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MAKING SAFE INVESTMENIS HOW THE HIGH RATE 0N WESTERN MORTGAGES AFFECTED BANK SHARES. Loan Companies Whlch Formerly Loaned The articles contributed by "Investor" are for the sole purpose of guiding pros- pective investors, and, if possible, of sav- ing _them from losing money through lncmg it in “wild-cat” enterprises. The mpart-ial and reliable character of the information may be relied upon. The writer of these articles and the publisher of this paper have no interests to servs in connection with this matter other than those of the reader. ' ' Noylong ago, a business man was ‘re- markmg on the altered position Whlch bank stocks occupy now in the Canadian markets as compared with a few Yeam 8.20. “Why,” he said. “in 1897 or 1898 1 madegny exppnsesfiq Europp‘by bugigg a Â¥robably a veryAlarge proportion of their ‘ unds are so loaned. fl‘he insurance’ com- ,punles then followed suit, and now, 111- sbead of having large amounts of surplus funds available for loaning in the mar- ket-as they and the loan companies for- merly did to a very considerable extent- {they cut. dqyyn the preppr‘tion‘of 11h?“ money {so used. They opened loaning oflices in .the West employed skilled valuators and. :u would be very/costly in the case of :an individual, took advantage of the high 111;.t08, without taking any chance to speak 0 . “ Now what eflect had this on bank stocks? As might be inferred from the first para- graph of this article. in the ’90’s bank tacks were a. popular medium of avenu- Latiou. Men bqgght 1.th on_ma3‘gin; that Undoubtedly he would have lost, as a. large percentage of Canadian bank stocks are lower at the present time than they were then. maids my expenses bo_ Eurdpe by bu mg a few shares of one bankâ€"which one have now forgottenâ€"but if I had bought the same stock only five years ago and held *t until to-day I should probably have . 053. beayily._" Well. Well! ' There are several reasons for this, which are not only not generally realized, but ‘whlch have a. very important bearing on ‘bank stocks as investments. ‘ Ten years ago the loan and trust com- panies commenced investing in Western farm mortgages. Up to that time they were satisfied with a modest interest of mm 4 per cent. to 6 per cent, but the emands of the West put the price up to 8 per cent... and even to 10 per cent, and the loan companies. finding- this a. _very satisfactory method of making money, naturally used all their surplus dungls _in investing out there. until “new is to say. paid for them by borrowing money on the stock as security up to about per cent. of its market value. and themselves putting up the 15 per cent. balance, which is knpwn aq "margin." One of the very stringent laws concern- ink banking in Canada, prevents one bank from loaning on the security of shares in any other bank. or of its own, and so it N0 chance ofuslng :ho WRONG Dye {or the Goods one has to color. Allcolon from your Drugzist or Dealer. FREE Color Card and STORY Booklet Ill. The Johnson-Richardlon 00.. Limited. Menu-ell. Heavlly‘ to Speculators on Bank Shares as Security Found the Extra One or Two Per Cent. Too Great 3 Temptationâ€" Fallure of Several Banks Helped Make Them Less Popular. CLEAN and SIMPLE to Use. â€"there is not the slightest dan- ger with this grand old family remedy of upsetting the stomach and digestive organs as is apt to be the case with ordinary cough medicines. Shiloh’s Cure gives quick relief ; checks a. cough or cold overnight. Its cost is :so Little that you cannot afford to overlook its unsevand flay doc- tor’s bills from neglect of the gory things it will surely relieve. Your Bottle To-day. Afl Druggists. Price i3 cents. (By “Investor"). It you get a 500. or $1 size 3701111 be surer of having ' a supply on hand when you need Shiloh’a. Trust This to Cure § Your Cough You are safe in doing soâ€"-over 40 years Successful treatment of Cou‘ghs and Colds and all kindred troubles is behind SHLOH’S CURE was that the loan. the trust and the in- surance companies. and. of course wealthy individuals. alone could lend the specula- tors in bank shares the wherewithal to buy them. And just here is where the Western demand for money altered the position bank stocks were to occupy. Where formerly these companies could