round liner 1928. 1943 10e.oo 102.25 1943 97.15 97.20 War loan 1927 301.30 1932103.25 Victory 1s27 102.05 105.70 105.80 103.70 104.10 108.60 108.90 Bonds Are for 1933 1934 1037 quotations on Victory denominations. At 100. At 101.80. 200 at 101.80. At 102.10. 1.000 at 102.15. At 97.15. 500 at 97.15. 100 at 97.15. 500 at 97.15. 500 at 97.15, at 97.20. 1937, at 104.15. At 105.65. 500 it 105.65, at 105.75. At 103.75. 300 at 103.75. London. Auk. Weekly state ment of the Bank of England shows thu following changes in pounds total Reserve increased. 832.000. Circulation decreased Bullion decreased. Other securities increased 3.37g.ooo. Public deposits increased other deposits increased. 232.000. Notes Reserve increased s46.000. Government securities increased 710.000. The proportion of the Hank s Reserve to liability this week is per cent. Last week u was 31.21 per cent. Rate of discount 414 per cent. Montrea stocks Mcdougall it Lovans. I Montreal. Aug open. High. Low 66a 71 i 71 31 Lisi i 139v, a Hillel corp. Atlantic sugar Bell Tel a Rall traction Brompton paper steamship p. Can. Cement c. Moment pad. Can. Convert can. In. Alcohol. Horn. Bridge. Dom. Canners dam. Textile Howard Smith of Woods. 187 mom. Power. 206 National brew 5-1 i Clivle. Price Bros 55 Quebec or fan. Power. 44 it 108 35 it 15 97 Ioa 85 a 40 81 Sniel Tere River s. R. Pad. Steel of can. Was. File. Victory 1937 5 i 1944 114 76b 163 102% 87 so ii 340 62 21 44% 108 15 97 108 36 40 81 i 187 209 52 it 165 115 44 103 it i 85% 97 108 85 a 40 81 187 206 s4 164 55 114 87 50 i 13. C . 66a 31 i. 140 62 20 i 44% 108 117 it 85% 97 a 108 851 i 40 81 187 209 53 165 55 a 115 167. 113% b 87 51" 108.90 108.90 103.90 97.25 97.25 97.25 97.25 s1okxbeai, sales Mcl Dougall Cowans Bell 5 at 139% i 8 at at 60 v4 100 at 710 at 10 Al 110 at 575 at Brompton paper 25 at 21. Can i my. 116 at 15 10 at 14 a 260 at can convert 15 at. 105 at. 44 i. Con. Iso at 25 at Banque Ca Nadienne National condition As of May 30, 1925 Cush by glances duo. By other Banks Dominion and provincial government and Canadian municipal securities at Iris than Market value foreign Public securities Paris Branch in vestments at than Market value other securities _ Al less than Market value Call secured by collateral of ample marketable Vij Sjue current and discounts after providing for All doubtful debts and contingencies real estate. Mortgages and other assets at loss than marketable value rank premises furniture and fixtures at less Thun Cost Price and. Marketable value miscellaneous Cash value total assets notes of the Bank in circulation 5 deposits. Miscellaneous liabilities to the Public. Liabilities in shareholders. Capital. Rest fund and undivided profits total liabilities Jiining Ziair 10 the Gin with a world wide reputation for absolute. Parity you ate taking no chances if you mix your cock tails with Gilby a London dry Gin. It in genuine London Gin distilled in England from the very finest materials. There is none better. Distilled bottled and guaranteed by w. A. Gilbey London Edinburgh Dublin he Doc Oporto Etc. Rich Gold find is discovered near Schreiber engineers believe mine May develop into one of greatest in North Ontario Field Canadian press Despon Lucli Toronto Avis. Of a sensational nature a new Gold discovery on the property of the North Western Ontario Gold mining company near Schreiber. East of fort has been received Here according to he Toronto Star today which Kays reports Tell of the encountering of vein Caryl off Gold running in value As High As to the ton. At the Point where Rich bearing Ore was found the same vein was tap Ped at 400 feet below the surface of the ground. It is the belief of Engi neers that an enormous body of Rich Ore goes Down to that depth. If the present prospects Are sustained it is he consensus of opinion among mining Nen at that the Northwestern Ontario company