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GREAT BANKING HOUSES MERGE ALL INTERESTS Traders Bank and the Royal Form One of the Biggest Mergers on Record 'l‘lw sllzu't-hnltlcrs of tho 'l'smlcm Bunk havclcwry reason to congratu- late tlwmscIVL-s upon the terms. (oh- tuined. Royal Bank shares are now selling: in the neighlmrhmul ml 235, while the merger price of l‘zuulm's‘ Bunk stock will be 480.1111 ‘norzun-zc ml 30 paints ovm', privvs‘ruling .1 muylv of weeks ago, and an zulvum-c uf 3:] points sincmthe first of the your. The most noticeable result of the merger will b9 that we will have three llrst-divisiun banks in Canada. the Bank of .‘luntrcal, ('un‘uncz'u- and Royal. They will he in a class luy themselves. So far as combined pahl- up capital and rest. are concerned those Llu'vc institutions will he hr in the l'runt ml the! Imperial. Merchants and thv smaller l'ry whirh l'ulluw in (ll‘dCl‘. 'I'hv holder of 100 'I'rauh-rs shares will he asked tu deposit them and re- ceive in exchange 4:) shun-s of-stock in the Royal Bank. The profit of the transaction to the holder of 100 shares of Traders stock is shown by tho following calcula- tion: ' Value of 7:3 shares Royal at Royal- :8 7,491,950 Tradersâ€"- Profit in capital value of shaf‘cs ............................. $ ‘3, '35 But tho huldvr also gains in divi- (lends: Uividmul mu 7:") shares Royal at 1‘3 per rent ........................ ...$900 Dividend on 100 shares Traders at 8 per vent ........................ 800 'l‘lu- merger at the 'l‘rudm's with the Ruyal will make no vhu‘ngc in the order uf rank. The two banks stand at present as follows: Value of Profit in annual dividends ....... $10“ The Traders has hvrelnfurv been the lowest priced bank stOt'k quoted on the Toronto Exchange, but the nego- tiations have caused such :1 boom that Union now occupies a cellar position at 160. ' THE DIRECTORATES. Royal-m ll. 5. Hull. ('. (President l. l E. l.. l’easo. 1h Wiley Smith. Hon. 1). Mackeon. W .l. Redmond. (‘. F. W. Thompson. H (.3. R. Crowe. C. l). K. Elliott. E. W. ll. Thorne. Hugh Paton. T. .l. Drummond. Wm. Robertson. an- Ten years ago there were in Canadao35 chartered banks showing a vomhined paid-up capital of $69,733.76]. After the Royal-Traders amalo carnation the number of 32:11sz will have been reduced to 26. but the combined paid-up capital of al}. the chartered bunks has nearly doubled, now standing at 8111.171899. The authorized vapital in mm $177M"; l8 The combination is the third within a little more than a your. 'I‘ first was thembsorption ol the United Empire Bank by the l'nion. t head otilcc oi thé latter being removed imm Quebec tn Winnipt-g. Unly iflwveks ago.'thc Eastern Township Bunk, 'an aid institutinn with head ntlicc at Shcrhmokv, Quebec. was nmnlmmtutml with thu (.‘nnzuli liamk ut' ('ommcrcc. As a result the paid-up vapitul ui thv lzittvr is m $:’;bi.5’..t;') llt'lilnd that of the linnk ui Montreal. ISHAHI'IH‘WHICHS FARE WIN 1. With the lormal approval by the shareholders of the ofler made bv the executive oi the Royal Bank and accepted by the Traders Bank di- rm'torate at a recent meeting. will be consummated one of the greatest banking mergers in. the financial annals of Canada. \t the same time it aflords another striking proof of the adsantaae. under a branch banking system of large institutions in competition with another bank with fewer ramifications. Hm. U. m \50 Huyul Hunk... Imperial Bank Mvrchunts... $11,845,460 at The direotm‘ates of MIN 'l‘lllfil'll“. l.\' I’ll: Capital Paid-up amdnst $hl.li23.666 in 1902 4,354,590 ve larm of (fmmnm'cc Mum n-al ulluwing tahlc MN) shares Traders :5 8.421.178 $10,921,178 300,le Host Tradersâ€"- (‘. D. Warren. (President). Hun..I.R. Struttun, (Vice-President) W. .1, Sheppard. (‘. S. Wilcox. H. Sf Strathy. C. Kloepfer. E. F. B. Johnston, S'l‘ IIlVlSlUN. I“ m mmlizm bunks the twn banks $113,000,000 25.000.000 10,000,000 10.(N)U,000 10,000,001.) $15.91 $22 , 1 "07,653 HM Combined Paid-up Capital and first 0W8 6,55 1,501) $17,“ : 6)' 15,000 “A X K S (‘UM l“.\ RI“: the authoriu‘d and puiqlmp 'l‘lw )lvrtlxanh Hunk nl llnlil‘nx, which nmm- Was i-llnnmwl in tho Roy ail Hank ol (°:in;ul;i by AM of I’m- lizuncnt in 1000, t'nllllllt'm'ml “pi-ru- [ions as :i vlinrtvu-(l hunk in the troubled «lays ininn-dintcly following (.