The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920, September 07, 1920, Image 15

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The Sun and the New York herald. [volume], September 07, 1920, Page 15, Image 15
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The Sun and the New York herald. [volume] (New York [N.Y.]), 07 Sept. 1920. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030273/1920-09-07/ed-1/seq-15/>

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THE SUN AND NEW YORK HERALD, TUESDAY, SEPTEMBER 7, 1920.
15
Sugg
On
'estions
Canadian Investment
l
ur experience ana knOWledM of Csnsdlan , ,.r,,m..
r-i i i-t i , . . : e
provincial m municipal Donai placet u in a poiition to
aimt
our cuitoraera in fleeting tecuritie which combine safety
ttn high yield. I hee issues are among the moat attractive
investment, obtainable at thii time.
Complete particular! Sn-T on ret'uitt
Wood, Gundy & Co.
Inrnrporatai
Tr. H Wall Street, New York UMcg,
CANADA. H
TheGreenshields B
Monthly Review
(A nhort sum mar v of
the Canadian financial
. and industrial aitOaV
tion.
aJWith which ia in
cluded our Investmeni
Suggestions, a lumina
ry of the moat attract
ire sec u r i ties available
for inveftmenta ia
Canada.
copies rest on
request
GREENSHIELDS&CO.
Utmhmt VMml Stack r.th.,.
Dial, la Oaiallai Bae Im
17 9t John Street. Montreal.
Canadian
Fundamental
Industries
The world must
have Canada's pulp
and paper. Thed(4
rnand for it is bask
and growing.
If you wish to know
how attractive to
American investors,
investment oppor
tunities are in Cana
dian pulp and paper
' Corporation fW.ds
and Debentures,
write us and we will
send you a list of at
tractive offerings.
acincv or
Royal Securities
Vril wn - a a war
KILLER WHALES IN
THE NORTH PACIFIC
School of Them Encountered
Near Victoria, B. C.
VKToau, n. c.. Sept. 9. The dron.lnl
killer whale Is once more reported t
have begn seen In North Pacific Water,
thla time at the entrance to Saand h In
let, near this city. !
Mr. and Mrs. A. 1'. Rose, who went to
Victoria laal October from Alberta and
settled norlh of Sydney, H. C, have beni
"ntirtalnlnr; as visitors WUIlam Insrnm
and family of Vanoouver. tip- hoett
and thtli- STUwatH have been In the I tabi I
or R-onur across by motor car to oep
Bay to bathe in warmer w iter on the
west Nide of the Baanldh Peninsula,
Tin y had taken Mr, Rosa's fourteen foot
rowboat, fitted with an engine,
On Wesneaday bun they decided to
fetch the hunt home. Mr. .trtrl Mrs. Hone
with lidney und Lucy InKruham. flfrldod
to make the eight mils boat trip through
the strait to Shoal Harbor. In th- Qull
of Ueorgla.
"hen Ave miles out from Deep Bay,
running Into mid-channel to round u
point, they observed that thi sea waa
covered with myriads of tiny flSh. Pol.
lowing the fish wore what were nt first
t:krn to be porpoises or mud sharks, but
suddenly the uttenlion of the spectators
was atraetfd short VSKt where a huge
form rose silently through the waUr
about twenty feet off the boat. Mr. Hone
advanced the engine to full speed. The
monster sank, then rose one more, blot
In? and snorting. Ryg-ood liters however,
Jie next time It dived It stad below
the water, and the boating f)urty saw
their unwelcome, friend no more.
When they recovered from their
fright they looked back to see a whole
school of killer whales spouting and
blowing. The whales are vicious and
aggressive.
CANADIAN STOCKS
SHOW WEAKNESS
BtdllCtloil' in pri,.0 0f victory
Bonds One Fnctor ln Trd
inff on Exchange.
Money fur Road Improrrmut,
WiSNirto, Man., Sept. 6 The Fed
eral and Provincial Governments will
spend $5,000,000 this year on Improve
ments to the roads of Canada, the Do
minion grants amounting to $2,010,1)00
and the provinces expending ?3.0o0,'oo8.
The total Dominion grant for road Im
provement Is $20,000,000. The outlay
this year Is smaller than will be the
ease in subsequent years. This is the
first year In which the grant has been
available and because at the Wsnc nec
essary for preparing plans the season
will be well advanced before a large
expenditure can be made.
Alberta Harvest Huge.
