Winnipeg Free Press

Winnipeg Free Press (Newspaper) - September 7, 1928, Winnipeg, Manitoba 16 l interesting Stock is added to list traded in on Montreal Stock Exchange. Controls number of j companies. Manitoba free Winnipeg Friday september 7, 192s mines an the Money Lyall moves up on news of big rail situation before Vancouver 1 listed Benver can. Fire _ 50 can. Pacific Ray 100 Crescent Creamery 100 Grcic West 100 Home nor. Mortgage part paid Northern 50 or is sleds _ ------100 reuse piers Coin Standard 50 Winnipeg electric 10u Western steel .___100 Western steel com unlisted stocks Beaver lumber old Beaver lumber com 100 j British Amer. Oil_________25 Muir. Bridge and Iron 100 North Star of pad 5 pm Lilied acl North 3tar c0m_. _ 5 Western breweries Montreal prices otherwise easier following Selling pressure in new York Winnipeg sept. 6. Par. Eld. Asked. 120 108___ 213 101 i 102 600 78 77 2g 51 Montreal sept. Vance in values extending Over several weeks Here and the Selling movement developed in the new York Market were the chief factors in creating an easier Price tendency in fhe trading on the local Exchange thursday stocks in uhe main moved within a narrow i ice Range and in no Section of tie list any real sailing press Urc apparent. When consideration is Given to surrounding conditions the Market is at the present time giving a Fine account of itself. Several new Strong and Active features name to the lore As recent favourites were allowed to rest. V la Roll was an Active feature in the Driy s Market and under steady de Mand sold up to 67 at which level profit taking influenced by the j Gene rally easier trend carried the traders _ 100 Western Camilla four 100 Winnipeg electric pad 100 can. Can. National City Dairy City Dairy great West saddlery com. Monarch Helito cd Grain Sovereign United Drain growers 111 95 3c ids 130 38 105 535 thu 105 10-t 107 125 29 100 1ft1, 35 speaking before Vancouver Board of Trade says letter and spirit of railway act is sound .560 500 speak link in Vancouver this week 11 y. J before the Board of Trade of that City in. W. Beatty k.c., president of the us Durall Cowans sept. 6. Open. High. Low. Close. Abl till 5u Asbestos 28% 2u Asbestos pjd.______80vi 80 m Suvi Alta Grain _ 61 co 66 brazilian Luew 58 i 58 a 5751 57% Bell 18314 163li Itisha brompton________41 42 41 42 Canada brew 30 30 30 30 can bronze______101% 101% 101k id is can. Car com.___45 4514 45 4514 can. Cement com. _ 27% can Power paper 30% can. Convert.--------105 105 10s can Indus. Al Coill. 43 s 43 Domin. 87 i 87 Domin Glass -_____138 138 138 Domin. Textile--------118 118 118 Fraser on 61 co into. 11d Lake of the Woods 50 5c 30 07 102 War loan. 1931 Victory loan 1933---- 1034 War loan 1940 102. 5 102.30 102.35 106.00 s i 101.25 5 99.75 5 102.40 98.75 98.85 quotations on Victory Bonds Are or sales. Massy Harris com 43ja 44 Canadian Pacific gave a synopsis of. The views of the railway situation As held by officials and directors of the Railroad. Voicing his Confidence in the Gener Al situation or. Beatty said that among the indic Tiomi the country s real Progress were four factors of Espe Cial value because of. The wide Range of activity which they reflected one of these was supple in by the railways throw High their car loadings which indicated the volume of. Business being transacted in the country another by the employment returns obtained from employers. The third Lay in the Field of finance the fourth being the amount of building construction going on. Cumulative car loadings to August Montreal Power Nat. Brew. Ogilvie Peter Lyall _ Power corp. Quebec Power 56 43 i 30% 105 43 a 87 138 113 60 118 56 44 10314 103 a 103 10311 137 _395 i 6g 14. So. Canada Power _ 140 Shawinigan smelters _ steel of can. Com. Way Adamack Issue Back to the closing prices of denominations. 04 i for a net gain of half. The re interest in the Stock was j 000 at 02 40 200 it 18, of this year to sailed an created by Tho announcement that at 102.40. I Advance of Over last year. This company had received the con i at 102.40, 100 at 102.40. At increase in traffic had strengthened the Confidence of the railways in the i soundness of Canadian business and Crescent tit 103. As a result they Are continuing their Hoiu at 75. Programme of improvement of Facil at 15, 90 Winnipeg electric Western steel it r. Western steel at. The company Nau Reci Iva int Usu Ai Jiuu us , tractor construction of a government j 50 building Ottawa which will involve at 28. Approximately million dollars. The company is reported to have a num our of Large contracts in sight and. Including Tho South american con tracts secured some months ago it is estimated has on us books at the present time orders amounting to the stocks which sold at 78 i on May 11. When the new Issue made v _ its appearance after the split sold Down to the Low of so on August 2., Premier Woodbine famous players was again prominent at 15. . 