DCTOBER 10 1934

Qunkru

P ' PUFFEU RIEE

\_ \l| //

snot GM _

-'/

l||i0‘”§

F/’

'df

4.!!

'nasal

fs all

\

._,_

_ bn V

mtl".

rim

only

w eaten ‘_ __l

`rios grains can . _V be when ax- _ plodldforcom- 7-‘."'{_"

Killed! eeri- illty. 'l‘hat's asker Puifed best and

Pufedkice.

N.

_‘...

us" _

U "32

Q _ C U11

I_l,._¥_ \

i J 0

i in

mvoun. .. ur.. am eroded mn cr' .. ~ ma,

melts "ir?yo`\i'1~tl.I11:>uth. gym*

- retail sales

' ltoe

-___.______ “_” t _Q __ gg,

a year ago, acco ug o nn an e Bradstreet. Bell

liirie Byatem in 8 months ended Brew Cor

Aug al. 1034 not income after charges Brew Corp Pid .. equal to dl cents a share on 4 per-_ Cons Paper _ .___ 150 cent first pid agsinst` net loss ot Dist Beag ._ 13% $500,787 in first 8 month; ot 1088.-,Green Staheii ... . ._ 71 Angust net lose $460,410 against not Hu 10 income of $484,101 in August 1083. '_lllll1 _ll . 15 Reserve Boards 'condition stats-,.3019 10° '.. ~_ 11%

ment ot weekly reporting memheri lhfl Pei __

I

Sales in the agricultural districts

are laid td be holding up well iand in some instances showing good gains. This action is typical ot the selectivity of the current market The istoc s ot many or the most fav- orsbls situated _companies are near their highs for the year 'while those in an interior position are near their lows sad the eoresd is substantial. _The market seems to lark the strength to pusb through the previous supply ares and until that happens or a furthso reaction occurs we would simply await developments.

_ Laidlaw and Company.

IUUIABY

NEW’ YORK, N Y, Oct 9-Gold

Bars quoted in Lnnrvn Market at

i142s 9d, a new high' and compared

with 142| tid Monday. '- ' ‘

Chesapeake and Ohio loadln dur-

ing week ended Oct 0 totaile¢f'80.175 cars against 30,140 in previous week and 20.708 s year a o.

Domestic Crm? Sli output during

_weolr ended Oc 0th averaged 2,407,-

005 bblg daily. oft 34.795 from prev

=`

iious week according to “0iI and Gas; Journal.

' Commercial tsilures ‘in U. B. in

week ended Oct eth totalled 248 ag ainst, 208 in prevlona week and 2

80 Ind

20 Util

10 Bonds

~\tmterl through recent support point and ended the session at 38%. The As trend in these issues is still down. ‘ Ba Continue to deter purchases in golds. Br-

ro nms`

banks ss ot October ard shows ln- “°l°lI¢l'l A

crease tor week or $22,000,000 in total N0 . loans and investment; and decreases wk H0359! 425 oi' 829,000,000 in net demand dellosits, 50.000000 in time deposits and $08,- Wright Har ___ ____ 900

. 00o_006 in reserve balances with Be- -

ser a banks,

...

ssxox ssrs "P

' arowranqr., one. oct o-Mum f°§‘ action cont nueg bullish. Subject to tg minor corrections bilrher prices may T still be anticipated. On reactions bay ____ Radio pid B. Liggetis and Myers, If 'R Johns-unnviiie. _%u.a'1 Distillers, cons _fat Gas. Lehigh Va ey. United Carbon hd Bears Roebuck, Montgomery Ward_ on!

In New York. Mclntyrs moved opium;

to 471( yesterday while Demo ex-i by tended its advance to 42%. Both lost _T their gnins completely in the after-

noon snd closed wc-nk. Noranda pene- Tn

ei

:P v tr-*ff==r-1

_-___

a Opened

1 _ not nor ......ws loo

ou Brew .__ .._. 11 -- uhnruoia _ .159 5%

al; _ e 2|) 20

125 14 »70

me Oli 70

0 13%

1 20 10

anda 5 iiiiiu

lker Brwe .__ 705

Can Can Can CID Can

3223 ....E 553 ....5

-__ §ee§

neat

GRAIN

»--_..._

i CHICAGO, Oct 0-Conill|ed

L_-_,_ up a narrow ran' rain rl

ge. p cas

um' uw 9139 _M today on commisagan house

il h

z T .`.'.`

Bsnon- Brownie: .. _,L .., . °. .`.. ,

as 15

Assassinatio On Stock

(6. 1'. by Guardisn’s Special Wine) ' MONTREAL Oc 9-After

, t.

