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THE SUN AND NEW YORK HERALD, TUESDAY,. MARCH 30, 1920 ft Iipo Sound Investments Inveitora who wish to profit by favorable exchange rates and at the tame time exercise due caution should consider the desirable fcatiircj of Canadian Government, provincial and municipal bonds. With the American dollar at a premium in Canada, buyers in the United States will receive a return of 6 to 7 Principal and interest payable in United States funds. Send for Circular S 3-30. Wood, Gundy & Co. Incorporate 14 Wall Street, New York Toronto London, i:e, Montreal i TheGreenshields j Monthly Review CANADA C.A ehort summary of the Canadian financial and industrial situa tion. With which is in cluded our Investment Suggestions, a Minima, ry of the most attract ive securities available for investments in Canada. W tlusll bo glad to send copies free, on request. GREENSHIELDS & CO. Urabrrt Mcmtretl Stock EirKinf Dclrf in CtnidiAQ Boal Iuuea. 17 St. John Street, Montreal. Take the fullest ndvantage or the present situation by purchasing long term Municipal Bonds which will show the Rreatest en hancement from present bargain prices nnd, meanwhile, the best of security. Dominion ol'Canada Guaranteeing Grand Trunk Pacific Ry. 4 Bonds Due Jan. 1, 1962 Principal and interest payable in Gold in New York Price 67 and interest Yielding Over 6.25 Further particulars on request Ground Floor. Singer Building 89 Liberty Street New York i Telephone Cortlandt 3183 Specialists in all CANADIAN SECURITIES Municipals Government Provincials ' Private Wires to V Toronto - Montreal MILLER & CO. Members Neu Yorlt, Stoc Exthantt EQUITABLE BLDC. 120 Broadway New York Lamson & Hubbard Canadian Company, Ltd. 8 Preferred Stock Cumulative, Convertible) with Bonus of Common Slock Dividends Payable Quarterly in United States Funds This ircll established company Is earn.nf? t tho rate of Tour Tlmei I'.cfcrrcd Dividend Itrfiulrcmenu with a substantial surplus for the Common. We recommend purchase of the Pre ferred Stock from the standpoint of Safety and Income and becauso of the Common Stock bonus. i'rlc and full particulars on application. COCHRANE HARPER C& CO. Ill Broadway NEW YORK GO State St. BOSTON CANADIAN MUNICIPALS City of Montreal C DUK 1022-13i3 To yield 7 Province of British Columbia 5i 1)IK 1DI5 To yield 7.10 Greater Winnipeg Water District c nti: iu.10 To yiold 7.20 Payable in New York in U. S. Funds RUTTER & CO. 14 Wall St., N. Y. Rector 470 IN Tht ROTUNDA OF THE MONTREAL, cur out-of-town clien: and fritndi will find our Uptown Office. You are invited to malte full uie of the complete facili ties. The Branch Ofics will be con nected by wire service with our Head OiT.ce in the Transporta tion Building, Montreal, and by direct private wire with PVNCHOH & CO., Ill Broadway, New Yotfc DliOr IV TO SEE US VrilEN J.V MONTUEAL, Craig, Luther & Irvine Member. Montreil Stock Eichanjs Transportation Building, Montreal Otuna Omce. 4S Elgin Strett UradbtuT Uros.. Manasera CANADIAN VICTORY BONDS Due November 1st, 1924 At present ma -kct and exchange quotations these bonda may be bought to yield the American in iesUr about 9CC. It is only reasonable to suppose that this premium on American funds will be materially reduced. Therefore an investment in these bonds offer sound security, a high interest yield, and the prospect of a considerable increase in market value. HANSON BROS. Investment Securities 160 St. James St. Montreal CANADIAN SECURITIES Write us for authentic information on Canadian companies. STOBIE, FORLONG & CO. Memlers Toronto Stock Excfianfs. TORONTO :: HAMILTON CANADA -CANADA- Consult us on Canadian Investments Intelligence means profits. Statistics, Quotations, Service Given on Kerucst. W. STURGIS MAC0MBER The Canadian Securities 8periaU.it 33 Wall St. New York Telephone ITanover 0J73. DOMINION OF CANADA sy2 VICTORY BONDS Owing to the present premium on American funds, Canadian Government bonds oiler a most attractive investment opportunity. ion inn JW7 una 1531 1M7 Oil and Interest 97 " 101 Orders may ht telegraphed or telephoned at our expense. NESBITT, THOMSON & COMPANY TORONTO 222 St James Street . HAMILTON MONTH EAT, LONDON. Ont. NO LOAN NEEDED FOR THE DOMINION Hcdiiccd Expenses nnd Nest E?f? From Last Yenr Ex pected to Bo