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HomeMy WebLinkAboutZurich Herald, 1929-04-18, Page 2Mining Market Sound for Future (Temporary Recession in Many ..Issues Will Give Opport- unity to Investors• to, Profit by Good News. NORANDA STRONG By LLOYD MOORE Member Standard Stock and Mining Exchange Reversals overtook the entire Ca- nadian mining list during the final week of March. Sharp declines were registered all across the list. There was a fairy substantial recovery be- fore the Easter holiday, but indica- tions were present that the selling movement was not entirely finished. There were some exceptional oppor- tunities for securing stocks at bargain prices. Noranda dipped below $47 and Nickel went to $41.75 on March 26th, when call money commanded 20 per cent, in New York. The liqui- dation of mining stocks was caused primarily by the disastrous break which took place in New York. In- ternational Nickel was one of the pria- cipal sufferers, but although the de- cline in this stock was ,sharper than in most of the others, it was not great- ly out of line. Much distress selling took place. This involved a great many people, since the stock is very widely held in Canada. The New York selling had every appearance of Including heavy short sales augment- ing the already large New York In- terest on the short side that has been known to exist. Nickel recovered vigorously to $52 before the end of the weep, but was again subject to further selling on Easter Monday in New York while the Canadian exchanges were closed. The sponsors of Nickel are quite as emphatic concerning its merits for a long hold as they were in more bouy- ant markets of January and February. Its market course has been more or less in line with the general trend of New York stocks. From the Canadian angle at least, it was vulnerable be- cause of the large amount of stock held on thin margins. Noranda Meeting One of the most interesting develop- ments of the weak was the annual meeting of Noranda Mines, at which Presitient J. Y. Murdoch gave much data of a favorable character concern- ing recent operations at the Horne property. It was announced that dia- monci-drilling data shows the continu- ance of ore to a depth of 1,500 feet. The management is conservatively estimating a production of .2,000 ton from two reverberatory smelting units toward the latter part of the year. It is expected unofficially, however, that the production will be about 2,500 tons a day. Full advantage is being taken of the present high price of cop- per. The highest quotations availabl are being obtained for the current production of metal. The results of exploration 'and development work since the beginning of this year have been highly encouraging. Occurrences of sulphide below the 875 -foot level are shown to be of very large dimen- sions containing much highly profit- able ore. Mr. Murdoch vas unable to give any further figures of new ore placed in sight beyond saying that the work thus far this year had shown up more ore than would be handled by the omelter during the entire twelve months. Last year's work showecl $9 of ore placed in sight for each $1. put through the smelter. In other words—the additions of new ore amounted to $52,000,000 and gross pro- duction was approximately $6,000,000. As has been indicated in these columns in previous articles the Horne smelter is performing much beyond expectations. The shareholders were informed that only a small portion of the pos- sibilities of the property iias yet been explored and the olihciels are confi- dent that ore will be found at much greater depth than have been investi- gated up to the Present. The shareholders approved the by- law to issue one new share for each thirty held at $45 per share. • Sherritt-Gordon Among the other stocks that recov- trod readily from the selling pressure of the Bast -week, none was more im- pressive than Sherritt-Gordon. TMs stock rebounded from its slow at $7,10 to a high at $8,75 before the close of 'the week. On numerous occasions re- cently Sherritt stock has seemed scarce and remarkably good buying power has been noticed. Upon the completion of construction of the rail- way line to the property probably by September the development of the • mine will enter a new phase. 'It has been practically decided that' the Hudson Bay smelter will be located adjacent to the Iirne deposits about twenty miles from the Fiin Egon and • not far distant from Cranberry Port^ age. This smelter will treat concen- trates from both properties aecording to present indications. - It seemed. ;like unnecessary duplication- :to have • • two. smelters in Northern Manitoba, Both Hudson Bay and Sherritt-Gor- don should benefit substantially from the co-operative arrangement: Both p roP er les are l evelo r ng well. Cur- rent prices of copper should swell the Probable profits of each and especially Of Sherritt-Gordon,.whieh has a higher copper oontex t in its ore. It Is difii- 13Y LLOYD J. MOORE, Member Standard Stock and Mining Exchange. Jordan to Give Electric Power for ''alestine Projects on Historic River Wi11 Revolutionize In clustries of Holy Land Tiberias, Palestine.