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MONDAY, APRIL 187TH Securities Commission to Make Use of Publicity R. B. Whil@éhead, AK.L., ©2CUu Commissioner, has announced an portant new rule foliowing a me of representatives of various int« concerned in financing of mining terprises, held on April 11, to di questions relating to pption and u: writing agreements entered public sale of mining stocks. In future, when permission has graiked for sale of sharms, the Con sion, in azcordance with its requiring full, truthful, and plain closure, will supply to the pre: Ontario the terms of all options undorwriting azreements entered by the company. Recegnizing that the qusstion of cash comsideration, times of payment, and duration of such agreements are esentâ€" ially matters to be decided by the directors of a company, the Comimisâ€" sion will not set any standard requireâ€" ments in respect to such matters. Weight will be given, however, to the opinion of the company‘s engineer as to the monies required by a company to carry out any development proâ€" grammeC. Prior to sale the applicant will be reâ€" quired to file with the Commission: (a) Statutory form of prospectus; (b) financial statement as of recont date; ic) engineer‘s report; (d) date of last mecting; (e) option or underwriting agrcecment; (f) evidence of title; (g) cvidence of escrow of vendors‘ shares, and (h) in the case of an underwriting agreement evidence of financial responâ€" sibility of the underwriter. Once permission to sell is granted, the Commission will not dictate the price at which such securities shall be sold to th» public. The company will, however, be required to file with the Commission promptly any extensions given, default on the part of the opâ€" tionee or underwriter, or termination of the contract, all of which informaâ€" tion shall be furnished to the press. In the event of further option or underwriting agreements bring enterâ€" TOomn Li0D¢ ADUG MAILl} Whitchead, K.C., Securities oner, has announced an imâ€" ew rule foliowing a meeting ntatives of various interests in financing of mining enâ€" held on April 11, to discuss re‘ating to option and underâ€" be and Mai , the ComimIisâ€" i its â€"policy of and plain disâ€" ind Some Interesting Letters fram Gold Coast Natives m a l investors must rely on ment in the purchase 0 A British enginescr, formerly employed cn the Gold Coast, sends in a couple of iIictters written to a mine managetr there by natives. The literary efforts are obviously those of professional naâ€" tive scribes, engaged by the miners to present their cases. The man who beâ€" came ill on hearing the "cent" of the "medicine" put in the mill circuit exâ€" plains all in the footncte. The other chap strikes a naive ncote with his "creating a valid vacancy‘"; it sounds like the request of a, political hangerâ€"in. Awudu, 25â€"9â€"35. S‘ir:â€"I have the honor to approach you again and you may please do not take me to be a pest to your soul for uneasy lios the head that= wears the AÂ¥ 1 vyou agam anC take me to be unceasy liecs t] crown. As I am apprcaching you very freâ€" quont is that because my life is very deplorable that I cannot do anything without the help of you in the service of this Prestea Mincs, and I hope by the grace of your pen and word will mean my hcps of betteor life in the curâ€" rent years o Ccome. My father is hopeles and there is no mean: life without your pow rsu to try by the grac to create a valid vaca rattment as a watchit m 3n the nduct *ronr n Minc A Briti ~the C C11 CPF lcu pplication ish engine Gold Coa. s written v natives. n Hralbd mncr upcn the 1 ffcred for sal« however, given unity to chbtail s regarding co must recly on th finan A 1 er Of securitics, the Comâ€" s., must realize that, in the sale of sesuriti>s, the as not necessarily passed n:al standing, fitness or y broker, underwriter or upcn the merits of any d for sale. It has .by ever, given the purchaser y to chbtain for himself garding companies, and t rely on their nwn judgâ€" urchase of securities. imple jeless in his sick bed eans of reviving his power and I beg of grace of your power vacancy in your deâ€" tchman to help your ts must be filed ind ccenment obâ€" the case of the in The Northâ€" â€" Decided Discretion Diamond Drillers Sir, I beg to put this before you that I am extremely weak owing to the medicines put in the water. Please as socn as I hear the ent then I begin to vomit. I even once vomited in the presence of my master the White Man; that hss made me conveyed home. I would have done the work joyfully but owing to the cent of the medicine I am unable. God I am sure to take the greatest care to any work that you will entrust to