Oaloart. Alberta. Sept. 5 "Judging
by the reports which we have received
the grain harvest of 1920 Is likely to
Pror the biggest thing In the history of
; Albert," says the provincial Minister
of Agriculture. The last record In
wheat was established in 1116, when ap
proximately W.OOO.OOO bushels were
threshed, while the largest harvest of
oats was gsrnered In 1917. w ith a total
Of 102.000,000 bushels.
LIMITED
165 Broadway New York
Tel. Cortlandt 3234-6-6
I
10,000
Prov. of Manitoba
4s, 1930
(Guaranteeing C. N. R.)
to Yield 8
Prov. of Manitoba
4i 2p 1926
to Yield 7.75
Principal nnd interest' pnyable
in gold coin n New York City
Miller, & 6a
Members
WertYorh. Stock Bechance
EQUITABLE BUILDING
UO Broadway New York
AVhrat Worth $117,500,000.
WlxmPfO, M.fh., Sept. 8. Manitoba's
wheat crop this year hi worth approxi
mately $117,500,000 to the producers
This la the estimated value reached by
computation baaed on the report of tn
provincial Department of Agrkulture on
crop conditions. Thla gives an average
yield of 17.5 bushels to the acre, and
the estimated acreage sown to wheat 3
2.087.000, giving a total estimated crop
of 47.032,000.
Seertol to Tns Ki n ad Nw Vosk IImaid.
Toronto, g,pt. .A wttker ,,.-
selied the Canadian Mtook Exchange
during the lust few days until the last
trading day of the week. wh. n tliera
e some signs of a rallv. in.t in the
Influences on the securities wna thn ,i.
elalon of the Minister of Finance in con
sultation with brokers from the leading
wew w reauoe ine irire or Victory
bemls which are still In tho hands of the
Market Committee for distribution
This decision, carrying reductions of
from one to throe points, waa a com
plete surprise to the financial com
munity, and something of a shock to
thousands of Investors who saw tho m.u-
et value of their bonds seriously Im
ilred without warning. The (lovem
lent bus been ivmarkshly reticent In lu
.Moment, und little has oome from tie
iond denlers, doubtless on the theorv
that "least said Is sVionest mended."
HOWfVer, It was generally recognised
hut the altered world conditions In the
vay of money rhtes had cal.ed for
Hime action.
There hsd been no adjustment In tin
srioa of Canadian victory' bonds since
tst May, but during that time there
ns ueen n steady rise in money rates
ntll shrewd Investors wero .tempted to
ell their Victory bonds and buy even n
provincial or municipal Issue wl'h a
oneldernbly higher return. Home of the
utter securities could be had with p,
yield of about 7 per cent., while good
Industrial preferreds on the- murkct
brought a return of from 7ty to 8 t per
cent .Most Important of nil In the con
lltlons leading up to the adjustment
w...s the heavy liquidation of Covern
Bjent bonds by business enterprises who
,ould not secure enough working caps
tul from the banks undor present tight
r'dlt conditions.
it was explained by the Minister of
Finance that elneo tho Market Commit
tee resumed Its operations late last
year bonds to the value of no less
than $135,000,000 had been distributed
through Its operations. The dimensions
f thla work came as a surprise and
goes some dlalance in reconciling the
financial community to continued con
trol. Already thore are signs of a, better
position of Canada in foreign exchange.
After remaining steady ut around 1
per cent, for some months, tho premium
on New York funds dropped last week
to below 10 per cent, und recovered
allghtly. It la clear that the sale of
Canadian wheat is having an effect,
though the heavy adverse balance of
trade will operate to keep Canadian
money at a discount for ome time to
come, according to tho brat financial
opinion here.
What effect any considerable change
in this premium may have on the sale
of Canadian securltlea remains to he
e'n, as the custom has been strong for
some months of selling Canadian Provln
rial bund lsue In the ('luted States un
der the favorable conditions created by
exchange. Manitoba has Just completed
exterslve financing by the sale of sev.
eul blocks totalling $4,500,000. which
arc being offered to American Investors.
It Is stated that the province has now
completed Its necessary financing for
this year.
The following Is a summary of the
trading on the Toronto Stock Exchange
during the week:
Ml MarlcerCo es n Hf4
TO MicSt.'n uf e J M
' lllapl. I.Mf...
14 MspU Maf pf IW
0 Monareh (M
.W N a Car 4
mi i-iiiiieii' no
IM
nil
4
130
70 Prov Paper . 110'i lit
ss :'. i
: .' it. i..
