Guardian every day.

Edward Island.

uuudlan, founded 1M1

____ Ierllll

Over 38,000 people 1n this Province — 8.000 in m, gity - Read The

The Guardian is read in practically every worth- while home in Prince

nprlattctown Guudlnn Two (lento

Sensational Bevel

>%&/ l,” ..

The People's Paper Covers Prince Edward Island Llkethe Dew

Everybody

THE WEATHER

Moderate winds; moatly north- wezt; fair with not much in temperature.

change

CHARLOTTETOWN, CANADA. FRIDAY, APRIL 21, 1933

Cause Stock Exchanges To Make Spectacular Rise I

MT’L. PIEHANGE

Enthusiasm Runs High As Market Records Ad- vzulCC Of Nine Points

Securities Race Steadily Upward.

(Canadian Press) MONTAMEAL] April 20-—I~Iand in ma ulth Wal. SLreet and com- mit)» markets as lnflaton plans ma the air, secuiaty valucs on up Montreal Stock Exchange rnc- “1 upwards today. with a. turn- over of over 91,000 shares, the larg- at in two years ,the market rc- wrded advances up to nearly nlnc pout-s. wlnl: the bcse mctal group was mparsible for nearly haf of the

iumuuuuus BUYINBIN rxcruuus

Upsurge In Stock Markets Adds Bil- lions To Aggregate Quoted Values.

g-Z-l

(By Claude A. Jagger. Aflovlllfll Press Financial Writer) (Copprighi, 1033, by the Associated

Press)

total sacs, every section of thc [in had reprcsrntatloh. ltfnlng‘ and oil issues on the curb market; were sf eetrd ahdxnflly vestabllsh=| rd new high levels f0; the year.

In a burst of e thu 1a m the make). conzmnczd the sclson with a strong a;vance...1>roi'lt tak- ing crept in durlig the foreruon but before the cloe prices had eiimbei be k t0 slQhtly beow thzlr top levels.

Consolidated Smelters forged to anew high at $85 and after a. sinking spell ended at $34.75 with an advance of $8.75. International Nickel, the active leader wth 35,- 100 shares, gained 92.05 at $15.05. ‘(finger lost 20 cents at $8.00.

' Brazilian Traction recorded a

new high and flnjshed up 1 at 10 Canadian Pacific gained 3-4 at 11- l-I while Steel 0f Canada touched anew h'gh for the year but closed lightly below its best level at 19, lgain of 3 1-2 points.

The Unfted Sfafes dollar singed greoovery from low levels on for- m exchanges while the pound sterling declined in late trading hit retained e. small advance- ilnited States funds finished the

day at $1.13 1-2 down 2 1-2 cents .

ville the pound closed at $4.33 l~22 o. gain of nearly 3 1-4 cents.

Comment On Pension Act Amendments

(Canadian W655)

sanvr JQI-IN, N. 13-. April 20--

ersonally I feel that abolition of g Pensions Tribunal ls a mistake

ut as that is a matter of policy em- bracing the Dominion as a whole, the Legion stand wlll no doubt be contained 1n a. statement issued by the Dominion President." G. Earle M8011, President of thc Provincial oommand of the Canadian Legion, British Empire Service Lcnguc, said tonight in commemlng upon propos- ed amendments to the Pensions Act.

“I um glad to notice thc retention of the Appeal Court and the \vldcn_- NI of its powers by having under Ill control a medical man whose duties will be review decisions of Ills Board of Pension Commission- errand determine whether appeal should or should not be taken,’ said W. Logan.

ANNOUNCEMENTS. COMING EVENTS.

NEW YORK, April 20—Tumultu- ous buying swept through the fin- ancial markets of North America today, carrying the general level of share values to new highs for 1933, in the most frenzied trading ex-

N. v. Eiiiiiinricr,

Both Pound Sterling And A Canadian Dollar Reach New Highs For Year.

Frenzied Buying Marks’ Opening. j

(Canadian Press)

NEW YORK, April 20—1“r€nzic<' buying of British and foreign cur- renclcs and sell ng of United stat es dollars marked trading on for- eign exchanges here today follow- ing the sensational devel pments at Washl. gton.

