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if 1 14?, i 12 Canadian Government and Municipal Bonds Wood, Gundy & Company INCORPORATED 14 Wall Strcqt. New York TOIIONTO MONTItnAI. LONDON u. I MOW IS THE TIME TO INVEST IN CANADA xpur funds boar a premium of 3 to in the Canadian market. Vt' can direct you to some safe and profitable securities. Wp are members of the Toronto Stock Exchange, and can handle orders throughout the Dominion. OUf Service and Statistical Depart ments will give you reliable informa tion on any Canadian bond or stock issue. , May wo send our list of current offerings? iralnmSansnn&fn 'INVESTMENT BANKERS VJ Members Toronto Stock Exchange TORONTO, CANADA I BUY the new Canadian Government Vic tory Loans and take advantage of the high ex change rate to jj get a safe income return of 6 to c 6M according to maturity. Write us for particulars F.B.McCurdy&Co. Memhert Montreal Stock, Exchange 136 St. James Street, Montreal, Canada. - Miller & Co. Mcmhsrs New York Stock Exchante 120 Broadway NEW YORK Accurate Markets 'Quoted on Canadian Securities Direct Private Wire to Fairbanks, Gosselin & Co. temhers Montreal Stock Exchante . Montreal, Canada. Bonds . Safeguarded by the Canadian Government - and its Provinces, Towns & Cities 11 yielding up to 6 Senifor oui offer Int lit! fC.H. Burgess & Co- Bank of Hamilton Building TORONTO CANADIAN UNLISTED BONDS AND STOCKS We tpcclallze In Canadian un IlAted bonds and stocks, and will be E leased to furnish free quotations, Idi or ofTprtnff. ?Grant Johnston &($ MEMBCnSMONTPtALSTOCX EXCHANGE OS NOTRE DAMC STREET WEST , MONTREAL Talephtno Mtln 517 S i. CMI, Ryan, Grier & Hastings' wniiijai ,-ionireai atocv nxenanz bo Hospital Mreet, .Montreal. Main 149J. Dealers in Canadian Gov ernment and Municipal Bonds Ulroct lre'w.'i iHirsch, Lilienthal & GoJ 'Kn new vorK Slock Kt.chao.jo. j 91 Broadway, jfew York. Howling Qroen 0780. I CANADIAN FINANCIAL AND COMMERCIAL NOTES. An analysis of the Industrial expansion proceeding; In Canada at the present time Indicate' that development, while fairly general, centres pretty largely In three or four llnei of Industry, In a foremoat posi tion elands the automobile Industry, with He many ramlflcatlohs. Then romii the pulp and paper Industry. In which very Important progress la being made. The textile Industry and the confectionery In dustry an- both coming in for attention In tlie way of Increased capacity, while there are Important developments to be noted In the musical instrument Industry, particu larly that section of It devoted to the manufacture of gramophones and records. in some cases plants are ueing enlarged i rovhle double ami treoio tneir lornicr c acltv. which la a sufo Indication that Canadian manufacturers have confidence both in the stability and expansion of business. Ilongard, liycreon & uo., 10 ronto. It will pay to save money now. hat will be the alue of the gold dollar In which Victory bonds will be rvpald In five or fifteen years? Wo are confident that in mu years, and atlll more In fifteen j ears, It will be greater In Its power of purchasing all sorts of .commodities than It la to-day. We are to-day at the apex of an Immense upward movement in prices; the evidences of a very slow but toady downwnrd readjustment are al ready visible. Tho amount ol self-denial required to save $100 to-day Is less In terms of thlDga surrendered than It has ever been before. A man who saved 1 100 twenty. live years ago 'and bought a bond with It did so at the sacrifice of. let us say, twenty palra of hoots, but tho prin cipal returned to him to-day would ...... i..... i.i. , yv'a ura nnw till a to face with the reverse process? the n who denies himseii ten pairs oi uoois 10 day will receive In fifteen years a sum ...t.i.1 ,1 ....i. n.nh.klu tii.i. Iii'.ntv nnlm. Willlll "III nunc ..wuu. " " '11.. .. uihn mil. Hta Wealth Into COID' will niouilies Ol annual an imiiu .-- see mem go noun .u iuu, mo ,n.. .. ho puts his wealtn into long term uoiiua ii. 111 nnd his principal largeiy increases m -chasing power by the time the bond ma- lUrC S. IIU l SJCIiUi IHI. Wl irlB treal. , A distinct revival in tho volume of n nuuaing in ine summ-M - , , changing views on ine permanent! ." prices, as well as tho compelling necessl- .... ... . .l,....inn ...t.. liv th deterred 11C9 VI I Bllu.lJUH ......... -. ,.., ,ir.-ii.ni. nf h war years. The con struction trades, after marking time In the winter anu eariy spim. . unsoltled by the war of a sudden slump i ... afinliuli umniiir t n a steady Increase In employment, liulldln ada during- the month ot August totalled ... . . . . . i ....... , l( U7XKU1. or lis per cent, over the figures for August mis. Jor ine ri cin. ... year tne ioiui is in..".'"; -r;-. rj 114, 176,980, or 4S per cent. Qreenshlelds It Is difficult to find sound reasons for . i. i h.n.f ihnt nrices nave .h..i ,h.w hi.h.it nolnt from which during the next tew morithB there will be a gradual decline. Inquiry reveaU the laci that -in- all parts ol uanaua me uo mind for goods is quite as great aa at any time elnce a scarcity, was caused by the pressure to obtain war supplies.. To jneot this domestic demand there Is no evidence of an Increased volume of pro .,..iinn Trnr larlr of labor. Dart of the machinery of many Industries remains idle, as shown by tne reports lor aukus. of the various