In
the
Gold.
Value
of
Government
securiu'es
became
incessant.
This
compensation
was
necessarily
partial.
The
Government
could
not
afford
to
resume
service
on
the
full
Gold
Value
of
Cerman
Bonds.
The
measure
of
compensation,
accordingly,
took
the
form
of
Rer
valuation
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
Bonds.
To
illustrate;
1
09c
Revaluation
of
War
Loan
Bonds
meant
10$;
of
1.000.000
Marks.
'each
Mark,
worth
23.8-Cents
or
10
of
the
total
$238,000.00
which
would
be
$23,800.00
in
Germany,
of
course,
the
Revaluation
was
expressed
in
so
many
Cold
Marks
for
sv
many
Marks
Par
Value
of
Bonds.
The
Election
took
place.
The
Nationalist
Party
which
had
promised
15
Revaluation
to
bondholders
came
into
power.
It
must
be
understood
that
15
Revaluation
meant
that
the
Government
would
pay
Bondholders
15
of
the
Gold
Value
of
their
holdings.
In
the
.case
of
Cerman
Government
5
Bonds
aggregating
1,000,000
Marks,
mentioned
heretofore,
which
were
worth
$238,-000.00
in
1914,
15
meant
a
Gold
Value
of
150.000
Cold
Marks,
or
$35,700.00.
The
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
tlx
rate
was
still
further
reduced
to
22.
On
July
15th.
the
Bill
was
made
a
law
and
the
first
step
in
the
way
of
honorable
settlement
of
her
national
obligations
was
taken
by
Germany.
When
it
became
known
that
only
2'2
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!
All
UaIMIaa
pml
l.Mtt.SM-Mark
I
sit
HbW.
tall
at
Fall
af
14
lt
City
of
Berlin
4s
$13,000.00
$
7,500.00
Bremen
4s
9,000.00
4,000.00
Cobienz
4s
15,000.00
13,000.00
Cologna
4s
18,000.00
8,500.00
Dresden
4s
13,000.00
10,000.00
Euea
4s
13,000.00
9,500.00
Frankfurt
4s
..
..
16,000.00
9,000.00
Leipsig
4V2s
13,000.00
8,500.00
Munich
4s
23,000.00
13,000.00
Shitttart
4s
15,000.00
9,500.00
Gorernment
War
Loans
5s
2300.00
700
JD0
A
secondary
reaction
followed
and
prices
moved
still
lower.
Just
prior
to
and
immediately
after
trie
Locarno
-Conference,
however,
a
vigorous
recovery
,
set
in
and
all
issues
are
moving
into
higher
ground.
During
the
course
of
the
events
depicted
above
Hamburg
AVi
Bonds
of
1919
followed
the
course
of
the
market
As
the
Loan
was
issued
in
1919
when
1.000.000
Marks
had
a
Cold
Value
of
approximately
$
1
22.000.00
Gty
of
Hamburg
4
Vl
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)4
Bonds
to
the
extent
of
not
less
than
2'2
of
the
Gold
Value
of
their
holdings
places
an
approximate
Cold
Value
of
$3,050.00
on
every
1,000,-
0
v
Fi'in
u'y
02rt
THE
DAILY
NEWS
PAGE
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Anrlt
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M
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1
IMMENSE
PROFIT
POSSIBILITIES
IN
HAMBURG
4y2
BONDS
In
the
ypar
1919
the
City
of
Hamburg
(Cjennany).
floated
a
loan.
Thi.
loan
was
im
n"
c"
'he
Hambufe
4'2
State
Loan
of
"
13
Dnd
forming
part
of
thu
u-T
loan
are
the
iecuritie.
which
pattest
pottibllttlet
of
taming
profit
up
to
32,000
on
the
capital
amount
invested
today.
Hamburg
V2
Dond.
represent
a
direct'
obliKaion
of
the
City
of
Hamburg
jut
a,
Uty
of
Montreal
Bondi
or
City
of
Winnipeg
Bondt
refiresent
a
direct
obligation
of
the
City
of
Montreal
or
die
City
of
Winnipeg,
jn
Germany.
City
of
Hamburg
Bonds
are
legal
investments
for
trust
funds
and
savings
'
bank;
in
short:
the
prime
type
of
security.
Canadian
Municipal
or
City
Bonds
are
payable,
that
is.
they
are
bought,
sold
and
redeemed
with
Canadian
Money:
likewise
German
Municipal
or
City
Bonds
are
payable
in
German
Money
i.e.,
marks.
The
Paper
Mark,
or
what
is
known
as
such.
Iiav-ing
no
value,
it
might
be
thought
that
the
Bonds
which
are
payable
in
that
money
or
currency
are
also
without
value.
It
is
not
so,
however.