—On the River' Jordan, half an hour's journey south of the Sea of Galilee, steady lrrooss is being made in the construction of a great hydro -electric power station which will usher in a new economic era for the Moly Land. • Under the supervising genius of a former Russian revolutionary leader, Pinhas Rusenberg, head of the Odessa police during the Kerensky regime, the storied stream of Bible times is to be made to produce 300,000 horsepower of, energy for naw Palestine's farms, homes and .factories. HOLY LAND LACKS COAL. Palestine has no coal of its own, at all events as far as can be judged from superficial geological investiga- tions. Nor can it boast of petroleum deposits worth developing. Its econ- omically exploitable reserves of energy are concentrated in its water re- sources. Whoever has the control of • these resources can monopolize the driving force of industry and of agriculture, and can influence decisively the econo- mic ,.development of the country. Rut- enberg is in that position. Backed by the Zionist organization he obtained the concession for the pole exploita- tion of these resources and for the supply of electricity for the whole of Palestine, with the exception of Jeru- salem, the government having reserv- ed to itself control of • the prices for electric current over and above a fixed minimum and a share in the profits. high to be reasonable, . The demand and supply situation points to the con- tinuance of comparatively high prices. An average of around 17 cents a pound over a long period would enable the new Canadian producers to earn very handsome .profits. Such an estimated price appears to be very conservative. Copper Refinery Promised An announcement of far-reaching importance was made by Premier Fer- guson in the Ontario Legislature that a copper refinery would be built by International Nickel -Consolidated. Smelters and Ventures, Ltd., in the Sudbury district. The probability Is that Sherritt-Gordon and Hudson Bay blister copper will be treated at this refinery. It will have a capacity of 10,000 tons a month and will cost approximately $4,000,000. It will treat Frood blister copper as soon as that mine comes into production. At the same time it is interesting to note that President J. Y. Murdock has- re- affirmed Noranda's intention of build- ing its own refinery at some site to be decided, probably on the Lower St. Lawrence. The Noranda enterprise has British Metals Corporation and Nichols Copper Company associated with it. General News Interesting news of the progress of exploration work conies from such prospects as Bobjo and Central Mani- toba, both of which are in the dis- trict of Patricia. Some changes in the Siscoe mill are being made which should improve the recoveries from this ore. Both Amulet and Abana have receded to quite low prices. Both stocks are "now selling at a price from which they shopld react readily to favorable development news. There has been some talk of .re -financ- ing for Coniaurum, but this is not thought to have any foundation facts. The suspension of operation of the Dunkin property in Woman Lake seem to reflect the decision of the management that it is not worth while to continue work. Don't forget, Mr. Moore answers any questions on mines and mining investments. Address, L. J. Moore & Co., •10 Jordan Street, Toronto. Unemployment Is Lessened in The scheme which Rutenberg is try- ing to realize is. to use .the differences of level to be found along the course of the Jordan from the Lake of 1',Ier- Hon.D om to the Dead Sea, starting with the with 'you," he advised the ;people of Bradford. "Many an order has' been. oatained through a friendly chat while standing on the'fourteenth tee before business has even been mentioned." Here is a serious-minded man whose business it is to foster business and who bluntly tells the public that it can be effectively fostered 'on the golf links. -There will be those who will challenge his suggestions. Among them may be numbered M. Briand, who, tradition says, once lost the Premiership of France through' letting Mr. Lloyd George show him how •to. swing a golf club at Cannes. But'as TO DIVERT RIVER'S COURSE. SIR CHARLES ORANT,ROBERTSON' Vice-Clhancellor and Principal of the University of Birmingham on his first: visit to the Dominion at the invitation of 'the 'National Council of Education to, be a guest speaker at the confer• once on "Education and Leisure" to be held at Victoria and Vancouver earl! in April. He will also address meetizigs at a number of cities on his Way to the coast. His subject will be "Einpire Builders" and such names as Drake, Rhodes and Sir Stam- ford 'Raflies who became air eastern Rajah will . be among the subjects of his lectures. Sir Charles was tutor to the Prince of Wales at Oxford from 1912-1914 and 'his life has been full of movement and creative work aince that time. Golf and Business With the rapid approach of warmer weather, the thoughts of the golfer naturally •turns towards the links: There was a time not long ago, when it was regarded as bad for business for a business man to play golf. All that has been changed, particularly