The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-21
VICTORY, ISSUES -;
ADVANCE TO PAR
Allied Successes Are Given
Credit for the Tone I'm
prOvement.a
YIELD PROSPECTS LOWER
The Wheat Crop Will, How
ever, Equal That Of, the
Last Season.
so.eioI DespafcA to THE Suy.

6DfCidl DespotCA cUs.
Toronto, Aus. 2o.-One may presume
That the allied victories in, France had
.one,hing to do with last weeks ad-
vance IN the price OF the Canadian Vic
tory bonds from s9h to 100. The COM
ui,tee which controls the quotations an
nounced that henceforth the price of the
bonds TO buyers would Be 100. and. as
the seller under the present arrange
men. gers point less than the pur-
chaser pays he will receive 90 for such
bonds as he disposes Of The net cost
Of the bonds to subscribers was eSN, so
IN case OF sale at 80 the original pur-
chaser now derives d profit. In view OF
the market action of the second and
third 'ssues. ii must be taken as quite
an accomplishment for Canada to have
thus firmly maintained the quotations for
her great Victory Loan. which. with
conversions. amounts to something like
,Sso.oo0, 900. OK course the market Is
not free and unrestricted. but any holder
whose circumstances required him to sell
on part or all OF his holdings had no
difficulty in disposing of them. All told,
the sales OF bonds through the commit
tee have amounted to S50.000.000.
TIE newspapers state that the action
Of the committee in advancing the price
Is entirely based on tho market oondi-
tons prevailing, there being an active
demand in evidence and compar atively
few blocks of bonds offered for sale I'M
der the terms prescribed. Probably the
demand has been accumulated by the re-
cent limitations from Ottawa to the ef-
feet that the new issue of Victory bonds
this fall will be on slightly leAs favor
able basis as regards interest yield
than the FIRST issue This Is taken as
Indicating that the present intention OF
the Minister OF Finance is to issue 5ia
per cents probably at par. with slight
concession in The form OF unearned in
'erest With such a loan the new quo
iauon OF 100 for old Victory bonds
would harmonic.
The Victories in France.
The important successes gained by
N. allied armies IN France have raised
The question whether this forthcoming
Canadian domestic war losn will be the
last to be Issued by Canada curing the
war. The same question applies also
TO the forthcoming Liberty. Loan. So
FAR as Canada Is concerned, It is to be
noted that the new loan will not ee
put out until October or November. and
II the Government realizes. as expected.
s40O,00o.o00 or whereabouts, the proceeds
OF the loan will probably last until June.
1919. by which time the greatly reen-
forced allied armies may have finally
defeated the enemy. In the case of the
United States the expenditures are on
so vast scale that It does not appear
likely that the proceeds of the fourth
Liberty Loan will last until next sum-
mer. even IL the amount subscribed
reaches $4,000. 100000. However, II the
Germans make their surrender before
nidwfnter this fourth loan might be the
last Liberty Issue during the war. With
the war definitely over, or nearly over,
the probability Is that neither the Gov
eminent Of the United States nor that OF
Canada would offer to investors in con-
nection with q new issue of bonds terms