Sufficient. Toronto, March 20. Somo of tho re cent confused Bontunont evident In "Wall Street was Imparted, to tho Toronto Stock Kxchanuo, with tho result that weakness developed on sovcral days and tho week ended with an Irregular list of fined In tho field of national finance, where 6omo of the Incidents gavo cour ape. Tabling of the main estimates for tho next fiscal year. iimountlajr to f 537, 000.000, wan oocn at Qneo to mean nn Immenso reduction In expenditures, com pared with tho total appropriation of '900,000,000 Inst year, but when com pared with the expected revenues of J 360,000,000 Uiore was nt onco an In ference that nnother popular lonn would ho necessary this year. Happily later advices have dissipated this fear, mainly because It Is now known that the Gov ernment Htlll has a pood nest ckc an hand from In year's Victory Loan, which, with other ro venue, nhould enrry tho expenditures well Into tho new year. Should thero he a shor.rure it Is thought tlm Ivinka can be depended upon with out Impairing tho needs or business. Another rncouraslm; statement was1 that tho adjustment of nocounta between tho Canadian and tho ItrltlKh Govcrn mcnls, followlnir tho ni xed expenditures of tho war period and tho Brantlne of credits for Canada, revealed a balance duo Canada of -214,000,000. This Is In addition to somo $200,000,000 owed by tho nrlttih Government to tho banks of Canada, a commencement In tho repay ment of which will bo made this sprint'. ino uatik statement, for February ronmineti tno surprlPlncr news that cur rent Ict.ns In Canada bad Increased bv $30,000,000 durlns tho month, In splto of tho efforts of tho banks to curtail credit?. Local bankers expressed tho view that tho higher prices of commodi ties made this Increase almost Inevlt able, as they could not soo how credits ror legitimate business could bo short er.cd to tho danger point, and every one Knows mat tho cost of carrying a stock nas vastly Increased. Victory llond Market Imiirorci. A matter for satisfaction has been tho greatly Improved position of the Victory bond market. During the weoK no less than two Increases in prtco wero made affecting Victory bonds, which nro still In tho hands of tho market committee. Tho Increases for tho different Issues run from onc half to 2 ixxlnt3, tho only Issue not af fected being tho 1934 bonds, sold last year, of which Uiero had been the largest accumulation. Four of the seven issues are now at par or over, tho 1937s being at 103. Wo hear littlo talk at present of embargoes or -higher tariffs against American goods, but. on tho other hand, scarcely n day passes without news of another American factory being estab lished In Canada. That highly Indus, triallzed belt lying butween Niagara Kall3 and Detroit Is gaining steadily from new Industries, many of them financed in the United States. In that connection reM-enco should bs made to tho ixxsltlon of Uie Ontario Uydro-Klcctric Syst.m, which play. such an lmiortai,t psrt In supplying power and light tx.i a great part of Ontario. Sir Adam Heck, tho chairman, has been something of a dictator In his years of service for public ownership and battling with prlvato corporations There lias ln curiosity as to what would bo thi attitude of tho Farmer Labor Government, headed by Premier Drury. During tho week Sir Adam Heck has publicly complained at the delay In guaranteeing tho bonds necessary to build Hydro-Radial railways, which he rao planned. While not Intlmnting any antagonism, Mr. Drury has hod an auditors' report mado on tho Hydro. Wnlch. when tabled In tho Legislature, snowed that, without counting the rad lals, tho Hydro will rciulro upward f t:6,oro,000 In tho next tno years for enterprises now under way. "It would seem to bo tho part of wis dom," says Auditor G. T. Clarkson. "not to enter upon tho construction of any new works at the present time, except thoso most pressing and of Immediate necessity, unless tho municipalities In terested aro willing to accept the burdens Imposed and hear them for thirty or forty years." 11 Rpanlili Ttlrtr 91 SO 03 179 Steel of Can U,i WU nil 47 Steel of Can pf... W Slii M M Tooko pi , !Si .. H4 tii Toronto Hallway, It W t "Twin City sA .. tr.'.i iv nicMivri jiau,.., si s u ,. CSl Cons SmefterV..'.. 13 ITU in MfilJomo Mine 1J.M 1? W . .00 1M0 Iji mq cj m M 3 TTiMplulDf JHnes.. 