This certificate for 4 common shares of the Saguenay Pulp and Power Company, issued three years after the 1921 certificates, bears witness to a transaction on the Canadian secondary market. The high number No. 5224 (versus No. 0711 in 1921) indicates intense activity in the transfer register between the two dates, reflecting the vigor of the Montreal stock market in the early years of the Roaring Twenties. This type of certificate for a small number of shares (only 4) is characteristic of purchases by individual investors who acquired securities in small lots, according to their means.