New issue. _- ‘ A - Northwestern Power 0o. Ltd, 6 p. c. First Mortgage Sinking Fund Convertible Gold Bond; Maturing January 2nd, 195g Price: 98 and interest to yield about 6.15 per cent These bondrare guaranteed by the Winnipeg Electrie Company andire convertible into its common stock. v y Stewart Jones and (10, 88 Great George Street ' Charlottetown VITIMIN 100% WHOLE WHEAT FLOUR- Wrlte to uswlthout obligation and we will send you complete information regarding the above, ACME SECURITIES LIMITED. 503 McKinnon - Bldg. Toronto, Ont. DON'T GUESS-— o FIND our There are guessing games. but the investment of money is not among them. ln order to make your investment successful our judgment should be based on the best in rmation. In every Sollowsy, Millsoflice you may obtain the very latest information gleaned by our skilled engineers and disseminated over our extensive private wire system. Don't guess-FIND O Tl Sollowonfliilis fiCoLtd.» hm elm connected by salon-vile ulna-win so... ‘I9 QUEEN STREET CHARLOTTETUWN l‘. E. l. Telephone 842 _ A. A. POMEBOY. Manager. Daily we ‘ oadoast over Station O, F. C. Y. at 12.30 p. m. and 7 p. m. Members oi The Montreal Curb Market i Members Standard Stock and Mining exchange Members oi Vancouver Stock Exchange. Private Wires to Leading Exchanges and all Branches. Orders Executed on all Markets. a Service y... will Arrow!"- a react-anon Street ] . - cnaniur-rerown near) omcir orraws _ >ollltf Maritime Branches- llallfsa. ‘St. John. Monsters. Vermouth. ‘New Glasgow. Syflnly- ‘ Phones lilo-UN. . _ . , g “b,” We recommend; and offer: Montreal Tramwaysl ' Company 5 c. General and Refunding Mortgage Bonds v "Due Aprill", 1.955 PRlClilio and-interest, ~ i0 Yield ,. \ over 5.55 p. c. r Eastern Comipganyi c :* 'r.i1~,t1,'r 1,o1,> "- v mm doesn- Furnished by Mowat dz. Macfliliiv- ray, Btock Brokers. When the official announcement of the Northwestern Power financing made its appearance, the ‘ v Winnipeg Electric suffered a. sharp decline. The reaction was due to the fear that the guarantee oi the bonds oi the Northwestern Power Co. might adversely affect the earnings oi the company. It is very question- able wliether this could ‘happen; but iii any event, it would not do so for at least three years, as the first de- velopment will not be completed un- ‘tii the iail oi 193i, and it is custom- ary to capitalize all carrying charges until a. substantial amount oi the available power is developed. Meanwhile, as the Winnipeg Elect- ric has the only surplus power that will be available until the iall oi 193i, and as the demand for electric power is rapidly expanding. the earnings oi the company should show a large increase during the interim. It is expected also that the City of Winnipeg will grant higher street railway fares to the» Company as it has been ‘established in all large cities that it impossible to give an adequate up-to-date service and keep the equipment up to standard on the old rates that prevailed especially as wages have increased and the cost of equipment hlas steadily advanced. Lake Superior Corp. It is understood that plans for the construction and financing oi a large structural steel mill were discussed by directors oi Lake Superior Corp. at a. meeting ln Toronto, at which Premier Ferguson and Members oi the Dominion Cabinet were present. Plans for the new mill were origin- ally made many years ego but only recently has the company been in position to undertake such financing. Part of the ground work for con- struction oi the new mill was laid by the subsidiary steel company some years ago when it expanded approx- imately $2,000,000 clearing the land, completing some oi the steel frame construction and building the‘ soak- ing pits before work was adandoned. Canadian Newsprint It is