Ill Kesri'. ....... 54 04
4 Hawy.r Mas ef 44 44
100 Hvantsli Klvar. 112(4 10M4
mi Hn.ul.li It if. ia IV"'.
TT tKm of Can... To US
3 tftwi of can pf aii at
tf: Toronto Ry.. . 44 ;U",
'.' Winnipeg Ky.. gl 32
MINKS.
70 Denis Mines. .13.40 13.10
SO Ls Hoes 32
Nliillni;
eWTNthaway
13
Min.ii.no Pino
....V'.k 2IU
BANKS.
.M.ffM "0
iat ii.,
. ..17H 177
IRI 100
. . . . 177 177
200 200
24 347'
tOI $04
211 $11
17(4 -3
law -i
ISO
at -3D
aa i
-1
ISA 414
III -3
ei4 - '
54 4-3
44 .. ,
11IH -IU
ia - u
aa
41 .
it -fi
13.10 - 40
13 -1
inTan 4.
STVs 4- U
47 Renimrrrs
1 10 Dominion . .
17 Hamilton . .
2H Imperlsl . . i
a M.rclienta
I Mentreal . . .
4 Nova Bc.itte,
7 Hoyel
37 Niandavd . .
1.3 Torunlo 1S3 12
LOAM, TBfwTS.
170 Oiiiada Per.., .160 138(4
lull Col Investment 74 724
0 1...11 A Canad.121 120
II Nat Tru.l Hp 300
5 Tor Uen Tr.. ..IM Ng
HONDS.
$1000 n. il Tul POU ''" .
IS(MM) Ckii Braad ... 07 S7
1 21)00 Hlo Janeiro. .. 73 73
3000 (Sterling Ooal.. 80 SO
WAR BONDS.
2IWOII 1023 as M 83
:i.M4H 13 us 02 Rtt
'I3V00 1037 5s 09(4 84
r.Nl.l8TED.
fU N A Pulp 7H 1'4
133 Mattngaml ... ft U3
HI Uioniptow .... HO US
K0 North War .",.00 4.00
.30 North Slar L,f. 3.0O 3.00
130 W Q Pulp 40 as
$3)0 Aliltlbl 70 73(4
27.', it. ..iim,-. i 5.73 5 00
no N breweries.. HT.'k LIU
OtKi, M, linyre I.8N ii
V -I4
ii i
177
IN
177
2011
24T',4
..
211
182
100
74
121
200
Mg
KO'i
87
78
SO
03(4 - 4
8IS 4- (J
m
l
a
4(i
-34,
J
1
2
4-t
4tt
POLITICS JARS ON
CANADA'S BUSINESS
Despite Prosperity ind Fine
Outlook Ptiftlei Keep l'p
Hot Controversy.
4V
IH
T(4 - A
03
rtli
4.IK1
3H)
40
78
3.70
-.10
2
m
4- Of,
- ,
1.84 -.01
.11484 1141, 1M -3
. noi; :,8 on
10 l.iiurt'iillilt,
ISO Den Foundry. 00(1 38 00
I CoM FOry pf. 02H 824 UM .
23 Dom olaia '" 4 8,' 4 0.34 n
3000 dphlr t 3 3
in Wnyi,giimarik..l24 124 1S4S 114
20 I , 11... .... 10(4 10' 1 10'4 Vk
40 Pressed Metal 273 2oi 270 ..
Total salsa: Ust4 shsrsa, 3,033; unlisted,
10,040, mr bonds, 78,800.
MONTREAL STOCK MARKET.
AS'iInl lo Tun He and Nsw 3'nsx ttsati.D.
Ottawa, Sept. (.Canada appears to
be suffering from a condition of chronlo
political controversy Despite the fact
that a Federal election will not be held
for a year nnd that prospects of a more
than average crop Is giving an Impetus
to business, political activity on the part
of tho three Important parties Liberals,
Agrarians and National Liberal and
Conservatives Is being carrlsd on with
all the vehemence and feverlshneas of an
electioneering cumtmign.
Thus the Agrarians, whose banner has
somewhat drooped of late, are holding
conventlona and political picnics all over
tho country ; Muckensle King, the Lib
eral leader, who ban Just concluded a
speaking tour of Ontario, will shortly
Invade tho West, and Premier Melghen,
who has begun his career as Prime
Minister with characteristic aggressive
ness, le appealing to the province of
Quebec. Taken all in all, the Govern
ment, which was badly discredited six
months ago, Is steadily gnlnlng ground.
