on s. 1229'), 17:’ Who Will Be

V iiliss Prince Edward Island

or 192a o

The young lady receiving m, m“; u I - od $500.00 In gold, along with a besutii vosilsvmogrnzttrd- l ‘ Second prise will be 8200.00 in gold. THIRD prize gmopoo ‘ in gold. REMEMBER. um u not n beauty contest but n

‘J

popularity contest.

‘ $50.00 IIEWARD

Will be given in the Lodge, Society, Club, or individual who first nominates the winning candidate, y, b h flliout coupon below. Contest starts 530:.‘ m, new and

' rnocrans mam or sT. vmcaur-s or; AND SANATORIUM FUND PHANAGB

‘Miss Prince Edward Island Cont t i! g Third Floor w. x. ROGERS Buns Fslmiifffiuu CHARLOTTETOWN, P, E, I,

armor on r. o. aox

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4

.122, (STAOCK MARKET

PUTS AND CALLS . -

. TRE "CHARLOTTETOWN buaapmnl

Article 1o By non moonMAN. (Coprrlsht),

There are many forms oi insurance and it is certainly good business to in- sure your possession against loss. You Pa)’ B- preniium to a fire. insurance company against destruction oi your property by fire. Probably the fire do- es not occur and. at the expiry date oi the policy, the premium you have paid may be considered a loss so iar as the money is concerned-but you have had the protection.

No insurance company will insure you against loss in the stock market, but by paying a premium you may enter into a contract which will limit your loss, or it will insure your profits. The premium paid is your only expense —but'you have the protection ior a specified time. In stock market trad- ing the safest method oi sinsurance

annaass ____

-.--------~¢¢--

THIS cocoon coon FOB. 5,000 vores To STAM-

is by the use oi Puts and Calls. Here's somethnlg that only a few people know about. It is not one of the hidden mysteries oi the stock mar- ket——not illegal, nor dishonest-it is

just as open and above board and as sensible as your lire insurance. A Put or a. Call is in fact an Option. Options have been in daily use on the London Stock Exchange and Eu- ropean Bourses (or the lost three hun- dred years, but they are not generally used or understood in stock market trading in this country.

A Put is a privilege or option to sell and a Call is a privilege or option to buy) a certainqnantity oi securities at instrument which entities the pur- chaser to Put or Call (to sell or to buy) a. certain quantity ofsecurlties at a fixed price, on or before a specified date, The “fixed price" being a cer- tain number oi points above or be- low the market and is fixed by the Maker at the time the Option is written. The Maker is the broken or specialist who writes and sells them, and the price ‘ paid for a Put or Call is the Premium.

All Puts and Calls are endorsed, generally by a number oi the stock exchange, and this endorsement acts

as a guarantee that the Maker will carry out his contract. The usual liie

oi a. Put or Call is thirty days with a. minimum o1 100 shares, although they are occasionally written for longer or shorter periods and ior smaller quantities, The cost (‘pre- mium) for is thirty day Put on 100 shares is $137.50 and ior thirty day Call on 100 shares is $130.50. The ex- tra $2.00 on the Call is a government tax. In buying either a Put or a Call, your loss, ii any, is determined in advance and cannot be more than the pre- mium paid, while there is no limit to the possible profits. Sounds tool good to be true, eh? Let's buy one oi the dang things and see how it works.

The common stock oi Eastern Gad- gets, now selling at; 60, looks like a good buy to you but the market re- quired to carry 100 shares amounts to tie up, besides you are not any too sure oi the market. The specialist will write you a Call at 65 good ior thirty days, so you buy the Call which gives you the privilege of buying 100 shares at 65 during the time specified. You pay the premium oi $139.50 and immediately your loss if any, ls determined. You cannot 108s more than $139.50.

Ten days later Eastern Gadgets is selling at 65, there is no advantage to you in exercising your option now,

the market looks good and your Call

u good ior twenty days more, A week later the stock has advanced to 72 and at that price you are content to call it a day. You Call 100 shares at 65 and at the samo time scli~100 shares at 72, your profit being $700 less cost oi $139.50 for the Call or $560.50. Ii you had bought the stock at 60 and carried it on margin $2,000 would have been involved instead oi $130.50, and ii’, instead oi advancing, the stock had dropped to 52 and you had been forced to sell your loss would have been $800.00 instead oi $139.50. When a decline in market value is expected the same procedure may be followed by using n. Put which is just the opposite to a. Cali. .

A trader who protests himseli with o. Put, or Call has a big advantage over the trader who resorts to stop orders. A stop order will probably se- cure a. part of your profit, or will help to limit your 1oss~but in a radiply falling market a Put will oiten turn an apparent loss into profit. A Call would be used to protect a short sale in this case.

