des

Dealers In. Wa

In Recent Stock Declines |

By GORDON GRANT rants, however, the fall didn't... * TORONTO (CP)—The — aver- worry that many people =) pamee o oe a =| > 2 bss u t| ; ames 50) ' |

ave investor knows alt obeut OFFERS CHANCE fringe investment dealers OTTAWA (CP)—The bureau|which also contributed to thea,

prices becayse the daily list.of pri¢es told him he was losing ‘money. 4 :

But what’ may not have oc- curred. to him was thae another facet of exchange trading was probably being hit ever harder.

ns

~~ Cs

rants Hit a

trading areas in which the spec- ulator can make or ‘lose sub- Stantial amounts of money. Warrants are generally issued in conjunction with a financing program, often as a bonus of- féred with some other type of

rants is that you must decide | whether the price of the war- rem is right an@ whether you | think the common shares are going to rise enough to make the warrants profitable

But there’s more to warrants,

“Warrants “often present the opportunity to participate in an advancing stock market to a. greater~degree percentagewise thati the equivalent dollar ‘in-| vestment in the common stock! of the same company,”’ it says. |

The Guardian, Charlottetown, Thurs., July 8, 1965. 17)

Industrial Production Index

Shows Slight Drop In Month

production dropped to 225.6 in decline in the index ; of statistics index of industrial production dropped to 225.6 in agricultural production equal- April from 226.7-in March, the ling 100, stood at 2243 for Jan- has reported. ear, 8. for February, 226.7 bureau h and 2256 for Apri The decline of 1.1 index points or March pril. _re. | rhe index is adjusted to smooth

—or half of one per comt—-Te | 1) sossonal influe’

The index, based on 1949 non-

S| :

YESTERDAY AT THE f RUSTY SPOON DINER,

JOE THE COOK SAID

HE HAD AN ART

What it’s getting at is the/sulted from drops in the output “multiplier effect.” ‘of manufacturing and electric Say you bought 100 shares of power and gas utility industries, Algoma Centra! for $875 and thé! over-reaching a gain in mining shares increased by $1, your

es on ' duction. . -

With its announcement of the industria! ~ production index for April, the bureau also teported

As share prices fell, the price of warrants fell even more.

Warrants, in simple terms, are .options to buy stock at a

security.

Taking Algoma Central as a specific case, when it issued \debentures in 1958, attached to

specified price within” a spec!- fied time.

For example, during the sell

of, Algoma Centra! and Hudson Bay Railway shares fell 10.3 per eect But warrants for the stock divned 13.6 per cent

each debenture were 22 war: rants entitling holders to buy common: shares at various prices before March, 1, 1968. |

Under the terms of the war rants, a holder now can pur chase one share of stock-for $5

profit would be $100. But for the same $875 you would be

|able to buy about 185 warrant:.

If the price of the warrarse then went uv $1 your profit would be $185.

‘output. | The bureau said the 1.3-per-| leent decline in manufacturing | ‘production in April resulted mainly from a fall of seven per cent in motor vehicle production from the record eutput that in-

uarter of this year.

The index is based on domestic non-agricultural

ia

that real gross domestic non- = agricultural product stood at an index level of 205.4 for the first

xR son

0)

1 juct in 1949 equalling 100, and &

nee relativel’ few investors | plus one~warrant, Should the price fall of course | qustry attained in March. eg ,

concern themselves with war-| H-you want to) buy warrants |Your loss on the warrants would Production in the aircraft and| oar rater ae - real Oo ye . ea treet a toa og aaa coed °” | parts industry was affected by|terms which are ve Cc stock broker. e. -price a ‘ A ”

ON TRE Al waurent of Abconia a a strike during the month, |price inflation i

;the Toronto stock ¢

$9.75. | Current market price for the!

5.30 p.m.—20-20 |the subscription price remains) HALIFAX (CP) — Toronto's

6.00 p.m.—Documentary Showcase |@t $5 for almost three years in-| Mayor Philip Givens said here

THURSDAY PROGRAMS CFCY-TV

p.m.—Musicale p.m.—Vacation Time

RIPLEY'S BELIEVE IT OR NOT

|stock is $8.75, so the warrants’ |don't appear to be a bargain)

Mayor Givens told a press | conference here only the ethnic groups—the Italians, Poles, and Ukrainians—seem to have a fer-

p.m.—Defenders pom.—Alfred Hitchcock Hour p-m.—CBC TV News

The point of dealing in war-.