Hlr Itobert liurden so cuneeiitratedhls
attention upon Imperial nnd Interna
tional questions that he became sudly
out of touch with domestic problems and
Issues, with the result that his Ministry,
given' credit for a good record In the
war, was extremely unpopular at nome.
Mr. Melghen Is a statesman of different
temperament and outlook. Although In
terested In external questions, he Is con
scious that domestic problems are the
foremost concern of a young country
such as Canada, and he Is addressing
himself to local issues with a vigor and
TRADE FLOURISHES
IN THE DOMINION
Abundant Ilarvpjtfl a Safe
guard Against Sudden Re
action in Business.
it nun an, 'v tikiu are winmna nun many
fascial to Ths Sew and Nsw 3'oiik lhAUi. I (.inniiij.
Montiikai, Hept. Following are the I r. .-idltion. the new Premier, more
wenk'a closing prices on the Montreal aggressive than his predecessor, has
Stock Exchange : j thrown down the sage of battle lo the
Abltlbl
as
Net
Open. Illsh. I.ow. Clnae. U'ga.
nits uf
Asbestos
At Sugar
Pell Tel
Praxillan , ...
Ilromplon
Can Car
Can Car pf..,
Can Cement
Can Oejm pf .
Can Cottons..
Can Cot t...
c o sHectrM .
Can Steam.. .
Can Steam pf
Con NmeHara.
Detroit
Doui Bridge. . .
I'. an Cannera.
Dom Olaas
Dom flfl Corp.
H Smith
'"'
High. Low. Last. Ca ge.
37 Am S 11 gf . . . 80 78 80 2
200 All Sugar 140 137(4 138 (4
)M Barcelona 4 414 4V4 - (4
8.V: Rrs&llian 39 38V, 3Ai,j (4
II B C Flihlng.. 47 42 43 -3(1
r.2 Bell Tel 101(4 ll 101 Vj
ggg Burt, F N. pf. 8.3 82 85 4
30 0m Bread.... 36 33 28
81 Can Cement... 61 00'i 61 14
4 Can Csnient pf HP 811 S8 2
25 C C F Co pf 83 85 Ii
17t Can an Kle- 10SV4 WIS 103H H
87 Can lien F. pf. 88 06V, 864 2(4
.', cn Ieo pf.. $7 87 87 V4
DO O P S lS 13(4 134(4 4
W Can Salt 85 03 ft". 10
43 Can B R Unas. 61 flSV (U; -344
140 Ca, S 8 L pf. 79 78J 78 1
25 Cos Life 300 Son 800
28 Con Cas 135 134 133
140 Dom Canners. . 48 40 40 4
34 Dem Can pf... 82V4 83 82(4 ..
28n Dom 8teel G . 80 59 58, -1VJ
ODuluth Pup ... 12 13 13
Lyall Const...
Mackav
Mont Power...
Nat Brew
rint Htl Prod.'
t'ennian's
Plov Paper. . .
Quebec By .
Klorrion P 4 P.
Sha Inlgan
Spaal.li
Spanish Pt. ...
Htl Co of Can.
Toronto 8t By
771j 70 73 78 Vi
u ho 04 ea 1
ml sa K5 s.-.(4 14
1.18 140'4 ialS I37S S
I03V 102(4 10I W1 -1'4
aai4 asS 38 :lV4 -
8 72 SH 72 ' 44
48 48 47 -1
93 85 Sfji 8-1 -1
SI 81 00 81
90 W( JO 80'i 4- Vi
:V8 !k3 Bj 86
TO 79 79 79
i,.2 mi wi ioa 41
g 03 5(4
78 T8 78 78(s VS
108V4 108V4 103 W3 - Vj
85 83 83 83
47 53 45 53 4-8
a3Vi 7'i Wl'4 S 'S
50 Wi 59 38 -1
13i 1H, 138 i: -IS
novi '7nHi3 'ioa -3"4
M3'i ll(4 liOVJ -
58 5914 ' 38 48844 V4
31(4 32 tlVi '.12 '4
SI i, 8U, so '8014
04 SfW 3'i O-'.S !'
'25". 2V3 sjgg fgftB
itgM stgna sign 130 -2(4
a.vi .330 a4s 8
28 28 ihU 2S - S
t8:. IM lie, IIS ..
inan ui4 ins wo
113 117 lWVi HO 4-4
12214 125 118 I24S 2V,
70 70 68 gM Vj
40 I24 4o 424 2l
90 50 50 rO
130 t30 130 1M
126 133 M23'4 132 -1-8
60 80 'rta -1
radleaxla fighting Instead of trying to
compromise with or reconcile them, and
.his la bringing him a great deal of
d lots.
