Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 21, 1932, Winnipeg, Manitoba Hudson Bay mining Plant running 4 tons of Ore receivers of Algoma steel Ltd. Taken to preserve assets of concern now in financial difficulties Canadian Desgaub Toronto. June fran Alexander Stavert a made by or. Juskae 1 Osso Orte Hail. Monday. Managers of tiie 1 erty hah Sci o Ali Corpora on i imbued. Or. Justice order the motion collide representing the Toronto units which tit under two mortgages. U pm ii Utu two actions one against the Algoma Winnipeg stocks Winnipeg Stock Exchange 11.30 Call listed to avs fire can. I Par _ 25 asic 115 corp. Steel prod a g. West life Massce. 00 Home inv. Savings _ 100 nor. Mortgage pad. 25 Northern Trust Pelis sirs pro. _. Pelissier 3 to 24 300 10 Royal Bank a Canada 100 electric com.-----. No i w. Steer prod. Pad. 100 Uri isted Ltd. 100 Beiver lumber 130 3___ 30 a Lidoli old. Comisi. Vuk lug. Prop Magoma. Fat a edict made the co Gene a in the other g a. Saddlery old. 100 u a. Saddlery turn. No Sololi. 10 do. 300 3o Atli Star of Reliance Grain .-----100 Grai a con. Or Sov. Ult-25 . Paid 100 United Grain 25 Western 10 v. Can. Flour Mills p d. 100 Western grocers pad. 100 Western grocers com. _. No we. Elco. 70 s a 2% 2v. S.81 railway situation in Canada position of the Canadian National various solutions of railway problem offered in the Drayton Acworth commission findings the Shaugh Joseph Larelle s views in 1921 1932. By a. Mcl Bax Tow of a series at six written understandably which. , Iye a pen picture of h e difficulties w Holcli confronted i he willing into a mid unit of is now i he. Oui Alan until Lonny railways. In akt1ct.e no. I View or the that Royal or being suspected of As suming u political complexion president the Canadian Pue Lilc railway from 1399 to 19ib, with a. Record or 36 years association Frith its management opera Tion the late lord Shan gliness. Was a recognized Sublimity of railway of Taira. His on. To the government of the Day during critical period or 1921 of definite suggestions could not therefore carded i glitzy. In introspect Bis letter is of la now deliberating on he general problem of railways titular interest today. He prefaced in. , it la la-1 is suggestions Chat the transportation in , Ter Sung to recall solutions have ventured in the Pant. Montreal stocks Toller Hammond As Nanton open Low close Abi Tibi p. T _ _ _ Alta. Pac. Brain _ 2s.ib._ _ _ Atlantic sugar the Royal commission under the Cha to of or. Justice Dull of toe supreme court of Lias tra a Elled Oxten sylvely from coast to coast gathering evidence. Its mines oils _ As trustee under a mortgage Abanil. Ijo i j30 000.000 made Between the Amulet limited the Arno 3, Stales mortgage Trust base metals _ the Lake Superior . In order. Justice Sedgewick re Central Manitoba Are awaited Vrab. Great interest. A Dayton act Orch. Commission in 1917 with the statement grand trunk transaction of ate Ida. Would prove disappointing and declared that Noi Tieru so Stem _ Over-expansion., made Haj-Lona-1 steel oar plan bile Fly like to segregate the railway properties of solution was submitted to the the Canadian. Facing them system. Tie Coal we zilch la sometimes heard of today. Side ration would he an. 30 messes on behalf of the. Holing to no lit two actions the Hudson Bay a is oids secured by the Loo 2 elvers Imd managers of late sii0re Ion 23t tills those they represent v. Oms do Best served by the appointment of eiaoj.2.i10---------- the Sam receivers managers in. Puicon Brimire Ian action. His lordship appoints Taylor is a Midi slavery on behalf of the. Plaintiffs ill holders Otbo Reue. And of Algoma macassar Ion limited. He a i thori7.es them u manage the business 1icleod paver m. Of the to borrow tip j Mcintyre to by the Ivy of revolving credit. Lor the purpose of preserving it Lurphy. _ inc rope Rev assets a Nipissing on busing of the steel Tion he orders that the receivers Jui Nish Security to the amount m50.oto for the proper per so Rritt Loren Nib of their duties. William c. Frana he been Presl Aully Dent of the alg Oma steel j text Hll. 1918 Alexander Taylor was vice president