S k maintaining an irregular trend tor

° _ the nujority oi the session. MDD*

read Stock Emimnge listings turn-

ed downward today.

(Gao Old

. ltlel

lottetuwa)

Dpensdhrsr

-_.__

Mr Red ___ ._.102% Allied Chem ... ... 128 Allis i'h:\lu\ 131,( Amor 01:11 .. 09%,' Am l".|uud _.__ 101,( Alu lo: Pow _ 0%, Am Loco 10 Am .l'oiv Light 4%

Lin Rad 13& Am smelt ltrg _ _, 84

Am Tel Toi 110;/; Am Toll B 77

10!/a

B1

127’ 13 iii. 0

1°., 11

Anaconds Cop

Atchison Auburn Auto Bald Louu ._ Balt Ohio ._ Barn A . ~Bendix Aviation . gcfh Bice! ._ rags __

Byers A .\l , _ _ ___ Burr Adil .\Inch __ Con Oil

_ _ 107;

50

“$32

1% 11

_:;; “il

"Sea . ar*

21-92/ 11%

87 17%

10%

12

. 10%

Can in-_v Gin Ale Q11 l'nc ._ Case 'l‘l|res!{,l1 , .. Cel (`or|» .. __ Com Suu __ Cong Nairn

Chrs Ulxiu Chrysler .lint

Column Curb ... ;__ ._ fa

Colunr Gus Elec _.

C0111 Soi .__ ... 10% Con Gas _ .. ._ 21% Con Uil __ 8% Con (Ian __ .__ ST Conn l'rm_i ... 05

Del Hrul _

&€»-.lfé.".§S.“-1 i#$EF BC

151. iii. 1 i :sb I

._

re 5?-'.‘.`-’

if

li1IJ.1pont,., _._`. 00 Elec Auto Lite 0C ._._. 'J-8% Elec Pow Light 4 Erie 12 First Natl.-:its/os .. M

Freeport Terr

Gen Anphnlt

Gen Elec __

Gen l-‘coils _ Gen Motors.

Gold Uupt _..,_ ._ _

Goodrich Ruin .

Goodyear 'liao' ‘_

Graham Iinige I Great West Buss: Hudson lilot

'i-nil Ilar .___ _. _. Intl Nickel ‘_'.;` .__ ..

§|1§_ifl‘i§ ... ...». _,_ 7 one on .., .. 4%

Kelviuetor .._‘._ 13% Kennccott Cop .. __ .. 17

Lambert Co ___ Ma .Liggetu Myer, B 08

Loo l

:_ ' >- §ii§`§§§”§§§§“§§==

:gonna `°"53s§§.=.-...=

sr p

3 rs r 19 Beattie

41%

83

05 ‘_ Bradis

B lo

B I! X _.

2-fe; Burr sal: ._ _ 31 l 0

$

Q4 Comm

3% Coniaga

15 Conlarum 1g_ D Mines .__ . . 29 llidor

99 Gods L

17

Ca il _ar oo . ..

38% Co le .T ..

o

a

Goidaie

“hae

aitern in

ly t mod

loss being down s. full Point st 180. International Nickel the active

leader, ian while

TOR

Bt ockl

-Acme Oil .

Aconda ._ __

Max Oil .

Alex Algonn .. A ri

Bagarnlc Barry

Bean ._ Big M

Bobjo ._ _

ne .__

sl"..:,°

lies - U

t

gg* Ce; Pat ...

5% chem 12 Chihaug

nWP,, l... _..~

do \\k° ...

U as eg ,_. _ vv'._

Us . _

\

sto a ...~ ~~

Auslg ___ __ .__ .se .s ...

Base lilet ..

. ... ..

isp .._ _ _ .

._

n _. ..

.. . . ~

Gold Balt »_- » ~ Goldlield ,__

Goedrlsh ._

Graham Gllulda Grandor

Greene Gunnar Halcro Harker

gel

omes

ig Howey _ .

