flint Jolm. NB.

Charlottetown. P.a.l. 0. N. Bilimrr, M"...

Charlottetown Brunch"

/ "\ i}. YT.‘ ""1

i301 e win? in» “$31..

"seasonal? riwsr ' @c°"?A"Y -

I-lead Qfilcc: HALIFAX, N3,

-.->-_

l

\_

WHA T

urns STOCK MARKETl

ISIT?

BULLS—BEAR8-—LAMBS

' ""i‘rii'ieictn ea '1 l Tilitifé‘... ...i.....,...1i*..=r.is":.i‘r.c:&:: “Y "°°""*"- . chalice in the future administration of‘ nu ma. I ’°““““‘°"'1 ‘°“‘°““‘°‘

The house where I was shorn. The hallowed place where little Lambs ‘ Came peeping in at morn: The friendly Bulls, the Bears Who wisely counselled me, And where I bought at 88,

m. Jolsirs, ups,

Montrell, Que, may“!

c1939, 1942, I943, 1944, 1945,

i PRICE A T0

._Eastern Securities Co, Ltd

CRARLOTTETOWN

._s"r. loan

CHA RL O 57E TO WN

5% and 5% % BONDS

$500. DENOMINATIONS

And sold at 43."

In the last two years a lot has been said and written about Bull Markets. Everybody knows that a Bull Market has been in progress, with the occa- sional Bear raid during which num- k erous Lambs have been neatly fleec- cd. We have had Bear Markets with the same net result to the Lambs. From thlsflt would appear that both Bulls and Bears are carnivorous an- imals whose natural prey is mutton in oneiorm or another. Who are these animals. and why is there not a law against them? .

Lamb Holds the Bag.

The Stock Market has developed a language of its own. and these terms are applied to certain classes oi op- erators who have firm convictions oi their own, for which the Stock E's- change, itself, is in no way respons- ible. In Stock Market phraseology consider the Bull as an optimist, the Bear as a pessimist, and the Lamb as the Party who holds the bag. '

During times of prosperity when business is booming along nicely nearly everybody becomes enthusias-

CITY

MATURING

1946, 1947 YIELD OVER 4.90%

HALIFAX MONTREAL

LIFWB worth while lcotia . it from the Lounge

bows with it in Jtoom . . Georgian. . . . .

tacts

u o

Plan.

{p

Speaking of Cress-Cut Saws. We iriwo them A-l 01ml"!

at very reasonable prices,

Bethune Hardware Co. Ltd.

Phone 15?.

Joie de Vivre

. if you survey Lord Nelson . . . greet It in The

Mecca for mcn of affairs and those seeking the right con- wlthin a stone's throw oi’ business . .

C. l’. R. Direction. European 200 rooms with bath and outside exposure. .

F i r e p r n o r Rates $3.50 up. For reserva- tions, write The Lord Nelson.

liiilliax, Canada.

LORD arson Farmer

Welhave s‘ nice line o! Axes, handled or without-in single or double bit style. They are guaranteed.

tic about it, with the natural desire to share in it. There are some peo- ple, who. by closely studying past performances and present conditions. can forecast the future fairly accur- ately. If the past has produced a prosperous and healthy condition‘ in the laresent, the Bull, being an opti- mist. will deduce that the party will last a while longer, so he goes into the market and buys the stocks whlcli he thinks will give him the best profit. He and thousands ‘oi other people with the same idea, pro- duce a strong buying power with

iniNova in The ‘ touch cl- the Ward

yet

only a block or two from

bridle paths . . and directly ";°1’°S‘t‘;”t;ht“” “we market a‘ “ opposite the famous Public Wm e 5 r O mov ' ._ G‘"d°“5' ' ' ' ' ' These Bulls have figured things

oilt pretty closely, and after taking all‘ the facts and figures into con- sideration they arrive at the con- clusion that most stocks are actu- ally worth more than present prices. Accumulation starts and this action is shown on the ticker. Other people, who know how to read a ticker. see it and add their buying power to the market with the result that stocks start on their ivay to higher prices.

The Bent Sells.

trrr oughout.

When the pessimistic Bear sees this action becoming general in the Stock Market. his deductions, from what has happened in the past, lead him to believe that the party is just about over,‘ that immediate future conditions will not warrant much higher prices, and while the .market might possibly go slightly higher, a break to lower prices is ‘ilevitable. Aviators are not the rmly people who believe that what feces up must come down.

