OCTOBER 9_, 1930‘

,» YES TERDA Y’S S T0

(ll-i A (iUARDIAN

PAGE NINE

TA TIONS:

E osing Stock a Letter ; By LOGAN s. BRYAN l "°

Special to Johnston & Ward

1—._—_:

Bi THEIR (“VS PRIVATE “IRE BIHW YORK. Ori- B-The market nftu-r _n fen‘ lmlnti-d upturn! In the initlul detainee todny won liiunlnyeul further nnnltneuuena t0 vimrvilni sclllu: by yield- [mg tun or three points Irefore the cml of the first hnnr on rather light turnmcr. Mame ruliy follnwml during the iorennnn but a mmeuhut unfavorable Irun Awe [ppilfl Iurlhered rrnmrorl ilquhintlun, canning the list lo ri-mnln ut n uubmerznl lz-u-l, menuured by I lwc 0r ihree pnlnt llevlirln until nhnui the beginning oilin- lusl lutlf hour. At tiult. time u fnlr I|Zl‘l| rally mu llllllfl" \\\\)' mu probably rim- lo shun wuerlng. the 1-: numutiuru ni “mt-n fniinuell Ivy n Dal-m" wm.““|,_ “l, “mum; houerer hr-lni p l-elviiirly nlmle the 101w vi‘ the nlny. nun"; lhc- nftoruoon l.. i. titre! hnyrhrli a m-u- luu" u" ll“- i-m-rm" "m". nu-ni sellllll clown to 150421- filvri "It"! lvruiliivtiiru in the ncek emleil Inst Mun- wua entlmniell at Gilli In!‘- o.‘ capacity inguinal m1 pm. m‘. preceding xvi-ck, ll 5~ ' i’! - "mi G5 l\-I'- filr iiu- IOMICPIHB periods. fmnrubie feature of ihr nevi the n-purt ihnt the Bridgeport. 111mm, , zvpeurllev viant End!- edJilllntl-Finher Ilml rnunml n," (|'“[\ , tlcn thin werk an u renult nl n large inrrnnu- in lmth ilonrentlr um! lorelpn evilcre. for ilnrtuirle mnrhlne». “P [Pei llmt uurlli while profitn nre nflereii ui. .- ';_-.- celerth": hi: - - hiza grade nrlli: Isauen in ml, flying, nniel fur twin!

nwmmmmr cmsmmmv

o...

The Montreal Stock Exchange ‘

_____.

{special to Johnston 6' \l'nrd\ 11131

(Puccini to Johnston i!" \\'nrd)

Liaiwi s.

$111M."

Ill-cu liigh Lmv Lnsf . ~' "' ‘ ‘ l [ I11 the ‘ lilcntlily

leading

Inveztment aticns Messrs. Limited, state that it ha: been eviclent

article of their Recommend- A. E. Ames, & Co.

1

on many occasicus that conditions in business pcrsizteitt downturn in commodity‘ tpriccs have generally bc=n YOUOVIPCI by an upturn 1n bond prism. In ex- piancticn of this condition it is usu- ially found that lnflucnccs causing a fcurtaiiment of public purchns'n<; -Ip"1v:r rc-sult in high inventories fall-

less active leading to n

1

i‘.‘1 t- _.\|'.~11~1 .\i S -fl1‘...-':=h11ft

Commodity Prices

I922

Arid Bond

CK AND BOND QU

Yields ‘

A \ ma.

I926

i Mwio Price; 19:6 -/0o)

IIO 0O TO

5O

of hondprices.

