fia‘I.E5fiiE.§i- 25.65-isgana-P-2 early turnips is taking place and ‘ year when there was practically OFFSHORE DRILLING ERIE, PA., -— Standing 30 feet shove Lake Erie water level, this drilling platform began exiplora- tion for gas today in Lake Erie. The project represents the first . attempt to find gas odfshore on the American side of Lake Erie. New York State Natural Gas Corp, Pittsburgh, has leased more than 35,000 acres from the AMONG THE FARMERS Federation of Agriculture Newsletter unoprruo OBSERVATIONS .p1antjng and sowing are in full gwing but a very considerable abueage of ground remains to be seeded. Already some thinning of this” a marked contrast in a crop which can be sown’ the first of July and produce very satisfac- tory results. So far we have seen no» potatoes above ground but with some planted_ for over a month the time should not be far-distant. vG-Irass and hay fields are show‘- hig very satisfactory growth and this is indeed a contrast to last no growth apparent. In many fields the clover will cover the stubble by June 1 1 condition which indicates much better than average prospects. A year ago cold. dry weather pensisted throughout the spring and,contri- buted to the downfall of the hay emu. prospects are altogether different at the moment as May present situation is that a condi- tion of both inflation a.nd reces- sion ane going hand in hand. It would appear that, at least, in two instances that the economic picture is not conforming to the -rule book. Certainly agriculture ‘which traditionally has been the first to start down and the last to start up will -not grieve if the situation is reversed. WHO WILL C0>NT‘R.0lL? A recent article by Carroll P. Strester. ‘Editor of the “Farm Journ " under the title “Who is going to control farming?” has some very interesting and ar- resting observaticfs to make. We believe this article to be of suf- ficient importance that reprints of it have been ordered and will -be available at a later date, in the meantime we are including in this newsletter a few of the more pertinent observations. “Farmers havp f traditionally trudged to market with their tutf, asked the buyer what he’d has been moist and reasonably , warm. The stage would appear » 4i€;i 5*-..%“§;5.-Z T, ‘Q.- - :1 INVESTMENT GROWTH Jf";;:;, 0 . at “'3 Of th - b t the 1957 estimate W, 1:: ,5 in we most important fac laryszril: :st1§0beu$200’000’000 on the‘ rim,‘ Icons _ ernunmg the level of 11:)“, Side lyflggl mic activity in a country The pIZe_war high in investment any tune is the volume of 111- =.,.as $1513 000,000 in 1929 and the hell‘; l.,,d‘““’“i spending by business llow was $327,000,000 in the dc- tl’ - .g°\'ernment. ‘pression year of 1933. As the 5 Th’ Area“ graph Shows the year-by- country émerged from the F19’ led. 116 e‘’' 0f capital investment lpression investment spending '3,-ellid re anada “Om 1929 to the 0111“ {began td rise until it was inter- ?“ us; -._lll‘;lye1zar.v (rupted by a setback in the late 9 evel f __ ' v d up through tlleaip Med line-is0z1i‘n1¢29s5tzi;meS1L1¢Ewl?as1<:K l%ls1:0s.'e:§?SenOL‘t tnl11gV%eC0I1Cl World 63.534 Tu *1 deral trade department lwaryfalling off slightly as the [.1175 $4 ,garl§§,mtl>f [investment plans by iuvahvpeared its endd b tart 0 Ve usiness, institutions, An unprecedente 00m, 5' - M The llgggents and house-builders. ;ing in 1945 and interruptedhglllli In , Du forecast of $8,500,000,000 by the 1954 recession, brous 19$ tame 8:31 expenditures is the fvestment levels to a peak ln . . lobe set for heavy June grass ‘ - heavy milk production for‘ at least, the next six weeks. CONTRADICTIONS _. Historically when the economy toes into recession agriculture is the first to get a shelzlacing. How- ever, although it is generally ad- nilittecl that -the Canadian econo- my is in a mild tail-spin yet ll-rlmilture is, at least, no worse of 111 1958 than in the year pre- vious. The day before he died Mr. W58 as in 1957, there would be Ups and there would be downs in lllfifement sections but the balance would remain about the same. Ernie Hope predicted that Cana- lwg -d1an_ agriculture would probably 1» be in the same position during give for it, taken it,. and gone meekly home to raise more. “Week and single-handed .th y’ have come up against buye 5 who -are relatively few and strong. “In some places co-ops have ‘tried to help. We’ve seen some of them perform -‘brilliantly, oth- ers have languished, some have died.