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Canadian Government and Municipal Bonds Wood, Gundy & Company INCOKPOllATED 14 Wall Street. New York TOIIONTO MO.NTltEAL LET US HELP YOU INVEST YOUR FUNDS IN CANADA We have a thorough knowledge of Canadian securities, and our Service and Statistical Depart- ments are at your command. We are members of the Toronto Stock Exchange and can not only furnish sound advice but execute promptly orders throughout the Dominion. Take advantage of the present 3M to 4 premium on United States funds invested in Canada. And there are other reasons why the Canadian Securities we offer will appeal to you. May we send you our October list of offerings? I i firaha m.Sansmt & ft V INVESTMENT BANKER O V lltmbert Toronto Stock Exchange TORONTO, CANADA. BUY the new Canadian Gov't Victory Loans and take advantage of the high exchange rate to get a safe income return of 6 per cent., ac- cording to matur- ity. Write us for particulars F.B.McCurdy&Co. Mankrs Montreal Stock Exchange 136 St. James Stroot, Montreal, Canada. er & Co. Members Vets YorSlocEx(hsnsi 120 Broadway NEW YORK Accurate Markets Quoted on Canadian Securities Direct Private Wire to Fairbanks, Gosselin & Co Memlers Montreal Slack. Exchange Montreal, Canada. Bonds Safeguarded by the Canadian Government and its Provinces, Towns & Cities yielding up to 6 Send for our offer Ini list C.H. Burgess & Co. Bank of Hamilton Building TORONTO CANADIAN UNLISTED BONDS AND STOCKS W apeclalUo In Canadian bonds mt'l stock. nil will be pleased to furnish free quotation. Lids or olfcrlnis. Grant Johnston &(o. MCMBCaS MONTREAL STOCK EXCHANOC ' 86 NOTBC OAMC STBCETWEST MONTREAL Telephone Main 6173 0831. SIR EDMUND 17. OSLER G. T. II, FRANKS LONDON TORONTO SUFFERS MARKET REACTION Bull Activity in Early Part of Week Takes Sudden v Slump. Special CorrcsyonAcnco to the Canadian Section of Tun Su.v. Toronto, Oct. 0. For a few days last week we had a mild exhibition of a runaway stock market General condi- tions In tho country havo remained buoyant, and almost all kinds of busi- ness aro reported In a flourishing condi- tion. In fact wo appear to be In a period of extNivacan.ce, which, If not EC;on restrained, may work Injury for years to come Sober observers look for a correcting Influence from the Victory loan, which will open Its campaign on October 27, and, if successful, as now appearn will bo thu case, this will tend to brine people back again to habits of thrift. For tho first half of last week, tho Toronto Stock Exchange had a bull mar- ket which, in largo part, lacked explan- ation, and gave concern to promoters of the new loan. Later on, however, there was n reaction, and the' week closed with many stocks not much above the beslnnlnfr, and Bomo had fallen back. Tho demand for several common stocks was the more dangerous feature of the movement, because it was evident that a proportion of the Inex- perienced public was In the market, prob- ably unconscious of the danger It ran with the fllahty prices of these highly speculative stocks. Atlantic Sugar com- mon, Ames-Holde- n common, Canada Bread common and Spanish river com- mon wero examples of the rush for stocks not now on a dividend basis.. Hread was the heaviest trader, and after a rise of more than 6 points eased off, leaving a gain for tho week of 3Vt points. Amcs-IIolde- n made tho largest advance, closing the week nearly IP points ahead. Toronto brokers are crit- ical of this stock's movement, and have referred to It repeatedly as a case of manipulation. Inasmuch as the local mining market nppoars to be suffering from an attack of manipulation, thus In soma degree weakening confidence. It Is felt that the senior exchange should go carefully In this direction. The following Is a summary of the transactions on the Toronto Stock Ex- change during tho week: Sales. nirh. Low. C1ob. Cbrr. 1S Atlantic Surar... CV4 6H; 34 1 S3 Atlantic Stnjar pf.113 114j 1141? .. tor. Ames Holden .... 9114 7J W 615 Arses Holden pf. 103 VT.M 104 4- - 1 M Barcelona 10 SH 10 4-- l4 607 Hrr.zillan 0114 W Mli 11, K0 It C Flehtnar 63 6 3 621, i 21 IVell 11314 117 11714 i4 n: Hurt f N joi 99 iro u m Hurt y a pi iw w 271S Can Ureal K 2tVi J41J SU 1 Car Ilreail pf 76; 7S 78 ; 305 Can Cement ex d 7;u 70 704 IN 193C O A F Co M4 474 41 4- - 60 C F Co pf.. 99V MH 994 4- - 170 Can c,en Elec llti 104 109 s 190 Can Lo\o si tt a US Can S B Lines.... C4 6214 C3Ti T4 St Can S S Lines pJi 4T 84 4S1 S 6 City Dairy 63 65 653 K) Consumers' Gas.. .144 143 143 1 15 Crow's Nest 494 494 494 .. SOI Worn Canners 16 624 Mi y ISO Dom Canners pf. M S3 90 5 1C1J Dom 6tel Corp.. 59i 6S 6914 14 23 Howard Smith. ..1C0 1(0 100 02 Mackay com S04 SO 80 121 Maekay pf la ECli 4 .. 60 Maple I, ri-- eom.l'.t 197 1372 9 Staple I.cai pf....l05 103 1 Monarch pf DO to 6. N R Car com 94 94 94 IK N S Car pf 44 42 42 4 174 Paelflr Hurt com.. 3'4 23 334 34 5 I'aclflr nirt pf..,. 794 794 14 60 Pro Taper 6.1 65 ,. S3 rorto n ItT com., 2S 244 2414 T; 75 One It L II A P.. . 224 224 224 U 210 nionlon 160 1444 1494 64 5 Holers com 62 83 U iss nwwli sr O Pf.. fc WH (5 1 10 Rawyer-Ma- s p(... (9 69 63 f 2 642 Rpanlsh River ...61 E44 65 1H 20Spanlah Itlver pf.114 1134 lit t tsi Steel of Can 74 70 72 4- 24 15 Steel of Can pf.. tsvt 9!4 9! i liOTnohe 634 M C94 44 195 Toronto Hallway. 42 41 41 4-- 1 ISO Toronto Taper ... 91 8S4 II4 4 lOTuckett's pf 914 914 4 15 Twin City 45 45 45 1 S Wlnnlpej; Ity .... 