‘onfctlvrauion. In 1800 n co-pnrtncr- ship institution of the same name was reorgnnimed as a joint. stock company and n churn-r applied for and grantwl. The original authoriz- ml capital was. $1,000,000, but at first only $500JNH) was ofl'ered for subscription. Mr. T. C. Kinnmu‘ was Un Uetober 1, 1509, the bunk state ment was as follows: Paid-up eapitul...... ...$3(JO,(NH Reserve fund ...................... 20,00( Notes in eireululiun ............. SMHKN Deposits at. call .................. 167,91} Deposits at interest ............. 116,7(M Specie ............................... 310.81% Current. .leuns .................... 266,9“ Total assets ...................... 729,162 The Royal was the tirst Canadian bank t9 extend its interests to the West Indies, and the venture has proven a most happy and successful une. In 1903 the assets of the Banco de Uriente, of Santiago, were bonght by the Royal. and in lUtHit acquired the “ante del (’onimereiu, of Hava- na, Cuba. This same year the bank acted as agent for the Cuban Gov- ernnient in distributing $351,000,000 aniung the Republic's army «if-liber- ation. and the fulluwing year it dis- [l‘ibltted $30,000,000 more. In 1906 the headquarters of the bank were transferred from Halifax to Montreal. In 1910 the Royal umuired 3:3 hrzmchvs whom it fm'mcrly was un- represented, and H) branches at. points where it all'cudy'had agencies, my the purchase of the l'niun Bank uf Halifax. At present the hank has over 200 branches, distributed as follows: 31 in Ontario, 11 in Quebec, .16 in New Brunswick. :31 in Nova Scotia. 3.in Prince Edward Island, 4 in Manito- ha. l'.’ in Saskatchewan, 9 in Alber- ta. 3? in British Columbia. ‘2 in New- foundland, 1 each in Great Britain and the United States, and '34 in the West Indies. The Traders Bank has nearly 130 branches at favorable points throughout Canada. but has not the foreign interests which are such a valuable asset to the Royal. lts short history has been a successâ€" ful and unsullied one. given m tlu first l'rvsjdvnt OVER 21 ‘1 BRANCHES FIRST 'l'U EXTEND. “AC I\' IX 1515!) 000,000 1x05! ls 000,000 _ 100.000 tlll'll vawital- Marv} K). 067... ’7! .‘I .4()‘.l,3‘*: 1.).91.£,1:)h 12,000,000 11.857.710 $300,m)0 230,000 00,000 107,066 110,700 310,69!) 200,970 720,163 g, and mudizm only The the md m it Marine Losses Beat All Records The liabilities of underwriters through maritime disasters for the first three months are the largest on record. the aggregate amount- being near $10.8“,000. The loss in Jaou- ary caused by the more important casualties was $3,212,500. and the amount for February was 32.2%.000. Then since the beginning of March there has scarcely been a day that has not witnessed a misfortune of one kind or another. In addition. nu lower than eight steamers coVered at Lloyd: [or 3 lit- tle oVor $1,500.000 have been wreck- (‘d in diflcrcnt parts of the world; while thvrc is svrinus anxiety as to the Auatralinn inter-State liner Kuumhnna. which is insured in the Lunclun 'market for iii-'Wllflllll. In all. durimr March tanty-two \‘i-ssols were mtnlly lost. and the mluo nf ships and vnrgoes was $3,- lil:i,.'mn. 1‘” those lnlzlls must be ndclml SLTHLML vln- valuv of liw lama; sll'llmvl‘s «in-nine and uninsur able. The sinking of the Oceana will probably cost Lloyd: and the marine companies $500,000, e‘ven if all .tbo bullion is recovered; but between Land's End and Dover live other Yes- sols were lost during the month, their insurance Value being about $li00.000. . While thvsv lussvs aw in tho. histm‘y of Lloyds hut tlh- prm'ursurs of flu «lorwrih-rs' huge In Em: nf the Titanic. tusurancv tn oh 000.000. The with .hm-rimm writoi-z in favt. the marine insin'aneo nurlu-t of the world was prat‘ti'ally exhausted in soenrinizbthe amount. re- quired. .\lmnt SIMSHJNHD was eovor- oil with underwriters at Lloyds. Lon- don. .\s there are “:3“ underwritim: lllt'lltlit-l's ul Lloyds. the individual in~ torests there are divided. In addition to the amount on the vessel. Lloyds are heavily hit lumin- suranees on the eargo, and on pas- sengers' el'leets~~~jewelr,v. ete.-~whieh will add very largely to the loss. while Herman transport. companies lose about $375,000 through reinsur- aneo of tho 'l'itanie. and the White Star line is said to have. retained $750,000 of the rick on the vessel. The underwriters have. been hard hit. and alter sneh a series of losses a revision of rates seems likely. Had the 'l‘itanie earried gold in large quantities. the result would have been an immediate raising of rates, as was the ease on the England-to- lndia routetin consequence of the re- cent loss of the ()eeana in the Engv lish (‘hannel with several millions of silver on hoard. 