Bo the Bear sells what he has, or not having any, he proceeds to sell short the stocks he believes will drop farthest with the intention of buying them back at cheaper prices. These two forces are constantly at war in the market and botl,of them are very important factors. If we

123 Queen Street-

u ' ” alli were Bulls. stock prices would Mimtfifal 99W" --- -~- m3 The Fnendly~ Hardware Store soon become “mate-d and could not National Breweries ... 1303-5 fi possibly reflect their_ true values. 319111910" - - - - -- s \ A—-d h 2o 19 on the other hamL if we 511 were Brazilian Traction ... ... . .4 TANDARD MINING EXCHANGE con a .. Bears. prlces would be greatly de_ steel 00m o; Canada ___ ____ 59 Quotation; {pl-inched through cour- Amulet 272 275 fiatnd and mdusfiy as a whole Abmb, ___ 3g tesy M LOUIS M- ATWELL 8‘ Co" Ne“ "' ' w 16 lllOlluld starve. This ceaseless conflict 553M111!“ -- V" '-' '-' a3 Charlottetown Office: Arno -- -- 12° 125 bnween Bu", m, He", Md, u, ,5- can. Steamship coin. ... . 45 (February B, 1929) Amity Copper - 4° 34 mbush m“, valuw Dominion Bridge ... .. 98 Noon Close Bldsood 41 4e Massey i-iarrls ... ... ... s9 Absna ... .. 25a ass 01m- Rvilyn 0° °° Tile Wise Bull, who buys at the Asbestos 1w. can. Man- 65 66 right time, is slsouio wise Bull who canoe-inn Brewery . .. 2'1 Clericy ... ... ... 32 30 Se"; out; when he thinks the prices Building Products ... 42% Granada --~ 37 37 are high enough, and although he is Fraser and 0o. ... ... .. 79% a sold out Bull, theninstinct which Uhe-s. Clurd .. .. ... 39% prompted him to sell is a Bearish Power Corporation ... .. 1101.6 Int Nickel 6100 5800 instinct and, for the time being at Foreign Securities ... ..i . as Lake Shore ... 2025 2015 least, he is a Bear. The Bear ap- Inter Utilities-A ... .. 44V.- Lrav. Que. 10%;. l1 plies the same principles in reverse Dan. PacJty. ... ... .. 240% Malartic .. 0o 93 when he becomes a buyer at the Markets closed tomorrow. Mandy- ..: 145 148 bottom of the market. Both oi them Inter Utilities-d! ... ... .1. l9 McIntyre ... ... . 2050 2150 have used their previous experience British America Oil ... ... s2 Mcmuw, __, __, ,.. e0 5'1 and knowledge oi past and present imperial Oil i.. ... ..i ... ... 9i Mm gory,‘ __, ,_, 505 500 conditions, and their actions are the BANKS Moiatt Hall ... ... ... 15 l0 result \oi more or its! lctiiil Bank Commerce ... .. 855 "numb; ,,, ,,, ... , ai sets thought. sometimes they are right, Bunk Royal ... ... 3",,” ,__ ,,~_ as ail sometimes wrong, but in the niain Bankssontreai .. .. Rumbas . ... .. ciao ens ' ’ " ' ' m“ -

they produce approximately true values in the market. The Lamb Listens

Now the Lamb seldom thiilks for himself-it is much easier to fal- low than to think. The Iriiinb is the fellow who sticks around the edge of the market waiting for theflreworks to start. He listens to the Bulls and hears the distant growling of the Bears. but usually follows the Bulls.

Wliqp the Big Parade 1s well un- der way the Lambs make a _mad scramble to‘ get on the Band Wagon. By the time they actually get on, the Parade has almost reached its destination, andwhat proves to be a full stop looks like a temporary halt to the bombs who won't bother to find out which it is. They are lifter big profiw, others have made nice gains and. they want their share too. .

In a major move, whether up oi- down, the market is always carried too far, and a reaction in the oppo- site direction must follow. But the Lambs, blinded by the prospect of big profits. never see this and when they finally catch the Market the Bears are active and the wise Bulls and selling. The Lambs do the buying at this stage-and they crave action. They get it, but in the form. oi a reaction, and when the smoke clears away they usually find themselves loaded up with stocks that are selling for less than they paid for them.

Blcat oi the Lamb.

However, within the last year, in several cases it 11:1,; happened that the Bull often sold out much too soon; that the Bear guessed wrong

the market moved merrily on re- gardless oi’ Bulls and Bears, but to the great delight of, and profit for; the Lambs. This has forced both Bulls and Bears to reconstruct their ideas of values, but has proved noth- ing for the Lambs. They Just couldn't avoid it this time.

There will always be some people who will rush into the market at the top because they will never learn to think for themselves, and when the chill wind of reaction blows- — then will be heard the plaintive bleat of the sliom Lamb.

Stock Quotations

. HALIFAX Feb. 7. — Quotations furnished by Jomston and Ward, Members Montreal Stock Exchange.