13.00 12.U 12.U ,S HANKS. SI Commerco IM',4 l2 IK -4 M Dominion Ml yn'J a)3 -1 CO Hamilton 191 1'4 1 i 163 Imperial l'. iw 1M i llJIerchants i:o isj lw .. 6 Montreal -ISH .. zi&& -Vi 1 N'ora Bcotla :W X 1 3J Jtoyal 119 USH USH M Standard ili aiVa Z'.i IB Toronto 1H .. 191 13 Union UT .. 157 SMALL NAVY PLAN iCANADA GAINING IN SATISFIES FARMERS MOTOR INDUSTRY LOAN, TIIUSTS. Ac. It Canada Landed.. .10 Ml Oan lennnent..,17a 1W Colonial Inveotnu 61 16 Iori A Canadian. .121 110.NDS. W Can Bread SI 1M Sao 1'aiUo 73 M steel Co ol can... 57 VICTORY PONDS 8 t ITS 7 1 175 C8 1:1 M 7.1 i'7 f.'i Mi - Vt - K U v ire 6is k rv.) j;cj 6Hs h 10XO 1017 tajs w, H4,0 19M t'.d M; tW IS37 iVi 101 !( 101 WAR BONDS. l"-') 1? Ss 85'i 9IH W -m 1749 1W1 t 95 Sll, 9lH St U1M 1.M7 6.1 t'K'i 9T 9i U UMiISTED, 8I lllack Lake Wt 12 1( V, 9S3 uiaclt iwiko pf ... 1, U - IW uack Lake bonds 43 u 4S CIO Abltlbl 331 W.Vt CJl cr, Dom Foundry " 7ii Sfl Dom Power U'i t.9 i Mnnlonald ISVi Wt 5'1 . can Jlachlnrry i;i .n urewcrlM.., ,. ISVi . 4) . f.S .. S 70 . SPa . 41 .ii.:; 39 4ss; 6 M ZSC Uollitirer S5 Ilronlnton .. 1M Temliluuninj f.O Hlk llM.n .. 41T0 Jlclntyre CC N A Pulp c; in Pore Cmun j l-rici llroi 8.) Total 8ales-Uteil shirei, Sl.'ll H.:;:; war bonds, V'.IXJ). -1 - ll - ? : u r..a 79'i M II .. ia.a u.ro -: :.n 2.15 CTa .. K'i -Vi MONTREAL STOCKS. Flnnnclnl Statement f "Week. Several financial statements have pro vided instructive reading. Canadial Gen eral Electric Company, which had an Immense business from war contracts had a largo falling off in profits during the first year of reconstru-tlo'i The i jvV t . V-compared -nlth 51.43o,4S3. Lato in tho year, however, tho w-j iuwilu us peace Dusiness developed and tho company is now more busy than at any tlmo In Its history. Tho Rank of Hamilton had a year of great expansion, with profits of $817 101 against tzn.ZX in tho previous year To- a. assets stand at S4,(aO,000, compared with J77.000.0O). Tho Imperial Bank an nouncea a bonus of 1 per cent In addi tion to tho regular dividend at tho rato of 12 per cent, per annum. Another of the paper companies to reflect the buoy ancy of that Industry Is the Abltlbl I ower Paper Company, with largo mills in -Northern Ontario, which has declared a dividend at tho rato of ft) per cent per annum. This was Immediately followed by a great boom in the stock market sending this stock up to 531. The Provincial Paper Mills Company, operating in older Ontario, will reorgan ize Into a new company, giving tho com mon shareholders threo shares for two and tho preferred shareholders sharo for share. This, too, has resulted in a sharp advance in the local stock, market to 113. Thoro has been an Interesting struggle for control of tho Black Lake Asbestos and Chromo Company, for 10,000 shares of whoso stock J. A. Jacobs of Aiuntreal mado a set offer a few weeks ago. nival asbestos capitalists are now known to bo buying tho stock In tho open market and 31r. Jacobs is 'believed' to have been forced to tho same course to defend his deposit backing his undertaking. Tho following Is a summary of the week" trading on the Toronto Stock Ex change, with comparison: s,c' Open. With. Lot. Chee. iv3 Auaoiic ouiar.... si s;u si 4. n; 1M Barcelona 7 I4 S78S Jlrailllan is: 1, 42 Hall Telophono ..191 lf,7 05 Can Dread ;7 101 Canada Cement... 70 C9ij 10 Can Cement pf... 9J 137 Cm Gen Electric 100'J l<j S Canadian Loeo pf M 15 Can Pacific K It.lH 10j Can S S Lines.... 744 HI ran s S Mne pf. SI-, C5 Consumers' Gas. .111? 252 Dom Canners .... M a uom tanners pf.. m 111 Ii 1 4 Stel pf.... w Tho following table gives the total sales, high, low nnd last prices and net changes of all stocks and bonds traded In on the Montreal Stock Kxchnnso for the week ended March 2": J354 Abltlbl P St P Lt .TM 10 Atdt V A 1" Lt pf. K7 '.17 C3 Ames II JirC Lt pf 1 10j SSI .Ub C Cm Lt :) 7li IS'j Ab C Can Lt rf . . 92 M 153 All Su; I'.cf Lt... 91!t Sl'i M At! Sue Itef Lt pf.lKVi 13i 112 licit Tdoihuiie l"i 1" SI 11 C Plsli i Park 11 fi -SW llrnzlllun T L A V 40'j 1.VJ Hroiap P & P Lt.. M Hi 3iV" t'sn Cement 70 fi"i 191 Can Cement pf.... MU 93 lWOCnn r ,c V Co H r.Hi "70 C CiP Co pf xillrlOl 101', Can Cotton Lt... 914 S9'i 40 ("an Cott ms I.t pf. 77H 77'i S25 Can Iron Pound pf W.j, 46j 165 Can P (s V Lt 140 4M Can lien Kite pu'.j 101 415 Can Steamship 73 7.1 CI Can Ftcamnhlp pf. !1 Si C29 Carriage Part Lt.. 40 54 411 Car'ec Pact I.t pf. 50 ft 506 ron Mln Smelt.. 