The easier tone was the result

of the lower movement in New

*__ ygrig rollvzvmg _:he °_esseIssma3_<;x;‘s

I King exon er H8011

°\`V‘;:=;.l:::l:::lTe_¢_b¢yl;¢ god Louis Bnrthou, !'1‘eno1ih1'3;¢i311

xo rags ln in roll nr Minister in F1_ance_ Prius up

‘“°""" In m"""°"d 5"" ch” comparatively well until the early

oon when the recession _ Losses ouignumibered Reins near- luee to one. Salad volume was crate. .

10255 Royal Bank sutlered the widest

M I

msed 3-8 at 23 1-2. Brasil-

'Praotion declhilli 1-2 alt 10 3

Canadian Paoiiio Railway

MINING

1_1

(0sned.i Press)

ONTO Ott B:

1 __ ,__\.,. .. ... 1

' U10" Lim. '_ r. ._ ..

Mon lT_»`t'... _. ._ ._ . -... LR

_ __ . 1

__ _ _ .. s

sr. ~ “*

__ .__

~~¢.

___ ..

__ ..

_ -... __ ...

,, ..

__..~146 E . .. M20 U .. 200 so -~-ls.. 5° 42 18 12

._,. v8 .... B0 21

72

as

. -4.-

._, ... 17

.._. 845

ri”

lg* 99

_ .... 188%

06"

s§§§eena..§;.»

.\

P P P P

R

Te

_` T Va Ve \V

Sh lscoe

lrl

Bi

gn ~.v Sul! __

ck llugh

Thorns Und o u|.,lnuc .._

1il:u~n»=.\ 1.1.-.iv 1. 1 l\l~‘ii r~ ._ ,, -- -- xii-lf. ii-/.ic ._ _ . . . . . --_ 137 An-i;»» -y ._ 70 \lf~‘~| n 58

.\ICVl(iIe ._ _ ‘\ W1" 1-. ,_ ‘fin `<`>`=§` `.’__ 12 Marr 11.111 8

Moxivin _ _ _ 1* iiinrpiiy _ ~~- Nlplssinguf. _ Z0 _ Norandn ..- 3515

N01'th (" .__ 29% 0 Oil

et (‘ .

remlcr .

Pros Air ... 66 Pick Cro .__ . _ .. 153 Read Auth

(ini

Ivnn . . .

“_ __ cumn Ir

rros ' ' I

li \V W

urn Tin 055 urn sn. .. 306 Antli _- --~ 43

Iirislrr

4' t

rl on .___ lvnnito _._

ns Have Effect _ __ Market Prices` :`r`:' ’~"`

hi t 29 but reoedsd to

3 4 where it was unch#-Med

Coal Preferred. Shewln-18011

so W "M John Citizen ° ’

,Int M ..~ -~- -~ _Kirk Cons .__ ... _... :rn cans 83

§élrr§i(ar}i|r;{... _, Q

ir .n e .__ -~ ._ ~- '-

Lnkr-Iruli -» --~ 2% li Sllvr' Leo <"`

-4 Sales 11,712 shares; bonds $1

iga ... 14 synmater _._ 29

. il C __. ._ 2%

iam-cr .__ .. 1176

eno il/...Z 90 Roynllie 1800 san An: .. _ -_.500 .

err`it .__ -.. 47

11

_ so

133 n .. _._

.. -. 9% ni .. _ ___

__ ._ __ . ._... 8 Waite Amir . r ... . _... 2073 \\'_1_vsldr __ _,___

N01 ... ..~» ..._ 18 \\'hlte Eg _ ._ __

__ . _,.110 _ivrlgar .. ._ _ ..

. ... 44

zo

. _ gn Kirk ,_ .

m

... . ...