40 40 40 MIKES. ID Honiara I.SS 2.S5 2.SJ .. 895 Cons Smelters 32 SI 314 2H CO Dome Mines 15.00 15.00 15.00 4- - .6 2200 La Itoac 41 S34 33 1 571) .MjiltslDj Mlpes... 11,90 11. W 11.90 . 53 BANKS, 42 Commerce 193 19S 191 1 64 Dominion 203 203 Ki a' M Hamilton 130 1SSH 190 2 Imperial lpoy m 199?i J 6 Merchants 131 191 191 1 19 Montreal J10M 210 210 U 1 Nova Scotia 271 271 271 ' 5 roiioyal 213 2144 215 4 6 Standard SUT, 214U 2I4T4 M S Toronto 197 187 197 LOAN, TRUSTS, AC. 20Canda Landed.. .13? 13S 13S 1 101 Can Irmnent....l714 171 171 U S3 National Trust. .. .201 205 203 Tor Ilea Tnut...2174 217 217 S 21 Toronto Mortiace.lJl 131 131 110ND3. (UiOOCan Ixipomotlve. .. 93 93 95 VICTOlty HONDS. 129330 1922 64 10011 1004 100U ?17ftW 1923 64s lCHi 100' 100\i .. 2'D 1827 5Hs 1924 1034 1024 .. L3S530 193.1 64s 101 10.3 1031 U 1161501937 64 1U3 104H 10154 U WAIt LOANS. i:;00 1325 t... 97T4 VIM vn .. 17S011B31 la. 100 S1 98U 11 17100 137 o... 100H 1W lOOVi .. UNLISTTD. 120 Brompton tM 65 65 143ALU1M 11!?J 111 Ji:uliw 6000 Adanac 4 U'i 13'2 1W No Amer Pulp 5 4 4i 1515 Molntyre .9s 1.35 1.S34 14 Ills IIollliuer .M 6.75 .M 10 bii i.PkP hnnro i 10 1.07 1,09 .53 liu Maiilonnld ..... .\s34 si'4 sr\i J.\u 1\1 lUark Law B 6 I 1 iWI Black L bonds.... 2 SJ 2 11 W'ayaratnack re1! 664 60'4 in 1W Aabeatoi 75 75 75 2 330 Dom Brldro 117 llu 11411 . 10 Dom OUts 624 C24 624 is: 600 Davidson 604 664 604 . 600 Temlikamlnr .... 42 42 41 24 Total sales: Listed sliarea, 19, MS; unlisted tliarea. 10.759: war bonds. M74.3tt. F. G. OSLER II. F. MARRIOTT OSLER & HAMMOND , MEMBERS TORONTO STOCK EXCHANGE 21 Jordan Street, Toronto Government and Municipal Securties Stocks on Montreal and Toronto Stock Exchanges Bought and Sold on Commission CHISHOLM ..... t UNIONISTS AIM AT PROVINCIAL OPTION Central Government to Inter- fere With Importation of Liquor Only on Demand. DIG ISSUE IS EVADED Liberals Not Likely to Go Further in Checking Sale of Iutoxicanls. ' Special Correspondence to the Canadian Section 0 Tun Sun. Montreal, Oct. 6. Canadian prov- inces will In future bo permitted to mako themselves as dry ns thoy desire to be, oven to tho extent depicted by tho Rev. William Sunday as \so dry that a man has to be prlmod boforo he can spit,;\ but they will have to toko full responsi- bility for their own conditions and will not get any assistance from the PwJ-cr- al Government except exactly eo much ns they may ask. This policy was determined upon by tho Unionist ci.ucus held at Ottawa Just before Sir Hobcrt Burden left for Virginia last week, and it Is pretty certain that tho Liberals will not undertake to outbid their rivals In Interfering, wtlh the drinking habits of tho various Provinces, This decision means that if any Prov- ince, having exercised its own authority to prohibit the salo of certain or all Intoxicants within Its borders, desires to prevent also tho Importation of such Intoxicants Into its territory (n matter which nt present Is beyond Its powers). It will be necessary for It to make a formal .application to the Dominion Government to enact legislation to that effect, and Buch legislation will apply to the Province In question and to no other. The Dominion thus dodges tho onerous .responsibility of prohibiting Intcrprovincial traffic In liquors In regard to Provinces iwhlch may not havo any real deslro to havo such traffic prohibited. It Is generally believed that several of tho Provinces will not exhibit any In- decent hat-t- In applying for the pro- hibitory legislation, and will allow tho rigors of their present domestic prohibi- tory lawn to be mitigated by tho freo Im- portation of alcoholic liquors from other Provinces and from outside tho country. Hut much will depend, naturally, upon the results of the referendum which Is being held thl3 month by the Province of Ontario. In any ense, thcro can bo no relaxation of the existing embargo on Importation and Interprovlnclal hhlp-men- ts until the expiration of tho present Dominion wartime prohibition act. There Is a largo sized loophole In that act eo far as wholesale Importation Is ooncorned, nnd great quantities of whls-'te- y are understood to bo being brought Ir. by tho big dealers under the proviso allowing Importation for \medicinal and sacramental purposes.\ Qnelec Xot Very Dry. So long as tho present law remains In effect thin whiskey cannot be disposed of to the consumer except for these same purposes ; hut tho Instant the Federal legislation expires It will be rushed all over tho country to tho parched and perishing drinkers of half a dozen Prov- inces, who havo not been nhlo to buy a drink legally for threo years and have long ago reached the end of their own private supplier. The volnt is that only the Federal Government can prevent a man In Alberta, say, from buying a iottIe of whiskey from a dealer In Que- bec ; and the Federal Government, when once Its present legislation has expired. Is not colnir to nrohlblt the Alhertn mnn (fmm Imnnrtlnf- - Yntn unlnao nl ,,.M1 l: Is expressly and formally called upon to do so by tho Government of Alberta, And even If tho Government of Alberta does ultimately make this concession to Prohibitionist sentiment, which is very doubtful, it will be done In a leisurely manner so ns to allow to the Albertans a reasonable period In which to restock Meanwhile the Provlnco of Quebec Is by no means so dry that It cannot spit. Hy the exercise of a wise discretion