British
Consols
Were
a
Good
Investment
Because
the
British
People
Were
the
British
People
barman
Consols
Are
a
Uood
Investment
Because
the
uerman
reople
Are
the
uerman
reople
Rothschild
bought
British
Consols
at
the
beginning
of
the
nineteenth
century,
"Many
of
these
far-sighted
investors
have
already
reaped
handsome
profits.
L
-
tUatr
H7i-f
pllincr
far
lvplrW
trfI-
lnfrineir
valna
lf7?
Because
he
believed
in
the
British
people,
It
is
more
than
half
a
century
since
the
investing
public
has
been
offered
the
opportunity
that
the
facts
set
below,
taken
collectively,
constitute.
It
may
be
of
Today,
thousands
Rothschilds,
in
every
walk
of
life,
throughput
Canada
and
the
United
States,
are
buying
German
Consols
while
they
are
selling
at
another
fifty
years
before
the
opportunity
will
occur
again,
a
fraction
of
their
gold
value.
They
not
only
merit
your
careful
consideration
and
judgment,,
but
you
owo
Why?
Because
they
believe
in
the
German
people.
it
to
yourself
to
decide
and
act
at
once.
The
Precedents
Pnaland
l'"lnr
to.
nnA
Murine
the
Napoleonic
i"old'
,;Mh
Consol
(an
England'
Consollds
city
of
Berlin,
4s
(in
20)
City
of
lierlln
i.
111?)
Jly
f
Danzig
4
(pre-war)
City
of
lierlln
M01PU
20.
VV
:o.oo
zoo.oo
40.00
Wars,
Br!-
Ildated
Annul-
t
ire
be:
known)
ank
tteadily
In
value,
(treat
lirttaln,
it
the
end
of
these
protracted
war,
found
herself
in
the
'uotr.'in
if
a
victor
who
had
piled
up
a
huge
det.
For
a
while
.nnfldeiice
wan
ahaken
In
her
ultimate
financial
r"
"i',
Mewing
the
fmple
'
the
houte
of
Rothschild,
many
nve'tor.
confident
that
England'
recovery
wa
en;v-
a
matter
of
time,
purchased
Jirltlsh
Consols
at
f,4,
'
..n
of
their
Intrinsic
value.
Within
a
eomparHtlirly
few
years
IheM-
aMule
In-trtr
urrr
able
to
wll
at
tup
rlin
and
thouhauds
niiuli'
fortune.
The
United
States
T''
P'riod
before
and
after
the
1
r.ltft
Male
wltneaiied
a
similar
performance
oc
the
,f
government
securities.
The
French
people
had
loaned
large
tumi
to
the
Arntt.'
mi.
The
linitea
state
were
using
a
depreciated
p..
I"
currency,
which
had
little
gold
vaJue.
In
payment
o:
h
debt.
Holder
of
American
Government
IJond
tirwigiy
protested
thla
action.
In
I7J.
M.
Otto.
Charge
d'Affalres
of
France,
wrote
to
h
hn
Hay
then
Secretary
for
Foreign
Affairs:
'I'hese
loan
represented
the
labor,
the
watching
and
fortune
of
a
great
number
of
Individual
who
had
c
me
the
altance
of
ihe
United
States
in
most
tempestuous
tiiiiea.
Ancient
commercial
houses
In
France'
find
themselves
reduced
to
beggary
from
having
placed
ui..
much
co
r.fl
deuce
In
paper
money
and
loan
office
certi-ili.i:t.
ill
Majesty
cannot
tee
with
Indifference
the
n
sunained
by
hi
subjects."
John
Adam,
United
State
Commissioner
to
France,
supplied
the
contention
that
the
una
of
depreciated
p.ei
ni'"ie
to
wipe
out
debt
wa
inequitable.
Un
July
i:,h,
Ka.
he
wrote
to
Hubert
Morrt
thatV-
Ktery
limitation,
every
uncertainty
alout
paying
or
rei
i'S
a
Juet
d"tt
diminish
ihat
sense
of
moral
oL.lgstion
of
pubflo
justice
which
ought
to
be
kept
pur
in
I'Vtry
American
mind.
Creditor
hate
an
Inalienable
right
tu
Ik
eatlefled,
ami
that
by
lle
riimliiitiiotl
principles
uf
mmIi-I).
Can
there
ever
be
industry
or
decency
i
u.iui
'"
To
talk
of
a
spougfc
to
wipe
out
a
debt
or
f4u
if
ur
diminishing
It
below
It
real
value,
in
a
uji.tj
would
betray
a
total
ignorance
of
the
tirat
principle
of
na:ional
duly
and
lntereai."