Both the pound sterling and the Canadian dollar were driven up to new high for tho year in an ex- lrcmely nervous and exalted mar kct were the pr'c1.- of pounds moved cflen one point 0r more bc- twcen sales. ;

A hcavy flood of overnight buy- llg sent the market sot-r'ng at the openirg and the high marks for

)

cumwAncr PEHTAIHO ‘ hinege a broops Flee ilaifiiih... W ‘ 9%") mists‘ "s? t. . . G Ul’ ' Peclfih-‘h. to Perm ,wl1%p\,

Japs Pour Through Great Wall

troops a vanced on PEHTAIHO

lnslstlng that their action was the wangtao, Pcrtalho ‘um cumgu u, w!" o! Chinese as: ' . Jaran- the coast all fell to the Invader; use troops supported by alrcraftiad- Yuntlng yielded m the Japanese mnced south from JeboI province only after a. seven hours’ cavalry en- through the Great Wall to force a gagernent and Funlng held out for Chinese retreat beyond the Lwlm four hour-g, river April 17. Shanhaikwan, chin;-

Interest Rates On Bank Deposit; To Be Reduced

perlenced in the stock exchanges the d“? we” reached in I 1°" in nearly three years. mnuks‘

Commodities also swept forward 0333mm 5mm“ W5" Wm‘ 9W° arms a broad ‘rant’ and anhough cents more as a. re"ult of thc day's headnng advance in both shares busmeis- in"? n°mlnl°n 8mm‘ and Staples w” interrupted by bxks were q oted at 88 1-4 cents

Reduction Is E-ffected To Assist Government And Municipal

heavy profit taking sales, billions were added to quoted values.

'Thc United States dollar again dropped prcclpitately 1n foreign ex- change dealings for a time, reach- lng levels well under the equivalent of oo cents in gold, as measured, for

| gold-backed French franc. The in- ‘ dlcated decrease in the value of the dollar spilrred a. wholesale outpour-

(Oontlnued on Page 3)

Former Island Teacher Passes

(Canadian Press) LIVERPOOL, N. S., April 20- LlverpooYs oldest resident, Miss Charity Snaddon, died today, just a. month after passing her 100th birthday. Daughter of an English sea cap- tain, she had lived under four British monarchs. She was born during the reign of William the Fourth, four years ‘Before the ac- cesslon of Queen Victoria‘. Coming to Nova Scotia at an early age, she b88811 “B61191! 111 Liverpool at the age of l6 years. Later, she taught in Prince Edward Island for 88 years.

nmmon FERRY RDOCKS

Out on Ice-packed Straits All Night. Passengers None the Worse For Experience. , _ (Canadian Prue) SYDNEY, N. 5., April 20—The harbor ferry Constance r0618 111W

MEETINGS. ETC

Inarrlenl In prr u-ornl

"Announce-manta are I column pt I eenta "m"! parable In advance.

"Wlltshlre Club loading b11518 esdav forcnoon, April 26th. list. E. N. Easferpsccrctnrv. 8994-4-21-11.

"concert and Playette “Professor

l"! Great Invention" 136F055 lrwm. April 25th. Tickets m. 89994-2141.

muowl"! to road conditions will

u: be loading llve Hogs until May Blamed A. n. wedlock.

8998-4-21-21.

"R one of the man who are gall new insurance Ibis week a Canada's largest COInpBIIY. the

"n 1M9 J. A. Moore, Manager.

across the scant seven miles of ice- strewn water between Sydney and North Sydney.

night on board the steamer as she 15y jammed In the ice mllc offshorefial! uifill- Th6? dil- embarkcd over the packed Ice b0- day‘, none the worse for their un- comfortable experience.

her moorings here this evening, just 24 hours after setting out

Twenty passengers had spent the

at the clcze. At one time the ddlar was quoted at 89 1-4. The pmmlum on United States furds was re- du:ed fr'm 116-to ~13 3-4 percent.

The pornd sold as high as $3.90, up 1'1 1-2 cents from Yehtczdays fnal quotation. A slight reaction

instance’ by m relation w the set in towards noon from which the ,

pound did not recover, closing at $3.85 for a net gain of 12 1-2 cents.

vrhrnnv =Bdl innusrs 0PPU8HlflN

Legislation Approved By Roosevelt Runs I n t o Determined Opposition F r 0 m Republicans.