»w§3§wu on

S :a§e.~;:

cobalt ...` .. '°_,`°I.`_`“",.ff

lou ._ . .. . ._

e0

Ds Hu H lx

_ r

within 0°'

,mod Dom_ _.. ..._ __

that rn tea 1 r ea tlmnf 32: T” C01"

_ Dow Jones- influenza” "__‘:g, |3Pf',.“|'°=t uae, Gen Steel \\_':lres ..

ool. dry weather complaints from H°1\‘?°1‘f 51"” -- estic wheat territory southwest 1”” N,"1“"

"fam", ofug. _-... __ _ ....wt §&§:e;i;1{nil_s_. _

9” d nn h _ _:I rs' ___ ._

he m,“.k’__'_' ‘y"_ .° . _'tug McColl lirolli Oli in ,ed f°||____.|,... _...,_.|,§-4 H nf ,,e“.!_ Mont Pow from its lethargy ag trsdln in. lm" B"@_“' --»

King Alexnxiqer ot Jugo-§lsvin\P°“'°" ‘QW -- been assassinated. There was '?_;‘_§;’__°° 1°“`

_:light xiadlcsglon, however. tm- I ___e__ __-_‘__

Q b e_ ' ... .-2- ¢h|| d°y=|op2";¢?um ° dum” ` South Can Pow _ _ _ _ _ _ _ 121/i -C- -___-12.3 Steel Co Can Com _ _ _ _ 'ITM

ch e MONTREAL, Oct 9--Tile hound

sterling and the United Slater dollar

Ex` an

S331'

‘Q50 Bras T 1" ist! mm Build

Call ll

Au tat anrI.W ltbok In let, l

at A

el '

1.1

L l'n\r ._ _ lliril

'OW A ... "N

Rod ._ . ar Com

Ca

Ce

in

In I.

b

dAlB .. uc _ ._ Sureit B

I

l.\1Olll ..

'lm is

_._ .- 1.5¢- :_|c.:¢ ‘_-c»,;~»;.

rl’i'd

a A1 .1 ~

-1. ...- if ‘L

r.=E~»~»ri

ridge _ eel Lou! B

21 23'/s

:~ - $23? #met

9 V. lli rm

tsl sales 400.000. ` rx_\_\'m-1

UNLIBTID

soc Oil .. ll Commerce _ _ _ idwln ...‘ .. . Montreal __ .i0ii1,§

Nova Scotia 'zoo Royal .__ 101

A

D BMV” '~ ' --I - - es .T (Cnnudinsa Press)

Church H Toronto and Montreal-Ind

stocks closed _lower-.

Toronto Mines--Lower. New York-Stocks closed low

121% .°..".‘l’.‘° 107! boxes '-'Z74' o 5-is s pou il 11% E323 Z1 tor'B _,Wea ln _ig rag w 130 "'

were 46

if _st as t

78% New 3 a

w

the C

@ ff-Y

In

me 23% when

D BBBlllii 16 Yugo- 1794 Barron

$3’/5 from

1,5 or

” The

rnncn

going rehoun

n

Eggs

advanced on Montreal foreign ex- I

,________ changed today. The pound galncdf

all-B2 cegts st’ 0-B2 cents and »

¢ Ame can -_ o one percen ’ ln' ._f:.:.r.‘:'.°°.. 1'.. ‘.'.'.l:.:'.'.: »-.1--. -1 2% »»».-» in ~

.“h“"_ Hamm., cu", M". _i_i‘1;ench franc eased .01 ot a cent st_ _

00 Biniimond Blrert. Charlotte- -J0§°;l:EAL_ oct 9-_Cheese wu| _ _

firm at 0% to 0% cents ton no 1 Que- |

4 _bec white 10 to 10% cents for no 1 l

4 d;_W¢ to 10 cents tor no 1 Ou- G

. e

co cred At th suction 115 F °‘ :.?_‘;°';°z.:;‘:L‘.: .lfzzsisi e

Ile.” Istezeipts toalled 700 boxes. ` W e d n 6 S d ai y `ff'° ““.€.‘}“'k"i’.. J” 22° 5.? 35

Ior °.:eIl:nedinm_ 21 Io' 22 cents

and 10 to 20 cent. for C, grad-

ef_:r{_\;t‘s_c::“l_ess. Arrivals by ____

Brunswick mountain potatoes

to 50 cents and new Quebeca_ Immun'

o 40 cents per 80 pound bag

Spinach 2 lbs Ai’