10 at 9j. Mining Section bid .21 13.75 2.40 .19 _______.29 cities and these were of an elaborate character aggregating Many millions of dollars. Notwithstanding these evidences of said or. Beatty your transportation companies showed decrease in. Net during 1927. Increased wage Scales added millions to operating expenses while reduced freight rates decreased toy several Mil Abana 1 nature in the Day s Market the particularly heavy demand which made Jarry a Olllnger its appearance for the Stock carrying _ smartly Forward to the new High of j 36, with the close at 35% representing net gain of Points for the Day. The Stock sold at 20 just n month ago and the present strength has been coincident with n. Forward movement the amusement shares on. The Wall Street Market. The company is under stood to have worked into particularly sound shape and it is understood earn jugs for the current year will be in the Vicinity of s2b per share on the common. 1hls after Liberal depreciation charges. The company has been conservative in the matter of write offs and its properties Are carried sound Levels. Two new issues made their appear Ance on the big Board today inter National Power common Selling at 35, a Point below its close on the unlisted department of the curb on the previous Day while the preferred closed at 100, up 2 Points. A group of new listings Are at present under consideration by the Stock a Exchange com Mittee and it is Likely that National steel car corporation common and Canada Cement common and preferred mpg. Bloc. Com. 183 67 112 138 395 07 74 87 140 91 25 d 183 136 335 63 7314 13 a 87 140 89% 259 183 67 112vi 11115 140 90 259 Montreal curb Hudson Hay int. Nickel Kirkland Lake _ Lake Shore Laval a Artic mining corp. Mclyn vre nipissir.s---------. Noranda san Antonio Sherri it Gordon Sudbury Basin _ Sylvanita ii Hes 5 Lions our Gross earnings. I am per j a prejudice i witness on any Sii transportation subject but my pre conceived ideas favor of the rail Way companies is cased on their history and their contribution to the growth of Canada and their import Ance As a Factor in. Its future Progress. I would like to see them Strong so that they May assume with Confidence their share of the Burden of can Adian development and to be Able to do so without weakened credit and restricted facilities. Kall Wujs Merit support Canada has two Large systems give 10.10 117.00 .20 1.63 2.00 3.30 23.50 3.30 issues will be called some time next week. Such stocks 1m Bunker portent and sound companies Are Oon in dental Oil _ Hargreaves .44 7.10 6.80 2.85 9.10 3.40 sales 1.g5. It 1.65 200 at 1.66 100 at san at 41 400 tit 4h t 43. Pond. At 34.00. Sur Bury tit 0.95. At 54.25. Wright at 3.40. New York curb close. Osier. Hammond and Cantor september 6. American celanese Ando Oil bound to develop into popular trading mediums. Other listings under consideration include plow and c. W. Lindsay company. Recent favourites were generally easier in the Day s Market reflecting Market conditions almost entirely. International Nickel remained Active Leader and showed Stout rallying Power Selling Down to 116vi . And Clos in unchanged at 118. Brazilian eased swifts a Small fraction. Dominion Bridge and Imp yielded a Point while National breweries after Early firmness closed at 136, off . Shawinigan was the object of fairly heavy Selling follow ing its Advance of the previous few Days and closed at 89 for a net loss of 2 Points. The other Power stocks electric Bond and share. Ford of Canada Humble Oil _ into. Utilities a _ into. Utilities b int. Petroleum _ Imperial Oli Prairie Oil and Gas Salt Creek producers. South Eastern Standard Oil Indiana Standard Oil Kansas Standard Oil Kentucky bid. Asked 60 i 125 17 121vi 550 to a 40 53551 ing service which merits support. The Accident of the character of the ownership of the two systems can have nothing to do with the problem la respect