understood that o meeting oi Hon. Mackenzie King, Prime Mln- ‘Gmflal mum istcr oi Canada, Premier Ferguson 0i’ Ontario and Premier Taschercau oi Quebec, was held yesterday for the purpose oi deciding ori a definite policy with regards to the Canadian newsprint industry. Shareholders of the various newsprint companies are thus given assurance that Canadian powers are doing all that is possible to place the industry on a sound iin- ancial basis. The result oi the meet- ing will be awaited with a great deal >1 interest. QUOTATIONS FURNISHED BY TQ. C: , ll ' d ‘IDDSCCO °' shawinigan .. .. aim "rm; CHARLOTIl-ITQWN oumznmw “Steel oi Canada . Winnipeg Electric 45 BANKS Commfico 265 Montreal i. National Nova Scotia "...-... 328 Royal s12‘ MONTREAL CURB British Amer. Oil ............. 47%. Can. Dock do Dredge 35% Distillers Seagram Page Hersey Stand. Pavingdt Materials . v Walker Gooderham 101i NEW YORK STQZCK EXCHANGE American Cari Allied Chemical ... Allegheny Corp. .............. 28% American Byers 89% Amer. TeldsTel ........ .224 Amer. Smelling d: Reiining ... 73% Amer. 8s Foreign Power 94 Amer; Waterworks d: Elec. .... 94% Anaconda Copper 78% Atlantic Refining . Bethlehem Steel . Columbia Carbon .. .... Coiumbis. Gus ....... Columbia Gramophone . Cons. Gas Chrysler .. 369i. Congoleum .. -- A1534 C. P. R. ............-......... 19B Commonwealth 3r. So. 15 Continental Can Corn Products Curtlss Wright .. Dupont 1181.5 Electric Power 6s Ilight_.. 591s Eastman Kodak General’ Motors Goodyear Al the General Meeting, oi the Shareholders oi the Bank of Nova Scotti, held in Halifax on Wednesday, the President, Mr. 8. J. Moore, addressing the shareholders, referred with satis- ‘ ' and ' to the - - BANK ‘or NOVA scorirntroitrs INCREASED Prion A Arr ANNUAL GENERAL uterine, nun m HALIFAX Machinery in Agricultural Production ‘er-ring to the stock ‘market situ- ation, he spoke as follows: “The balanced oi the ' country at large has not,‘ however. been reflected in the Block Market. Profits that the Bank had been able to show in i929. He stated that con- ditions throughout the year were con- ducive to increased earnings, there be- ing a large turnover oi business which kept the {Bank's resources fully em- ployed. ‘ lie referred briefly to two properties that had been purchased by the Bank during 1929, the first one being the northeast corner oi Bay and King Streets, in Toronto, for the location oi the Bank's Toronto Branch and Gen- eral etilieijesfland the second, certain DPOPO adjoining the McCurdy Building, already owned by the Bank in Halifax. Mr. Moore stated that build- ing operations in Halifax would com- mence in May and in Toronto possibly early in 193i. I-le referred also to the decision o! the Directors to issue $3,000,000 oi new Capital at $250 per share, and ex- plained thgit it had always been the policy oi the Bank to maintain its Capital at a figure in keeping with its volume oi business, and that this new issue would -bring the Bank's Capital in lino with the growth of its b inthe past few years. Mr. Moore stated that “The general prosperity which was such a marked feature oi 1928, and to which I referred when last I had the privilege oi addressing‘ this meeting, extended into 1929 and lasted well into the second hali oi the year. As a result, despite the business recession which has been noticeable for some onths past, evidence is acciunulstliig which goes to show that the results oi the year's business e-s s. whole were even better in 1929 than in » 1928;" ‘ I-ls added that this was the case despite the islet that the Western Wheat Crop in the season just ended was only halithesize oi that harvested in the previous season. After reierring to the- high quality oi the crop and crop Johns Mansville 136 Int. Tel a Tel ... .. 