It is cnly natural. therefore. thatilxsite movement of prices oi 502 investment bankers and large instltu- commodities-it will be noticed that tlonal investors ivsitch carefully the waiter the severe deflation in 1930.31 movement of commodity prices as a commOdity prices were at a fairly

hen Elev :

_ (Fm ‘rims ltion in Montreal is unchauyzcrl. Unit f ~ _ _

"in: to possible changes in the bond “stable level until the end of 1929. ti?“ IinsiL- :1 m 511m; yam,“ rPatLll-(vs F,‘ 3......‘ VALLE! FlELD-ORQELL ‘ HEAI uiiin-n 1:111. “my” T‘? 7“.,J__,,C,,ip,. V. mph PAQTORAL CHARGE-service, Oc u. vr 111i -‘ - “ * " " ‘ ~

recession—the extent of H icggs on this T111150’ are again ecnrc- “b” 13- 1930" n a" m" vaneyneld

‘ 1

murlzct, At the present time close ‘ since that, time they have undergone study is being made of the commodity a sharp price level and bond market. situation. whim may be judged by referenceitn the leading factories of which are |me supplementary chm-m showing revealed in the accompanying charts. ime pl-gce movements ogmdividual con-h

Each of the graphs has been dravzn to the same scale and the average

MONTHLY BOND INTEREST VIELDS and HDNTHLV INDEX 0F WHOLESALE PRICES

tral chart-which shows the com-

moditle: and groups since 1926. in raw materialsthe full in prices has been

New Yo}? i 1‘

Air Rorluv Allcx: m.” M 411cm

(‘nnt nil .'I‘.i r" n

i" Pavifir QITQ .

f.‘ rie Pnsro ,i imp 411-111 _

P» nirn .. .l hi‘ 111 ‘ '.\*_

Paw-as {thin I431.‘ 1.11.‘ 1 p. r1;

i‘ rys .ln "/11 3m 1w . 1 .

(""1 ,-_.,,h _ - _ 1 ‘Quotations '1." ['11] F irnn _

Ifrea Texas

Exchange

._.-__

(Special in Johnston A Word)

flpnn Illglfimnvl fins? m».- o."

I! '2 ..

"it's "1

$1.10 to 5.115

New Bl‘Ulr*\‘.'i»’."z{ pound hogs.

._ 1‘

were considerably higher

pircn mountains and Si to -

l

i iCannvimn Press; I MONTREAL, Qu», 1th“ (‘XCPMLWH vi‘ sicnrlj: h: ("lfL-Z ilTidillll (711 1hr’ hicntrrzil (lair land produce nmrlzo". v-rlvi orally dull mum; ('1 lam-k of dcmauwl. l m-ikuzc, attics of graded Ontario ship-

OCi.

v.‘

Ni i‘:

caimlcrs,

Oct. il-Furthcz‘

OTTAWA, Ont», . firmnes is reported from the Tcron- . to egg market today, but the

iThe New

.1 f~

8S

a ~11“

’_‘C..

2

per

: Late Marrkef News

ii

Z-Z % Mil-L

particularly Ln: are correspondingly

£3 i

.31.; “in

icz" and values

‘" wriolosalc ivay

mv ofilnchcr. Dcnlors are quoting country

‘iili"i]7‘?l"\ for imrzracicd eggs extras 3s llrsls svconcls 25. Brokers are

mun“ "s mount“ f.‘_",‘ ,' 1 Tilt‘ lllfllllflll‘ ‘if U11? lutcrnn nrro un- ‘ nxrnis n", rxi r. 41. firsts 38, seconds Ami ‘ v 1 clmnnccl. Askin: prices on ihn (‘hfllsn i ~17 qqflpyeri, ‘vholpsale prices o;

it Mir ~".~i-_~.~r ;ma1"kr-i ram; n‘ irom 14 3-4 l’) Hifrosli cues to retail stores are extra:

.. M" "'5' T"! IPPIIH n 1M.- i for 011W o 1i1""c-~""4-i m 4*», irrts 4n, seconds 30. Stor-

"FWEPPINT 1431"". all‘) i3 3'3 “"115 W‘ Q1 rmtl-z. rzn- r22.» cre selling at extras 3B

, I ' Buitci" was slightly‘ off at 11mm 3U$fn§fl§ 3:, i», 3g, pQum-y 15 nut pleml.

