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‘fly Johnston and Ward's Spcial Wire) ‘

IOINING MARKET LETTER

The opening weakness rather prompt- 1v yesterday and rallies until ear-

. 1y alternoon. Irourthen on an“, u?!"

close prises were mildly reaction- In. The utilities provided the leadership with strength m the rest ct tho list selective. Some new N811‘ W" 1118416. but the Dow

wlones industrial verago did not

recover quite all he loss o! the provious day. Volume was the same as reported when the spring peak in prices was made on lob. 8th. Considering the volume the gains were not large yesterday but as long as evidence o1 liquidation pressure is absent the outlook is

encouraging. Icidlww and Cu. IIIIMAB!

NEW YORK. N. Y., Aug 1.. Gold bars in London market 140s 9%d against 140s 8d Wednesday. Bank oi’ England rate unchanged st 2 pnr cent.

Amn. Tobacco Co declared regu-

‘ lar quarterly dividend oi 01.26 each

on co and common "B". United Gas Improvement Co.

and subs "excluding Philadelphia

Goa Works Co." in 12 months end-

. ed June 80~ net income-....s.tten _ cherses equal. "after “UCIWU bra

dividend requirements, to $1.12 a common share against revised net income equal to 81.22 a common mare in 12 months preceding.

Radio Corp. oi ‘America. and subs in quarter ended June 90 net poiit alter charges equal‘ alter allowing (or quarterly dividend re- quirements on 7 per cent ptd "A" stock to 31 cents a share on $5 pld "B" stock against net profit equal alter quarterly dividend require- ments on 7 per cent ptd "A" and 5percsnt"B"to2centsacom- mon share in previous quarter and eeual to 13 cents a share on old "B" in June 1934.

Strike oi approximately 1200 workers at mdustrlal Rayon Con). in progress since May 20th was settled late Wednesday.

Std. Oil o! Indiana concluded negotiations whereby its ‘producing subsidiary Btalidard Oil "and Gas 0o purchased all the producing properties and “Pox-sting equip- ment or Young Oil Co d Beau- mont Texas. tor a cash consider- ation o! spproximtcly 842,000,000.

New York. entral R. Q during week ended uly 2'1 handled 67,- 548 revenue freight oars against 00.05 cars in previous week and 07.787 cars-in like 1934 period.

Dow Jones.

IANOWB MORNING LETTER.

MONTREAL. Que" Aug l- Prices yesterday opened generally lowsr in response ‘to the bearish interpretation many traders plac- ed onthe report issued by the U. I. Steel Corp.

Early losses. however, were quickly recovered and the list surged forward to new highs on a volume o! 1.910.000 shares’ for the entire session} am still con- fident that this upward swing is not going to top o0! finally until great activity and generallyhigh- or prices are recorded.

Unless otherwise ‘advised con- flnue to hold existing positions. more profits will be added to those already accrued.

Utilities moved forward with exceptional vigor. including Elec- tric Bond and Share, Public Ser- vice o1 New Jersey, North Am- erican and Consolidated Oas o1 New York. all o! which you should be long M at various prices lower

oifiid 20. Boh

d and buy more here.- Steel, which I told

beiore it touched 44 movediiptoa higholflitOu tavngth take hail (is-your titying proiits and hold on to inder. For the mesent ‘no trader should be entirely without

. tee Rail shares did not

dissi

section o! the list. I however, that this division has a. further advance in prospect. Con-

snd at the market buy Southern Pacidic. Now York

Pennsylvania Railway. eral veakness which developed in yesterday suggmts that this division is to resume its trend towards lower prices. Traders who have acted on y suggestions are in the com-

fortable position or! a

shares when selling in this divis-- ion has terminated defining;

ammo Lsr-rint-f. Wednesday Evening-

NEW YORK, N. Y.. There is no Kiln-Him“! that‘. we got out o! a. nurrdaer. stocks several points did get. you in at the Mam-l and aga and on a number you out at practi

or stocks we got

Products and several the other hand we got you out too o! Westinghouse, where you made 33 points instead o! 2d points, and on Chrysler Y0“ made about 29 points when W“ could have made 30 points. I was mistaken in expecting setback b: s u. 15 points. for while number o! stocks did We- 20 points many o1 which we were long had no setbac worth at all. ‘True, United Fruit and Bohn Aluminum react- ed 20 points each. Corn Products . i: still down 7% points-(rom Where g we told you _to sell it.‘ acted six points after we told you to sell out, and Col. Pictures which ws- got you to sell short 78¢ to 70.- sold at 70 today. Better take that prolit which adds six points more to the '10 or 00 points should have taken on the long side, tort ate short sales were only three stocks. Amn. Tel and, Tel. Westinghouse, and Chrysler at 57. We would not carry these shorts more than s. point higher, m: hold them i1 they make that additional advance.