70%, Kolster Radio Kenuecott Copper Loews Inc. Montgomery Ward 42 New York Central . ...-.....- Packard .. Pan American B . . conditions in other wheat-growing countries, he touched briefly on the Canadian -~poiicy oi withholding sales pending improvement in prices, which, oi’ coursephsd an adverse effect on _ r " and ‘ b‘ ' and also increased the amount oi Bank credit -re'quircd to carry the crop pend- ing its marketing. He sinus that the fact that this development had not produced any disturbance in Canadian business generally was s. strong proof oi the "extent to which Canada had now succeeded in diversifying its eco- nomic activities. ' He expressed the opinion that s. main iinfluence in sustaining the great activ- Tinoughout 1938 ‘ and re- gencrally were almost insistently the pub- lio that the hlgh prices of common stocks at that time werenct justl- fled, even by the handsome pronto then (and now) being made by Canadian corporations, These war were disregarded by s suf large number oi those in the market, to maintain a top- heavy condition during the most oi 1920: as a result oi which the debacle occurred in. October and November which is still ireab in the memory oi every one. Most oi the gains oi i928 and 1929 were iped out as a result, and the prds oi common stocks today reflect iar more accurately the dividends being paid upon them, than was the case three or iour months ago. While many individuals have suffered se- verely during this drastic read- justment, their number as com- pared with the number oi those who were not speculating in the Stock Mar is compare very small. Losses that have been in- curred may be held in part re- ior the ‘ ‘ ‘ oi business at the close of 1929, as compared with conditions at the close oi i928. Nevertheless, it is impossible to regard 1829 as having been other than a. very prosperous year for Canadian business." Mr. Moore rcieired briefly to condi- buslness in that country had been geri- erally good also throughout i929. but that the same recession in business oc- curred during the latter part oi the year as in Canada, and the some rela- tive dullness oi trade immediately fol- lowing the stock market collapse. He added that: "Nevertheless, there. ss here, com» modlty prices have been well maln- talncd during the last few months, and there is no sign of serious over- production or. except in the auto- mobile industry, oi unduly large in- vcntories. Wages are high, and the worker who is steadily employed is living under conditions betmr than ' any in his previous experience." Mr. ‘Moors ‘concluded his remarks in ’ vein,‘ “ that a although business was less active at the moment than it was last summer, he ‘concurred in the note oi constructive optimism that had- already been sounded by the lcndcrs in Canadian industry. He believed that, in the main. the recent prosperity oi this country had been soundly based, and that, in the long run, correction oi abnormal conditions in the stock market would make for tions in the United States. stating that ' the relolute elimination oi wasteful ‘” practices. --'1_'he General Manager, Mr. J. A. Mc- Leod, reviewed in detail the position of the‘ banker shown-by its balance sheet, _ ting on any changes oi conse- quence under the various headings. Mr. McLeod referred to the reduction of some ‘ssnooooo in the bank's deposits during the year, and explained that this reduction occurred in the last two months of the year, for, up to the end or October, an increase oi some $8,000,- 00011“ been shown. Be stated that: "Sharp withdrawallr, however, took place in the last two months oi the year, leaving cur totals reduced ac- cordingly. The November bank statement shows that our experience in regard te the decline of Canadian ddposits was no dlflercnt than