Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-08-27
Canadian Business
Reported Boosted
Sharply by War
Activity in Some Lines
20 Per Cent Ahead
Of Year Ago
By EDWARD C. STONE.

WdSIllIlSIOIlldIS returning ITOm
motor tours in Canada report bust
ness in the Dominion is now on
par with pre-depression years. in
some lines is as high as 20 per cent
above 1889. while tourist travel has
registered sharp upturn since the
passport furry" about six weeks
ago.
Canadians declare the weekly in
dex of the Dominion Bureau of
Statistics does not fully reflect the
present gains in business volume
because of the drop in bond yields.
bank clearings, stock trading and
prices. Right now bond and stock
markets are especially quiet although
buyer confidence in bonds has i'm
proved with preparations for the
expected early offering of second
war loan.
Separate indiceS on carloading
and wholesale prices are Is to 20
per cent ahead of last year at this
time. while the broad based monthly
index of the Financial Post, Toronto,
stands at a level 20 per cent ahead
of last year and s per cent above
1929. This index features the broad
upturn in volume of industrial pro-
:duction, widened commercial activ-
,ity and expansion in construction.
Buying Power at High Level.
Canadian business leaders tell
tourists that Canada's war effort in
the realms of recruiting, military
training and war supplies have nat
ilrally provided a major stimulus for
business advances, but Government
steps to expand national productiv-
yity and to conserve financial and
economic resources have proved ex-
tremely helpful.
The Nations buying power is at
a high level, no small factor in this
being the money spent by visitors
from the United States. Americans
profit substantially by Canadian ex-
fhange which allows a 10 per cent
premium. For example, for every
e10 bill presented, the visitor gets
Eli in Canadian money.
: Canadians inform tourists that
construction has been another i'm
.portant factor in bringing business
activity to the highest point in 10
years. The volume of construction
contracts awarded so far this year
Is As per cent above the first seven
months of 1899, according to the
MacLean Building Reports.
The speeding up of construction
IS almost wholly due to the struc-
lures needed for Canadas growing
cart in the war And most of the
increase has been in the past three
months. Apart from a large con-
tribution out of resumption of high
way building in Quebec, almost all
of the S50,0000O0 gain in contract
awards is attributed to war require
ments of one kind or another.
Wheat Furnishes Problem.
Talks with Canadians indicate
that the major problem in the ex-
port field is what Canada is going
to do with her huge surplus of
wheat, the markets for which have
been cut off by the war. British
exports and domestic consumption
are able to absorb only a portion
of the carryover.
To this surplus must soon be added
the bumper crop now being reaped
in the wheat belts. With this grain
to 60 on the market, the outlook for
prices is not as good as normal.
TOO low prices would cut buying
power and hurt business later in
the year, economists point out.
Despite tremendous activity in
Canadian war plants, American
tourists note little war excitement
in the cities. The work is being
done away from the tourist paths.
On the prominade in front of the
Chateau Frontenac in Quebec one
sees many soldiers in uniform quiet
ly going about their business. It's
the same in other cities. Residents,
however, do not hesitate to halt
automobile traffic while they read
war bulletins in front of newspaper
Offices.
Riggs in 100000, 900 List.
The American Banker has COM
piled another list of the largest
banks in the country, those having
resources of more than 100000, 900,
the Riggs National Bank of this
city standing 73d in size, with re-
sources as of June %, 1910, of $129,-
617,135. There are 116 banks in this
class, against 1O8 a year ago.
The Chase National remains the
biggest bank in the country, with
resources of $3,472,779, 486. Second
largest is the National City Bank,
with s2,774, 780,590 resources, and
third the Guaranty Trust Co., with
resources of 50 $780, 724,025. The First
National Bank of Baltimore stands
34th in the list. The Bank of Amer
lea Is 4th and the Continental
Illinois Bank e. Trust Co. 5th.
Among the mutual savings banks
the Bowery Savings Bank tops the
list in size.
Garfinckel Dividends Voted.
Directors of Julius Garfinckel &
Co., Inc, have declared the regular
quarterly dividend of 371a cents
share on the company's preferred
stock, payable September 80, to
stockholders of record September IA,
and the regular quarterly dividend
of 171a cents share on the COM
pany's common stock, payable Sep
TENDER IA to stockholders of record
September 5.
Peoples Drug Stores common stock
figured in a 25-share sale on the
Washington Stock Exchange today
at 1872, up full point from the
last previous transfer. The market
closed with 10 bid for the stock and
20 asked. Other issues were neg
lected in the days trading.
Heard in Financial District.
w. T. Perkins, j. Mack Moss, gen.
eral agent. and E. T. Doyle of the
Washington Office of the Provident
Life & Accident Insurance Co., are
attending the annual meeting in
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