24 24 H Detroit United lty.lll'i 109'i 41P." Pom Canntr .. .. SS'i Mia U)oi Prlilw Co. ...IS 103 (.30 Horn Class Lt C? ('! 11 Dom 1 & S pf'.... JO S74 lfWDoia Sled Corp... 714 71 SSDom S'tetl Corp pf M 77 KlDora Teitiln 131U KP.i M Hlllrret follirrles 6t ft) toi H Kmlth Paper.... SO f0 S5 H SmIUi Paper pf.JOt Ml 14 lf'ilt. ltnfrew 73 70 w Kaminiiunna 1 " "' 194 Lake of the AW. .190 Hi TK3 Iurentlrte ex d... 97 9l'i lfO Lyail Con-truo .... M t' JM M.'.loniild M 3. 6 -.font rot Ltd'.... U'i S4 93 .Mont Cot Ltd pf.. 104 104 1111 Mon I. II & P Con iW S7'i 33.1 11 '7 1 -'s5 794 93 l'-i P0U ? 123U .. 10) 1 ea 47i - : ft ca -1 93 tt 7 191 4' 77'i - :h 454 SW -19 1K1 73 -14 4 hi M4 2 W :s 1114 14 r, 103 - 1 M 3 M 724 1H M ! 131 5 CM M 101 70 SO US 97 H 35 M4 101 S7'l- i Cnnndian Tolicy Involves, British Preferential Tariff aj Small Expenditure Until Conditions Settle. Factor in Dominion Auto mobile Manufacture fprclal Correspondence to Tni Scs isn New Tho British preferential tariff, which Yonit Il&tUU), 1 went Intn ffw finntmhep 1. 1D10. Ottawa. March 20. Tho last week!,.. , .. .. brought a procession of subjects of first,'8 "fa"ing a cons.ucrao.o ii'-muu. w rato national Importanco beforo 1'arlla-lno CanatlLan automobile Industry. It mcnt Thcso included a temporary i granta a nreferunco of one-third nro- hMHaiI1nPr.0llCn',,nn4.U'm,lcrmcnt ?.n shll,-ivlded that not less than 25 per cnt of! building and tho Government's now ., , , . . T. . i frnnchlso net. lno laDor or xno nnisneu car sunn nave Tho announced temporary naval policy J been dono within the British Kmplro. -acccptanco of a gift of one cruiser ami i Throughout Canada thero Is ono auto somo destroyers from Great Britain. Uoune for every twcnty-llvo jwreons. nenalni; conswlerntlnn nf n nermnnent ' , . . nAiin.. Y . V. J. I i i t ' 1110 "Jominion in mis respect inning vmy fcecond placo to tho United) States, whero We Recommend Canadian Government 53 Victory Loan Due Nov. 1, 1934 To Yield About 6.70 In view of Canada's lounj economic condition and the rapid Adjustment of Canadian Exchange toward norm-I levels, wc believe these bonds to be attractive at present prii.r. t We invite correspondence fwra Institutions and Inveirnrt ;n. terested in Canadian Sceptics. CTIICAGO . A. E. AMES & CO. ESTABLISHED 1889 Investment Securities 74 Broadway, New York Head Office: Union Bonk Bldf-., Toronto MONTHKAL VICTOIUA, n. p. -1 4 8 S'I : 10 Mont Trim ex d.. 1114 3414 1444 17000 Mont Tram deb... 72 73 73 14 7015 Nat Ilrewenes ... "KH 41 12 4 01 Flour M ex d.5t3 iG : ; 4WOnt Mfel IVod.... W to B7 -- I5S l'enraanj Mil mil 11? HS'l U lor. l'rieo Bro-i I.Kl 3J" 0 5 M 177 Prov Taper Ltd K') 125 :5 i;il Quell.T L H tc V.. 4 57 .. Wl Kiondon P .; V ..1774 17 "74 24 6 R V & T 1f cx d..ld l?l 101 J St I,n Flour in :o 1(0 -4 M St Law Flour pt.. W 415 Shaw W & T ex d 111'; 112 112 - U 7 Sher Wm T pf - K ! f 5S14SPanlth lliver .... 94 j MJi M -VV) Spanish Itiver pf..lri 1294 1"1Vj -r 14 172J Steel Co of Can... WU ijfn f;h il Steel Co of C pf.. K4 574 f'1! li t32 Toronto Ity M M lCTeoko Uros 71 . M TitcketW Tonaceu m i OH Wayara KU'I.td. va Hi 15 Woods Mir pt-... SI M I1ANKS. .19 IK'i ,HS 1SJ ,1M 1 15 11.1 112 Commerce .... 47 Mcrrfiants .... 10Molon 43 Montreil 0 Natlonilo .... 12 Kova Scotia.. 4i Koy.il a Union ...213 ...1W 219 IK U 4 71 J- 1 r.i 1 f!4 3 K issu - i 1K in 21". - 4 i'2 .. 270 213 IK IK 7 i 47i -24 1074 -14 27 -; 70 ; 92 1 1044 -4 XI 2 BONDS. JllfM Afl) C Can &a '42. 7S4 6") Jieil teic ds 2CO0O Cim Cement C '23 93 2300 Can Cement Ca "29 M tl)Can Cot Lt '40. l ISTMCeil It MAP 5." '53 Kl 22PWC Mon Cs Dee ,2J.1"J 2)C Mon Si Mny'23 lol 72'M D C War I. '23 ! U JJtf) D C Wir L Li '31 95 74100 D C War I. '37 94 10X) Dom Coal Ci 'in... 4 WO Dom t'otten 6s '22. W, 2") Dora liSts '29.. N S S Jc C U "J). S3 S.W5 I'enmani Ltd 5s '2fi 10 601 Torto Hleo It 5 '62 72 100 Qne It LH.U' 6.1 ' 63 12.-.10 Ition TAP 6 '42.. 9.14i Mul Sher Will 61 41 ...W 200 W P & T A U "St. 20OO Wlndor II 44s "1. 