in Its selection of eating places the Inhabi- tant of Montreal can secure his cocktail and his Scotch and soda with his meal, vith all the external tokens of the most perfect respectability, from evening dress waiters to an orchestra In the balcony, and at tho very moderate price of 35 cents or 40 cents a dlnk. The liquor Is honest stuff, too. No Introductions are asked and no secrecy Is observed, except thit the drinks are mixed In the bar Instond of the soda being brought In bottlj; if you want more soda it Is brought In a glass, A few places havo been fined $100 to $500 for this devotion to tho needs of their guests, and the largest hotel3 seem to feel that the risk is not worth taking except In the case of the very expensive wines, on which they can cliirsre a good margin for In- surance. Jlut thoro are plenty of good smaller roa.aurants that arc less partic- ular, Tlrliilc In IlanktiiK Style. Tho easiest way of obtaining alco- holic stimulants, however, Is to walk Into one of tho palatial and banklike structures that havo replaced the dlrgy old offices of the licensed dealers (those who are still licensed for the sale of spirits Tor \medicinal and sacramental purposes,\ ask for a blank certificate, go round tho corner jjnd till It In, and re- turn with It to tho receiving teller like person who takes In theso documents through a gorgeous mahogany and brass wicket. Tho certlflcato Is printed In Kngllsh on ono side and In French on the other, nnd reads thus: QUEBKC PROHIBITION LAW. rertlAate required for (he salo of intoxl-catln- r liquors for medicinal purpotes. t& Geo, V. ch. 18, sec 7, par. 2.) Date.. .. No (for the vendor) Mama and address of patient Quantity and kind of liquor., Nam and address cf physician. I derlaro that I am tlio physician attending U10 palli'iit alKjTC mentioned, that I am nuali. J lied and authorized to practise medicine In this cite for Intoxicating liquors to lu usod for medicinal purposes. (Signature) It docs not matter In tho least who writes the signature. Tho best way Is to put down \John Smith\ as Uie name of the patient, and \Tom JoneB\ as tha namo of the doctor; but If the applicant for stimulants has scruples about In- venting people's names ho can usually get It done for him by somebody In the rear of tho dispensary for n very small extra charge. The dlspensnry is not held responsible for tho genuineness of tho signatures or thu quallflcntlons of tho perrons purporting to wrltq them, nnd It would obvlousl be foolish for It to turn away good, prolUnhlo business by being unnecessarily particular or Inquisitive, Tho only person who might conceiv- ably bo held responsible for a fake csrtlflesto Is the prson presenting It ! and ns ho leaves no rocord behind him (unless ho Is foolish enough to put his own name nnd address down n that of the \patient\) there Is small chanco of hU retting Into trouble. THE SUN, TUESDAY, OCTOBER 7, 1919. PROSPECTS BRIGHT IN CANADIAN MINES Nearly All Cobalt Operations Have Resumed at Full Capacity. TURN TO NEW FIELDS Tho Gowganda District Shows Promiso for Heavy Output of Silver. Special Corrcapondenca to the Canadian Section of Tun Sun. StrommT, Ont, Oct. C. A brief survey of present day mining conditions in northern Ontario may not bo out of place for readers who have Increasing Interests In ono of the rich mineral belts of North America. Strike difficulties, which have given the north country a setback for some weeks, are disappear- ing. Tho Cobilt mines havo resumed, nearly all of them at full capacity since the men returned to work a few days ago. There Is a prospect of n, system of workmen's councils In that camp which may keep harmony for years and at the same tune bo an example for other communities. The definite defeat of the Western Federation of Miners was not accompa- nied by much Irritation beyond tho case of a few extreme radicals, and there Is promUo of good feollng for some time to come. Cobalt, however, has passed Its prlmo as a producing camp, and ore reserves aro, as a rule decreasing year by year. Tha high price of Bllvor, how-ove- r, Is a saving condition vhlch. If It continues, wPl extend the life of some mines, and will enable all of them to uso lower grade ores than formerly. There are twenty producing mines In Cobalt and their output of silver last year was over $16,000,000. Already some concern Is felt over where tho silver Is to como from when tho Cobalt reserves havo been exhausted. Inquiry along this lino shows tho most promise In the Gowganda district, This Is In a practically undeveloped camp, lying Rome thirty miles west of Cobalt, and soma distance beyond tho end of a branch railway to Elk Lake. There Is ono producing mine of slza there now, the Miller Lake O'Brien, which last year had an output of over $1,000,000, Some years ago there was a' big rush of prospectors to Gowganda; but, with tho omlng of the war, prospecting generally languished, as tho haidy prospectors themselves answered the call of the army. Now they are coining back, and the promise of Gowganda may result In Its ultimately replacing Cobalt as Canada's chief silver camp. Other sli- ver arena aro being tried out In the Gillies' OLimlt, Just south of Cobalt, and In South Lorraine, a few miles to tho southeast. It l too Boon yet, however,, to estimate tho possibilities of these sections. Gold Spectucnlar Factor. Gold continues to be a more spectacu- lar factor In Ontario's mineral produc- tion. New regions aro being prospected, and the lure of the yellow metal sets the adventurous talking and hoping, and uven .behoving that their future is as- sured. Chief In the now camps Is We.