Winnipeg Free Press

Winnipeg Free Press (Newspaper) - October 4, 1928, Winnipeg, Manitoba Manitoba thursday october 4, 1928 alg Oma steel Plant has had chequered career since its inception in 1901 As part of a great organization. Short interests surprised with Market upturn news of the business foreign Exchange abrupt about face of Montreal j Market develops in final hour the United states Dollar was quoted Jat a Premium of 1-16 of 1 per thu bluish. Pound was quoted it s4.85 Normal Price without Bank i charges s4.86 2-3. The following quotations Are in cents per unit of foreign currency. today s value Iel Etlan Belga. 13.90 ill res 54.62 danish Krone i finnish Finmark i French franc Igor Nii i greek drachma Price 13.07 20.80 19.30 19.30 23.02 1p.30 40.so 48.00 20.81 Winnipeg stocks Lis cd Beaver Rire co. Can. Fri ins. Co. C. P. By. Par too 120 _ 50 109 _ 100 214 Crescent Creamery co. _ 100 g w. Life Massce. Co. 100 600 Home Aud s. Assn. 100 76 Northern can. Mage. _ Northern Mage. Part paid 26 50 oct. 3. Market recovers from weak trend in final rally Northern trusts co. Pro issuers Ltd., i. Pc issuers Ltd. Com. Elec. . Co. 100 w. Steel prod. Ltd., or 100 w. Steel prod. Ltd., Corn. Unlisted stocks 105 95 44 23.97 i Beaver lbs. Co., of. 1.31 40.30 Tell 10.441 to the free press dutch Florin Montreal oct. Furt Ner re Indian Rupee action that occurred in the Early Purt italian lira of today s trading was quite expected j norwegian Krone and i is Safe to assume that a great i Spanish peseta Many people though it would be i swedish Kronn More substantial than it was part cd i Swiss franc arly in Wall sleet. The about austrian Schilling of the Market inthe final hour i hungarian Peng rather a s a Surprise and caught Short interest whirl been in j by the emanate so leered to some extent from switch from the Bankers Flat operations and the Price eased Beaver lbs. Co. Com. B a Oil co. Ltd. _ Manitoba b. And i. 100 n. Star Oil co., of. Is a Roi new York stages enthusiastic rally As Call Money drops to 7 per cent. 150 5.40 20.80 19.3c 20.8c 3d.30 34.07 17.40 05 n. Star Oil co., com. West. Breweries Ltd. Assn. 100 105 Canada flour Mills _ 100 104 10o 108 _ 125 tooted. open Flor. By the Bankers bad Nade for uni .sine.ss, but those those have been found Worth nost in the matter of Market guid years of not take into Day to Ciny. Week to week Loir to 57 and finally closed at 57 4 to spec urn. Fol. A net loss of a Pany has entered the final a starter of in year with conditions pointing to a continuation of the splendid record of increased earnings that was established in the first three quarters of the rear. 1c is 26.90 Jwak. Elec. By. Co. I. In-74 j Canadian indemnity t Canadian National f Dairy 7 . 17.53 j City Dairy 8 . Monarch life i Sci Iancic Grain Corn. Sovereign life West. Grocers com. War loan. 1031, 3 . Trade and Commerce mines and the Money markets Nickel feature at Toronto with four Point Rise International Nickel issues easier mond weaker chequered career of Algoma steel Mills is of present special Ottawa oct. With respect to the applications Lor Tariff increases on. Iron and steel Market by the Algoma steel corporation which is now before the Tariff Board there is a Good Deal of information lacking which the average citizen May desire to known before reaching a decision. Perhaps he would want to know first of All something of the history of the Algoma steel corporation and Why it requires such drastic increases in the Tariff. The Story is both ions and mystifying and not Overly creditable to the various groups of men who have controlled it. The corporation was organized resembles the Cotton Industry in this respect. The Plant originally was designed for the manufacture of steel rails and the productive capacity was enlarged from time to time. Some years after the original construction merchant Mills capable of producing steel of 12 to 18 inches in diameter and a Billet Mill were added. Still later the number of blast furnaces was increased from two to four and a 2.000 ton per Day Coke Plant was erected with a number of smaller plants to handle by products. However the Algoma corporation has never been a Well balanced Plant. It lacked equipment for the efficient production of heavier steel rails now used on main lines and the marked increase in later in 1901, As a part of a great Cor owned i Turol re War loan 1s37. 