49 Fractional Ion. The unit of tradlnc In the Montreal Slock Eirlianso in: Stocks, 2". auares; tank. 10 Iiares; mlnUis, 100 i-hares, bw! bonds, J2,C)0. ?2"i 91 M 1 101 914 914 8 $34 964 M S3 mi 63 934 r-i S6 SO : 92 f2'; 92 SI 1M 101 !IS M4 964 ss S3 M H 1 63 91'i ll AMATEUR ANGLER WINS TROUT PRIZE 400 Contestants Tried for the Nipigon Trophy. For.T AnxHtm, Ont., March ID. Fif teen mlnuten after ho m.ulo his first cast, A. S. Brown of Klnfrsville-, Ont., an amateur fisherman, hooked tho speckled brook trout that won for him tho cele brated Nlplcon trophy. rtio trout was 24 i Inches tons and welshed 611 pounds. Though tho trout was causht last policy nt tho next Imperial confeipncc In Ixmdon Is n conced.slon to over whelming public sentiment. It wns felt throughout tho country that until tho International situation became less blurred nnd Great llrltaln lind mado up her own mind ns to what, naval policy sho Is to follow (tho belief hero Is that much will depend upon whether or not tho United States enters tho L'-aKtio of Nations) It would bo sheer folly for Canada to embark upon tiny nmbltlous naval Fchcmc. A further consideration was the mat ter of finance, many bellcvltiK. and not without force, that with no prospect of Immediate naval menace In Blfilit, any ex penditure upon n laruo scabs for naval or military armaments would be both an unwise and daiuterous eourso. This view Is held particularly by tho Affrarlan movement, which, centred upon domestic nnd economic matters, nnd puttlnir a re murliablo faith In tho power of the Lcaguo of Nations to prevwit war, views all steps toward expenditure for either militarism or navnlism with suspicion. The ships to bo brought from England will bn manned by C'aniullan ofllcors now In tho British navy, and who will be withdrawn, and 11 new naval organiza tion will bo created to replace the staff which has operated under Admiral Sir Charles Klngsinlll since 1910, when the Laurler naval scheme whs launched. Tills organization, of course, will be of a minor character, and tho annual ex penditure wllll not exceed 52,500,000 a year. Tho Oovernmenl's statement on ship building, upon which It embarked two years ago. disclosed n first rate national achievement Started upon a Miiall scale, and with littlo public fuppoit be hind It, the policy has succeeded to the extent that to-day the Government has twenty-four fine ocean steamers in com mission, carrying the ensign nnd the goods of the Dominion to nearly every port In the world: and by tho end of the year this licet will havo si own to more than sixty ships. Tho vessels, ranging from 3,000 to 10,000 tons, wero all constructed In Canadian yards and at a cost which, according to tho statement of Mr. Hal lsntyne. Minister of Marine, was con siderably lower than that of ships turned out In United States yards. Tho Government's franchise act, sub mitted to Parliament for a second read ing this week, produced less controversy than might have been expected. A pro vision In lt which, read in conjunction with a naturalization act passed last ..iar, might have worked an Injustice to many of enemy alien origin was nmended to meet tho views of the House, which, taken all In all, showed commendable magnanimity in Its attitude toward people of German and Austrian birth ; and the measure as thus amended Is a very fair and reasuii abln one. The parliamentary fcession, which, it was thought, might b productive of ftartllng political developments, has thus far fallen considerably below pre dictions. The Government, umicr ine 'leadership of tho veteran Sir George roster, has succeeded in increasing us ascendancy over tho House; tlm Oppo sition havo shown only occasional (",viie nf militancy nnd strengtn, ana tho Agrarian gToup, lacking the leader ship of Mr. Crerar, who has been kept from tho House through illness, has mado but a slight Impression. Unless something entirely unforeseen occurs, Uie prospects uu iur u can.. r'nRlni? of the session, with the Govern ment remaining undisturbed in olllce for Iwo more years, an election coming only after a census makes posslblo a redis tribution of seats In the West. CANADA HALTS FARE RAISE AND HEAD TAX Railway Commission to Tackle Subject Next Week. thero is ono to every fifteen persons. Slnco tho Introduction of tho car into Canada tho Industry has mado phe nomenal strides. Just how remarkable tho growth lias been may bo realized from tho fact that whereas In 1S03 In all tho breadth of tho Dominion thero won) but 220 car owners, In 1910 tho number of