T.i
hule
quention
had
become
of
natlot:u
Importance
A.tisnder
Hamilton
conception
of
financial
In-and
the
salutlty
of
public
obl.gai.uiii-
of
a
monetary
nan
-e
i
well
et
forth
In
an
extract
frutn
hi
report
a
e
elary
of
the
Treasury,
In
1T.
Every
breach
of
it
piiiilu
engMgemenla.
h
wrote,
whether
from
choice
or
:.
ta
in
different
degree
hurtful
to
public
credit.
And
a
year
later.
General
(leors
VVathlrnrtoa.
I'reel-dtnt
ot
the
United
tiute.
In
hia
uddreaa
to
CongreM.
Jnnuu:
Ith
1TJU.
aald:
I
taw
with
peculiar
pleaaure
at
the
eioe
of
the
it
irii;on
the
reaolutlon
entered
into
by
you
esprewilve
of
uu;
up.n.on
that
an
adequate
provniou
for
tin-
tup-pott
of
the
public
i-ritllt
i
a
tub
Iter
of
lilgh
luiKriumr
t)
Hie
national
luiinir
and
iniH-rlly.
In
thla
eentlment
I
ur
'
b
on
after,
the
American
Oovernment
made,
an
i)t.
.i
d'uurcmnt
to
the
holder
of
ita
bond.
,
Hume
tio
lial
purt'luiNrtl
lliov
Mt-iirltltit
uliin
they
had
been
rllltic
at
a
fraction
if
llirlr
gulil
bIuc
hIh-ii
loeunl
umny
liau
pruiiouiHYtl
tlirm
wort
lili-
umdc
fort
uM-.
France
r'rench
Uovernment
aecurltira
paaI
through
a
im;lar
experience
at
the
time
of
the
war
,
li
I'runla,
In
HT
declh-atlon
ot
war
agalnit
lrula
eauted
a
bu
y
fall
in
quot-Jon
for
French
Uovernment
recuri-tie.
In
plte
of
thf
fact
that
France
went
through
the
kekvleat
atraln
ot
war
financing
known
up
to
that
time.
U;
d.
s
;nr
revolution
once
more
creating
a
republic.
d
t
j
Ending
VP
ration
which
reduced
the
lnteret
rate
tu
3
.
(he
payment
of
a
war
Indemnity
to
tiermany,
p:
of
in
retlllence
of
a
great
nation
1
found
In
the
f.'
:tin-
the
bond
Maadily
recover-d
In
price
until
the.v
:.auhed
iheir
inaximuiu
price
of
lO&.SS
In
1S97.
Tliousand.
of
lnulira,
In
I'rMiii
ami
.out
uf
It,
who
had
purchased
her
gnnrnnunt
ati-uiltlt-a
uIiiji
liny
ucro
MUng
at
J',
of
tlit'lr
normal
aluti
ucif
tlu-
tiimle
ctun-paratliH;
utnllh).
Conclusion
''n,
experience
ot
ISngland.
the
United
8UI
and
France,
undoubtedly
prove
that
the
g'-ea;esi
fortune
were
made
b
thoae
who.
In
the
lime
f
the
moi
pronounced
llnai.rtal
and
political
dark-
'
oe-i.
(urnofj
enough
gilt
and
enterprlte
to
enter
the
miu'ket
tu
purchuer
of
goveiumeni
ecurltl,
when
Uty
wni
heKglng
for
buyer.
The
Opportunity
Today
Germany
w
are
ut
ihe
opinion
ihat
analogous
opportunities
for
lucrative
lnetment
exlat
today
through
the
purrhe
of
Mleclcd
Uermun
Government
Uondl-
Ki.
several
year
now
we
have
peraiatently
advocated
their
pt.rchin.
In
the
face
of
strong
criticism,
through
Civilian.
t.
era
and.
-newepgper.
w
have
convinced
thouaanj!
throughout
Canada
and
the
United
State,
that
the
opimrtuultlra
fur
proUl
lliroucli
llif
iun-hac
of
be-Uil
licriiiHii
gniiriiiuciit
M-t'iiiltlttt
hae
neu-r
Ik-cu
equalled
In
Hie
annaU
of
winlil
liivcolmciit.
Wi
give
below
figure
ihowlng
the
price
at
which
told
(Jerman
Uovernment
Securltiea
approximately
u
)wr
ago
and
their
current
quotation:
AVear
Current
i
aof
Price'
-Per
Million
Mark
Oermtn
Oovernment
B
(19H-1SIJ)
110.00
t)
f
Hamburg
4
Vie
(1911)
....
la0
C'ty
yt
lierlln
4
(1S18)
10.00
j:,
ioo.oo
6J0.00
I.J10.0I)
7(0.01)
260.00
20.000.00
I4.TOO.00
.
nnai
ar
the
cause
for
these
sensational
rises
nt
re
the
reason
thut
Induce
ua
to
believe
that
thl
movement
u
but
precursory
to
a
rise
of
even
greater
proportion?