5 . 48 49 55 100.00 102.10 96 103 special despatch to Itic free press it o. Walkk new York oct. 3. The Strain of quarterly settlements lifted today in the Money Market and the Stock i Algoma District of on i Market staged an enthusiastic rally j ratio entering on Sault Ste Marie. Ift or a break these resources were of a variety and i on seven per cent Money after a break and Are today although in Early dealings which carried leaders i most of them Llave passed into other Down one to live Points and unsettled i hands to Hava produced hearings of Victory loan. 1933. 103.00--------Jactlvlt vector v loan. 1s34, ._ 102.15 102.35 Victory loan. 1037. 5 106.00 Rill. 1332. G a . Rely nil. Loan. 1328, 5 101.35 75 loan 1043. Loan. 5 ._ 102.75 . . . Ob.30 08.75 98.80 i i Story Donau air Crescent Creamery at. 101. Western steel at 95. 5 at 95. Western at 50 at 11. 1944, assumed that i refund. Loan 1940, the last Quarter Lor the . Current dividend rate an increase be with Broad Outlook to la ror that 4f francs stored any by Tutts 1 Uville find its Way Back umr7 Goodyear lost 1 i at present rate. Dominion Bridge was Low o or at 87? course of events the at Montreal and estimated at the end of closed a Point lower at abltibis846.000.000 Barren s Weelti r4j was Uso off 1 at 54. . At 215, that it would be preposterous to of Matey Harris off i at the condition of the Bank was Active in trading. Other stocks closing lower included in the Light of any olt modest Gold reserves him u of Well known that it has Long financial notes operation in 1923 up to a few weeks i and Imperial off 2 a 263. Ago. The Milis Hava running j at about one half capacity or less and i have been endeavouring to sell this pare time output at prices which i would carry the entire enormous to i capital liabilities. Fortunately for i the Canadian Consumers the Tariff i As not been High enough to enable this to be achieved. In 1928. When the application was made the prospects of the Corpora Tion were very gloomy indeed. There were net earnings of to ser vice the carrying charges. However the improvement in Canadian Busi Ness benefited he corporation Aud in the fiscal year ended june 30, 1927, the net was s706.886 pack Hersey off at 101 "4 Pelissier Well know off 1 at 10 Imperial of. Oft at j policy of the Bank of 7734, and f. N. Hurt off 1 at 70. Control the currency with the i Maple Leaf milling common was j ground of a Small Gold resort. Three Points higher at 120. Bank stocks were again irregular. Domin Metal Market Ion was up 1 at 365 and Standard closed higher at 286 Toronto was off i at Royal off 1 at 385, York oct. Sra etts Tro Lytic spot and future 1514. Steady unchanged. Tin easy 49.50 to 49.62 future firm spot new York 6.50 Etc Louis 6.32 to 6.35. Zinc it non or St. Louis spot and future 635. At 162. A 4690. Sherritt at c20, 5 at c30. Montreal stocks ii Usu closing at after holders exercised their rights and took and in 192e i hitting a new High at the Over the direction of affairs. Indicate that despite its inefficient strength in the latter Tsvor was in j gendered by reports that Mack was As the seeking to take Over the Speed Wagon " -i5 Road january March 19.13 19.00 were caught in today s Advance. Brazilian was second in activity i in. It apparently1 s r Damn in 19.23 19.20 19.14 19.01 1r.92 3. 19.00 i 18.93 19.05 18.90 18.991 1r.80 18.90 Abi Elbl to Neil lfi.70 in. 10 l Asbestos com. 18.58 18.09 Asbestos pref. Mcdougall Cowans october 3. 1928. Open hash Low close _ 27 to 05 Altu. . Grain brazilian Mew 57 Bell Telephone 165 Brompton 42 car. Brew. 30 can. Bronze 126 can. Car. can Cement com. _ 27 can. Power paper 31 can. Ind. Alcohol 41 Dom. Bridge Dom. Glass 90 65 165 42 30 126 51 31 i 52 u 27 90 126 50 31 41 Dom. Textile Fraser int. Nickel Laue of the Woods _ Harris com. Montreal Power 103 Nat. Brew. Ogilvie Penicans _ Peter Lyall Price Bros. Power corp Quebec Power Shu Winigan smelters steel of can., com. 189 Savag Amacla. Win 80 v 132v2 132 i 105 105 105 62 63 62 125 53v2 58vd 44 i 103 i 103 128 127 412 412 102 102 62 77 77 76 a 76 85 84 83 266 189 128 412 102 62 77 is 88 266 Avag Amack Rin. Eiec., 105 e7 266 189 78 105 52 i 27 90 65 165 4 i so i 126 51 105 c2 130 1 46 103 1271. 