Evening Star Newspaper, September 20, 1927, Page 14

FIGHT FOR POWER ~ SITES IN CANADA U. S. Capitalists Have Beat- en Native and European In- terests in Dominion So Far. BY J. C. ROYLE. Special Dispatch to The Star. MONTREAL, September 20.—A three-cornered struggle is now in progress for the great water-power sites of Canada, which promise to place the Dominion in the van of in- dustrial nations before the present century draws to a close. American, European and Canadian capitalists are engaged in the battl The Canadian and British interests are combined to a certain extent, but the American financiers have led the jump on their opponents so far, and the latter hope to do is to salvage what is left, Improveg” methods of transmission have ciy e and made it possible etirfent to be transmitted over Rat distances. There i hat | financ | registered bond is no part of | jasses by deli anada which cannot now be served | EVERYMAN’S INVESTMENTS | | BY GEORGE T. AUGHES. Warning to Liberty Bond Holders. This article is addressed especially to holders of the second Liberty 4% | per cent bonds in the $50, $100, $500 |and $1,000 picces. 1t you, reader, own one or more of this issue of Liberty bonds bought during the war or short ’13' thereafter you ought to know that the Government has called them for | payment on November 15 next, and that after that date they will no longer bear interest. This is the first and most important point. Large | sums are lost « year because hold- | {ers of bond- f.l to learn that they |have been ! for redemption and |0 neglect ent them for pay- | ment. They not lose the principal, | only the interest, but that ought not | | to be lost. | Now there is no way that the Gov- |ernment or any corporation with | bonds outstanding can let the owners | of these bonds in coupon form know | that they have been called except by | advertisements in the newspapers and Wl magazines. The owner of a | notified by mail at but there is no rec- | es of the owners of | There could not be, | hip of a coupon bond | whereas to trans- quires a nota- his home addre: ord of the addr coupon bonds. because owne: fer a registered bond from the storehouse of power con-|tion on the books of the corporation cealed in her lakes and river on a tries manufacturing sent millions rolling across the Canadian border. Built Plants in Canada. Legislation was enacted forbidding the export of Canadian power to in-| dustries established on United Sta soil, but this did not stop the Amer] can’ manufacturers, They immediate- ly changed their policy to include plants within the Dominion. This, ac- cording fo Canadian and British thorities, thre a Canada in her own industries and in world markets. In Quebec province the Aluminum Co. of America and affiliated interests have secured a large part of the £00,000 horsepower which the Lake of St. John and the Saguenay River are capable of generating. The American interests prominent in the Interna- tional Pulp & Paper Co. are supreme in the Gatineau region, where, only six miles from Ottawa, capital of Canada, there has been 50,000 horsepower de- veloped, while a series of storage dams is capable of greatly enlarging possible current production of this | bulent tributary of the Ottawa River. The vast water power of the Maurice and St. Lawrence Rivers is being largely developed by American capital, and the same tale can be told | of conditions in western Canada. Lumber interests from Wisconsin are making use of the water power at the head of Lake Superior and Ameri- can capital is investigating the possi- bilities of the northern Manitoba region, where the power development | will go hand in hand with the open- ing of a rich new mineral region. There also has been a northern mi- | gration of capital into British Co- lumbia. Field for Investment. The British group already is en- aged in picking up what may be ob- tained in Quebec Province. In On- tario the battle has been won for Canada against all forelgn capitalists by natonalization of water power and operation_on a cost basis for the public. However, there remains a vast field for the investment of private capital. consumers of power, but the experi- ments of the Aluminum Co. huve shown it can be profitable to import raw bauxite ore from South America and convert it into articles of domes- tic use when a supply of cheap, con- tinuous and reliable power is assured in Canada. The operations at Arvada, the new aluminum city which has sprung up on the Saguenay River, is an object lesson in those facts. If the present demand for power continues an annual investment of at least $65,000,000 a year for 20 years in new projects will be required to Xeep pace with it. Of this amount a large part will be provided by Ca- nadians, but a huge sum must come from sources cutside Canada. SILVER QUOTATIONS. NEW YORK, September 20 (#).