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.
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it
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n
Mr.
Miller,
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h
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prof-px-'II
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tlllriA
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fr
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Mr.
Ilosner
"
mi
i
or
ihi
trip
wllno.HO
hail
Iippfi
m
tppt,,in
wilhnut
liim.
rninmnry
.fur
Mr,
llnsnor
on
the
Amorioan
boat
and
THE
DAILY
PAGE
FIVC
IMMENSE
PROFIT
POSSIBILITIES
IN
HAMBURG
4y2
BONDS
In
Uie
year
1919
the
City
of
Hamburg
(Cernmny).
floated
a
loan.
Thii
loan
wa.
imn"
"c
lhe
Hainbu'K
4'2
State
Loan
of
13
,,,e
Bond
fotmms
Prt
r
l
1
of
thii
loan
are
the
iecuritie
which
potwt
po$ibilit!e$
of
earning
profit
up
to
32,000
on
the
capital
amount
invested
today.
Hamburg
4l2ri
Bondi
represent
a
direct
obligation
of
the
City
of
Hamburg
juit
ai
City
of
Montreal
Bondi
or
City
of
Winnipeg
Hondi
repreent
a
direct
obligation
of
the
City
of
Montreal
or
the
City
of
Winnipeg.
In
Germany.
City
of
Hamburg
Bondi
are
legal
inveitmenti
for
truit
fundi
and
saving
bank;
in
ihort:
the
prime
type
of
security.
Canadian
Municipal
or
City
Bondi
are
payable,
that
ii.
they
are
bought,
sold
and
redeemed
with
Canadian
Moneyi
likewise
German
Municipal
or
Gty
Bond
are
payable
in
German
Money
i.e..
marki.
The
Paper
Mark,
or
wlwt
i
known
as
such,
having
no
value,
it
might
be
thought
that
the
Bond
which
are
payable
in
that
money
or
currency
are
also
without
value.
It
is
not
so,
however.
Hamburg
AVift
Bonds
are
not
only
worth
hundreds
of
dollars
in
cold
cash
today,
but
they
will
be
worth
much
more
in
the
future.
We
can
best
judge
by
comparison.
Take
for
example:
City
of
Toronto
Bondi,
a
$100
City
of
Toronto
Bond
today
is
worth
$100.00,
perhaps
more,
in
Canadian
Money;
Canadian
Money
consists
of
Note
issued
by
lite
Canadian
Government:
every
51.00
Note
is
theoretically
worth
$1.00
in
Gold.
Supposing,
however,
the
Canadian
Government
was
to
print
many
millions
of
Dollar
Bill
without
at
the
same
time
increasing
the
Gold
Reserve;
it
is
obvious
that
if
there
was
no
real
demand
for
the
new
Currency
Notes
or
Dollar
Bills,
there
would
be
no
means
of
securing
the
necessary
Gold
Reserve
what
would
happen?
Simply
thias
those
Notes
or
Bills
which
were
already
in
circulation
would
loe
some
of
their
value
since
the
newer
Notes
would
share-
in
the
theoretical
disbursement
of
what
was
in
Reserve.
Inflation
Defined
The
process
of
issuing
Currency
Notes
without
adding
to
Gold
Reerve
is
known
as
Inflation,
i.e..
the
Money
becomes
inflated.
To
return
to
our
supposition:
if
this
process
ol
inflation
were
continued
for
very
long,
Canadian!
would
loon
lose
all
sense
of
the
actual
Cold
Value
of
their
Currency
and
it
would
be
found
necessary
to
measure
its
value
with
the
value
of
some
Currency
that
was
tound,
Tel.
worth
its
Face
Value
in
Cold.
During
the
Great
War
such
a
currency
was
the
United
Slates
Dollar.
If
the
inflation
process
should
continue
until
I
Canadian
Dollar
($1.00)
was
worth
only
25
Cents
($0.25)
in
American
Money
and
conversely
I
American
Dollar
($1.00)
woild
be
worth
4
Canadian
Bills
($4.00),
it
can
thus
be
seen
that
a
Gty
of
Toronto
Bond
of
a
Par
or
Face
Value
of
$
1
.00
could
b
bought
for
25
American
Dollars
($25.00).
