MARCH 19, 1937

v.7 i

_-_-_ ._-1-—

THE

MORNING STOCK LE TIER

(lee-int m: Pllllillaldflfalrlvalo Win)

I -_

MARKET BULLETIN

(lecdvedovuWoodl-Ieadsandconpa-ny Special Wire)

nrzw YORK. Mai-cu news from Detroit showed no im- provement although there was some indications from both Wash. mgwnand Detroit that the law might be enforced alainst sit down strikes. The Treasury Department has let it be known there are oer- gam oblections to the tax features a; the Railroad Pension legislation

Montgome y"Ward statement for

last year was veil‘! 800d. It allowed “.12 against 02.65 in i955. White Motors Nported 81 against a loss in i985. Twentieth Century $355 against 81-44; Otis Elevator 82 cents asainst 9B cents: Pacific Gas and EIOBl-fii‘. dfltlifid 50 cent: m‘- ular- Dividend meetings “eduled for today are Clluett Peabody. Yes- terday‘! mil-Int lave very little indication of what to expect today We would look for irregular open-

ing and believe that before the end definite ind-

of the week rather cation willbegivenastotheirn. mediate trend. _ NORTHERN MINER NEWS ITEMS

TORONTO, March 1B—Waite Amulet-On present metal prices company might make 50 cents per share in profits when production is running on a regular basis. Gross value of ore reserves is cal.

18—La.boa- I

MMLCOG Oockshutt-M prom- 1-51118 one conditions up on U18 third level. Drifting east h” “gar-main: in material three Qll re of an ounce drift Width. ‘om w"

Kerr Addison-High gfgdg on 9!! w in the drift northeast g-vauthzliit?‘ fglot level i3“ the foot-

s body. m 017 05 node for 104 feet. u m"

Martin Bird-Blushing in flag west drift 500 feet from the 51;“; encountered two feet of very rich N811 Bride. The drift face showed ‘a width of six feet assaying $11

W!‘ ton. The I50 foot level cross- Wt exposed a thirty foot width 91/6389 better than 87 per ton.

309W“! Belle-Value of out t durins Febnmry was highest plan the history of the company. Re- CWBYY DB1’ $011 Was.814.56 compar- ?d.w“'h $13 3°11! Dlflieding month. I ling rate 92 tons daily.

Aluminum Co of Canada-It is reported that the company is to 111mm the capacity of its Shaw- lnlaan snselte. by about one third. The instalment of the new capacity

culeted at $30,771,608.

New York Stock Exchange

Sleek and Ollfb Iarkat) "M" Oven Close W l 1B ii II n8 For Pr 11 F m" " e o i: Water 172% " 6 itciu: t.“ 3% uburn y‘ 4% n o » l? 611cc adigtAv n n“ 98 crllll Man u“ as 15a Clea Ohio my; is? Chrysler jgu ' 1231,‘ Com Sol 18 l8 ' all! 3 3 n an a1 c: 0:.”- ti. ti: Cur Wright ere t ullon 15g 1“ l A l Lt n: .21. "'- "a "lreagolne en ec ‘s: 522'" I3‘ i?“ wont-nil. ‘ “m nnr I it .\'n Pfd 534"‘ 5241212 :2 ‘Th!’ T I e 1 Johns Mall Co 1132a Kennccott 55' g3 Miss Pac Ry Iiliuirilicfvnrd m: N!!!‘ 0 ~. ~ ~ , "*- an; A\vlt lash Reg 331,; 33 haw York N H 9|‘ 0 N" Am Ce 2s say, Nor Pile 31 33% Pack Mot ma‘ 10 Paramount 23% 331. euu R R, 45% 47y hil Nor 74 73 Pub Ser N I 45v. 4411' Pure Oli Co 21s; 21% l 0 (‘o 11*]. n», sdlo K 0 31,5 3% Sears Roe Co 94% 9g nufh Pad My, may Ill Oil lnd my, 4.1% lil Oil 7; ‘ 71 ‘lids (‘a 151.2’ 111;, cxal Co 57% M14 United Aln 32:4 30% United Co gag § United (in lrnp 14% 14 s Elmo a °° s lnd “s1 13b7,; imsdium m,“ Warner Brag 15 14 est Un 74 73?), West Air B 5.3%‘ 5-; Welt Else 144% 143% Woolworth 52y, 51-55

MINING

IInIlealvwuaa-nouaco.

lioeka

(Sarnliedbrrltrm ‘ mamborloflfontrudll‘co' ‘

to be completed within six months.

