t

JANUART 26. 1940

LSTOCK Q:

_?__

111E CHARUOTTETOWN GUARDIAN

U0 TA TIONS

N. Y. Stock Exchange

(Canadian Press) stocks Close Am O and 1i‘ 26 1-4 Am F01‘ 31'" 3 Am Radiator 8 7-8 Am Tel Tel 171 Am Water 10 -4 Anaconda 7-8 Atchison 22 7-8 Bait Colo 5 1-2 Btndix Av 30 1-4 Beth Ste 73 l-'.l Chas Ohio 40 3-8 (jhrysler 83 l-Z Con Oil 24 5-8 commonwea So 1 1-8 c 150 3i 5-8 Curt Wright A 29 1-8 Elec Auto Lite 36 1-8 Elec Pr Lite 8 7-8 Gen Elcc 38 7-8 Gen FOOds g 5-8 Gen Motors 3-8 Goodrich 18 Goodyear Tlro 22 1-2 Gt Nor Pfd 24 1-2 Int Tel Tel 4 1-8 Kennecott 35 1-2 Mont Ward 52 N Y Central i6 1-4 Nor Am Co 2i 7-8 Nor Pacific 7 1-2 Penn R R 21 5-8 Phil Morris 91 1-8 Phil Pet Co 40 1-2 Pure Oil Co 8 5-8 ° $70. cl it Seals - South PM: 13 3-8 Std Oil N J 44 I-8 Stude C011) 9 8-8 Texas Corn 43 1-4 United Air 47 United 00m 2 1-2 United Drila 5 1-8 United Gas Imp 14 3-4 S Rubber 88 3-8 U S St Co 58 1-8 vanadium 30 1-2 Warner Bros 3 5-8 West Union 2i 8-4 "Vest Eieo 1.07 l-2 Woolworth -

GRAIN

CHICAGO Jan. 25-(AP)—Wheat prices fell more than a cent s bush- el today to the lowest levels in a- bout t/wo week.

Wheat 010st‘ 1 1-2-1 7-8 cents lower than yesterday, May 98 5-8- 1-2. Jly 88 l-B-DG; 8-8-4-8 down. May 57 1-B—i-4, Jly 57 1-8; Oats 1-4-3-8 lower.

WINNIPEG. Jan 25—(CP)—Mod- erate weakness on outside markets, plus forecasts of moderating tem- peraturs for the frost-ridden ecc- tlons of the United States winter wheat belt, gave wheat futures prices an easier tone on Winnipeg grain exchange today. Quotations closed 14-5-8 cent lower after s dull ses- sicn, May at 85 7-8, July 86 3-4 and October 87 3-4 cents.

Argentine prices were down 8-8 cent near the finish of dealings at Bucnos Alres_

__________ Minard‘: is good for sprains.

O0 ¢¢“‘

Montreal Curb ---'. (Csnsdian Press) "W" Close Abltibi Com 195 Abitlbi Pid 15 7.3 "ED851438 g5 l! A O11 3g 7.3 Jeouhsrnois 5 5.; Bathtub A 14, 5.11 (An Vi ers 7 3.4 I" 3 Fraser V T C an 1.4 I'd A 20 Imb Oil 14 7.1; M 21 3-4 Price Com 31 7.1; Banks (Canadian Press) Sh“! Close gonad; ova soot! Commerce . '2 Montreal _ Royal Bk 111-1

New York Curb

(Canadian Press)

Sh“! Close Am Cyan B 3.1 1-4 Am Gas Elec 37 1.2 Am Super Power 1-3 A8500 ‘G85 3.13 Brown Co Pf 33 5-8 Cities Service 4 1-2 reole Pet g0 7-0 El Bond share 7 3-8 Gulf Oil Corp 36 i-z Humble Oll 51 Lockheed Air g9 1.2 N188 Oil 5 1-4 Pant Oil 4 3-4

Produce Prices

MONTREAL, Jan. 25—(CP)— ‘Produce Market prices here today, as reported by the Dominion Depart- ment of Agriculture, follow:

Butter: first grade creamery prints, Jobbing price, 29; first grade soldlds, Jobbing price. 28 l-‘ll: Que no 1 pasteurized regraded butter, wholesale Jobbing price, 27 1-8; Que no 2. 26 3-4.