‘ “Up to now we've been able to coast along in this fashion, but we can’t from hereon. Far- mers are now -faced with a de- cision that won't be put off fo “How, then, can fa.rmers'con- trol and run their own business? ONE ANSWER. “Farm Journal believes that thene’s one answer, and only one. They’ve got to band together in- Another interesting tact of the 1957 forecast issued’ -to powerful groups to do what Commonwealth of Pémlyslvanla to conductthe “wildlcal” opera- tion. It could mean minions of dollars for the state. (AP? Wire- photo). Q they can never hope to do along. There are several ways to do it. No one of them holds the com- plete answer but each of them has a part of it.‘ These five seem to have special promise. “1. A new kind of selling co-op. “2. Bargaining associations, which bargain for price only with or without handling the product. “3. Marketing orderls, Federal and state. In these, if a specified majority vote -for the order its terms apply to every producer and every buyer of the product in the area covered. We now have some 70 Federal ord- ers which govern price but not quantity. Another 35 Federal mar-—. keting orders on fruits -and vege- tables specify quality but not rice. In addition there are state marketing orders-California a- lone has nearly 30. They work- best on products confined to one area. ' , “4. Commodity groups that ad- vertise and promote ;-.- such as the American Soybean Associa- tion, American Dairy Association, Oregon Wheat Commission and others. “5. Strong programs ‘of the general farm organizations. “If we try all of these at once we can get somewhere." “Let's take a look at the sell- ing co-ops (here, we are not con- cerned with -co-ops that buy far- mers’ sup-plies, nor with how co-- ops should be taxed.) "Their future is about cided. INTEGRATION " “_'Wi~l~l*tl1ey.be able to. become the ‘integrators’ of agriculture or will ‘they sit'on their bottoms and watch somebody else take over? -to be de- ancing that integration requires? Can they do something for their mcmbens that the non-member can’t match? Can they keep from handling heavy surpluses? “Well, not any kind of I so-ca1l- ed co-op can. But a new kind of co-op has a good chance of do- lug all these things. . “This will he a co-op that lim- its its unembcrship to those sol- id, solvent operators who are will- ing to pnoduce a top-quality pro- (CP News map) duct; a co-op willing to let other producers go, rather than one in- terested in rolling up the largest . possilble;member.ship; a co-op in which you've got to be good to belong. “Then it will be a co-op which will manage to get a premium _ price for its q-uality product." “Had it occurred to you that here, too, is a way in which tar- mer-s can take some first steps toward controlling their own pro- du,-etion of some products? How? If they decide to market only peaches of top quality they will obviously put a limited supply on the market. And if peach co-ops in various areas conferred they might begin to affect production national<ly." “In addition, we’ll need nation- al farm organizations, even more powerful than today. We'll need some forms of government iarm program during the transition years, particularly for the ‘basic’ crops of the central and southern states. Farm Journal does not believe that all government farm programs should be heaved out the window forthwith. But we should be moving away from them as -fast as farmers can find ways to take over. “What we need is organized selling power-collective bargain- ing for far-mens-—-comrnodity by commodity. America's laboring men deal for price through powerful un- ions. They don’t “sell as indivi- ‘duals?’ 