Montreal Curb

i?"1"‘°‘.l’n7§‘&“£. ‘n: Bellman and can mum)

Bloch -. Blocks (‘lose Abitibf 1 Asbestos 109%‘ m?‘ n a on 2s 2m Beaulianioll 3% g‘ as: Can Vick 1130;‘ y?“ Dom Tar 16 15% Don A 14% 15 Eraser v T c 3g 35 P8861‘ ord u“ M“ Hlr Walker Home Oil 155 g“ £92.22‘. c; c gleilchere A u 3e ce Price Pfd 1:154“ 1%!‘ Rcynllto {c115 5g ltollmd 25y, 23.. Robt Mitchell 251,, 25g; cVitlla, vcWattlra f‘, lnlnrr Co 4m nnhll 166 orrls Kirk 54 l ur hy 4-; Han tuba 7 oranda 7700 O'Br-ion- § 355 Omega g3 Parkhill 34 P8ll'\iI 3g" Psulora 2g Pnymueier g7 Pend Oreille 51in Perrru 195 Pickle Crow 195 Pickle Crow 745 For Crow 511;, Powell Ronyn 179 ' Premier l 315 Preston ll Dome 101 Read Auth 600 Red Crest 1m Red Lake 7a Reno 11g Ritchie 7 Robb Mont 1s; och 80 Sun Sauontlo 203 Shorrltt 845 Slscoo 040 Sladen Mal 187 Stndacona I62 Sud Bnsiu 625 Sud Con ill Sullivan 178 Sylranlte 400 Thomp Cad 142 Tohurn iilii Tnwngmac I61 Vc-nturcs 27!» Waite Amulet 395 Wright IIar 755 UNLISTED .... Alhsny River Ballor Cunilalaea Darwin Dawson White Dem Cad Ed ar Kirk Gateway Put Gillies Lake Gull Kirk Knwcrow Ym-oy ‘lndsen ‘lnrtin Bird 8 ~3- loshcr 20-2 ski - "llrleml "0- lid Diamond -1 rlole 13-1 Poi-fer Dual - Rubec 10-" Sigma lillncs asked ii 25 Smcltcrs Gold asked 3 Tnnarvandn i140 Ilpncr (fanada ill-fill Williamson 30-19 BANKS gjfl fi Woods-Boob DI 0m) Banks .... Claw Canada 59 Commerce fiilfl Montreal -3-' Novn Scotla 314:‘; Royal 23°11

Currencies

umw YORK, March lit-tar)- The French franc led an advance in European currencies against the United States dollar today, despite the general strike tie-up in Paris as a workers‘ demonstration.

The franc rallied .00 3-4 of a cent to 459 i-4.

The British pound moved up1-8 of a cent to $4.19 9-4. Belgian German. Holland and Scandinav- ian currencies also were a bit higher. ‘rhepanadian dollar ad- vanced l-s! cent to 10o 8-82.

MONTREAL. Baron 10-031’)- Pound sterling advanced l-IQ cent on Montreal foreign exchanges to- day to 4.86 9-32. The French franc added .01 cent at 4.59 cents while the United States dollar was un- changed at 9-92 discount.

._._-___..___ DOW J02!!! AVIIAOII ....

W d Jlcod ad Cm) (lilllliilllyisffi ‘off 0.‘??? Rails 02.44 o 2.02. Utilities a2 ac off .12.

___.___._.. Uaolhalfllelllfllnl.

MORNING MARKET

The most spectacular feature o! yesterday's market was the pro- noounoed strength which develop- ed in the Razls enabling mos‘. lead- inaissues in this group to forge ahead to a new high ground on good volume.

Except for buoyancy in one or two specialties, however, the strength in the rail group was lack- ing in continuation by the Indus- trials which turned hea late in the afternoon, adding to e some r what bearish chart pattern that has ‘been fcrznlng in this group over the past week, some aoitnss also was apparent in commodities in the Steel and Metal stocks have had striking advancq this year which normallpwould call for some correction and a fair amount of progress also has been managed by the oils and other important in- dustrial groups. Recent hopes have been pinned on the reassumption of leadership by the auto group but the effect of strikes, labor concu- sions and other influences has been to wear down optimlztic sentiment in this regard.