of the 100 son 25 t up 1075 no 107 1 33b5 70 995 23 75 20 2 50 3 1100 no 95 35 175 to 51u 21 2600 that commission loud itself unable of the government of Canada to pay to recommend its adoption. It takes i to shareholders the Canadian two forms Pacific railway in perpetuity a fixed the first is that the Canadian annual dividend on the share capital. Pacific should by lease or Purchase j this was to be suppl rented by a Iota it control n 56 Soond 1qo 20 Richl bar greats no 2-25 Oil up 114 Street hour by hour j Logan a sub j research. No 355 165 3ommonwealth 100 3 Follo tog Price indexes sup Pany of new Yort indicate from h four major groups of securities Lisle averages Are prepared at the in Are calculated on the basis of 19 following. the. Indexed for to 50 Indus 193s High 68.92 1932 Low _ 35.15 last close 38.47 monday s open Long 36.70 11 . . Time 39.11 noon . Time _. 39.0.1 j 1 . . Time 39.06 12 . . Time 38.82 9s by the Standard statistics to hour the Market trend of the d. On. The new York Stock a Exchange i of each hour following the opening 26 equals 10o. Nday s session 30 balls 20tmi. 60 Bonds 40. 1 111.78 71.74 13.06 49.62 34.m7 57.50 15.40 58.90 38.49 61.26 15.77 59.65 38.83 16.08 60.53 s9.31 16.03 80.29 39.21 16.02 60.34 39.23 81.35 15.91 60.15 39.02 15.68 59.95 98.80 61.33 Imperial Oil no Vayland do no e Gordon 3 Oil Selee Honn Jap j Royality new Tork Logan Bryanj open. High. Low. Close. January -s3 .38 March. I-02 -d3 1 01 july _ -81 new York a Bryan shares at Par in payment its existing advances to the various com i panics. Capital expenditures were to be financed by the government from no definite trend Utility shares up. June.21. Extreme Dull Ness with Lack of any definite trend marked trading on the Toronto Stock Exchange monday. Total volume was Only shares to which 29 issues contributed. Trading ratio shoved year to year capitalized by the is eight gains against six losses 15 unchanged. Undertone was firm. The Toronto Exchange closed an hour Early to Perm it members to attend the funeral of the late g. Tower Ferguson former president. Utility shares were generally firm or higher. Bell was up brazilian Winnipeg electric unchanged . Tip 40 shares out. Page Hersey at its close of 40% was up the fraction. Base Metal shares in sue to the government or a prefer ence Stock at Par in consideration of these capital advances. On the other hand annual deficits which had to be met by the government would be by issuing to the government common Stock at Par. Thus preference Stock would Only be issued to capitalize amounts advanced for capital expenditures. Common Stock would Only be issued in consideration of advances to meet operating deficits Lavelle said further that if Good prevails the executive officers of the two systems will plan together to meet the transportation require of the country. In a speech later in 1921 sir Joseph declared that no Superman can. Give an organization no super company can Supply an organization that will save the situation for some years to come from an important Cash As to the rail Way problem in. General he added that it might be settled in 2o years a great property realized but Only after some hundreds of millions had been loot. The losses can be met in two taxation or by earnings. You can have earnings Only if you have business Busi Ness done Well the one Only remedy for this situation is More Light trading were showing a gain of fit 5. Firmer. Smelters Nickel being oils shares were irregular. . Oil were Imperial was off with turnover of 940 shares Pete lost prices throughout the beverage group Wera chiefly unchanged. Unlisted Bonds stocks it. It. Billett co 5% pad p. Burns units Calgary Power Canada life can. Gen. Invest., commercial life Coutu Ien to life pm 350.00 1.75 Federal Grain turd inter proprietary is London Avest. Trusts co. People greater tonnage More National life is sask. Life ass. Co. I 10% pm Sun life ass. Co. O can. Traders finance Low 3% 16% 9v 1 metals Al Sta. Am. Smelting Anaconda of Lsmst he Chi Cerro de Pasco great nor. Ore. Howe sound x25 int. Nickel Kwint Cott tin 400 Joranda. Mines helps Dosse Tenn. C. A