"nwhq

h"-.. _ . ... “was .

MARKET GOSSIP

N

.5, yuhnston ‘valerfardi Special

IOBNING MARKET LETTER

gglv with‘. .\‘. \'. Jlfly -'->—\\'eak'

‘ in United Aircraft snd the metals "a", I higher opening unsettled the Isl-set yesterday. Over the past few meets there have been s number of finances of special selling in illlllvl- dual stocks o! Iroups that. have had

disturbing effect on the ‘nrket. It may ile noted. however, 3st the better grads industr-lnls have he“ up well p; spite of these tl‘3\'€l0||- menu Thgeraxluct

no

Kgernket is ‘encouraging. lt may lle ink- “ u reflective of the selective and mfepltllfilll character of the market situation.

1g seems to n. this condition "my to continue until the outlook

1| sufficiently

“aground for- s broad general ad-

YNE l "Pending that time we feel s furor- sille attitude toward the hcttcr is-

tlles is Justified. Laldlsw and Company.

' SUMMARY

TI’ YORK. N. ii, July Zti-Irco- port Texas Co. declared the regular so ecnls uu common.

Brokers loalls yniy 1S decreased $2S.il0ti.000 to 030001100. Non-brokers

11.00

rs ETPXIIS Glllf Sulphur Co. June quart- If not lflflfllllt) equal fir" against 56 cents quartr-r arid 57 cents in like quarter

lsst 3'97""

General strike "lied off, Order, howcvcr, and alriko of longshorolncu and mar- ine unions which oxpoctctl to be sub- mitted for arbitration to tho Nation- ll Longuhorclllcns lionrll.

(fgrn product; Refilling (‘.0 quartt-n cnrncd against 7i cents ill previous qllnricr m! $1.05 ill June quarter last your. ally sl-crago volulno of Fctlcrul urn Bank crt-lllt outstanding during IQQX ended July 1R was 52.471.000.000. lrlcrcasa of $1,000,000 nrer reek and $375,000,000 shore like 1033

Icek.

Reserve system ratio on stood st 00.7 against 60.5 s week ago

d 1B4 a year ago. lnsew York Bank ratio 71.0 against 1'06 and 50 4 respectively.

weekly car loadings report around

lp. m. today.

8B3

Former Premier . Appears Before Commission

TORONTO.

Fflflflf)‘ Premier George B. Henry oi Ontario yesterday told the Royal Commission investigating the On- tario Hydro Electric Power Com- mssions acquisition or Ontario Power Service Corporation asserts he was unaware at the time the deal was concluded that Senator Arthur Mcighen. Commissioner, owned bonds of the acquired company.

The former premier nlade this statement during the course of an examination that lasted more than four hours. He said also he had not informed the Senator own holdings of O. P. C. S. bonds which totalled $25,000.

Mr. Henry said the government readied its conclusion that acqui- siiin of the power company's assets should be made on the ground it was desirable the company become publcly owned. _By a previous agree- ment the Hydro Commission had contracted to take from the com- pany 100,000 horsepower annually st a cost of $13 a horsepower.

Without being asked. but at his Own insistence, Mr. Henry explain- ed why the government had not waited for the legislature's author- ltv to make the bond offer. I-ic said that at a time when the company WES in financial difficulties the ad- mrlistmtion decided to acquire it. The company then was in a finan- cial plight which rendered it neces- Wy to default, an interest payment. due June 1. 1932, unless help was

0, . jgtlnal Power and Light declares glrldenll of 20 cents on common, the lslns as paid in two prcvinug quart-

HI; lnti .... 08.70 Rail; . 4278 4'30]. Q11 Util ~,.. 22.83

4° Bonds .. asst 0.14 Dow Jones. FINANCIAL SERVICE

-\lO_.\"l‘l?E-\l-, Que, July Elk-The quesilozl often heard is what. stock should he bought. aud who: amen should ho avoided? For the person who tlcslrcs Illlllfs) all “mum, Wm. n. utivc snfcty, with market ap- tlnll a secondary consideration.

ll l3 E59 iilul tllllt: he purchase stocks

of Pull

t|i.‘[lrt'b;.il0'l. liflf q- 1 that its slablo, wlllpge lfli;llqn,l,.»lultnd:ol:fig¥ ll a sullnll lvltlr ample liquid re-

zldilrlf-‘l- lWu-"ts wood munugcnlentl " "s B 1005' record of successful

9l7"l"lllltJllil, and the nilllonk 1g {or a

continuance of iitpadv Gaming,

1'50"‘? "l!" l\.'t.'2lnse a stock that

gal: lltlglllfilltlii. .3» all these tent; and "ipcdllflihétt Suctcssfuily, can l"; M. ma“ u’. _ ‘l: null, ll sound invest.