21 INJURED TORONTO (CP-)-Two crowded intersection Wesdnesadlay nigllut and 21 persons were treated for shock, lacerations and bruises at a nearby hospital but none de- tained. Passengers standing in both cars were knocked to the floor when a westbound Bloor Street car slammed into an east- bound street car turning into §Bathurst Street in the mid-town "area. Can- they furnish the farmer-fin-- street cans collided head-on at an» DAILY MARKET QU OTATIONS SUMMARY By THE CANADIAN PRESS Toronto - Market higher in moderate trading. New York—Ma1'ket higher; se- lected issues rise. Montreal - Market mixed to higher in brisk trading. CURRENCIES MONTREAL (CP) - The‘ U.S. dollar Thursday closed at a dis- count of 3 19-32 per cent in terms of’ Canadian funds, down l-32. Pound sterling $27194, down 3/1;. TORONTO TORONTO (CP)-Western oils led the stock market to f‘nmer ground Thursday in the heaviest trading this week. Western oils, recovering from two days of profit-talking. sent their index ahead‘ over one point. Golds -and base metals were ollf. Final volume was 3,054,000 shares. compared with 2,207,000 Wednesday. Western oils were led by sen- ions. Moving ahead were Bailey Selburn, Calgary and Edmonton, Central Del Rio, Dome Explora- tions and Hludlson’-s Bay. Pacific Pete and Roy eased. Golds, alheadmovst of the day slipped back in the final hour. Dipping in a 15-cent range were Bpalorne, Campbell Red Lake, Giant Yellowknife and Macassa. Donne, I-Iollineagr and Kerr—Addi- son moved ahead fractions. Senior base metals eassed with Steep Rock. -sliding 1.4 point at 1074 pulling the index lower. Other losers, in -a smaller range, were Quemont, Nxoranda and Wait Amulet, Ealconbridge was a 1 point winner at 26. Index changes: golds off .12 to 85.05; base metals off .45 to 152.52; western oils up 1.05 to 135.15. . mnom-o CLOSING srocxs By The Canadian Press Toronto Stock Exchange-May 29 -(Quotatims in cents unless marked 8. z-Odd lot, xd—Ex-dividend. xr—Ex- rights, xw-Ex-warrants.) Net Stock sales High Low Close Ch’ge . MINES Acad U‘ran 2500 7 7 7 Advocate 3300 375 350 365 +5 Agnico 3228 66 55 ‘ 55 -3 Akaitcho 1000 59 59 59 +2 Alba Expl 10500 5 4% 5 om 2208 518% 1775 17% - 94 A1801!) Wt: 6100 735 675 680 -55 Ann! Rare 2500 29 29 29 -1 Anacon 555 60 50 50 -4 Anglo Hut 370 13 123/4 13 -—= 4/4 Ansll 1000 20 29, .20 Arcadia 6500 16 15 ' 16 +194 Area 29900 105 95 102 -10 Arjon 4 ,13l00 17% 16% 16% '-% Allin-Ruf 17500 20 19 19 Aumaque 5500 9% 9 9 - lb Aunor 700 250 250 250 Avilla 500 5% 5% 5% Bankfield 500 9% 9% 9% Barnat 5100 35 34 34 -1 Barvue 2500 14 12 14 + 1% Bary Expl 1000 75 75 75 _ Base Metal 30700 23 19 23 +5 B-Duq 6050 22 21 22 + % Beaucau 12700 61 50 50 -15 Belcher 1000 100 100 100 Belleterro 800 230 230 230 -10 Bothlm .5170 I) 77 80 Bevcon 1014 13 13 13 Bicroft - 4400 105 104 104 -1 Blcroft win 500 34 34 3-4 Bonville 1000 7 6 6 + % Bordulac 1500 8 8 8 “ scad 7000 9% 9 9% + % Bouzan 7500 45 44 -15 +4 Boymar 8000 8 7% 8 Bralorne. - 300 645 630 C30 -10 Brunsman 600 6 6 6 Brunswick 100 275 275 275 + 10 Buff An}: 1000 90 90 90 -3 Buff RL 9000 8 7 7‘ -1 Camp Club 3500 535 625 650 +5 Camp ILL 600 060 850 850 -15 Cdn Astoria 4033 8 7 0 +2 C Dyna 850 66 86 86 -6 C Malart 1200 34 84 34 Cdn Thor 3000 7 6% 6% - IA Candore 3034 22 21‘ 21 Can-Erin 13000 19 17% 19 +1 Can-Met 11863 153 145 145 -7 C-Met wt: 11% 69 68 69 +1 Captain 9000 19 18% 19 Cariboo 2000 83 78 80 Cassie: 1050 785 765 785 + 35 Castle 100 330 330 330 -10 Cent Pat 500 101 101 101 Cent Pore 2000 8% 8% 8% Chib Jae 41250 64 52 60 +6 Chib -M 5900 68 65 67 +1 Coch Will 2700 283 276 200 -3 Coin Lake 500 17 17 17 + 7/2 Coldstrm 111100 at 26% 28 + 2 Coloma 2000 “7 7 7 C Bellekeno 2500 13 12% 13 + % C Callindn 7500 13 13 13 +1 Con C Cad 10000 6 6- ‘Y 6 Dension 4045 S153/4 15% 153/4 Den M8 4965 575 575 675 6 Discovery 1350 310 305 305 ’-5 CG Arrow 11500 30 32 33 -1 C Ilnlliwell 278000 34 31 31 -1% Con Howey 1770 231 ‘210 231 +21 C Marben 8000 28 28 28 _ C Marcus 4000 63 63 63 -1 Con M and S 540 S181/4 173/4 179/4 - Ms C Mogul 2540 145 134 140 C Morrison 1000 20 20 20 + V; C Masher 500 57 57 57 -3 Con Negux 9000 32’ 30 32 + % C Northland 11100 35 35 35 -2 C Red Pop 13000 11 8% 10 -2 C Regcourt’ 9500 13% 13 13 - % C Sanorm 16500 9 8 8% - % Con Sud \ 5600 N73 68 73 +5 Content! 