If
we
will
fuither
suppose
that
a
period
of
a
-few
yean
elapses
between
the
date
on
wlu'ch
it
would
take
100
American
Dollars
($100.00)
as
well
as
100
Canadian
Dollars
($J00.00)
to
buy
a
$100
Gty
of
Toronto
Bond,
and
the
date
on
which
it
required
only
25
American
Dollars
($25.00).
while
it
still
required
100
Canadian
Dollars
($100.00)
to
purchase
the
same
Bond
we
will
have
a
good
idea
of
the
situation
in
German
Municipal
Bonds
today.
When
the
City
of
Toronto
calli
its
Bondi
for
Redemption,
which
we
suppose
the
City
will
do
at
the
end
of
the
two-year
period,
it
is
obvious
that
if
the
bond
holders
are
offer
,
ed.
Canadian
Dollars
that
are
worth
only
one-quarter
(')
their
Face
Value
in
Cold
when
the
Bonds
were
issued,
a
great
injustice
will
be
done
them.
Moreover,
it
is
extremely
unlikely
that
the
bondholders
would
accept
depreciated
Paper
Money
in
payment
of
their
charges
on
the
City
of
Toionto.
Situation
in
Germany
That
is
just
what
happened
in
Germany
after
the
Great
War.
Wealth
invested
in
Government
and
Municipal
lecurities
was
literally
wiped
almost
out
of
existence
by
the
Inflation
of
German
Money.
Our
example
of
a
City
of
Toronto
Bond
that
supposedly
loies
three-quarters
(J4)
of
its
Face
Gold
Value
ii
almost
farcical
in
comparison
with
the
Josses
in
Cold
Values
which
took
place
in
German
Government
and
Municipal
Bonds.
A
classical
indication
of
the
extent
of
the
Depreciation
in
Gold
Values
resultant
upon
the
Inflation
of
Germnn
Money
is
furnished
by
the
fact
that
1000-Mark
Bonds
were
never
traded
in
alone:
Bonds
were
dealt
in
that
aggregated
millions
of
Marki.
A
Bond
transaction
that
involved
$238,000.00
would
have
attracted
some
attention
before
the
War,
yet
in
1923,
The
Investment
House
of
C.
M.
Cordasco
&
Company,
sold
many
millions
of
Marks
in
German'
Government
Bonds
for
a
few
tens
of
dollars
before
the
War
the
same
transactions
would
have
involved
millions
of
Dollars.
The
greatest
example
of
Currency
Inflation
that
the
world
has
ever
known,
took
kH
(
I
nionry.
It
wa
n
colled
on
ilollvpry
pfoponilinn.
i
thlpplnn
to
Alaska
"You
knew
thai
UiiIIpcI
Slnlcs
did
not'
allow
the
Importation
of
linnor?
Yntt
kncV
VoUfprttl
Acl?"
aaki'il
more.
"Yes.
1
hail
rend
replied
Mr.
Walsh.
place
in
Germany
during
the
years
that
followed
the
War.
In
fact,
the
Cold
Value
of
the
German
Mark
depreciated
from
January
1st.
1919.
to
November
29th,
1923.
to
such
an
extent
that
the
Mark
ceased
to
function
as
a
Currency
and
it
was
necessary
to
introduce
a
new
Currency.
New
German
Money
The
new
monetary
unit
is
known
as
the
Reichsmark
or
more
commonly
the
Mark
(this
sameness
of
name
has
led
to
endless
confusion),
and
it
has
today
a
Gold
Value
of
23
.
8
cents
as
had
the
old
Mark
prior
to
the
War.
At
the
beginning
of
1919.
1.000.000
Marks
in
German
Currency
had
an
approximate
Cold
Value
of
$122,000.00.
just
prior
to
the
adoption
of
the
new
monetary
unit
in
November.
1923,
the
Cold
Value
of
1,000.000
Marks
in
German
Currency
was
an
infinitesimal
fraction
of
a
Cent
in
fact,
the
depreciation
had
been
so
great
that
German
Marks
weTe
traded
in
trillions,
-ne
trillion
(1.000,000.000.000)
Marks
ha
ving
a
Gold
Value
of
about
24
Cents.