\ f (“ciao to 30 1—2 cents for crzriois 0f‘r;~_-.v¢|-l1 ifui and quotations are tending lower _ c_>.r-.__ Egaulnlgl] A m.“nill‘.ps <t ‘limb; P v_"'11.\ic1r.t~.~o:t_l —i‘.=!u receipts here tocla; ereimnssrssraitrers 3"“ "“""’" , icféanlely ‘i? ' .0 T';"“",“", ‘If’ ' lint“ 2M? m”; p“; cnntpéred f0 I'm - “$129111: y “L519 --3 t‘! ~4 K911i» 1M1 D111 -4 1L‘ ice; on the corresponding oay last BnrNA 1i "'1, 3o cents a. pound. Receipts of 0"" pear. misrlcc-t continues strong, bu‘.

. 59 unchanged in tone and price. h-esl". cases cs against 1.407 cases on the ‘fwd-a; are mow-lg V1911 in a 391mm; some day a. VCPPR 3T0 and 1.271 on the corresponding (icy of laz: 15ml". M unchrmcctl. 111.», g1".- zoto marlzet was unchnrzzcci n! fro for

vsaj‘. but fir-ts and seconds are rath~ ' Cl-vicago spot 27. N01122:‘:- 2-6. Dscemboi

; h"? I‘.

8’)

sizuzi- ‘

p. m.. Orwell Head. Special musir . frczn Charlottetown. Rev M. Sinclair, minlrter.