have uncovered one of the richest Gold mines in Ontario. Little difficulty is expected in min ing and sloping the new lode. New York capital is behind the company. The same firm have been Active for Many months in the Schreiber District and Are in Possession of promising pro Perty elsewhere it is 495 it 1141210 at 115 10 at Dom. At 35 at 86. B. E. Steel at 3. At 170 at 81 100 at Palco St. 55. Montreal at 206 125 at 25 at 315 at 207 30 at 106v . At 54 2.310 at 5314 880 it 53 75 at 285 at 225 at 53vi 690 at is a 725 at 285 145 at 160 at 105 a 52 of Lovle at 164 70 at 165. Quebec. At 114. At. 163 85 at 164. Steel of 45 at 87. Dom. At 97 110 at Victory at 9725. at 5054 215 at 83 at 51, afternoon Seleg. Bell at 140. 7 at 139% at 61, 265 at 635 at 61 a 110 at 425 at 61 is. 145 at 745 at at 62, 730 at 62. Brompton at 21. Canada at 108. Canadian Industrial at i in. At consolidated at 125 it 115h. 25 at 116h, 160 at 116w. 25 at 17. 275 at 85 at 125 at 116. B. Steel at 3. I Moln. 86. At 81. Price at 55v4. Montreal at 208, 125 at 50 at. 207 100 at 208 it 305 at 255 it 155 at 209, 25 at 209vj. Asbestos at National at 53. Quebec at 115. At 164, 800 at 165. 10 at 166. Spanish at steel of at 37. Flt 48. Winnipeg at 51. Him Mol 3srnton Sellers buyers Commerce -06 lome non 205 203 a peril 198 196 font real Oil 246 Vova Scotia .275 Rowl f 236 Toronto Union 117 Muscella brazilian traction l. A. Findlan Pacific. . Canada Cement common Canada Cement Precell cd Canada steamships com Canada steamships pref Dominion Bridge Dominion to Catilo Auren tide co. Montreal Power milling co. W t r p w r co steel co. Of Canada Toronto Street railway Winnipeg electric ily. Call. Time. Sterling Cable transfers n. Y. Actual Sterling demand Montreal Rale Between Banks 48 Sterling York actual 43 5 Sterol is sixties Montreal rate Between Banks 48 172 Sterling sixties new York actual. 48 now rate Between Banks 1.32 die. Co a 143 Ioa 116 44% 97 81 i 164 i 163% 163 4 48 48 45 98 86 2o6 187 72 new York stocks closing bids Clark Martin co. New Volt aug. Is. Open. High. Low. Close. Copper Floc a mfr. Smolt no 106 106 Anaconda 42 Cerro tie Pasco 62 53 it Chile 33% Granby 17 16v4 inspiration Ken Newcott _ 54 53 Miami 10 Ray 149v 14si Railroad stocks Atcuson 121 bait. 0 80v. Can. Pac. By 143 ones. Of. Chicago n. A. 67j1 67v4 Erlo com 32y4 33% it. Nor. Lira 71% 71 it a. C. Southern. 35h 35% a. K. T 39v, 40 37v, 85 86 35 a 36 11914 68 45l- t 37 48% ,94 St 103 43 27% 53% 10 15 121 80 it 143 104% -105 i 103% 103v4 68 a 32% 71v. 35 3914 85% 34-y4 119 67v. 33 a 35 39% 37 it 86 119% 87% 96 y. 15v, 100 it 87 47% 94% 15 45 w 70 h 47% 96v, 15 to. Pac. Com to. Polho pad. Haven n. Y. Central n or. Pacific Penn pure Marquette Reading. Rock Island St. L. 5. Of. St. Paul pad so. Pacific 100 Southern by. Loo i 100 a St., s. A. 49h 49 48% Union Pacific 141% 142vt 141% 142% Wabash com 39% 33% equipment an. Car Fly 102% 103 an. Loco. Lulli 112v. Baldwin Loco. 113 114v4 114 Pullman co.142 142 141 it 141 Ila Gnato. 29% 30v. 29% Chandler 29% general motors 31 9214 89 Hudson 63 63 61v, Hupp. 1794 Mack truck 197 209 197 compared with the corresponding month of 1934 the operating Revenue of the Canadian lines of the Canadian National railways dropped to in june. However operating expenses were Cut by to the operating income for the month was a deficit of the first deficit since february but this is a better showing than ast year when the deficit in june was 3414 Rosr. 66 Packard Stewart w Stron Raberjr Timken. Roller b motors 92 a Willys Over. Pad. 102 Willys Over com 18% Oil Atlantic heh Nln Calif. Petrol. Cosden Houston Imperial Oil int. Petroleum. Marland Oil Pacific Oil 34 h 3354 97 28 i 45 a 43 94% 104 19 98 a 44 it 102 1714 97 27h pan am. Phillips Petr. T Mairle o. A Puro Oil Royal dutch Sinclair cons. Stand. Oil of Cal. Stand. Of of ind. 30 23 38% 52 i 25 a 48 i 39% 39% 4iy. 63 33% 60v, 4o stand qty of . 