my care. I hope to gain your golden opinion among cthor enquiries. I have the honor to be Sir, Your humble servant, Some Interesting Notes and Comments About D i a â€" mond Drill Men. poor black son, and by the grace of Power CO. Continues t isA ino# to y‘ Dear Sir:â€"With honor and am writing this letter to you One night the bush detective visited the drill and noticed that bright yellow sludge was coming up. He questioned the cperator, who was nonâ€"committal. The snoop jumped to the conclusion that copper ore had been cut and he high tailed to Cochrane to report. The group at once poured orders into the market for more stock which was freeâ€" 1y offered and sat back to await the ofâ€" ‘ficial announcement of ore indications. l No such report came out and the bushâ€" man was again sent to the property to | investigate. This time he learned that the drill had merely cut a mud seam and that no ore had been located. By the tims he got back to Cochrane the stock had slumped down to a few cents and the citizens took a real rimâ€" ‘ ming. (rrcin UGraDn campics l1 NOPLUICIL] Miner) The discreticon of diamond drillers is proverbial. Companies which contract to extract core from the depths of the rocks carefully instruct their operators to say nothing to anybody except their employers concerning the resu‘ts being sscured. While the drillers do not, of eccurse, assay the core as it emerg>s they are so experienced in the work that cfien they can make shrewd gucsics and eye assays. If they were allowed to broadcast thcir ideas plenty cf trouble would resvu‘t. It often haprens that companies which own prop.r.ies adjacent to one which is boing drillsd arm anxious to know the results being sccurecd on the neighbouring ground. They sometimes allow their men to do a little sleuthing but invariably ncthing of importance is learned from the driller. Back n the 1928 boom a company was drilling a property near Cochrane, Ont. A crop of rumors concerning the results were in circulation. These may or may not have been inspired by the management. In any event a group of Cochrane citizens got all hot and bothâ€" ered about the situation and bought a vory large block of stock. They then engaged the services of a prospector who was instructed to pitch his tent as close to the drill as he could and to keep an eye out, night and day, for a sight of the sludge. The drilling was for copper sulphides, which yield disâ€" tinctively coloured cuttings. Diamond drilling is, of course, an °Xâ€" port job. The fact does not deter amaâ€" . teurs from taking on thg task of fetchâ€" | inz core to the surface. In many such cases the results secured are not very helpful and are often misleading. One outfit working in Red Lake several years ago bought a light grill and th: manager undertook to spot the holes and cperate the machine. . He wanted to know if a certain ore zone which had petered out in drifting extended farâ€" ther along the strike. After strugglâ€" ing with the equipment for several days ho got a hole started and sat back placidly to let the drill do the job. When a number of lengths of core had bsen withdrawn he was rather nonâ€" plussed one day to note a section of jackpine in the core barrel. Checking up he discovered that the drill hole had been deflected and was engaged in bringing up samples of the shaft timber! Anent this topic of watching Someâ€" body else drill in the hope of useful information an official of a mining company in Northern Ontario sends in the following ditty: And curiosity deep within wondered about that core. + [ smilsd up at the foreman, there in the lantern‘s light. We talked about the weather. . He said ‘twas a dandy night. That Mussolini was some guy. Perhaps we‘d have to scrap. The troops woud move just such a way. He showed me on a map. The dawn came on us after while, ‘twas cold as it could be. He grinned and there beside the drill shared his t+ca with me. And with this warmth, I grew more hot. in fast I was real bold. I turned that conversation round till we did talk of gold. I said the core must be good stuff, he‘s drawing from that rock,. He gazed at me with cold fish eye. The sucker wouldn‘t talk. inother place. I have the honor to be, Sir, Your obedient servant, Kwarm Adjye .S.â€"I am work at filotation. in his chair. The rumble of his diamond drill was thrumming on the air. aw the sludge come beating up, from the searching bore, Grab Samples rall be very much thankful ou will mercifully convey me at a‘drsaming, a‘sncozing Prestea, 22â€"6â€"36 h honor and humilit; that â€" companies adjazent to one cam anxious to x szscurcd on the in Northern Love is a lot in life you PORCUPINE ADVANCE, TIMMINS, ONTARIO New Contracts for Gold Mines Added to List of Customers. In the lettor accompanying the quarterly dividend charges to shareâ€" holders in the Canada Northern Power Corporation, B. V. Harrison, viceâ€"preâ€" sident and gonecral manager, says, in part :â€" "As will be seen by the following comparative statement, both gross and net earnings show a gain over the twelveâ€"month period reported at the corresponding dute last year. Gross Earnings .................