In
spite
of
the
tremendous
decrease
in
the
Gold
Value
of
German
Currency,
German
Government
Bonds.
State.
Federal
and
Municipal
issues
retained
considerable
Gold
Value
in
comparison.
True
enough,
their
Cold
Value
was
ridiculous
by
comparison
with
normal
Gold
Values
(German
Government
5
Bonds
worth
$238,000.00
before
the
Great
War,
could
be
bought
for
$10.00
or
less
during
the
latter
months
of
1923).
but
nevertheless,
the-
gTeat
faith
of
the
bondholders
that
ultimately
Cold
Marks
would
be
paid
where
Gold
Marks
had
been
received,
kept
prices
up.
Prices
of
German
Government
Bonds
reached
their
lowest
levels
at
the
height
of
the
Inflation
period.
At
that
time
(in
the
Fall
of
1923).
The
Investment
House
of
G
M.
Cordasco
fit
Company,
strongly
advised
Canadian
investors
to
buy
selected
German
Government
and
Municipal
Bonds.
The
outlook
at
that
time,
however,
was
one
of
extreme
gloom.
All
of
Europe
was
in
a
chaotic
condition.
Inflation
had
been
taking
place
in
many
countries.
Confidence
was
at
a
low
ebb,
The
problem
of
reparations
was
hang'
ing
fire
over
the
heads
of
the
German
people.
Many
lost
faith
in
the
ultimate
recovery
of
Europe
to
anything
approaching
pre-war
conditions-
The
Dawes-Young
Plan
Thn
cam
the
Dawea-Young
Plan
and
the
Financial
Commissions;
uncertainties
were
removed.
The
road
to
future
prosperity
was
laid
open.
Confidence
returned.
Hope
sprang
anew
in
the
breasts
of
the
German
people.
They
agreed
to
shoulder
the
Reparations
burden.
The
wheels
of
industry
began
to
turn
once
more.
Reflecting
the
new
confidence
in
the
future
German
Government
and
Municipal
Bondi
made
spectacular
rises.
Many
issues
jumped
hundreds
of
dollars
overnight
The
table
following
illustrates
graphically
the
extent
of
the
first
great
rise,
and
gives
at
the
same
time
an
indication
of
the
extent
of
the
previous
declines!
HimIi.
All
lallwis
par
l,M.-)lrV
VmH
I
all
t
If
rail
l.
lt!
rail
af
1H4
City
f
Berlia
4i
$5,500.00
$
9.00
$13,000.00
Brantn
4s
....
8,000.00
12.00
9,000.00
Cobleaz
4s
...
6,750.00
11.00
5,000.00
CoL.nt
4i
...
7,250.00
10.00
18,000.00
Dresden
4s
...
7,000.00
9.50
13,000.00
Essen
4s
7,500.00
9.75
13,000.00
Frankfurt
4s
.
.
7,500.00
9.75
16,000.00
Liipsi(
4V.i
.
.
7,500.00
925
13,000.00
Munich
4i
...
7,250.00
19.00
23,000.00
Srutti.rt
4s
7,500.00
12.50
15,000.00
Gar'L
War
Lsaaj
5s
500.00
6.00
ZM.OO
At
what
was
believed
to
be
the
top
of
the
first
rise;
The
Investment
House
of.
G
M.
Cordasco
&;
Company
advised
its
clients
to
sell
their
holdings
of
Cerman
Bonds
and
take
their
profits.
During
the
months
that
followed
prices
of
German
Government
Bonds
held
steady
around
their
recently
reached
levels.
At
that
time
the
pressure
of
the
Bondholders
on
the
Government
to
have
service
resumed,
i.e..
payment
of
principal
and
interest
(which
had
been
temporarily
suspended),
on
Federal,
Slate
and
Municipal
Bondi,
began
to
he
felt.
An
election
wai
only
a
few
months
off.
Both
political
partiei
promised
a
careful
sonsideration
of
the
demands
of
the
bondholders.
Revaluation
Explained
When
Germany
had
accepted
the
terms
of
the
Dawes
Plan,
there
was
no
provision
made
for
the
redemption
of
her
own
Government.