The Utilities continue under a. cloud and barely manage to hold their own. Despite the favorable aspects of the Rail situation, it is hardly to be expected that the Rail t group of stocks can continue buyoy- ant long in the absence of support from the other divisions of the mar- ket so that the protection of trad- ing profits and the maintenance of some buying power might be an advisable course until the outlook clears.

We believe that the market might be sensitive to developments at Detroit but it is also cognizant of statements emenating from Wash- ington some of which do not clear- ly indicate what might be the of- ficial attitude with regard to pro- duction. labor, fiscal policy and other matters of wlkspresd inter-

Isidlaw a Company BAKING MORNING LETTER

The Rails made further sharp advances but most of the Indus- trial: were reactionary! as to the latter, you should be out of all your U. S. Steel. Bethlehem Steel and Republic Steel and with very large profits and also out of half your Union Carbide around 110, 110, half Your International Harvester ar- ound l10, half your General Rail- way Signal around 60, half your Sears Roobuck around 95, and the remaining halves of such stocks as Union Bag and Paper, American Bosch and a number of others, should cost you so little that the prerent reactionary tendency should .not worry you. On the other hand all the stocks recommended during the past week or two show some profits. such as Industrial Rayon around 37, Eltington Schild l4, White Motors 30 and 31, Electric Power and Light 23, and United Airlines at and below 2i. These stocks should be held and will do better. Southern Railway on which Your remaining half should now show you 38 points profit closes at 43 1-4. On further bulge you might take your profit.

New York Central of which you sold half around 53 with a profit of anywhere from l3 to 26 points, sold above 55 while it should ulti- mately go 10 points higher still. would sell the remaining half on further sharp bulge.

United Airlines recommended daily around and just below 21, closes at 22 3-4 and I would still keep long of it-

. Eitlngton Schild got up to 16 and would take no profits yet.

Wabash A reacted a point and. might react another point or two but I still expect at least 25 for it.

Guantanamo Sugar Pfd rose 2 l-iipoints more and can be bought

53. at 48.

Omnibus about which I have an inquiry, has reacted enough and should prove a. purchase again at or Just below 21. ‘

Electric Power and Light was up a point always a. buy around 23.

fieneral Motors which I said re- cently not to carry more than a fraction below 65, went to 64 1-8 and would stay out of it.

Brooklyn Manhattan Transit re- main; a purchase around 42, Lock- heed around 14, American Hide and leather around 10, Warner Pictures I5, White Motors 31 and if you took l0 or l1 points profit on half your American Rolling Mills near 45, as advised, hold the other half, also as long as Chrysler does not break 126 by more than a frac- tion, would hold it, also Remington should not go much lower.

Baring.

SUMMARY

Pacific Gas and Electric Com- pany declares dividend of 50 cents on common same a; paid Jan. 15.

Otis Elevator Co i936 net income 82 cents on common against 78 cents on common in 1935.

Oertainteed Products Corp 1936 net loss $571,250 ‘net including $107,863 portion of Sleane Blabon Corp net income‘ against net in- come equal to $4.12 a share on 7 percent pfd.

Treasury objections to tax feat- ures of Railroad Pension Legis- lation appear likely to postpone program of speedy action on bills to put agreement in effect.

Twentieth Century m: Film Corp sold lart month to {new Incorpor- ated approximately half its in- vestment ill lvlevfflpfllis and B114- ford Trust Co. holding company controlling about 50 per cent of Gaumont British for 03,000,000 cash.

Net operation profltfor 52 weeks to Dec- 96 equal to$3.77 a common share vs. $1.24 a share in proceed-

cal year to Jan 3i. net proiitlequa. to $4.12 a common share vs. $2 65

increase in working capital which growth of bufiness makes necesarl’ states S. L. Avery, President.

lower Profit margin in 1937 will be unavoidable, he believes, be- cause of increased operating costs.

30 industrials high 190.52, low 188.15 last 188.50 of! 1.45

90 Rails high 65.08 low 63.61. last 64.46 up 1.40.

20 Utilities high 33 86 low 32 74, last 32.97. up 0 l3.

40 Bonds last 102.38 off 0.23. -

BANOlV MORNING LETTER The market was irregular in

New York yesterday. The ‘Indus- trial: sold off on relatively low

in: veer- llontgomcy Ward and Co. fis-

volume while Rails rose on excep- ldicate that the market's general E position is still bullish. Dip 0i’ an- ‘ tionally large turnover together in- . other point in the Industrials could l take place without altering the up- ‘ trend.