Cheese: Ont white and colored, current receipt price, 18 5-8.

Eggs: graded shipments in used free cases, selling price. A-large 23-223 l-2; A-medium 21-21 1-2; A-pullets 20—2O 1-2; B-large and C unquoted.

Potatoes: Que no 175's 115-1320; Que no 2 75's .00—1.l0: Nb no 1 75's ii.30-l.35; PEI no 1 75's 1.30-1.40.

_______________ i LYMINGTON. Elilzland —(CP) - ‘After warriin his master, L. R. Em- ,.=lle. of fire n the

house a

jweeks-olcl Alsatian puppy died in

the blaze here.

xxxxlxsgv.‘

ANNUAL; ‘MEETING

ilueen"s Bounty National Conservative

Assoc STRAND THEATRE,

iation Charlottetown, P. E. l.

TUESDAY, JANUARY 30th. i940

At the same time and pl to nominate a Candidate. cau John H. Myers.

ace a Convention will be held sed by (he resignation of Mr.

Each Poll is entitled to five delegates. Those from the FIRST and SECOND DISTRICTS will meet in the

Main Auditorium promptly THIRD and FOUTH DISTRI

at 12.30. Those from th'e CTS will gather in the Board

of Trade Rooms at the same time, in order to facilitate the

selection of members on the

County Executive. Regular

meeting will begin at 1 o'clock sharp.

l’. J. ROSSITER, Acting Secretary \§§§Q-§.§.§.4A_AA A A A

P. W. TURNER, President

_.-..__=

l stock pflCeS generally lost ground lin today's market and minus frac- tions predominated at the clcse_ Light trading prevailed. - In the recession were Asbestos. Canada Steamships. Hudson Bay Mining, Montreal Power and Na- ,tional Breweries. Niagara Wire, ,tradi.ng in board lo 3 for the first iblme this week, lost a point while in the paper section Price Brothers, St. Iswrence Corporation and Bat- hurst were fraotionsiiy lower, Algoma Steel, Dominion Tar, In- ternational Petroleum and Canad- ian Celanese withstood the selling and emerged with slight additions. C. P. R. Brazilian, International Nickel, Imperial Tobacco and Can- ada Cement were unchanged. Total sales: 52.000 shares; Indus- irYP-i-i. 18.600; Mines, 33,400; Bonds

FINANCE

By Frederick Gardner ' Associated Press Financial Writer

l NEW YORK Jan. 25—(APl-The slock market lacked further rally- ing iuel today and profit-taking on ‘Wednesday's bulge put. leaders down lractions to around a point.

Selling was never urgent, however, ‘and transfers for the five hours fell to 543,570 shares against 712,180 the day before With declines mostly in small amounts, the Associated Press average of 60 issues was off .2 of a point at 49.9.

International Nickel. Mclntyre, Bell Telephone, Imperial Oil and Power Corporation. in the Canadian 8WD. were easy. Dome Mines, Walk- ers and Massey Harris gained frac- tions.

Prominent losers were U. S. Steel, Bethlehem, Chrysler, General Iisq. tors. U. S. Rubber, Douglas Aircraft, Westinghouse. N. Y. Central, Ken- Ilecvit. Du Pont and Texas Corp.

Finishing ahead were Montgom- ery Ward, Sears Roebuck, Sperry, Eastern Air 1.411105, Bendix, U. S. Gypsum and Caterpillar 'ITactor_

Youth Training In Canada

0'I_‘TAWA. Jan. 25 -(CP) -Ap- proximately 1,300 young men now are receivng training in aircrait mechanics under the dominion-pro- vincial youth training program said R. F- Thom son, dominion super- visor of ycut training under the labor de nrtment,

Mr. iompson spoke to the con- eluding meeting of the youth train- ing conference which iscussed a report irom the Royal Canadian air force concerning suggestions as to how the youth training progett vtoilld cooperate in th war effor in respect to training rcraft mech- an s.