c. High. High. Low motors accessories i British currencies fractionally weaker Canadian trem be Palch Moa York. June cur 5 Dollar closed i o Cento after Early Lnu 16h 5ii 16 3% 1 a 32% in lower a eid is 3% -13 i i a. Aubur a aviation. Corp. Bendix Arn. 100 _ Balsas mfg. C160 Chrysler 100 Continental motors Curtis Wright a _ Curtis Wright elec. Auto it. General Mot. Goodrich. Tire Goodyear tire aral am Hudson Hupp _ Murra to corp. 8 Nash _ Overland Packard _. Ivi Reo Studebaker United aircraft to s rubber yellow Trust steels equipments .19 43% u Dollar to s throughout the remainder w.61. Tras quoted a afternoon opened want lower of i Voied at noon to t in roid Earl Liah. I Jine Light Jeat Anu. Consolidated monday k declared the regular 38 cent . By dividend. It is payable Jiu a town of Tuxedo 5 32 us 13 114 10 a Amu. Found re bet a Lehson. Byers a. Case. J. I. _ outer. Trac. Xl2 i am. T. C. 400 Ingersol r. 3co int har. To Luttum. Steel oils elevator 300 Tim. Rol. Bear. U. E. Steel tvs s. Steel 700 Vanadium interest As to Drin Coal the . Of interest said decent urls f to be Issue dated is september. W32. Lor the purpose of paying the Cost s of construction of addition of Tiro looms to. 2 Jit the Corner o Van Home Bouli Rord Tuxedo at nut in c the torn of Ali Edo. I notice 13 gives tha1 the town or Tuxedo have passed by Law no. 337 author Litas the sub Muslin of by i Law so. B of Thi school of Tuxedo to. 1708 to the rate payers that said by Law win be submitted to of voted on by the persons entitled to tote Therou the municipal of Flea of Thi i Trust i loan baud w on tuesday the Isth Dav Wjk of june a.d., 1332, the hours . Ant s -. 21k 50 37 s i it 6 5 a 23 i 5-Vi 32 2a 19 i 4 to s ail 12v, 2 13 it 19 to -13h Chi. An. Tor. Per. An. Or. U. 100 5h am Tel. 5 5 4h in. Gas Imp. 13 12fl Union. 14t4 miscellaneous industrials 34v4 air reduction 300 am 3s-h s9w Allied chemical 800 51.v4 5214 51 Allis Chalmers 50 an. Can 400 37v4 to an. Chicle -200 _ Al _ _ _ an. Ice 2qo an int. Corp swam. Had. . Am. Safe for Haz 300 .15 _ _ _ an. Toll. B 51. H we Armour a. Best co. Borden. Burroughs Canad dry. Coca cola a 700j com. Credits so com. Solvents too Golem. 10d Coatine Tal Gin 250 Cora products Coty 91h c400 railroads Atchison Iloo Bahi. A Ltd Ohio Bolyn. M. . Can i clinic 135 _ Ches. O. 250 Chesapeake up. 200 Chi. Northwestern incl. It Hudson 300 Del. Lacoc. It. Of. Northern 300 Illinois Central Lou. Nash. N. T. Central new Haven nor. Pic. Pennsylvania. St. S Southern . Onion . Oils Afel Antic St. 0400 _ barns Ali con. Of arc report t. Hex. Scaini mid., con. _ Petroleum corp Phillips pore of is Rayal dutch Shell Union Sinclair cons. Soc div Vic. -t20 stand. Call. 200 stand. Kits. Stand. C100 2 Taxa corp. 105 Texas 8. 300 i Dom. Stores 120 Drill inc. 400 Delpont a Asumaa list Nat. St. Tor film. Gen. Blew. General Roods 300 general refract. _ Gillette Glidden Gold dust g. To. Sugar Grigsby Greao for int. Moment int combustion Johns Manville Kell Elbr Stevi _ _ 3714 Kresge s. S. Ris set in 8 Kroger 1001 31m _ Lambert 800 ss74 3 s Meyers 400 4lm 41v4 41 41 liquid carbonic 500 12h Loevi inc 15k 35h Loose Wiley _ _ _ Lorillard ____--------11 _ _ Macy i esd a May stores 10u _ _ _ m Mont. Ward 4-5i i the m Blacut _ 29% so m Cash 8 t h nit. Dairy p. My m is Mai a. Nat. Chs. 100 ____17h Ira Ira m Penny j. C. 2w so Phil adj. Coal 214 _ _ _ j h Gamble 27m a w radio corp. In. Bemington. P._ 1h _ a i 1 soil fax in to i Star Roebuck a 230 11 a s sat duct a. G. 50 e _ _ _ w. Stand. Brenda 120 18vi tra Samerica so 2iji in Union Carbide 17m a. United fruit Iso _ 13k us 1355 1 tj.3. Indus. Alcohol _ 15ti 15v4 m Warner. Bros. 14 an. West. Stec. 2151 xxi Tib. Woolworth s5s 100.000 noon 200.hoo, 1.30 pm total Money. 