The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-09-09
LOAN DRAWS NEAR;
BOND MARKET HIT
Sir Henry Drayton Likely to
Tour Dominion for Coming
Victory Issue.
BIG CORPORATION GAINS
Brazilian Traction Light and
Power Co. Likely to Resume
Common Dividend Soon.
Special Correspondence to the Cdnddid'i
Section of THE SUN.

Special Correspondence to the Cdnddtd'i
Section Of THE SUN.
TORONTO, Sept. ..s.-Preparations for
the coming Victory Loan campaign are
going forward theoretically and last
week Sir Henry Drayton, Minister OF
/ Finance. was in town to confer with tho
workers. The cause also had the bene-
At OF the Prince of wales's Endorsement
when he raised the first honor flag for
the loan at Ottawa. Approval in such
quarters will naturally strengthen the
! campaign with people who look to others
for their example.
/ 1t is expected that Sir Henry Drayton
will make the loan his one great respon-
sibllity, and that he will stump Canada
from end to end in its behalf.
In view Of the approach Of the loan
tina bond market has almost ceased to
exist, as brokers have been asked by the
| Government not to bring out any new
issues from to-day's date until after the
campaign is completed. This will con-
serve funds for the loan, and 1t also will
put at the disposal of the Dominion the
large force Of financial men ordinarily
| occupied with bond selling.
There was an increased demand from
| the United States within the last weel
for Canadian securities. This especially
applies to short term stuff, where the
benefit in yield arising from the ex
change situation is more apparent. The
| demand includes not only Government
and municipal securities but some in
| dustrials as we'll. Negotiations have
been In progress as to what amount o.
the Victory Loan may be placed In thu
United States, but no announcement hal
been made as yet. Last year about $50,
| 900, 900 was absorbed across the border
Bend sales in Canada during Angus
dropped to S6,571,124, compared will
S21, s42,1os in July.
An important financial document oil
the week was the annual statement o.
the Brazilian Traction, Light & Power
Company, whose head office Is in To
ronto. This Is corporation with as
sets of about $3.50, 900 900, in which Sill
William Mackenzie and some Of his as
sociates have large interests. TIL,
president, Sir Alexander Mackenzie
however, As no relation to his name
sake, but was once a boy In Bruce
County, Ont. The greater part of tn
stock is held in Great Britain and II
Canada
The company is consolidation, ant
It's various subsidiaries carry on i'm
mense works in tramways, power. tele
' phone, gas and electric light in Brazil
War made inroads on the company
prosperity, but its very size has mad
it for years an attractive security 70
spectators.
There has been no dividend on com
mon stock since March l, 1917, but re
ports from time to time were to tn
leffect that this would soon be resumed
The new financial statement holds GU
no immediate hope for this. but 1t doe
reveal an improved position and highe
profits. Net revenue for the year end
ed December 81 last was s5,419.67;
compared with S5,266,51s in 1917 an
s5,674,642 In 1915. 1t has been expect
, ed that the note issue due on Novem
bember l next OF $7,500.o00 would b
paid off but the statement of Secre
, tary ]. NJ Smith indicates that 1t wi
be renewed unless conditions permit be
, fore then the sale OF certain telephon
bonds, which are held as collateral o
, the notes.
Floating assets amount to S13,20e,9s
and floating liabilities $10.025.s36. Gen
erous allowance has been made durin
the year for depreciation, and the off
cials look upon the outlook with con
fdence