39% 4o Stan. Oil of . 40% 40% Texas co. -46% 84 i 84% 41 a 52 i 38-4 48 i 40w 46% 84 h vacuum Oil steel am steel a Drys. Beth steel 41 41 i 41ft 30 30 62v. 17% 207% 34% 66 67 44 i 42% 93 v4 104 19 97 27 a 23 it 62 23 a 41 y. Sun 53" 26 49 19 60% 39v. 41 84 Canadian National railway earnings mines and the Money markets City must buy increase of in Winnipeg Bank clearings Fea Tures last week. Every Western City has bigger total. Operating by Penabab stocks and shares on the Montreal Stock Exchange biggest Day s trading in 1925 sees nine new breweries is Strong Market closes at of 62 Montreal tramways presents Good report. Special despatch the Montreal aug trading on the most Active scale for any full Day this year to Date stocks on he local Stock Exchange on thurs due moved Forward in vigorous manner eel by breweries brazilian and the sower stocks. While the impetus May Lave been Given to this revival of in Terest by the favourable development the brewing Industry there is Evi Dence about the Street of growing pubic interest which As yet , is confined in a number of specially be and is far from a Road development. Of the important groups on the Board the one i which the least interest is exhibited is the per group which apart from Price which continues Strong seems in an extremely Dull mood nine new Peak prices were established these including brazilian sol dated smelting Dominion glads preferred the fronted my issues men real Power Oil Lyle Price Bros and Shawinigan. Naturally much of the interest in thursday s Market centred in National breweries in View of the settlement of the Beer Price-cuuuifi1 War that is sue being1 dealt in and scoring gain of 3 eds Points on the Day the change of control of Frontenac i ringing with it peace in the brewery Industry Here was hailed As a Moat constructive development frown the Point of View of the companies concerned but for the province As Well. If strength and activity of brazilian continued abated in thursday s mar Ket that Issue closing at the new top Price of 62 . In a turnover that was Only slightly below that of brew eries the Active Leader. Further strength of the Mirels which carried the rate Well beyond the j2 cent Mark May have to some extent been responsible for the interest in the Issue but apart from that there is a growing optimism about the company a opera Lions by one in close with the affairs of the company it is pointed out that there have been ploughed Back into properties of brazilian traction millions of dollars taken out. Of earn Ings which creates a situation where by shareholders Are bound in the Long run to profit and profit Well. While it la by no Means certain that there will be an increase in the dividend this year there is a feeling in Many parts of the Street that such a development is bound to come1 next year. Montreal tramways continued Toswall at the new top level recently established in reduced trading. Something of the soundness of that company s position can be gathered from the figures for the operations of the company for the year ended june 30. Which will be presented Friday. During that twelve months period ended tune 30 of this year Gross receipts were approximately higher than in the previous year. Capital invested has reached 41. Millions As compared with about 3g 1-4 millions in 1018, at the time of the drawing up of the contract. Another feature of the report in is Learned is that the tramways company has completely paid off the indebtedness to Tho City of Montreal All City lines says Tjiong to reach Mutual agreement on Street railway Chase of whole system essential financial notes acquisition by the City of the Winnipeg electric company s traction system will involve Purchase of suburban lines and of the suburban rapid transit company As Well As the inside system if the Deal is to be settled by amicable