registrations totalled 32I.SS6. At tho present time $50,000,000 Is in vested In tho Canadian motor industry. Tho estimated aggregate Palo of cars in Canada last year was over 100,000,000. Ontario Is tho motor provlnco of Can ada in manufactures as well as owner ship, Windsor, with Its sui rounding communities; of Walkervlllo and Kord City, Oshawa an 1 Toronto, am tho most Important manufacturing towns. The Ford Motor Company at Walkervillu employs 3,470 employees at tho home otllco. Tho plant covers nlno acres. Tho recently completed plants of the Cana dian 1'roducts, Ltd., division of tho Gen eral Motors of Canada, constructed at Walkervlile, cost '6,000.000. Other large plants In tho Windsor district aro Max well's and tlio Studebaker Corporation, In addition to which thero Is a large numK'r of plants turning out acces sories and automobllo parts. At Oshawa tho General Motors Cor poration of Canadn has thrco large plants, whero McLaughlin, Chevrolet and Oldsmobllo cars aro manufacture,!. Last yrar between $2,000,000 and J3,d00,noo wai spent in this town on extension. and Improvements In connection w ith tho Industry. In Toronto tho Wl!ls Overland Is tho principal plant, while London, Chatham, Kitchener, Hamilton and Hrockvllle are also Interested in the manufacture, and Montreal, In Quebec. Canada la largely interested In both the Import and export of automobiles. In 1919 tho Imports of cars, parts and accessories amounted to $12,201,119, while exports for tha samo period wen valued at $10,SS9,23I. Tile importswere practically all from the United States. TI10 growth of the export trade can be seen from a comparison with the llgures of 1917 and 191s, which wire J3,210,120 nnd $I,11S,9JG, respectively. DOMINION OF CANADA Gunrantccinc Crand Trunk Pacific 3 BONDS Due Jan. 1. 1962 AT 51 AND INTEREST AMERICAN FUNDS Yielding G.42 Principal and Interest payable at fixed Par of Exchange (SI.S6 to i) ir: New York, Montreal nnd London, Eng. &MIL1US JARVIS & INVESTMENT BANKERS Jarv's Building 103 Bay St. CO. Toronto, Can. CANADIAN SECURITIES and Industrial Issues with Principal and Interest payable in New York funds, with attractive yields at prevailing rate of exchange. Write for particulars. THORNTON DAVIDSON & CO., Limited, Transportation Building, Montreal. 81 St. Peter St., 63 Sparks St., Quebec. Ottawa. DOMINION PLANTS INCREASE OUTPUT Official Figure's Show Great Strength and Growth of Or ganized Industrie. Ti'j a Staff Correspondent of Tun Six asi Xrw Yont: llKiiii.n. Ottawa, March 29. From Informa tion being Issued in a fcrlos of state ments by tho Department of Trade and Commerco lt la apparent that while agriculture holda a front line position In production In Canada, organized In dustry la calnlns ground and strength The list of Industries is not compl'K but thoso nvailablo show strength and growth In recent years over all previ ous tlpures. Final completo returns for the crop of 19S show that tho acreage under crop and the value of the crop were th high est on record. IJut tho yield from l'J. 125, 90S acres was only ten bushels per aero for wheat, and an average of 211 r. bushels of oats from 11.9.12,111 acre. Tho value of last year's crop was moie than double what It was In 1914 and $027,000,001) over tho bumper crop of 1913. In addition to that showing the Cana dian exports of livestock and meat prod ucts amounted to J153.397.82S for tlm twelve months ended with February, nnd ?1 1.393.039 for dairy products. Local consumption of thcso products would add to the total given for export. Porno of tho industries reported on show (he extent to which they aro or ganized nnd represent capital and cm- in "Canada as a Field for American Products" A 20 Pago Booklet The actual and the polcnlial importance of the Canadian market should be more clearly understood, and the magni tude of the opportunity which Canada presents ought to be better appreciated. This booklet contains in concise and readable form the knowledge gained from many years of residence in Canada, and intimate contact with Canadian merchandising and advertising conditions. It will be a pleasure to send a copy with our compliments to those who are interested. COLLIN ARMSTRONG, Inc. General Advertising Agents 146.i Broadway, at 42ml Street, NEW YORK 3l0I"rcnI London rUrls "i Toronto Montreal. March 29 The Canadian Railway Commission to-day orderexl Canadian railway companies to cancel the 10 ivr cent faro increase to points in the United Statos whkm they had ployecs, which call for consideration announced would go Into ertcct this ;lny pouCJ. 