offices of the Employment Service of Canada which were able to mi nni. 71 Tier rent, of the vacancies re ported. During the same period a loss of S16.HJ working days resulted through strikes. Under these circumstances ii must be due to the higher efficiency of i.hn. nt.ni .ml m. na reim-nt that so large' a volume of exports has been main talned. To tne aemanas irom aurui we may safely attribute the high prices Canadian producers obtain for their goods, and while these demands for our chief products continue, It would not appear that any substantial recession In prices Is Imminent. That consumers will clamor for lower prices Is quite natural, but the remedy lies In the greater "production ot goods for the satisfaction of public needs. I'rlce fixing and the artificial restriction of profits will tend to discourage rather than to enhance production, with the In evitable result 'that prices will be forced to higher levels. Canadian Bank of Com merce. Toronto, A useful booklet explaining and Illus trating the new Income tax law has been issued by the Hoyal securities Corporation, Montreal. A comprehensive table Is In cluded showing at a glance the real posi tion of any taxpayer under the law. The booklet Is entitled "The Income Tax and the Averaee Ulan." , J. V. Palae. general manager of the Port Arthur Shipbuilding Company, has resigned to take charge of the Halifax shipyards. II. Spcnce Thomas, one of Wales' larg est coal and Iron operators. Is In Canada. He Is at present looking over Industrial possibilities In Alberta. George V. Taylor, as-lstant Deputy Min ister ot Inland Revenue. Ottawa, has been ppotnted assistant commissioner of cus toms, to succeed lt It. Karrow. who was recently named commissioner of customs. X I Englehart, chairman of the Tern Iskamlng and Northern Ontario Hallway, has resigned owing to III health. He has held the position for fourteen years. C E. W. Dodwell, SI. Inst.. M. 15. I. C has lately been publishing some special articles In the Halifax (N. 8.) Morning Chronicle on "Potential Wealth of Can uda's Natural Resources," and they have now been Issued In an attractive pam phlet. Joseph Anderson has been appointed Eastern Inspector of the Union Dank of Canada, resident In Toronto. Mr. Ander son comes -to Toronto Immediately from Winnipeg, where he was In the head office. Canada's first built oceangoing cement ship will be launched from North Sydney. N. ti.. within the next thirty days. .She Is the steamship Permanencla. being built by W. N. McDonald of Sydney. When launched she will carry a cargo of coal from Sydney to St. John's, N. F.. after which she will load a cargo ot fish for Na ples. Italy, Raymond Allan has been appointed sec retary to thfe firm of areenshlelds & Co., Montreal: T. 8. McQovern as manager and Lleut.-Col. JR. H. Wnlls. M. O.. as assistant manager. Lleut.-Col. Wallls hss been con nected with Greenshlelds & Qo. since 1910 as manager of the firm's London. England, office. Saskatchewan has again won the world's prise an1 sweepstakes for the beat spring wheat. J, S. Fields of Reglna won the coveted honor this year at the Interna tional Soil Products Exposition at Kansas City, Mo. In the past seven years Sas katchewan has won this trophy every year but one, Seaxer Wheeler of Roathern win ning the world's prise and sweepstakes five times and Paul Cerlaoh ot Allen once. One of the largest real estate deals In city property of an Industrial nature which has lie.n nut lnrnni.li In tti. l,.i n.. ...... i.. Rtglna. Sask.. has just been completed. Over 0,000'ls Involved and the transfer or 200 lots from J. M. Young as a result Is being made to the American Corporation of New Vork city. This concern was or ganized by E. II, Turnbul or London, Eng. land, who Is associated with Clon. J. F, O'ltyan of New York, the latter being vice, president of tho corporation. Development of the'Ilveslock Industry of Hrlllsh Columbia Is proceeding on round economic lines since the adoption of the policy of range control; administration and Improvement In cooperation with those Inlerer.ted In the industry) Under the ad ministration of a Grailng Commissioner, :i special branch of the Department of Lands la conducting the work. The prov. Inco has been divided Into seven grating districts. The population of Dawson In the Yukon Is turning out en masse to secure Its win. ler food supply from a vast heard of carl bou which Is ranglnr within five milts SrJmiJj. n,' Qonula a-Wtoi" ot BUTT RADltJM FIND LURES PROSPECTORS iron From Colmlt Invndo $i issiiigDlstrict to De velop Field. SILVER 0UTj?UT HEAVY Prosperous Future of Mines Indicated by Reports of Present Production. Special Corrcsponrienc to the Canadian Section of The Sun. Cobalt. Out., Nov. 3. A number of prospectors left Cobalt for the scene of tho recent discovery of radium bearing ore In the township of Butt In the district of NIplsslnR. One party.Just returned from that district, declares thai It Appears to hold out fair promise of being; an active field. In view of tho find belnpr a promising one nnd on account of tho worldwide Interest being taken In radium nnd Its tremendous value. Producing at the rnte of upward of $40,000 every twenty-four hours, and ftilly manned with efficient workmen, the mines of Cobalt nre deriving the maxi mum benefit from tho current high quo tations for commercial bar silver. That