The report stressed the need for trained personnel. It offered R. C. A. F. cooperation in certain respect s0 young men trained under the youth "POW-Rm would bc able to fit into {jobs expected to open up 1n the air mining plan.

Advertising Rates-Payable in Advance illliliflgsiilllill 98108

Mlmimum Charge for Any Advertisements 25 Cents Central Guardian looflg, 5p e1- word; Western and Eastern locals

2e oer word: Announoemen s and f‘ In Memorlsm Notices 70c per inch; Lists of

Classified 3o per word;

mlng Events l0 per word:

Floral and Spiritual Offerings Cards. eic.. 50 per mime; Letters oi

Condolence 70o per lnoh. We ding

_a cment 40 words for $1.00

and l0 cents for every additional 3 wor s. Nnilces of Thanks and

Appreciation, 49 cents per implication.

70c per Inch or 4o per word. Lists of Subscriptions Inch, Address and Presentation $1.00. Other rates on

___Work Wanted

EXPERIENCED MAID WANTS “Wk- Apply Guardian. 14-883-1-26-21.

______________i__ Wanted

Fliubsn nos WANTED o wants ° 3 mfllllbs old. write stating ?>h$§sm1n§"g Ii/Ylicinrzieo. a. setup-

. - l . T5011 lb - "lile- g? B- L-894-l-28-3i.

_~——§___

aptured diFrunfp FEMAL "(r - r: r x. 16°50- I-lova I. Inmsn. A tine °"- L-MZ- -20-1i.

_.

Lost

"Qlfr- noun wmsr was-on. bfifer wll be suitably rewarded l "WT" some at ih- rsslden-e g W. P. Titimlrsh, in ROcPWnv-d "M- LrSOO-l-ifl-Iii.

_ ForQSale M___

FOR. SALE - FIVE YEAR OLD Mare also 1% _ear colt. Michael Costello, Green ay. L-8B9-l-28-li.

FOR SALE — 4 BARRELS 45 GAL- lons each, first grade motor oil less than whole.aie price. Call Toni Davies.

FOR SALE—GENER.AL ‘mat-ran; mare 4 vears. weight i100: Pcr-

cheron horse. 7 years, i300: Pol- ciieron horse, 3 vcars, 1200 (broken). Ray MacCnllum. Duti- stafftiage. L-874-i-25-2l.

Salesmen Wanted

MAN WANTED. GOOD NEARBY Rawlelgh Emile now o way u this year. If will ng to con- duct ome service bitsinoss willie earnln good living. write itnmw- lntely. Wleighs Dept. M-L-470- 48-A- Montreal, Canada.

To Let rmisa ruiivisiisn smurf-at. light housekeeping. 100 Hillsboro s m. L-8i4-l-24-3i.

0. F. ARGIlIBALD

Chartered Accountant 140 Richmond Street

Phone 4'1 P.O. B0! l2

McLECD 8| BENTLEY W. l-l. BENTLEY. 14.0. J. A. BENTLEY. 14.0. C. F. BENTLEY. LL.B. Barristers and Attomey-at-law

L-889-l-28-lii.

n. Salt-s

MONEY T0 LOAN | _ 180_Rlp_hmo_nd___Street____, ALEX W. MATHESON BARRISIER. SOLICITOR. ETC. Money tn Loan Collections Office: 90 Great George St.