6000 145 141 145 + 5 Coulee 3700 65 64 ’ 64 -2 Cournor 1000 7 7 7 -— 94 Crowpat 1000 8% 8% 0% Cusco 9600 23 211/; 32 Dome 625 815% 153/4. 153/4 + % Donald: 2200 13 12 13 + 3% Duvan 16500 15 11% 14% +2% E Amphl 4500 7% 7 71,4 .. 1,4 Eat Mal , 2500 168 166 - 168 +3 East Sun 3500 152 145 152 +4 East Min 2000 39 37 Elder 16400 89 85]‘ 80 +1 El Sol 3300 11 11’ 11 Eureka 6400 23 22 22 — M Expl AI! N00 -17 15 17 Falcon 2250 $26 243/4 26 +1 Faraday 7300 144 138 140 +5 Fara wts 15.20 54 63 54 +6 F’west Tung 1000 '10 10 19 Fed Kirk . 500 7 7 7 +1 Francoeur 10500 9% 8 8% +1% Frobisher 5750 210 202 210 + 3 Gaitwin 4500 9 8% 8% -— '92 Galkeno 3000 79 79 79 +1 Geco Mines 3635 14% 137/; 14% + % Giant YK 1733 60 640 055 -5 Glenn Uran 900 10 10 10 -2 Goldcrest 24900 15 13% 14 -1% Gold, Eagle 12000 10 9% 1.) + % Gold Man 3000 28 26% 26% -— % Grandroy 9500 29 28 29 +1 Grandue 3250 122 1-16 121 -2 Greyhk 11900 19 18 18 -1 Gulch 8100 17% 17 17 Gulf Lead 1500 7% 7 7% + ‘.5 Gunner 5082 618% 13% 18% + 1/6 Gunnar wts 4660 -785 755 785 _+l5 Ealmon 22320 99 9: 97 -3 10 Hard Rock 3500 9% + % Hal‘-Min 17000 13% 12 12% -I H of Lakes 1000 8 8 3 + ‘/6 Headway 9800 67 64 64 -2 Heath $8000 9 7 8% +1 Hollinger 1130 $22-'5/4 22 22% + % Hoyle 500 430 420 420 —15 Hugh-Pam 2000 20 18% 20 1nd Lake 1000 6% 6% 6% - IA Inspiration 3000 42 40 40 -5 Int Nickel ‘.1416 $73% 72% 73% + “/4 Int Ran 71700 26 24% 25 --1 Irish Cop 7400 140 126 130 +5 J Waite 1500 13% 13% 13% Jacobus 5500 132 128 130 Jaye Exp] 5100 79 77 _ 79 -I Jeanette 7000 10 9 9 Jellicoe 12500 14 , 13 13 -1 Joburke 1700 12% 12 12 Joliet 3000 26 24 24 -—-I Jonsmith 2000 11 10 10 Jowsey 1600 49% 48 48 -2 Kerr Add 1395 S19 183/3 19 + V4 Labrador 1175 516% 16% 16% + ‘/6 Lake Cin 300 115 115 115 +5 L 0511 2000 27 27 27 L Shore 725 505 505 505 Leitch 11300 147 143 1146 -I Lencourt 4000 8% 7% 7% --1 Lexindin 1000 5 4% 5 + 3/2 LL Lac 1700 215 210 210 +1 Lomega 500 5 5 5 + 50 Lorado 1500 53 52 53 -I Lyndhst 7000 14% 13 14% Lynx .3000 10 10 10 Macassa 525 300 300 300 -10 Macdon 1000 27 26 26 -I MacLeod 7300 108 106 106 -4 Madsen 4275 256 251 253 -I Magnet 500 4% ~ 4% 4% - '6 Malartic 4300 105 97 97 -6 Maralgo 74575 62 57 S9 Martime 63300 55 46% 55 -9% Martin 37700 27 E’/3 24 -3 Matatch 27800 25 23 25 +2 Maybrun 1000 12 12 12 McIntyre 25 $61 81 81 McKen 500 20 ‘I0 20 Merrill - 3500 79 75,. 77 Meta Uran 1300 ll) \0 10 Midrim 4940 106 102 105 Millikan 15930 271 250 265 -3 Min Corp 479 511% 11% 11% + 65 Min End 15000 7 6%. 6% ‘ Min-Ore 3000 13 ’ 13 l3 Moneta 500 70 70 70 -1 Mt Wright 28250 70 63 67 +3 Multi-M 2600 57 l 56 56 --I. Name Cr 2500 21 21 31 Nat Exp! 17000 22 20 21 +1 Nealon 1000 5% 5% 6% — ‘A New Alger 2000 6 -' 8 8 -1 New Ath 3000 30 30 30 +1 New Bid 500 6 6 6 New Cal 5600 24 23% 24 +1 New Delhi 6800 49% 49 491/: + % N Dicken 1125 245 .344 245 -2 N Fortune 5000 12 11% 12 -I N Goldvue 7000 6 5% 5% N Harri 7000 13 13 13 New Jason 3000 9% 9 9% +1% N Kelore 500 7 7 7 Newlund 1550 14 13% 13% -1- lb N Man 2000 22 21 21 -3 N Minda 2000 9% 9 _ 9% + ‘:6 N Mylama 10500 17 16 17 +1 Newnor 2000 6 6 6 -— % N Senator 2000 5 5 3 -1 Nick Rim 8500 65 65 85 +3 Nipissing 2400 173 168 173 +8 Nisto 2000 6 6 6 + % Nuranda 1750 $411/4. 40% 40% — % Norgold 3500 8% 7% 7% -1 Norlartic 2000 12 , 12 12 Normetal 1306 248 242 248 +8 Norpax 55450 25 20 2.4% +54% Norsyne 2200 9% 9 9% -1- 56 N Rank 17100 43 40% 43 +3 Northsp 2320 325 315 M0 +5 Norsp A wts 1600 220 215 215 -"1 .l'ort.h Can 500 105 105 105 -2 Norvalie 2500 14 14 14 Nudul: 1700 17 16 . 16 -1% O’Brien 2240 58 56 56 -2 Ogama 2500 6% 6% 6%, + bi Oka Rare 1000 13 » 13 13 - 95 O’Leary 1000 15 15 15 -1 Opem 3625 E15 310 I10 -5 Osisko 605 32% 32 32% +3 Pamour 2500 56 56 58 +1 Parbec 500 4% 4% 4% —- IA Pasrdee 1800 56 56 66 --2 Pater 2500 45 43 45 -5 Patron 4600 25% 2572 25% Pioner 300 156 _153 156 -1 Pick Crow 200 111 111 111 Pitch-Ore 112000 9 6 01/2 +116 Placer 150 980 980 900 -20 Preston 2650 700 680 700 +15 Pronto 3700 505 495 495 -5 Pronto W‘f.s 24940 30 251/; 25% -4% Pros Air 2400 110 102 103 -2 Purdex 79400 114% 10 11. -2% Que Chlb 14100 48 43 5 --2 Que Cop . 