New York Exchange

At, Top. 8s San. Fe. Ry. Am. Can Co. Am, Car d: Fdy. Co. .. Am. Locomotive Co. .. Am. Smelt. d: Ref. Co. Am. Bosch Mag. Co. An. Cop. Min. Co. ... ... N. Y. Gen. 8a Hud. River R. R. Hud. Motor Car Co. -- Inter. Paper Co. ... ... .. Inter. Petroleum .. Stan. Oil of New Jersey .. Reading Co. .. Southern Pacific .. UnionPacific Ry. .. U. S. Ind. Alcohol Co. .. .. United States Steel Montreal Stoclrllxcllailge

201% 110% 95 107 114 ‘is 40% 125 V: 190 1i 84V.» ‘l3 ‘A:

133 224 140% 173 ‘A

Abitibi 48 an. Steel Ist Pid. svr B. E. Steel 2nd Pfd. 35

Mis. Kan. 8s Tex. Ry. . .. 500 '

Pioneer ‘... Bher. Gordon ... ... .

fwomrururuiomoosuslflr 9" hair's-s ...-mama Junie u lam us mi coal, "also limit»

sun. awn ... ha: rluiliws . RWIQIIIIU n. law nu Viponii ... ... ...

r.- ‘out nu l

Hi .1

a. cilia e co

:4. ., ,

Wind! Wfiflflt Eli’. “i if. .- III Mill. ... m u. u 811669‘... ... iii ... Iilfifllifldgl 10a n6 3 I Mmlitl l-r rh H- v limb ha" ‘r m M

, lot-IF Hdfllurfy!

and. took a bad beating. and that r

Prince Edward Island

Continued from page 4

they are the nicest channels in the world through which to sari English taxes to enrich an!

strengthen thegUnited Stats-n."

Lobster Traps on Shore Road

I have picked wild strawberries in your pastures, and blueberries in your woods, I have harvested raspberries and sarsaparllla berries ofi.‘ your burnt lands, I have searched for dulgcn and irish moss along your perfect shores, when day after day I would return to find the impression oi my own foot marks, from the day before, the only impression in the sand. Day after day I have watched the grey gulls, and the tiny sand piper as my sole compan- ions, or sat, with my books, so silent. by your inland pools, as to allow the great, brown hawk to “swoop low over my head, and 1108.1‘ enough for me to be ablc to discern its piercingcycs.

ROWT

Dominion Life

continues‘ to ‘grow

in popfl l_ar1""ty with

CANADIANS .3

pzvmeNca

l, orsiluzrlzrm

sclila fflie ' reason to feel

Policy Reserves which mmounz so fiwgfiiléaare more than rhoae by Government require menu.

Policyholdcls’ Surplus Fund

This is after seizing , aside the Policy Re-

serves ' yin; our $668,491 Klnprofira .50 Poiicvbo

.d . mgtheyar. m

‘The Rate of Inreresr _ earned on invemible assets ingj was 6.99%.

I Other indications niche able rnznnfir in which the - business ofThe Dominion

'- lifeis adminlsmrodaretp

streamer-

u poo -

_ ororcrawlriobblr lflj fir’: nm

en: , u s own e ’, . Annual A ' _ , will be lent $3 $.°'c'?-'-'§u“:l?m'§§i$r'>§;l§i§.7

ttqilfli.

Li! bu rand sepia. utiecnfoiblazsge pinyin

OMINION Lira ASSURANCE COMPANY = _~

O-FF-l-CE: waraaaoo, ovwraaio

QCJkD

1 as shown by the‘ increase of Insurance 1n Force

152s

1923

191s _ $26,542,000

Our Clzilritnvt-tuuli Uffire

Threshing Wheat

I have sketched your homcsteads. and your bare white lighthouses I have worshipped in your friendly Kirk, as well as upon your lonely shores. 1 have lingered across your fields at ‘lighting up time," and watchcdfrom the cliff edges the red lights appear in the little windows of the lighthouses; resting thcre, upon some old snake fence till the sound of the lightkeep- ers horse died away across the dark- lng field path, and then been alone! in n. silence so profound that it could almost make itsself felt; so alone that the wheat fields around me, seemed full of mystery. I have watched the last of the flaming sunset die out from sea and sky; waited till the great har- vest moon sailed‘ up from behind black spruce, and then it often seem- ed to me that out from between the familiar stooks of wheat, strange, eerie forms would come and move a- bout the fields, but when I passed upon my homewsrd way they were gone!