that oi other banks, the being that the money was used to margin stock accounts or to purchase se- curities at what looked to be attrac- tive prices." Be went on to speak generallylin re- gard to conditions in Canada, men-Jon- in; that: . - "To many, looking back over the past year, the dominating ieature oi 1029 seems to have been the drastic con-ection oi prices in the stock market, which occurred within a. few short weeks during October and November. Large numbers oi peo- ple euflersd losses as a result. Those who were speculating with open eyes. despite repeated warnings by responsible authorities, were, in s. sense, the architects oi their own misfortunes. Others, who, through lack oi experience, lost fairly heav- ily by unwise purchases of securities at prices in excess oi real values, deserve more sympathy. '1‘he en- deavor oi the banks has been at all times to stabilize conditions. For _ some monjlis before the break cc- curred they discouraged loans for speculative purposes: during the break, they, revised temporarily their ' collate l requirements, and thus helped to restore public confidence; and I believe that the banks may legitimately claim some credit for the fact that, with a ie'w exceptions, purely Canadian did not, as a rule, scar so dange , high or fall so precipitatelv low as did securities mainly handled and ._ financed elsewhere. "But, in any case, it is s. mistaken view that regards the developments oi Cctober and November as an ac- curate ‘ol r" -" busi- ness in i038. For two or three months previous there was discern- ible sonio slowing-down of the very active business that characterised the first half oi the year. Disturbing influences were the rising rate oi bond interest, the sudden contrac- tion in automobile sales during the s I Mr. S. J. Moore, PreaidenfiReviewe Year's Activities and Makes Pointed References to Fun- damental Conditions Affecting Reaumptiori of Normal Business,Activity—Mr. J. A“ l“ McLeod, General Manafger, Stresses Growing importance of Hydro-Electric Power. in Industrial Expansion; Refers to Deairability of Slow But Steady Growth in Population, and Deals With the Advantages of Increasing Use of Power ... u... -............i Annual l‘ ' Meeting oi Bhuebnidn ers last year, m1 the recent application oi science to industry, and went ca. to state that. with the flowing uae o! science in induotry, bad come very. rarpid growth in one employment of power, smting that: "The number of business enter- _ prises has not been increasing ms- 1' terially. but there has been a con- ‘ tinuoue reorganization of thorn. ‘ Within the past nve years the size oi the representative an manufacturing establishment has 1 increased by about one-titled; the number oi the working force‘ by " rather less than onc-tlhlrd. and the capital employed by rather more than one-third. In the meanwhile. the eiiorts oi the individual work- er have been assisted by means oi - e much amount of me- .. . , enemy’ ._ ... . by steam. or, as has been more common, the liarnessin of streams oi vwster for hydro-electric ed. " is o. pity that Iwe have not up-rto-dste figures on this question. To the banker, as to the businms man. an up-to-date statistical rec- ’ ord is all important: and I ven- turd to suggest that this country roan well afford the sums necessa y to pmelerate the tabulation and publication of business sbatistics. Even the partial figures that are available are eloquent." l-le continued that there was every reason to believe that the tendency in ' provide the worker wltlrmore and more power would continue for at. least a. generation to come and that Canada, with its vast water powers, was likely to share iully in this development. Ha felt that the advantage Canada pos- sused in tthis respect was such that she