3li Oer cent. Dividend dividend rs.14 declared this is All interesting particularly in Tiew of remarks in Lucli sir Joe Epli j is reported As made during a hearing of the present commission Isotti no Ottawa in february. He is reported to have Astrid. In All the period Between 1918 1931. Putting debits credits together we meaning the Canadian National railways have never earned enough Money to Pas Coal old. And. We be never paid one of the pres ent huge scale by the Public was a. War relic. In. 1915 Canada was con fronted with immense in the discharge of her War obligations. No Money could be borrowed in. New York or England the govern ment was faced with heavy burdens relating to the railways. Instead of turning the roads. Over to a receiver the them in charge thus reversing the procedure of the United states Folly los spells death governments Are in control politics play an important when politics enters business it spells the. Senate Rian of 1925 of lesser importance than any of the foregoing suggestions was the Senate plan of 1925., the Senate bad appointed a special committee to hear witnesses gather evidence. It re ported findings recommended amalgamation of the Canadian. National Ca acadian. Pacific. It advised joint management by a. Board of 15 directors. Five were to be appointed by the Canadian National five , Canadian Pacific these ten to choose live More. The committee also recommended the re capitalization of the Canadian nation St on. The Oasis of earning capacity the guarantee of an agreed dividend on cant Mac Pacific railway Stock. Pio Videa a our plus was earned div land at the same rate would be paid to the government capitalization placed on the government Railroad. Any further surplus would be divided be the Canadian National rail ways the Canadian Pacific rail in proportion to the valuation of the two system. Sir Joseph Piarelli commented on these prop Osbus the time. If Par in. Lament were to. Accept the. Senate sol ution of the railway problem put it in tin questionably there Aji Early reduction us Elim Natlo a. Yearly deficits _ a important decrease in annual Hiance is Ltd West. Empire lire 2s% pm june bid asked s4.00 56.00 405.00 2.75 15.00 30.00 22.00 20.00 91.00 85.00 15.00 200.00 3.00 25.00 35.00 19.00 85.00 Western it Ain pad Western. 20% 10.00 8.00 14.00 13.00 foreign Exchange Montreal june foreign Exchange in relation to the Canadian Dollar As compiled by the Royal Bank of Canada closed monday As follows Argentina peso 0.3023 Pound. 3.3644 Austria Schilling not quoted Belgium Helga 0.1617 Brazil 0.0887 Bulgaria lev. Not quoted China. Hong Kong dollars not quoted Crown. 0.03.4b Denmark Krone 0.2308 Finland Finmark. 0.0205 franc 0.0457 Germany reichsmark 0.2756 great Britain Pound. 4.1951 Greece drachma. Not quoted Holland Florin. 0.4692 Hungary Peng not quoted India Rupee 0.31a3 Italy. Lire Japan yen. 0.3o75 Jugo Slavia 0.0206 new zealand Pound 3.8137 Norway Krone 0.2075 Poland Loti p.13w Kou Manla leu 0.0071 South Africa Pound 5.6090 Spain peseta 0.0959 Sweden Krone Switzerland franc 0.2263 ., Dollar per cent Prein. Steadiness Mai Point Montreal Stock sex Chaffi Price changes few insipid very Dall turnover is dullest Day in eight years for Wall St. Market close i we Canadian Industrial alcohol cents higher at Interi Iionia Nickel gained i at 5 Sterf Canada at in. The Bani Fei group Hoyal gained a. Point to 130. Bond totalled Sterling closed at m.1951 Ted states at a Premium a 1614. Alberta province or 3981 14.00 British coi Umble province of no 1947 of Ontario. Province of. , province Aluerta Pacific Grain heat Harnois Power. Corp oration j9ss British Ainer can Oil of. Be Ruble 1945 1 Calgary Powei. 1h60. Canada Cement 5h can. 5% can. Nat. Elys. 1s54 Pairie Bly. _ Dom. .1944_ 1949_ Eaton. T. co., 5% fed. Grain Cost 1949 _ Gene ral steel wares. 952_ Gypsum Lime i Alaba Stenc 5v1 .1948 _ Manitoba. Power. Lla ple fat milling. 1 Massey Harris 1947 Mccoll Frontenac 1949 Reliance brain. Co., g Simpson s Ltd. 634, Jinn Ltd Grain grower capital expenditures. Ira penalty would be found in the invariable deterioration in Quality of service in. The interpretation of Public requirements by a monopoly. Temporarily ci6se Office in Winnipeg Vestern. Grain Stern Power City of 1943 electric 1954 96. Id 86.00 85.00 13.00 68.00 70.00 93.00 64.00 79.00 09.00 .25.00 4s.oo .4g.oo 52.00 59.00 78.00 72.00 60.00 70.00 00.00 34.00 95.00 by John r coou5t associated press financial writer new York june stocks moped through. The dullest session in eight rears monday. It was a very