The sun., 1919-08-05
NEW YORK FUNDS
At HIGHER NOTCH
Premium in Toronto Reaches
53-16 Per Cent. by Grad
ual Climb.
HALT IN TRANSACTIONS
Gold Mine Operators in Can
ada Profit by New
Situation.
Special Correspondence to the Comedian
Section Of THE Sum

Special Correspondence to the Cunodidn
Section Of THE Sum
TORONTO, Aug. 4.-The outstanding
feature for the week. in respect to
financial matters, Is the height to which
the premium on New York funds at
tanned. Ever since October. 1917, the
premium has been abnormal-only on
rare occasions sinking below 2 per cent.
On Thursday, however. after several
days of steady appreciation, 1t attained
the previously unheard of figure Of sis
per cent This has evidently put
"crimp" for the time being In transac-
lions, with the result that. at the time
Of writing, funds are obtatnable at
1 2e-32 per cent. premium but buyers.
In the hope that further decline may
take place, are keeping out of the mar
ket Bankers. however, anticipate that
the premium will remain abnormally
high for some time to come.
Meantime gold mine operators In Can
ada are materially profiting by the ABB
normal premium existing on New York
funds, the price they are obtaining from
the Dominion Government being the
stipulated s20.67 plus the premium.
Manufacturing jewelers.. on the other
hand, are anything but satisfied, having
to meet the price set by the Government
| in purchasing the gold they require.
Business on the Toronto Mining Elk
change, which has been decidedly dull
for several weeks. is showing at the time
| of writing a tendency toward improve
ment. This is particularly true in re-
spect to the gold stocks-due, In the first
place, to the belief that the strike at the
mines in northern Ontario Is close to a
| settlement, and in the second place, to
| the higher prices that the operators are
| receiving for the product under the
| agreement with the Government. A still
| further factor is the opinion held among
brokers that, with the cessation of the
bull movement on the stock exchanges
the public will give increased attention
to the mining market
Due largely to the new Federal Gov
eminent loan which is to be fioated In
October. quietness has been more pro
nounced on the bond market during the
past week. with a corresponding ten
dercy toward easier prices in all the
Victory issues except the 1922 and 1872;
| maturities. The 1898 and 1887 6h.
are down B and ". respectively. Al
officially announced on Friday. the new
Government loan will be for S250.000,
| 600 at 5ls per cent. and of five- ant
| hfteen-year maturity. Unlike the pre-
| SlOuS HVe 1SSues, interest On inc poHu'
will not be tax free. 1t is understood
that an effort will be made to float 9
substantial part Of the issue In thu
United States.
The Ontario Government II calling fol
bids for a 100000 issue of s u Pei
cent gold bonds Of hve-year maturity
tenders to close August IL. 1t is ex
pected that the issue will be taken By
a New York house.
Except for spurts In certain indus
trial issues. business on the local stool
market has ruled quiet during the pas
week. The issues which participated d
the spurts were Maple Lat, b. c
Fishing, Tucketts, Cement t-razil an
Atlantic Sugar. The only stocks t
show a material gain in price, however
are Maple Leaf and b C. Fishing. Gen
lerally speaking. the tendency OF tn
market has been downward. Dominion
Steel and Steel of Canada came in 70
some attention on Friday. but at tw
to three points below the highest hg
ures touched during the earlier part o
the week.
Following is a summary Of the trad
ing on the Toronto Stock Exchang
during the week.