could aiiord to ‘let her population grow. as the population oi e. healthy country should grow, paratively slowly. Because she can endow her workers with more and rncne power per head for very many years to come, she need have no serious dears lest her progress be handicapped by the dad: of a sufficiently large wor force. She caneflcrd toregerd the‘ population prob- lem from the standpoint oi her heat interest-to think in terms oi on- buiiding, and not to conceive oi immi- gration primarily as, a. means oi re- cruiting n/eceasary labor use oi machinery in —' ture‘, sbt- | lng that this was doing ior agriculture what the growing resort to hydro- electric power eras destined] to do for . . . I . . 1r man's wealth and comfort’ and clad made idi- more contentment. He can: ciuded as follows: ' "We may congratulate ourseivs (that we live in a fortunate gener- ation. We may thope that we shall prove equal to the measure of our opportunities. We shall certainly not be downcast by recent events or forebodinm expressed at the time of their occurrence. If we earne- times look backward, it is not in vain regrets. but because there is much in our pest which is a. source oi pride to us, and much also from which lessons may be learned, with , wisdom in the . m. Ila see sis es I Ventures Limited ... .... 2.80 Vipontl .‘ .. 11s Wuinwell Oil ... .... .09 Waite Ack. Mont. ... 3.50 VJi-ight-ilargresvcs .. 1.83 (TIIICAGO GRAIN EXCHANGE Mnr. 1.3113, Liay ...1.35-?i July ... 1.26%’; (Continued on page 6) I, Calgary . Power ALGARY Power l Company, Limited, Eroducing 08% of the ydro-electnc power out- ing about 130 communi- ties, is rapidly expanding its system in the most thickly populated section oi the province. - '- lnvestment in this suc- ' cessful Company on a_n ‘ attractive yield basis, is ’ possible throu li the - urchaae of its '7 Pre- llerred Shares. I orma- , tiori and oflerings will be . submitted upon request. i l‘ put of Alberta. and serv- Royal Securities ' Corporation 1 tutu - _ fiolidloaf: :.$..r__.r.4--_§~_.¢~ .- . ‘at- il-le referred briefly to. the increasing i’ ' ' ~ second halt oi th y ar, and the MOWAT a MACGILLIVRAY, "b- sml“ "-1 N" ‘mm W. ggnggngigggfgggigg f,:§,{f,f,,‘,',f§,,§}: §,‘,“,,',’,','“g;,,,;'_“‘,',,“‘:,,,‘;“‘;,,"12,°~,,,£",,ff§ relatively small groin oerop, with its srocx nnokniis Ra“? 29.’? n. went on to state that mu activity nevertheless, this is not o. time lOi‘ in- gain avglrlticgighgvmltgagiztg-t car-M: C ... . is - . liliniil. 11:: .. $2, ‘,,."...°°§§‘$Z“.o...°“ ’€5‘..f3‘l§‘駧§n$..$‘} ‘if.’ °§o‘“.3?l}'.“¢§§.°=3i?=hv§°iii‘oiil"i tuukrflwwflih=e<>vvccwd Ablivlbl ........................ 27h _ 54 1n m‘ we“ H! cémmefiwd nworamy the (“ruin-mt of fawn-ch acuvmu‘ lUIElY. 811d “W UBIWDOTlB-llon “but” 2'3 mynolds Tobacco ‘u’. l 1- on the improved conditions that had the frank acceptance oi new and better mmmnmwlzv?‘ flzrgfiglelis” 21:1‘ Bell Telephone 155v.- sm“ mam” m" prevailed urlng the year in the Mlifl- methods oi production and distribution 3312mm“ m’ w” maligned, B b Pow r A 39 Sinclair Oil 24'»: time ces and the more rover-solo as rust as they become available. and. i’ ' 8' 0' Pow; B " 2o spice;- , 251,5 outlook that now existed for-the future. in addition, through closer cooperation, He roles-red be ms comment; at the B, mp,” 25% Stand. on oi New Jersey . .. em " _ _ Frlzillfln 40% smmLou °l N“ ‘mm 1°, Dominion Tar .. .. 211-; Yellow Truck .. . . . . . . . . . .. 151-; Int. Pctc- 21-05 Buildinerrvdlww 28% s“‘“d'°“‘”°u " a?“ Famous Players .. sou. c. P, n. .. .. 1e91,; Kirkland Lake -- 15 Can. Car . 281's she“ Unmu "" "' 229i Noranda ,, . 387i fxiiezal Motors ;. 41's Lillie 5H0"! -- 21-03 Can. Bronze 56% slliihbiike‘ ""' n? Power Corporation .. '15 u. s. Steel .. m Lon-cry Pete. 1.6;‘ CamiindJilcohol . 