— Bar silver, 55%. Mexico dollars, 42 The | op demand for cheap power from indus- |y quantity | celling in highly competitive | 1, | date, to do is to deposit it with your bank | x | tion to vour bank. At present the pulp and paper industries are the largest | the Government as the case ay be. Supposing then that you wish to!} old your bond until the redemption ovember 15 next, all you have at that time for collection. There is however, another privile x aceruing cond 41, nment is xchange of these bond: 313 per cent note payvable in | and redeemable in three | | This offer of exchange, in the opin- | ion of the writer, is advantageous and | ought to be accepted. True, you will bo giving up a 41, per cent invest- ment for a 3% per cent, but that can- not be helped. Since the war times, when the Liberty loans were floated, all interest rates have declined, anc 313 per cent is just as attractive now | |as 413 per cent was then. Details of | this exchange offer have been pub- |lished, or may be learned by applica- It is unnecessary {to repeat them here, except to im- | press the importance of a decision at |an early date. FLEECE WOOLS ACTIVE. | BOSTON, September 20 (Special).— st, | Fleece wools were fairly active today | o |in the Boston wool market, with the | | demand centering on low and medium | | grades. Territories of all sorts are| moving well. Fine Ohio grade fleeces | were quoted today at 45a46 grease basis, half blood at 45, three-eighths blood at 44ad45 and quarter blood at | 44a4415. Fine territory was quoted | at 1.10a1.15, clean basis, French comb- | ing at 1.0521.07, half blood at 1.00a | | 105, three-eighths blood at 90a92, and | quarter blood at 80a82. | DIVIDEND RATE CUT. | NEW YORK, September 20 (#).— | The annual dividend rate on the com- | | mon and class B stocks of the Pan. | American Petroleum & Transport Co. | | was reduced from $6 to $4 a share | today when directors declared a quar- | terly dividend of $1 a share on each | of the stocks. | HAS LARGER SURPLUS. NEW YORK, September 20 (#).— | The Erie Railroad System reports sur- | {plus of $646,147 for August, after | charges, against $846,453 in August {last year, and for the eight months this vear $2,037,982, against $1,082,028 |in the same period of 1926. Gross | revenues for August were $424,053 less than a year ago. RUBBER DECLINES. | NEW YORK, September 20 (Spe- | cial)—Crude rubber, smoked ribbed | sheets, declined 3 'at today’s noon | quotation of 32%. This compares with | |35% a month ago and 41 a year ago. | BUTTER IS HIGHER. | CHICAGO, September 20 (#).—But- | {ter higher; receipts, 9,209 tubs; cream- | | ery extras, 451, ndards, 42%; extra | firsts, 42a44; firsts, 3815a3914; seconds, 36a371%. | MOTOR-FU HORE POWER MIRE MILES | Economic: GHTNING THE EVENING STAR, WASHINGTON, EGGS ARE STEADY 2.50. de- Storage Stock Holding Prices Potatoes—Supplies moderate; mand moderate, market about steady: of Hennery Product Down in Local Market. United States, No. 1, New Jersey, 160-pound sacks cobblers 3.75a8.85: Pennsylvania, 150-pound sacks round whites, mostly around 3.50. Sweet potatoes—Supplies moderate; demand light, market dull; Eastern Shope Maryland, bushel hampers, yel- lows, No. 1, 1.00; Virginia and North Carolina cloth top barrel yellows, 2.00 a2.50. Cucumbers—Supplies light; demand light, market steady; New York bushel baskets, large size, 1.75a2.00. Cauliflower—Supplies light; demand ! light, market steady; New York, crates 10s and 12s, mostly around 1.75. Tomatoes—Supplies liberal; demand moderate, market steady; ;-bushel hampers, 35a50. quoted this morning at 30 and 31 cents, ave reported by dealers as keeping down the prices of the fresh stock. Were it not for the storage stock, it is stated, fresh cggs would e much higher than prices quoted this morning Slightly higher prices of poultry were reported this morning. It is ex- pected that cooler weather will large- Iy increase the demand for chickens, turkeys and ducks. s, it was reported this morn- ing, were not quite so plentiful. Prices have steadily advanced since the mid dle of the Summer, and live turke this morning were quoted at 36 cents, dressed stock selling at 40 cents, Spring_chickens, alive, were quoted at 28 and 30 cents, dressed stock bring- ing 35 and 38 cents. A continued firm condition of the butter market was reported, and prices of meats, fruits and vegetables were substantial- the same as prices quoted yester- Storage egg: EARNINGS TOUCH PEAK. NEW YORK, September 20 (f).— General Baking Corporation reports net earnings of $5,369,989 for 37 weeks ended September 10, a new high record, equal to $4.90 a share on the stock _after preferred against $3,953,373, or $3.73 a share, in the same period last year. plant at Philadelphia to cost $1,000,000. NEW BRANCH ESTABLISHED. NEW YORK, September 20 (A).