Gone loo are those elysian days and nights, but in my heart I will treasure every memory oi‘ your land as something very precious, very beau- tiful; and to those who like. myself love the open spaces, and “the wind on the heath," who would find healing of mind and body ill the clean winds, and the eternal sea, I would say:—

posed; the schools for Western edu-

men. which was accepted by Ame.- nullph before his flight, was that a

formed, of whom the majority should be Mullahs. This Senate is to have supreme authority, religious, civil and military. If this Senate governs, as is proposed, Afghanistan will be ruled by an oligarchy.

nul1ah’s innovations have been swept almost bodily away, there remains a. Ifoundation for gradual reform. Af- ghanistan i_s not a country which can remain indefinitely a hermit king- dom. Afghan traddrs are well known all over the Middle East and lndia and even further away. Persia is rap- idly Westernizing ghanistan, whatever may be the de- sire of her rulers for isolation, can- not remain unaffected. The‘ new King, however, will have to be wary. The abolition of the religious law was interpreted in Afghanistan as a merely wanton challenge. The tribes- men must have felt rather as the an- cient Hebrews would havc felt if the code of the Philistines had been in- troduced lnstead oi the Mosaic law.

in Afghanistan, and that is to see her

throne. Conscription has apparently‘ been abolished; Friday has been re- stored as the weekly day of rest; sol- , diers have been authonized to ad-i here, as before, to their holy menf the veil is restored; Western clothes

have vanished; the old law is reim-

cation» are broken up. But by iar the most important demand of the tribes-

Senatc of fifty members should be

1t is evident that though Ama-

herself and Af-

Great Britain has only one interest

for you." "GO | ..

“Go and find it..... it is waiting

As for myself, because of the love I will ever bear towards you I feel

die made the fatal mistake of

that:-

- "If again in life I should never see you,

I know in that hour when death stands by, '

I shall reach your shores as my spirit leaves me

To see your wheat fields before I die."

King Amanullah

Oontinucd from page 4

Notables were largely drawn, found themselves in danger oi being over- ridden by the National Assembly.

Nevertheless, these startling re- forms might have been accepted in glum silema ii Amanulian bad taken the ordinary precaution or eusurinl the contentment oi the Army.

forgetting the Army. Jitter imposing the lofig term oi tin-es

unpopuln-ity by letting tbs pay of tile troops tail into arrears. ‘flilt m the last straw. The Mullahs banceiordi

iiadaniissyinstinpi-uohingrovoit, Isldldlywar.”

erately malicious.

LENGLEN MARRIAGE

home of Suzanne Lenglen promises to be as exciting as was her depart- ure for America. Papa Lenglen is. his neighbors say. well nigh frantic over the publicity which his daugh- ter received in local papers when the international tennis star rowed with new York newspaper photographers at the pier.

friends. opposed the American trip in the first place. contending that

Suzanne should not do anything that would briiig her into the limelight. no ruled that hei- impetuosity would Millie trouble in Uoiiiomia orsome your‘; conscription, he nailed to its otlléi‘ ism of ins United sumo.

ll all telephone enquiries, he says:

summon max-rim to Baldwin M.

us- amino all <siiii..ia.flliii\su-i1mw=s_.-_, _. s.

independent, peaceful. and prosper- ous. Rumours that Great Britain had instigated the rebellion were, of course, based on unadulterated ig- norance, when they were not delib-

DENIED H! FATHER

NICE, France, Feb, 8.—-'I'he Nhlfffl

M‘. Lennon, according to family

The door of one Lenglen villa now‘ lilies: reporters and to

“I know nothing. Any til! Iboiili

Friends say that he [has not been

‘till? same since his (laughter listened

to the arguments of C. C. Pyle and turned professional. Although the

money that resulted saved the Leng- 1

len homestead, the father of the fa- mily has remained depressed. He daily crosses the road to the tennis club which he founded, chooses a seat in the sunshine and sits there for hours. He seldom. however, watches ihe play, although he used to follow every stroke. ‘

NEW SHOES EVIDENCE OF DESIRE FOR COLOR NEW YORK, Feb. 7.-~Ill the new hats many of the small toques are decorated. or made of flowers. One, for example, is made of interwoven bands of blue straw, alternating with bands of tiny blue forget-me-knots. The passion for color is fully as noticeable ill shoes as in other ar- ticles of apparel to-day.

$125,094,000

i

and three-color effects are produced. This is done by appliques, by cut- out patterns, by polka dots lacquer-i ed on calf and patent back-grounds. and by calf and kid leathers woven

, in narrow strips of alternating colors.

It seems as if one could not have too many panels on the new evening‘ gowns. Ono of the newest methods of using these draperies is shown ~01! a pink crepe de chine irock which has o. straight, simple bodice with moderate round decolletc and with- out sleeves and a. narrow, straight

skirt. Over the latter, however, are draped two panels which are ab: tachcd to a yoke at the hip-line. ‘"

Passenger airplane service has been established between Havana and San Juan, Porto Rico, via Port au Princflr Haiti and Santa Domingo, "