a prosperous future still llos before Mho mines of Cobalt la borne out In the fact that a largo part of the total output continues to come' from high grade ore. At tho Nlplsslng large deposits of high jrade ore arc being constantly drawn from, while nt tho O'Brien a large quiiii tlty of oro Is In sight which contains close to $5,000 to the ton. At tho Mining Corporation a substan tial part of tho t,otal production comes irom nign graae, unile nt tlie Kerr Lake some two-thirds of the total oro reserve Ik made up of hlghigrado ore. Added to this come olllclal reports from the Beaver Consolidated that a vein now be ing opened up Is found to contain con siderable ore' showing around 4,000 ounces to the ton. The Conlagas Company ended Its fiscal year on October 31 with a production unofficially estimated at upward ot $800,000. X)f this, It is learned in un usually well Informed quarters, about two-thirds may be found to be net profit, and at least Indicates a fair surplus over dividend requirements of 2V4 per cent annually,' or some $400,000. On Octo ber 25 tho company disbursed a 2 pel cent, dividend, the fourth to be paid th!a year. This brings to'.al disbursements up to $9,640,000 since 1907. Temlakanilng Dividends Expected. Humors persist to the effect that the Temlskamlntr Mining Company may reasonably resume dividend dlsburne ments In the near future. The report Is supported by the fact that the latest report of tho company showed a sur plus of some $922,000. Added to this Is an official statement made to Tub SuN-vrrespondent that tho company has operated during tho current fiscal year at a profit, This would tend to Indicate that, the surplus may be near Ing the million dollar mak and that dividend disbursements are Justified. On the Gans lot, according to official advice, some rich patches of ore are being encountered. Master In Ordinary Hocne at Osgoode Hall, Toronto, has signed the formal legal order directing thi llnuldators of the Bailev-Cobalt mines to proceed Immediately to timm- fer the Ualley mine nnd Its assets on tho terms of the offer made by A. J. Young. it Is said that tho papers for tho In corporation of the new company, which Is to bo known as tho Balley-Northern uustoms, Ltd., are already being pre pared and that the transfer should bo completed In time for the new company to commence operations on the Bailey before the end of November, or at least a3 soon as the legal details are properly carried out. Under the terms of the offer which the court has accepted, the present Bailey shareholders will receive one share of stock In the new company for each ten shares of trelr present stock. Tho capitalization of the' new company will be ?1.250.000, with $50,000 In the treasury. This treasury Insures the shareholders that the property can be actively operated, and the property soon placed on a producing basis. To Develbn Xevr Property. Tne Trethewey-Cobalt is said to be seeking flnanclnl nld In carrying out the development or the"Castlo property in the Gowganda district. The Trethewey has an option on 51 per cent, of the stock' of the Castle 'and receives shares in tho company as compensation for money spent on the property. It la stated unofficially that some $80,000 worth of ore has so far been developed, and also that tho Temiskamlng or the Mcmtyre may be Invited to share In Its development. The report Is supported In that J, P. Blckell, who Is president of the TemUkamlng as well as the Mc- Intyre, is Interested In the remaining 49 per cent. Interest In the Castle. Tub Sun correspondent finds much speculation among mining men as to what effect the present peculiar political situation at Toronto may have on the Department of Mines. The members of the Provincial Parliament from the precious metal mining districts aro of the old political schools. Conservative and Liberal, and at tho time of writing appear to be likely to bo excluded from the governing body, tho farmer mem bers. The situation presents the possi bility of tho voice of the citizens of this district going unheard. Tho general opinion, however, appears to be that nothing serious will result, and that there Is not cause for undue alarm. The Nrplsslng Extension mine, for merly the Farali property, is being de watered, plans for Its development hav-" Ing been completed. Major E. II. Dlrkett Is In charge of operations. In the Hilt Lake District. In the Klk Lake district interesting developments are taking place. The most Important operation is that of the V hlte Ileserve Mine. In the Maple Moun- tln section of tho district, where a re cent surface discovery of high grade ore lias been made. A nit has been mil down about fifteen feet and some very spectacular ore taken out. Meantime a crosscut at the 140 foot level Is being driven for the purpose of tapping the new vein at that depth. About 1,190 'let of lateral work has been done at tha 140 foot level. The property If equipped with a nine-drill compressor and, corresponding equipment. At pre. tnt'two machines are working. It la contended by mining men who have had previous experience In both Cobalt and Elk Lake that the latter district presents favorable possibilities of Hucceasful mining developments due to tho blmllarlty of geological conditions In Klk Lake as compared with condi tions In Cobalt. It Is stated that the knowledge gathered during