arrangement by the two parties concerned. This was the dictum from a. W. Mclymont vice president of the Winnipeg elec tric company read at a meeting of the special committee on Purchase of the Street railway system held yesterday in mayor Webb s office. Replying to a request from the City for information on the operating costs and Revenue of Street railway within the City or within the single fare zone or. Reumont wrote i find that this company has been supplying the City Hall with monthly statements since inception of the Jitney agreement in 3918 setting Forth practically what you ask for in your letter except that the state ments cover operations of the whole traction system of the company and Are confined to the single fare zone but inasmuch As our negotiations have proceeded upon the understanding that so far As this com Pany is concerned it would Only be prepared to come to a Mutual agree ment to sell put on condition the City take Over the whole of the trac Tion system of the Winnipeg electric company also the suburban rapid transit company the statements Al ready submitted would appear to cover what is recapitulate statements. A recapitulation of the monthly statements was appended to the let Ter under a report from the Secretary of the City s own committee but this was acceptable to the committee inasmuch As members wanted the company s own figures on operations inside the City. Aid. Heaps declared the least the company could do was to provide the information sought by the City As it would be required when a bylaw was submitted whether the bylaw was for Purchase of the whole system or . On his motion the committee instructed the Secretary to write the company ask ing for a separation of the earnings and expenditures for the single fare zone and the solicitor to take up the matter with the company also. The financial statement As pre pared from City reports showed a de Cline in earnings of the system since 1922. In that year Gross earn Ings were and expenses leaving earnings of in 1923 Gross earnings were expenses and earnings whereas in 1924 Gross earnings dropped to expenses were and earnings London assumes . And . Will unite . Sells on change 147 1-2 Al London aug. Stock Exchange Gazette Saya that there is an Uri Etsy feeling regarding the recent invitation of the . Bondholders to Ottawa for sir Henry Thornton s later statement shows that theil Vita ton was in the nature of an. Ultimatum. The same journal Speaks of the cryptic message from Ottawa. In which the minister of railways denies that there. Are proposals for the amalgamation of Canadian Pacific railway and the National railways under consideration and says who e awaiting More definite information it is assumed in the Market that the government has decided to proceed with the recommendation. Tor he Awo sys tems to be put under one the Canadian Pacific ten per cent dividend to be guaranteed and the National railway finances Canadian Pacific Stock is in demand today at 147 1-2. 39 71 80% 47% 120v, 20% 63% 56 it 65. Ziv 10% 36 32% 87% 116 67 Colo. P. Ana 1. 19 59 z9 Crucible 70% 71 70% Gulf states Stool 80% 80% 8o% re pub. I. And a. 47% 47% 47h u. S. Steel 1201v121 120 rubber Flake rubber co. 20% 20% 20 Goodrich 53vi 52% u. 3. Rubber 55% 57 55h suffer stocks am. Sugar 64% 65 64% cub. Am. Sugar. 25% 25% .25% Cuba. Cano sugar 10% 10% 10% tobacco cons. Cigar co. 36 36 36 Reynolda 82v, 82% 82% Tob. Products 87% 88 87% Tob. Prod. Department store May dept. 116 116 116 Mont. Ward. 66vi 67% 66v, . Drug. 129% 129 it 12914 fears Roebuck 191 it islet 191 191 Woolworth 161% 162v4 160% Public Utility . T. And t. 139% 139 139% am. Water was 61 61 62% b m. Trans. 51 51% Columbia Gas 70% 71% 70% 70% cons. Gas 88 88 88 88 p. Gas and elec. 114 114 114 114 pub. Ser. . 81 83 8hj 82% ale Lledo. 