since the outspoken utterances of the Minister for Overseas Trade in Pre, Mier Baldwin's Cabinet, the D. stretch' between the Sea of Galilee and Djisr. Along this stretch of about ten Miles there is a drop o f150 feet. A little later, in Djisr, in the Rutenberg domain proper, down in a rocky hol- low, the river comes into view again. H. Hacking, "Take your golf clubs Great Britain Across the Yarmul:; which coming from an easterly direction were flows into the Jordan, the scaffolding of a dam twenty-five feet high may be seen. This dam, now almost completed, is to force up the waters of the river to a height of fifty feet above the level of the Sea of Galilee in a giant reservoir naturally formed by the hilly char- acter of the region. Baldwin's Policy is Credited With Improvement -- Liberal Leader Attacked,. " London.—Unemployment in Great Britain had decreased by another 86,- 000 0,000 during the past week, thereby wiping off the last of the recent win- ter's rise total, which is now clown to 1,200,000. This announcement in the Hoose of Commons by the Minister of Labor, Sir Arthur Steel -Maitland, on Monday night was loudly cheered by the Conservatives, as it means the Government is now able toclaim that Stanley Baldwin's industrial policy, which has been successfully attacked in the recent by-elections by the Lib- erals and Labor, may after all justify itself. "It is often said;" Sir Arthur added. "that unemployment is greater now than when Iva took office. This is now untrue. It is actually 38,000 less than when we took office, and in addi- tion 550,000 more people have entered. into insurable oceupations," The debate was one in which Labor indicted the Government for its failure "to take active measures for stimulat— ing industry„ by well -considered schemes of national improvement and development." The object of this silo - tion was to show that Labor was not any more backward than the Liberals in proposing s.:hemes for restoring in- dustrial prosperity.,, It was thus an oeeanicn not only for the usual interchanges between Labor enol the Conservatives, but also for, a concentrated attack, front both of these parties on Mr. Lloyd George, whose recent draniatie'cla'in that he could reduce, unemployment to normal in one year without .cost to . •ne tax- payers so caught popular iniaggnation as to have sent up the Liberals' gen- eral election prospects by 10 points as measured by London Stock Exchange quot'',tions. Mr. Lloyd George, though. givers notice of the attack preparing, railed to attend the rebate, preferring, Cult to Predict the metal markets far .t is understood to give his answer ahead, The price of around 24wa ceuta ;tor celrper, looks entirely, too Opposite, across the Jordan, a sec- ond dam is being built. This, when completed, is also to force back the 'waters of.the Jordan and to collect them in a reservoir. The picturesque valley bed will then be drained, the Jordan diverted for a short distance from its natural course, and from its reser•toir conducted through a canal already partly dug, into the Yarmuk tesehvoir. From here a main canal has already been dng under the Haifa -Damascus railway, and after the rainy season will be lined with concrete. The canal then will conduct the waters of the two rivers over the top of the cliff into the turbines of the power station. The foundations of the latter are already laid and the first layer of concrete put down. Gradually machinery from England is arriving. To begin with, three water turbines of $,000 horse- power each are to be installed. LIMERICK CORNER Joyous- Jingles By Gifted R. hynisters The Contest is closed. For the time being at any rate, the Limerick Contest will be discontinued. Thele is no 'question, how- ever, about its popularity with readers as we have been literally swamped with letters, We will .be glad, however, to bear from any others who have taken part in the contest, or who have found pleasure in following it in the papers, • Let us know what you think of the Limerick Corner and .whether of not you would like to see this feature continued, On the other hand, if you have any ideas for a feature to take the place of Limerick Corner, let us have them. Fclitoi, Limerick Corner, Associated Publishers, 73 Adelaide St, W., Toronto. Following are some prize winners:— against the comparatively few protes- tants, there, will be many thousands who will endorse Mr. Hacking's senti- ments. There are, however, one or two qualifications. This reference to a friendly chat "while standing on the fourteenth tee" is not likely to meet with the unqualified approval of those golfers who come up ,behind such friendly chats and who deplore them just as keenly as they do "four-ball foursomes" of those who persist in re- playing missed putts. As a gneral principle, however, the friendly rela- tions that are so often establisbed during a golf game may well serve as a prelude to closer and more.prac- tical associations afterwards. We have been wont to declare' for years that "trade follows the flag." Now it is suggested that this must be re- placed by the slogan. "Play tip to the flag for trade," a slogan which hun- dreds will approve.