______ Chnr_initct_lviwn_ ,

| M. ALBAN FARMER B.A.. LL.B.

lBATlRlSTI-lll. SOLICITOR, ETC. , MONEY T0 LOAN I Bank of Clnllda Building,

i__'_._i__’_. n 72.74. ‘Li i

ll n;

EYES EXA GLASSES FITTLJ J. S. TAYLOR

Oplomc-(rlst Wlih E. W. Taylor. 190118 17110111791! "I

P Montreal stock (Canadian Press)

5'11" Close Bell Tel 165 Brazilian g B C Pow A 27 1-11 Bldg Products 1a 1-4 Can Cement 7 3-4 Con Nor Pr 1a 7-3 Can Car Fd 14 1.4 Can Ind Al A 3 Can Pacific 8 3-3 Can Steamship 7 1.4 Celanese 33 Cons Smelt 4s 1.4 Dist Sear! 23 3-8 Dom Coal Pfd 2i 1-4 Dom Bridge 33 Dom Steel B 14 5-8 Dom Textile s9

. en ii Gen Steel Wrs 101-4 HOW Smith 20 1-2 IIHD T01) 15 3-4 Int Nickel 44 1-2' Int Pow Pfd 9i I-2 Massey Harris B 1-8 McColl Front 8 3-8 Mtl Power 31 1-4 Nat Steel Car 86 Power Corp 10 l-4 Quebec Power 17 Shawinigan 23 St Law Com 5 St Law Pfd l8 Sou Can Power i4 St of Can 80 1-2 Woe Eiec B 2 1-4

MONTREAL, Jan. 25—(OP)—

‘Sancho A

WARTIME ADJUSTMENTS REVIEWED IMPORTANCE OF EXPORTS STRESSED By J. A. McLEOD, President, at 108th ANNUAL MEETING

THE BANK OF NOVA SCOTIA

it

Assistant General Manager, H. D. Burns, Presents Statement Showing Assets at New High Level and Pays Tribute to Staff

In addressing the Bank of Nova Scotia shareholders at the 108th Lnnuai Meeting held at Halifax on

(Cl-Illilllll Press) ‘TORONTO. Jon. 35- slfltll Clo]; Aldermac 33 Amm Gold 5 1.2 Anglo Cdn 100 Arntfield 13 1.4 Auhor 250 agamac a _Bankfield 1;; 3.4 43.8211 S?“ ‘i’ Beattle 114 Bidlzood 13 1.4 10 8 1-2 Broulan s0 Brown Oil 17 1-4 I Buff Ank 050 Buff Cdn 3 l Calmont 42 |Cdn Mslar 7a I as 'I‘re 71 Cent Pat 350 I Con Porc 13 Chester 911 | Chromium 43 Cochenour .72 Con_ Smelt 45 1-1 1 Davie; 30 i Dome Oil 20 1.4 East Crest 7 East Malart 395 Eldorado 107 Falcon 415 Fed Kirk 4 Francoeur 55 1.2 Gillies Lake 57 1.3 Goldale g0 Gold Eagle g0 Gold Gate 19 Gunner Gold 61 1.2 I Halllwell g 5-5 ~ Hard Rock 12a High 5B1‘ 19 1 Hollinger 14 7-3 Home Oil 230 ' Homestead 0 3-4 I owev 40 ud Bav Min 30 3-13 Inst) M D 34 Int Nickel 44 1.4 rd Mtn 107 l 17 1-2 err Add 250 Kirk l-iud 23 k Lake 146 Lake Shore 29 t Lflmflque 655 Lana Cad 17 1-2 5 Oro 8i 3-4 e c 1 lLittie L L 310 Macassa 450 MsrLeod 250 Madsen 51 1-2 Malartic 105 McIntyre 55 3-4 McKenzie 14 McVittie ll McWatters ‘47 Min Corn 118 MOheta 86 Morris Klik 7 l-4 limit.” 3i i"? ay o -.. l‘ Newgold 1-2 K011111011; 77 Nor Empire 900 O'Brien 157 Okalta 118 Omega 26 Oro Plats 35 Pamour 215 I Partancn 7 1-2 i Paymaster 50 1-8 Perron Gold 209 Pick Crow 390 Pioneer" 215 Powell 122 Preston 218 Reno Gold 44 Rcyallte 34 1-2 St Anth 19 San Ant 240 Senator 5i Sherritt 193 Slscw: 73 Sfadcn 42 1'4 Slave Lake 5 l-4 S'west Pete 53 Steep Rock 210 Straw Lake 4 5-3 Sturgeon 11 1'2 Sud Basin 180 Sud Cont 4 7-8 Sullivan 91 Teck Hugh 405 Texas C011) 62 Towagonac 25. Uchi 91 Up Canada 76 Ventures 415 Wa Amulet 575 Wendigo Q Wood Cad 2-1 1-2 Wrt Harg 765 UNLISTED Dalhousie 45 Foothill 9Q 1 Mandy 1- Pend Ore 195