the course of fifteen years of mining In Cobalt may be expected to be used to gqod advan tage In the Elk Lake district. In uowganda a number of properties are being explored. Kor the greater part they turn to the hhstory of the Miller Lake-O'Brien for Inspiration. This Is the one auccetsful mining operation In the Gowganda district, one of the richest d'pnnlt of silver in the, world having been opened up -nd from which the com. pany has .recently .been proajiclpjr silver THE SUN, TUESDAY, Asks Cordial Rblations- Bt'tween Angl o-Saxons i The two great Anglo.gax in communities are the most powerful anul influential In the world. Jealousy and suspicion by cither one of the other ni'lat vitiate the wholo International atmoiphitm. Frankness and cordiality, on the other hand, will go far to sweeten snd derate international rtlatlons everywhere. , Those who foster or create .'Uiglophobla In the United Stales, or whoj misinterpret American sentiment to the IWmlah peoples, may do htrm Infinitely grcnter than they resllte now. 'Ihc talk, of tbnie who desire that wars should cease RUfl nations co operate Instead .of quarrel is to promote undemanding 'between the great Kngllth speaking democracies and la strengthen tho bonds width already aalte them. Their rormnon origin nd Wsls, combined with confidence In escll other's Integrity of purpose, will make Uinn, united, the mibt powerful factor in the evolution of the new world order, for which, so muoh of the real work of ptepsratton lsis been done by the American and llrltlah peoples. From the Manitoba Free Prets, Winnipeg, October: M. at) the rate of over n million ounces an. niiilly. Kor a time in Its early days the MIQcr Lalie-O'Brlen BPncareil to be a I doubtful proposition, nnd wan only ,de vejopeti srjcccssruuy iny reason or Sen ator "M. J O'Brien rtifUFlng to gtvo up, so to speak, nnd carrying out tho ex- ploi'.itlon of the property from his pri vate' forttini. Other operators In the dlstdct ai'o often found pointing to this preeodent nnd express tho thought, whlclt Is no doubt an offspring of tho nope, thai history will repeat itself In Qowgitndi. In tio South Lorraln nren, tho ntt-v burs-Lorraln nnd tho old TCoeley mine are tho only nctlvo proportion, although here, nfl well as at Elk Ijike, a con tinued ravlval of activity Is being opti mistically predicted. FRENCH-CANADIAN PATOIS" IS PURE Dr. Victor Morin Clears Mis apprehensions. The commoti Idea that there la n dis tinct French Canadian patois is em phatically d'siiuted by Dr. Victor Morln. In a recent dtscusslon of tho matter In Montreal he attributed the fallacy to two causes. The first of these Is that the. assertion Is used as an excuse by Engllsli speak ing students of the French language who find thfmselves unable to follow a rapid conversation in French and Im mediately disclaim extensive knowledge of the commim, patois, insinuating that If tho langurtgv hud beiMi of the pure Parisian type tliey would have no diffi culty In graspriiig the speakers' meaning. To the secc'id class oC exploiters of the patois idea- the teacher- of a certain type who, prlditng himself on degrees ob tained abroad, would like to question the value of Inst-rtictlon In tho French tongue ottered by natlvo French Cana dians in proof of his statements Dr. Morln assorted that the authorities at Washington used French Canadian stenographers for their -ofilclal French correspondence In war time, thnt many bocfts by French Canadian authors aro printed and published In Paris, nnd that the 'Ifrctnch Canadian Soldl(xs of the C. E. F. fnaternlzod without tho slightest difficulty Tivlth the soldiers ot the French Republic and even understood the rapid, often more, or less oolloqul.xl, conversa tion of the Parisian "boulcvardler. Dr. Morln admitted that the languages of tho two countries differ slightly In pronunciation, articulation and local idiom, but he contended that the dlftkr- enc Is exactly the same as that exist ing between the Fiigllsh spoken In the streets of London and that heard In Montreal. .V patois exists, said Dr. Morln, In cer- 4aln provinces 61) Franon, notably ttrrlt tany, but as most of tlie Frtnch-Gana-dlan settlers came from Jformandy nnd Anjou, where tho purest type of the language has atways been spoken, old land Influences -could not be credited with tho patois Idea. s Apropos of the foregoing tha follow ing editorial from tho Ottawa Journal is of decided Importance : "The Rev. Dr. Love of St. Andrew'B Church, Quebec, undoubtedly spoko the truth at tho Presbyterian Synod the other dSy when he iVclared that n bet ter u"derstandlng between the two domi nant races in Canada could best be pro moted by encouraging the acquisition by both French and English of a knowl edge of enh other's language. A better understanding must come frcan greatpr mutual knowledge of the llfo and aims of the two peoples, and! that knowledge must come from easier Intercourse through the medlui,) of the spoken nnd written word. There js generally far less HI feeling nnd far greater mutual respect and admiration among thoso ot the two races who understand each other's language than among those who do not; nnd It Is a reflection on the English speaking pcopla ot Canada that the percentage who have acquired tho French language Is much smaller than the percentage of French Canadians who have learned English. It -would bo well, ns Dr. Love urges. If greater effort wero made to have the schoolchildren learn both languages as far ns possible." RAILROAD HONORS HEROES. Ciuinillnn I'nclflc Xnmea for Soldlcra. fttntlon Following Its custom of naming sta tions to perpetuate tho names of -officers and employees of the company, the Canadian Pacific Hallway Is using as far as possible on the new linos now building in the -west, names of em ployees who were decorated for meri torious service during the war. The following new stations have been named ; Hoatelli, on the Acme-Drumlteller line, for J. A. Hesketh, D. S. O., 11. C. M., Com. panlon f the Order of St. Michael snd St. Ci-orge, assistant engineer, Winnipeg. Klrtpetrlck. on the Acme-Drumheller line, for W. M. Klrxpatrlck. M. c awl-taut freight traffic manager, Winnipeg. Cawolgne, on the Leader Southwesterly Ilranch, for F. A. Gaacolgnn, D. S. O., superintendent of csr service, Montresl. Thrssher, on the MUden SonUiwesterly Ilranch, for J. M. Thrasher, M. C M. M., firemen. Kenora. Neighbour, on the Roaetown South Branch, for H. Neighbour, M. I D. C, M.f storeman Winnipeg, Cnwln. en the Lsclren 'rth-terl' Branoh, for L. II. Unwtn. M, C accountant, Schrelber. Prominent Member of Canadian Government Congratulates The Sun on Its News Policy OFFICE OF THE PARLIAMENTARY UNDER-SECRETARY OF STATE FOR EXTERNAL AFFAIRS, CANADA. Ottawa, Oct. 24, 1919. To the Editor of THE SUN Sir: For some time past it has been my intention to write and join in expressing appreciation of tho policy adopted lvyTHE SUN newspaper in devoting two pages once a week to Canadian news, May I also congratulate you upon the accuracy and wisdom dis played in the selection thereof? To me as a subscriber your paper has become additionally inter esting and doubtless it must be very much appreciated by the manv thousands of Canadians who are resident in the United States and will also be much Appreciated by the large number of Canadians travelling in the States. In addition to the above, the effect of your policy will be far reaching in tending to disseminate correct information between the two English sneaking peoples of the North American Continents which information in the past hae been somewhat lacking. The more truth is known of each the more each will realize that, though under different forms of government, wo have but one common aim. Such a result of itself is a complete Justification for the policy you are pursuing. Yours truly, FRANK H". KEEFEK. NOVEMBER 4, 1919. TRADING QUIET IN MONTREAL STOCKS Increases Were Fractional Only, "With the Exception of ' a Few Favorites. LYALL MOTORS STRONG St. Lawrence Flour Goes Up Nearly Five N Points Larger Earnings. on Special Correspondence to the Canadian Scclloit of THE SUN. MONxnttAl,, Nov. 3. H was a decidedly tired market on the local Stock Exchange during the last week, and small reac tions, Interspersed with a few "no change" signs, arc tho net result of the trading In tho great majority of active stocks. The Increases wero fractional only, except in the case of that Interest ing gamble. tho new Lyall motor csr. which was the subject of favorable ru mors which sent the stock up 20 points, nnd Laurenttde, which, after a consid erable period of neglect In favor of the newer and more exciting paper stocks, came back Into the limelight and roso nearly 6 points to 243. St. Lawrence Flour achieved a rise of nearly 5 points In belated response to reports of Increased earnings current a week or more ago. Tho Detroit Rail way rise of 6 points was merely a reflec tion of the demand for that stock In other markets nnd has nothing to do with local conditions. A brilliantly successful oversubscrip tion of the loan will be a bull card ot pome magnitude, especially If the sale Is to genuine long term holders. Transac tions, such as the purchase of $20,000,000 by 'the C. I. It., while useful for In creasing tho total offered to tho t'ovcru ment, do not really represent a satisfac tory marketing of the corresponding amount of bgnds, since tho C. P. It. will have to spend part of Its accumulated surplus some day soon on extension ami ueiterments ana win men nave to dispose of tho bonds to thOBO who can hold them to maturity. The following table gives tho total sales, high, low and last prices and net cnanges or nil stocks and bonds traded In on the Montreal Stock Exchange' for tho week ended Nov. 1 : Salon. High. Low. Last. Chts 1093 AbtUbl P A P.. ..115 HI ill I wAuium r & ! pf si si ii 522 Ames II McC Ltd.lim 11151 us 2176 Ames It McC Pf..ll5 114 lit hi A-n iorp uan... 89 S35 Asb non-rum pf.. W 10141 All Sub lief Ltd. 79 WAtI Sue: Ref pi. ,121 1I1W1 Tele .......IIS esi 11 C Fish A Pack C7 2.135 llraill TLA, P.. M'j 15J61 llrom I' & P ex d f5 174 Can Cement K2i H 2 Kl PJ. 7514 77 IMS 121 1171, -in 6 7 s 1 Wv. 51 U H 7SH S3 SU :0 Can rem pf ex d.lPlH 1W4 101i IV 1JW Can far & Filry.. KM 4St4 sou ltf 9! 1 310 Can Convert ex d T0V4 S7 110 Can ('nitons Ltd. S5 95 13 Can Cotton pf, $- si4 110 ran Oen Klec 11: 112 110 Can Locomotive. .101'J 101 5 Can Ixiomo pf.. 93U 93V1 45S7Can Hteamshln ..71 70 704 i2 112 101 - 4 JVi .. 13 SU uoi ran Kieamsnip pr ii 55 f0 Carrlsre Vat T.iH "fi. 2C5Carnsitp Fac pf.. 72 69i 797 Con Mill & Sm.. 30H 29. 