ORDINATION SERVICE- O1

ing prices. and a decline in the dc~ prices prevailing in 1926 have been pafflculafly severe, and such cam. r _v 7m . ;‘ Y C g m l: an interesting service Wm . _,_ , 4 I m: nr ~ ' m ‘niand for commercial and financial 1.11.41 to equal 1'00. Accordmgly the modifies as wheat, sugar, silk_ cotton, ‘E2?! ‘£2,111, "_. "' ‘, "" ‘s or ur M.‘ m Hazelbrmk Bgptigt, Church m‘ H“. _:snort-ter1n credit. In theze c.rcun1- mavcmsnts of prices are a. percentage l and others have reached low levels not u‘: é --,‘ Qthcn My“), E. Chisolm M. A. Th “as? $531112," m,“ W.‘ utances there i: an gyefflfillil of funds {ibgve or béloiv [hose prevailing in aligned ioi- many years-in some Loan-s" m} 4 (i ‘n m Johmon ‘l “WU 1mm]. g me Hammock group a " “ ' _ , 3g a iggsm iilisinife anid spE"Cl1i:lttl\'e'8C}t{ilél- 292G. tTllxus, the figure for grain in gases they are the lowest prices for uncle Bfiucl? i i a 3'9“; B ' 12.31” Aqzezl lchux-che; for the summer. was "pub- - ‘. -l _‘ O nv~ e s, _ ~ i; . . P _. r0 .11 y .. J ' - . m] 1 F v I 1 VTh ' a t es m n l mar e ugus s30 “as 64, which means hat a1‘ “mt Mont aging “ l1 A31" ‘Trillium?! B n . k “my sen apart m the Gospel Mmm” DDPrlre Bros i .11 g1 i so 1 an ° mlllemdl o! commodity prices grains vlcre selling 36 v below u" The fieccdent of Rising Bond Price; rim: ‘m. gislllmi élm". -- ~ ~ ‘This ordination service was P11591194 S7.’ ..‘ “ ‘ '1' ‘l 1. .'- ' - .' , :1: .11 mo mi . . . Wt“ lorn _ '51.: l t‘ W “l: is thus one index of the business average level oi grain prices in 1926. subsequent to previous commodity 2 ‘He: Inrmlf, E019“... (H, __ is,“ by He‘. Mvm Brmwn o; ‘n-yqn , E h " V.‘ n2 V] sn-ui Mu, stuatian which indicates the future If attention is directed to the cen- price declines the level of bond prices. .\_m n Pro _ I a *_="!"‘1l"\!' r;._1 ~ " in, Rubin ‘tqxggon’ than evangelgs _ 411, 101. m‘. __ ~._ , _ _ ____ ______ _, Nat P Lt ... will“ ‘~13 - i ~ GTO!!! XC afige , f‘ is; 1 ' ' has moved upward and present. ac- s; 1; cm f.» _ ;_““=,“\\";l;‘,‘ "“ ~ .~.: C1"o.<,= ‘Roads. offered the 011cm“: "' d" I " ' 1 E zivltylnthe bond market suggests that mp "idiom ‘H ' "1 ‘Y " ’ - 1m n! 11f i-.~~.,....».~ .. prawn 113', Mgygan oi Dundas rem - i‘. 1 .. 1 - . . ~ < c m ‘. ‘ ’ . i- ‘ml. ““'""‘""° ' 3-2‘? precedent 1541311111 b11115 f°11°W9d~ I" I'M‘ ‘M ' rm.“ m‘ m” in? iiwiiipi’ 11min} " m vino scriptures. A little tot. Alicli (Special to Johnston k Word) ‘L. Atpmrti“ ". I ‘ 1- - 1 b d ' f,“ ,f (‘]"||]‘ v ' i i . . . . 1 gamut] swim .| l 1:51 l, V- will be noted that the rise r1 on F’ ‘ ‘ - " " - " ; Jenkins sang very sneecly and. c early 951C560 15_1,,_.,"~‘."fl,,._;"" 355,.‘ " i prices in 1921 continued for several I ~ in" (Tfdihrltiu: Scrmon was preacher “'1'” PW“ i" By STEWART JONES é? CO., Charlottetown “a” m" °°mm°diiy “m” “ad ii.§..."'r-'\.I.;i ' l~_\‘ no. A. Gibson M. a. c. c. Secy 1W " Dominion I stabilized. In the present instance. Illlnui . - ,, Xmwrjvl, M, ‘, ‘Icl the (iéllQlYllfllfllJil, Rev. M1 S?“ :1: Correspondents of Greenshrelds & ($0.. Montreal the bond market has only given be- m... 151,,“ "" “~~ 11.11 l‘ it...“ 1~ . wlln ms of lxiontaque offered tn: p514 d B d I lated recognition to commodity prices “MP ‘WW8 1: prayer. The charge to ‘chi ‘ Calm! a on s _ which have been falling in a concerted qfc 1.171s piVPn by Mr. Brintoi m,’ _._ , Cull inoncy 2 lmc. i‘l‘;_'iii'i| in |l|1-- (|-;|||_.-|,,.|-[.,¢i,,n "r “H!” manner f0!’ a year. 1 11H r1111‘?! tn ‘be Cifllfill 1J1.’ R€V 1"“: . \l0\'TRl-'\I Tillmi‘,‘“:;$H‘ff:v‘l‘ -\"»~1~u-uu.pr i...» iwtrvher ftlvancing ocmmodity prices tend on n1 v11; rrfr‘. .\ir Gibsor "i" ‘§““"“' m ""'"'""" x }§,§',"'},.,,, ‘ ‘ “ I». ‘ ' " "y... .21.“) Hm‘ to raise profits, stimulate business and l <1 rarrlirlaie mt; ch. ~ n -' 11 i ‘ l‘ ‘i? n, .y~‘,, ' . .. - f v “TYXIPE” iI-"y-"lzll - ""'"'i';"',§;0.}:;"§{; ‘Hi...’ ‘f-IH-{l " I ' “" ' ‘"‘" i‘ "‘ "l" WM result 1n forward buying which still _ To» :rrvice was conclude: / : .1: . '- - ' ‘ ' ' . . . _ . f * llich virwrr 1mm. in i}. -. . . .- ~u.\\\1.\u-.\s= further raises prices. This process is ‘ Erncrllcilntl by Rev. J. l! "1'[|rf‘_\' .u.‘111 - V Y ' ' " __ __ i. .- .- . u, m.“ L.” Q, ‘ hum". Lon" |.,._,_,,|,|r,,,m ‘n, , , ,, _ 1., ..._. ..r m. [nllinfiiilli IIYWV ppnjpptfl cumulatne. but tuice within the last T" .|_ .11. 1;. a..." _ lli.\'»lfi1.‘.ll1 -\- _l‘~_l‘~\\<_r . _ _ _ f... n,» .1 \\‘\-in|v|>l'lil or .~..1.1i1i..1|.»11 iiy- d md l; “~35, ["11 11 b k9 b ti. “P”. ‘° w‘ .. .._~ ' ;:;';';;;;;;;;;s - l}1'I1'.‘;'.'-""’"“ 'J-‘.‘.'.'.'.I:.':.=.i.:"‘"!!‘t"‘#. . " ‘ca: .:‘.‘.::‘.".1i....i.. tin-ifs s .§§...Z oytsfi hi. ‘-'= T?’ _ ,_ . v- ol ~ or summersw i ~ ‘,§:'.'.‘.',‘,‘.'.'.'.‘.‘é t. l»; ...’i.‘~.llIli:H11:i?i1¥2 I3"““.‘.'.'.' iI'.‘.‘.‘.'.".'."..;;.. ."~"."...r."" ::" PI‘. .1 -.-.“'..-.’;.'"‘;:'.',1.‘::"1!.':i3n‘£...9. ,‘::;‘:3‘,‘; t... .11.}. m. m... levels of pica... "" ‘ ”.1‘.:;‘:!. ‘r. q - ‘ . " ‘ *1 “‘"’ °" l " "r "" "" ' '.‘.‘.“‘.‘;.". “.'1';"'.".i_';‘,..12*';,§':;;;1'.1§,,),t"5_{;;f,£§,';g; w“ and distribution on 115d been a ‘ ‘ ‘ ‘ ‘