| %:30—Winnipeg Pops Orchestre—

Zz 68 aanOeaes vestors pay a premium -forjonly Canada’s new citizens is 7.01 p.m.—CFCY TV News warrants. lare showing enthusiasm for the | 7.15 p.m.—Keyboard Melodies Suppose Algoma Central were | nation’s 100th birthday in 1967. =| 7:30 p.m.—My Favorite Martian |to go up to $12 a share. Wf you | “I am rather disappointed at Z| 8:00 p.m.—Father Knows Best had warrants for which you | the lack of real enthusiasm right 8.30 p.m.—Petticoat Junction paid $4.75 you could still get the | across the county... . there & 9.00 p.m.—Gomer Pyle stock for $9.75 which would give | Seems to be no natural enthus- 9.30 p.m.—Portrait you a good profit. iasm for the event.

12.13 e.m.—Local Weather and Sports. cae CAPTURE-THE FEROCIOUS MONSTERS

Scores |10:00—CBC Nat. News. On Parlie- Me ie ee dean BY DIVING BENEATH THEM AND 12.14 a.m.—Sign OH ; TICKLING THEIR STOMACHS | ' ment Hill & Speaking Per- | for the centennial is sosiles to P

sonally—CBC, eyness with which Canadians er - |

CKCW:TV |10:30—Variety Showcése—CBC Celebrate their national day. eee 9.13 p.m.—Station Sign On 11:00—News & Regional Weather “IT have been to other coun- | 2.15 p.m.—News, Weather & Sports |!1:05~Starlight Serenade tries where a_ tremendous 2.30 p.m.—Peyton Place 11:30—News & Weather amount of fervor is generated by