New Gold King Reported.
WiVNirro, Man., Sept C Oold bear
Ins ouarts running In a vein of 21!
feet In width and consistently rich In
irold la reDorted from a claim In tho
Rice Lake neld this week. Nearly 100
claims have been staked In the Bulldog
Lake dlatrld. the Immediate vicinity In
which the find 1& claimed to have ocen
made.
Montreal Construction Doubles
Montreal. Otept . Construction
work In Montreal this year has doubled
the same work during the corresponding
period of last year. The value of new
buildings and repairs to old ones un
dertaken from January 1 to August 31
this vear was $10,65.024. as compared
with $5,913,16$ during the same period
of 1919.
Legal Inceetment for Savings Banks and Trust Funds
in Ohio, Connecticut, Vermont, 'ew Hampshire, etc.
e
Province of British Columbia
(Canada)
Five Year 6 Gold Bonds
Dated July 27, 1920
Denomination $1,000
Principal aod semi-annual interest January 27th and July 27th
payable in Gold in New York City.
Legality approved by Messrs. Malor.e, Malone fc Long.
e
Duo July 27, 1925
Bankers Bond Company
LIMITED
INVESTMENT SECURITIES
(0 King Street West Toronto
Canadian Bonds
Payable New York
Alberta 4V2s
nt'K $923
To Yield 7.90
Saskatchewan
Sterling 4s
no. leaa
To Yield 8.00
Grand Trunk
Pacific 3s
To Yield 6.75
HWaUStNewYorr
Tel. Reete 4181.
FINANCIAL STATEMENT
Value of Aaaaaaablo Property $801,407,263
Net Debt Including this iaaue 35,887,853
Provincial Asset 810,000,000
Rovenue, year ended March 31, 1920 ,. 12,805,274
Expenditures, year ended March 31, 1820 10,083,843
Population 461,943
THESE BONDS are the direct obligation of the Province of British Columbia,
the third largest and one of the wealthiest in the Dominion. In natural re
sources, British Columbia ranks first, in fisheries first and in manufactured
products fourth.
The credit of British Columbia has always been high, the Province, prior
to the war, selling 3, 3l2 and 4 Bonds. We recommend these bonds not
only as a safe investment but one that will undoubtedly have a good enhance
ment in value as the rates of exchange between Canada and the United States
4 approach normal.
We offer the unsold balance of this issue
at 93 and Interest, Yielding about 7.75
rrthT particular on request
BRANDON, GORDON & WADDELL
89 Liberty Street
Ground Floor, Singer Bulldin-
New York City
Telephone Cortlandt 3163
their attitude gjwa the tariff, he has
been especially effective, while his as
saults upon the Hed olsment of labo
; i usees u Lloyd 1 leorglun flavor and are
of considerable force. Melghen'a plan of
campaign la to mako the National Lib
eral and Conservative party a party big
enough and broad enough to contain all
Canadians of moderate views, while at
the same time segregating the radlcala
and extremists Into one separate Rrjup.
To this end he is striving to enlist on
his side the natural conservatism of
Quebec, believing that an alliance be
tween the moderates or Ontario and
Kreneh Canada could always be de
pended upon to prevail over the com
b.ned Laborlat and Agrarian parties,
which derive IhcU- main strength from
the West.
Nehlsm Among Agrrurlans,
Whilo there Is reason for doubting
an early success for Mr. Melghen In
Quebec, signs are not wanting that In
the rest of Canada- his oumpaign Is
retrieving some success. The first and
most significant Indication of this Is that
the Agrarian movement, which last year
icoked as If It might submerge the old
parties. Is beginning to lose Its momen
tum. Mr. Crerar, who six months ago
was hRtled as a political Moses, has been
discovered as sadly lacking In leuderahl)
,iiallfications and has all but faded into
obscurity : there is no outstanding fig
ure to take his place, there is a sharp
iMvlslon between the Right and Lett
wings ,.f the movement ; hesitation ovc-r
'.he wisdom of forming an alliance ar.tU
Labor, and a consequent slowing dQtr.l
of the -well oiled machine which pr -noted
the movement In Its inception
dded to this, the Farmer Government
of Ontario has begun to oncounter diff
iculties.