[ q tj-lvrsgi..ni;l.:~_t ‘sh-lining has m"I|‘-‘|:,l""l ‘w: 11.111‘ i. mm! "r urur. reached. As buying is curtalled and Ifllfifinhlrrsurnitiii:t":ii-rlaiimrilrr isciiliiilmd-drrrfirirumimozi‘neural.ul.ir..i:i:111::..m. __

1 hpuvr“ gush‘ \\ ' ' :1 sun .1||il.-il ‘.-...|'{-».-.|" 1"it?"L?"mi§":»'§§§ prices decnne- demand for conlmcrc“ :5

‘ Stew t J 8. l"%:.".".:;..:.‘“...~.~ - ~ 1fit::.11:" ".‘.":.‘:“.‘.‘".‘.‘:-“.=:"-:z“‘l;;..“1"1 ‘r.‘:.‘.1.‘.'." I“ and =l>==ulawr or“ ilnllmsh“ i

. illulustriilil , ._ n likin- lliluvsllhz- v-inpiu [Fr the] your‘ liilft, 8nd funds become available for ill- i

ulcrnnlnnn .'lv'r-l .. 'i‘l' n- i1~|-1|_.\‘1-:11" Ilurlm flinw‘ tho ..tment '5

cunq-Qapondent’ o’ internl1tiru1:|i Petroleum ML, H". vmrilvnrif? r000"! ve“ ' '

klnssigv-iiiirris ' uz-uvruiinii hll‘! shown on i

& Co ‘yffiirnurlilt-iI‘__f,,j§;]f,f",;~- . .-,... “Yiiuiii.illrnmiiaviulufiflhim?!“$11111 The Future of Bond Prices 5

e iiiziiilzllili-ilil 2;) -_‘;;);;;}_X_;!“.‘"“‘"~',,1"‘i,,2};',.f"ii.."fl'ii“uj'lflf‘ This is the situation that is now