4355 Detroit Unit By. Ill 105 17S5 Horn Canners .... IU 62 CIS Dont Itrlilre ex d.112 110 12 l)om Coal pf.... 9S 83 940 Dom Glass Ltd.... 70'i 190 Pom Glass Ltd pf. 93 93 IWIIoni I & S pf 93 94i SC47I)om Steel Corp.tS'-. 6S 253 Dom Textile 12l' 120"i 72 1 111 e SI 1 110 1 ',, ' 93 1 93- H 9'4 ., i:oi i!j 20 1-om Textile pf'...106 10514 103V4 155 Hillcret Collieries 53 56 59 1 "ii amun I'sper, ...135 135 30 III Trectlon pf,... 70 70 175 Ijlke of Woods. . .223 522 i Lake of Woods pf.109 109 1304 1.aurentlde 243 as 65 Laurcntlde Powcrt 77 77 6H1 1.ysll Construct. ...163 110 961 Macdonald 3Hi 37 31 Mont Cottons Ltd. 82V1 Silt 36 Mont Cot pfd 102 ltd 133S M L II A P O e d. 90i S9 133 70 160 1914 n 11, ss'.i , 10: H Ml IVi WM.nont Tram ileb... 69 69 fell 1 rv .-National Hrewer.. .IS4 HIV 1M' II ...iiuii.i iiii-it um yi'H ViVt S3 National llrlck :s 23 23 .. MS No Am P & Pf 511 l 511 4. u ! .will... ...HI ii( 40 Ogllrle PI Mil pf .108 10S 2210 tint Ktoel Prod.. . 49V1 40 NO 10? 40-4-6 S7i 4-12 107 91 no imt stee I' rf.. ed S7U S6 20 I'eniuana Ltd' ...110 107 ana Ltd .. ,110 20 I'ror Taper Ltd.... 91 at 164t Que Hy L II A P.. 2314 23 930nlnndon P A P. . ,,156 153 19 niondnn P A P pf. 97i 97i n 960 St Lawrence F1...120 111 6.VI Shlwln W A P.. ,123 121 S056 Spanish Hirer..'... 71 6S 300 Span It dlr vouch. S'i C, 749 gpanlah River pf.HS 118 1474 Steel Co of Can... 72i Tl?i 47 Steel Co of Can pf 99 tn 10 Toronto Ity 41 41 lSOTookn llro 67tj 6714 463 Tramway Powerf.. 17V4 17 lOOTurVetts Ton 57 664 STllokctts Toh pf.. 90ti 9011 97'; 120 314 70 4- IU . Hi 4- '4 11. 721i : m 1 41 67;- 14 11 90!i t u annuo cot Ltd. .104 1 04 lot 3 lot 115 114 S3 iii.1 iv r a: i- un.,.,. 85 82 5 Woods Mfg Ltd. ..114 114 100 Woods Mfg Ltd pf 83 S3 BANKS. J 55 Commerce a.. 191 is J 20 Hochelara 15? i;s 19! 15S 11 .nercnsnis 10 Molaons us,4 issh iss',4 1; iw iu jyu 3 126 Montreal ex div...210V4 731Ioysl 2134 ami ami .. 215V4 215H 4 10 union 161 161 161 : 1 BONDS. $"600 Asbestos C O fs '42 7714 77t4 7714 1: 5300 Bell Tel (a '2a 92'i 62U 92'I 1500 Can Cement Cs lOO 99. 99: lOfOCan Oonr is 26... 90 90' 90 SOOOCan O It 6s '46.... 96 96 96 510.1 O II MfgAP 6s '53. 874 S7V4 87i 500 C of M 6s Sep '23.101V4 10U, 101U '. 51)500 I) of C W L 5s '23 97i 971i 97"? 4KW U of C W It Es 'II 9S. 9s MK. U c:n n of c w 1, 6s '37,10014 100-4 . 16f300 V 11 '17 Is 5H, '22.100$ 10014 100U 15S650 V II '17 Is BM '27.102U 102 102 - V. 8J200 V It '17 Is 5V4s '37.1044 1044 0U ' 2TSS50 V B '18 Is 54s '23.100U 100H 1001; 243930 V II '18 Is 5V4s 'SJ.103H 103V4 103U . 000 Horn rtui 5s '40.... 9214; 92W 921? JVW Dom Cotton ,6s '22.100 100 lto " lOOODum I A S Es 83 S3 85 59.10 Dom T S II 6s '23,100 100 100 Kino Hum T S 1) 6a '25.100 100 100 100.) M L II A P4'4s '32. 90, 90 90 6000 0(11 Kl M 6. 'S2...10? 103 10? '114 100U-O F M S C s '3J.1W 100 100 1501 Q II L II A P 5 '39 65 63 6$ 5100 St Co of O 6s '40.. 95 9G K ill 87000 W P A P Ltd 6s '51 89 S9 19 4. U Fractional lots. tUnllsted. The unit of trading on the Montreal Stock Excbss;e is: Stocki. 2! shares: fcmks ' shares; mining. 100 shares, and bonds. J2 000 I LOAN MAKES DULL TORONTO MARKET Volume of Trading Neverthe less Continues Beyond One half of Average. CAMPAIGN GOES WELL Largo Business Interests, Espe cially Life Insurance Com- panics, Susbscribc Heavily. Special CoiTCpoitdeiicc fo the Canadian Section of Tub Sum. Top.ojto. Nov. '3. A falling off In In terest In business on the Toronto Stock Exchange naturally followed the open ing of the Victory Loan canvnss. All tho week but a linndful of brokers had been in attendance, though, the volume of trading continued beyond one-half the average for several weeks on the bull market. Perhaps tho loan campaign was an Indirect stimulus to the market. The i nonrent success of the loan at least in dicated that money would bo available for credits. for foreign trade for such Industries ns aro dependent upon this aid. This will help business for months to come, though tho final reckoning must not be left out of account. So far there has been a better response to tho loan from the large business In terests than from the subscriber ot small amounts. A powerful organization Is comprised In the special subscriptions committee, which does not hesitate to tell a corporation how much It ought to Invest. This has icen a bonanza year for llfo Insurance companies, and from these there have been largo subscriptions for the loan, There was also some reassurnnce from the action of tho committee oil soldiers' rccstabllshmcnt at Ottawa in reporting against the payment of tho enormous demand of sections of tho veterans tor hundreds of millions ot dollars In fur ther gratuities. The recommendations niAiln Involve S30.000.000 or HO ill well considered plan of balancing claims, but this Is not a matter of embarrass ment. Veterans are strafing tho capi tal by telegram, but It Is not probable that tho original demands will bo fa vorpd bv nnv responsible party. An or der for another 500.000 barrels of Hour distributed last week among Canadian millers for export to Ilritnln will keep tho flour mills busy for tome weeks anu Is nnother evidence of tho old lands fle nendence on this wheat growing country. Wholesale business continues good, and complaints are made of a scarcity of ennils to nil orders. This applies cspo- clallv to materials for clothing. Hank olearlnrrs aro ehowlng an Increase In nearly even city. Specialties were prominent on tne Toronto Exchange, where the stocks