Premier Prurj has had the mlsfort'-; e
tn run counter to Sir Adam He .. .1
lrange combination of conservative nt..'
radical and the father of the hydro
electric system which conferred a great
Oeal of benefit upon Ontario, and tMs
has greatly detracted from tho Farmet
leader's power and prestige. As a rem,,
there Is talk of the Ontario Conserva
tive party being reorganised under 'he
leadership of Beck a development which
would undoubtedly militate heavllv
igalnst an Agrarian success at the next
provincial election.
Meanwhile the Liberal party, under
the leadership of Mr. King, fails to make
much headway. King, like Crernr, has
shown few attributes of leadership.
Han:pered by his war record, as well as
by tho fact that It is wellnlgh impossible
to unite the conflicting Ingredients of his
party on the tariff, his, policies are vague
and uncertain, while his personality falls
to attract any of the devotion which en
abled his great predecessor, Laurler, to
wield such a potent Influence. The truth
la that Liberalism In Canada, like Lib
eralism In England, has all but disap
peared as a living political force, Its mod
erate elements being attracted by the
conservatism of Premier Melghen and its
radical elements going over to the
I borlsts and Agrarians, Quebec, of
course, remains a sort of legacy from
Laurter, but there are signs that Quebec
will sooner or later break away and fol
low tho rest of the party Into the camp
of Mr. Melghen.
gfelol to Tits Brs and Nsw Toss ItsaAi.n.
Togo n to, dept. 4. Evidence accumu
lates of the settled trend of Canadian
bualneaa toward more normal conditions.
Bankers agree that. In general, pros
perity continues with few exceptions and
that the abundant harvests have pre
vented a sudden reaction. Times arc
good and It 'Is believed tharo are fewer
exceptions to this than In the United
si .it. .-. at the present moment.
The clothing and garment trades are
now reported as suffering from dulness
snd in,, working at reduced time, ijhoe
manufacturers, of course, havn been In
this position for some weeks. There has
been good cheer In the recent statements
of Federal finance, with the implication
that the Dominion Treasury Is on the4
way to a solid ano comroriuDie position.
Returns from the new taxes Imposed In
the last budget hive been unexpectedly
large, the Inland revenue receipts fr
August being 111,174,290. as against
16,251,801 last year.
similarly, customs receipts continue
to Increase. For August they wero 116,
933,607, compared with tlt.230.0ol In
the same month last year. For ths rtrst I
five months of the current ftical'year!
customs receipts were 190,644,340, com
pered with $67,435,971 In the samo
period last year. I
Preparations are bnlng made for tne
tariff Inquiry by menkbers of the Domln-
on Cabinet this fall. The moral effect
of much an Inquiry will bo Important in
throwing light on secret industries, but
the Dominion Is bound to consider Its
financial necessities aa Increased by the
war burden. Protectionists are also
pointing to the fact that 200 Canadian
branches have been established by
United States concerns this year.
Great Strides In Industry.
The progress of Industry In Canada la
really remarkable, and only the other
day Premier Drury of Ontario at a
luncheon at the Canadian National lsx
hlbltlon made the prophecy that If the
manufacturers f Canada progressed
during the next twenty-flvo years as taey
have progressed during the lust twenty-
tlve years they would become the free
treilers snd the farmers would become
the protectionists. Ho explained this sur
prising statement by saying: "I believe
this because manufacturer will be
placed where they depend on an export
market to get rid of their wares, and
when that comes they will ha,ve to look
to the rheapeat production." Mr. Drury
Is an old time platform controversialist
for the farmers ns against themanu-
ractnrers In a feud thai nas i;ustea a
feneration.
At the end of the wek the chief In
fluence In the rally In Canadian stocks
egjna from tho really remarkable report
of Spanish Itlver Pulp and Paper Mills
for the year ended June 30 last. This
company, which was on the verge of a
receivership" six year ago, has now
wiped out six years of arrears of divi
dends on preferred at one stroke, is well
supplied with working capital, amount
ing to $(1,000,000, and has reserves of
3. 500,000 Its net earnings for the yer
Increased by 41. per cent, over the pre
vious vear. rtandlnr at (3,915.061, com
pared with 12.757,984.