p-m.—Gale Storm

p.m.—Moment of Truth

such events, but you don’t have

11:35—Starlight Serenade ’ to be a social scientist to realize

12:00—CBC News, Weather &

3.00 3.30

6-X LNJSV 13uD3S

- i i that here there is no great senti- AF Oe ae a —" -|ment for thé centennial celebra- 6.00 p.m.—Woody Woodpecker r J 6.30 p.m.—20-20 CBA RADIO _| tions. + 6.00 p.m.—Jungle Jim * Mayor Givens, here to address , THURSDAY a meeting of the United Jewish 6.30°p.m.—New, Weather & Sports Appeal, said the fate of his own 7,00. p.m.—lionel Playhouse 6:00—The Morning Show. Part 1 irs centennial project is still i, Bottoms Up 7.00—The Morning, Show, Part |1 a iaeided An appeal to save 8.30- p.m:—My Fevorite Martain 8:00—CBC News and Inland Weather the project, an arts centre, was : S| Sonia one ee ee launched last_week. He blamed st JUST FoR KICKS I SENT IT’S ABILL FOR HAMBURGERS MOVIES a 10.00 p.m.—The Defenders Rida me ee ee sate ay cans al er — ; - WINGEY'S FATHER A BILL WHAT IT COSTS GAS, TIRES, SODAS, : we sup shown ' : : SAGES 11.00 p-m.—Alfred Hitcheock 9:00—CBC News comers. to the city council who | DAILY CROSSWORD * Ke FOR. WHAT WINGEY POP FOR ME TO COR! ” 12.00 p.m.—CBC TV News 9:11—Commentary were not serving when the pro- ie rp Ga EATS DATE You: 12.15 a.m.—Viewpoint 9:16—A.M. Chronicle ject was conceived. | ACROSS Dow) 18. Battle JPA Bore “ k § ‘ 12.20 a.m.—lionel Television News 10:30—To Market With Music - 1. Son of * Bind dore Patel} INTE TAI 12.25 a.m.—Station Sign Off: 11:00—CBC News ., Japheth: » Reigns and CNEMMNORICMM! | > “ mie ie ee 11.05—Joan Marstrall Russian Plant * Bib. in the shuttle- eat to tee “ erey 11:15—For Consumers ; rs ©. Crystal rain 20. ck, ELOERMIADIE | 7% O45 THURSDAY ee coarse Management _ B. Infant o USI Ie gs ’ 11:30—The Archers ‘ot prrerig - Ex! a a 6:30—News i ene ee ee Gets New Lift 12.T.S. 6. Principal a Z So ho 12:15—Relax With Rafael re A ee oare city of pis te F504 Cee iene WE A, TO 1 19:40 asin here. 0°Cant MOSCOW (Reuters) — Soviet) 18. Subsided Palestine. 23. Cura- S 6:46—Morning Roundup 1OOZCBC News end Weather economists, concerned at the) 14. Cleanse 1. Leave off tive stedag’s 6:55—News, and Weather 1:18—Where On Ys . low standards of industrial man- | of soap asyllable 24. Swine 7.00—Hebrew Christian Hour me 45=The Open R eer hows | agement-heré, are calling in the, 15. Ruddy 8: Food fish — - 27, Near 35. Forbids FITZPATRICK BRINGS 7:15—Morning Roundup 1:59—D.0. Time Signal |help of industrial psychologists, 16.A 9. Fail to 30. Guido's 36, Island ROCK TO GOLD eUICH--| etc: mas 2 .Diktha Onan Road. Show jand sociologists—banned under “sa win note east of 7 ; ae Ee 2.45—It Happened Today and Stalin. aan P ® 10. Let it 31. Mockery » Java mm 7:41—Morning Roundup ‘John: Dreide: alle A Sto The managerial side of indus-; 17. Music stand: 33. Somali- 37. Dry a 7:45—Island We., Mar. Temp. $:06-C86 News 'Y try has long been regarded here | note | print. land 39. Animal's aaa 7:46—Morning Roundup S03 tieinide Matias las little more than a necessary) 18. Military 16. Cheat: measure foot 7:46—Sports Capsule and Score | 1 ae ews levil and treated with extreme Pet. LS a 34. Constella- 40, Indian board 4:03—Canadigh Réurdup parsimony. Economic planners| 19.Southefn 17. Knocks tion weight Ws £.00—News Lidahade ta tha Ais have shown reluctance to allot state 8:11—Weather 5:00—Mar. Fish B‘Cest more than a small proportion of | 22. Viper ee : 8:16—Morning Roundup 5:00 tenusa. COC =Noiebesk a-factory’s budget to manage- 25. Traveled sg 8:45—Weather r ee oe rial expenses : back and ! | ; . 6:00—CBC News es forth z2 8:50—Atlantic News Roundup 4s14 On -Pathiariont Hit | But the increase of huge new 26. Ha: 8:58:45—Thought For Today ; 6:20—Toda a Edibeeial _._|industrial complexes has cre- “ th sa z a ee eee ee 6:25—Inland. Weather end Sports. ated urgent problems. - 28, Man's 3 O11 Preview Sommerwory: ee eee . An_article ‘in the nereioe ed ckname | 9:16—Notes usie yes ; Sovietskaya Rossiya’ now s ease . 30—Business.Barometer _ a -. 29, OOS Newi = Weather nee enact the Evening {highlighted ~-the~ situation and: 2. Rarosptar: ; 10:05—Notes and Music | 7:30—Maritime Magazine jexplained what the socialogists’ 9) «min 10:40—Mr. Co-op . Program 8.00—Assignment j think canbe done. | " coating 11:00--Newg : &_ Weether 8:30—Reserved For Music The article, by a sociologist 32. Because — 11:05—News and Views On-Groceries) 49° co th Estate at the Leningrad University; 33 Batnhouse 1T:20—Notes and Music 9:30-Winnipeg Pops Orchestre institute of complex social re-) 36, Club 11:45—Bulletin Board 10:00—CBC National ‘News, on |Search, said the institute had) 38. Aside 11:50—Notes and Musle Parliament Hill and Speaking already carted out two surveys,| 39, Trojan a 11:55—Atlantic News Roundup Personality * based on written questionnaires, | prince im 12:00—Weather |10:30—Variety Showcase |in factories in the city. 41, Confidence az 12:05—.P.E.1. Road “Report 11:00—Concert Hour The first, which sought to es- game is 12.07—Town and Country Time | 19.99_caC News ltablish why trained technicians ~42, Living | a 12:30—News — Weather |12:03—Sports Scores, Inland and (So frequently changed jobs,| ‘43. Capital of i 12:45—Town —& Country Time | Marine Weather showed on the basis of 11,000 Drenthe | 1:00—News — Weather 12:15—Music In The Night replies that the main reasons| province: 1:05—Town . Country Time | “Best of Dixie” | were bad management and poor Neth. < 1:15—What's ” meet }12.00=CBC News | personnel relations. 44. Broader i 1.45—Town, gn ‘country Time | : i 2:00—News — Weather DAILY TREE ROGIER = Here's how to work it: | ° A