‘TORONTO. Jan. 25—(CP)-—The stock market had another hesitat- ing session today with losses show- ITIB-IIBPUW preponderance over the gains. The golds were up a little and

the industrials practically u_n- 'changed. Volume was small at 27a,- 000 shares.

Powell Rouyn and Wright Har- greaves posted new lows for the current decline. Hargreaves slipped back 25 to 7.65 and Powell touched its low for a year or moio at 1.18 and then firmed to l_22 to finish 16 down for the day.

Other soft spots in the golds were Aunor, Pickle Crow, 'I‘eck Hughes, land MacLeod Cockshutt. LeMaque and Northern Empire were down 46 and 25 cents respectively. Narrow gains were chalked up for Chester'- Ivlllc, Inspiration. Kirkland Luke. Macassa, Little Long Lac, O'Brien and San Antonio.

Hudson Bay lost 5-8 and Smelters firmed slightly while the cheaper issues. including Bherritt. Pond Or- cllie and Venures weakened nar- rowly. Eldorado posted a loss of 2 cents.

Steel and bulldng shares were the strongest of the industrial section and the tone was a bit heavy for the utilities and the foods. Fleet Aircraft backed up 3-8 to 9 l-4 in light turnovcd and other aircraft ‘stocks were firm, senior oils held]

m.

Home Oil we: fairly active Wlthl the price holding around 2.80, off ,2 cents and the close was dowiii lslightly also for Anglo-Canadian, Oalmont and Okaits.

0mm; WEI K

LONDON —-(CPl

--SIr Patrick lI-lastlngs. journalist- barrister who Isaw service in the South African

War (1880-1002), has relinquished

'hls roinmisslfm as squadron-leader mg

,ln the R. A. P. because of ill-health. DEORESS DOWN UNDER CHRISTCHURCH N. Z.. —(CP)-

Lowest temperature in a year here was 24 degree- below zero-in June

-and highest 0i degrees -ln Dc».

cembor-accorrilng to the New Zes- lsnd Y3K Book.

January 24th. Mr. J. a. McLeod, President. outlined the current out- look for business, stressed the no- Oefielty of co-ordinated effort un- der war conditions and pointed out that wartime expansion does not mean prosperity in the usual sense He spoke in part as follows: “While we look back u n a year of improvement in buslress, the economic picture is overcast to-day by the dark shadow of war. For the second time in the present century. Canada stands with the Empiie and France in a war brought about by the B-Eflllessive acts and poll- cies of a German Government. Although we are confident as to the outcome. we must realize none the less that the war may be of long duration and that victory may cost the nation great effort and much sacrifice. Needless to say, this Bank will endeavour to the full extent of i‘ powers to play its part in facil- itating the economic adjustment and development which is to come. both in ifs direct relations with Infill-SW and trade and in co-op- crating with Government." Business had shown an improve- ment in 1939 which was accelerat- ed after the outbreak of war. Thls improvement was particularly pro- nounced in manufacturing. where employment and production reach- ed the highest point on record. Other important activities also showed improvement, notably agri- culture and mining output.

Business: Oullno‘ ls Towsrd Ex. panslon

“It is scarcely to be expected that the business improvement will continue throughout the winter at the rapid rate which characterized the first three months of the war. None the less. under wartime con- ditions the general direction of the volume of production and employ- ment is likely to be upward. though admittedly there may be interrup- tions in the rising trend.