Suppose you bought 100 shares oi Eastern Gadgets at 60 and carried it on Margin, Three weeks later it has advanced to GB-you are still sullish, vrrong so you insure yourself

by buying a Put (privilege to sell) on 100 shares at 64 for $137.50,

And its metal package keeps it alwoyys a --_,

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TEA.

‘Fresh iron:

_ ‘Pace '

1 . . l ‘E!|®l| . ‘ J

the gardens’

Rood for thirty days. Within the thirty days Eastern Gadgets drops to 50 and at this price your long trade shows a loss oi $1,000. Looks like quiet market now, so you decide to excrete your option by Putting (selling) 100 shares at 64 instead oi selling through your broker at the market price oi 50. By this transaction your net pro- fit is $262.50, the difference between purchase price oi 60 and the Put price oi 04 less $137.50, the cost of the Put. Without the Put you might have had to sell the longstock at 50, taking a loss oi $1,000. 'I‘he option which cost $137.50 has saved $1,262.50 ior you, which is fairly cheap insur- 2171173,

GREATSTO€I( REDUCING

Ii the general market; condition at 3' the time oi purchase the stock at 60, i‘ had not looked good for an advance , you could have protected yourself by r buying a Put for twice the number oi shares held. That is, by going long , 100 shares at 60 and buying a Put for‘ 200 shares at say 56, (or $275, good {or 1 30 days."Now suppose that instead oi , I advancing. Eastern Gadgets sells ofl ii to 48. Your long trade shows a. loss l, ' oi $1,200 but you are in a positionto, ‘ Put 200 shares at 56 which you pro- ceed to do. One hunred shares oi your Put will close out your long. trade with a loss oi $400 instead oi $1,200

(Continued on page 10)

1

.1

Ladies’ Hosiery i we specialize in Ladies’ High Qiaas hosiery, nothing but the _ very best satisfies our buyer. "

Special lot Full Fashioned Silk hosiery, in many wanted shades, and allsizes.....................=......... .29 Wool Hosiery, also Silk and Wool, worth up to $1.50, for this greatsale 98c.

Notes

Sale for CASH only

Goods s ab mu Free No approbation m sEn Will be oladiy Rawipwd- l

o

mung-1- pgmgn 10o per tin, a1125c Dressings 19o.

4

l ALLEY .& com

f . i Fashionable Footwear!

Patent Strap Pumps $1.48 Brown or Black Oxfords - $1.58 Blacklacedboots $1.98 and $1.80

CHILDREN'S (5 to 71/2) Patent leather Boots Brown leather Boots Patent Leather Oxfords Patent Leather Strap Slippers ..

$1.44

» CHILDREN'S _ (2 to 5)

Brownlacedboots, Ohromesole PatantAnkle StrapPumps........-..............-.....

$1.00 $1.25

BABYS (SOFT HOLES, SIZES 0 T0 4)

White Linen Moccasins 10c ColouredleatherMoccasins 25c Coloured Boots and Slippers 50o

\ .