Hamburg
4J
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
Bonds,
a
$100
Cty
of
Toronto
Bond
today
is
worth
$100.00,
perhaps
more,
in
Canadian
Money;
Canadian
Money
consists
of
Notes
issued
by
the
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
Bills
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
this:
those
Notes
or
Bills
which
were
already
in
circulation
would
,
lose
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
Reserve
is
known
as
Inflation,
i.e..
the
Money
becomes
inflated.
To
return
to
our
supposition:
if
this
process
ot
inflation
were
continued
for
very
long.
Canadians
would
soon
lose
all
sense
of
the
actual
Cold
Value.,
pf
their
Currey
"nd
it
would
be
found
necessary
to
measura
its
value
with
the
value
of
some
Currency
that
was
tound,
it.,
worth
its
Face
Value
in
Cold.
During
the
Creat
War
such
a
currency
was
the
United
Stales
Dollar.
If
the
inflation
process
should
continue
until
1
Canadian
Dollar
($1.00)
was
worth
only
25
Cents
(50.25)
in
American
Money
and
conversely
I
American
Dollar
($1.00)
would
be
worth
4
Canadian
Bills
($4.00),
it-can
thus
be
seen
that
a
City
of
Toronto
Bond
of
a
Par
or
Face
Value
of
$
1
.00
could
be
bought
for
25
American
Dollars
($25.00).
If
we
will
further
suppose
that
a
period
of
a
.
few
years
elapses
between
the
date
on
which
it
would
take
100
American
Dollars
($100.00)
as
well
as
100
Canadian
Dollars
($100.00)
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
ha
ye
a
good
idea
of
the
situation
in
Cerman
Municipal
Bonds
today.
When
the
City
of
Toronto
calls
its
Bonds
for
Redemption,
which
we
suppose
the
City
will,
do
at
live
end
of
the
two-year
period,
it
is
obvious
that
if
the
bond
holders
are
offered
'Canadian
Dollars
tint
are
worth
only
one-quarter
C4)
of
their
Face
Value
in
Gold
when
the
Bonds
were
issued,
a
great
injustice
will
be
done
them.
Moreover,
it
'
4
v
is
1
extremely
unlikely
tliat
the
bondholders
would
accept
depreciated
Paper
Money
in
payment
of
their
charges
on
the
City
of
Toronto.
Situation
in
Germany
That
is
just
what
happened
in
Germany
after
the
Great
War.
Wealth
invested
in
Government
and
Municipal
securities
wns
literally
wiped
almost
out
of
existence
by
the
Inflation
of
German
Money.
Our
example
of
a
City
of
Toronto
.
Bond
that
supposedly
loses
three-quarters
()i)
of
its
Face
Gold
Value
is
nlmost
farcical
in
comparison
with
the
losses
in
Gold
Values
which
took
place
in
Cerman
Government
and
Municipal
Bonds.
A
classical
indication
of
the
extent
of
the
Depreciation
in
Gold
Values
resultant
upon
the
Inflation
of
German
Money
is
furnished
by
the
fact
that
1000-Mark
Bonds
were
never
traded
in
alone:
Bonds
were
dealt
in
that
aggregated
millions
of
Marks.
A
Bond
transaction
that
involved
$238,000.00
would
have
nttracted
some
attention
before
the
War,
yet
in
1
923,
The
Investment
House
of
C
M.
Cordasco
&
Company,
sold
many
millions
of
Marks
in
German
Government
Bonds
for
a
few
tens
of
dollars-
befofm
the
War
the
tame
transactions
would
have
involved
millions
of
Dollar:
The
greatest
example
of
Currency
Inflation
that
the
world
has
ever
known,
took
Smaller
Mills
I
Lumber
Co,,
a
now
TIip
Dovlno
Snwfl
Mills
took
nniuirpil
Hip
plniU
nvpr
imp
mill
m
onmm
mnu
mi."
urn
.mi
iiii!
ixiriiuzu
iiiinipiiny
nnisp-Mlllnrd
Cnttipiiny
rind
ran
find
opprnlod
Hip
Hnwmlll
nt
Usk.
for
a
few
months.
Ttio
Skeona
Tholr
output
is
sold
principally
place
in
Germany
during,
the
years
that
followed
the
War.
In
fact,
the
Gold
Value
of
'the
German
Mark
depreciated
from
January
1st.
1919,
to
November
29th,
1923,.
to'
such
an
extent
that
the
Mark
erased
to
function
as
a
Currency
and
it
was
necessary
to
introduce
a
new
Currency,
New
Cerman
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
Iiad
an
approx-
imate
Gold
Value
of
$122.000.00..
just
prior
to
the
adoption
of
the
new
monetary
unit
in
November,
1923,
the
Gold
Value
of
1.000.000
Marks
in
German
Currency
was
an
infinitesimal
fraction
of
a
Cent
in
fact,
the
depreciation
had
been
so
great
tliat
German
Marks
were
traded
in
trillions,
tine
trillion
(1,000,000.000.000)
Marks
ha
ving
a
Cold
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
Cold
Value
(Cerman
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
Gold
Marks
would
be
paid
where
Gold
Marks
had
been
received,
kept
prices
up.