The pound had hllen below' ._ 3. d

for the first time in months 5:53) ywmmoes per Uk buck 5° At the ticker! l!|!10lUl¢¢d "ia 5' Ripe Tolnntoes il lbs . _ _ __ 20r: 'dun tion of King Alexander or Cano" bunch __ ' ' _:Z “_ At "lg Fwd F§_"°‘¥“ amuggfga' Summer Savory 2 for “ _. Ida u o rsnce e ponn rs __ _ _ _ . 4.90 to sms me closes at s4_e2 P"”"°' "“"°h ' " 7°

..¥.a&“..i°.:: .f.~.-:.::_:;':s -:sf ,_',',_'_';_'l_',__';,',__; “’° "°“ "°'" °' "‘° "“"’““*°°‘ waits onion. in _ . an

132 5'?-3“='°=`¥-‘i`ff-=i°-‘°"°“ "‘° "”"'“ ..‘.’:.';"‘;_v..i.“ _;:- '..'-.. ir. " 13 early trading both had been me

Sl

cm-dum rn." ' Hay . . . . _ . ... ... ....__ iibc

_ Xl

A net nm sr 1% emu' Apples dos ._ 1010s

dollar

Canndian dollar likewise had g,,_e@=,.,:9°‘__'_"__'_ '_'__'_"5_§g;' NMI- tn who lowest level in weeks. qmxlmower _ _ 19.20,, below two percent premium. It Tumi” 2 f0,"_ _ 5¢ 051°" ded ta 21,5 poemium at which gun” " '° " gk 0,110"

level lt closed unchanged. Crum "' '° gm Req 0

22% me ragga ani' .If ._ '.'.."b4-me greece M1 Ms.-s than ooo.ooo persons in~Be1- '5§I.'{..f'°$f.i"..i' "““'

gium have signed petition urglnga. Stow Mem ..

,,_¢,,,-_ Government prohibition on the cap- ffl* 93°F'

ture or migratory birds with new Fmt, °“I.."' . _

___ $11 mares. The petitions state Brel; ._‘,‘ ., s1`_o -

_ s from 1o,oooooo to 12,ooo,ooo\_ m »- 1H~

ziwnbigixflzberiinmr°.?.i"iff§i.rwf§»‘§l`Inlsrewry birds ' are “massecred"l°°’“ W' "°' -~

_ .

n a P a r `.Z. .'.`.` 1oe,nr1»a one n.

1', sugar and coffee unchanged. yearly 1nBelgii.iJn 101' f00\`l- lG:een igcgxipzrs 2m-rar _ 50 Bmeltl lb . _

-Ee: 5 §_§!r.§i?5§2

Sill Ihre 8\vi Uni rem

P

c.‘!§l Pigs 6

gud: hmd k._. ... ... _... res .__ . ..

Mackerel eagb ... _ n

--_.__ (0\Iol|aaPs'eas

KONTREAL. Oo! I-grid"

foreign exchuage in relation Canadian dollar as eolppiled Royal Bank ot Uansds, closed

as !ellews=-

Argentina peeo .SL

Australia pound [HIL

éu_sifia s3}lling JDO. egurn _gs .%s.

grgsil _|:1il_rele 63?. _ _

I1 III GY _ .

China Hong Kon’ dollars .Ui'(.. Denmark krone _ 15|. ‘ Francs trade _0MT_ ~» Germany rcichsmark 1. __ _ Great Britain pound LQ1.

Holland fiorln .%0. '

India rapes .Boil loaly lire .-. Japan yan l.

Jngoslavia d New Zealand Norway krone

Poland lloti JH2.

Boumasis In .0101 _

th Attica pound 4.0111.

n peseaa _1Ma.

den krone .l|l1. -

tserlsna bane .$306. _m State. dollar |15 peg sane

Exchange rooma-

E

ii: I

_ , ‘_ _ .rin \it1AKI.Ul'4`i£'i‘i)\’VN UUAKUIAN ' _ _ _ _ f'/iU|‘»"NVlNE 'zlgl-if

..- ft __ ni--?£“'~*': _-.=="i_ rf-':':w»: -xf. ~-f~~ »--~-`-=--»-`2-'~'-`-- -V 3 '

j_l=_jg'ER1>_ 1<lsToc1<.....1 no QUQTA TIONS

i MARK?fcos$1P A

UFFEUWHEAT 7

(Johnston and War-d's loaelll Wire)

IDBNING KAIKIT lalflll

i NEW YORK, N Y, Oct 0f'1'hs mar- -ket was mildly reactionary again yes- terday but volume was small with .little stock being. pressed tor sale. '_The merchandising shares were the

I t I th d bi t i rueflecmiigno ot :he .!,a'vo;a_§l“e 'lov-Yi' ol;

_ = _

M'1"1.-.cU1eB'M,»,_ Stock y[3][|mAy'3'rxcHANc£§

iii;

ontraal-Penal IH ill' U.