State
and
Municipal
obligations
thousands
upon
thousands
had
lost
their
fortunes
during
the
Inflation
period;
their
Bonds
had
become
well-nigh
worthless.
The
recovery
of
German
industry
and
finance
from
the
date
of
the
acceptance
of
the
Dnwea
Plan
was
so
rapid,
however,
that
her
nationals
perceived
that
there
would
be
a
surplus
remaining
after
the
Annuity
Payments
prescribed
by
the
Dawci
Plan
and
the
demand
for
compensation
from
the
Government
on
account
of
losses
sustained
through
the
depreciation
nhonf
lh
Mr.
iMitniONv-
Hid
ynu
ovor
re
Mr.
Pat-
port
to
(ho
ftnvcrnniPni
whnl
yol
Iiiivp
been
li'llinjr
n
now1?"
about
llf"
Mr.
Walsh---Yes.
I
used
In
tell
Mr.
Miller
of
the
numerous
trips.
I
In
the
Cold
Value
of
Government
securitief
became
incessant.
This
compensation
was
necessarily
partial.
The
Government
could
not
afford
to
resume
service
on
the
full
Gold
Value
of
Oerman
Bond.
The
measure
of
compensation,
accordingly,
took
the
form
of
Revaluation
Government
Bonds
were
to
be
revalued,
that
is.
an
agreed
upon
Rate
of
Valuation
would
be
made;
this
Rate
would
apply
on
the
normal
or
original
Gold
Values
of
the
various
Bond.
To
illustrates
10
Revaluation
of
War
Loan
Bonds
meant
10
of
1.000,000
Mark,
each
Mark
worth
23.8
Cents
or
10
of
the
total
$238,000.00
which
would
be
$23.800.00
in
Liermany,
of
course,
the
Revaluation
wa
expressed
in
so
many
Gold
Marks
for
so
many
Marks
Par
Value
of
Bonds.
The
Election
took
place.
The
Nationalist
Party
which
had
promised
15
Revaluation
to
bondholders
came
into
power.
It
mult
be
understood
that
15
Revaluation
meant
that
the
Government
would
pay
Bondholders
15
of
til
Gold
Value
of
their
holding!.
In
the
oaje
of
German
Government
5
Bonds
aggregating
1,000,000
Marks,
mentioned
heretofore,
which
were
worth
$238,-000.00
in
1914.
15
meant
a
Cold
Value
pf
150,000
Gold
Marks,
or
$35,700.00.
77ie
Revaluation
Law
A
few
months
after
the
election
a
Revaluation
Bill
was
submitted
to
the
German
Reichstag
(Parliament).
This
Bill
promised
only
5
Revaluation
and
later
the
rate
was
still
further
reduced
to
2'2.
On
July
15th.
the
Bil
was
made
a
law
and
the
first
step
in
fe
way
of
honorable
settlement
of
her
nat-
jnal
obligations
was
taken
by
Germany.
When
it
became
known
that
only
2'$
of
the
Gold
Value
of
German
Government
Bonds
could
be
expected
for
the
present,
the
market
which
had
discounted
(i.e.,
risen
to
or
reflected)
a
much
higher
figure,
fell
sharply.
The
table
below
indicates
the
extent
of
the
reaction:
AU
gaatallaa
imt
l.4M.Ma-Jaark
t
ail
Haaat.
'
lall
af
lall
af
1Z4
im
City
of
Berlia
4i
$13,000.00
$
7,500.00
Brtnti
4s
9,000.00
4,000.00
Cobltni
4s
15.000.00
13,000.00
Colon
4s
18,000.00
8,500.00
Dresden
4s
13,000.00
10,000.00
Essea
4
13,000.00
9,500.00
Frankfurt
4
..
..
16,000.00
9,000.00
Leipsit;
4V2
13,000.00
8,500.00
Munich
4s
23,000.00
13,000.00
Sruttxart
4
15,000.00
9,500.00,
foreruaeni
War
Lotas
5s
2300.00
700.00
A
secondary
reaction
followed
and
prices
moved
still
lower.
Just
prior
to
and
immediately
after
.the
Locarno
Conference,
howevair-a
vigorous
recovery
set
in
and
all
issues
are
moving
into
higher
ground.