If you acted during recent weeks on my bullish empharls on the Rails you are well represented in this division which is now acting decidedly better than average and likely to bring you more profits be- fore tlw current upswing termin- ates-

New York Central moved up to a new high of 55 l-4 and closed at 54 5-8. Hold present positions and buy more on one point dips

Southern Railway called to your attention in the lower twenties made a new high of 43 3-8 yester- day. Hold for more profits.

veloped a vigorous tone with a swing to a new high of 50 1-4 still a buy.

Low priced Rails in a buying range include Erie Common, be- high Valley, and. Delaware Lack- awanna.

National Distillers came through with a newhigh yesterday. The stock is in an exceptionally strong position, additional purchases at the. market should prove profitable.

United Aircraft clipped fraction- ally in sympathy with the reaction in the Induttrinl Division. It is still a buy at the market

Continue to accumulate United Air Lines around 27.

Celanese resisted weakness in the

general list, buy it at the current level. In the Canadian Division, Fraser Voting Trust finally came through with a strong rally to a high of 35 3-4, action here is strongly bullish, l-Iold positions established lower down, buy more near last night's close.

Consolidated Paper should join in the strength displayed by a num- ber of t-he paper stocks-

Canadinn Pacific was in active demand advancing prices yesterday. Still a. buy at the market. Mont- real Power i5 showing steady im- provement markctwife. Buyers will- ing to exercise patience may con- tinue to pick up Montreal Power on minor dips.

Distillers Seagrams will undoub- tedly Jcin in the upswing now under way in the liquor group listed in getw York, buy at the present mar- e

The gold division i: probably close to a turning point for the better.

The London market was broader and showed increased support for investment ixsucs, coppers steadier, rubber less active and slightly lower, International issues slightly lower, International issues slightly below parity ievels.—D. J.

The candidate of Mr- Duplesls’ Government won in the by-clec- tion in Beaucc yesterday and the candidate of the Gregoire-Hamel group was very badly beaten. This may tend to stop the attacks on the power ccmpnnics and also the appealing to the Nationalistic in- stincts of the voters in this prov- ince. I would expect to see the power COIIIDBHy stacks do some- what better on the market now in line with my recent letter to you on this subject-S. J.——M. J.

Rubber opened up 33 to 55 points. N. Y. Central Rights 3-4 to 7-8 over counter-D J.~Thi= morn- ings sell off offers an excellent opportunity for assuming positions in National Distillers, the stock is still bullish-Banon. —I-"1ash—Fo1lou‘iug confidential wire received yesterday from Cram's Reports Inc- Detroit. ‘Chrysler prepared to hold out ag- ainst strikers, office workers noti- fied be roady two weeks vacation. Murphy's attitude swinging to law and order as against-chaos. Pres- ent situation corporation believed firm in hold out against Union's demands. Situation could change overnight. No production plans nowm-Lsidinw and Co.

Ncvlle Canadian taken over by Ronda Gold Mines on basis 7 new for l0 old. History of the company not encouraging. Prospects look highly speculative not attractive.

St Anthony are carrying on large scale development program in effort to prove up sufficient ore to Justify expansion in operations leading to more commercial profit margin. Prospects still indefinite. Uncertain speculation-S. F‘. M. C-

NOON COMMENT

The market showed little resis- tance to the sucoensive selling waves this morning and the slight rocovenv on small volume in the leaders is unconvincing so far.

It would secm that the sell off could be kept within the bounds of a technical correction the

in proceeding year- Company agciio . faces neoesity of obtaining further I

Dow Jones- i

CHARLOTTETOWN GUARDIAN i l .

(s TO CK Q U0 TA TIONS t)

THE ca. ADIAN s-rouss...

PAGE NINE___

Pontiac

MATCHES, 3 Boxes ———————

National PEA SOUP, Large Tin

Arrow Brand

PEAS, No- 2 Tin. 2 Tins - — — — —

Culverhouse PEACHES No.