.lc.lrlt) tilrli u-ill participate in

Bus’ lrl-tlcrlll business recovery and

will allvnuc.» ill tile market when mgr.

ct \\'l|~'ll lllarircr. conditions: become bl‘

Dfflpitilluu for n ri

A lwrsm‘ ‘hflrlnill market apprecia-

lluu. luthcr than il

"'9" "lllhfll l" iulrllllgllgmthlifeulgtocg: that for nllc lesson or nnqfmsr éhnu“ in the next six to twolre months more

ll l0!‘ Public attention as n result of

some constructive enli _ numb P l H! develop

F" example. '1 lllirvlluser of u...

Canadian liquor stocks h ll prepared to holti his stotflrnufnr 2f

ast. six rnnrlths it‘ llct-ossury in an.

ticl l. tl ' ' v

d uclllirlo ll u 0ft blah EA lllrlghiilflllll I ti)!" pontr La their °ll llflufir. In other words, he is speculating nu ills possibility and "fmlwllllcnlly must he prepared to as. sumo a cortaln ulnouat of risk.

huyor of nuy of the newsprint

slot-ks cnllrlot hlvpp rm- "n, “worm, return for lnnuy yl-sle bllt talk hug been hoard of llll ndvant-c in the prici- of non-sprint by (h.- @,,.| "g (he V,“ in which ttrcllt til-l "llflppf" sfock§ should rccnnl a good advance. ill

"lid Noun tho-st‘ "Ulllllflllins which

lllll_\' havl- in fllnrgnnlzp 51mm“ he nvoldctl. Riot-ks tilnt should in» avoid- od are tho nncs that we spook finan- cially or have no cash assets. have no lnnrkct spflnlififfllllrl, that are op. crating in all lililllfifi)‘ wilnsc outlook is obscure, and whorl- n reorganisat- lnn of this cnpltnl structure may hare to take place.

Flu. Service.

BANON SAYS MONTREAL. Que. Jilly fill-Yester-

dn_v's action was not cutlrcly sails- factory. Unless volulno picks up with rising prices today a furtber- correct- ion of two to four point; could be

witnessed before the advance gets under way in a decisive way. Retain holdings.

rthcomlng.

Without the approval of the

dro Commission, the former pre- mier said, the government could not have carried out the deal. He explained it had not authority by itself to do so, but had acquired the rght to act as it did through au- thority vested in the power oom- mission.

l-ie maintained, however, that at that time the matter had become one of concern t0 the government and that the commission had no discretion.

In this statement he concurred

with senator Meigherr who had

argued earlier in the day that the deal was a govemment and not a

hydro matter. Mr. Meighen deliv- ered ths view during an argument in which he challenged the right of the commission to delve into affair: of companies with which he is as- sociated and reveal their business

through the press to the public and to their business rivals.

Mr. Mclghen won his point and it was agreed, for the moment at least, to abandon evidence con-

cerning the companics. These com- panies, six of t‘ cwned $230,000

worth of til: bo.. rad Mr.

Mcighen, personally, $33.3. Mr.

Mcighen was told also he need not

produce records of any dealings of

the company's not concerned with the bonds. Mr. Henry told the commissioners

he had not permitted his personal holdings to influence him in the

negotiatons tor acquisition of the compani, l-fe owned $25,000 worth of O.P.S.C. bonds and the North Am- erican Life Insurance Company, of which he was a director $200,000 worth.

Minardm tho great White Linlment

,illcltevoulcllol.sb -

tllladtlt

I

7

MONTREAL .

i125 that l.“ ' dlvltlc l rcqllirerneutsntnirollglilllfiinlzlig B

Mt’l. Stock. Exchange

vii-

Quotations furnished by delusion

and Ward mums-ere of. the llontual

ltot-lt Exchange, Montreal Curb afar-

kot, 1M Btchnussd Street, Charlotte- town)

Opened also!