These
two
question
we
now
propose
to
an-wer:
Germany
and
the
War
In
ut
wr'
c,rmny
oppoed
practically
the
whole
or)4i
Bounded
on
all
tides
with
countrle
agalmu
hom
h
was
fighting,
the
nation
literally
speaking,
wa
tlng
(uelt.
Not
a
cent
could
he
borrow
from
the
out-
world
and
all
the
roonle
used
to
finance
her
military,
naval
and
civil
undertakings
came
from
the
German
peopl
inenitlv.
Hence,
her
comparatively
large
internal
debt.
A
Urge
number
of
state
and
municipal
government
Wn
were
floated
and
at
one
time
the
government
acU
"ally
compelled
citizen
to
ubscr(be
to
a
loan.
Thl
lu
known
a
the
Enforced
Loan
of
J2I
and
I
an
Issue
"h'fh
thl
Investment
house
confidently,
believe
I
'
Present
telling
far
below
Its
Intrinsic
value.
Jne
Paper
Mark
At
the
close
of
the
war
and
for
several
year
that
followed
the
superficially
bankrupt.
German
Paper
Mark
were
mtnufactured
In
rianw,
while
he
wa
In
the
pit
of
wondency,
a
a,
frantic
effort,
tP
tave
oft
real
bankruptcy
and
oblivion.
German
cltltens
received
carloads
.."."Pw
mark
a
Interett
on
their
government
bond
ia
ngi,
These
mark
wr
worthies
and
the
govern'
nient
flrmiiy
upnded
Interest
payment
until
the
polltl-.t
nn"clal
uncertainty
then
existing
In
Europ
tv
.w1'
rmvl.
The
cost
of
Jiving
kept
Increasing
,
nunt'r
of
unemployed
grew
larger
week
by
,u
a
time
of
most
pronounced
political
and
thTu
1
darK"-
Patilc-trlcken
German
cJtlzens
sold
1
Uo,nJ'-
The
heavy
.liquidation,
the
fact
that
lnteresrt
.1?
"
hd
bn
upended
and
th
gloomy
outlook,
t
theui
crashing
down
to
price
that
were
rldloulou.
'mmireds
of
thousand,
of
Canadlun
ami
American
were
it,-.
,
.,'.0
l",rt'"Be
the
uoiKbt
us
fat
us
thu
German
tabu
f
u,n-
W
wer
fon-imt
amongst
the
repn-P
,
"
,nwnMMu
holism
who
took
par!
,,,u
'',lM'1n-Europe
&
Darkest
Hour
A
of
Europe
t
that
tim
Illsten
ln
chaotic
condition,
im.7.
T'.
rP"tlng
itself.
Condition
were
much
th
hlttiri
!ln
lh
Mtrrntb
of
other
wan
Jn
th
world
-"w
mil
mev
wera
en
a
rratr
icaie.
I
Table
Showing
Current
Prices
and
Profit
Opportunities
in
German
Government
(Prussian)
3l2
Consols
tf
notnlrittloB"
Peent
Price
10,000
Marks
$
45.00
20,000
"
t
90.00
0.000
"
:..).
225.00
100,000
"
450.00
250.000
1,125.00
500.000
"
2.250.00
1.000,000
"
i
4,500.00
Oermny
Iot
the
War.
but
Ihe
Inherent
wealth
of
her
mlnei
and
Industries,
the
klll
and
Inventive
ability
of
her
people
act
til
remained.
In
1823.
Frank
Harrl.
one"
of
America'
formot
political
writer,
In
hi
Travel
Nates,
wrote
In
part:
"To
talk
of
Oermany
aa
bankrupt
Is
absolutely
Idiotic
.
.
.
this
German
people
Is
very-proud
...
no
beggars
her
a
In
Kueetia
and
Poland.
Thl
people
dlwlpllned-
...
It
will
ber
hardships
In.
stole
Hlence
m
It
did
after
the
Thirty-Year
War."
Further
on
he
av:
"The
farming
clase
are
very
well
off,
and
It
must
always
pe
remembered
that
nearly
one-third
of
Germany
live
by
"the
land
and
oft
It."
A
nation
of
70.900.000
people
of
the
character
and
ability
o
the
Herman,
could
not
be
stifled:
their
Incentive
courage
and
their
bualnes
ability
could
not
be
killed.
Reason
Plays
a
Part
Hngland
and
the
United
State
at
lt
realized
that
a
bankrupt
Oermany
meant
trade
depression
the
world
over.