During
the
course
of
the
events
depicted
above
Hamburg
A2
Bonds
of
1919
followed
the
course
of
the
market.
As
the
Loan
was
issued
in
1919
when
1.000.000
Marks
had
a
Gold
Value
of
approximately
$122,000.00
Gty
of
Hamburg
4'2
Bonds
aggregating
(i.e..
denominations
making
up)
a
Unit
of
1.000.000
Marks
had
a
Cold
Value
of
approximately
$122,000.00.
In
the
Fall
of
1923.
however,
the
aforementioned
Unit
had
fallen
to
$6.50,
and
at
the
time
of
the
first
rise,
reached
$1,500.00.
Today
a
1,000,000
Marks
Unit
in
Hamburg
4'
Bonds
may
be
bought
for
as
small
a
sum
as
$420.00.
The
Revaluation
Law
compensating
holders
of
Hamburg
4'i
Bonda
to
the
extent
of
not
less
than
2Vi
of
the
Gold
Value
of
their
holdings
places
an
approximate
Gold
Value
of
$3,050.00
on
every
1.000.-
TABLE
SHOWING
PROFIT
OPPORTUNITIES
in
the
purchase
of
City
of
Hamburg
412Bond
of
1919
Estimated
Par
Valuf
of
Present
Bonda
it
'-
Price
100,000
Marks
j.v
8
42.00
200.000
Marks
.....
84.00
'
300,000
Marks
126.00
400,000
Marks
168.00
500,000
Marks
210.00
1,000,000
Marks
420.00
2,000.000
Marks
840.00
5.000,000
Marks
2,100.00
Don
t
let
today
s
opportunities
be
tomorrows
regrets.
Send
your
order
in
now,
and
watch
the
Foreign
Exchange
Bulletin
(sent,
without
charge,
to
our
clients)
for
future
developments.
THE
INVESTMENT
HOUSE
Or
C.
M.
CORDASCO
&
COMPANY
FOREIGN
EXCHANGE
FOREIGN
MONEY
FOREIGN
BONDS
'
MARCIL
TRUST
BUILDING
20
ST.
JAMES
STREET
S
MONTREAL.
CANADA
jm
a
it
amck
mam
I
end
enclose
herewi!
th
arcaptad
chuqua
)
t.
monjr
ortlar
j.
purchase
from
you
of
(lata
aiaaaal)
I
Lntr.
of
1919
Series
B)
which
vou
are
to
forward
me
bv
registered
mail.
I
Name.
I
AddV
Mr.
Jnlinnre-
Did
you
rr-prirf
In
Mr.
Miller
nf
Hosticr
transferrins
llijuor
at
ttipe
pnrlU'ular
points
Mr.
Walsh
Yes.
r
000
Mark.
Unit,
or
on
evsry
investment
of
$420.00.
made
in
Hamburg
4$
Bonds,
today.
Every
$420.09
invested
today
can,'
therefore,
earn
a
profit
of
$2,630.00.
and
this
is
only
the
first
step.
Many
Cities
in
Cermany
are
reported
to
have
made
an
initial
Revaluation
of
their
Bonds
at
as
much
as
30,
15
and
even
25.
We
believe
that
the-City
of
Hamburg
will
increase
the
rate
of
Revaluation
to
5
before
long.
The
financial
condition
of
the
Municipal
Government
has
shown
great
improvement
during
the
past
month.
When
the
City
of
Hamburg
increases
the
Revaluation
rate
applying
on
the
estimated!
Cold
Value
of
these
Bonds
-approximately
$122,000.00
per
1.000.000
Mark
Unit,
every
$420.00
invested
today
wi'tV
earn
profit
of
$5,680.00
at
5
Revaluation;
at
10
the
profit
will
amounto
$11,360.00
for
every
$420.00
investedtoday.
We
believe
that
eventually.
City
of
Hamburg
Bonds
will
be
Redeemed
at
their
nor-
;
mal
Gold
Value
or
I0;tj,
and
the
far-lighted
investor
can
accordingly
expect
that
ultimately
he
will
obtain
the
estimated
Gold
Value
of
$122,000.00
for
every
1,000.000
Marks
Unit
in
Gtyt
of
Hamburg
AYifo
Bondi
or
for
every
6420.00
invested
today.