Bnthursl. A ell Tel

ll l.‘ ‘Jew B Call Itronzo _ Call Car com Unn Car Pf-i (‘an (foul vital t.‘

Pac Cor Smelt .., llrylletl Paper . Dom Bridge ,_ Dorn Glass Corn Dom Steel Uasl B

lloln Text Corn , 5?‘ lien Steel Ware; 4% lloll Gold “inc 1150 lnti Nickel 341/ Lake of Woods . 1o l Massey Ifar- . . , , 4 McUoll Front Oil Co 13 Mont Pow .. gsy Natl Brew 27%‘ Null Steel Car 15 Power Cor , 1o Quebec Power 13%

511W .. .. _ Ztgo-‘lvéfso Can Cum .. am 343g Commerce ., Nora Scott;

Excllalvcz

(Canodisxl Press) MONTREAL. July 20-Brltish and for-alga exchange in relation to the (‘anadlnn dollar, as compiled by the ltoyai Bank of Canada closed today a; follows :-

Austrnlia pound 3 0503.

Belgium helga .2302.

l‘hill.1 Hung Kong dollarmflTlS. , France franc (M50.

Germany reIrSsmarlt .3851. Great Britain pound 4.9768. India rupee .3155. ~11 Japan yen .2950. _ " New Zesland pound 80751..

United States dollar 1% per cent discount.

Currencies’

1 _ _(Ca.a_adlsn Press)

LEW. 101th. July ‘JO-Narrow ranges were registered in today's quiet trading on foreign exchanges. sterling finished unchanged st 5.04 ‘A. ranging during the day between 5.041;; and 5.04%. It opened at.‘ the low point. The Canadian dollar add- fill s. fraction-Lid .ercent to close l" B Premium of 10,, percent. The French franc surrendered .00'A cent, closing at 0.50.

Qlli-YIUIEAL. July flo-The pound.

of a cent at s4 or 22oz. The fra-nc lost .01 of a cent st 6.50 cents and the Lnlt-sd States dollar declined 1-32 of otne percent to 1% percent d". coun .

(Can Toronto and stocks lower. _ Toronto Mines-irregular with flrln close.

New York-Stocks closed lower. Winnipeg-Wheat down 1% to 1%. New Y0rk——(‘ottorl, rubber sad cof- fee lower; sugar unchanged.

Japan Wants Junk For Industry Not War Buyers States

KINGSTON. Jamaica, July 19.- (C.P.) zlslands of the Carribean are being scoured for old iron and steel by agents of the Japanese Government. Specially chartered boats for the past ten months have carried away hundreds of thous- ands of tons of scrap iron from British and Dutch Guiana, Trini- dad, Curacao, Venezuela. and the myriad islands ot the British West Indies. Thirty thousand tons of old steel have already been sent on to the oriental empire from this colony while 25,000 tons of iron have been shipped to the United States. One of the men behind the scrap iron shipment deal is A. B. E. Fogel. He represents the Fogwel Metal Trade Company and 110D! from island to island around the Cnrrlbea-n signing new contracts at each landing of his plane. "It is believed by some that Japan is purchasing this old steel for war preparation but it is sheer non- sense." Mr. Fogel replied when he was asked by newspapermen if there was any significance attached to Japan's heavy demand for Junk- metal. “Japan does not need this ma- terial for war purposes She cannot use old steel for ammunition. Japan is now engaged in msnufsctumg 350,000 tons of rails for her new railway lines in Manchuria and the old steel is remelted for that pur- pose. Old steel is not good enough (or ammunition" the agents stated. He visits Japan frequently and understood trade conditions there, he said . "The people 0f J89"! 8P9 exoeedlngly loyal. They are prepar- ed to work for little or nothing to mist their country's trade 01'0- grsmme. The average workman in manufacturing houses gets a sal- ary which does not exceed 45 to 50 cents a day and the women do not get mor ethan hail’ the " r. Ybieli continued.

The Japanese were “practically living on their own" and were

Besubarnols A .... ..... 5-H B 30

‘working for‘ the glory of their mung-y," Their sense 0f patriotism muld not be beaten anywhere in

marked.