They
returned
to
the
elementary
economic
conception
that
what
wa
good
for
German
properlty
would
In
the
long
run
be
good
for
British,
American
and
Canadian
prosperity;
nations
jf
the
world
prosper
together,
as
well
a
suffer
together.
The
outcome
of
this
awakening
wa
the
setting
up
of
the
Dawes'
Comminlon.
which
comprised
Financial
experts
from
every
country
of
any
importance.
In
the
world.
This
rommUtlon
eventually
submitted
the
Plan
that
was
hailed
as
the
panacea
for
Europe's
Ills
and
this
It
hts.
almost
proved
(t'elf
to
be.
For
five
year
Europe
hsd
beep
at
a
standstill.
Many
believed
that
she
was
slipping
backward!
but
thf
final
acceptance
by
the
Allies
and
Germany
lifted
like
a
curtain,
the
veil
ot
uncertainty
that
had
stifled
progres
and
rehabilitation.
German
Bonds
Rise
Almost
overnight
German
Government
Securities
improved
In
price.
Sensational
rites
were
an
hourly
occurrence
until
finally
those
serurltle
which
we
had
recommetided
reached
their
present
level:
evme
went
higher
and
suffered
a
reaction:
the
great
majority
(bowed
a
stupendous
rise.
We
have
answered
the
first
guestlon,
let
u
now
look
to
the
seoond
Germany
and
the
Dawes
Plan
The
aim
of
the
'
IMwe'
Plan
is
to
ihialn
from
Germany
reparatlqn
for
territorial
damage,
and
financial
low.
by
thoe
nation
with
wham
she
wa
at
war.
The
plan
Is
therefore
a
virtual
first
lien
on
all
Germany
property
and
Industry.
Germany
is
compelled
for
the
moment
to
Ignqr
her
own
Internal
obligations:
before
all
else
reparations
payment
must
be
met.
Anyon
who
for
a
moment
doubts
her
ablll.y
to
discharge
this
obligation
even
sooner
than
she
I
expected
to
do
so,
betrays
a
great
Ignorance
of
'.he
economic
and
financial
condition
in
the
Germany
of
today
Total
Indebtedness
"
b'n
estimated
that
th
total
Indebtedness
of
Germany
under
the
Pawes'
plan
represents
at
present
value,
about
forty
bllji.in
gold
marks,
or
IQ
billion
dollar.
Now.
thl
amount
represents
what
Germany
owes
to
the
outside
world
for
the
war.
The
present
gold
value
of
her
totju
Internal
obligation
has
not
been
estimated.
The
amount,
of
courie
la
larg.
for
Germany
raised
every
cent
of
wat
cost
at
home.
All
the
figures
used
In
thefe
ettimates.
and
elsewhere,
when
hot
obtained
from
our
personal
records,
are
taken
from
source
which
we
believe
to
be
reliable.
Cost
Of
War
to
Allies
The
war
cost
England;
In
round
figures,
4
3
billion
dollars.
It
cost
France
38
billion
dollar.
And
It
cost
the
United
States
about
27
billion
dollars.
Th
ability
of
these
last
-mentioned
countries
to
pay
their
war
debt
Is
Indisputably
conceded.
To
those
who
cry
that
Germany
can
never
pay
reparations
and
resume
interest
payments
and
redemption
proceedings
on
her
Internal
aecurltlei,
we
make
this
answer:
Germany
has
only
one-quarter
the
war
debt
of
England
to
pay.
Wp
bHine
she
rail
shoulder
both
burdens
at
the
sauHi
time.
Moreover,
we
confidently
expect
tiat
Hood
rlnlnr
bark
t
pprwilmate
g9ll
vlue
t
time
of
Utne
will
he
wortk
.
Profit
$
2.380.00
$
2,335.00
4,760.00
4.670.00
11,900.00
11.675.00
23,900.00
23.350.00
59.5Q0.pQ
58.375.00
119.000.00
U6.750.CQ
238,000.00
335.500.00
it
will
not
be
lpng
now
before
pressure
on
the
various
political
parties
by
every
German
citizen
owning
a
government
bond,
will
be
Irresistible.
It
mutt
not
be
.supposed
that
Investor
in
Germin
Government
securities
today
must
wait
until
reparations
have
ben
paid
before
they
will
have
opportunities
of
liquidating
their
holdings
at
substantial
profits.
Thf
performance
of
German
bonds
during
1924
is
sufficient
proof
that
such
Is
not
the
pae.
Germany's
Progress
Tn
Press
dally
carries
incontrovertible
proof
that
Germany
le
making
ranld
rtrldes.
financially
and
economically,
towards
regaining
her
former
status.