7550 29 27 23 +2 Que Lith 500 480 480 480 --5 Q Metal 1600 104 100 104 +4 Qunston 1000 16 16 16 - IA Quemont ' 200 890 885 385 -5 Radiore 1900 43 43 4-3 Rainville 733 25 25 25 +4 Rayrcok 2600 83 82 82 -1 Renabie 300 165 165 165 -6- 1 Rexspar 12700 66 62 62 -5 Roche 4500 16 15% 16 +1 Rockwln 5000 35 34 84 -1 St Michael 2000 10 10 10 San Ant ' 1741 63 61 63 -2 Sand Riv -4000 12% 12 .12% + % Sherritt 2375 _430 420 425 . Sil Miller 5000 72 70 70 +1 Siscoe 3600 61 60 61 -1 ‘ Stclcona 22.83 19 19 19 - % Stanleigh 3860 150 147 150 Stanlgh wts 2520 76 73 73 +1 Stanrck 1615 246 245 246 +1 Starratt 40500 10 8 0% + '6 Steeloy 500 11 11 11 — % Steep R 4725 $10% 10 101/4 - ‘/2 Sturgeon 1000 13 13 13 + Sud Cont 1000 6 6 5 + % Sullivan 3000 176 170 175 Sunburst 1600 14 14 14 -1% Sylvanite I200 114 _111 I11 Taurcanis ‘ 9005 90 85 85 -6 Taurcan vi: 4500 82 73 78 -3 Teck-H 3500 165 162 165 Thom L 0330 00 75 75 +1 Tiara B500 6 6 6 Trans Res 500 16% 16% 16% Trio Chib 500 19 19 19 -2 U1’;-Shaw 4700 33 32 33 U Mining 3500 20 20 20 + ‘rfi U Asbestos 750 605 615 650 -5 Upp Can 1500 66 66 60 -2 _Vandoo 1500 8 7 6 + 3% Ventures 442 325% 25% 25% + 1/a Violam 4 ‘500 121 121 121 + 8 Waite Am 2975‘ 535 as 555 -35 Willruy 1100 75 75 75 + 5 Wiltsey 14000 14% 14 14 Winch 1000 6% 61/: 6% + 1/5 W: Hat‘: 2635 144 140 144 +9 Yk Bear 3162 110 106 108 +2 Zenmao 331750 49 13 47 +6 Curb , Gaspe Cap 100 626 26 26 +1 Pato 325 350 225 350 +35 ‘ OILS Acme Gas 63100 27 25% 26 , Ajax 1000 54 52 52 -3 AP Cons 1500 39% 39% 39% —- % All" Rox 4000 41 40 41 +1 Am Leduc 600 18 18 18 Anchor 12000 22 19% 20 Asamera 100 180 160 100 Bailey SA 330 950 950 950 +20 Bailey S pr zl0 624 24 24 Bail S 59/fipr 170 922% 22% 22% + 1/; Barbff 7200 224 210 222 +19 Bata 500 7 7 7 + '15 Britalta S034 185 100 185 Calalta 30550 67 62 65 +4 Cal Ed 300 525% 25 25 + 1,5 C Oil Lds 3100 225 210 210 -10 C Oil L wts 1700 90 85 as CS 011 wt: 1200 76 75 75 CS Pete 516 380 380 ‘.380 C Chieftn 3600 105 103 103 -2 Cdn Dev 11505 620 530 815 +35 C Homestd 2491 190 180 190 +5 C Husky 861 314% 14 14 - % C Husky wts 440 825 810 610 C Prospect 1750 183 182 180 +6 Cdn W0 225 820% 20 20 Cent Del 25905 850 785 845 +60 Charter Oil 300 170 170 170 -3 C Mic Mac ' 550 285 290 280 -4 Con Peak 3300 7 I7 7 + % C West Pete 1500 675 650 670 Cree Oil 200 400 4-00 400 Cree wts 180 195 195 195 -4 Dev-Pal 1500 150 146 146 Dome Exp! 275 10% 10% 10% -4- lb Fargo 1293 650 ' 650 650 -I5 Gen Pet A 100 320 320 320 +10 Gr Plains 425 518% 18%‘ 1-0% Home Oil A 1473 $19 18% 19 Music by the Mariners Orchestra Refreshments. MAIN BRACE NAVAL VETERANS WILL Horn) THEIR REGULAR MEMBERS DANCE FRIDAY -- 9.30 -12.30. A Home 011 B 1245 S19 183/A 183/4. H B Oil G983 81 5/31 185/3 18% + ‘/9 Humber 16400 130 120 120 --8 Jupiter 100 215 215 215 Majtrans 1000 4 4 4 Marigold 500 14% 14% 141/2 -1’.-h Medal 3000 260 25.5 257 Midcon 37350 117 H0 113 +2 Mill City 6928 261/: ‘.75 26 N Bristol 6500 8 8 B +1 N Chamb 500 115 115 115 +1 N Gas Expl 650 125 122 123 -2 N Superior 2810 122 120 120 Northcal 16100 30 29 30 -1 NCO wts 150 135 135 135 +5 Northld 4500 20 18 18 -2 Pac Pete 3785 $l7% 171/4 173/s -— 1/: Permo pr 300 180 177 177 -3 Pruv Oils 1200 95. 95 95 -5 Phillips g " 7500 83 70 83 +9 Prairie Oil 200 330 325 330 Provo Gal 2300 264 260 260 +3 Quonto 2000 11 11 11 ‘ Reef Exp] 2000 71/2 7% 7% + % Richwll 900 126 125 126 Rocky Pete 2000 10 10 10 Royalite 1390 $11 10% 10% - % Royalite pr 100 521% 21% 21% — '/2 Sapphire 3200 65 63 65 -4 Scurry 2100 196 191 191 +1 Secur Free 2410 585 565 570 +5 Spooner 2500 22 22 22 Stanwcll 800 72 72 72 Tex Cal 5300 53 52 52 +1 Trans Can 1800 122 117 120 -3 Un Oill 8100 222 216 221 -1 Wayne 44000 12 11% 11%. - /5 Westburll 3000 82 82 82 Wespac 21648 91% 30 30 +1 W Cdn 0G 771 179 175 175 -1 WC OG rte 5120 13% 13 13 W Maygill 2000 175 170 175 +5 W Decalta 206 190 180 180 W Dec wt; 1500 29 27 27 -1 W Lease 200 425 425 425 W New 500 100 100 100 Windfall 3000 13 13 13 -1 Yan Can 59500 12% 10 10 -2 Curb . Dalhousie 500 14 14 14 -1 BANKS Mon! 65 544% 43% 44% -4- lb NS 175 $59 59 59 - V4 Comm 195 547% 47 47 -% Imp 299 347% 47 47% - is Royal 470 $61"/s 61% 61% + % Tor-Dom 132 $433/4 48% 439/4. INDUSTEIALS Alumlnl 954 625% 2534 25% Anglo Nfld 550 $594; 5% 5% C Brew and 1061 8303/4 30% 30% - ‘xi D Steel 40512211-IR.lJMF'WYPK D Steel 1245 $21 201/4 20% + V: Inland 340 65% 5% 5% - % Nor Star 455 613% 13 13% + V4. Pbina New 320 87% 7% 7% Simpson: 1560 520% £34 20% Stedman 25 $29 29 Walkers 1155 629 283/; 283/1 Total sales: 3,054,000., MOST ACTIVE TORONTO BPOCKs:N B6 . The up nZPrn..s Neon ..stock . .sales..High Low Close Clfge INDIJSTRIAIS Int Pete 5944 $46 45% 46 Cockshutt 5580 612% 12 12 IA Wpg Cent 4263 56% 53/4 61/; + % Massey-F 3605 $8 77/; 9 ‘Trans c PL 2563 3251/. 253/. 26% + to OILS Yan Can 59500 12% 10 10 -2 Midcon . 57300 117 110 113 +2 Wespac 21648 31% 30 30 +1 MINES zenmac 330750 49 43 47 +7 C Haliwe! 278000 34 31 31 -1% Pitch Ore 112000 9 6 6% +1% Purdex 77990 14% 10 10 -3% I Ranwick 71700 26 25 25 -1 MONTREAL (CP) — Prices were irregularly higher at the close of trading on the Montreal and Canadian stock exchanges Thursday. Mines and oils were ’ active, but industriahs were quiet. Brews utilities and base met- a‘. were mixed. Molson’s B was down 11/4 at 843/; and Noranda lost ‘/62 at 40%. Quebec Power lost "7; at 331/s. Up 1/4 each were Labatts at 231/: and Asbestos at 29%. O t h e r industrial categories showed an upward trend although some key stocks closed at lower prices. 4 Dosco was up 94; at 20%. other winnens included Brown Paper rising 5/; to 115/s, Home B ahead 1-2 at 18 3-4 and Royal Bank up 1-2 at 61 3-4. Sevenal outstanding changes oc- curred in the three mines and oils groups, all of which were mixed. Central Del Rio soared 60 cents to 8.45 and Canadian De- velopment jumped 40 cents to 6.10. v The banks’ average was up .1 at 50.09, utilities stayed at 139.9, industnials advanced .4 to 255.4, combined was up .3 at 216.9, pa- pers gained 5.20 at _1101. and golds slipped .85 to 69.31. MONTREAL CLOSING STOCKS By The Canadian Press Abltlbl 27% How Smith 29% Abit pl 24 Hud Bay Min 423/4 Asbestos 29% Imp Bank 4'7 Bank Mont 44 Imp Oil 41% Bank NS 59 Int Nick 73% Bnque C Nat 42 Int,Pap 93 Bathurst A 36 Int Pete 4-6 B11 40% Mass-Hat 0 Brazil 6% McCall 57% c Cement 31 N st. Car 23 C Bnk Com 471/4 Norande 40% cm Brew 30% Price 401/.» Cdn Brew M‘ 30% Que Pow 33‘/is Cdn Celan _ 14% Royal Bank 613/4 CPR 23/6 St L Corp 113 Cockshutt 117/s St L Corp 13 Seagrams 28% Shawln 25% D Bridge 22% Steel ‘ 56% Dom Tar 12% Un Steel ' 13% Foundation 223/4 CANADIAN Frau 243/4. Cons Pap 3294 GT Lakes 29 Ford 79*‘/4 GETS NEW POST ST. JOHl\l’S, Nllld. (OP)—-Am- brose J. Mccrowe, district super- vrisor since 1955, has been ap- pointed -superintendent of the local regional welfare office, it-1 winsloe was announced llhursday. . ; NEWYORK NEW YORK (AP) - Indus- trials developed enough strength Thursday to push the stock mar- ket the moderate dzistance needed to achieve another new high for 1958. ing railas were up on average. and utilities were unchanged. Ltd. and Dome Mines ‘/3 each. oupinc both lost 174;. Most C.anald.>ian Slhawinigan was out 1/s. Eureka and Sapphire Petroleum. What stocks did: Thur. Wed. Advances 591 479 Declines 300 380 Unchanged 261 284 Total issues 1152 1143 NEW YORK CLOSING STOCKS By The Canadian Press Beth Steel’ 42 Kennecott ml/4 Borg Warner 28% Monty W 35% C and 0 543/4 NY Cent 15% Gone Edison 55 Radio Corp 34% El Auto El 31% Std Oil NJ 53% Gen Elec 593/4 Utd Aircraft E1175 Goodyear 75% Vanadium 90% Gt Nor By 37 Westngse 55 Int '1‘ and '1' 35 GRAIN WENNDPEG (OP)-General de- mand for all grains appeared Thursday on the Winnipeg Grain Exichange prompted by dry wea- ther on the Prairies and reports of crop dalmlalge. Prices advanced in most grains and October and December f-lax contracts reached seasonal highs. Closing prices: 1/s higher 70a; Oct. 1/: higher 7091; Dec. 16 lower 693. Barley: May ’/4 higher 94%; Jly unchanged 93%a: Oct. ’/s higher 943; Dec, 3/s lli-g-her 913/la. Flax: May 4% higher 3.08‘/zb: J=ly 37/s~-1% higher 3.06%-3.07; Oct. 3% higher 3.003/¢: Doc. 21/4. higher 2.93%. , ’ Rye: May 1% lower 1.11; Jly 17/: lower 1.10-1.10‘/3; Oct. 2%-2% lower 1.11%-7/s; Dec. 1% lower 1.123/4. ' ’ Prices for class twowheact for export to countries -outside IWA: 1 Nor 1.60%; 2 1.56%; 3 1.48%; 4 1.417/3;, 5 1.27%; 6 1.2373. 