— Westinghouse Electric International Co., has established a new branch with activities in Chile and Bolivia, to be known as Compania_Electrica West- inghouse de Chile. E. L. McCloskey Today's Wholesale Prices. will be manager, with headquarters at o Santiago, Chile. Butter—Fresh, 1-pound prints, 461 a47; tub, 45a46; store packed, 2 Eggs—Fresh, selected, 37a3 current receipts, 35 alive—Turke: small to medium, 2 Spring chickens, 28a30 i hen- Turkeys, 40a42; Spring 38; roosters, 19a2 capons, fanc; maller, 35; ducks, 25 keats, 80a90. Meats, fresh killed—Beef, 18a20; al, 23a25; lamb, fresh hams, loins, 34 B | E d hams ders, 18; strip bacon, 2: 515 Live stock—Calves, choice, 14: me- dium, 11a12; thin, 8a9; Spring lambs, 1215, Fruit and Vegetable Review. Today's market report on fruits and | vegetables compiled by the Market | News Service, Bureau of Agricultural says: Apples — Supplies liberal; demand light, market steady; bushel baskets, Virginia and Maryland, United States, No. 1, 2% inches up, Grimes, 1.75a 00, few various varieties un- aded, 75al.75, mostly 1.00a1.50; boxes, Washington, combination, extra fancy and fancy Winter, Bananas, medium to large size, 3.25a3.50. Cabbage—Supplies light; practically no demand; homegrowns mostly sup- plying market. p Cantaloupes—Supplies moderate; de- mand moderate, market steady; Col- orado, pink meats, jumbo flats, 12s, 1.25a1.35; 8s and 9s, 1.00a1.25; 6s, 7 standard flats, all sizes, best mostl) 1.15a1.20; Honey Dews, standard crates, 12s, 2.00; 8s and 9s, 2.25; Mary- land, East Shore, Salmon Tints, flat all sizes, bes 1.15; 2-3 crates, few best, 1.75a2. considerable poor con- dition, all sizes lower. Celery—Supplies moderate; demand ilght, market steady; New York, 2- crates, 2.00a2.25; few higher. Lettuce—Supplies moderate; demand light, market steady; New-York, some ordinary condition, 2-dozen crates Big Boston type, 50a75: Colorado, crates Iceberg type, 4.5 dozen, some slimy, :'00!01 mostly 2.50a2.75; poorer low as Onions—Supplies moderate; demand slow, market steady; New York, Indi- ana and Ohlo, 100-pound sacks yel- lows, U, S. No. 1, 2.00a2.25. . Grapes—Supplies moderate; demand mocerdte, market steady. Western: Califorhia, lugs Flame Tokays, 2.00a few higher. Eastern: Delaware, quart climax baskets Concords, 55a Peas—Supplies light; too few sales reported to quote. Pear Market Steady. Pears—Supplies moderate; demand fair, market about steady; California and Oregon, boxes Bartletts, No. 1, 0a3.65; New York, bushel baskets artletts, ripe, 1.00a1.25. Peaches — Supplies moderate; de- mand good, market steady; Pennsyl- navia, bushel baskets Elbertas, large size. mostly around 2.50; fair quali and condition, ' 2.00a2.25;- New Jerse; EL Contracts have been let for a new | D. €, TUESDAY, SEPTEMBER 20. 1927 Consitailisy Nows POLISH LOAN NEGOTIATED Large Portion of $70,000,000 Bond PORTLAND, Ore., September 20| Issue to Be Marketed in U. S. (Special).—The first cranberries from | the Washington and Oregon bogs have | NEW YORK, September 20 (#).— | arrived here and early blacks have [Arrangements have been completed been selling at $6.50 a bushel box, |foF & 7 per cent loan of $70,000,000 to The quality is excellent. the Polish government by a banking group including Blair & Co. and the OTTAWA.—Canada's tobacco crop Bankers' Trust Co., which probably this year will total at least 60,000,000 | will be offered in two or three weeks. pounds, according to government of-| About $45,000,000 will be marketed | ficials here. Acreage planted has in- in the United States, £2,000,000 ster- creased 550 per cent in the last 10 ling by Lazard Freres in London, vears. 'The preferential ‘tarifft of 49 |$6.000,000 in Switzerland, $4,000,000 | cents a pound on Canadian-grown to- in Holland and $1,000.000 in France. hacco sent to England has stimulated | It 18 understood an American will be the industry. appointed to the board of the Polska | —_— Bank. YOUNGSTOWN.—The Mahoning Valley Steel industry still is waiting patiently for the development of the Fall buying. The purchases at the moment_ continue on a hand-to-mouth | cial).—The Nelson Steamship Co. will basis. About 30 open hearth furnaces | start biweekly sailings from Balti- |ana 70 independent sheet mills arc| more to Pacific Coast ports this week |active. [and will inculde Charleston and Nor- | _— ! folk in its calls. The headquarters of POTTSVILLE, Pa—A number of | the comn e Sare Bt | | the anthracite mines are being sharply | and the fleet is owned by the Nelson | | curtailed in output owing to the slump | Fumber Co., shippers of Western lum. | in demand, and many miners and help- | jer to Fastern markets. The company ers are on a part time basis. will operate seven vessels in its fleet 1 NEW INTERCOASTAL LINE. : BALTIMORE, September 20 (Spe NEW YORK MARKETS. NEW YORK, September 20 (#).