i I _ ‘ 1 ~~ s a - i k y i r ‘ ,1‘, i Sta riing March 7ih Coniinuin Until Saiurda March 16th z 9 i ' 9 i Every Article |n Store Reduc ed, Al Leathers and Rubber Footwear, liosicry and Findings A few sample prices below will advise you as t0 what we are doing, THIS 1S THE GREAT EST OPPORTUNITY we have ever offered you, RE MEMBER, all goods includ ed. Y0" W!" get a 200d 01S count 0n anything you purchase. Our stock is too well known t0 require any Boosting. O Women’s Footwear Men's, Boys’ and Youths . QRubber Footwear l , 93¢ A WORK BOOTS ' Below you will find. prices of rubber footwear, never be- wilmeil? Felt 3119119". in variety, some worth .. . . . . . . $1.75 Men's Brown leather Bluchers, Panco soles . . . . . . . . . . $2.48 f°re a-ttempted magrmce gggafird Island’ we W111 prepay m7- '" . Men's Brown Re-tan Leather, all leather soles, solid . . . . $3.95 ‘llliPilil’ to 3,221.1... fire” ' - 31-15 “ - Men's Wellington, (old fashioned high boots) Amherst make, 3‘ - ‘ Women’s real Dongola Strap Slippers, Low Heels. ‘only 12 pairs left $8.00 for . . . . . . . . . . . . . . . . . . . . . . . $5.95 ,.' ' ' $195 Men's High Leg Oil tanned laced boots, reduced to . . . . $6.95 1 l . V . . Women's Kid Strap Slippers, Medium Heels. FINE BOOTS 1 l, . j . i i - Wvmfin 5 B1801! velvet 5910p Pumlls- Men's Black Box Kip laced boots . . . . . . . . . . . . . . . . . . $2.85 _' - ' Mens rownlacedboots . . . . . . . ’ ' , $295 _ v Men's Goodyear Welted, Black or Brown Blucher boots, r w°m°n i! Patent stmli P11111115. M90111!!! HQBIB- round or Military toe . . . . . . . . . . . . . . . . . . . . . . . . .. $3.85 1 Ditto Slgikaneelfl- _ . ' Men's Ditto Hig Box toe or Plain Military Toes, Black or y- Women s Patent Pumps wlth large buckles Brown . ........ . .- ........... .... ............ .. $4.50 j Womim’! Black 537ml P11111135; 3115011 01' spike Heelfl- Men's Heavy Box Calf Bluchers, double soles, English Kip ‘ $345 lined $4.85 Women's Black or Brown three hole tie shoes with Medium or OXFORDS _ L°w Heels- Men's Oxfords, many, many styles, all reduced. We quote ‘two ' pa” g y~ * f’ _ _of the low ones, in either Black or Brown, Goodyear . -. i‘ . _ _ _ $395, _ Welted $3.85 Men'sRubberBootsgKneeH1gh,BlackSoles.... . . . . “$2195 Woman's Patent Strap Pumps. W10; 0111M or $1111“ haels- Ditto .... ...... .... $4.35 Men's Rubber Boots, Knee High, Red Soles . $3.60 wilmen,“ Black md strap Pumps Wm‘ larg° Buckles- Men's soft House Slippers, in variety, . . . . . . . . . . . . . . . . . . 95c Men's Rubber Boots, Knee High, White Soles . . . . . . . . . . $4110 W001i?!“ 318-01! $8.0m Pumps, Cuban heels. Men's Rubber Boots, Storm King or Thigh . . . . . . . . . . . . 52(0) Me ’ R bb B ts, StormKing or Thigh, White Soles $5.7 _ $445 . Bins ,1 98 B03111; Riilbbg: Bggts, Knee Length, 1 to 5, .. . . . . .. . . . . $2.70 Women's Black Satin Pumps. Strep. (iuban heels; Black °Y 3"“ 3°‘ K11’ 31"” e’ m“ ---- i’ ' .. Boys’ Rubber Boots, Thigh Length ...... . . . .. ... $4.50 Women’s Patent Leather do. _ _ _ _ Whole Stock (Kip) Blucher boots, Tap soles . . . . . . . . . . $2.40 small Boys. Rubber Boots, Knee Length _ __ _ ‘ _ _ _ _ _ _ _ _ _. $220 . Women's Dark Brown Kld. 3 hole he. llshier trim wlth Urban Small Boys’ Rubber Boots, Thigh length ... ...... $3.45 l heels. ' l MISSES (11 to 2) FltSY . . . . . . . . ' ' 34-50 " Pgtent ligiltiu Strap Slippers . . . . . . . . . . . . . . . . . . . . .. $1.7; Lumberlnalvs Rubbers T: AIIJTaPIiHSNB-iurfll Tradwlflv Nature's Way. andArcli Ditto $2.25 Men's (like picture) .. .... f, Restor shoes in Oxfords or Siraps- Regular prices $9.00 Patent Leather Oxfords $1.80 Boys’ (like picture) (1 to 5) . ..... . . .. . . . $1.75 l and$10.00. PatentLeather,3holeties...........................$2.35 Youths’ (like picture) (llto 13) BrownLeather Oxfords.............................$1.80 Children's (likepicture) (6to10)............ . . . . . ...$1.15 i‘ Black or Brown laced boots . . . . . . . . . . . . . . . . . .. . . . . .. $2.50 White Soled Rubbers as above: . $2 50 i 4m Mn’ . . . . . . . X (worthuptos )' '; , We n's u er oot-s . . y "En-DRE" 5 <8.“ 1W2) orbit‘? Rubber Boots (11 to 2) $1.35 Felt Slippers 50c Children's Rubber Boots (6 to 10) $1.65

Rubbers Men’s Round Toe Rubbers . . . . . . . .. Men's difierent shapes . . ' ‘ ’ Boys’ Rubber; .. Small Boys’, 11 to 13, . . . . . .. . Women’s Rubbers, low. or medium heels . . Women's many diflerent styles for . . . . .-. Girls’ Rubbers, sizes 11 to2, . . . . . . . . . .- Ohild's Rubbers (6 to 10%) . . .. . .. 70c and 55c. Men's Closed Side Rubbers . . . .. . . . .. - $1.25

PANY, LlMllED

Charlottetown, P. E. Island