1 D11- rum 1.92%; 2 1.91"/s; 3 1.79"/a. IWA and domestic prices: 1 Nor 1.60"’/s; 2 1567/3’; 3 1.487/s; 4.1.417/s; 5 1.27%; 6 1.23%; 1 Durum 1.927/s; 2. 1.9173; 3_ 1.797.. ’ PRODUCE MONTREAL (GP) — Agricul- ture department quotations: Eggs: Wholesale dealer price to country stations, wooden cases extra-lange 44; large 44; medium 38-39; small 32; B 32; C 23. Re- ceilptsz 102. Butter: Current receipts tender- able 631/4. not tendenaoble 623/4; fresh grade creamery prints job price 631/2-65; fresh wholes-ale 63% Cheese: F.O.B. xgradling station, Ontario white 34-34 1-16; colored 341/s; delivered Montreal, Quebec white 321/2, colored 321/2; whole- sale Ontario white 34%; colored 343/4; wholesale Quebec white 33% colored 331/2. , Potatoes: P.E.I. 75:5 1.50-1.60; P.E.I. 505 1.00-1.10; P.EI 10s 30- .33; 100-1.10; N.B. 105 .25-28; Cali- fornia 1005 new 475-525. ‘ POET DIES SAN JUAN, Puerto Rico (AP) Spanish poet Juan Ramon Jim- inez, 76, winner of the Nobel Prize for Literature in 1956, died in hospital here Thursday. Jim- inez had lived in virtual isolation since «the death of his wife only three days after he was given the Nobel Prize. Friends said the death crushed his spirit. PUMPSv. . . For Prices on Complete 5 - terns, Pumps for any dep DIAL 7596. Cha.1nr- ers Newson Friday, May 30. 1958 The Guardian Page 9 Aircrafts, r u b b e r s. motors, steels, oils, Coppers and airlines were good performers. The lead- The Associated Press average of 60 stocks advanced 70 cents to $170.10, its highest level since last Sept. 19. It exceeded the last 1958 high of $169.90 attained May 9. The ind-us-trirals rouse $1.40 to make a new high for this compon- ent, the rails were up 60 cents International Nickells nise of 11.5 was the biggest gain in the- Canadian list. Hudson Bay Min- ing was up 1/4 and Arluuminium Canadian Pacific slipped ,, Dis- tillens-Seagraems was off ‘/4 and Gramby Mining and Mcl-ntwe Por- issues traded unchanged on the American Stock Exchange where other prices were higher. Preston East Dome . and Fargo Oil made minor gains, and smaller losses were taken by Oats: May l/3 higher 70; July‘ NIB 755 140-160; NB. 509. . By RON ANDREWS Canadian Press Staff Writer ing. activity. To sell short you borrow stock. But, you must give this back value between the time you bor- row it and the time you give it the value increases, you lose. As an example let’s follow a theoretical short sale. You are watching the market and decide that X stock is going that you would like to sell short 1,000 shares of X. currently trad- ing at $10 a share. BORROWS STOCK For your broker to do this, he mustborrow the 1.000 shares. So he goes to the loan post of the stock exchange and borrows the stock if it is available. The stock is available if other bu‘ok~ers, who have clients buying on margin, have deposited stock at the loan post. (Under the ex- ctha-nge rules any person buying stock on margin m-ust agree that the stock can be loaned by his broker while it remains on mar- gin.) To borrow the stock your broker must give collateral equal to its full current value. You, through the broker, put up that collateral. You then instr-uct him to sell the shares at the current price of $10 a share, or a total of $10,000. Later the value of X stock may decrease to, say." $8 1 share, so you ask your broker to buy 1,000 shares of X stock at a cost of $8,000. RETURNS SHARES Your broker then returns the 1,000 shares to the exchange loan post and obtains your collateral. You have made I profit of $2.000, less brokerage fees and taxes. _ But what if the va1u.e,o£ X stock increases? The lender of the stock-the person who agreed that his stock could be loaned at the loan post of the exoha-nge-may either ask for more collateral or he can de- mand his stock back if he wants to sell it. But you haven't got the stock- you have sold it. If he demandshis stock back you have to buy 1,000 shares at the current price of, say $12 a share. Failing to do this