2:05—Mostly Music

3:00—News Headlines & Weather 3:03—Tréns-Canada Matinee—CBC | 3:30—Tops In Pops

YDLBAAXR is LONGFELLOW

One letter simply stands for another. In this sample A is used

CONTRACT BRIDGE

- JERRY, I’M SPEAKING FROM MY YACHT / IN AFEW MINUTES, MY

By B. JAY BECKER ‘“. 4.00—News Headlines and. Weather ad = ae ao X for the two_O’s, etc: Single letters, apos- O WIFE AND I WILL BEONA 4:03—Canadian Roundup-CBC North dealer. - | These are merely generalities, Deen aay ms serio | penton of the words are all hints. 4 fg 4 oem a és North-South vulnerable of course, but the fact is that in | are different. ‘ee - ; (oh 5.00—News & leather ; sae | Ses NOR.H most hands the finesse is some-| A mm 5:05—The ee rt i eK q106 thing you shun unless you've) Oryptograzn Quotation > Bin, Sabathia Outs rt a ~~ @T3 thoroughly considered other pos-| SVEYVHMIH HXVCAT NIOKM o -28—The-Outports - sibilitie = ——_—— 6:00-—Wews one baba cee Sia "Obviously, there are times; KCBMH KXFK SXFCDDMCIH FBT ‘oO 6:15On. Parliament Hill— ; hoic xcept | 5 ; Bc ST EAST when there is no choice except) Sp foseys See me bry 972 |to finesse, but.on at least some MIIFBT GVJH SFB NXOHKAM,— = = ris Parade | ‘ , e ree A8654 ¥.KQJ1092 of these occasions the finesse is GMMSXFBE ee-tiimn awomacte. | Soo ee ee extucan lef 09=—Batk ie, The’ Bibl #597 Le os es 8 : A-DRAMA CRITIC Is-A MAN Semen: & Maco. sours |in the hope of winning the fines WHO LEAVES NO TURN UNSTONED— SHAW | 7:45—Program, Schedule 3 ote 2 For example, look at this deal _ © 1965, King Features Syndicate, Inc.) 4 20eTonghts Mule Fae e ee eae mal ho ona z' & ; 2862 e assurance tha make s ; 8:58-—News Headlines and Weather |the contract whether it. wins or cS _9:00—Citizen's Forum—CBC The bidding: : loses. OUR BOARDING HOUSE MAJOR HOOPLE @ North East South West | West leads the ace of hearts, * Q 1@ 249 $.}3@ 4% |which declarer ruffs. Even at ; THEY BUILT A NEW ]] HOw wn T LAST 5@ Pass 8@ this early stage, declarer is sure THIS 16 RIDICULOUS, Twis66/ THE RAIN) STADIUM WITH A flAgour A Opening. lead—ace of hearts. of making the. contract regard- AS STOPPED, BUT THE BALL GAME Vor ae ana USINNC], 22, WRIGLEY’S This business of finessing is & less of how the opponents’ cards \T BE RESUMED MERELY BECAUSE)! Mant aa A SA BiG wn ; |fairly compliéated subject. | are divided, although on the sur-| JOF WET GROUNDS/—HAR-RUMPH f— HAY HEY’ || SPONGE = SPEARMINT | Wren you start to play the face this does not appear to be [CANVAS PROTECTION 16.45 OBSOLETE | JAD TROUBLE 1% = s IN THE game, the first thing you're So. BoLD (MAGINATINE Wende AT MANBE THIS CALLS a “— taught is “how to finesse; as you South crosses to dummy with Mee BASEBALL Our aa T FOR HF OLD = progress, you ‘rely upon the fin-|a trump in order to ruff the ree [o,criye 7 aL” HOOPLE ToucH? z: MODERN esse less and less; and-by the maining heart, and then cashes a “ aad : — : the K-A of spades. When he now } CASESAY | I

time you've hit your peak, YOU leads a spade and West follows upon the finesse as only-an suit, South finesses the ten with’ ‘instrument of last resort. a 100 per cent guarantee that | | this play will make the contract.

In the aetual case, the finesse succeeds, but even if it were to lose to -the jack, the contract | would still be safe. Eas* in such | | case would find himself in the unpleasant predicament of -be- ing forced to either yield a ruff and discard or return a chub

lf East had four spades to the jack, South would stitt-make~ thé slam. In that case he would rwit the third spade with the iqueen, play the ten, and discard a club on it. East would now find himself in the same us Pleasant predicament --

> s

Lt jf a Cot

Gime

WaNav 1.1

More to enjoy! — Wrigley’s Spearmint, Doublemint and Juicy Fruit Gum are now available everywhere in the Big Dime Pack.

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