The sun., 1919-06-24
MAPLE LEAF CHANGE
ELECTS NEW CHIEFS
Lack Of Development in the
Bond Business Shown in
Review.
SUPERIOR TRADES CITED
Heaviest Transactions Of the
Week Took Place in Bra.
lillian Common.
SUPERIOR TRADES CITED
Special DespatcA to THs sux.


brought much reinsurance to the brok-
ers.
George W. Blaikie, the new president,
belongs to an old Toronto family Of
nnanciers, and he has the fear OF pub
licity Characteristic Of his class. Only
the duty that he feels he owes to his
new position leads him to break silence.
and then only In a most moderate way.
THE Toronto Exchange" he said,
has suffered from the development OF
the bond business here, and from the
interest in the New York market, which
to the disadvantage of our own ex-
change. There IL STILL however. a big
business that might be developed here,
and we will see what can be done to
encourage It OF course, New York ts
bound to attract attention by reason OF
the larger operations there. and OF the
big changes In prices in even one day
1t 10 hard Tor a smaller exchange to
compete against that, especially with
people who like spectacular movements.
Public ownership 10 q strong sentiment
in Ontario, and this has discouraged
trading in the public utilities. as COM
pared with Montreal. whore power and
tram stocks are among the most popu-
lar"
While on this point Of competition
with other exchanges, 1t is interesting
to cite a specific case. A movement Is
on foot here backed by interests close
to the Lake Superior Corporation. to
secure a larger trading in Lake Supe-
rior stock on the Toronto Exchange.
This stock is listed here, but II 10 months
since It was traded in. The bulk of the
trading Is done in Philadelphia. whence
came much Of the money which founded
the industries at Sault Ste. Marie, Ont.
years ago. A great deal OF the stock
10 now held in Canada. and It Is felt
that this Is the proper market for It
Trading i'm Philadelphia.
Brokers have been in the habit of even
executing orders for Lake Superior stock
through Philadelphia The company has
made the important announcement this
week OF an extension to it's rail mill at
Sault Ste. Marie 80 as to produce struc-
tural steel up to twenty-three inches.
This Is said to be but tho beginning OF
an important programme of develop
ment.
Considering tho circumstances the
week very satisfactorily. Weakness in
New York was reflected here for several
days and prices eased of. Toward the
end of the week, however, there was a
recovery, especially among the stronger
industrials, and the close was at prices
the highest for the year in a number OF
| cases. Brokers look upon the situa-
ton as favorable because stock found
| ready absorption. 1t Is felt that a new
rally would carry many Of the issues
higher than in the recent bull movement
The volume of trading during the
| week was not heavy, as the public has
| not yet returned to the market in force.
The heaviest transactions took place in
| the Brazilian common. which rose ga
points during the week, with over 1900
| shares changing hands. This stock has
strong local following and for some
time has been popular with spectators.
The news this week was that there had
been q demand for It even from Brazil
itself 1t Is listed in London and Mon
treal. and has gained strength OF late
| through the improvement in Brazilian
exchange.
Dominion Gamers cannon had a
! squirt at the end Of the Geek, the range
for the six days being from 40 to AN,
with close at -. Canned goods have
become exceedingly scarce and this has
been q factor in the stocks movement.
A cynio remarked that in view of the
| revelations before the cost of living COM
mittee at Ottawa the market must have
| reached conclusion that makers of
canned goods were also in the profiteer-
Ing class.
Spanish River Advanced,
Spanish River stocks made an ad-
vance, probably In view OF the prelimi-
nary announcement Of financial reor-
ganization. This company has burden
some past TO overcome. but with careful
MANAGEMENT should make recovery
with the present strong demands for it's
products. Spanish River common rose
from ~ to 80 and closed at SIX
The steel stocks also rallied except
Nova Scotia, which was not traded in
during the week. Steel OF Canada
ranged from IS to II x. closing at the
high. Preferred was also nearly 1 point
higher. closing at sSH. Dominion Steel
was UP l u points to Sc.
The war bonds seem to have passed
their rush for the present, ana hold
fairly steady little below their highest
prices. They are all now above par. and
at present prices tho Yield is lust be-
low per cent. The only bank stock
to show marked activity was Dominion.
| which ranged from POI to EOS, but
closed Just above the low.
The mining market was depressed by
labor troubles in the north-truubJ.s
which, in fact, have been more a fear
| than q reality. Tho Kirkland Lake
camp Is still closed, and may not be
reopened for some time. Porcupine
and Cobalt are still going, but talk OF
strikes has not yet ceased. Tho shut
down at Kirkland Lake was really by
the producers In anticipation of a strike,
and a similar action might take place
| at Porcuplne should the situation be-
come critical. Gold mines are now
! working under difficulties with hiRh
production costs and stationary market
prices, but It Is likely that every effort
would be made TO keep the silver mines
going. Market operations have been
| Of limited character in which the
better established mines had most OF
| the trading.
The bond market has had little to
| disturb its even tenor. Prices continue
high. with relatively few issues coming
out, considering the demand for bonds.
| At the end OF the week announcement
was made of the offering OF $500, 900 of
the Robert Simpson Company preferred
stock bearing 6 Per cent. This was
| listed in London in 1912, but q part,
| which had been held in Canada, is now
being reso.6 here at so. which makes
| the yield TN per cent Although a
bare announcement OF II appeared in
the morning papers on Saturday, the
issue was practically all gone by noon.
The company Is we'll known as owners
Of one of Tororto's largest department
J stores.
The range Of prioes and GALES on the
Toronto exchange during the last week
u l-.lN.