There has been a steady Improve
ment during tho last two years, and
now the way Is cleared for the first
dividend on the common stock, which is
xpecte,l this fall. The company has
I'Cen an enormous favorite In the market
for six months past, and early In that
time some discerning traders wero dis
counting tho report now made public.
The company Is the largest producer of
newsprint In Canada; and has extensive
mills operating In northing Ontario.
Lake Saperlor Corporation statu..
r
We Recommend
Dominion of Canada
sy2
Victory Bonds
Maturing 1922 to 1937
Present excliange rates give the
llrfited States Investor exceptional
Hilviintuges in these bonds, owins to
the preient premium of about
10
obtainable In Canada for United
Mates funds, being in his favor
these securities.
Send for Circular A 35
when purchasing
A. E. AMES & CO.
CHICAGO
K8TABLIHHKI) 1889
Investment Securities
74 Broadway, New York
Head Office.- Union Bank Bldg., Toronto
MOM HI Al, VICTORIA. B. C
TRANS-CANADA LIMITED
Fsst Service. Ninety-two hours from Coast to Coast
The Train de Luke for sleeping car passengers only through tho
CANADIAN PACIFIC ROCKIES
Standard sleeping cars, rilniag car, compartinewt o aervatioa vear.
Pirert connections from New York., ,
F. R. PERRY, General Agent, Put- Dap L 1231 Broadway, New Yerk Qty
Taa informtittrm sag etaKrliti essUsfssg tn lAe seen sera earn ernUti tu
from aaurces 'ast ax ctnsidtr rtHable anal ere steeples' kju u Meg.
rsM. sains isle nr A4rA taa bases' our pweAsM sf tftt SKuri.'fei. ,
The Tariff Inquiry.
Meanwhile a committee of the Cabinet
is entering upon the task of investigat
ing economic; conditions with the object
of securing Information that will enable
the Government to devise a scientific
tariff. With 81r Henry Drayton, Finance
Minister, as Itl chairman, und Mr. Tol
mie. Minister of Agriculture, and Mr.
( 'alder. Minister of Colonisation, as mem
Deri of the committee, sittings will bt
held and evidence taken tn all the prin
cipal ccrtres of commercial. Industrial
and agricultural activity from the At
lantic to the Pacific, and the Minister
hope to have their report In the Govern
ment's hands In tune to have Its recom
mendations embodied In the fiscal pro
posals of next session's budget
The third attempt that has been made
hy a Ministerial commission to deal with
the tariff, and advertised as an earnest
attempt tc put the fiscal" policy of the
Government upon a scientific basle, It
cannot be said that the Inquiry. Is awak
ening any profound Interest In political
or nnnaciai circles uo tne contrary,
the best Informed opinion Is that such an
Inquiry as Is proposed cannot be suf
ficiently exhaustive to permit of either a
reliable or scientific finding, and gthat,
there(ore,.when the Cabinet comes to an
nounce Its fiscal policy It will be guided
more by the tariff plank In Its platform
than by Its tariff committee's report.
The truth le that there Is no possibil
ity of the tariff being Increased, while
on the other hand the average ad valorem
rates bf duty are already eA the point
where, having regard to the fact that
they are lower tl.an at any time since
1871. es well as to the fact that the
Ministry Is protectionist In composition
and sympathy, there Is not tho remotest
prospect of an important downward, re
vision.
At the present time the average ad
valorem tariff rates of the Dominion are I
practically on a per with those of the '
United States, the Canadian percentage
being slightly less than 23 ami the Amer
ican percentage (L'nderwuod tariff; be-
It.g 13.8T.
4 A I
Not so fortunate Is the Lake Superior
Corporation, with Immense plant and
two short rallroads'at Snult Ste. Marie,
Ont., and vicinity. Net earnings for
this company froto operations of Its
subsidiaries, exclusive of the Algoma
Central Railway, wero 13,722.152, com
pared with 15.441,574 In the previous
year. The output of the Algoma Jtecl
Corporation, the chief subsidiary, shows
i reduction In all products except cike
and limestone.
There is now, however, a better out
look, with orders on hand for steel and
iron products, amounting to 268,000
ton3, which will require capacity opera
tion until December, 1920. Construction
on a new mill begun some months ago
has been halted pending financing. The
company was organised on a lavish
scale over fifteen years ago, and though
passing through, difficult periods had
done fairly well .through war orde-s,
only to again suffer during the early
period of reconstruction. The location
of the Algoma Central Railway, piercing
a wilderness straight north fro n Sault
gte. Marie, has been unfortunate from
an economic standpoint.