Prices
of
Cerman
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
C.
M.
Cordasco
fie
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
hanging
fire
over
the
heads
of
the
Cerman
people.
Many
lost
faith
in
the
ultimate
recovery
of
Europe
to
anything
approaching
pre-war
conditions.
The
Dawes-Young
Plan
Then
came
the
Da
wes-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
Cerman
people.
They
agreed
to
shoulder
the
Reparations
burden.
The
wheels
of
industry
began
to
turn
once
more.
Reflecting
the
new
confidence
in
the
future
Cerman
Government
and
Municipal
Bonds
made
spectacular
rises.
Many
issues
jumped
hundreds
of
dollars
overnight
The
table
following
illustrates
graphically
the
extent
of
the
first
gTeat
rise,
and
gives
at
the
same
time
an
indication
of
the
extent
of
the
previous
declines;
tend.
AU
iiiuam
pr
l.Ae4,o-M
rti
Tall
-u
(
lU
U
af
S
U
.fl4
Cry
of
Berlin
4s
$5,500.00
$
9.00
$13,000.00
Branca
4i....
8,000.00
12.00
9,000.00
Cobletu
4s
...
6,750.00
11.00
5,000.00
Colorne
4t
...
7,250.00
10.00
18,000.00
Dresden
4s
...
7,000.00
9.50
13,000.00
Esse
4s
7,500.00
9.75
13,000.00
Frankfurt
4s
.
.
7,500.00
9.75
16,000.00
Leipsij
4Vsts
.
.
7,500.00
9.2S
13,000.00
Maaich
4s
...
7,250.00
19.00
23,000.00
Stuttgart
4i
.
.
7.500.00
12.50
15,000.00
Got'L
War
Loans
5t
5,500.00
6.00
2,800.00
At
what
was
believed
to
be
the
top
of
the
first
rise,
The
Investment
House
of
C.
M.
Cordasco
fit
Company
advised
its
clients
to
sell
their
holdings
of
German
Bonds
and
take
their
profits.
During
the
months
that
followed
prices
of
German
Government
Bonds
held
steady
nround
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
Bonds,
began
to
be
felt.
An
election
was
only
a
few
months
off.
Both
political
parties
promised
s
careful
sonsiderntion
of
the
demands
of
tth'el
bondholders.
Revaluation
Explained
When
Germany
had
accepted
the
terms
of
the
Dawes
Plan,
there
was
no
provision
made
for
the
redemption
of
tier
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
Dawes
Plan
was
so
rapid,
however,
that
her
nationals,
perceived
tliat
there
would
be
a
surplus
remaining
after
the
Annuity
Payments
prescribed
by
the,
Dawes
Plan
and
the
demand
for,
compensation
from
the
Government
on
account
of
losses
sustained
through
the
depreciation
or.mlsallon
lo
Minnpsoln
joblor.
j
and
tlml.erj
nilipr
Inlprior
mill
which
op
-
urn
I
I
durinjr
Hip;
ypfir
wprp
the'
TABLE
SHOWING
PROFIT
OPPORTUNITIES
in
the
purchase
of
Gty
of
Hamburg
4l2Bond
of
1919
Estimated
Par
Value
of
Present
Bonds
Price
100,000
Marks
...
S
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
todays
opportunities
be
tomorrows
regrets.
Send.
your
order
In
now,
and,
watch
the
Foreign
Exchange
Bulletin
(
sent
without
charge,
lo
our
clients)
for
future
developments.
THE
INVESTMENT
HOUSE
OF
G.
M.
CORDASCO
&
COMPANY
:
FOREIGN
EXCHANGE
FOREIGN
MONEY
FOREIGN
BONDS
MaRCU.
TRUST
BUILDING-290
ST.
JAMES
STREET
MONTREAL.
CANADA
LaKI
MSTAMCK
TVUPMOMM
MAIM
tM
M.tMI
Date
I
enclose
herewith
j
I
scoaptrit
Cheque
for
money
ordar
)
purchase
from
you
of
.
.
.
.
latata
amaaat)
Lotn
of
1919
Series
B)
,
which
you
are
to
forward
me
by
registered
maiL'
Name
I
Addrs
Vnimrsdol
Lumber
Go..
Vnruirs-
UasHprn
Idol.
Iloyul
Mills,
llanall.
SplUl
;
intorior
000
Mark
Unit,,
or
on
every
tnvestment
of
.
$420.00,
made
in
Hamburg
4!
Bonds
today.