Mgmbgy-g o] flu Monhqu sunk Exchang. luinliiui Ahrilsuc‘ ‘JIIH- qllcilllliiiilil‘ 11ft tu-ilvuuui prevailing, Idle industrial, conimerc- J

. l'_.:‘l’l‘|‘l‘t‘,',‘l:"‘l,h:fir . \,._,,,,|;,,,_. ‘ ‘ ',','.'q,,‘iL‘,_,-‘,“,',',';‘. ial and institutiyial funds are seeking | a

Nuruulln . I “‘" 5"" 53*“ -"".‘*="'"‘.. ."“!"" "'"?.'v"@"-“ safe investmzit in high-grade bond".

88 Grunt Gcorfle 81-. Charlottetown . ‘I {.';‘,‘,‘.'§',,‘,',‘}I}“j'“' I iI.."..:..'ll-....Ti"'.'§u19Elivflllial: "myilziii-"il"rlr'ifi and the result is a rise in their prices-i

, . t, ., - w n :|1| 11m u 1r- 1111'!‘ . . ' _

_§’,',',,‘,',Y§‘,;,_.' "“' _ .-_ u... "l1 m. iviiicsprvilli Bond Prices lwve mt yet duplicated ;

:_~'n..-11.-.. . __,j‘j;| "__1fijfxf“if_‘ij‘l‘_;‘l'_ ‘_*|~,"“"|~H_l‘_\»<'_ii‘l‘;llm§ly the peak attained in 192a, just before Q25‘ "If 1 null vi~.-\\|il'i'4' .=<|1».\|.1|1u.111,v cxl-oi-vl l,- the severe pressure on bank credit by’

§| n tuuywu) i|.h_ L j ,,

- 13' "r _ -, t reason of stock speculation began. If 1 ‘i

1 \\ innlpcg hlci-triv » - I 1 .

1 3‘“"“-‘"“’ precedent in i920 is followed, there lsf a

5E“ ‘fink \\'_iil|_ .\"-1|-.;n~l:|_.~=clli|1; n! nroscnt lov- a 5tmn3 i7055ibmty 110W that bfilldi 5

s .‘ Alnnrivnn (‘nu .. . I‘ '~ l"i“lkl->‘iilvi"_~"l_lify-_ I~‘_"ii|_';_p'11'~; "iiillgl-fllj prices will Continue to rise cgmlnol-L; E