Wealth
of
H
any
burg
The
present
pop
ulation
of
the
City
of
Hamburg
is
close
to
a
million
an.'
a
half
and
is
steadily
increasing.
The'ity
of
Hamburg
is
the
greatest
seapr
in
Germany.
The
Gty
does
not
ri'y
solely
upon
its
commerce
and
shipping
for
prosperity.
It
hai
its
own
industrial
plans
such
as
railroad
shops,
ship
yards,
iron
and
boiler
works,
refineries,
cotton
mills,
printing
and
dyeing
plants,
and
many
others,
Official
figures
from
English
sources
itala
that
the
shipping
and
trade
of
Hamburg
has
been
increasing
by
leaps
and
bounds,
and
that
the
Government
shipbuilding
industry
in
the
past
year
has
made
great
strides
towards
regaining
its
former
place.
The
wealth
of
Hamburg
and
its
citizens
is
a
common
by-word
in
Germany.
It
hai
been
created,
maintained
and
increased
in
centuries.
i
Immovable
assets
maintain
a
high
stand-
ard
of
value
whether
expressed
in
Marks,
Dollars,
or
any
other
currency.
In
fact,
the
I
largest
portion
of
its
wealth
having
been
created
m
gold
value,
the
proportionate
appraisal
of
the
assets
of
the
free
city
and
free
tate
of
Hamburg
in
paper
Marks,
must
.today
be
infinitely
higher
than
the
total
debt!
j
The
foregoing
information
concerning
I
the
Gty
of
Hamburg
whose
4'2
Bonds
1
we
now
offer
to
our
clients
has
been
gath-
ered
from
reliable
sources.
Reports
from
j
oar
own
correspondents
abroad
inform
us
that
ythere
is
practically
no
unemployment
in
thexcity
at
the
present
time
and
it
may
be
called,
one
of
the
most
highly
develop?
ed
industrial
municipalities
of
Germany.
Apart
from
the
foregoing
considerations
we
are
af
the
opinion
that
Hamburg
4l2
Bonds
are
selling
far
below
their
intrinsic
market-value.
Other
municipal
bonds
issued
in
1919
are
selling
anywhere
from
$1,000.00
tof
3,000.00
per
million
mark
unitas
compared
.with
$420.00
for
HambWg
4V
Bonds.
They
are
only
beginning
rifnt
their
position
and
consequently
the
coming
months
will
undoubtedly
witness
sens-tional
advances
in
thipriC
'
Hamburg
4V3
Bonds.
-.-
v
The
table
which
is
appended
-
below
makes
clear
the
profit
possibilities
in
Gty
of
Hamburg
AY2
Bends.
IV'
cannot
tress
too
greatly
the
necessity
for
immedr-ate
action.
Present
prices
sho11
in
thi
table,
cover
every
expense.
'
fronds
'
ara
delivered
by
registered
and
insured
malL
Gold
Value
L
1
at
time
Revalued
ld
value)
Bonds
at
2i
at
Were
Issued
Of
Estimated
Go
oldAXalue
$12,200.00
305.00
61(3.00
24.400.00
610.00
l.22iD.OO
36,600.00
915.00
1.830.00
48.800.00
1.220.00
2.44,0.00
61.000.00
1.525.00
3,05
POO
122,000.00
3.050.00
6.iod:oo
244.000.00
6,100.00
I2.20iD.00
610.000.00
15.250.00
30,50000
Dale
a.?.'
t
ii
,
"1"
I
a
mil
payment
let.tna
Marki
of
Gty
of
Hamburg
AA
Bonds
(Stat
mi
1
Mr.
Walsh
denied
that
he
knew
of
illegal
sale
bninjr
made,
in
Prlnrp
import
fnin
Ihn
Cnnsnlr-diiletl
wnrehouse,
Mr.
Patmore's
cross-cxamin-
ii'V'
S15.
V
,
(
uUnrt
of
Mr.
Wu1.m1i
wa
hIUI
prn-reedinjr
when
court
adjourned
nffef
5
n'eloct
yeaferrtay
afternoon
until
to
o'clock
this