- -t Shining Tree, 100 miles to the north- west of Sudbury. A visit to this camp recently revealed nearly 100 prospcctor.4 hard nt work with pick and packsack. They worked In the wilderness of the Tcmagaml Forest Iteserve, where, ex- cept for an occasional pulp wood camp, thcro U no sign of man's devastating hand, and there Is all tho romance that comes from the first discovery of an outcrop of gold bearing quarts Halt a dozen mines have begun de if CANADIAN V Tho branch bank managers of the Cana- dian banks hae long been leaders In all community or national movements aimed ut forwarding Industrial and commercial lnipro emcnt. Like the American banker, the Cancdlan banker has tully lived up to his opportunity for national service, and with tha coming of peacs ho Is apparently determined to contlnuo to serve. Writing In tha V. It. of C. Monthlr. th house organ of the Union Bank of Canida, tha first Issue of which has Just appeared, Mr. K. W. 8. Crlipo. assistant jsnaral manager of the bank at Wlnnlpsg, Manitoba, strongly emphasizes the Canadian bank nan's opportunity for service during the reconstruction period. \It Is obvious to evea a casual observer,\ said Mr. Crlspo, \that thera Is a very desp feeling of un-re- st abroad. International eohanges are far from normal, political conditions are much disturbed, and the economlo sltua. tinn t full of uncertainties. In the Do minion of Canada, v,hera we are particu larly concerned, tnero are many connici-ln- g Interests and tho sptrlt of service and endeavor which was evident during the period of conflict stems to have been very largely by a selfish demand for undue recognition of class Interest without due regard for the rights of others. The branch bank managers in rural communities, more especially In west- ern Canada, ran do much to overcome the hostility by dealing In a sympathetic way, with representatives of the agricultural organization and demonstrating the quality of public service rendered by their banks, also by taking a personal Interest In any movement for tho good of tha community. They can also, In an unobtrusive nay, dis- cuss our national problems, the relation of other necessary Interests, and be helpful In ilevelonlng a spirit of cooperation on an equitable basis.\ n r Casspls. London manaccr of the Flank of Montreal, liaa Junt arrived la Canada for 11 vlult to the head onice. Jins is air. u first visit to Montreal since his appointment to i.nnii,in. as tho larse amount of work which lio undertook In connection vlth vtar service niado It Impossible for hltn to leave London during the war period, More than $75,000,000 v. Ill eventually be spent In building mills and laylnj out Improvements at nnhvrsr. tha Canadian Steel Corporation's projected city on, Detroit Hirer below the county town 01 oanavricn. uni. uwins iu labor conditions not much work will be done for a tuna, however. K. W. Hack us, president of the Fort rrandi riilp and Paper Company, Fort irranceo, Ont.. and of the Mlui.eiota and Ontario Powsr Ccm-pun- International Falls, Minn,, is hesd of a compney which Is looking forward to the es- tablishment of an lnsullte mill at Kurt Frances, with a capacity of S0,00i) feet dally. The pro- ject will lie carried out aa oon as sstlifactory arrangements can be made concerning timber limits nnd water power.. The company Is seek- ing limits from the Oovernment and other the limits to Include tho territory drained by llnlny Lake and Its tributaries. Columbia Craphophone Manufacturing Com- pany has purchased the plant of the Csnadlan Aeroplnno Company, Ltd., at Toronto, for 1600,-00- 0 cash. The plsnt, which covers thirteen acres, and has 233,000 square feet of Boor space, is one of tha most modem In the en full operations art reached about tare thousand hands will be employed. Canadian customs receipts for the first six months of the Ascal year beginning April 1 totalled tS3,tC9,U, an Inert a jo over ssmo period last year of $30,333. For the month of September the totals wero SI4.aas.Hl). which wot $2,706,7:9 grester than In September of 1918, The J. H. Ashdown Hardware Company, Ltd., of Winnipeg lias Issued a handsome senil-e- c literary pamphlet giving the story, in brief, of thn rise and progress of a great bulneee, At IS years of age Mr. Ashdown apprenticed himself to a tinsmith In lies-pcle- Ont., for three rears. He received, in addlUon to board, lodttng and laundry, i:i for thu rl yrur, $30 U sevuud and $,S .the last year of his apprenticeship. Always eager for work and glad to earn a few dol- lars on the tide, the apprentice posted up tha books for tho IleipeW blacksmith. For this night work he was paid 19 per rear for a period of two years and It th third year' velopment work on varying scales, that furthest ahead belna- - thn Wnaanlkn. with n shaft Just passed 100 feet down, whtlp' on the Herrlck property about 2,000 feet of diamond drilling has been done, and tho work Is still proceeding. Shallower shafts are In existence on other clnlms. and In several caBes revelations of free gold and high grado ore glvo promlsd of grent riches If only the ore bodies aro large enough. This Is the point to bo kept In mind as yet, because development work Is In Its Initial