Her
budget
has
been
balanced,
nnd
not
only
balanced,
but
she
is
showliii;
a
surplus
each
month.
Favorable
commercial
treaties
have
been
or
are
now
being
negotiated.
Gold
exports
to
Germany!
made
possible
by
the
recent
flotation
of
the
loan
under
the
Dame
Plan,
have
Increased
the
holdings
of
the
Itelrhsbank
and
furnished
It
with
the
legally
required
reserves
for
the
ltue
ot
additional
currencies,
assuring
the
stabilization
of
the
new
Gold
Mark,
and
precluding
any
possibility
ot
renewed
Inflation.
Her
payments
In
kind,
made
since
the
Pawes
Pl.tn
went
Into
effect,
amqunt
to
22,000.000
gold
marks
more
than
the
total
expected.
Te
expectancy
n
about
8
3.000.000
gold
mark
monthly.
Germany's
Potential
Prosperity
Germiny's
potential
wealth
Is
common
knowledge
We
shall
pot.
therefore,
burden
the
prospective
purchaser
of
her
ODvernment's
bonds
with
figures
enumerating
her
mines,
factories,
shipping
tonnage
and
the
like.
Instead,
we
append
the
opinions
of
four
famous
Americans
who-
symposium
on
Germany
today
appeared
in
a
recent
lsue
of
the
Berliner
Tageblatt:
Mellon,
Secretary
of
tle
Treanry,
M
tn
prt:
"
One
of
the
first
rffect
of
tht
Pawe
Plan
ha
been
the
growth
of
a
new
mental
attitude
and
outlook
on
the,
part
of
the
people
of
Germany
and
of
all
Europe.
A
new
plrlt
of
unity
and
a
sincere
desire
for
peaceful
and
amicable
adjustment
Is
apparent.
The
people
are
thinking
In
terms
of
co-operation
rather
than
conflict:
peace
la
Indispensable
as
a
rqndltlon
precedent
to
economical
progress
upon
the
German
people
themselv'e.
Tlie
adiisl
htinlrn
of
reparations
Is
not
so
great
or
so
disheartening
aa
the
uncertainty
under
which
.they
have
labored.
"Already,
a
certain
sense
of
relief
and
something
of
th
old-time
Industrial
vigor
and
thrift
are
pervading
your
country,
and
there
exiet
a
wholesome
air
of
confidence
that
your
obligations
can
be
met
and
the
country
reatortd
to
Its
pre-war
greatnefs."
Pr.
Nicholas
.Hurray
Ituller.
Pnllrnt
of
Columbia
I'nhrrslty.
In
hi
contribution,
ealil:
"There
Is
no
animosity
In
this
country,
apd
I
doubt
whether
there
Is
any
animosity
In
any
other
'country
towards
the
new
constructive
spirit
which
Is
manifesting
Itself
In
the
German
States
and
which
will,
we
hope,
establish
itself
for
a
long
time
to
come
in
control
of
the
Internal
policies
and
the
foreign
relations
of
the
German
people.
,
"We
regard
the
so-called
pawes
Plan
as
Intelligent,
businesslike
and
practical.
We
look
forward
to
its
fair
and
just
administration
and
to
the
steady
rehabilitation
of
German
Industry
and
commerce.
It
I
Inconceivable
that
the
German
eople.
wltlt
their
amailng
contribution
to
the
world'
m
lioluolilp.
the
wurld'f
literature,
the
world's
science,
the
world's
art
nhd
the
world'
economic
life,
should
not
resume,
a
leading
place
mining
civilized
nations,
as
soon
as
the
liberal
spirit
displaces
and
puts
underfoot
the
remnant-
of
militaristic
autocracy."
Willie
II.
IJooth.
President
of
the
New
yurfc
Chamber
nf
'Commerce,
wrote
In
part:
"The
ease
with
which
the
recent
German
loan
was
floated
emphasize
the
confidence
which
the
Investing
public
and
the
world
haa
In
'Qermany'e
credit,
and
the
Integrity
of
her
intention
on,
the
order
created
by
th
Dawes
Plan,
Our
Service
to
Investors
T
IS
ron
for
gratlflctlon
to
this
Investment
house
that
It
has
been
Instrumental
In
bringing
handome
profit
,
,
.
v....k.,.
ik.
iTnlte.l
fa
cs
anil
New
faumllanri
Anirt
from
the
fortune
that'
were
made
A
by
Investors
In
selected
Oerman'oovemment
and
Municipal
Donds,
we
were
successful
In
proving
a
source
of
profit
to
thoe
of
our
clients
who
bought
Ilritlsh,
French
and
Italian
'Governtnent
Bonds
during
the
years
that
their
rpec-"
live
cu.'renclei
touched
record
low.