of rates. The fundamentals of rates namely their reasonableness and their Freedom from discrimination do not change with the character of the companies ownership. It had been that because of their ownership of tie National rail ways the people of Canada May elect that services shall he performed at i a remunerative rates and the result deficits made up by increased tax i action no View could be More erroneous. Twenty four per cent railway mileage of this country rep resenting an approximate investment of is in private owners. The Well As the National system must operate under the provisions of the Rall Clark Martin co september . Cau. Can. Cement can. Can. Nat. Can. Coast Carlin a Comuni. dust. Com. Dom. Doin. Kast Fordiin Gen. Steel Hartun Homo blvd to Imp. Imp. Imo. Int int. Tilt. Int. Ult. Man. Mccal Nat. Nat. Steel pane perfect Reliance Robert service United can. Montrea Ojales Ivor Tirik at 50, 300 by 49 a a6 ? 6.k. Van. Power paper be at 60 at new Bank will have combined assets of approximately special United Tress despatch to free Tress by free i Ress private Walro. Chicago 111., sept. Directors of the Continental National Bank u and Trust company and the Illinois merchants Trust company will meet tomorrow to approve a merger of institutions. The. Merger would bring into being the second or third largest Bank in the country. Final details of the merger were approved yesterday by officials of the Banks and the largest stockholders and directors. The new Bank will have combined assets of approximately according to reports of their separate assets. This would place it second Only to the National City Bank of new York. Some of the assets Hov Reyer must be segregated and liquidated. This probably would place the Bank third in size in the the Chase National Bank of never York being foreign Exchange the United states Dollar was quoted at a discount of 9-64 of one per cent the British Pound was quoted at Normal Price without Bank charges 2-3. The following quotations Are in cents per unit of foreign currency Par today belgian Belga brazilian Mirets danish Krone finnish Finmark French Frano German Rel Schwark 23.82 greek drachma 19.30 dutch Florin 40-20 Indian Rupee 13.90 54.62 26.80 19.30 19.30 italian lira norwegian Krone Spanish peseta swedish Krona Swiss franc 18-Jo 26.80 19.30 26.80 13.98 12.01 26.80 2.53 3.93 23.94 1.31 40.28 36.46 5.27 26.80 16.67 2s.83 19.35 total sets of about Montreal National Power 7 per cent shares and . Offers new will Bear highest rate of interest of any government Issue since 1921 Washington d.c., sept. Offer of the Treasury certificates bearing four and one half per cent interest to be dated sep tember 15, and to mature in nine tt8 two institutions sgt rate of interest of any government Issue since 1921. The funds to be raised by together with the necessary part of 000 000 in income and corporation taxes due on september 15, will be used to retire the third Liberty loan bands which mature on that Date. Only about of the third Liberty loan Bonds Are oust Andins the interest on the new Issue is one and one eighth per cent higher than that of the last Issue of govern ment securities. The final redemption of the third Liberty Secretary Mellon said in announcing the Issue takings to a the vast operations begun by the Treasury in. 1927 which in. The course steel takes Lead when Many issues Are heavily sold buyers hesitate when heavy profit taking causes temporary Market depression special despatch to Tho free press new York sept. Stock Market traders hesitated for a time today in their buying operations to take Large profits which had been run up in the recent Sharp Advance. Their Selling brought a temporary reaction into Many issues on the Exchange and bears had a Chance for a Short time to make some Money. Towards the close Confidence appeared to have been restored and Many new lines were put out which the bears covered and prices firmed up again. United states steel supplanted Gen eral motors and. Radio As Market Lead ers. Motors lost Points for Tho Day land radio closed with a loss of these incidentally were the Moat severe reactions when the anal reckoning was taken. Earlier in the Day the Market had been Beverly pressed not think the billion dollars discounts is too High and is was to. A located the Reserve is Giitl fled with the status of brokerage Loans Call Money rates were a Detents to some extent although