"Under the present conditions of war, three factors occur to me which appear to be of major im- porlance in determining the busi- ness outlook. The first is the amount of expenditure by the Do- minion Government for war pur- poses; the second is the extent of British purchasing both of war ma- terials and other goods; and the third, but not, least important. is the course of economic events in the United States.

"In the emergency of war, public spending is of necessity greatly en-

sfeadily, while, on the other, the necessary funds are being obtain- ed through increased taxatlon and borrowing."

Rising Tuition and Public Bor- " rowing

"Rates of taxation have already been raised considerably and we cannot disregard the possiblity that further increases may be nec y . The Government, ln- deed, has indicated‘ its intention of following as far as is practicable a pey-as-you-go policy. In an- nouncing t-hls policy in the Budget Speech of last Se iember, the Min- ister added: ‘In mposlng the new tax burdens which this policy will require we shall be guided by the belief that all our citizens will be ready to bear some share of the cost of the war. but we shall insist on tlhe principle of equality of sac- rifice on the basis of ability to pay. We shall not, of course, be able to meet all war costs by taxation because there is a limit tn the taxes that can be imposed without producing inefficiency, a lack of enterprise. and serious discontent.’ The minister also made it clear that during the early months of the war, the expansion in tax reven- ues could not be expected to pro- vide for any very important PB" of the increased expenditures, par- tlcularly since two of the leading new imposis are not applicable un- til the incomes of i940 have been received.

"The Government has therefore been borrowing- first from the banks and recently from the public. The first loan. of $200 millions from the banks. was designed to promote an increase in productive activity and did not represent a draft upon the savings of the Canadian peo- ple. It was financed by an eXPBIP slon of credit but as the Govern- ment took pains to point out, this ype of borrowing would have to be strictly lin-ilted in order to avoid the danger of creating an inflation- ary situation.”

First War Loan Outstandinl Success

a

"The War Loan just floated has thus been a call upon the 1181101184 savings and it is only to be ex- pected 1,1131; as the war progresses further requests will be made to the Canadian public to place ad- diticnal amounts of its savings at the disposal of the Government. not only for the requirements of our own war effort. but also for the repurchase of Canadian secur- ities held in Great Britain. That this will be done willingly and in

larged and is bound to play a lead- ing part in the business situation. That such expenditures will be heavy is clearly shown by the pres- ent estimates of the Dominion Governments war outlays for the first twelve months of the conflict; they are pinned at about $375 mil- lions-an average of roughly $1 mil- lion per clay.

"It would also appear that the second factor-the extent of Brit- ish purchasing in Canada-As likely to be of increasing importance. Al- though Blritlsh contracts and or- deli-s have not been placed rapidly in this country. several very large contracts including those covering base metals and bacon have been negotiated and there is every pros- pect, that the volume of British purchasing will be steadily increas- ed. It was recently announced in Ottawa that British purchases in Canada during the first year of the war would probably be in the neighbourhood of $400 millions to $500 millions.

“The third factor-the business situation in the United States-is somewhat more difficult to ap- praise, Business. in that country is at present holding its ground, and in some lines is still expanding, after the remarkably sharp im- provement from August to Novem- ber. So long as conditions remain as active as at present. the outlook for Canadian exports to ihe Unit- ed States is favourable. and the prospects for business expansion arc further improved."

Wartime Expansion Does Not Mean Prosperity in the Usual Sense

"Although the general trend of production and employment is likely to be upward. we must remember (hat business expansion in wartime does not mean prosperity in the usual sense. In peacetime a BT01"- hig volume of production means that there are more goods and scr- viccs available for the population and this normally results in a ris- lng standard of living. In wartime. however, an increased production and effort is required for the pur- prxses of llhe conflict. This produc- llOn and effort has to be sacrificed for the needs of the ivnr and is not available for the improvement of living conditions.