'l'hc- Smith Porcupine Board of 'I‘mulo vhurtor has arrived and a "muting: (.f tho Board will he held shurtly fur Hw elm-Linn of nfliccrs un- dvr tlu- new 1'02:in and to name (lvlvgutos fur the various n‘eetings of the Assm'iatml Boards of 'l‘radé. it's and Lumlun Kr" At a Bargain H First-class property, conveniently sit- uated on Bruce Avenue. With suit- able building thereon for business or residential purposes. A snap if sold at once. ”H" W Apply The Porcupine Advance 'l'hv insur lussvs m0 unparallclml :mul tun-ign ('umpan- nml Liverwml under the marim- insuranm extent THE PORCUPIN h ADVANCE UH'! ycls. thoy were the marine un- hy the fuumlor- of about l.|u_\'ds. Lon- umh-rwritim: individual in- “'35 by mzu'im IN 3IEMISKAMIIB EARNING Wlll BE [flflflflflflfltfl Stock-Raising and Vegetable 1 Growing Experiments to be Introduced i A general plan for the improvement lot agriculture in the north country, land particularly in Temiskaming. is Eunder consideration by the Depart- ment of Agriculture. Mr. Wm. Bailey, Assistant Deputy Minister of Agri- :iulture, has just returned from Tern- liskaming. and it is probable phat as a result of his visit steps will be itaken to demonstrate the stock rais- {ins and dairying possibilities of the ;district. The department is consider- 2 ing the question of placing a herd of lhigh grade cattle upon the Govern- 5ment experimental farm at Monteith, . where a considerable area of land has lnow been cleared and rich pasturage , iifiui‘ded. Ul more immediate importance is the decision of the department to en. courage the raising of standard pota- toes in 'l‘emiskaming. Potatoes have been one of the most productive crops of the north. but. theinmarket value has heen lowered by the lack ol'uni- formity in the varieties produced. making it dillienlt for dealers to se- eute any quantity at any one variety. The department has reeognized the need of restrieting prmlnetiun to a few of the mmt \‘nlnahle gradesmnd to that end tour varieties are to he urmsn on the farm at Monteith. The seed secured will he distributed "What will you remmmcnd in 'l'lmw's case ?" was asked. “1 will tell only Lhe'cuurt,” he xe- plied. I'prcrimvms are also to be ducted as to the host. suil [ul' mes and other crops. as well Harry Thaw may Secure Freedom sane. Ur. Russell, head 01' thv a: mvdit-al stafi. was asked what ‘ tends duing. He said that he make his r0p0rt on his rotum Carmudy on Wednesday. 'l'liut Harry K. 'l'hziw will be out «if leittcziwan within tcn days His dcclau'ctl to be certain. by attaches of thc Statc asylum fur the criminal in- "'l'liaiw and his friends have said that you will report that he had new recovered from his insanity and that. anyhow, lie is harmless and could safely be discharged. Will you say whether that is true or not?" 'l‘huw will go free. Experiments are also to be con- ducted as to the best. snil fur puta- tues and other crops. as well as in- to the different fertilizvrs required for varinus soils. , “l.will report faithfully the condi- tinn. but cannot indicate what that report will be," replied the doctor. A close friend of the 'l‘huw family ufiercd to bet 35% against $100 that mmm: the ttlcrs also to be of tho. asylum he in- will gmmommwoooooo OWOOOOWMWOOO‘ WWOOOMOOOOWOOO” ”OWOOOO“ Stork "rnkc‘ru WHAT 'DO YOU DO? BUY AT THE TOP AND SELL AT THE BOTTOM, OR BUY AT THE BOTTOM AND SELL AT THE TOP? W think we have the right information on Crown Chartered. Dome Extension and Vipond. It's important to you. WRITE. WIRE or phone us for the infor- malion Members Standard Stovk Exchange, Rayal Bank Bldg., Toronto. Direct connection to all leatling Exchanges. Phone M. 5620 Notice is hereby given that we have admitted tn partnership Mr. D. F. Maguire, who has been oflieially associated with the firm for a number of years Toronto. January .an, 1912. F. C. SUTHERLAND C0. Melinda-â€"â€"Cor. Jordan St, Toronto DOME EXTENSION Playfair, Martens Go. Members Toronto Stock Exchange 14 King Street East, Toronto A report on this property will be sent to your ad dress without charge. » “I Partnership Notice A. E. OSLER CO. 96699969969969: Correspondrnrc Wanted .\. If. OSLER, CORDUN TAYLOR. Fimnm'inl Afimun