105% 106% 10614 105% 96 a 94 apparently Given the impression that an amalgamation Tho Canadian Pacific and the Canadian National to to take place alone the b tested in the port. Over ten million increase seen i local Clear ii York however has failed to set in rumours for . Wall Street Chanse at 143. Lack of information seems to lie at Tho source of this Dif Ference. Bank mergers Anain Throe of the largest financial institutions of South Africa the Colon Ial Bank the Anglo egyptian and the National Bank of South Africa Are soon to join hands according to mesas is received from Cape town. The new institution will to a purely african institution however for Barclay s Bank., one of the five in the British Bankins word will have control. The new Bank will be known As Barclay s Bank Domlin Ion. Colon Letl and overseas with capital of the steady tendency amalgamation is proceeding All Over the world. British piano makers gain before the War British manufacturers of pianos and other musical instruments were Eilif Ferlinc severely from Competition principally Ger Man. The cessation of that Compeli Uon for the past decade has sufficed to place Many British firms Well on their feet and today British imports of and organs have fallen off greatly while exports have increased. It is curious to note however that Britain still exports More piano than she imports. British depression Coal and Pis Iron companies Are bearing the Brunt of the. Loft pro longed depression of Industry and Trade in Britain. In the last 15 months the Stock of seven of thu leading Coal and pie Iron companies of the countries declined by almost two millions Sterling or about 20 per cent. The undue depression in the Coal Export Trade however is largely responsible for this state of affairs and when hotter times come. These same industries will be among the first to feel the Happy impetus of greater Trade. Asbestos shareholders to receive new Bankers offer Canadian despatch Montreal aug. Tion reaching Here today was 10 he effect that the Bankers the Long mooted merger of companies were prepared to Jho in Cash for the Oom Mon and for the preferred shares of the Asbestos corporation of. Canada which recently declined to enter the Merser because of terms it consider of unsatisfactory to the interests of its shareholders. A meeting is expected to take place in new York Early next week Between Reid. Pil lion and co., and officers of the can Adian corporation. In receivers hands. Halifax n.s., aug. Announce ment was made Here today that the boar River pulp company had parsed in the hands of the Eastern Trust company which was appointed interim receiver by the supreme court. Oil output is greater. Lurk. Martin a co. Or Viita wire. I new York Auk. American Petroleum Institute estimates domes lie crude Oil production for the ending aug. S at an average of 200 barrels Dally in increase of Over the preceding week. Western Centre shows bigger Bank Clearing compared with 1924 o n of in More Vnrlr-o1. Montr. Report Kuhn annl Hairm. Is and win Der. How Fri the Hunt Dominion Calgary 6.471.0h a Momon Medicine hat now refit Minmer Vancouver a i 191 Taco Al Lorla Foller. Hammond Argo to 56. To 31. Crown to v4. Indian West dome u to 14.80. To to 8.40. Teck to 1.78. 10 18. To 1.23. To 33. Curb close. Osier Hammond Linnton Oil of Indiana Standard Oil of new York 41, Imperial Oil. 3014. International Petroleum 23h. Continental of 23. British american Oil. To jmj Reo motors. 21% 10 Banks Commerce 206. Montreal 24cw. Loyal i35. Union 115w to new York Cotton. Co oct. 23.5s 23. M 23.3iv.si dec. 23.rl 23.sh Jan. 23.31 31.00 51 mar. 23.60 23.25 i Ilay 2.1.99 23.60 t spots 23.50 Down 75. Bank Stock sales Canadian prims Montreal Auff. Stocka.1 hoche Laffa at 150 to 151v4. We want you to appreciate the Clear clean sparkling Quality of White Seal the Light bottle Kiewel brewing co., Ltd. St. Boniface phone n1888 or n1178 for delivery to permit holders residences ;