—Montreal Star. LYDIA PINKHAM'S COMPOUND 4 pale little lady vas Minnie,., So gawky and frightfully skinny, Until she once found That PinIcham's Compound Made her let out the tucks in her Mis"s Annie McCulley, Windermere, Ont. BIG BEN TOBACCO There's a funny old fellow called Mackey, Who lived in the deckle, He said, "When I chew No other will do But that superfine Big Ben batty" Mrs. Joseph M. O'Neill, Kent Bridge, Ont. BROCK'S BOOK; ON BIRDS Read Brock's Book on Birds. He engages To teach about birds and their cages`' Canary and linet The size of a minute Sing "Songs Without Words"-- from its pages. Mrs. E. Mills, Elora, Oat. town of Cam- To - Two Knights of the "Score" 18 HIGH SCORER OF NATIONAL. HOC•$EY LEAGUE "Acts" I 'T'oronto Maple Leafs, reoeives trophy from Iiturn Ace Bailey o 32 points, J GEO: A. ELLIOTT Director of Colonization Come, help us to build up the Nation, Through the channels of Coloniz- ation, If you need a farm hand For the work you -have planned We'll welcome your prompt applica- tion. Mr. R. H. McIlquham, Lanark, :Ont. PiNKHAiVI'S VEGETABLE COMPOUND Of her wonderful child, Mrs. Red- ditt Said, "Yes, she's a darling, you said it; But praise mustn't be Accorded to me; It's Pinkham's *Compound deserves credit." Clarence A. Thompson, Box 709, Thorold, Ont. CANADIAN PACIFIC RAILWAY Are you planning your trip for next summer? I've decided on 'mine, said Dick Plummer. I shall travel C.P. Nothing. else will suit me, For I know my railways, quoth Plummer. Grace Hubley, Arundel; Que. CUTICURA TALCUM Said a young Mrs. Lee to her Mal- colm, "Cuticura I find the best talcum For Junior and Jewel, It's soothing and cool"— "Seems a mighty good talcum,"• said Malcolm. Airs. J. A. Cook, 66 Forest Ave., St. Thomas, Oat. • AUNT DINAH MOLASSES When . Mrs. Monk comes in and passes Her gingerbread round, lads and lasses Smack their lips, and they say: "Howclja make it that way?" "Quite easy, Aunt Dinah Molasses," Mrs. Fanny T. Hicks, R.R. No. 2, Niagara Falls, Ont. MINARD'S LINIMENT Old Isadore Stevedore Denney 'Stooped over to pick up e penny, An auto whizzed by And now the poor guy Owes his life to "Minard's" ,and Nurse Denny. Miss Mettle Robb, Palmerston, Ont. DIAMOND DYES Theme once was a man named .Ren Gritty, Whose wife was exceedingly thrifty, She used Diamond Dyes Her old clothes to disguise, .And that's why she always looks nifty. Miss E. E. Rorison, ,Aubrey, Que, ROYAL BANK OF CANADA Shure' oime axin yez all to be savin' And most of yer pennies be .lavin' In the good Royal Bank, And ye'll have them to thank, For soon ye may all quit yer siavin', Margaret McGillivray, R.R. No. 2, Paisley, Ont. PURINA FEED The best feed for chicks is Purina, Vol' a good start just feed them • Startena, The young roosters crow And how they do grow If you follow that up with Growena. Mr. Bill Sheryer, It.R. No, 4, Fergus,.Ont. SALADA TEA To the funny old town of Granada, I journeyed with Mania and Dada, Who each clay at three In the old park by the sea Eat iced cakes and tea called Salada. Miss Jean C. Little, Agincourt, Ont. SIMOND'S SAWS A young Irish fellow called Sabers, Had a wood -piles much bigger than neighbors, When asked what he used Ke -seemed Much amused'• As he said, "Only Simond's, be jabersV Miss L. Christian, Bo: 61, Port Elgin, Ont. • m. BLUE GOOSE ORANGES "0, Doc, soives a very sad riddle, Baby Dick's• all balled up in his middle:' "Hum,—daily the juice Of a little 'Blue Goose' Will make him as fit as a fiddle." Mrs. T. W. Hicks, R.R. No. 2, Niagara Falls South, Ont, BABY'S OWN TABLETS About baby's health do not worry, • Though illness may come in a hurry, Baby's Own is a friend, To with sickness contend, And banish its menace and flurry, Mrs J.. W. Thorburn, 8 St. George Apts., London, Ont, KEEN'S MUSTARD There once was a man named Dan Dustard, Who would only use one.kind of mustard, - And if 'twas not "Keen's" He'd say, "By all oceans This stuff might as well be egg cus- tard." Mrs. J. W. Burns, .Southampton, Out. DIAMOND DYES PRATT'S REGULATOR There is a bright maid who con- The record .for eggs has been tesses, beaten, • She longed for some new colored The story it comes from Jack dresses; Featon, But said, "I'll not cry, - To his bens he gave Pratt'3 I'll use Diamond Dye," Regulator and that's And her old gowns now nobody Why this crowing is done by Jath guesses. I,fiss Gertrude Wilson, . Loverna, Sask. • Seaton. Jean -Chalmers, Box 243, Rldhetown ,Ont, cine Na e•oJrt.tt^ JUST THE PELLOW Hatchet—"Mr. Pliers is • trying to got an" appointment as a policeman." Mallet—"Well,, he ought to do in a pinch:" told Dail- a boy t soh 001 to c Boli.: ya by r Paul me that I looked jnst like yoitl" the Dad—"Tit�_ so?—and ----what dM you say?" Bd ib "Nothiu', He was .y y bisger' ,tile:' r y Whiteman for being High scorer in the national league *with when he addressed a mass meeting Canada's winter pastime continues to gain lropulartty iu jlto"Nothin•air Albert Halla • THE INHERITANC ,'"Do you think that' boy inherited any of his father's genius?" "Well, 1 believe he makes even bet- ter home brew thin his dad Made A really dependable market tip -t asparagus.