412 102 63 i 77 76 84 St i 266 189 78 105 our october Market letter is now ready for distribution. A copy will be mailed on request stocks Bonds Grain 232. Portage ave. Phones shrewd buyers in a Low Market. If you secure life insurance to Day the premiums will be lower than if you waited an other year. A Montrea life agent will do his Best to prove himself a real Friend. Get in touch one by writing giving your age to j. T. C. Robertson. 422 Mclntyre Block Winnipeg. H. H. Higginbotham chartered life underwriter Western supervisor. Montreal life insurance company Cowans Montreal c cud mar ten 4 co october 3. 9b. B. A. Can. Com. Int. Can. Coast Carling com. Don Condo dust. Dora. Dom. East foreign Gen. Steel Hiram Hydro Imp. Imp. Imp. Into. Til int. Util. Man. Mccall Nat. Nor. Page perfect recent Reliance service s. B. S. B. Can. Month real sales Mcd Stigall and Cowans oct. 3. Moral or at 53 i. At 27. Alia. At g5. This would Alon Mills the corporation Nugnet stir sur corp Rallon staggered along valve without Tariff increases or rather of misfortune Many of the hat those who own the company Are directly or by inheritance held More than seven Points of gain. Ludlum steel made a new High at b33j and closed at 80, up . National Dairy gained nearly four Points. General ice Cream 3, Etc Plohr Barnsdall a Balke Packard 3 Pius Mth Brunswick can rated upon the steel Mills and the corporation seeks an unusually Hilgh runways and lot. The other properties Tariff on Alloy steels used by Auto United states has been losing some Timony 11.50. Of huge store of Gold which has i at Copper i there for Vears. Accord c64 10s future. 17s 6d. Ing to Barren s weekly half the Gold in the world the boast of the american at Large rather than the banker who was inclined to be distinctly uneasy no longer lies in the vaults the United states. This weekly Points out that in 1927 o went abroad As Export proper and ear Lytic spot. 5s future lists spot 15s future future 17i 61 i spot 2s of future i 6t markings on foreign account i the first part of 1d28 also showed an increased flow of Gold out of the United states. The months from january through july showed a net Gold loss to the country of in july the exports slackened and recent news despatches indicate the trend of Gold shipments now to the United states and the credit situation Canadian go Venutti annuities write or Telephone 1tr Tive Booklet today. Of labor 712 a acc notre Dame ave. Elit tymm 23 607. D. E. Native. Go. In 1908 the a Ijoma began to feel the stimulus of the railway expansion. Orders for rails showered in and it appeared that financial Suc at last was assured. Meantime 514, Pittsburgh West Virginia 3, British Syndicate working quietly butt Avo Stem Union and Wilto motor j to some purpose suddenly emerged into the spotlight with the am ounce losses were reduced sharply toward the close practically none being of sufficient importance to mention. The Market appeared in n much better position technically ready to respond to Good news. In addition it had the advantage of a Large Short interest built up in the last few Days. ment that they had acquired control of a majority of the share capital of the Parent corporation. The United states directors were ousted and re placed for the most part by British ers and canadians. However the British Syndicate spread their Money too thinly. The needs of the Cor should act As a Cushion to any drastic portion must live been staggering decline and May is the Means by j when War put a Stop to railway which Sharp advances Are scored in j expansion and run orders Cnoc to an the More volatile issues. As a result of this improved position. Wall Street was prepared to rend the speech which gov. Boy Young of the Federal Reserve Board delivered before