showing Increases and decreases for the ,wcek were about equally divided. Lyall. the Montreal concern which had such a bcom a month ago, sought new levels at the end of tho week on further gossip as to tho merltBof Its new motor. A gain of 32 Vi points was recorded on tho To ronto ExSbangc, where It sold at 163 on Saturday. This might be offset by tlie loss of 24 points by National Steel Car preferred, following the disappointing revelations of tho financial statement In connection with the proposed reorgani zation. Detroit United returned to activity and favor with a gain of 3 points. This appears to be about tho only trac tion with any popularity left on the Toronto Exchange. Maple Leaf, Rus sell, Steel of Canada, Dominion Steel, Canadian General Electric, and B. C. Fishing all showed lower prices during tho week. The paper stocks have lost some of their magic, Brompton bolng tho only strong point In the group, with an advance of about 3 points and' a lot of strength at the end of the week. In the mining market there has been some recovery for both gold and silver stocks. There Is still a lack of men in the gold camps under competition from tho woods industries. An astonishing feature, however, is that the silver stocks have not responded to the rls In the price of silver. One explanation offered Is that the promoters of ques tionable stockB In the United States who may bo under some restraint from Blue Sky laws at home have been flooding tho malls of Canada with alluring literature anil thus drawing nttcntlon of Canadian Investors from real mines at home to, In many cases, doubtful propositions abroad. The following Is a summary of tho week's trading on tho Toronto Stock Exchange : 163Atlantio Sugar.... 79 75 7Vi 2U 80 Atlantic Sugar pf. 1201 1"H 1204 4- 61) Ames Holden nf. 1144 1144 1144 133 Barcelona 84 H63Tlratlltan 61H 2511 C Fishing 63 S Hell Telephone. ...118 166 Hurt F N 106 211 nurt F Jf pf. ... 106 S25 Can Bread 26VI 778 Canada Oment. .. . 73 433 C C A F Co 60!4 170 Can Oen Elec 112 77 Can Loco 101 2t Car; Loco pf 90 (20 Csn S3 Line 73 459 fan 8 S Line pf... S6 4 City Dairy 64i 84 84 U 604 63 118 103 103 244 71 48 112 100 61(i U 65 Vi 118 li 1054 4- J 104 1 it 4. 1 7J 60U m 112 1; 100 2 95 24 71 1; KK- U 61 - V 94H 70 4 854 E44 91 Vi l.ll? I'flll pi . Vi - h( 115 Detroit United 1094 10SS 10V4 4- 34 2JW Con (Ja 1454 142 1434 34 92 iiu 110m icinners invg t."a 644 4 874 .. 694 90 24 79-4- H 664 U a 110m canners pr. ,. 874 S74 67i 90 31 7914 664 2O0 103 88 norn Meei uorp. .. e-j ' 17 Tlnm T.Wranr. kl 17 Dom Telegraph.... 90 -6S Duluth Superior... 32'4- 145 Mackay M Si Mackay pf.. ...... 664 63 Maple Leaf 203 23Msple Leaf pf....l03 20 Monarch pt 89 200 103 88 6 21 i 547 N S Car M 11 3 105 N R Car pf 36 21 MS S Car t t 9 9 6 Pao Burt .Tr. S3 33 60 Que II, L. II & P. 234 234 S6 norers nf 93 91 20 Russell M C 99 99 c.l Tl ...... I r r .. nj 4 54 9 S3 3 23U 4 93 1 99 1 98 2 60 143 694 4 7li - 1 994- 4 674 - 24 40 m 67414 N I.IIBBCII ... J ."O r 100 Sawyer-Mas nf... 61 60 20 Shredded Wheat.147 143 275 Knanlah IUt 6!4 M 656 Steel of Can 73 71 40 Steel ot Can pt...loo 994 5 Tooke 674 674 II Toronto Railway. 41 40 IGTuckett's 674 674 70 W Can Flour M..H54 143 1434 '4 tlOHtels-lrs Mines 11 bo 11.50 11 604.-09 1000 TreUjc-rry 30 , 30 SO U BATIKS. ' M Commerce 198 167 197'4 4 140 Dominion !034 314; 20S; .. 33 Hsmllton 193 1944 194U 4 10 Imperial 197U 197U 1WM - V, 6 Merchants 191 191 191 3 6 Montreal 211 210 210 1 5 Nova Scotia 178 !72 27 J 4. i- uojai 31-., 46 Standard .., 2U4 4 Toronto 197 8 Real F.atate 3 6 Tor Gen Trusts, ..21S 215 511i 197 98 213 :i54 2114 197 98 215 BONDS. "00 Peunsn's , 9li 8l4 914 4600 Rio Janeiro 76 73 76 VICTORT BONDS. 1101450 1923 64s 1004 100 100 U 130900 1923 64S 100Vi 1004 1004 81030 1937 54 1024 1024 1024 172S00 1933 64 1034 1034 ln! 85350 1937 64s 10(14 1044 104 WAR LOANS. 7-4 974 97i 8i 9S4 9Si 1004 1004 1004 836400 lt6 6s MOW 1911 H 64900 1917 6s UNLISTED. 1605 Brnmnton 8514 ti'i 44 -4 61, ix'Z 14 M4 86U - 24 490 North, Am Pulp. 60 Warstamack ,,, 5010 Holllnrer ' 6 , "U , 7.12 , 1.98 , 36H 86 , 86 03 7.10 ,C$ 800 McIntyre 100 West Tree 90 Dora Glass lOMscdonald 110 Macdonald pf... 6 Ont Bteei Prod.. 1.96 214 69U 85 86 1.1 98 .06 284 694 -!4- 24 2'4 so 1 U HOP Lyall 1M 1M!4 113 824 - 34 un niacx Lane nonds 31 ii i . , , . TOTAL SALES T'1M snares t. Unlisted . ., ' War bonda . II. 213 .-! ,tL-t,Ui ! Canadian ' Government Municipal Corporation Securities A. E. A IVIES & CO. Members Toronto Stock Exchange Established 1889 74 Broadway, New York. Phono, 8045-6 Rector ' Head Office, Toronto Montreal Chicago Victoria, B. C. WE OWN AND OFFER - $2,000,000 4 GOLD BONDS ' or Tim PROVINCE OF ONTARIO AT 00 Nf.W YOHK FUNDS flEUHNO rniNCIPAI. AND 1NTEJIEST PATAIII.E IN NEW TORK. TORONTO AND AND OTHER ATTRACTIVE OI-FERINOS. CORRESrOINDENCE INVITED. -AIRES AT OUR EXl'ENSi:. EMILIUS JARVIS & INVESTMENT JAHV1S RIJDn. FARMER IS CALLED TO BE PREMIER Ernest Charles Driiry Will ,,Hcnd Coalition Government of Ontario. Special Correspondence fo l7io Canadian Section 0 The Su.v. Toronto, Nov. 3. A modern Cincln natus has been called from his' plough In Slmcoo county, seventy miles north of Toronto, to become Premier of Ontario. Ernest Charles Drury, member of no Parliament and without extensive publl' experience outside of the platform, has been called to be leader