"Jsplsn k over-populated. She is not an agricultural country so she has to be industrial. They know that to exist they must work herd m compete with other nations. They live on practically nothing. They are not flesh eaters and get

the world, the txsde envoy rc-I

about 65 to 70 per cent. of their

.-_<

law. of course. is very 1W‘. "l"

food fronl the sea. The standard of}

PROBUCE

' (Canadian Press) MONTREAL. July 20-—Potstoes

were again lower in price on the Montreal produce and dairy market today. Other prices were unchanged from their former levels.

The butter market was steady. fresh

no 1. being 18% cents s pound in car- lots or lees. Small lots to the retail grads brought l0 to 20 cents a pound

or lolillrnnd 20 to 2i cents for

prints. lt/lt-ipts were 2,006 boxes.

Cheese prices were seady, Ontario

colored being quoted at 10 to 10% cents s pound and Quebec cheese sail- ing for 0% to 0,’. ccnts a pound. Ar- rivals were 5.. 00 boxes. '

On the egg market, yesterday's

price levels were maintained. Graded shipments in coriots or less sold for. 20 tn 21. cents n dozenforA large, 101,-’, to N cents for A medium, 10 couts for B and 18$; to lit cen_ts for C. Re- ceipts totlglled 0B1 cases.

New potatoes declined sharply in

price as the result of heavy arrivals. New Quebec's brought 50 cents per S0 pound hag fol- No l grade. a drop of

0 to 25 cents. Tho market for old potatoes is rapidly diminishing. N. mountains being the main offer-

ings and being quoted at ~10 to 50 cents per 80 pound bag.

MT’L. CURB

_.i__ (Johnston and Ward) stocks Opened Lost

lg Miss ... . t. a

. a Brew Corp Com ... ... 0 8% Brit Amer Oil .. l-i 1i Can Malt 311/; 819-’- 41 401/4 110 110 125 1'17 14% 14% 0U; 10M fi 2S5’:

hfncassa . . . ... 250 Melchers 12 lllelchers fill Nornnda 41150 Parkhill .. 40 Sun Ant g 505 tlhcrrltt .. F14) Slscoe flilles 237 Statiacnna 30 (‘>05 -. . - . . R? Walker Hiram _... .. 2st,; Walker Hiram Pfd 1.71,, Wright Han 050

(Johruton llld Ward; CHICAGO, July 2(L_. Wheat:-

HiEh Low Lnlt July ... ... 101 07 87% . 102% 0.14 99% .. ... .....104 001.1013;

Mack Truck , , Corn .\ldlllll‘S0ll Al ‘til July . 63 til 621,». Alisa Kali ,. - Sept e41; 53.55 33:1‘ Miss I'm: _-, l)" 677;. use, M“ .\ltlnt \\'.'irtl _ 2T1], .\_nsll Moi. 155; Touts v Natl ills .. _ 3..., gill-l" w, mm llflllj’ Prml 1.; bent 4o .\illl Light Pow , Ql 9c 461g New Hpvcu .. 11 ' .\\'cw York (‘ell . ' _ _ Qnrtil Anlcr v “KIQMPEG- July 90— North r-m- ..' '5 L“ Pack “or 1 Para Puilllx ~80? ... ... 1mm, pail l D" Pill! s” N .51.; °¢ -.. . Philips rm. rut, _ Pulllllau (‘o 4m 0ats,— Radio (‘orp . z

July .... ,_ . Oct ._ v f 23% Dec

Barnard.

Off West Coast

VANCOUVER, (CPlt July 20.- A bamboo drift on the beaches of Queen Charlotte Islands on the British Columbia. coast, something mt noted for years, has brought

fresh discussion concerning ocean currents and their effects on

the weather.

The drift presumably came from the Orient. In years past bamboo andl even palm logs have bqgn found on the Queen Charlotte

beaches .

A current close to shore, flowing from south to north. then east to west meets the Japan current

ordinarily near Kodiak Island Alaska. Ilhese currents vary from mouth to mouth. Sometime the Japan current presses as far south as the Queen Chorlottes and some- times the north-to-south current leaves the vicinity of the Islands.

It is noted that the bamboo drift coincides with an unusually mild year.