Radio B reached 8336 hold re- maining hail’ (or 5B or 80.

Wesson Oil recommend ‘ at 33 and which we told you to hold for 42, sold about 41 today. Hold for

Western Union on wh a big profit too soon. at ~89, may. be bought back it it. sells oils

American Waterworks recom- mended beiow 11 closed 12%, i! the Utility Bill dies in committee-

so 35 , Phillip Morris sold about 12% rcent more cigarattes in _ it did in June, establishing another all time high 11200111. It is‘ low 50 and should move soon. Fairbanks Morse will‘ do

tter during the second

word Othgr rates on applied

Ian. liulnun Charge ler any advestlaonsn sweaty-live sells.

r. .... ... ca ...

fleas to: the prise s! two. ltrletly

Advertising Rater-Payable In Advance

Central Guardian locals. 4e ps1 wordl Western pas won): Announcements and L's-lag Iventa ls per worm la Ia-orian Natlsea, Spiritual Ollaltngs, Cards. arc , do pop nnnn per lllllll Notices 0| ‘Ihankaand Appnelafol.

and Ila-Inn locals. lo lo pu- I0rd| Claaalled Llals o! floral and haters M Condelsn: 10o.

Wy isstill cheap ....

I180 out a low points (co soon. but with a good profit, may be boughtback 11' it reacts near

quarter will be much bettor than in ‘the pound quarter. Baring.

iMuvuvc

their stocks into the market today

“and the "slow-pdieciine c1’ recent

weeks was carried further, the gold-share inderregisterlng a new low mark ior the year at 101.36. homes," as usualpwue not. heavy.

fbut coming on top c! many sim-

iiar minor recessions in recent weeks they begin to make the ag- gregate ‘set-back appear import- ant. Silver stocks were heavy also but base metal issues were inclin- ed to hold, strong buying action in Falconbridge oflering some en-

mines inclcl; advanced .39.

The trade in Iiaiconbridge o! ~mmuythan 5.000 shares was ex- pmned on the ground that the conspany was finding a ready

advanced ii cents to $4-

siivers Sldorado was sold

"cents." , ‘ ~- (Canadian Press) " ‘IURDNIO, ‘Aug Y

payable In advance. ~ -

To Let

_.,__ ' T0 "LIT-NEWLY "DICOIATID

apartment. P. .1. MSCDOMIG.

L-lllfl-tl

nswrrsnanvc roa sass Jrr Shamss Grocery Stores.

. ‘., F011 SALE - AYESIIIB! COW newly ireshened. lane, Marshneld, i?“

T0 Ll‘! - COMPACT SEVEN I001! 11011“. CD003. U100. A991! 1111M. L-BUQ-B-Q-Si.

[Jill

_ QOTIAGII TO LIT AT UAR} IN!

son. 32.1121 ti, Qfifit-‘fifi

Miscellaneous

I

mat-aim UNI PASIINOII WIIIIQ -yMi Hill to Toronto .&

Phone i182. Ig- l ‘i

son sass Imvr mitablq tor placing under Guardian

“Yo: sass _ sucnon so and Whilt Guardian emu-u

'4 "ma slim-ms non

r

n Alum below 4s, _, and, Sears Roebuck, o1 which we

fifty. U. S. Steel recovered its early setback and ‘ ' m;

urlty holders continued to dump .

couragement. The miscellaneous

market in Europa for all its metal. The

Sharrlttsxided a cent and other _ bass metals were unchsnlfll- m

considerable quantity at 1.75 but it rccovored 2 cents to 1.77 More ' the close. showirli a net loss oi 5

sown 13°" Aanlgofl ... ... ... ..." ... l9

Alton . . . ~ - ‘ “fi Alex 3% Algold ... -- - m

Aghley . - -- a3

Bag Met a. ... ... . ... 66

39m- ,, - < 86

Bear . - m’