stages and It In too noon to prophesy the value of the camp. The region Is reached by a very rough wagon rixid from Westreo Station, twenty-fiv- e miles to the principal clnlms; but, as tho Ontario government Is still at work on this road, there Is hope of better communication early In the future. In tho more highly doveloped gold re- gion of Porcuplno tho mines aro suf- fering from tho Increased cost of pro- duction, accompanied by tha stationary prlco of gold. This Is ono of the things that has kept six or seven mines that had been producing bullion prior to tho war from resuming operations. At present four mines are producing, viz., tho Holllnger, Dome, Mclntyro and Davidson. Shortage in Labor. . . AilCiU m ,1 I'. ij .i-- r \ ' ' particularly felt by tho Holllnger nnd Dome, and Is caused In part by compe- tition of other Industries notably tho high wages paid to wooasmon in me same region. Several of the companies 1 ntnma In THmmln and imu ufLi.t-- . - South Porcupine, where they supply 11 forma of merchandise to inoir employees at wholesale price. This tends to con- - . , t f urni-lrer- a ....... nnd aVoldS tllO leuimcitb v. - necessity of another Increase In wages. which tho companies say iney tami afford to pay. The Klrkland Lake mines, where a strike has been In prog- ress, are now resuming operations. In point of value of output, the nickel mines at Sudbury lead tho gold and silver, for their product wan worth about $26,000,000 last year. The In- ternational Nickel Company recently In- creased Its operations and Is now almost back to pre-w- capacity, though still, of course, considerably below tho holght reached during tha war. It employs 1,300 men at present, and though It Is an \open shop,\ there Is no sign of labor troubles. The Mond Nickel Com- pany, whose large modern tyant Is lo- cated nt Conlston, seven miles to the east of Sudbury, now employs 700 men. It Is an English company and Its matte Is shipped to Swansea, Wales, for re- fining. The newest company, the British-America- n Nickel Corporation, is ncaring completion of Its smelter at Nlckelton, three miles northwest of Sudbury. It Is expected to commonce operations early is the winter, with a force of 1,800 men. ThlB company Is praotlcally controlled by tho British Government, and was formed with a view to Insuring a nickel supply for tho British navy. Its refinery Is being built at Deschoncs, on the Ottawa Ulver. near the city of Ottawa. Ynnconver, IT. S. A., Walt Prince. A'ancouver, B. C Oct. 6. The town of Vancouver, Wash., has wired an In- vitation to the Prince of Wales to visit that community. The lnvltatIonreads as follows: \On behalf of tho cttlxuns of Van- couver, U. S. A., whero 100 years ago your honored flag flew over the historic blockhouses of the old Hudson's Bay Company made famous by Dr. John Mc- Laughlin, and reallalng tho nearness of kin of you and your splendid people and our comradeship with you In the recent war, we nsk you to come to Vancouver, U. S. A., and accept of our hospitality. Come and view the mighty Columbia Itlver, which has Its source In the land of tho Cnnndlans heforn It rnarhejs the great and majestic pacific Ocean. Wo anxlouslyawalt your pleasure.\ (7 nil 11 Crop 3Iovp Itnplilly. Hcports from Winnipeg stato rh.'U all Canadian Pacific n.illway records have buen broken this year for rapid move- ment of the grain crop. It Is cxpocled that tho greater part will bo shipped before navigation closes. Over 6,000 carloads were sent out of Manitoba dur- ing the first two weeks of September, compared with 2,000 during tho samo period of last year. , ow ho la not only at the head of an ex-- I tensive commercial enterprise but aUo presl-- I dent of the Canadian Fire Insurance Com- pany nr.C Of thn IZnld Pun Minim- - f'm,.i,,.' lie was one nf the Incorporators of the hortlierr Crown Hank and for years acted aa Its and alio as a director: and ho Is a director of the Hank of Montreal, the horthrrn Trut Company, the Northern Mortgage Company and tha Indemnity Ex- change. Sir George Foster, Canadian Minister of Trade and Commerce. In debala in the House of Commons enplalned the difference be- tween tho United State and Canadian .5' hd\ng 11 wheat crops, saying jnat the Canadian farmer cannot obtain less Fort WlUIam, while the United States farmer \\'\\\ wie maximum i Y price fixed In tho United States. Two bills \'\'ns\ Canadian wheat are before the \ \mouinii une saving extended life to the Canadian Board of Grain super-viso- which, through the HrltUh Wheal ,nVort. ofPjmr. official British ajents, is frtM,f'nV BJf!Ut.h, hLmb0le T0\ V,- - W.,M wiiiiuurs a van- - a.llan heat Hoard which hae the tak of marketing the ISIS crop. This board I. now fnm.i ,n,,il:r?,.,'r?ra I, paying the the firmer. \ 08 PIUU 10 Official notification Is given that Canada Iron foundries. Limited, 1, authorised to ?n'?:YrS, i'n'o c!.?ilI-;i?..ft?- !\. \.ooo.ooq by cancellation ot ,0,000 unlasu.d common share, of p,r valu. of $10 each and rroaslny tho capital atock of tho company from $1,300,000 to $e.