$0,080,013.19 Operating and Maintenance 2,129,263.23 Nct Earnings ... ......... $2,900,750.56 12 Months Ending February 28, 1937 Gross Earnings . ........ $4,608,755.72 Opcrating and Maintenance 1,804,652.06 Uniforms, Repairs, Doctors, and So on Last Monday the newspapers printed a picture showing seven Chicago hockey players in a hospital. _ They looked quite pathetice in their hospital cots, "hospital nightshirts", and all the other background of the sick, the lame and the maimed. What we want to know now, is the name of that hospital. We think that it must be quilte hcspital. Uniforms A military man turns up with an apâ€" oendix concerning our remarks on "The Man in Uniform." The military man points out that it is an unique charactcristic of a British officer that he wears mufti except when he is on duty or at a purely military dance. This is in contrast with other armies who swagger their uniforms all the time Our military friend relates another interesting fact. As a means of making the British regular army more attractive, there are plans to permit the wearing of civilian clothes by the N.C.O.‘s and men when they ars not on duty. All this may show something of racial characteristic. Distllusioned Again We have often been intrigued by such signs as "We fix your watch, no matâ€" the how badly broken, for $2." We often wondered how philanthroâ€" pists like that could remain in business. The Better Business Bureau dug into this, and came up with the information that it was a "minor racket." On»> of the bureau‘s bright young men took a watch to one of these signs, and was informed that it would be "$2 to fix it, and $1.50 extra for a main spring." Apparently the catch in the ad. was that the $2 covered the fixing, but "parts were extra." Th2 young man was quite diverted, however, when he took the same watch to a watch repair company and was told it needed cleaning (which would cost $2), but there was nothing wrong with ‘omments on Many Differâ€" ent Topics of the Day. the mainspring Cheerfual We have the assurance of A. P. Gianâ€" nini of the Bank of America, that "Spain‘s civil war is nearly ended., Surely England and Italy are going to sign an accord, and equally surely, if that happens, Germany will join, and France will agree. Greater world stability will follow . . ." we wish there were optimists like that in the loan departments of our local banks. A Country Doctor It seems to us that every few weeks we read about Dr. Allan Roy Dafoe, "the pudgy ccountry doctor," doing or saying something in New York. We wish they would stop calling him a country doctor, or stop reporting his activities close to the bright lights We wish they woulC him a country doctor, or his activities close to th ~f Broadway. Possibly Dr. Dafoe has not the same dislike for New York that it so often attributed to country residents. Possibly he has duties that make it absolutely necessary for him to go to Possibly absolutely New York The latest report on a New York trip would bear this out, since it says that he is in the gay metropolis for purposes, among others, "of buying the auints Easter dresses." to Increase Output 12 Months Ending February 28, 1938 ... $5,030,013.79 .68 officers of around in 4 Old Fashioned We hear many of the oldâ€"timers speaking longingly of the days when fire engines were pulled by gallopinsg horses. They should live in Whitby, because wa so> by the Globe and Mail this morning that "The second explosion tosk place half an hour after the Whitâ€" by fire brigade had arrived and brought two horses to bear on the ceillar and upper rooms from which smoke was issuing." Irvicoentally, brigade was spelied but we won‘t mention that. Pamour Net Profit $275,534 in Quarter Lots of Good News at Anâ€" nual Meeting of Pamour Last Week. Toronto, April 16. â€"Shareholders of Pamour Porcupine Mines, Porcupine district, heard plenty of good news at the annual meeting on Wednesday. Prsident James Y. Murdoch told the meeting that net profit for the first quarter of the year was $275,534 after all writeâ€"offs including depreciation, taxes and deferred development, equal to 5.51 cents per shars on the 5,000,000 shares issued. This shows decided imâ€" provement over 1937, whon net for the full year equalled 