this Facto is receiving less attention to Many months. Call Loans renewed t 7ia per cent. Bank called 000 during the morn my and Tho was forced to eight per cent to Early not Moon. The heaviest Selling followed this Rise. At the close very few important Osses were recorded. At no Elmo do the Selling take on Luyt blog but tech Leal correction aspects next to the steels the Best group strength was displayed by the Al sues. Practically the entire group if Ted higher for a time the amusements considerable attention. Paranoia famous lanky. Kel Halbe or Preuit. Loews and path were Active. Air plane issues were in demand gaining nearly Cloven Taa it was thought the capitalization of the new Banc would be neighbourhood of with capital and the same amount of . Power Stock added to list Montreal Mamet int. Power 7 . Pad. And Corn. Shares admitted to trading by bears but As the less fun Drew to a close the list steadied. The most important news of the Day was to be found in the opinion of Bankers on the attitude the Federal Reserve Wright six _ new Type Ai plane an air plane of a Type that be labelled has consigned to the trend we Yukon mining company of Mayo equipped with skin pontoons an wheels and will be used Between Mayo White horse and Daws ii All the yen round besides its general Sento schedule it will be used for prospecting trips. Add to the Canadian utilities limited operate the Power Piant at Kos Tom sask., plan extensions costing Tho company plan he installing of ii a diesel engine and Tho cute Oslo their lines to part of the ton officials High in banking circles were of their line to quoted As laying that the Reserve does not already served. Quo., sept. 6. Inter preferred were Ade and make addition to to ing number of popular Power stocks listed on the local Board. International Power is a holding com Manv organized under Canadian Laws by Hoyal securities interests in february 1028. It controls Neven Long established Light and Power properties operating in growing sections of Central and South. Ara Orua and in controlled companies of 18 months have resulted in the refunding or retirement of Over five billions of Liberty loan Bonds accompanied by important reductions in interest Toronto stocks. James Richardson and sons Ltd september 6. Open. High. Close. Alta. Pacific Grain 66 00 66 86 Eastern dairies 48 48 Northern bakeries _ 41 Page Hersey at 58, 75 at at 41. Can. At 30. Can. At Lula. Can. At 45. Can. S Cam. At can. At a. Cin at Loa. Domin. Bridge-250 at 50 at 62 18 127 17 s4 12 i 568 81% vacuum Oil 1 i 46 i 2gvi 55 18 133 142 81 47 16 3d 72 it 46% 26% 56 77 it 21vi 123v, 19 i 134 142 i by a Calgary Oil Market Bol Lowny Mills and co. Ltd ways act and subject to rate Regula 340uvtonr50pat 25 at All the Porto hallway company i melted operating the electric lighting Power distribution and Tramway sys tem in san Juan the capital of Porto Power company limited the Light and Power Busi dry Cut paper 35 i generally steady in cd extremely Dull. Papers Advance Alta. Pac. Cons. Brit. Dominion Dalhouse ii idols Alta. Open Lethbridge i of Ohms building permits for the period ending August 31st Snow an increase of Over the corresponding period a year ago. Construction is Active the figures for the eight months being 81 i 2130 september 6. Iloh Low close 50b 53 53 53 43 43 43 St i 200 262 56% 60 Mcd. Segur. New Mcd. Segur exp. 220 Mcleocl----------------650 of Alan pad 220 225 600 610 8500 8500 6760 7000 145 145 Ivor 186 185 there will be an afternoon Market from Royality Spooner United oils Vulcan 225 675 500 8500 .6750 7000 _ 145 185 185 stocks Bonds investment Bankers operating our own private wires direct to All leading quotation service from new York Stock Exchange Montreal Stock Exchange Toronto Stock Exchange Toronto mines Vancouver mines limited bii3ks build Imp 272. Post log avg. Winnipeg Phong so 391 Prat uate Branch exch Mac the Public purse sesame to tha Treasury of the nation. M at to defray the Cir costs furnish them with Money for expenditures and pay their debts their own Way hey can do secured from Able. It is therefore wholly inac curate to say that insofar As the government system is concerned the people of Canada May ordain even if they would that goods can be hauled for nothing arid the resultant Burden shall be borne by taxation. Such a course or any similar even if less extreme course involves consequences to other railway properties