the Bankers convention at Philadel phia today. Thut speech was supposed to contain enough dynamite to blow up the Stock Market at least such was the inference to be drawn from hastily written Market letters by an influential House yesterday. Those letters were considered a Factor making for part of the unset Lement in the tuesday session. Gov. Young disappointed Wall Street As far As financial District is concerned the speech might never have been published. It lacked anything new in the Money Situa Tion and was couched in elementary terms which might have made it a suitable paper to read at a gathering of High school students. Nevertheless Wall Street is not in a position to sneer at Tho Federal re serve authorities. They have working slowly to eliminate Specula Tion but have not yet succeeded. They still possess weapons which wreck the Market Over night. Abrupt end. There was another col lapse. These years of Prosperity How Ever had enabled the overdue interest on Bonds to be paid and the Bond holders had faded from the picture temporarily. The United states financiers who had continued to hold Stock again gained control and the old order was restored. Bond interest once again was in default and the Bond holders for the second time assumed Contil. The corporation de posited Stock these owners As would Security for unpaid interest and the arrangement was that if the interest was still in arrears at the end of two years the Stock and Complete and permanent control of the corporation would pass to these Bond holders. War contracts saved the Stock holders. Net profits Rose and once More the Bond holders retired. The corporation continued to stagger along. Full of surprises the corporation however is As full of surprises As a conjurer s hat. Early this Spring it was announced out of Clear sky that n group of Canadian financiers headed by Robert Dodd Montreal had secured of a majority of the Stock of the Lake sup Mobile manufacturers and it is note worthy that in this particular held Al Goma has no competitors in Canada. Toto other Mills turn out alloys. There is evidence that the present Iron and Stell duties Are adequate to enable an efficient steel Mill properly managed and financed to earn Good profits. There is the of the steel company of Canada located at Hamil ton which is in a sound condition notwithstanding the fact that it has had to contend with exactly the same conditions As has the Algoma Cor Toronto stocks. James Richardson sons limited october 3. Open High Low close aha pc. Grain 65 05 65 65 City dairies 66 66 66 Eastern dairies. 40 40 40 40 Maple Leaf milling _ 126 126 126 126 Northern bakeries _ 39 39 38 a Drydell paper 44 u 53 u 43 u Consumers Gas 199 i Brit. Oil 41 41 40 Reliance Grain polls slurs Canada Imperial Oil Nat. Eccl car int. Utilities in. Utilities a a 50 10 33 7b i 47 44 i 145i 45 50 10 33 77 14 45 so 10 33 78 43 45 14 43 stocks Bonds Grain investment Bankers rapid convenient and authentic quotation information and trading service afforded by our dual private wire connections with All Stock Grain and mining exchanges. Gage Evans. Spencer limited they Perior corporation. The Stock not use them because of u perhaps in danger to business. Bankers in i open How this was the j Phin expressed the belief that stocks too High that speculation was i drawing too much Money for the Benefit or the country. The inference from their talks is that Stock prices will right themselves and that the Market in general will move at a More sober Pace after a big break. At 260. Way again 50 at 00. 30 at afternoon 50 a 57, 57 .4. 25 at 57v1. 25 at 150 at 50 at 60 at 40 at 50 at 57u, 25 at 25 n. 90 at 50 of 150 at 57, 50 at 475 at 57. At 42. 75 at 41k. Can. At 30vj. Canada steamship at 94. At 27s, 330 fit Dominion Bridge-30 of 88 25 at so t. 250 at s3, 50 at 210 at 88. 25 at Dominion at members of the Montreal Stock Exchange members of Montreal curb Market Stock brokers and investments 311 fort a mpg it 62. 4. Hamilton at 44. 30 at 43 at 41. 50 at 25 Nickel-360_ at 125w.390 at Lake o. Massey Harri at 200 at 5 at. 45s. 25 at 44 i so at 25 at 75 at 44 i. 75 at 45u, 100 at 2i at 45ri 125 at 125 at at 46 125 at 46 i. 250 at 46. 