— | Flour firm; Spring patents, 6.87a7.25; | soft Winter straights, 500a6.25; rye | firm; No. 2 Western, 1.10% f. o. b.,| New York, and 1.08% c. f. f. exp barley firm; malting, 91 c. i. f. New | The Chesapeake & Ohlio is expected ard easy; Middlewest, 1 | to place orders for 55,000 tons of rails wheat futures opened stead. tomorrow, with 11,000 tons of tie|domestic, December, 1.327%; oats neg | plates and 2,500 tons of angle bars. !lected; others unchanged AKRON, Ohio.—The local tire man- | | ufacturers are still on crest of the | wave of unabated tire demand. The Goodyear Co. recently turned out its billionth rubber heel and its balloon department has been very busy both for aviation and advertising purposes. CHICAGO LIVE STOCK MARKET CHICAGO, September 20 (United States Department of Agriculture).— Hogs—Receipts, 24,000 head; slow, un- even; better-grade hogs mostly 10 to 25 lower; kinds under 180 pounds 25 to 40 lower; pigs 50 lower; little demand at | decline; packing sows weak to 10 low- er; bidding 25 lower; top, 11.80, paid for strictly choice 223-pound averages; | bulk desirable 150 to 170 pounds, 11.00a ' 11.50; 185 to 210 pounds, 11.50all.7 240 to 300 pound butchers, 10.85a11.50: | bulk packing sows, 9.65a10.0 pigs, 8. 9.50. | Cattle—Receipts, 11,000 head: choiee | fed steers and yearlings strong to 15 higher, others and Western grassers fully steady: strictly grain-fed very scarce; better grades she stock and | cutters along with bulls unevenly | , 25 to 50 up; weighty | e steers, 15.90; most fed offerings, 13.50a15.50; Westerns, 9.50a11.50. heeps—Receipts, 16,000 head , active, to 35 highe ots | nsidered; native lambs, | 25a13.50; most sales | several decks of good | : culls, 9.50a10.50; good | lam| from strings | 75 per cent feeders, | 3 114.00; few down to 13.50; choice Washington lambs held above 14 sheep fully steady; bulk fat ew 50a choice lightweight ranz ewes, eligible up to 6.50 in light supply EARNINGS DECLINE. NEW YORK, September 20 The Lehigh Valley Railroad earned $1.42 a share on the common stock in the first half of 19; fat | ENDURING BEAUTY IN BODY DESIGN In the Lincoln motor car great endurance are combined power and with utmost grace and beauty. Even to the smallest detail this fine car is an artistic as well as a2 mechanical achievement. @ The master coachbuilders of the world are devoting their genius to the designing of bodies for the Lincoln chassis. of compavative tests with vamish finishes. These tests, which included every known In the range of color and upholstering com- binations there is the widest possible latitude will last the life of the car. for personal choice. Wherever it is in harmony | but after their execution (P).— | s SUGAR TONE EASIER. Losses of 4 to 8 Points Recorded in the Futures Market, NEW YORK. September 20 (#).— No sales were reported in the raw sugar market early today, but the undertone was easier and sugars were available at concessions of one-thirty- second, or on the basis of 4.83. _Raw sugar futures were easier under liquidation and selling by houses with Cuban connections, due to the easier London market, the inactivity in the spot market and to private advices from Cuba intimating that opposition to the proposed restrictions of the coming crop was more pronounced. Stop-loss orders were uncovered on the decline, with prices at one time showing net losses of 4 to 6 poin a partia rally followed on covering, with the market at midday 2 to 5 points lower. No fincrease was reported buving of refined sugar, ' ithdrawals on old contracts were of fair proportions. Prices were un. changed at 5.90 to 6.10 for fine gran ulated net POTATO MARKET FIRM. CHICAGO, September 20 (#).—Po tatoes—Receipts, 77 ca on tracl 360: total United States shipments, 753 cars: trading fair; market firm on good Wisconsin sacked round whites. according to condition. Min- sacked sandland Ohios, sacked Red River Ohi with Lincoln engineering, the custom body may still further be adapted to personal taste, making the car truly expressive of the owner’s personality. @Such individuality in 2 motor car is highly important. ‘A Lincoln will never go “out of style” any more than will the owner’s personality. € And since there are no yearly or periodic Lincoln models, a Lincoln investment is insured against the artificial depreciation which is the penalty of frequent changes in body design. LINCOLN MOTOR COMPANY DIVISION OF FORD MOTOR COMPANY Within Easy Reach of You and Your Car Sixty Convenient Stations Lincoln cars range in price from $4600 to $7300, completely equipped, at Detroit PENN OIL CO. e o S i . FORD RESOURCES SAFEGUARD YOUR LINCOLN INVESTMENT|