Aylmer Brand JAMS

Pennsylvania R. R. finally de- 5

2 Packages — - --

SALT Sifto or, lodized

PASTRY FLOU R

7 Lb- Bag——---

Bulk Seedless

RAISINS, 2 Lbs.—--—_-._.___

i

Strawberry or Raspberry. 16 oz- Jar

SHREDDED WHEAT

Fresh and Smoked

23c 10c 19c

Each———-—

21/2 Large Tin Each - - 25c

20c ____ __ 23c $.22" 2*“ 15¢ 29c

21c

» A Savings n

Meat Department

Grade ' A Large

M1

0ur Bake Counter

EGGS D - - CHOCOLATE PIE SHORTENING GUM DROP CAKE 1Lb.Pkg- Lb-—---___ 5 2 for —- —- PASTRY STRIPS . Dozen -_ _ .._ __ ICING SUGAR App“ m. Jeuy Bulk TARTS, Dozen -, 29c 2 Lln- —— i PECAN ROLLS Each -- -; _ _ i SUGAR Granulated or Brown, 10 Lbs. -—-—-— 57c PEANUTS r Fresh

Roasted 2 Lbs. -— --

ROLLED OATS, Bulk

5 Lbs- — — — - -- -- EVAPORATED APPLES

Lb.————-—--_-. -._._.

TEA Eaton's

Bulk, Lb- -—

25c _ 25c _ 16c

42c

FRESH FRUITS

AND VEGETABLES

-— — CHUCK R0 ST BE , B I - Lb____i_____Ef___i___. Jaffa Small 29c one es- ORANGES s" o . 2 15“ EJFJEAEL Tii*f_"1___ as. “,5, Headless and Dressed ROUND SHOULDER ROAST 15 SHNAFH- 2 Lbs- ~ HERRM 25. u»- --------- -- F ggqgug", ,_,, 21c 6f°"————~ LAMB ROASTS and P r s‘ _ ' Kippered Lb‘ -" —*_' —"_'___ 18/2 IY>QQCTEEES:___ HERRING, Lb.— rgfisslgi PgRKt Lb 19c Firm mp9 w“ FINNAN HADDIES n“ FRgtéHeraA-égil’ -'“‘ _ _‘ " 19c TLSCHQFOES. Lb. tiissszs. -b-———-—--————— 10"“ ALVES LIVER o------ 17“ E..________"___ 17° %i‘;§“l_ _ _ 27¢ h Sweet Pickled ‘ HEAD LETTUCE grcieistttops, Lb. _359 CORNED BEEF, Lb- _--.--- 13° Each - _ - _ 149 , . Fresh Frozen Fresh Corned A GRAPEFRUIT SALMON PLATE RIBS PORK HOCKS smile-.- sn-I- ~-

labor situation gets worse instead of better-

Laidiaw d: Company. BANON AFTERNOON LETTER

Offerings on this niorxungs sharp sell-off did not increase sig-

nificantly. Probabilities are that Lndustrinls are now nearing the end of their recent ccrrection.

Weakness may be used for adding to present positions in rtocks act- ing better than average.

Minor reactions in National Dis- tillers and Schenley this morning creates two attractive buying op- portuxmitles.

Anacondals dip to 64 places the issue in a buying range again, buy at the market

Official freight loadings in the United States to be reported to- morrow will likely be around 740.- 000 cars for the week ended Satur- day, a new high for 1937.

United Aircraft and United Air- lines are likely to show better than average resistance to selling pres- ure. Buy at curernt prisces.

The sharp reaction in American Rolling Mills has placed this issue in an oversold condition. Buy for a recovery cf three or four points.

Utilities are showing signs of be- ing sold to a standstill. Attractive purchases include American Water- works, Electric Boud and Share, Electric Power and Light, and Public Service of New Jersey.

Buy Distillers Seagrams around 27 1-2

Banon.

NORTHERN MINER HEAD- LINES

Waite Amulet profit possibilities.

MacLeod Cockshutt third level east drifting in highgradc west shows betterment.

Macassa new work still in ore.

Kerr Addison foot wall drive three hundred level shows $17 65 grade for hundred and four fcct.

Sladen looks like five hundred ton proposition.

Pickle Crow drills in twelve hundred.

Hard Rock cuts hlghgrade on new second level-

ore at

Banks

(Supplied ilyPiifield a o». Members of Montreal Stock Exchange and Curb Market)

Produce Prices

MONTREAL, March lB—(CP) - Egg and butter prices firmed slightly on Montreal open produce

‘ mzukcts today.

Graded egg shipments in curiot: l or less were quoted at 22 cents a dozen for grade A-larue, 20 for A- medium and l8 l-2 to 29 for A- puliets. >

Butter was quoted at 25 3-4 to 26 l--i cents a p0lllld for carlois or less of No. 1 while lots to rctoiicrs