No 1 10 lbs No 2 10 lbs

cod

nions 10 lbs .,_... li per bunch

S Sprout: 2 lkoxea ... ummeosnss eac ...

erries qt _ .

weeks old/ oair

FISH

1| _ _ . .gn o§¢;__n=_ae ciao. '

Sl' 01* _ _ ' Qld

_dollar l1_.02is:°`_€a&e ‘_

Ili!- Wil _ °

mar 1a.se rr; U. s. sonar 1s,oa

_.p _ ` '$56 ogg: B1.11|oii?r“lg*0=

,_

1

L 2-1': _ I relic sereliririi

. _. :E .

K 3

___ r ei,fff Pr9_ I id _V ‘

_ _ _ ‘ if

Uh _

PUWQT

um. 28

. _ _ ... 580

_ ...ee

_ _ .. zo

“No, I don’t.” “Why 1101?”

ll

__ . 128

__,. 100

_ ... us

_,,111

§s§a1ss..e=

Za ; 37

Mack 'l'r'\iric 24%

Math Allulll _ 26

Mont Ward .

Nash Mot

ws nr-arp 28%

Loose Wil:-s Blu Co 37

2.?/2

252 $

5-*

1

.v_1_J~ _‘ny qi

Natl Bis _ _Ninn Dairy

all Pow Light

New Haven

New Yank Cen

North Amer _ North Pac . _

Pack Mot

Penn 11 .`.'. `."`ff Pub 111;: N .1 .

Pal

21 13 .3

Prod .. .10

a 13 12., i 1922 3

:_:.‘2..e==°=..=e lK

3133

llips Pet ... >

Pnllman<(_‘o ;_,

grain co

e lron Steel ..

Be£way Stores ... .. Bears not-buck . . Simmons Co _

Booony Vnn

goirth Pac

Htend G

ns ik-1

litllld Oil (Ynl

Stand Oil N .T _ Stewart Warner Stewart Warner

Studebaker Texas ni! . Texas Gait

._ 211 _ Sul ._, B7

Tim Roll Bear ... 29 Union ('nrb Carb 44

Union Pac

United (‘orp ... ... 3% United Gas Imp _ _ 14 U' 8 _ A5

Intl AI

U B Rnbhe U ii

Bmelt

U B Bielil _

._ _'.. . _ .. an

Van Bteei _ . __ 10 16 Warner Bro. Co .. .___ West Union .

West Elec

Wonlwerih Diec " Yellow Trunk Coach

‘lhehawk

nun. min _ Y

Rtaiirl Brnniis f

s. = 2:

mr

gen.. fs.-s=..aee=°= E.e'ei,_'.;s:==..§r_§~.:-_._,

Q _

1-;:_f;Ef;:‘-`lI

i=ea§5'-r;;"_:eo$t=o

*K*

seg

r . __ 10

§

3; $18 .21

s 5 5 E i §

S E g §l;§§§. iiiir

1 _;é;§i§_; iii?

_ §§_ _ 5" iii fr

1

f l '

ft;

‘..-‘$91

1 A "` »_».v=.="r

_ '- si ;l-w' J A

dipped 1-4 at 12 1-2.

Fractional losses were recorded

by Bell Telephone. Bank of Mont- _ real, Bank oi Commerce, Canadian _ .,_. Industrial Alcohol “A” and "B". ~'~“‘

Measeydlsrrit. Canada. Cement ,__ ___ _ '_

Dominion Bridge, Power Gorpora- _1.;;'.~¢,_,;~"@e9 tion and Dominion ’l‘exi.il\e.