and to the action itself of a character no thinking person would care to contemplate. The implication that As the people of this country own one railway this important question of freight rates can be considered from the standpoint of the government system alone is so extraordinary and so erroneous that i can scarcely be Lieve it is seriously suggested. The problem is not what the National rail ways can stand in the Way of deficits or what the people of Canada can Bear in the Way of increased taxation but what Canadian railways a a whole Are entitled to receive for the services they perform and i do not that any railway executive cer mainly no executive of this company leed apologize for having a definite Lew on that subject and explaining t and the reasons for it. Says principles sound there Are no safer or sounder principles upon which we can proceed than those Laid Down in the letter and spirit of the hallway act which pro Vides for reasonable rates prohibits unjust discrimination and has regard to service and its Cost As factors in determining what shippers shall pay while the interstate Commerce com Mission has fixed 5 per cent on the value of a railway property As constituting a fair return net earnings of the Canadian i calf la during the past Yea c. Represented a return on in Vest Nen of Only 4 per cent and the in it 112 40 at ill i 25 at a 100 at 67. Afternoon at 66 at 67br Ompton paper-75 at 42 195 at 42v4 car-100 at 4514 100 Ati can. 175 fit 35. Hamilton at Witti 50 at so at u7v4 Iso at 26 at Moha 50 at 72. At 136 so at 13b14 col. Royal Burritt . C. Clare Murphy insurance in All its branches fire automobile burglary Etc. Mortgages Loans o Fidelity Bonds realtors 201 Donalda Block 323 Donald St. Ines 88 308 Price bros.25 at to corp.200 at 73.-a. Quebec at 80v4 .180 at at 80 75 at 80 26 at 00 65 at at 67.___ Metal markets Venezuela operating Nesses of Maracaibo and b Iriqui Simeton Venezuela Maracaibo is the largest port and second largest City in Vene Zuela and is the chief financial distributing Centre of one of the world s most important Oil producing districts. Barquisimeto is the capital of the most populous state in Vene Zuela san Salvador elect Rio Light com Pany operating the electric lighting and Power services in thu City of san Salvador capital of the Republic of san Salvador and 1c adjoining municipalities Newfoundland Light Ana Power company limited operating the elec tric lighting Power and Tramway system in St. Johns tue capital of Newfoundland. The deme Rara electric company limited operating the Eli citric lighting Power and transportation systems in Georgetown the capital of British in Diana bolivian Power come any limited operating the electric lighting Tram Way and Telephone systems of la Paz the seat of government and principal financial and Coran Mercial City of Bolivia Oruro Light and Power company owning and operating the Light and Power systems of Oruro the third largest City of Bolivia and commercial Centre of that country s tin. Mining District. Shares widely distributed the company s listing application shows the share. Of 7 per cent preferred Stock to widely distributed to some stockholders while the shares of common Stock Ore held by stockholders. It is understood thut these share holders Are located not Only through out Canada but in the United states great Britain the West indies and elsewhere. With s. Such a Broad investment interest in the shares and in View of the diversified Field of the operating companies both the preferred and common May be expected to figure prominently in the dealings on the Montreal Exchange. Earnings have increased and net earnings of the con trolled properties have shown steady curl Lar brew _ _ 29 Consumers Gas _ _. 199 Dominion stores 128 British Amer. Reliance Grain------47 Canada Martins 33fe Imperial Oil a a Sci Grams 18 build. Products National steel car. 39% int. Utilities service station by. 16 3, 35 i 29 inn 128 40 47 33 it 72% 18 i 40 16 37 48 41 of 35% 30 130 326 39% 47 33% 72 18 35% 39% is 37 48 41 98 35% 29 190 128 47 33% 72 18 i 40 16 37 8 co. Stocks.Bonds.m1ning stocks6 Grain members Montreal curb Market Winnipeg Grain Exchange Winnipeg phones 22881-2 152 Portage ave St. Direct wire for York Montreal to o Yan Couve mining Canadian government annuities writs or Telephone for descriptive Booklet today. Department of labor 712 commercial bldg., Notro Dame ave. East