12.49 cents per share. Recovery per ton, re said, was $7.14, just about $1 better than average grad»e of ore reservies given in annual report. In addition, when questioned regardâ€" ing dividends, he replied that if proâ€" duction continues on its present scale payment of a dividend would be conâ€" sidered before the end ol the year. Regarding increased tonnage he pointed out that the mine had gone ahcad so fast that tonnage would be kept where it is until the mine consolidated its position. Capital expenditures this year will be bstween $125,000 and $150,000. Gzsological conditions indicsate large tonnages of ore, and it may be some time before an average mine grade can be intelligently assumed. During the period of imill expansion, with conseâ€" quent expansion of auxiliary facilities, sinking of No. 2 shaft was carried on and has now reached depth of 1,300 feet. At a meeting of directors just prior to the annual meeting it was dccided to proceed with the shaft to depth of 1,900 feet. Bottom level at present is 1,000 fect, and while no exploratory work such as diamond drilling has been carried out below this horizon, the management has hizsh hopes for good results based on geological knowledge of the district. Questioned regarding reported highâ€" grads strikes at the property, General Manager R. M. MacAuley said that highâ€"grade spots are encountered ;wm time to time, but it does not occur in large amounts and is used to sweeten the grade ore going to mill. At one point 16 tons was taken out averaging 15 cunces per ton, some time ago, and sinvce then three â€"other rich highâ€"grade spoats were encountered. Five of the retiring directors were and Leo H. Timmins and Hon; J. E. Perrault, K.C., were elected to replace Ernest Hibbert and Russell Progress Report of Gillies Lake Mines Five of reâ€"clected, Hon. J. E. to replace Horsiall. New Ore Body Believed to be Extension of Hollinger Progr:ss Report No. 32.,0f the Gillits Lake Porcupine Gold Mines Limited makes special reference to the striking of a large and rich ore body on the proptrty during the recont diamond drilling work. Reference to the rich strike was first mads in The Advance in a recent issue. The progress report gives interesting details. The followâ€" ing is Progress Report No, 32 as rcâ€" csived by sharcholders last week:â€" "As you have probably seen in the daily press our diamond drilling camâ€" paign has bezn most successful in cutting what appears to be a section of a very large on2 body which has a width cof 40 fest. This ore body was cut under Gillies Lake in a section that has never heretofore been explorâ€" ed by the Company and this speaks very weoll for this new territory. This cre body was cut at a vertical depth of 1700 feet and approximately a disâ€" tance of, 300 feet from the end of our present crosscut on the 500 foot level. Your Board has undor consideration the propssition of â€" continuing this crosszut so as to opei up this new ore bedy at the earliest possible moment. We quois below three paragraphs taken from a report received by your company signed by Hamlin B. Hatch ~and C. T. Penney, engineers, which will further enlighten you on this new find: "The best consecutive section in this zon> was cut from 807 to 822 feet, A section, 6% feet wide, between 810‘% and 817 feet averaged $7.53. A minerâ€" alized section between 940 to 945, five feet in width, assayed $40.60. V ein 25. Gold Shows North of La Reine in Ontario is a very strong likelihood of cutting similar parallel ore bodies at a lower depth and we hope to have further good news to report in the near fuâ€" ture." Company Headed by W. Peaâ€" cock to Develop Promising New Claims The following from a recent issue of The Rouynâ€"Noranda Press will be of gcneral ircerest here. Mr. Wm. Poaâ€" cock, formerly resident ¢o¢f Timmins, is well known for his active work as a preospector both in Ontario and Queâ€" bee. coupie dary. Gold Showing North of La Reine In Ontario Immediately after breakâ€"up, work will be begun on new gold showing thirty miles nonth of La Reine on the Ontario side of the ircerprovincial boundary. The discovery may well affect prospecting and development on the Quebec sid2s sincs it is just Mcen grubstaked by William Peacock, wellâ€"known prespector who has done much work in both Quebec and Onâ€" tario, have working on the showâ€" ing during cthe winter and have sent samples to Rouynâ€"Noranda that have proven ‘highly> encouraging. 