0f taxation or tariff revision, mcrnlng to maiUo up for the, adverse. Q Caplu, Anmn, rate of Canadian cxcluvngo in the United induftry. Plant. Invented. Production States. Meat iwkinf tTT J6,WS,7M fcX't.Ml.fM Ti, 1-. no ont. Infrefisn. from SS to Implements... SI 7t,llO.COJ 3t,4M.C7S . . . .... lounury and raiv J9.20, in tho head tax on Canadians en tering tha United States and which tho roads collect on their lines also was or dered cancelled. Tho commission an nounced that a hearing would bo held at Ottawa later In tho week to consider the question of Increased railroad fares to points In tho United States. WEST INDIES SALE OPPOSED. Cnnndian ?'lnper Condemn nnd rtldlciilo PropimiL Opposition to the proposal for the salo of tho West Indies In liquidation of Great Britain's war debt continues to bo strongly urged In the Canadian press. Tho Ottawa Citizen says It is "some hundreds of years since nations coulJ barter wholo colonies or countries" re gardless of the wishes of tho people con cerned, and concludes: "If Bermuda or any of tho other West Indian Islands would llko to leave tho British Empire season, there were so many contestants, I they havo constltuuonal means of mak- so many affidavits to bo scrutinized and I Inff tho fact known. And Britain cannot points to bo considered that tho award sell or barter any of her possessions was mado only recently. Thero wero ' without tho conrent of the Inhabitants, If mora than 400 contestants. Hendrlck Hudson of Syos.xet, Is. Y. a name to conjure with also caught a trout of tho samo wclfrht at the same ppot. Virgin Falls. It measured 24 Inches In length and was a magnificent specimen. But ho used a coccatoucho bait, while Mr. Brown u?ed a fly, and at tho latter Is moro dlfllcult to handlo 'ilr. Brown was declared the winner. W. G. II. Browno bf Toronto caught tio principle of telf-dcterminatlon is to bo adhered to. Tha Manitoba Free Press observes that tho overheated Imagination of some writers has bracketed Canada with tho West Indies In discussing ways and means of liquidating war debts by tho ceding of territory to the United States. It says: "Tho grotesqueness of tho Idea that Great Britain would entertain any such proposal should prevent Its lodg- 10M Dom Steel Corp 1 Dom Telejraph M Int retroleum . 9 .Mackav 4M M'elar pf Maple Leal C2 Maple Leaf pf.. X S Car Uli N S Car pf.. :u iTnman ( 73ti , 31-i ...in .. loi'i ... 6-4 ... II', ...1M Zi Porto Klco V.y... XI 40 Prov Paper 113 lllnnlon 17B'3 10 Roferj W IS Ilujell M C w M Rusolt M O pf .. M W Sawyer-Mas. pf.. CJ ZZ Spaalih Hirer pf..Ul 74 till ;iu ij '.in ml i 10.) 3l'i M'.i 100 13) 5 -M 71 S2 lll'i M'.i M W 73 31 !5 4 3o riH -in 70 U 1 S 10UJ -M4 f.H -I '.J It -6 1J0 .. KM -Mi 12! 412 17H -J5J C3 .. M 9.1 -1 M --SV Kt 4l'.i a trout that weighed halt a pound more ment In all brains not unbalanced; but than tho winner, but tho catch was t evcn moro Incredible Is tho Ignoranco made Just after tho close of tho trophy uhlcn believes that Canada Is a chattel period, so he was out of the running, 1 f tha rtrltlsh Parliament." but Is going after tho trophy asaln this year. j rarli Market. Awarded annually by tho Canadian National Railways, tho conditions pro- kis, March 29. rrices were Irregu vlde that tho tlsh must bo a true '" n t"0 Bourse to-day. Three per speckled brook trout, must bo caught rentes, 69 franca 20 centime's; ex- in NIplgon waters by rod and line, i chango on London, 5, francs & centimes; with cither a fly or a slnglo hool: with bait. Par Auction Succefnl. Canada's endeavor to acqulro ascend ancy In the fur trade business receives encouragement from tho results of fur auction sales which were opened In Montreal on March 22. Tho Montreal Herald says: "Canada Is not only a great fur consuming country, but Is also one of tho leading fur producing coun 5 per cent loan, SS francs 30 centimes; ddlar, 14 francs 4 s centimes. Jfndrld llndx Burial Monopoly. chlno shoiw C SI.ir.VI3 fO.4M.S17 nakcry, confee 1,09) 40.:72.MH M.KT..VIS Woollen, textilo.... 73 15.7i!,lb5 .CC.l,5i; Ccttcn, textile M f.t,7W.',9l M,30.::S lioiery, knit in 31 4."