Telephone 23 607. D. E. Dobson representative. I James Richardson sons investment Bankers members Montreal Stock Exchange 367 main Street Winnipeg direct private wires consult our Stock and Bond apartment without obligation for Market news and quotations. Efficient Board room service to nov trading facilities. Orders Large or Small promptly filled Over our own private wires on Mon Treal new York Chicago. Toronto j and All principal exchanges. Telephone 24 831 private Branch Exchange new York sept 6 Copper Firmi increase and it is expected that under electrolytic spot and future Iron steady and unchanged. Tin steady spot futures firm spot new York East St Louis 86.25. Zinc steady East St. Louis spot unit futures Antimony quicksilver at London Standard Copper spot Good service is a matter for painstaking and thoughtful consideration of individual needs the Bank for Bankers this institution retains Many important connections with leading houses in the investment Field meeting All requirements of a Bankers Batik. The Bank for manufacturers the relationship Between manufacturer and banker is or should be intimate and helpful. Credits will cause him less worry collections come in More regularly and sales grow highest when he has at his Back faithful and painstaking banking service. The Bank for merchants percentage of from railway earnings to the amount invested was fourteen one hundredths of one per cent. If the company s properties were valued on the basis generally adopted in the United states the net would have represented prob ably Lens than three per cent of its valuation. The maintenance of seven per cent from railway earnings is due entirely to the extraordinarily Low capitalization of the company. We have s Lull some distance to go before our net earnings can be said to have reached the Point where they provide a fair measure of Protection to the property itself and its Stock and Security holders. I do not think it can fairly be said that the company which i rep resent is not fulfilling to the Best of its ability its onerous obligations to the Public. It will not hesitate to spend its funds freely for National advancement. The. Country is entitled to expect the maximum contribution to its development and the present directorate the same implicit Confidence As their predecessors possessed and propose to express that Confidence with business prudence to the full extent of their financial re sources. The Canadian Pacific con i to nuts to be the largest tax payer in Calida. The total of Federal provincial and municipal taxes paid Dur ing 1827 amounted to which ss2 17s 6 futures 6s. Electrolytic spot 15s futures tin spot 10s futures 15s. Lead spot. A futures Zinc spot iss futures 17s 6d. International Power supervision the various territories will prove capable of considerably further profitable development. The company publishes quarterly statements it is under stood that the statement for the six months ended june 30, 1928, to the Stock holders will show an increase la Gross for the of More than Over the corresponding period of 1027, with net earnings snowing an increase of about the preferred Ani l common shares have previously been dealt in Oil the unlisted department of the Montreal curb. The preferred is at present changing hands at Par to 101 and the common at 36. Best Procura bile trademark Ostil Lontes. Btry Nii gush Jutt Betta we co Plautt equal to per Day per original for it at the and insist on Grant s Best the Bank with sources of knowledge on every hand is the readiest practical authority upon the general tendency and tone of business. Tangles can be straightened Pitfalls avoided and Many financial worries lessened by a banking connection of the right kind. The Bank for Farmers it requires a shrewd Man to succeed in farming As in any other business but the shrewd Farmer and the practical banker both Benefit through close relationship. Our managers Are willing to listen to learn and to lend Money when the judgment of the Bank and the Farmer coincide. The Bank for salaried people no income is quite so steady and none lends itself to budgeting so Well As a salary. Any Branch of this institution will be glad to have your savings account. A. C. Duncan. Manager. B. Cab3on am Thant manager. Arlington and St. Vita a. Mayor. J Mac Groop. Acting Man scr. Branch a. Sampson mgr. End w. M. Poster. 8ub. Agency at Gimli wednesday. Pro Day. North ;