3 _ Lying almest on the bank of the Paitâ€" ten River about cight miles south of where the Patton joins the Turgeon, ‘he break is an eastâ€"west one having a width of approximately 15 feet. Two quartz veins are set between a dioriteâ€" porpbyry formaticn and in the north schist wall, gold values appear to be well distributed. One assay gave $10.60 over a width of shree feet. Heavy chip samples have returned from $10.60 to $1‘79 00 gold per ton. Five bags of <amplcs that arrived this week from the ground hav»s yet to be asssayed tut in two bags at least visible gold exists. Fifteen Claimns Now Thrco claims were originally staked on the showing and since that time anâ€" other 12 claims have been staked around them for protection. One of Ontaric‘s new prospectors‘ $35,006 comâ€" panics has beon formed to do prelimâ€" inary development work under the namse of «Patten River Mining Syndiâ€" cate Limited. There is plenty of work to be done, not only on the first disâ€" covery, now exposed for 50 feet on the east side of the Patten, but also on second showing about 700 feeet north of the first from which grab samples ecte * t #* t# + # *4 * . .*, a**s «We # 4# #* ## + 4 4 44 *# eates #* # ® Cad t# #4 # *# #4# #* *#+ # Ld * # # #4 t # ® #+* * © #4 #@ hJ ## # # #* *# *# #4* # # #4 ##4 «* t it 3 B ds hn tw ie se ts ie ahe ob ate hoi ate oo ols on ie abe aie ahe se ho ahe ob ol SHERIFES SALE OF LANDS : Under and by Virtue of an Execution against Lands issued out of the Second Division Court in the District of Cochrane and to me directed against the Lands and Tenements of Steve Tarabass, in an action wherein M. Andrusiak is the Plaintiff, and Steve Tarabass is the Defendant, I have seized and taken in execution, and will offer for sale by public auction at the office of 8. A. Caldbick, Barrister, at the Town of Timmins, on Tuesday the 26th day of April, 1938, at the hour of o‘clock in the forenoon, all the right, title, interest and equity of redemption of the above named Steve Tarabass, in to and out of the following described lands and tenements, namely :â€" 1. Parcel 4941 Southâ€"East Cochrane. Situate in the Townshinp of Ogden in the District of Cochrane, Namely: Mining Claim P. 11943. SHERIFFS OFFICE, Cochrane, Ont. DATED this 14th day of January 1938. of milss due woest of the bounâ€" â€"~2"â€" 20 â€"31 Parcel 4982 Southâ€"East Cochrane. SHuate in the Township of Ogden in the District of Cochrane. Namely: Mining Claim P. 11942. Parcel 4863 southâ€"East Cochrane. Situate in the Township of Ogden Namely: Mining Claim P. 18004. Doherty Roadhouse Co. STOCK BROKERS Timmins, 19 Pine Street North Toronto Kirkland Lake 293 Bay Street 34 Government Rd. Direct Private Wires for fast and accurate quotations and executions in all Commission basis only Local Phones 1200 and 1201 Market Quotations Broadcast each day at 12.30 noon and 5.20 p.m. Accurate Markets and Executions in Membars Toronto Stock Exchange Unlisted Stocks Mining Stocks Industrial and Public Utility Stocks Bonds have returned $2.80 and $14.00 Although the ground liscs north of the townships in both Ontario and @iusbec, access is not difficult from th2 Quebec side where settlers‘ roads make it possible to get almost to the Turgcon river or the Patten from Laâ€" Sarre. Acroplanses can land at the junction of the Psi.ten and Turgeon about cight miles from the proporty. Eavorable Arca So far as could be learned locally, the Patten river discovery liss in what has been regearded as a favourable area for mineral deposition, although little had been uncovered previous to this time to warrant active development. It is quite possible that the atcention of Quecbec prospectors may turn this summer toaward exploration of the country on this side of the interprovinâ€" cial boundary. Watchman Frightens Away Thieves at Rouyn Store The Rouynâ€"Noranda Pross last week says:â€"‘"Thieves were interrupted in their "work" at Sam Bucovetsky‘s Rouyrn store early Saturday morning by Maurice Rcesenthal, night watchâ€" man. Onue robb>r had entered the etore by tearing a screen from a winâ€" dow and removing bars while the watchman was in the basement. Twenâ€" ty pairs of shoes had been placed on the roof, ready to bz taken away, but as Rosenthal reached the telephone and shouted "Police!" into. the instruâ€" ment, <hr man fled. Constables were within three minutss but did not trace the thicves." Before the true importance of the discovery can be estimated, there will bave co be a considerable amount of work don»e but detaled checking of reâ€" sults so far obtained will be carried out just as soon as possible, Mr. Peacock assured The Press this week. Voltair2:â€"The secret of being tireâ€" some is to tell everything. Crowshore Lacoma Cheminis Kirkland Gateway FIRTH BROKER 200 Bay St. JOHN D. MACKAY, SHERIFE, District of Cochrane, in the District of Cochrane. Four Lowâ€"Priced Stocks With QOutstanding Tossibilities. ue ualte hn ds ols en im Toronto