U.S. Investments

In 48 hours last week, U.S. citizens spent $11,475,000 on Canada. It took just that long to line up buyers in 29 states for 900,000 shares (at $12.75 per share) of the capital stock in Canadian Fund, Inc., a new U.S. company formed to speed up U.S. investments north of the border.

Canadian Fund is the brain child of Hugh Bullock, president of Calvin Bullock, one of the oldest investment-banking firms in the U.S. Bullock was convinced that U.S. investors were shy because many had bruised their fingers on Canadian gold bricks. Unscrupulous Canadian promoters had bilked thousands of Americans in recent years selling shares in such phony enterprises as "Moose Pasture Oil" and "Uranium Explorations, Ltd."

To reassure U.S. investors, Banker Bullock incorporated Canadian Fund, Inc. in the U.S., subject to strict U.S. security regulations.

The Fund began as a "closed-end" trust (i.e., issuing a limited number of shares), but the demand for shares far exceeded the supply. Next week the Canadian Fund, Inc. will be transformed into an open-end fund, issue as many shares as it can sell.

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