INDMNS GIVEN BRIDGE PASSES

MdNIRElAlI-l. July 19—(CPl——

when the-Indians of the Iroquois Reservation at Ceughnewage rc- cie-ved upwards of 2.465 passes for the new Honore Mercler Bridge, spanning the m. Lawrence River between La. Selle and Caughna- wega. it wag no "Christmas present." It was the mere fulfillment of a. con- ltrsct with the Caughnawaga Coun- cil under approval of the superin- tendent of Indian Affairs.

redskins resent the insinua-

The

tlon that they are reclpitants oi’ there charity from the palc faces, said the slxskessnan of the Indians. Eddie Beauvsis. r-re pointed out that the, Indians of Ceughnawaga have given much more to the corp- oration than they are recieving in return. The demanded no money for the public land taken over by the corporation for the approaches to the bridge on the Canghnawaga side. Had they wanted to. they could have demanded payment of s. royal- ty of 10 cents a. square yard far the 200.000 square yards of gravel used for the brdge approaches on the south shore.

The India-us waived their right on

the understanding that. they would be given work in the erection of the bridge and fme use of the structure for 15 yers.

.__________._ SUNKEN SHIP LOCATED One of the three ships torpedoed

oi'l' the Coast 0i’ the Irish Pcee State during the World war has been loca- ted by the Italian salvage vessels Artigllo and Artipiorle. It lies 20 feet below the surface off Galley Head. County Cork, o. short distance from where the Lusitania was tor- pedoed in i915. The thrce vest-ls

ELEGIED PRESIDENT

A L Ammo“). has been elected president of De Forest Crosley Lim- ited, the new sales company for De Forest Crosley radios manufactured in Toronto. H: has been iflcnllflfll with the old corn?!" _ years, latterly as fiw r

MIN NC

spam“ or (he! TgrolltlelxdfiXfillilllgP. had -. " v col o? the last several

curried qg-lt‘ n fcw issues hat-k rvililu

--l allcad to close with gains. glerhfllll-lrlulllfflfl ill Dome and liclniim

which wen» weak, helped ‘to unstcntlv the 'rfl\'l'llp0 price levcl. \oiutne L‘ J00 h . “mm. 1' U0‘ 3x11552556“ set to round out a week of leadership. 7n.000 shar- tba stock chllDZlllK hand! day on a price rcrerery of 40 cents to 3S0. Gunnur Gfild 815° . l. ' li t ‘mm Thufimys lst ltlouchetl 2 36 dur-

reccrlt weeks it has been hanging

N. Y. Stock Exchange

Bald Loco ... ... Auburn Auto ... Bait Ohio w.- Bar-usdall A ... Bendix Aristlo Beth Steel

Briggs .

Byers A if . Burr Add Mach

(fon Oil . .

Iron

(‘oiunl Gas Elec (Ton Gas .. (‘on (‘an (‘oru Prod . llcl Hlltl . h‘ I [mp ... East Kodak Elm: Auto Lite Co , l-lit-c Pow Light ... 5 l-lrle _, _ 1t; First Nat Stores . Fox Film . . . . .. Frccport Tex ..

lit-ll Asphalt lieu Elct: . Gen Fond; , , Gen Mot tioodrich Rub .,, liootiycar Rub llrahsrn Paige Houston Oil

Ken Cop .. Kresre s s Co .. lit-carer Toll Lambert (‘o Llggets Myers B ., Loews lncorp .

Loose will». Bray-Cg hlckeesport Tin Plate

Rlllilts Keith (lrph ltop lrnu Staci Safclvrly Stores Sears ltnehucl; Silnulnlls (‘n Stu-any Var Snllitl Pru-

Siiintl this lilo Stand till 121i Stand till .\' .l Nlorvart Wnrucr 'l‘ll"rrllnlll ... Stluiollukcr- , ’l‘<-.\'us m. ’i't'x Gulf Sill . 'I‘i|ll Roll limit‘ l'rliorl (‘urll l‘arb

Flliou Pill? Vnitcll Aircraft: Vllitcli l‘r>rp .. , Frills-d tins llnp l7 5 llltl Al

If S Rull

ll S Stool

Vaadlum . l . . Warucr Bros (‘o .

“'ill't“.‘h Bros ,, _ West. l'llion . \\'csi Elnt- .. “Woolworth Cn .. .. Yellow Truck (‘ouch . ..