of the victorious United Farmers of Ontario, who have formed a coalition with the Labor mem bers, and will In all probability control the destinies of Canada's banner prov- lnco for some years to come. Sir William Hearst, Premier since 1015, following defeat, both personally and as a government leader, in the re cent eloctlonx, has resigned and Is re tiring to private life. Farmers and Labor men together control a majority of the House by a bare margin, and have agreed to work In harness. Dis agreement on details involved compro mise and may yet mean difficulties on minor points. On pilnlmum , wage, for Instance, Labor gave way by demand ing It only for women and girls and other minors under 18, while on prohi bition Labor agreed to stand on the de cision of the referendum. Thus two thorny -subjects for difference were re moved, and the ability oi tho Anglo- t-iiixon race to get through difficulties was again Illustrated. The new leader told his friends, after tho unexpected honors that had been thrust upon him, that he was going back to the plough for a few days. "I can think better there," ho said. Mr. Druny lives at Crown Hill, a village so 6n.ai that when the rural mall routes were laid out Its namo as a post olllce dis appeared. There he farms 250 acres, a worthy descendant of his father, the late Hon. Charles Drury, first Minister of Agriculture for Ontario. He ran for the House of Commons in 1917, but being defeated he has been looked upon as a prospective leading figure In the Farmers' party in the Fed eral House. Being a well known speaker In Farmers' organizations, and ot pre sumably more administrative ability than any ono elected to the Ontario House two weeks ago, ho was brought from his somewhat obscure position to the leadership by unanimous choice. Mr. Drury's pet subject has been the tariff, on which he has criticised the manufacturers as beneficiaries of pro tection. "For every dollar our tariff puts Into the revenue of tho country," he said a couple of years ago, "It puts three Into the pockets of the protective Industries." From this It might be as sumed that he is a "class" man, but in responding to a welcome from his neigh bors In tlie town of 'Barrio at the end ot the week he said : "I can give you my word that thero is not going to bo any class legislation. He promised economy as something greatly needed. and already this fact Is being received with much satisfaction by the financial world. He probably will emphasize the purely Canadian side of tho Interests of the country, as a Cabinet of Farmers will not suffer as much from the blan dishments of London as tho knighted Premiers and Ministers 'we have had. The United Fanners of Ontario werb organized only In March, 1914, but tho influence of this organization and Its corresponding bodies in other provinces already appears to bo sweeping the country Ilka a pralrlo fire. Last Mon day's by-eloctlons lost three more scats to the Dominion Government, when Vlc- torla-Carleton In New Brunswick, Glen-garry-.Stormont In Ontario and Asslnl bola 111 Saskatchewan elected Farmer members. The Union Government Is frankly worried, and It Is taken for granted In many quarters that tho Farmers will control the next Dominion House. PROPOSE POWERFUL WIRELESS. Finn Is to nulla str.ilon N'enr Van couver. Construction of a high powered wire less station, which when" completed will bu the most powerful radio depot In tho British Empire, Is proposed for the vicin ity of Vancouver, B. C, by the Canadian Marconi Wireless Company. The station, which will cost, It is estimated, In the neighborhood of S2 000,000, Is designed to handle commer; clal business between Canada nnd the Orient, and a station ot like power nnd cost will of course be built in Japan. Negotiations are being carried on .simul taneously with tho Governments of Canada and Japan for licenses to con struct and operate the two stations necessary to establish direct communi cation across the Pacific. STOCKS ' - l H. M. Connolly & Co. V, r 1 . . . Members Montreal Strvk-'FvM,....-. 105-106 TRANSPORTATION BUILDING MONTREAL CANADA CO. HANKERS. TORONT4". CAN Dominion of Canada War Loans Provincial Municipal Bonds Corporation and Industrial Bonds Listed and Unlisted Canadian Securities 1 Wc incite your inquiry. TwvooisyatierSt What Others Say About CLIFTON PORCUPINE "The Properly Ha. The Ear marks Of A Mine In The Mtk inj." KJtract irom Northern Miner (Cobalt), Oct. 4th. 1910. "Clifton Porcupine Seems To Be A Buiinen Effort To Produce A Mine." Extract .rom Toronto Satur day NlKht. Aug. 30th, uuo, "The Interest! Behind The En terprise Have Shown Genuine Ability And Intefrily In The Past." Extract from Canadian Mln. ine Journal (Canada's leailln mining magazine), Sept lOtli.nmi I?, ''- Iay ou to get the farts frV O,,t1ou,"rr,r"t''i''l "f shares request? n,"Ucd Promptly upon Homer L. Gibson & Go. 70.1-4-5 Hunk .,f iiumlllon llulllllllf; TORONTO. CANADA. ItOBEIlT OASSEL3 W O.H.DUOWNL A. M. BHOWN -Cassels, -Browne & Co. . Members TeronlA Slock Uichan)i 318 Dominion Bank Building, Toronlo. DIRECT PRIVATE WIRES TO Now yorkt Chicago and Washington CORRESPONDENTS OP A..A. Housman & Co. WE RECOMMEND CANADA STEAMSHIP LINES LTD. S's-1943 Al Mwket To Yield Abou! FulIVarllculars On Application Herdman & Company Member, .Montreal .Stock Kirhang. Bankers & Brokers Montreal BONDS 2