$00i00, sue in \ease to consist of 300,000 now preferred - - \ ' iuo vi tiu eacn. MnntrcHl bank clAnrlnr rn- - tt,. M .u of September totalled $498.35.8ii. an of $110,8:0, 49J or : 19 pcr . over September, 118, The Canadian National Hallways hae received the first of one hundred new steel passenger cars ordered by the eP\ed the completo order In by the end of January next. 8uDnlemnti-- r l.it... , . lp'\M\;,nn'..A\0I''Eleotrlo - w iiiwaeM lis CRD. (.HI BtOCK , SSll.of.v,??.,.l0 W Pr.nf It on 5. u 01 id.uuu snare of ..T,1? n,i I,ront a tha Lake of tha Wood. Milling Company. Ltd., for the year tn August 31, aa dlsolnred In the annual statement Just submitted to shareholders amounted to $7ifj,Cl, a decline uf $101. :ns or 11.8 per cent, from figure for same period last year. ,,U n\ ''fen suipcctcl for a' considerable that n good, proportion of the wiecu-lntlr- e buslnes upon tha New York stock lias been coming from Cnnads, thus liullcatiiij! tho faith of our Cansdlan cousins our basle lrdustrles. Certain Stock homes report that the buslnis. being d.me through their Csnadlan connections la greater than erer before and Is growing dallv lor example, It was learned at the office Messrs. Sutro Bros. A Go. th.t tt,- - i,n.i... originating In their Montreal office, hoth un- - u uiirnur- - securities, la showing a large birrMM. nt- - o , that their Canadian office does not seek or ampt Individual accounts, but arts only for brokers la Canada. This Is a pocnllsr de. telopniant of the security business and leaios iwul brokers In tha happy assurance thst their clientele will not he Interfered with by tho v,m n.inin-ti- i ,n iwusmun nrsacnes, which merely act as additional fscllltles to tho al- ready established houses. 11 w f,,.,i,... learned that a large business in iiclng luno orcr tho counter tn securities of Cansdlan companies by this Arm. Prior to the war lame Investments had been mada In On'at Britain In IU colonial enterprises. The colo- nies, lmn ever, are growing so prosperous a d their Industries have amandod SO Imb-- In recent years that these seaurlti formerly owned In England r. finding their way oarx to Canad through the \til.partlto\ trades lietween London, New York and Canada. A great deal of this cosiness ha recently on done by Sutro Bros. Js Co. owing to tbelr connecthm (broad and with th assistant of ,nieii Montreal ofUca, ' FINANCIAL NOTES MONTREAL BULLS SHOW ACTIVITY Confidence Inspired hy Itcsist-nnc- e of Steel Corporation to Strike SEE EN J) OF CONFLICT Canadian Industrial Stocks, Which Had Uccn Killing low, in Demand. Special CorTrsponrtfnteo' fo the Canadian Section of Tub StN. Montreal, Oct. 6. Tho week In the Montreal stock market was enlivened by an extraordinary bull activity on Tues- day, tho origin of which Is a llttlo ob- scure. It seems, however, to havo been inspired uy tne feeling that the suc- cessful resistance of the United States steel Interests to the strlko of the steel workers' unions marked n turning point in tho labor conflict on this continent. In this belief buvcrs rush Into the mar ket with great precipitation to acnulre Canadian Industrial stocks, most of which havp been ruling at prices that would certainly be regarded as low If there wore any nssuranco of Industrial peace and enlarged productivity for tho next year or so. Tho nvallablo market supply on thee securities being de cidedly limited, tho Influx of open, orders had tho effect of running up somo of the stocks to tho extent of 10, 13 and 20 points, frequently with Jumps of 1 or 2 points between sales. On tho following days, however. It became evident that buyers need not have been quite so pressing in their de-- J mands. Tho spectaclo of tho new prlco levels began to provo tempting1 to profit takers and considerable offerings had tho effect ot taking off a large part of the rlso established on Tuesday. How- ever, tho week closed with n distinct Improvement In almost all Industrial stocks over the figures of the preceding week. On Friday nnd Saturday the stock of P. Lyall & Sons Construction Com pany Indulged in a special boom of Its own, putting on a. further 12 points, which took It to 137 after which It was quoted 150 asked, 143 bid, no sales, Tho reason tor this movement was the semi-offici- al report that tha company was perfecting plans for manufacturing n motor car that can bo sold to tho Canadian consumer at a price of about $000 or about $200 less than tho Ca nadian prlco of tho cheapest nvallablo car of While a new enterprise of this kind Involves some speculatlvo risks, tho Montreal market has a great deal of faith In the ability of tho Lyall management to achieve success In any line that it undertakes. The closing bid of 143 represents a rise of CO points for tho week. Confidence In 3lnntifnturcrii, Ono of tho psychological features of tho present tock market In Canadian Industrials Is tho new confidence ex- hibited by Canadian Investors In tho ability of Uielr manufacturing plants to undertake successfully tho most novel and dimcult types of business. Trior to tho development of the shell Industry In Canada, early In tho war. It would havo been Impo-wslbl- o to work up any exten- sive market Interest In tho plans of an Industrial company for manufacturing a new motor car, as In the caso of Ly-all'- s, or u now nnd highly complicated class of machinery, as In the case of Dominion Hrldge and its paper machine contracts, particulars of which appeared In The Sis' last Wodnesda. y such adventurous enterprises arc re- garded as perfectly fejaslblo and as forming a euinclent reason for a heavy rlso In tho prico of tho securities con cerned. Dominion Bridge went to 117W on the combination of its paper business nnd tho general bullishness, but reacted to 1U8. The threo steel stocks wero con siderably affected