Beattie .. 54

BigMiss. . . m

Boblo -- 53°

Bralorne

CanadlanIreIl ‘

WINNIPDG, Aug 1—.The Win-

grain onehanlo started the new month on a cash basis today and commission houses operations were reduced to a minimum. The August iuture declined 7s cent to 84% cents. . Elmort 101' 500.000 bushels o! Canadian wheat (oiled. to 011881’- a late ills-cent recessions-t 011lo- ago after local. Wines. had held

steady throughout the dull session.

Traders paid little attention to

m flurry however, after a mu gain was boarded and the close was only ‘ii-iii 111806!‘- The reports said a total acreage o1 14,300,000 the smallest in years, would be sown in Argentin , drought there was still unreliev-

ed.

CHICAGO. Au: l-l/Latsrlal setbacks in grain prices late today resulted iargew from announce- ment that a good deal o! Oanad- ian wheat was helm sold for im- port into the United. States. Some trade authorities took de- cided ground that domestic wheat prices had gone high enough. Further advances over Winnipeg quotations, it was contended, would send much Canadian wheat to Butialc. ~ . »

Wheat closed uns‘ "' at the day's bottom level, l%-% under yesterday's finish. Bent. 93%-%.

corn ‘it oi! to 1% up, Sept. 77%-%.

oats i646 down. and provisions

. ‘unchanged to 17 ‘cents decline. ' (C

ansdian Press)

WINNTPDG. Aug 1-

Clcieing grain natures:-

Whaet: Aug 84%;.

Oats: Oct 83%; Dec 3154-14. Barley: Oct 38%: Dec 3656B. Cash prices:-

Wheat: No 1 hard 84%: No 1 nor and track 84%; N08 nor 76%; No 4 nor 71%; No 5 and 6 65%: Feed 00%; No 1 durum 78%: No 1 garnet 78%: No 2 garnet 76%.

Oats: No2CW36%; No BOW andex 1 feed 33%; No 1 i'ced31%; No 2 iced 28%: No 3 iced 25%: Track 35%

D W 81%; N0 i0 W 30%; N0 0 C WINK: trsclrdfiit

10a ‘Yards In Nine SeEBQZIs

P" ""‘-'*\'*‘- "P FATHER

Barley: ‘m. a c w am; m. 4

Owens ’ Aim,

(A.P. By Guardian's Special Wire)

CLEVIILAND, July 30 — Jesse Math Alkali .. .. 3V 3% Owens’ iormers high school coach, Miss K311 '- ‘ Charlie Riley, has developed a new Missjac style qt starting ror the negro flash "Mont Ward