WASHING, April 20-(A.P.)—- Inflation legislation approved by Presdent Roosevelt was submitted to the Umted States Senate late today and immediately ran into such determined opposition from Republican quarters that extensive de by in passage was threatened. The measure, intended first of all to p.ovlde a credit expansion of t3,t00,0i)0,000 through the Fed- eral Reserve system and, that fell- ing to rout the forces of ,

(cumin Press)

OTIAWA, April 20.-,-A reduction from three per cent to 2% percent in the interest rates on savings de- posits in banks and the post office ,from May 1 and a redaction from four percent to 3&4. percent 1n ti.) case of deposits in trust corporations was announced by Hon. E. N. Rhodes, Minister of Finance 1n a statement issued tonight. This con- firms reports circulated earlier to- day.

“Effective May 1, 1933," the Min- ister's statement says, "the rate of interest on deposits in the post of- fice savings banks will be reduced from three percent to 2% per an- num. A similar reduction has been agreed to by the chartered banks

Thieves Cause Costly Fire

(Canadian Press)

SYDNEY, N‘. 8-, April 20- Carelesa thieveb were believed responsible tonight for a flre which awept through the Mar- tin Block with a I'm of $15,000 this ' . Firemen found a rear door open on their arrival. The door gave access to the grocery store of Vincent Mar- tin, which waa badly gutted. Damage was caused also to George B. Slavcnfi drug store and to upper floor apartments.

slon, to empower the Chief Execu- tive to expand the currency, was introduced by Senator Thomas (D.-0kla> as an a-mcndmnet to the pending farm relief bill.

In spite of the Republican threat, Democratic leaders were calmly confident of passage, and that boon. speaking for the Republican regubrs, Senator Reed of Pennsyl- vania, said his party colleagues would dszuss the measure thor- oughly in an effort to arouse pub-

APPRmO-VE

Ifinancing And. Stimulate Ac . tlvlty In All’ _I_._i_nes Of Business.

and other financial institutions, and also by the Province of Ontario sav- ings offices, and is in fulfillment of the policy announced in the recent budget speech as to the necessity of establishing lower interest rates."

The statement intimates that not only is this likely to reduce interest rates for public borrowings but for private borrowers as well. The statement declares: “There is justl- flcatlon for expecting that the ac- tion now being taken will tend to bring about results greatly to be de- sired, namely, a. reduction 1n the cost of government and municipal financing both for new requirements and’ for conversion operations, s. lower rate to deserving borrowers and e. stimulation of activity in all lines of business."

iinursiis armuiuin

SITIVIIIVIERSIDE, April zo-The inquest into the death of Edward

irmulnni AMENDING iuiuoluu

Among Administra-

Dealt With Is The Abolition 0f Pen- sion Tribunal.

, (Canadian Prod) UITAWA, Aprl120~F1rst read- ing was given in the House of Commons today to the long-await- ed legislation amending the Pon- slon Act. Comprising ‘l4 sections, the bill amends many of the nd- mlnlstratlve features of the

lng to entitlement or assessment.

The chief features of the bill are that:

The Government \vlll give con- sideration to suggestions from op- position members that the amend- ments to the Permian Act, which were given first reading in the House of Commons today, be sub- mitted to a small committee of thc" House for examination.

The resolution on which the bill was based received the approval of the House, before the legislation was introduced. Speaking at this stage, Colonel MncLarcn recalled the operations of the joint-com- mittee which lnvestlgated the ad- ministration of the Pension Act during the winter. "The bill was based upon the report of that committee.

(a) It abolishes the Pension Tri- bunal, and increases the personnel of the Board of Pension Commis- sioners to eight, including the chaimaail.

(Continued on Page 3)

ICE BHJBKADE l)N NFLI). BUAST WURST IN YRS.

Ice Holds Undeter- mined Number 0f Vessels In Grip Off St. J 0hn’s Harbor.

ST. JOHN'S, Nfld, April 20-(0. P. Goblin-The greatest ice block-

Perry of Biz. Lou's, who died follow- ing an lfleged quarrel outside hls. hcme, was held yesterday in thef C. M B. A. hall at ‘Pignlsh. Mr. CH1 F. Morrlssey, Coroner, presided.‘ Mr. Chester P. McCarthy, Barris- ter at Tlgnlbh. represented the At-i torney-General. Inspector PrippsJ of the R. O. M. P, was present and’ personally conducted the case. l

The jurymen were composed of» the following:

Aneaa McDonald, foreman, John A. Hackett, Capt. J. McGrath, John C-avln, William Leonard, Peter, Bernard and Peter Burke.