..75o,'.:j Wood ulstillntion... 13 3.6i:,;73 7,034.1:!: The total mineral production of Can ada last year amounted to $173,075,913. .13 against J211,XU1,S&7 In 191S. Settle ment of labor troubles and moro pres sure on labor to satisfy wants will le sult in larger production In 1920. The exports of iron and Uccl for the car ended with 'February amounted t. SCI. 997. 712, and of lumber, paper and wood pulp to $J0;,12G,831 for the Kimi rerlod. LUMBER FAMINE THREATENS CANADA Exports to United States Ex tremely Heavy. Ottawa. Ont. March 29. Kxports of lumber from Canada to the United States are so heavy that a lumber fam ine is threatened throughout the Domin ion, and tho Board of Commerco has been asked to consider tho problem Im mediately. . Lumber buyers from tho United States, lt Is said, havo offered to purchase for export all the lumber Canadian dealers have on hand, particularly in the west ern provinces, at an advance of 25 per cent, obovo current market prices. More over, tho Americans are willing to per mit the Canadian dealers to benefit by tho exchango situation and add 15 per cent, to their profits. According to re port here American buyers havo shown a disposition to ptirchnso all tho nvail ablo stocks of lumber In Canada for ex port to their own country Word comes from Rcglna, In Saskatch ewan, that returned soldiers who havo taken land anft nro allowed J1.000 by tho Soldier Settlement Board with which to build a farmhouso aro preparing to pc- tltlon the government to place an cm- I bargo on the export of lumber from Can- I ada because, they declare, lumber Is be- I coming bo scarce and prices so high they o btii.d t.ic-i uuincs with . A Strong Canadian Farm Tractor msmnms-' im mmm The future before the farm tractor ministry makes investment in a sound traitor company to-day a well-advised step. f''j."l,nc"s5 Canadian nnd American market and the advantage of British preferential duties within the Empire, are enjoyed by Chase Tracto Cor poration, Limited A sound Canadian company, with con servative capitalization and a strops direr orate, including J. W. Xorcross, K. .M. olvm, . D. Koss and others of similar standing. The 8 Cumulative Preferred Shares, price 100, wuh 40 Common Stocs Bonus, arc .preferred as to assets and dividends. Set assets of SS77.C33 to cover this $750,000 issue. No mortgage indebtedness. Dividends payable, nt par in New York. Deseriptice Bulletin gladly sent on request. Members Toronto Stock Exchange. TORONTO. CANADA F.ODKKT OAR3EL3 TV.(J.1I.I1K0T"K A. 11, ilMUVtXi Cassels, Browne & Co. lanNr Toronto stock ErtVmji 318 Dominion Bank Building, Toronto. DIRECT PRIVATE WIRES TO Nw York, Chicago and Washington CORRESPONDENTS OP A. A. Housman 8s Co. ' Canadian Government I and Municipal Bonds A temporary exchango condition Kives tho American investor an opportunity to procure Canada's premier securities at prices to yield from: 6.50 to 7.50 Offerings sent on rcruest C.H. BURGESS & CO 14 King St., East, Toronto, Canada J McM&RS MONTREAL STOCK EXCHANOEv OS ffiSTUi aJiKn cteut wist TELEPHONES MAIN SI73 AND 0B3! -u.,.,.,1. -vrui.i. "3 rv.ijl.-.n t.. lsh tho monopoly on funerals In Madrid I the money allowed them. i .Meantime1 inc Kreai iumnor nulls of ' has been reachwl by the City Council. ! In future all burials will bo open to competition by umlerta.licr.i. IIcIkIiiiii f liny Ciinmllnn Cnttlc. PATRAltr. Alhrrm. March 23. Thn Hol- trles of the world, nnd, provided wo talio I elan Government Is nrranclnir for credits proper measures to conserve our wild of $10,000,000 to purchase western Can life, Is likely always to remain so." ada cattle. Alberta and Ttrlti3h Columbia an going ' to full capacity to supply the bonanza market. Four plants alone on the (Jrand I Trunk Taclflc Railway In British Co- I lumbUi' last year cut 15l.C0J.0j0 feet of j lumber and pad! out $1,&'0.0V) In wnges. Between Edmonton and Prince Hupert ! alonjr this road are twenty mills whoso l output fell littlo short of thete figures. WE INVITE YOUR INQUIRY ON CANADIAN SECURITIES BOUGHTSOLD QUOTED AMERICANS INTERESTED MAY SEND FOR OUR DESCRIP TIVE CIRCULAR S , WHICH WILL GIVE FURTHER DE TAILS OF INTEREST TO ALL INVESTORS. H. M. CONNOLLY & COMPANY MEMBERS MONTREAL STOCK EXCHANGE Transportation Building Montreal, Canada fin