fFHE - CHARLOTTETOWN GUARDIAN

N- 7 f$t¢<=k

. r"- (quotations hlnliflflpy‘

An Copper -.. -.. ..- 15% 14%

33335. i260 which the Bgredias nay enéablfi x501. 3M 3M l-Icliinger .. "3 Owfnn; 0g d1: m0 argirdsoixrixonae Nan Dairy-km my’ 16% Howey . . . spr dram“ l! N!“ Pow mam 9% 9% J M 00m ' sex...» Ohio State track star al- New Haven 4% 4% Kirk H“ L read b’... ualled the record oi New York Cen 21% 2W I‘ 511°" ' a4 sycconds film b Frank Wyckoii North Amer 19% 19% L” Gold °' ' " Soul hem Caliaornia and abo North Pac 13% “me L L " equalled b Ralph Mletcalie o1 Mar- Pack Mot . . 5'4 Ming“ ' 5 quette y Penn Rail 25% M“ Em ' ' ' ' ‘ ' ' " 3a Preliminary tests b: the new start Pub Ber N J 40 39% Mcmwm " already have enabled Owens to cut Phil Pet 3°7- 2°93 “m? 1‘ ' ‘ o1’! one-tenth or a second 101‘ nu Pullman 0o 46 44% mmmm’ lirst 2o yards. _.m new method. Phillin Mor - sou beau Jlcwllan said mlsyiis-s. combination o1 the Radio. Corp 6% 6% "mwum" " standing position used by sprinters Radio Keith Orph . 2% 2% mwnters 40 years ago and the present kneel- Rep Iron Stcei 17% 17 Moneta ... ... .. n mg pout/ion‘ sueway stores n 39 04°11“ ' - - - " .4 rtusy said that wiiuicbe new Sears Roe .. 52% sw- MW“ 37y slrrtowebssovsrsssmuengmund Shell Union ou 12w 1.2 Nfiand“ 37 a in seven stridesss he did previ- socony vac 13% 13% 93'1"‘ '~- "i 4 cusly in eight strides. v South Rail ...~ 7% 7% " " " "Since Owens always has had 5mm. Pan 20% 19% more trouble with his start than stadn Brands 15% 14% any other phase o! his sprinting, it Stand Gas Elec 4% 4% would seem reasonable to suppott stand Oil Cali! .. .. 33% 33% that the dream o! all runners to stand Oil N .1 ... 47 47 do the 100 in nine seconds flat is glswart. Warner . 12% at least approaching reality." said Studebaker . . Riley- Thermoid 5b —————— m Co 19% LOANS T0 anoxrns Tex Gull Sui - am --—-—- Tim Roll Bear . 49 (‘Fulfil-n Pres-l Union CarTi Garb am 63% WABHIIWWN- Aw 14cm. Union r... .. .... .. we 10s on securities to brokers and deal- ‘United Air .. 16% 161’. ers held by weekly reporting mesn- United Con) .. 4 3% bar banks in New York City am- unmd 0.15 Imp 15% 15*». ountcd to 8850000000 during the U 3 1nd A1 . . . . . .. 40% 40 week ending July 81, representing U s Rubber 14 13% _ a decrease o! 880,000,000 for the U s smelt - .. 102% T.“ Wwk- " u s Steel . .. . 9 Van Steel 1~ 1-"379545341-1 Warner Bros . 5% Tan“ Warren Bros . 4 venture‘ ‘~ West Union .. .. wutmw _ WW5“. --- *-- ' " Woolworth Co . 61% waits Eag wmh Pump _ 1g Wril tH ... .. Y, Truck 4y. "Y" ".13-‘-:-~ a delicious and nourishing drink m-°°°- for I11 invalid u msclixeww cutting l1” ' Jhewhiteorenoz! l-Swl a‘; “nun” of orange juice. However, do not ~ Brownies .... .. ... 1% wood Kirk .. .. .. . cu beatbho egg white.

Johan-A and WarlL- llehhaargal- loatrnl. Blocks hem-re. Ianrhl Ullfb Market. 150 lhhlland‘ ltrrol. Char- lottstown.)

._____

Air-Red 147% 140% Am For Pow pid .. 33 38% Allied Chem .. . 159 159% Allis Chaim ... 28 20

Atl Bel 24 21% Amer Can .. 143 144% Am Car Found 24V- 24

Am For Pow . 5 4% AmLceo ..... .. 18% 17% Am Pow Light .. 4%. 4% Am Rad 17% 17% Am Smelt R13 42% 417s Am Sugar .54 53

Am Tel Tel ... 131% AnfTob B ... 90%

PR on uéE

. ~ (Canadian Press)

MONTREAL. Aug. l-Little ._<=hwsa was noted in prises on the Montreal dairy and produce mar-

‘ kets today.

Butter was generally quowd at 21 cents per pound for carlots m- iessotnolwhilciotstoretallers were 22 cents for solids and B cents for printa

Cheese was 0% to 10 cents for no. 1 Ontarios with no 1 Qusheoa selling at 9% to 9% cents.

0n the egg market graded ship- ments in csrlots or less were 27% cents for A-laxge. 25% to N cents (or A-medilnn, 21% cents tor B, and 19% to 20 cents for C.

Now potatoes were 4d cents pes- 90-110111111 bag for . Quebec stock while old varieties were 27 cents per iio-lpound bag.

EXCHANGE

(Canadian Prom)

MONTREAL, Aug - 1—-British and Ioreign exchange in‘ reiaflcn to the Canadian dollar as compiled by the Royal Bank o1 Canada closed today as follows:-

Argentina peso sass. 1'

Australia pound 3.9630-

Belglum beiga .1693.

