Monday, Feb. 08, 1937

Forgotten Bonds

Liquidated in Montreal last week was a rudimentary but successful investment trust called "The Company of Adventurers Trading in Forgotten Bonds (complete personal gullibility)." Original Adventurers were two young and frisky employes of the investment house of Drury & Co.: lanky, laconic John Charles Rogers and slight, sad-eyed Gordon Macfarlane Gifford. In 1935 they formed a pool with 63 others, gambled $605 on the possible appreciation of some of the lowest bonds they could find. Last week when the bonds were sold each Adventurer received $33.10 on an investment of $10. From the company's final report:

"$1000. Russian Imperial Government 5 1/2%, due 1921. Alas for the sanctity of contracts. Cost $18.75, sold $10.64.

"$1000. Chicago Milwaukee St. Paul & Pacific and All Points West, 5%, Jan. 1, 2000. Something to leave to posterity. Cost $35, sold $100.54.

"$1000. Fonda Johnstown & Gloversville R. R. 4%, 1982. You remember dear old Gloversville--the place we were all so Fonda. Watch out for the low bridge. Cost $50, sold $38.40.

"$1000. Peoples Light & Power 5%, 1979. Roosevelt double-crossed us here and for our $23.75 we got a measly $264.29."

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