1 ‘xuilivillliilliil " i- “lilifnllilitmhitviuiirl~ "iLuiQJ “Y prices have rallied from their lowsi 1mm!“ ' ' ' l ‘ n1 llli'lfl surplus iris- nnd signify some imPPOVEXHCYIi. in {he I Unusulullilrii l"' . H) I‘IIIH.U_\.»IIHHI,|\.‘ 5- 1 '0‘. b i . Mambo!!! Moruml Sm} Zxrbup, Monnul Curl n-...~=o|u1nlu-~| is - 1411-... rvifluuc- m Im-rcns- “S “e55 smiaiwn- . " i * _ " '1 - “:1 haircuts . . . _ ,- _ -_ _. Q Main, Toronto Swrl Exebmgc, Wuunpg Gran I “niililviiligyiw: slur" 'i.|._I:l||u_ “or u‘ i...’ liin pinned-i Furthermore, it is possible that bond] kdnllr ch94!" B94?‘ Bf Trill, 1 mN-n-h. ]v.,“(.r m,“ [AL-hi a. HI"; ‘1||.[1|~Tk1|-:||mi|| "Hiiiiligltili: nil-Luigi: prices Wm remain 5t higher Ieims if O s New Yul: Curb (marina) l’ 1‘~?.‘.‘Ti'<’"..'“~i~'|'li"' " " vvv 1w .1.-;.v. 1a.... 11f “tumor conmmdity priceg should in m. Ion ~ v z ' .. . ~ , .. . . . . - - - c g RDDN BLDG. |~ Intcriifillivnnl llwlro lilour . . ‘"1 In] !"."""“"' n ""5 r “w ~ HEAD ol-"CE G0 _ - _ _un ilnrr-lsi- 111' "h..." mcr run. ‘be maintained around present Char] ttetowmEE. l. hum-national llnrwstcr - u w.“ .11 lho rm.» lit!‘ "n" nr Royal Blnk Building. Ben . mime-con ifuppor ,||_.,.,,.-,.r._,; “q, k1 . u,“ quotations. It would be contrary to 1- 501"!‘ 3"" M""'|"' | “nnfgulllflrv \\'11r1l . . . .. u“ m. i‘ r P“ '1? » MONTREAL n1. hone ma. » 3-,, . H- ,_ v _"' " - _ - ‘.“,. y“ “," °“" “. 1"‘ W" experience to expect an unmierrumed . p ‘i-.‘.§§'..'..'..‘..t"i~'i.'§'i|.< "1?’ .. ‘.."'..‘..g,,."lh-“Zl."‘.f,f°1$§l,$,,,,.""”i"‘ movement c; em,“ confined“. o... n all too common occur- Can you look ahead with - l 1". .~ ..~.-... .. -- " ' " ‘ - - - ~- -- "——'—""“”_'_’ vZiIi.i‘;I....li"l]-».-.. . ... .',' . ‘ .."".."'"....."1...'.. ".'.';“...-_.-. .., 1... brnd prices m any one direction, h... ence 1n the police courts confidence to your financial suailnrl-liotvjii; or Xe“, Jersey ‘ (fl m Ill 1 iill .1 llluri, H1111 41 vc “ta-e m m Mme quarters‘ a belle’ is the Sentencing of a help_ condnlon Vvhenyou reach fiifiriigikcsreruricu-s A . Ar-rivn nosn rmcrzs that, the ions-term trend of commod- less 01d man fQf vagrancy. ' "- " " . . - _, - u. ity prices will be down "ard. . All i <\-.°“r'-'.w1f".'.°? mm "Rum Wcmm“. As a foundation for Jim belief there "Y0" f" "'9 "¢'°—° P°"’°"" ""’"' Dep 0S1 t a s ma ll sum !<'11_l . _, emu mm r - 1 . . . - ‘iiriliggigrflilrlinrs .. ivvfi. is the conviction that productive cap-‘ M/‘ul "fl-"lle/M 11:0: wretched 1n both ' gflCh year OH an Imperial . " " M ‘ j: H," MHf-Q‘, my," nclt-y and productive efficiency on this‘ - EIIdOWmEIIf POIICY and it - n ‘ B\\"|(q i‘:1|1 Nioum . illil Kin" $71.01 on“ . I He had mmley at One time. l1 y . ‘ “ ‘ 1* 1* .. ill-H nspgr. 9M’. c nent hmummm “Crmaldemand d d H Wm pay Y0“ a guaranteed . u 1- .. 41., 1-1- mgn mint: and that only; receding level of H9 earne goo wages- e monthly pension to keep you ivifii. 2i iifiiiuiim“ h...’ 1, 2E2 121%.‘. ".372; prices mu increase consumer demand. had his chance as other men _ f rt and inde enden-ce Out a s um Nllchue of 823.339.9192 o! Inllllwfl" "m ‘ .15.... n (‘ommcrre . . _{;i‘.f,. "_ #3,‘; m." to eliminate thesurplui Production. had. But. repeatedly» any m c°m ° p .1 to i929 lllllllliflfl ""9"" 3"“ . 1w- If. in the longer future, commodityi little surphJs he managgd t0 after YOU are 65. Oi‘ it W1 l