Gold production Is rapidly forging to
the front In Ontario, having increased 27
per cent, during the first half of this
year as compared with the same period
In 1919. For the first time since the
discovery of the Cobalt sliver mines, In
1903, Ontario's gold production Is
greater than Its silver. For the first
half of 1920 the gold production was
277,656 ounces, compared with 211.723
last year. Sllvef production shows a
decrease for the period, being 4.471.322
ounces, compared with 6,077.028 last
year. The news seemed to give ?:eh
heart to trading In mining stocks. wh,ch
Improved In quantity and In price at the
end of the week.
American Funds in Canada
Canadian
Victory
Loan
5 Bonds
A discount on the Canadian dollar if converted to
American money now makes dealrable the Invest
ment of funds held in Canada in Canadian War
Loans at prices to yield very attractive returns.
Canada's wealth, prosperity and good name safe
guard these issues. Improvement of exchange
in the near future seems assured.
Write for investment list.
Emilius Jarvis & Co.
Jarvia Building
Inotstment Banfai
ESTABLISHED 1891
Toronto, Con.'
Dominion of Canada
VICTORY BONDS
arc a safe and, at prevailing rate of exchange, a very
profitable investment.
We advise immedistc purchase, in view of probable re
duction of exchange rates due to crop movement.
Four order piH receive personal attention.
THORNTON DAVIDSON & CO.. Limited
120 St. James St., MONTREAL. Canada
CANADIAN GOVERNMENT
3 Uonds, due January, 1962
4 Bonds, due January, 13
Otiaruteajdng GranC Trunk Pacific Railway.
Payable In Now York City in cold, to yield 6H on- ths irmnrtmant.
An exceptional opportunity tor lone tann irveasmant
Full pirticukni on request
SUTRO BROS- & CO.
ttOBreedwv.
rt 84. rtaateela Xavtar St.
Direct srl.aU wire eenneetleav
Mew Task.
Mantra OawaSa.
Alberta Makes Record la Rye.
LaTTHBsnxiB, Alberta, Sept . A rec
ord for Southern Alberta has been made
when sixty acrea of rye were threshed
yielding an average of forty-nine bush
els to the acre. At the present price
of grain the. crop to worth approximate
ly $100 an acre.
Canadian Exchange
rates make It advisable for Americana
who have money in Canada returns
on investments or goods sold to In
vest In sound Canadian securities
pending readjustment. Write for
quotations on Government or Munici
pal Bonds.
C Ourgess c Co.
(kwctWMCNT a Municipal Bonds
14 UNO ST.C. TORONTO.
o. untniTii crnwirr
Wxft nnmernr WmemsmmmM
JLHrOVUlle
700fM
Canadian
t
Stocks and Bonds
nape fcotl
Members Montreal
Edward F. Sis
Stock Exchange
PULP & PAPER
lo Bonds
WE will shortly offer td the
public an issue of first
mortgage 7 Gold Bonds of a
Company with a capacity of 100
tons ground-wood pulp daily,
situated on the St. Maurice River.
Company has abundant water-power,
60 years' supply pulpwood, good
shipping facilities and excellent man.;
agement.
Writ, phone or call for advance offering
and prospectus. .
WeWeM&raSheJI &Cbmpcny
Investment Bond Dealers
263 ST. JAMES STREET, MONTREAL
TELEPHONE MAIN 2481
CANADIAN
SEClITIES
Write us for authentic
information on Canadian
companies.
STOBIE, FORLONG A CO.
Mtmheri Toronto Stock Exchanfi.
TORONTO :: HAMILTON
CANADA
1
An odverllacmssv tn tne Lost and
f ound rolnma of TUB Sf.V 4.VD SSW
TORH HKRkl.T) o$crs real pwsibilifK
o iscoieriup your lost property.
SOBSST CASSBLS . a. H. BBOW.NB
a. at. saoWHS
Cassels, Browne & Co.
Membtri Toronto Stock EicJltw
318 Dominion Bank Building,
Toronto.
DIRECT PRIVATE WIRES TO
New York, Chicago and
Washington
C0RRESP0KDESTSOF
A. A. Housman & Co.
amm 'jag

The Sun and the New York herald. [volume], September 07, 1920, Page 15, Image 15
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The Sun and the New York herald. [volume], September 07, 1920, Page 15, Image 15
About The Sun and the New York herald. [volume] (New York [N.Y.]) 1920-1920