RAILWA Y ESTIMATE.

OITAWA- A0111 20—(O_P.)-—'I‘he

house of Commons Contmittee on‘ Railways and shipping may ap-i moved the estimate“ "W900 ,e_ I the early hours of Thursday morn-

Thc body was brought to Tlgulsh from St. Louis by thc late train on Tuaday. Dr. J. A. McPhce, of Summerslde, assisted by Dr. R. H. Kennedy, of Alberton, upon his arrival on Wednesday night, per- formed an autopsy of the body. 1h

in: the inquest was opened and

11c sentiment against it.

As tendered by Thomas after consultation with administration leaders, the amendment would give the Presldenlabroad discret-

tlonal the 20 per cent reductio un- der the Maritime Freight Rates Act. This was lower by 8150.000

a quarter

Mate John Stacey was Injured by. u“, gpinnlnfl spokes of the steering wheel as the ice closed around the rudder. He was in hospital tonight with head injuries, althoush his condition was not serious. Captain Dolomont was being treated for mjuries to his hand. ‘ ' ‘ II 110

than the figure estimated last year. At the some time the Committee endorsed the appropriation of 86,- 010,000 to pay the deficits of the Canadian National Eastern lines and $8,404,270 to pay the National

lonary powers, first to arrange with the Fed r l Reserve system to pur- chase up to $3,000,000,000 of Gov- ernment obligation! in the Open market. 3 ould such an agreement

qufnd to make good to the rail-In‘ h my‘ other m“ the Canadian Nb e evidence of Dr. McP cc and

Dr. Kennedy was taken. Their ovi- dencc was that death was caused by hemorrhage of thc brain with concussion. The skull was not frac- tured.

The inquest was thcn adjourned until 3 o'clock in the afternoon to allow certain witnesses to come in

ers were obtained by fraud and mis- representation and

necessary to rcdccm were obtained from the Domllllm

adc seen on the Newfoundland coast for years held at least four ships off st. John's harbor tonight. Veteran skippers declared the ice would block the harbor uhtll the wind turned westerly.

Arctic ice, driven southward by prevailing northerly winds during the last few days, held half a doz- en ships in its grip tonight as it blocked .St. John's harbor and left a. trail of menacing flocs along the coast. ,

Three steamers and a. motor boat were stranded outside St. John's barber, and three sealing steamers were jammed in the lcc at inter-

(Continued on Page 3)

Relief brders Are Obtained _ By Fraud

(Caandian Press) TORONTO, April 20.—Rclicf ord-

tion Features

not, - but docs not touch matters rclat- '

8 PAGES

(By Francis M. Stephenson Asso- ciated Press Staff Writer) WASHINGTON, April ZO-The Roosevelt "war against the emer- gency” spread to its widest front

i nl to extend to the United States

President unprecedented power over the money of the United States.

This far reaching legislation

would put into the hands of Mr. Roosevelt the authority to issue incw currency, revise the gold con- ‘tent of the dollar and accept silver ,iu payment of war debts, all wit-h- l in limits. l This weapon together with others or already handed to the Presid- ent would give him n management over the affairs of the Republic comparable only to the command of a. war time chlefex- ecutlve.

Control of the banks has been passed on to Mr. Roosevelt and put 1M0 101118; Congress ls nearing completion of a bill to extend his

today with a Congressional propos-

iuow, 1n. formation on Capitol, Hill

supreme '

Annual Subscription Delivered l

$5.00 IIy Mall Cnmula And U. S. A. L00

Roosevelt Given Unprece dente ol

Power In Crisis

Believes The Welfare And Future Of United States Is Linked With Affairs Of Other Nations. Looks Forward To Conference.