Every
$420.00
invested
today
can.
therefore,
earn
a
profit
of
$2,630.00,
and
this
is
only
the
first
step.
Many
Cities
in
Germany
are
reported
to.
have
made
an
initial
Revaluation
of
their
Bonds
at
as
much
as
10,
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
months..
When
the
City
of
Hamburg
increases
the.
Revaluation
rate
applying
on
the
estimated
Gold
Value
of
these
Bonds
approximately
$122,000.00
per
1.000,000
Mark,
Unit,
every
$420.00
invested
today
will
earn
a
profit
of
$5,680.00
at
5
Revaluation;
at
10
the
profit
will
amount
to
$11,360.00.
for
every
$420.00
.invested
today.
We
believe
that
eventually.
City
of
Hamburg
Bonds
will
be
Redeemed,
at
.their
normal
Gold
Value
or
100.
and
the
far-sighted
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
Gty
of
Hamburg
4
Bonds
or
for
every
$420.00
invested
today.
Wealth
of
Hamburg
The
present
pop
ulation
of
the
City
of
Hamburg
is
close
to
a
million
and
a
half
and
.is
steadily
increasing.
The
City
of
Hamburg
is
the
greatest
seaport
in
Germany.
The
Gty.
does
not
rely
solely
upon
its
commerce
and
shipping
for
prosperity.
It
has
its
own.
industrial
plans
such
as
railroftd
shops,
ship
yards,
iron
and
boiler
works,
refineries,
cottop
mills,
printing
and
dyeing
plants,
and
many
others..
.
Official
figures
from
English
sources
state
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
has
been
created,
maintained
an
increased
in
centuries.
Immovable
assets
maintain
a
high
standard
of'
value
whether
expressed
in
Marks,
Dollars,
or
any
other
currency.
In
fact,
the,
largest
portion
of
its
wealth
having
been
created
in
gold
vnlue,
the
proportionate
appraisal
of
the
assets
of
the
free
city
and
free,
state
of
Hamburg
in
paper
Marks,
must
to
day
be
infinitely
higher
than
the
total
debt
The
foregoing
information
concerning
the
Gty
of
Hamburg
whose
AVlc
Bonds
we
now
offer
to
our
clients
has
been
gathered
from
reliable
sources.
Reports
from
our
own
correspondents
abroad
inform
us
that
there
is
practically
no
unemployment
in
the
city
at
the
present
time
and
it
may
be
called
one
ot
the
most
highly
developed
industrial
municipalities
of
Germany.
Apart
from
the
foregoing
considerations
we
are
of
the
opinion
that
Hamburg.
412
Bonds
are
selling
far
below
.their
intrinsic
market
value.
Other
municipal
bonds
issued,
in
1919
are
selling
anywhere
from
$1,000.00
to
$3,000.00
per
million
mark
unit
as
compared
with
$420.00
for
Hamburg
4V
Bonds.
They
are
only
beginning
to
right
their
position
and
consequently
thm,
coming,
months
will
undoubtedly
witness
.sensational
advances
in
the
price
of
Hamburg
4Vj
Bonds.
The
table
which
is
appended
below
makes
clear
the
profit
possibilities
in
Gty
of
Hamburg
4'5
Bonds.
We
cannot
stress
too
greatly
the
necessity
for
immediate
action.
Present
prices
shown
in
th.
table,
cover
every
expense.
Bonds
ar
delivered
by
registered
and
insured
maiL
Gold
Value
at
time
Revalued,
Gold
Values
Bonds
.
cm
at
2J2
ai
J
jo
Were
Issued
Of
Estimated
Gold
Value
$12,200.00
$
305.00
$
610.00
24.400.00
610.00
1.220.00
36,600.00
915.00
1.830.00
48,800.00
1,220.00
2.440.00
61,000.00
1.525.00
3.050.00
122.000.00
3.050.00
6.100.00
244,000.00
6,100.00
12,200.00
610,000.00
15.250.00
30,500.00
-I
I
I;
5.
ia
full
payment
for
th
...Marks
of
City
of,
Hamburg
4i
Bonds
(State.
P,Ut
markpts
for
which
the
capacity
of
232
mill
cut
wprp
only
fair
nrint.
30
Inn
nf
Ions
of
npv-
krnf!
imriir.
PohlP.
f.arnnhy
nnd
Hudson
and
dPniand
small.
'and
to
tons
of
wot
lnimr
kraff
l.iltlo
mill
a
Tprrncp.
Uttlp
nnd
Itny
Mountain
Lumlipr
Co..
j
The
I'ulp
A
Pappr
Mill
nt
pulp,
ran
continuously
Ihrough-Glgoey
mill
at
Kitaumkalum.i
Smlthers.
Trices
in
prairie
and,0can
Falls,
which
has
a
daily!
out
the
year.