by tho bull move- ment, notably Stoel of Canada, which Is the most closely held of the three and Is regarded ns having the best assur ance of increased prosperity In tho near tuture. Anirmatlons and denials con cerning the steel merger wero rampant during the week, but the market paid practically no attention to them. The general feeling is that the merger a certainty Tor some time in tho next six months, and that tho nearer It comes the mm formal and emphatic will bo the denials. Th lesson of the week appears to be that the Canadian Industrial stocks are very dlflioult to secure in any large quantities without a decided Increase over previous prices, so that any defmlto news In the way of an Improvement In the labor situation, either on this Con- tinent or In England, should bo the sig- nal for a marking up of 5 or 10 points over the level established on this week's closing reaction. The proceedings ot the Canadian Trndo and Labor Congress no doubt had. an encouraging enect upon tno stock market at the beginning of tho week. They resulted in a compltto triumph of tno conservative nnd moderato element a triumph so complete that tho revolu tionary leaders and the men withdrew In disgust before tho con- gress came to nn end. Tho general spirit of the congress was thoroughly sound and patriotic, and gave good reason for the hope that labor and capital will be able to settle down together In this country for a period of maximum pro- duction without any serious disturbance. MIIIIiik: PruflU Dfclhie. Tho only Important annual rvport sub mitted during tho week was one that showed a considerable decline as com- pared with tha preceding year. This was the report of tho Lake of the Wood Milling Company, with mlllln? profits of $547,162 as compared with $601,520, nnd other profits of $20S,4C3 as compared with $256,394, making a total decline of $101,298. Thero Is, however, nothing of a depressing character In this announce- ment, since the profits for the year to August 31, 1913, wero Abnormally great, owing to tho export situation and tho rise In wheat prices ; and tha profits for tha past year wero wufilcient to leavo a surplus of $203, GIG after all dividends und tho usual writing off of $100,000 for depreciation. Th accumulated surplus piiw amounts to $1,182,411 ami tho com- mon stock outstanding amounts to $2.- - 100,000. so that tho surplus is consider- ably over 50 per cent. This surplus it arrived nt by nn extremcl conservative estimate of the assets of the \company. the sum or jiuu.uuu having been written oft annually for somo time past. Speculators aro keenly Interested In tho proposal to Increase tha capital stook of the company, which received the ap- proval of tho stockholders at the annual moating last week, but no Intimation of the torms on which tho now stock will be offered was given out by tho directors. The company Is very strong In liquid nssets. having a net working capital of $2,736,744, but tho extreme conservatism which has prevailed In the company's policy ever since 'It was j fouunen py tne late itouert Melglien whoso son, Brlg.-Cle- V. s Is now back from milituiy service and In charge of tho compnny's operations seem to suggest that nothing very ex. (route In tho way of melon-cuttin- g will bo contemplated, Hrport 1'rospect Not Rood. den. Melghen Intimated that pros, pecti for export business wero not good in comparison with the past two years, Canadian Government Municipal Corporation Securities A. E. A IVIES & CO. Members Toronto Slock Exchange Established 1889 74 Broadway, Now York. Phono 8045-- 6 Rector Head Office, Toronto Montreal Chicago Viororta, 6. C. EMILIUS JARVIS & GO. INVESTMENT BANKERS By taking advantage of the present Exchange basis we own and offer for New York Payment Province of Ontario 4 bonds due 1926 to yield about 5.80 Province of Manitoba bonds due 1934 to yield about 5.60 City of Toronto 4 bonds due 1953 to yield about 5.45 City of Winnipeg 5 bonds due 1922 to yield about 6.75 City of Saskatoon, Sask., 5 bonds due 19 13 to yield about 6.00 Cityof Medicine Hat, Alta.,6bondsdue 1949 to yield about 6.20 Principal and interest payable in New York City. Full particulars without obligation sent on request. Jarvis Building. Established 1891. but thnt he hopod thnt tho domestic business would be sufficiently uctlvo to compensate for this. There Is a strong feeling among the millings Interests that If the Government's wheat boaid had usvd Its powers with a llttlo more firm- - i ncss and energy It could have ..disposed of a considerable part of Its Canadian crop to European consumers In the form of Hour Instead of wheat, although the ! board and tho members of the Govern- - j ment assert very positively that .Europe could not bo Induced to purchase a single barrel more of Canadian Hour. About tho only other stock taesldiM Lyall which was nt Its highest for the i week (and still pushing upward when ' tho market closed) was Ames Holden, which at Dl',4 showed over 12 points for tho week. Canadian Car nlso closed strong near Its top mark, nt 50, on re- ports of good business prospect-- i In various European countries. On the ' other hand Canadian General Electric, which has been \dead\ from the market j point of view for many moons, ran up r,t,4 points on small dealings on the day of the general boom and lost almost nil the gain the next day. It Is typical of n lapse group of good, but narrow-mark- stocks In