.
.
.
The
following
table;
glvlpg
the
high,
low
and
current,
quotations
on
the
three
meet
Important
European
currency
units'
illustrates
graphically
the
opportunities
thai-have
occurred
from
November1
Hit
to
date.
,'
EichHiige
High
Imw
Current
Pound
Sterlluc
$4.8(1
1$
Franc
J85ST
Lira
1S.723
13.18
.03425
.03315
The
remarkable
Improvements
shown
by
the
figure
at
the
extreme
right.
second
coU
Our
M.80!,
.05381$
,1141a
aa
compared
with
those
In
the
lumn.
greatly
enhanced
the
value
of
those
bonds
and
exceptionally,
large
profit
wer
mad,
organization
ha
been
brought
to
a
high
state
of
efficiency.
The
place
where
the
Investor
lives
sets
uo
on
wo
the
iiiw
mil
convenience
,
.
1
1
1
1
v
v
and
1
safety
"
.
.
..
of
his
....
Investm
ents,
,
for
our
.
Mail
.......
Service
-
-
-
-
-
-
Pepartnient
.
Is
equipped
to
render
.
.
iir.iiiuiiun
.
i.nnn.i
oii.nii.in
n
ih
accounts
of
tho
s
who
transact
their
business
by
mall.
We
Invite
mall
service
business,
and
oilr
experlen.ee
jvu
'n
tnat
client
served
In
thl
way
are
se
well
satisfied
aa
those
who
are
handled
personally
at.
our
offices.
.
Another
salient
feature
uf
our
service
to
clients
1
t,he
Foreign
Exchange
Bulletin,
published
monthly
and
mailed
free
to
nyone
anywhere.
This
publication
while
dealing
for
the
most
part
with
political,
financial
and
economic
developments
tn
those
countries
In
which
our
ollenta
are
most
Interested,
carries
much
Information
Of
Interest
to
all
In
matter
of
foreign
exchange.
,..,.
We
Invite
you
to
take
full
advantage
of
our
organization,
It
I
at
your
service
for
the
asking.
THE
INVESTMENT
HOUSE
OF
Specialists
DeaUrxsivcy
jretn
Govcriuueut'
March.
Trust
Building
-
290
StJamij
Strict
MONTRAX,CANAQA
AtVrovf
foreign
tfond,
olliOMfjJi
usuolly
told
for
cash,
tnoi
olso
be
purchased
from
mi
under
the
tolloxcing
terms:
Initial
pnymrnt
of
40
of
purchase
price
fo
uccompnuy
order,
finj.anco
of
$!)
payaUe
in
tour
equal
monthly
inttalmrnts.
Full
payment
mau
be
antlrtootrd
at
purchaser's
option.
Minimum
orders:
t.QOO
Harks.
ORDNR
IH4NK
The
Investment
House
of
C.
M.
COKDASCO
&
COMPANY,
,
.
.
,
1935
290
St.
James
Street,
Marcil
Trust
HldfjH
M0NTHEAL,
CANADA.
Enter
my
order
for
,
marks
in
German
Government
(Prussian)
32
Consols,
which
you
are
to
forward
me
by
registered
and
Insured
mail.
'
I
enclose
tcceptrd
mon'.
fkru.
r,,fr
tor
S
t
'
In
full
payment
for
fame.
esrh
,
V
Name
r
(Mr..
Uti-t
or
Ml)
Address
,
(Street
tad
Number)
.
.
.
prince
Huptrt
Ntw,
t
"Sq
far
I
the
United
State
!
concerned,
ther;
are
extremely
good
prospects
of
placing
Germany
on
a
most
favored-nation
commercial
treaty
batl."
'rel.
T.
Kent,
President
ot
th
PanWem'
Tru(
Cor-portlon,
ew
Verk
City,
aald:
'"The
feeling
I
great
In
Afflerlca
that
Oermany,
under
the
Pawes
Plan,
U
a
very
different
Germany
frum
that
'
wh'fh
prevailed
subsequent
to
the
Armistice
-
Ap
English
Banker's
View
T'
Montagu
c.
Norrnan,
qoy
erno
of
the
Uanjt
of
England,
when
negotiations
for
the
loan
to
Germany
under
the
Pawe
Paa
wer
iP
progress
In
Gctclber,
1924,
a!d:
"In
Importance,
a
In
amount.
If
completes,
-is
It
were,
a
series
of
International
loan
devised
with
th
object
of
stabilizing
conditions
In
Central
Europe
and
if
hflping
nation
to
tjeglh
nqw
gr
later
tp
meet
their
International
obligations.