get from 41-2 per cent. to 6 per cent. for call loans (in those days more than the average mortgage paid) on bank shares. they could now get 8 per cent. on western mortgages. and so they naturallv no long- er took the same interest in call loans they formerly did. As a result. loans on bank shares became more and more dif- ficult to obtain, until speculators found bank stocks by no means satisfactory, and gradually they were left to investors altogether, with the further result that they did not get the same attention in the market. This is one very important cause of the change in the past few years. which re moved bank stocks very largely from the realm of marginal speculations. and ac- counts partly for the lower prices of bank abgcks during the past few_yea.rs. There is another reason, however. why bank stocks fell in price and this was the uneasiness caused to nervous investors by the failure of the Ontario. Sovereign and Farmers banks in Ontario, and a couple of small ones in Quebec. The On- tario failure, especiallyâ€"which came as a surprise to all but a. very few peopleâ€" made people wonder whether their own investments were safe, and so the more timid rushed into the market with such unquestionable shares as those of the Bank of Montreal. Nova Scotia. Toronto and a score of others. Nor did the failure of the Sovereign and Farmers banks, a. few years later, helu matters. and many people who had. perhaps, put money into Dr. Beattie Nesbitt’s bank, who wouldn't have trusted him with a cent personally. lost sight of the fact that the other banks were different. meat. And so, bank shares have come to be in strong hands at the present time, which is an important feature of an invest- Thinks We Get Along Better by Not Looking for Slivers. “There was a. time,” said the middle aged man, “when I never could be satisfied unless I did every- thing just so. “No matter what it was I had to have everything about it just so exact; nothing omitted and every detail finished in What I believed to be the only right way to the last minute feature. I don’t know how much time I lost in doing things that way, but altogether it must have amounted to years. “I do things differently now. I don’t mean that I slight things, far from it; I look after the real reâ€" quirements of any work in which I may be engaged more faithfully and carefully now than ever; but _what I mean is this: If I were building a. wooden bridge 'I [Should not go over every fling and pigk off every little sliver. have stopped looking for slivers ; a. search that takes time and results only in tearing the.fin~ gers. ' r “We live. longer and get along better by not being too particular over every little picayune, trifling, no account detail.” International Arbitration League Issues Memorial. The International Arbitration League has issued a, memorial pro- testing against the use of aerial vesâ€" sels in war. “We appeal to all Governments,” the memorial states, “to foster by every means in their power an international under- standing which shall preserve the world from what will add a, new hideounsness to the present hide-ousâ€" ness of warfare. ~Without universal agreement no single power can stay its hand; every day of ingenuity and every pound of money spent diminishes the chance of such agreement. “There are many who argue that because men fight on earth and water they may just as well fight in the air. To these we answer : There THE MIDDLE AGED MAN. AIRSHIPS IN WAR. has never yet been a moment when it was practically possible to ban the war machines of earth and wa- ter. There. is a moment when it is practically possible to ban those of the air. That moment is nowâ€"be- fore the use of these machines is proved, before great vested inter- ests have formed. Governments are trustees not only of the present, but of the future of mankind. Fortune has placed this moment in the hands of the Governments of today. We pray of them to use it wisely.” MARCH WEATHER BHEUMATIC WEATHER In reference t6 this strong pro- test, Charles S. Grey, the well- known editor of "The Aeroplane,” London, England, points out that throughout the history of war the greater the efficiency of the 'wea- pons’ used, the less has been the mortality. He says that, as the mortality has decreased, the de- struction of