Bank or Nova scans me time _ ;__{Q;¢-.__-_-=-f2\ _ _ p°int._ at ass wnue consolidated _ cf.-.»{¢_. _\_t\7}_},.~ _ _ Emelters spurted two points at 181 M. ;f__.i-711| ‘

and Steel oi’ Canada a point st 38

Quebec Power, McColl-Fronte

set Bathurst and Canadian Ga-r

terred were slightly higher.

National Breweries established

`, <1-_.Nt

Mo t-

reel Power, Hollinxer. `

é* I '

ri - ~ - - f -

B. . Ciao, ` _ -_*J*/1'.

_ gh L as ..._<14 _ ~_v- -4-4

l'iUW ' ~

' _ 11

omnua

talks to J olsn Citizen

about

“ , John, I see that the Government wants ue

to convert your-s?”

to convert our Victory Bonds. Are you going

“I have already converted them into the 15-year 354% Bonds of the Refunding Loan.”

“You have? What made you do that? Don’t you think you might have done better?"

For the vary good reason that I have been in and out of lots of investments and speculations since 1919, and some of them have given me plenty of

- worry But I have never lost a wink of sleep over

my Dominion of Canada Bonds.”

1; “That may be, but there is a big diB'erenoe between

- ° 554% and current interest rates.”

“That’s hue. But in the past few years the losses I have made in buying investments with my mind more on high return than. safety have been just too bad. If I had been content to invest all my surplus in Dominion of Canada Bonds at even less than 3%, I would have been money ahead. Haven’t you, your-

f _ self, lost any capital through unwise investments?"

“I’ll say I have . . . but stil]--”

“Still nothing, John. Pvc learned from hard ex- perience that if my principal isn’t safe then I baven’t made a good investment." `

"Well, bow do you accountfor the diiference between 55% and U. yield of 3.81%?” _ _

“Easily enough. Compare conditions in 1919 with what they are today. In 1919 money rates were war- dme rates. 'All nations were bidding for capital.

ll0l\IlNION 0F CANADA

DxNoMrN.4r1oNS-$100 (in the 15-year Bonds Msn/rm'1ss .wo PrucEs-

WHERE T0 APPLY-Ap lication forms and otll

r_ A

Canada, Great Britain, the United Statoeand pther countries were obliged to psy abnormally high rates for loans. Today, money is much cheaper. I was nad- ing, for instance, that Canada bad borrowed money at 2% in New York for a short term, and in London at less than 3}f% for .a long term."

“That’s rigbt~I remember- seeing that.”

“Well, doesn’t that show how good Censde’s credit is? The way I look at it is that if Canada can borrow money abroad at these rates then it is up to ue to show that we have as much faith in Canada as British and United States investors. Then there is another thing: I understand that Canada bas al- ready saved over $9,000,000 a year in interest charges by refunding previous war loans; and another

85,000,000 n year will be saved when this Loan has been refunded.”

“There is something ln that, but why only 8.81%?"

Because that is the rate at which Dominion Bonds are now selling in the open market. That is the rate at which our Insurance Companies and other ex- perienced investors are willing to buy them. If to get safety they are willing to accept these rates, then I ought to be satisfied. I would rather have 3.81% and be safe than go after twice as much and be nervous about the safety of my principal.

H

“After all, Canada has done pretty well in paying 554% for fifteen years. So, now, we can afford to doabit in return. I think it is up to everybody to get behind this Loan and make it ra success. A successful Loan is bound to help business.”

“Well, John, I hadn't thought the matter out to quite that extent but I guess you are right. I shall ` convert my Bonds too.”

1034 IIEFUNDING l.‘°-\N only). $500 and $1,000.

2 year 2% Bonds at 98.90, yielding 2.57% to maturity. 5 year 2.3% Bonds at 98.15, yielding 2.90% to maturity. 8 year 3% Bonds at 97.00, yielding 3.43% to maturity. 15 year 334% Bondsat 96.50, yiel ing 3.81% to maturity.

INIHIEST BONUS-Ono half-mont.h's free interest to those who exchange Victory Bonds for

the new Bonds of any maturity.

cial tus

mayb. obmnmfionmybmormna deslgfmpm “mf” d°°°“'°f"`°L°°”

_ _ .'i‘Wl_S’i‘ INVEST .N

CANADA

' 1' _Profit b~ H ` '

y er Progress

3; Converting His Victory Bonds

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Dominion of Canada

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