I
believe
that
the
security
provldij
for
til
bondholder
not
pnly
has
the
approval
of
the
ltepa
rations
Commission,
but
st)Oud
have
the
approval
ot
Investor
In
allTountrles.
Over
and
above
the
question
of
security
I
see
In
this
meeting
a
sign
pt
the
future.
I
believe
that
the
uncertainty
and
lack
of
Co-operation
which
may
Mcra
to
have
ureyalieil
In
Kurote
for
tn-
lat
few
rears
are
at
an
end.
I
believe
that
the
issue
which
Is
about
to
be
made
In
New
York,
as
well
as
In
the
leading
capital
of
Europe,
will
mark
the
turulns
poin(
In
the
reconstruction
Of
Europe.
Hitherto,
we
nave
looked
back;
henceforth,
we
shall
look
forward.
The
occasion
I
unique.
The
loan
Is
safe,
constructive,
rtfun:
structive
and.
democratic.
It
la
greatly
tp
be
rccom,riept-ed
and
should
appeal
to
al."
'
These
opinions
but
confirm
the
sound
logic
In
the
old
belief
that,
aa
a
rule,
although
wars
and
revolution
may
retard
civilization,
they
have
the
Immediate
eitfct
of
stimulating
human
thought
and
endeavor.
Thus
In
the
case
of
wars
there
usually
follows
a
period
rf
expansion
and
Invention
In
the
defeated
a
well
as
In
the
victoriou
country.
Our
Own
Forecast
ETen
in"
kp
"
our-
lelves,
in
a
forecast
qrj
Europe's
future,
at
a
time
when
we
wer
offering
Austrian
Internal
bonds,
said:
"The
Nation
pf
Europ
are
not
going
bankrupt;
they
are
not
going
to
repudiate
their
debts.
On
the
contrary.
If
history
teaches
us
anything,
they
are
growing
up
to
them.
W
expect
to
see
an
expansion
of
material
wealth
during
the
next
few
years
which
will
make
existing
debts
look
ridiculous
by
comparison.
The
war
awakened
Europe
to
many
things;
from
now
on,
machinery
and
production
will
play
quite
as
big
a
part
In
lier
development
as
t
does
In
ours.
This
will
result
In
an
Increase
In
her
capita
output,
and
correspondingly
Increase
wage
and
purchasing
power
of
the
individual.
Taxation
will
tiof.
be
a
huge
burden,
because
income
will
be
higher.
Every
day
which
passes
brings
home
more
clearly
and
more
forcibly
the
fact
that
Eun
pe.
tn
the
main.
1
steadily
coming
back
to
normal,
and
that
the
unparalleled
condition
caused
by
.he
gre-it
world
war
cannot
long
preyall.
When
millions
ot
w.en
and
populations
of
nations
lend
their
collective
eflorts
to
the
.task,
nothing
is
Impossible.
Austria
will
com
back,
so
will
Oermany
and
all
of
Central
Europe."
AfterTEffeCtS
pf
War
Thf
ppepipg
of
the
Western
States
and
the
industrial
development
ot
the
Southern
Slates
after
the
American
Civil
War;
the
stimulation
ot
manufacture
and
agriculture
In
both
France
and
Germany
as
a
result
-of
the
Franco-Prussian
War;
the
Industrial
and
political
awakening
ot
?paln
and
the
stimulation
ot
agriculture
and
commerce
In
'
Cuba.
Porto
Rico
and
the
Philippines
following
the
Spanish-American
War
and
the
beginning
of
Industrial
occupation
In
Russia
resulting
from
th
Russo-Japanese
War.
All
these
may
be
regarded
as
after-effect
pf
war.
Germany
lias
entered
this
period
of
eipan.iloii.
It
Is
IhU
transitory
period
through
which
elie
I
uow
pasting
Ihat
offer
feucli.uiiprepedenlcd
opportunities
io
(he
luve-ntpr.
Political
observer?
Relieve
that
a
more
Maine
form
of
government
ha
come
Into
being
in
the
principal
nations
of
th
world.
Thl
government
tos
been
accompanied
by
more
Just
and
sound
ecpnpmlp
condition;
both
of
these
lead
to
a
better
equity
behind
the
bonds
pf
their
governments.
The
last
war
was
absolutely
without
precedent
in
fta
size,
scope,
methods
and
destruction.
But
if
we
take
past
wars
as
a
precedent,
then
since
thf
Great
War
Y'a
on
a
larger
scale
than
any
before
It,
the
-esulU
wil)
be
larger,
the
debts
greater,
but
the
expansion
and
stlnir
ulatiQn
pf
energies
that
are
beginning
to
follow
wll)
also
be
greater.
