The result of the examination of title being satisfactory, the Bank states the amount for which on its valuation, fixed after leaving ample margin for possible depreciation, it will accept the mortgage. But the Bank has no cash funds, and therefore issues Bonds, carrying interest at 6%, and subject to annual amortization, for the amount agreed to be granted to the Mortgagor. The latter, if he require cash, as is usually the case (most of such borrowings being actually effected with the objects for which the Bank was founded, viz. improvements of the property mortgaged, extension of holding, or purchase of stock and implements), must take his bonds to the Stock Exchange for sale. For them there is always a free and open market, the price obtainable usually varying only according to ordinary accidents of supply and demand. Many brokers hold standing orders for these Bonds, at a price, for Europe (before the War Antwerp was always a buyer at a certain level). The only really appreciable downward fluctuations of this security are of very short duration, an hour or two at most, and are due to what can only be condemned as the inconsiderate action of the Directors of the Hypothecary Bank. That is to say, the Bank’s acceptances of Mortgages are sometimes allowed to accumulate and then, all of a sudden, the Directors seem to get to work and sign and issue huge batches of Bonds. Not only do most of these find their way to the Stock Exchange, in consequence of anticipatory orders lodged with brokers by absent or upcountry mortgagors, but many such people leave selling orders with the Bank itself. The result of all this frequently is that one fine morning or afternoon cartloads of these Bonds arrive on the Stock Exchange and flood the market, in spite of all the market can do with the best intention of sustaining prices. Soon, however, the mass is absorbed by the home and foreign demand, and the little crisis which could never have occurred except through the bad management above described, is over and normal prices rule again. All this relates to the current issues of these Bonds, the “Cedula Argentina” as they are now called. Formerly they were issued in series, each of which was distinguished by an alphabetical letter. The last of these lettered series was “L.” This system of series had inconveniences, inasmuch as the regulations under which they were issued prescribed redemption in Bonds of the same series, which interfered with entirely free dealing; some of the earlier series being now only obtainable at a high premium on account of the buyer’s need of them to make up a parcel. The Securities ring also deals in debenture and other Bonds—National, Provincial and Municipal. The only speculation in which it usually indulges being of the very safest kind; in regard to which, indeed, the term investment would better apply.