you put yourself in the position where the lender’: broker can ‘buy you in” at the market. That is. he can buy 1,000 shares of X and charge it to you-taking your col- lateral and billing you for the dif- ference. So, if the stock is selling at $12 a Share. the 1,000 shares will cost you $12,000 and you lose $2,000 plus brokerage fees. NEW RULINGS . . In earlier days, somg things happened under short - selling which wouldn't be allowed today. Vaglous regulations have been drawn up to keep it under con- tm. One ruling of the Toronto Stock Exchange reads: “lNo short sale of a security shall be made below tlfe price at which the last sale of a board lot of the security was effected on. the exchange." $10, the broker could not sell it short for his client except at a price of $10 or more. i I -DO IT -NOW . Don’t try to fit modern living to old fashioned wiring. We will check and correct your wiring quickly. neatly and economically. FREE ESTIMATE CALL NOW PALMER ELECTRIC PHONES 8543-8544 The stock exchange is a place, of many intvnicacies and one of the least understood of them by the general public is short sell- Probaubly this is one reason why the public seldom engages in this eventually. If the stock loses back, you make a profit. But if to decline. You tell your broker That is, if a stock last sold at : Short Selling, On Exchange Little Understood By Public Another rule is that all short sales must be clearly marked as such. Brokers agree in general that short selling can be useful to a market because it exercises a re- straint on wide fluctuations in price movements. But they say that Canadian people do not understand short selling and also that they are too optimistic to go into it very much--they are usu- al-ly looking for the market to rise. Less than one per cent of trad- ing on the Toronto Stock Ex- change is in short selling. On the New York Exchange, where speoalists often sell short to fulfil their obligations to con- duct orderly markets in the stock they handle, short sales consti- tute three or four per cent of vol- ume. Holifox Arson. Trial Opens HALIFAX (CP) - A television store employee testified he found a candle burning in the store's stock-stuffed b a s e m e n t last Christmas eve as the trial of his employer on a charge of attempt- ed arson opened ln Court Wed- nesday. ' Harold Hyland, who worked for store owner Mendel ‘Leo Gold- berg, said a flickering light led him to a homemade candle wrap- ped in tissue, two half-pint milk bottles and a paper cup, all held together with cellulose tape. Hyland said he found the de vice when he returned nearly five hours after he left Goldberg at the store. He said his employer had told him he was going to Saint John, N.B., later that day. : Reginald Charlton, another em- ployee, testified that merchandise had been moved from the store’: main floor to the basement earlier that week. He said merchandise had never been stacked “so tight" in the basement. ll°3'nRI§Ell3oo' onlv $1595” - AMAZING 50 miles per gal-" lon economy makes it pos- sible to be a Two Car Family for as little as $8.00 a month. (Avemage driving.) Ma:KAY MOTORS) 59 st. Peters mi. Dial ms HANK): SNO AND HIS BIG-I _ ’GRA.Nl)’ the UM SH[]h WILMA LEE &lSl0NEY. odour * .9.-' THE iclmcu _MT.' "CLAN -1- 1*’ cowbov «CNOPAS +- THE om. cowboy ;-k Jluui--E slow me RAINBOW RANCH boys -1- Comig hur. un 5th. SPORTS ARENA Ch’town One Show only-8:30 p.m. Admission - 1.50 Children - 50c lC..0'M_E“D_lAlNV_‘V‘:‘“ EEPY McD‘A,N|EL,f* Almost every man enjoys -11¢ suggested price All taxes included Where? BARGAIN wrrxu When? 33% to No Charges THE MISSES HOLMES &'BRADLEY ‘Thursday, Friday, Saturday ASSORTMENT TEEN AND CHILDREN’S COT- TON SKIRTS, DRESSES, SHORTS, PEDAL-. PUSHERS. BAT]-IING SUITS, and etc. CLEARING AT HALF PRICE “ ” COATS (assorted ‘sizes) CLEARING One dozen. TEEN JACKETS, reg. $9.95 to $12.95, CLEARING 7A1‘ $5.95 EACH Group of BOYS’ SUITS (sizes 4 to 6x with long I pants). Beg. $6.95’ CLEARING at. only $2.95 each TABLE INFANTS WEAR AND SMALL BOYS’ WASH SUITS-—CI«EARING at $1.00 & $2.00 each HOLMES 5. BRADLEY AT 50% off ' No Refunds J