property has increased. Victims Gan flure Themselves With Dr. William’ Pink Pills With the coming of March people who are afflicted with rheumatism begin to have unpleasant remind- ers of their trouble. The weather is changeab1e~balmy and springlike one day, raw, cold and piercing the next. It is such sudden changes of weather that sets the pangs and tortures of rheumatism, lumbago and sciatica going. But it must be borne in 'mind that although wea- ther conditions start the pains, the trouble is deeply rooted in the blood and can only be cured through the blood. All the lotions and lini- ments in the world can’t cure rheu- matism. Rubbing may seem to ease .the pain while you are rubbing, ‘but there its value ends. Only through the blood can you cure rheumatism. That’s why'Dr. Wil» liams’ Pink Pills have so many thousands of cures of this trouble to their credit. The new, rich blood which they actually make drives out the poisonous acid, and rheu- matism is vanquished. Here is an example: Mr. W. 0. ‘Douglas, Webbwood, Ont.,,says¢ “'I,wa,s atâ€" tacked with inflammatory rheumaâ€" tism, which spread through my enâ€" tire system. For two months I was not able to go about, and seemed to be hbv'e'ri‘fig betwéen life and death. My joints were; gwpllen {1nd my legs and arms twisted, until I expected that they would never reâ€" turn to their normal shape. The doctor seemed to help me, but not to cure me, and I would be better one day and worse the next. At this time a. friend strongly urged me to try Dr. .Williams’ P.in Pills, and I got a. dozen boxes. Soon af- ter beginning the pills there was a. change for the better, and T con- tinued using the pills until I was quite well again. The swellinar dis- appeared from the joints. My limb-s returned to their natural shape and I feel as if Dr. Williams’ Pink Pills have saved ~me from be- ing a rheumatic cripple. I hope my experience may prove a blessing to some other sufferer.” If you suffer from rheumatism, or any other disease of the blood, begimto cure yourself {30â€"day with Dr. Williams’ Pink Pills. Sold by all medicine dealers or by mail at 50 cents a.‘ box or six boxes for $2.50 from The Dr. William-3’ Me- dicine Co., Brockville, Ont. But the Woman Is Coward Toward Crawling Insect. From Bukarest comes news of a queer freak of emotion. Miss Tarou orte‘sco, a lion tamer, suddenly fainted mmid her animals. With dificulty‘ she was removed before the lions had grown so restless as to become unmanageable. Everybody wondered what it was that had suddenly terrified her. When (she recovered she explained that the eight of a black beetle in the cage had caused her to faint with fright, and she refused to go among the lions until the black beetle had been removed. Here is one more proof of the off)» proven fact that courage is the most tricky thing in the world. 7 _ L _ Lord Roberts is mid to be afrafid of cats, and there are some men who would set out gayly to cross Africa, but who would fall into a cold sweat at. the idea of invading an important business house and demanding to see the manager. 5w - -' V v 7 _ Eerie? of open ’Space’; Em? £- dread of marrow places are two quite clearly Jefined n-ervo‘us condi; They would go afoot to shoot tige‘gs in the jungle, but would be affata to obi-ect in a, fash§q able {es- tauraénfi at éinner timei £16 Walter gave them the wrong change. BEETLE ROUTS LION TAMER. But courage is a thing even more. complex than these considerations «suggest. “I had a. quaint illustraâ€" tion in a moderate way larst au- tumn, when I was initiating a. friend into climbing,” said an enthusiastic ro-ck climbe-r in discussing the- mat- ter. 'tionis. There exists a. perfectly ap- palling nomenclature of these queer flaws in a, man‘s pluck. There are claustrophobia. (fear of confined plan-e50, monophobia. (fear of being alone), agoraphobia (fear of open s‘palces), anthropopho-bia. (fear of so- ciety), batophobia (continual fear that walls and ceilings are going to fall upon one),' pedionomophobia. (fear of dwelling in plains), and siderodromophobia. (fear of railway traveling). _ 4 “We were going up the Glyder Fewr from Llyn Idwal, in North Wales. I had chosen a, perfectly ewsy scramble because I did not wish to bother my friend. We Were going up a wide, open vsl‘o-pe over some ~l‘oosish