50 at 46u, 400 at 46 50 at 46vs, 23 it 46, 25 at Montreal at National at 12b. 100 at 127. At 50 at 127. 100 at 12.u, 25 at 12i, 25 at 127 i. 125 at 127. National steel at 85 at 47, 50 at 85 at 48. 25 at 48 i. At 48 Peter at 62. 125 at 63. 60 at Pover at 76, 185 at 78u. 1 to Quebec at 85, co at m 88, 25_ at 275 g7vi, 25 at 75 at at 52u. At 27 Alberta at 65 Canada it 31 building at 35 i at 57u. 15 oct. 3. without the former owners be ing aware of their danger is n Tery which perhaps will never be solved. It May he that the old owners were of so Crent y chagrined As the report would Lead one to believe. The corporation in 1926, had made an application to the minister of Linance for higher Tariff duties and the fact that it was controlled by citizens of the United states was commonly thought to Lessen the chances of Suc Cess. However this is Mere Specula Tion. It is notable however that no changes in the management of Al Goma have taken place under the new regime. I or. Dodd has lived in Montreal for at i Many years. He is a Stock broker and famous 25 at Hamilton 25 at 43. Industrial alcohol 155 at 41 International Nickel 400 100 at 31. 128 at a 180 at 128, 125 at 128 i 50 at 100 50 at 260 at 128. 300 at 135 at 128 i. 10 at i2bu 000 at 128 i 450 at 128tt, 25 at 128-s. 220 at 100 at 115 at 129 25 at 50 at 120 at 25 at 1875 at 129. 25 at 25 at 129h. 80 at 129 145 a 435 at 130. 150 at i29 4 Ico at 50 at 400 at 130 200 at 130u, 25 at 25 at Iso 175 at 100 at Isol 25 at 50 at Imperial at 75 at 73. Lake it the at at 55 at 48. National at 127. 145 at National at 100 at 4ssi 110 at 25 at 48 i. Ogilvie at 412. Peter at u3 i. Power at 76. Quebec at 84, 40 at 84. 100 at 84. At 87, 100 at 87 i. Steel of at 180. At 105. B. C. At 51 i. E. C. Electric at 27 2n at 27v Vancouver stocks Bow Jones averages Thor to industrials. 237.75 off .33, Twenty h0.75j at 110 at 87 .1, 150 Dodd however has let it be known that another re organization is to be carried out. The Lake Superior corporation will probably be liquidated and a new Canadian holding com Pany set up in its place. The new company it is said will be prepared to invest a further or in the steel Plant if the Tariff is jacked up. Enough has been said to prove that the Lake Superior corporation and the Algoma steel corporation its chief subsidiary have not been profitable to their owners. Why this Long Trail of misfortune As to the Algoma steel corporation there is a wealth of evidence to show that it was and from the outset had out a slim Chance of Success. The property account or capital investment stands today it the Par value of the Stock nil held by the Parent corporation is there is 7 per cent cumulative preferred Stock to the value of on which no dividends have been paid Tor eleven years and of common. In addition there arc Bonds outstanding to a total of or a total Bond and Stock liability of the corporation depends entirely upon the United states for t to or three is Benthal raw bn.4 Coal. Do you seek diversification in your investments to diversify is to modify the risk of financial loss by spreading your investments Over a Broad list of securities. Our publication Canadian corporation investments gives essential information on a wide variety or Public Utility and Industrial Bonds debentures and preferred stocks. The products or services of the com panics whose securities it describes cover an extensive Range such As Hydro electric Power Telephone service steam and electric railways Salt manufacturing sugar refining Grain storage and shipment bread chocolate and confectionery Gypsum products Farmers co operative textiles lumber newsprint and Fine papers motion picture theatres hotels business and residential buildings this Book Wili help you to solve the problem of diversifying your invest ment holdings in order to ensure maximum safety. A copy will be sent you free on request. Royal securities corporation limited 200 Nanton building. Winnipeg Royal Sicu Norras corporation Len read address As plate and me Canadian corporation name. Address., ;