Canada, which usually cost several points to buy In any qualtlty. and sometimes break Just as much it somebody wants to sell a hundred shnres. The following table gives tho total sales, high, low nnd last prices and net changes of all stocks and bonds traded In on the Montreal Stock Exchango for Ihe week ended Oct. 4 : Vet Sale. Hlrrh. Low. Zatt. Chts. POO Abltlbl P 4 r.LtiI.115H 114 lit 115 Abltlbl P&P.Ltd.pf il KM Anies-ILMe- Ltd. 8H4 TI'.i tVi 11'4 MIS Ltd. pf .110 107 1061, 1SG6 Asbestos Corp Can, Ltd, ex ,llv 77 T4 744 1W 23 Asbestos Corp Can, Ltd. pf. ex Air.. M K KM 3 tnrt Atl sur lief, Ltd. a 6S 114 215 Atl Bur It, Ltd.pl 115 ns 115 TS Hell Tel ex dlv....l20 119 11 1 70J1 C Fih Psch. 61 C2 62 !H5 P'arll T L HH M14 CIM Ilromp P St I. Ltd Cd'i civ--i ran 4- - uiv t.an i enif nt ex u. is TO 70 - 4 131 ran cement pf. 100 100 100 :oi07 cn Car A Fay Co. f.i4 i to t IMS Con Car & V pt..W)M 0!, wi Chii Converters. ..70 i7 ! :v, 1 Can Con Huhber..lj') Iji) ISO CSS Can CUmis. Ltd. . 54 93 4- - u ;IS Can Oen Elm 11; loci, 111 3013 Can Steamship Cl4 M 114 W Can S S vot .tr... C3 C3 63 2 9J1 Can S 8 pf Slli St 84 i.irnnjrn no L,ta. rz 17 100 Csr Fsc, Ltd, pf K 51 M x 5 fc'ds Con Mln A Smelt. 35 30 31 IK 1J0 Crown Res JIIn...t 40 19 s.u Detroit un Hy,,..10O 98VJ. 99 ,ji j'uiu tanners , irt t,z C4 1 to?7nom Brldire Co. ...11714 1014 105 4- - Ml Mo Dom Disss, Ltd.. 3U 11 110 Horn Olass. Ltd, pf 9J 92H 93 C775 lom Steel Corp... 7.1 68 iSJO Dom Textile lisvi K3 122 X 3 11! Oooflwlns, Ltd Io is 75 29 Goodwill. Ltd. pf 72 70 7J 1470 11 Smith Paper. ...10014 !; 100 1 IU Traction pf .... 71 71 71 740l.sl.o of Woods.. ..\jo io as 16 36- -1 1.nnrentMe M34 ro 4- - 1 7.\ I.aiirentlrlo Powert 7 77 77 - H WS2 Li nil Construe 0 d 137 S4 1S7 1TSO MardnnaM 31 34 is 4- - 14 S Maple Leaf Mill... W 19 199 W Mon Cot Ltd 72'i 72'i 72Vi - 1 IMS Mon 1. II d P Con 9114 fl 91 - V, 3500 Mont Tram lleb... 7 70 70 .. 3 National Ilrew....l37'4 1S2 1! 4- - 114 10 Nat llrlek t 15 n IS 25 N S S & O ex d 78 78 7S 4- - 5H 400 No Am. P ft P..t E 414 474 '4 lOOOa-ihl- Flour M..i42 !42 Ut 177 Ont. Hteel PrM... 37 .1514 37 2 Ont. Steel Prod of 71 73 71 14 Ottswa L PI P.. 12 12 III lWPenmans Ltd in 1M 1081 MPror Paper Ltd... 6514 6lli 5 SUOQoe Sjl, nPSI 21 21 IK f.PC4 Itlondon V Si I'. ...15214 K3V4 149 C KOTtloa r P HI . H 9714 91 4. U tj,u nt. i.awrence m, iiu 1194. 4-- 7 COSt Law Fl pf..0 90 90 1S1! Shaw'iran V P 123U 1:014 in 1163! Stianl-- h Itlrer W'i 61 wH 4- - lH 723 Span Itlver nr... .Hi OH 64 4- - 'i 12S5 Spanish lllrr pf..ll4'4 113 113 14 SWrt Steel Co of Can... 71 ia 7214 214 25 Steel Co cf 0 of. 9SU 9SU U Toronto Itj- 4014 4114 4014 4- - H S323 Tookn Pros 70i 67 6S 1(4 C Tooko Pros pf 91 91 91 - 1 ttl Tramway Power.f IS 174 174 .. TlOTllcketta Tob .... 51 M4 W'4 Wntiajn Cot I.td..lOS 10514 10514 .. ESlVanr P i P Ltd. H' 65 00 CI Woods Mfe Ltd.... n 94 S 14 85 Woods JffC Ltd pf S7 17 S7 ED Commerce 19711 197'4 19714 4- - li IS I'oehrlara V 154 1M 116 Merchants 194 193 193 1 Molon l0 190 no 14- -, Montreal ..'. 21014 210 210 11 Nova Scotia 271 271 271 82 ltoral 211 213 213 3 Cnlon 102 102 103 PONDS. Asls C C is '42 . 77', TTtj 77\ Vii.) Can Cement - 'M.10O 100 110 17lH C I! yitg A P Cs '53 R71J S7 87 16W Tl of C W L 6s '25. 9 .7i !7V, . CW1 11 of C W L 5s '31 9T4 .!; ' C tr 1) of C IV I. 5s '37.11014 I'D1! 1001, .. ' V II '17 Is 5l4 '22 .WOii 100 lflnu .. :. V 11 '17 Is C'4s '27..1124 103 102H .. 16.iil V 11 '17 Is 6'4s '37 11474 104H 104 11 Ifitort VP. 'lSIa 6'4 'M.IOOH lOOtl J15nro V l 'l Is rH '31.101 101 JoV i( loronom Cot 6a '22... loo KM 11 lOOOtnem I A B 6s '29 t9'4 S9'4 t9\4 7M I Horn T, 8 A es 'JS 99'i WH 99i; .. 25O0 iron Ltd Cs Hi S9V 69 U I00) OH L IfftV fs '39 65'j CIVs f ls 4- - '4 SOfln lVa.h C Ltd 6a '47. 93 93 93 9v) w VStV Ltd 6s 'M 6514 M SS li Fractional lots. tUulistcd. JCcnts per shjre. The nnlt of tradliij cn the Montreal Stock Kxelinnie Is- - Stocks. 2 share\ : banlis 10 shares; mliitnc. 100 (hares, and bonds, 2.iK Halifax Una Ilulldliitr Ilnum. Halifax. N. S, la experloncltiB a bulldinir boom, it beinir etlmatod thai tho value of building!\ under couvko of erection Is fully J5.000.00O. The value of bulldlnc permits issued in 1913 was $1,900,000. \ Toronto, Can. Dominion o Canada War Loans Provincial Municipal Bonds Corporat'on and Industrial Bonds Listed and Unlisted Canadian Securities We incite your inquiry. TThncdsJhvkrSt montal,Canada L nODEKT CASSELS W. O. II. BHOlVNi: A. M. BROWN' Cassels, Browne & Co. Almbcrs Toronto Sloct t 318 Dominion Bank Building, Toronlo. DIRECT PRIVATE WIRES TO Now York, Chicago and Washington CORRESPONDENTS OP A. A. Housman & Co. WE RECOMMENJ CANADA STEAMSHIP LINES LTD. 5's-19- 43 Al Market To Yield About Full Particulars On Application Herdman & Company members Montreal Stock KirhaDge Bankers & Brokers Montreal Tleldlni: from a,s,-- . , to u.oj Finckc, Bangcrt & Co. Franklin Hunk lll.li;.. Philadelphia. 25 nitoAi) sTitKnr; nkw Vour. cj.tohpsh&oo. fa Members Montreal Stock Eiclianfa G7 St. Francois Xavicr St. Tcleohoiio Main 940 Ryan, Grier & Hastings Members Montreal Stock Kictianica 'M Hospital Street. Monlroal. Main H'JJ. Dealers in Canadian 'Gov-- 1 ernmcnt and Municipal Bonds l)irrt wlr th Hirsch, LHientEia! & So. I, McniUrs Nw York Hioplt Rihantra. Gl Krotidway, Ww York. Uowllne 0.80, BONDS STOCKS H. M. Connolly & Co. Members Montreal Stock Exchange. 105-10- 6 TRANSPORTATION BUILDING MONTREAL CANADA ) I m f i