narrow Market that Best but u Dent bum As to what the next few weeks held in store. On the whole the tone was firm rails mustered a mild rally in morning which helped other groups a Rolind noon numerous leaders were one to two Points above Satur Day s close. Wheat and. Bonds also advanced but no Market was. Notably enthusiastic stocks slipped Back before the. Close which was irregular. In most changes were minute averages slightly favouring the Lorenl o Cubb a. To to to 7i. A. Cap. Castle to 73. Jackson to i. Moffatt to 1 n to a. 3t. Ail Liony to to 1-2. Thompson to.3. To 4. Cent. To 1. Doai to cola to Pawnee to Potter to South to 1, Suc Bury Oil to 3 to Koutney to Gold 5b. Brott to t. To 1 can. To 2. Gent to to. Kirk. To i Lebel to j. 30, appeared willing to Hope Lor the unwilling to Hazard con mining stocks Index showing Small ga1 Tress a Ottawa june 21. Index number of 20 my inf Stos computed by the Dominion Bur Friio. Statistics on the base 1926 equals a was 47.3 for the we Etc ending. 16th, As compared with 47.2 for previous Weet. Eleven Gold stocks remained a i Advance. Volume of shares smallest since june 2, 1924, when tuinover1 totalled. Ability of the rails to resume lost week s Ini or quoted Rise seemed technically Wall Street estimates said that today s Load ing report for. The week ended june 11, would show an increase of to 65000 cars the preceding week when memorial Day inactivity had caused a shrinkage of sue most leading Lills be talked Smaza fractions of their gains. American Telephone traded Altig quoted sex dividend the at ocl bad hard work mating up the Points that automatically Zaire off tha Narket Price finally slumped More than t Point net a few other utilities a Little More courageous consolidated. Gas pub Lic service of new Jersey people s Oas gained one net Brook in Manhattan common reacted. Dpi Send omission but declaration of a. Regular pie Fried the senior shares. Auburn was out of Rne limelight Dupont Case american. Tobacco b. Were firmer industrials but they 1 hardly buoyant. Fell from 16.3 to 16.1. Among the Gold stocks be average prices behaved As. W dome mounted from to i Hollinger irom 37 to Shore from s2s 15 to 19, i i Wrigfht Hargreaves from my Tyre declined from s1587 Teck Hughes from to s3.30 average we dlr prices for too end lower Lor of the a Copper Stock Hudson Rose from trom Metal Mark its Yort j res june 21. Mondov consolidation of United states Trade commissioners offices at. Winnipeg Vancouver will Tase place at an Early Date it it As Learned Mon Day. The merger of the two office. 11 necessitate the closing of the Winnipeg office taut the suspension of. Activities at Winnipeg will be of i temporary John a Emory Trace commissioner states. Or. Snory Voll mate Hla near que arrays St Vanouter were lie Nave a Norge of activities in the four Western provinces Alywin propert of Montreal has been appointed or Tea Copper steady electrolytic spot future tin Baiely spot nearby 19 50 future 19 75 lion Bately steady. No. 2 Fob. East Ern Pennsylvania 13.75-1450 Buffalo 14 00-14 50, Ala Hama 10 00-11 of. Lead i Dull spot new Tork 3 00 Bast St 2 90 Zinc quiet Barb St Louis spot future 2 80 Antimony 5.00. Quicksilver 60.00r62.0o. At London Standard Copper spot 5s future 17s 6d electrolytic i spot 10s. Future spot future 5s spot 12s 6d future Zinc spot 12s by future London june 20 closing quotations. Br.2s.iisn traction Cana Dian Pacific Hydro electric int Hora in7. Co., 41 int. Nickel Brit. Axner. Tobacco Sostant Trade Couver or ambry who has been popular official in Winnipeg succeeded 0. E. Distillers 10s. 3d. Hudson. Yir kers 4s 3d. It Flop Ford Ltd 15s 6d 9d t t British 5 per cent Weir loan 1947 British ii per cent War loan British 4 percent 196p-89, 12s. So. 2 in to 290, while 10c to 8c Castle Trethewey to lie keelyfroni21c to co. Am. Am of. A am. Q. E i am. S. P. Elec. B. In s Foci my can. Pord Egeland Fox. Theatres pen Road St. Regis paper _ Swift pc co stand. Oil ind stocks bombs members Montreal Stock Exchange Montreal curb Market Winnipeg Stock Exchange transactions completed on All principal exchanges Osier Hammond Nanton Portage main ;