10% Texas elm,‘ """"""" ' pflce 3m; __ ,__ _,_ “b781,; Mandy . . . .33! 0m Power dvPsncr 13% Tlmkfl‘ “m” B°““°' " ‘ :2” Quebec Power c: BANKS lvinnitobo. Basin .. ri- CockshiittPlow 2: U- B-mibm’ ‘ ,, sass-imam .. ao-z; Mag-land on mo; 00M Bmeltfll» -- 115° U" s" 5m‘ 17,7." Smelters .. .. .. 2m i: - ci N371 swtio . . . . ..s2o'1.- rrczniyre . . . . mf Carp-Brewing" 7 Ulilml 0°11’- "" 5999101 Canada. . . 46‘3:E2ii2 oi Montreal i-Lcrcury Can. Cement 1'! WB"\¢1'.B'°‘ 155‘ steel of Canada Pid .. 3 .Eo.iik of Commerce .. . . Zoo Mining: Corp. .:. Dominion Bridge '7 i; wiislmghwfl’ "' Bimons .. 44'.-IRvYfll B81111 -- 313'“ W" CM’ 1'1"‘ famous Players 5oz’. Wwlwm“ ‘ f‘ wimipesuieetrie .. . . . 45-1. Newbcc Mi mei- 16".’. Yellow C“ 5 ‘ Nipissing 1.705 ‘eneral ENG] WINS .. 1B NEW YORK STANDARD STOCK AND DIINING Nsraridr. 39.03,‘ om, 2m , Aflgghnny 2on1. EXCHANGE. TORONTO pend Orclllc 4.0..‘ mill-mi Brides “i” rrou-rnnar. ssoorr EXCHANGE Anaconda... .. In Pioneer if. ternational Nickel. 87.40 ‘ American Can .. . 3:9 Courltcsytsoizxay}. ‘ltirlatindzbrgzlz; Igrenililei- -- 1 ' ‘ _ _' , . c nro c -. .9," to .:.". l“ “l "l" Wm“ 4°“ Market reports mrnishsd by oi-een- Bendix Aviation . ics-"l EYMoTKoZB mollrioid .37 sssey Harris 4i shields a Co” Monk”;- w 3bgwart Consolidated Gas ér . . . m‘ (0.1; 1T mntreal Power ... 130% u on“ gm“, 5w”; Inbanhbional Harvester .. 89 .- , ...i. An n . A . J0me 8s 00., , n» *1Al G d n 29, {ccouqnrqnunw __ 24% Ohnwtuwwn Kennewgg copper .. 50i|Abana .. kgyahe... cr o . . . . .. .. .4‘. Jationril Breweries . 125 ' t 1mm¢~gm_gq, 1930. Niagara. Hudson Power .. 13". Acnio Gas s; Oll - ‘iezsco: .. u’: ‘ gum” " c ’ 59‘~~ A dn l!‘ ""\‘i’.‘l\h‘(!"l. Pctc .- - 1-.» Nauom‘ Bu“ ca‘. _ w“ O u “may . H. "s." 4% pu-gmguni; Pldyfll‘! Lasky ..... .. C011 . . . . . . . .. ... ... .. - w. . . ‘U. . ... ... . . I power-corpora‘ ion '16 l Radio . .. MEL-‘Ajax on 6t cm 2.1": szadacozir. .0. Quebec Power ................ c1 MoN-rgggv, standard Oil New Jersey 63% - Amity lllolslt. ‘Anthonym 6_ .- . _ _ sterling BeeurltiesA .. Amulet .. -o fogging Pggshc . . .. 4.8g ' ' ' Wills Overland .. 2 Arno ... “u ui-y -- - _ “mm” ,, ,, 271,-; y liissocistcd Oils ... .. 1.4) gylvanltc .70 ~ Mhm “wlcyaam u _ “V: __;__._. --—- ‘EAHZESWS Paqgclls. .. Tccgqqpgres .., , “w” N H. u" n "0 _ an; P 0 F Ba ac ... .. ‘a: Tgwggml ... ... ... .. ‘ . ' Brsailian .. ... . ... ..... 42%, B. A. gilniker so“; IqJ-,el:d:¢11.y9kon '-. ' anon . u. Thou» ht Eve one carrv- o n -.-- -- n c -- . m] Mug" wuRK ... 7 .., - o ,,__,__-____.___ gmiarngpi-odoors..,..\.. 2n WQI LQDIKIII: At HQ!‘ ifglor: U '" ’ .‘ ‘ ,, .. ... ‘.' ' . 80° '. Eczemaon-FacttNecliend °P"""-°-" n, ' ,3, $2.5m,’ -”'"‘"“°' B=°' 3...... Miiubwa sio . . . _ , - . Canada 001110 ...... ... ‘or! 4 ., used to sufler, something . Hands. Cuilcura Heals, .,,,,,,,-,,,..,,,,,....,,.._, .... ...... my‘? o. ... ..., ..., ... m; Missouri s: orsnurns tournamen- 7- ' » u 1 aeverfolt wantedtogo out» Cumom 2.20 Qflfiflj": [mmfl -,, ’ "g5" ‘an " - .- ' - I-tkoughtjverynowaslookiiigatine. b - 2- . ldlla 18% uxhr-adflua own. Central Manlto a .0 . . c". " 1,4 ' ' - -‘~“-- . . Chemicaiiiesearch... ms oyvlomm-t ‘is cdniqu "... 1.50 N'.°"°° 1' “m”? 85"" m!" commonwukh "m 3m quarterly dividend oi 25 cents Dnhwue 0-“ _ _ m ___ “a per slisrs on the outstanding ' "9 Capitiifitock of this Company Dome . . .. H. _ hubhndcciand. myibhon East Crest .. . Febm-ry 15m’ 1m, to BMW Falconbrldge Nickel .. ... .. 5.48 _. Mldundmcora “v me cloud Foothills .... 11.9’) buflnmion “mund- 15mm.” Granada .... Alli 1931 - a graham-Bouquet ... ... ... 5.2:. .3’ 0M6,“ u" Boar‘. O flflfl‘ ... “r ‘are Osl ass . , ALLAN BRONFMAV Home Oil .. ,, ' ' Howey ... . . .. m - , 5m?“- rrodrsn any ... ... use A Alumni. - moqu ea sent i *‘i"°"""Y-'”° i 8140'