What
To
Purchase
A
meticulous
study
of
the
markets
haa
convinced
u
that
German
Government
(Prussian)
Consols
con
stitute
the
most
attractive
opportunity
for
profit,
along
the
line
we
have
already
describe,
on
these
same
markets
today.
Prussian
3li
Consul
formerly
formed
part
of
the
consolidated
debt
of
Prussia,
having
no
fixed
date
ot
maturity,
but
reducible
by
purchase,
have
been
added
to,
replaced
by
new
issues,
but
their
Interest,
prior
to
the
developments
mentioned
before,
had
always
been'
promptly
and'
fully
paid.
In
1920.
they
wer
transferred
to
tht
central
government
ot
Germany,
and
thu
nre
now
direct
obligations
pt
the
Reich,
backed
by
the
entire
resource-
of
the
German
Republic.
Gold
Value
When
Issued
Th
0,4
alu
German
Government
(Prussian)
3H
Uonds
If
bated
on
the
gold
value
of
the
old
German
Mark
before
the
inflation
period.
The
mark
had
a
sold
value
of
13.8c
n
1914
when
the
majority
ot
the
bond
uider
Prussia'
Consolidated
Peb(
were
Issued.
A
bond
ot
10,000
nr.rrks
denomination
had,
a
gold
value,
therefor.
tt.
J2.SS0.00
In
1914.
Prussian
citizens
who
bought
these
ond
paid
approximately
that
amount
for
Conu
when
they
wm
Itsued.
The
fact
that
the
bond
have
been
transferred
tp
the
central
government
in
no
wuy
affects
their
true
gold
value.
The
German.
Government
Is
under
just
a
mjich
obligation
tq
honor,
these
bpnd
a
was
the
Prussian
Government.
Study
the
Table
A
glance
at
the
uble,
howing
price
'
and
profits
possibilities
will
thow
that
these
bonds
can
today
be
bought
tor
,S4&.00
per
10,000
marks.
When
they-are
honored
by
the
German
Government
they
should
be
worth
approlrrlattly,
!?.
350.000.
Demand
Increasing'
ur
i-uro
pean'
correspondent
,
adylie
u
that
'
afttr
Careful
examination
of
Investment
circle
there'
they
hive
discovered
that
Vintiuian
nArlliiltutllnn
In
rUrman1
Wflp
'And
iual.U'
i
.....
...
-
.
,
.
r"-
-
.
loan
securities
haa
reached
trem(!r.ous
proportion.
English.
Dutch
and
other
European
Investors
have
acquired
an
enormous
portion
ot
German
Bonds
and
are
holding
them
for
un
early
rise.
The
steadily
Increasing
demand
for
Qenpan
Consols,
as
was
the
case
with'
War
Loan
Bonds,
can
be
expected
to
cause
them
to
go
to
much
higher
levels.
Another
additionally
Important
factor
la
the
buying
by
the
German
Govtrnment
Itself.
Consols
are
retired
by
repurchase,
and
the
German
Government,
according
to
reliable
advice,
has
been
buying
back
a"
large
number
ot
these
bonds
at
their
present
low
quotations.
The
wisdom
ot
this.
move
Is
Immediately
apparent.
The
Government
Is
enabled
to
retire
a
butter
part
pf
It
obligation
at
a
fracllop
of
what,
U
received
for
them.
"'
There
are.
then,
the
following
favorable
factors,
that
should
enhapce
the
value
of
German
Government
Consols,
within
a
comparatively
short
time.
I.
Legislative
action
regarding
resumption
of
Interest,
payment
by
the
new
German
Government.
t.
Increased
buying
by
European
investors.
3.
Determined
buying
by
the
German
Government.
Marketability
A
hy
f
quoted
on
the
Berlin
and
leading
German
Stock
Exchanges,
these
securities,
ar;
traded,
lp
throughput
the
financial
centre
of
th
world
for
Ntot
oath.
Th
Investor
can
dlspos
of
hi
bonds
at
any
time,
anywhere,
for
ch
at
current
quotation.
The
desirability
of'
thl
freedom
ot
action
U
Important.
In
Conclusion
It
niajr
eeem
hard
to
beJUye
that
the
profit
shown
by
the
table
are
possible,
but
those
who
are
familiar
with
tha
profit
that
have
already
beep
made
during
1!4
are
far
from
skeptical.
German
Government
B
(1M4-H1I)
Bonds
reached
a
leyel-
ot
ft.
000.00
after
hTng
told
aa
low
a
$10.00
per
mlUion
mark,
and
all
In
twelve
month'
time.
We
hould
not
be
at
all
surprised
to
e
German
Government
,rrutn)
cono!
duplicate
thl
performance.
Can
you
afford
to
Ignore
thla
opportunity
T