New-York tribune., 1919-01-19
Canadian Victory
Bonds Are Strong
In Open Markets
Widespread Buying Power
Revealed After War Issues
Are Released From Com
troll OF Loan Committee
Special Corrcspondcnc,

Special Correspondence
TORONTO. Jan. 1S.-Canadian Vic
tory loans have enjoyed conspicuous
strength in recent weeks At the be
ginning of the month the Victory
loans of 1917 we're released from the
jurisdiction of the Victory Loan Com
mittee and listed on the Toronto and
Montreal stock exchanges The cx-
pcrionce of the last two weeks has
proved that this step was taken ad-
visedly
The Victory Loan of 1913 still re-
mains under the control of the com
mittee, but it is not unlikely that this
also will be released in the near future.
The Victory Loan of 1917 has three
maturities. 1922. 1927 and 1887. A pref
erence has been shown for the bonds
of more distant maturity, as the in
vestor recognizes that before they
come due new issues Of gilt-edeed
bonds will yield much less than the
Victories, and that therefore, they
should advance to proportional pre-
MUM The Victory Loan of 1917, matur-
ing in 1887, which was issued at par.
is selling in the open market now at
1922 to 103, whereas the 1927 group
IS being bought at 10lla to 1o2 and
the 1922 bonds at 9994 to 100 The Old
war loan of 1887 maturity is selling
above the issue price, at ere to 977s.
The Victory Loan Committee is find
ing ready sale for Victory loans of
1918. Often buying orders have to wait
for days before they are filed. These
bonds were listed slightly above thS
issued price when the committee placed
them on the market The 1923 and 1893
maturities were both advanced i'm price
early in the trading, and recently a
further advance was authorized in the
1898 maturity, the present price being
l02 and interest to buyers and i0l to
sellers, as against an issue price of par
and interest.
Victory Bonds Strong
The strength Of the Victory bonds IS
due ultimately to their high Weld. which
is close to $50 per cent at the present
price. The fact, however, that thew are
readily absorbed is q good ndex or the
current prosperous conditions in Can
ada. The people have money to invest.
Beiore the war the Derccntage of Cana
olans who invested i'm securities was
very small The experience i'm buvin@
War bonds has taught the people q les
son. Those who purchased war loans
Wheh they were foatod are for the most
part holding them, for, Considering the
TACT that some $500 600 600 is now out
standing liquidation has been small.
Canadian Issues Popular
For number Of years past Canadian
bonds have been favored by United
states investors. The sale Of govern
ment and municipal bonds in The
Lnltcd States was heavy previous to
The time that the United States entered
the war. Now that fighting has ceased
the American market is again opened
to Canadian securities, and the interest
OF Americans in new Canadian issues
apparently has not diminished.
1t is noteworthy that when important
Canadian issues are being hoated they
are now being made payable in Cana
dian cities and New York. This is duo
to the fact that whether successful
tenders are in Canada or the United
States large proportion Of the bonds
viii be absorbed by United States in
vestors.
The province Of British Columbia
announces that it viii make a bond
issue of $3,0000OO for which tenders
will be called shortly Many bonds
have been delayed because Of govern
mont requirements, and it is antici-
patcd that new important Aotations
viii appear from time to time during
the winter and spring.