stones, and were as safe as we should have been on Pic- cadilly pavement. “But I was astonished to find that my friend was rthoroughly fright- ened. It; was the wide space on every side and the smooth, straight slope away from his feet into the lake that temporarily put him off his mental balance. “I was rather :srbupidly annoyed; with great difficulty I got him to come on, and ultimately we got to the amphitheatre of precipices which is the last lap of the ascent. I chose a, narrow gully, which came handy, and about half way up vvissha ed I had not. “I twals easy climbing, and quite safe, so. long as nothing happened, but there was potential danger. We bed to swing up over some stones jammed between two vertical walls, and the stones were slippery and wet, and sometimes one had to put one.’s entire weight on a. stone withâ€" out being perfectly sure that it would stand it. “I was thorougth uneasy, and, in the uncomfortable part, quite convinced that I never should get my friend behind to do it. But. he took it like a bird without hesita- tion; it did no’mse’em to occur to him that there was anything to be I] Price Bros. and Company Bonds pay 6 per cent on the investment. They ofi'er the strong security of first mortgage on 6,000 square miles of pulp and timber landsâ€"which are insured at Lloyds against fire. The earnings of the Company at present approximate twice the bond interest. The new pulp mill in course of construction will double this‘earning power. Purchased at their present price they pay interest at the rate of 6 per cent. The best posted investors in Canada and England have purchased these bonds. Owing to the security and increasing demand of the products of the Company, these bonds will unquestion- ablrincrease in value. / BANK OF MONTREAL BUILDING R. M. WHITE ROYAL 9“ nnlrg'nmu On receipt 01 same 3611“ “I youroroer. W rue IBI' II "CW “ Hamilton, Canada. The Puma" Seed House of 133nm!!! £131 A. Bruce & Co., Ltd., 67, INTEREST AND SAFETY MADE: IN‘ CANADA CONTAINS No ALUM CON FOR-MS TO THE HIGH STANDARD OF' GILLETT’S GOODS. Mannaer If you have money to invest write us for complete information. Bulbs- ‘I‘m3fil; and? '1: Egg” Vail fr 9 9f ohlhofgnd on receipt of same send us yourorc'ier. %rlfe hi? 871‘3Wfi6 VW 'An experience of over sixty years in the Seed business in Canada, and our long connection with the Best Growers o! the World. gives us advant- , ages which few seed houses possess; added to this, our careful system of testing all our seeds for ‘ purity and germination, and the great care exercised in every detail of our business, brings to us every season many pleased customers, to add to our already large list of patrons. SHOPPING BY MAIL is a most fascinating, enjoyable, and profitable pursuit. You can in a few , days, and with perfect Safety,though far removed a from the saurce of supply, heve delivered at your ~_V»flW~nfl-1§5£:fj: 9M, Bunny? §03d8l The Eve“: the?! satisfy, A“ - .1 , .. W «m , - gym”. - 5 ECU RITIES' CORPORATION LIMITED afraid of, and he was astonished when I told him at the top. that. I had not at 3.11 liked the position.” The report of the business transacted in 1911 by the Sun Life Assurance Com- pany of Canada. which the management of that. institution ' placed before their shareholders and policyholders at their annual meeting on the 5th March, makes one realize that Canada has in this Com- pany a concern bigâ€"even in these days of large undertakings. (x A GREAT FINANGIAL INSTITUTION Comparing the Life Assurance in forcb with that shown for 1910. an inoreaue of over twenty-one millions of dollars in shown-the total being over one hundred and sixty-four millions. The Standard of Only-Since 1850 The Assets now stand at almost. forty- four millions, an increase of five and three-quarter millions of dollars over last year. ‘ . _ The income has grown to ten and one. half millions and the surplus is not far short of five millions of dollars. Such figures tell of prudent and aggressive management and justify confidence of the public. Cooks make business for the doc~ tors. Is in I class by Itselfâ€"41w easiest running. the most substantially hunt, the most satisfactory Washer. aver Invented. YONGE AND QUEEN STREETS TORONTO MONTREAL-0UEBEC-HALIFAX-OTTAWA LONDON (ENG.) The Pianear Seed House of Canada. yet the