House has before it Roosevelt rc- commendations for federal supervi- sion of production and wages in industry; before the week ends his plan for a federal coordinator of the railroads will be presented. Mr. Roosevelt reached out for monetary control as a final step ln ht: fight to improve American prices and money. He will use the weapon principally to gain the ob- jectives he believes necessary‘ in Iforelgn negotiations for a new and stabilized basis of money exchange. In this step the Roosevelt attack ‘on the economic crisis extends to ‘an international area. He believes the welfare and future of the United States is linked with the affairs of the other nations so far, iat least, as lasting improvement in i economics is concerned. ' Tomorrow these negotiations he- Bin with the arrival of Prime Min- lster Ramsay MacDonald of Greet Britain, the first of ll foreign em- issaries on their way to Washing- ‘ton. Prime Minister R. B. Ben-

power over farm commodities; the

.News Briefs

NEW YORK, April 20-—(A.Y.) -The New York Federal 11.»- serve bank announced no change today in its rediscount rate of 3 percent.

(Continued on Page 3)

Judgement Is ‘Reserved In" ‘Iru-Jurancc C ass

(Caruulian Press)

FREDERICTON, N. 3., April 20 Audgement was reserved today by the appeal division of the New Brunswick Supreme Court in tho case of Minnie P. hftthson vs. the Dominion of Canada General In- surance Company.

(Canadian Pres)

HALIFAX, April Zil-The op- position opened flrc in the Legislature today on I-Ion. J. Fred Fraser's Budget and its forecast of a $383,903.86 deficit The plaintiff, beneficiary named for the fiscal year. in a policy of accident Insurance - __-____ Issued by the defendant company, (Canadian Press) to AnselFme H. Melanson, appeal- QTTAWA, All?" ZQP-A Bl-IM- Ed flEB-lnst dismissal of an action ment on Pension Legislation wlll she brought to secure the inguranch be made 1n the House of Com- The company started Suit, to have mons tomorrow by Finance lVlin- the pgljcy declared vow contemh istcr Rhodes. It was scheduled in; Mdanson had nnsrcprcspnted

f" ‘my’ ‘h’? lremneranoe of his habits.

(Associated rim)

NEW YORK, April 20—The .,., price of New York Stock Ex- i VECMI AT IEAST change memberships advanced Q sharply today along with the NE,

d t - oommo 1y and stock quota (HE "Aucnflfisf BOOK

tlons. Arrangements were made for a sale of a membership at 0F (HE MQNTH! i

$145,000, up $50,000 from the previous transaction.

IVASIIINGTON, April 20—(A. 1 > PJ-Loans to brokers and deal- ers held by New York reserve

member banks for the week ending April 10 were announc- ' '

‘ .. A ed by the Federal Reserve N} Board indny n5 $386,000,000 an

increase of $10,000,000 compar- ed to thc preceding week.

OTTAWA, April ZIL-Prcmler /\"_&, >"-

R. B. Brnnc t intimated to the is I House or Cmnmons “d” u“ .\lE'1‘l;<lliUI.0(lll‘.\l. l)l-'l“ll'll_ 1m. Government would consider ohm, April ‘Ji)—.\l)||ir.lun| “in: muni-

amendlng thc railway leglsla- '“""‘ ““"""“m""“*

Uznvsnn ... .-. . . ... I;

tion in relation to arbltral trl- Aklnvfk .. burials. Consideration would be given lo a suggestion by Ilon. l-mmnmou if w. n. Mothcrwell that llrovl- fffffgifly.“ ‘ 5;" sions relating lo tribunals would Saskatoon . be brought Into force only on {§.",§'|"',‘;m'é‘__'__'_'Li‘ ' ',,, proclamation. flrnmlftn .. Ml Imllllun .. 1"‘ Tim nin -"'-' E ' ::'.'."*':$‘.“" I?" a ": ‘- ngmeers Leave 0...... .. . ' . Quebec .. R u s s 1 a '.‘.".‘.".'...'I"Z‘.“. . . .

l,‘hzrrli-il-~l<-\vif . . .

MOSCOW, April 20. - my.) - "mlllld-“T

thc amounts those orders '

not be pos ible, of‘ if this did not meet the requrements of the situation, the Preident could adopt any of f-ree other methods to ex- pard the currency. as fdlowe:

010000 to meet maturing Federal

Issue tre-rury notes up to $3.000-

roads deficit on account of the 20 per cont reduction.

railways last year to make good the 10 per cent reduction amounted to 01.831.079- of this the C. N. It. re- oeived 81,413,899 and the