Brazil milreis .0561. '

China Hong Kong dollars .5737.

Denmark krone .2217.

France franc .0637.

Germany rcichsmark .4040

Great Britain pound 4-9021.

Holland fiorin .6181.

Japan ye: .2934.

New Zealand pound 4.0000.

Norway icons .2490.

South Africa pound 4.9888

Sweden krone .2562.

Switzerland franc .2277.

United States dollar 3-32 per _ cent premium. ‘ =

NEW YORK. Aug 1—<Foreiln exchange easy". Great Britain de- mand hlgh 4.96%; low 4-9554; close 4.95%: 60 day bills 4.94%: Francs 8.82%; Italy 8.21; Bel- gium 16-91; Germany 40134; Canadian 99%. -

Closing exchange rats»-

At Montreal-Pound 4.96 3-16; franc 6.63 cents; U. S. dollar 1.00 3-32.

At New York-Pound 4.95%: franc 0 67% cents; Canadian doi- lar 99%.

At Paris-Pound 74-87 fr; U. S? dollar 15.10 fr; Canadian dollar 15.09 fr. '

In gold-Pound 12s, 1d; U. S. dollar 59.24 cents; Canadian dollar 59.17 cents.

Heat Wave

Atchison 54% Auburn Auto 35% d Loco 355 not omb 13% Barn a 8'1} Ben Aviation .. 177s Beth Steel - as :34 Briggs ‘s Byers AM ... -- 17% V m... Add Mach . 16% 16i- Con Oil ... ... 20% 20% Can Dry Gin ... .. 10% 10% Can Pac .. 10% 10 Case Thresh 563* Cel Corp 27'“ Com Scu ~. 1% Cong Nail-n - 3'7 Chas Ohio 46% , out; North . .. 2% 3% Chrysler Mot 60 59% Columb Garb 89% 88% C01 Fuel Iron .. 2% 2% Colum Gas Eiec 11% 8% 00m 501 . _ .. 20 19% Con Gas . 337° Con Oil . 325 Con Can x‘: Corn Prod .. m1 mu 34% s: 1 DuPont 1°04‘ 1°“ East Kodak l“? 1.45 m.» Auto Lite .... ., 25s 242'. m“ Pow Light ___. 4% 3/a Erie -- w 9% First Natl Stores ... 552$ 55% preaport Tex .. 26.6 25% Gen Asphalt .. ... 20% :2? Gen Eiec . . -- 29% ,7 Gen Floods .. 37% 361s Gen Mot .. 39 Gold Dust 16% 8% Goodrich Rub .. 8% u“ ~ Goodyear Tub . .- glit- 2 .. Gt west Sug a0 39. Houston Oil ... 14 1491/ Hud Mot - 1° ' mu liar 2% Intl Nickel “m! Intl Tel . 62% Johns Man m“ Ken Cop - - n“ Kelvinator . lino e I‘ ‘ ' ii§fl°°utif°s l. may. no?‘ Liquid Carb 33% a“ Loews IncorP ~ 4W‘ 3W“ Loose Wiles Bis 40% 49% Keesport Tin .. 120 132%“. l; 24% Mm‘ “"0 29v. so

Strikes Spain

“WM MADRID, July s1‘ <- ‘Southern Spain today suffered in heat o1 an intensity never equalled during the lifetime o! most o! its inhabitants. There was one death and numerous

prostrations as the temperature

the shade.

In some towns all work was sus- pended as people collapsed at their tasks. Ships stopped unloading at Alicante as dockworkers rell in their tracks under their loads.

Only Tourney ' Will ClearAir

TORONTO, August 31—(CP)— It will be grand larceny at the ex- pense oi the tennis public i! some- body doesn't arrange a tcumamcnt late this summer to bring together Canada's ranking players and prove. now that the overseas jaunt o1 tour o! them is over, whether Marcel Rainvilie still is the best.

Developments in this country and abroad have proved nothing as far as the domestic rankings are con-

and N0. 1 1i’! Canada, let his C811-

France, and England. l-‘tonald Long- tin went with him.

12V 4r: I Bobby Murray, Montreal's brilli- ' a