the time and which cannot be judged in the

Our New Place in the World

light of other periods of reaction. Never before in our history has it occurred that, at the very moment when financial and industrial depression in this country was at its greatest pitch of severity, some of the most powerful nations in the world were placing loans in our markets running into the hundreds of millions. Impressive as are the figures of the world's decreased annual gold production, the steady accumulation by the United States of the gold which is still being produced, together with much of that which had hitherto been held in foreign bank reserves, is even more striking. This prodigious movement of gold, no less than this season's subscriptions by its investors to home and foreign bond issues, indicates the country's present position in relation to the rest of the financial world. But it also gives some distinct foreshadowing of its future position.

In some respects the most striking evidence of the view entertained in high financial quarters has been contained in two recent public intimations as to what the American investing public might be asked to do in the not distant future. European financiers have suggested plainly that a great part of Germnay's $31,000,000,000 long-term indemnity bonds may from time to time be offered in our market by the governments receiving them; possibly as a German security alone, possibly as collateral to loans by the Allied governments. At almost the same time our own Treasury Department distinctly outlined its purpose, for some future date, of offering on the American investment market, in the form of long-term bonds, the $9,500,000,000 obligations of the Allied governments held by our Treasury for advances made to them in war-time.

It would be premature to express opinion on the future economic feasibility of either of these two huge undertakings. But it is not possible to doubt that the United States, which emerged from the hard times of the seventies as the granary of the world, and from the hard times of the nineties as one of the three greatest manufacturing producers, will find its place, on recovery from the present depression, as an investor on a wholly unprecedented scale in the public and private securities of other countries. Neither is it indulgence in very daring prophecy to predict that, in performing this new office, American capital, the American market, and the American investor will be the key to the solution of the world's present economic problems.

INVESTMENT BOOKLETS AND CIRCULARS "Investment Safeguards" is an analysis of the fundamental safety tests of investment securities, including a brief dictionary of financial terms. It may be had free upon application to Ames, Emerich & Co., New York, Chicago, and Milwaukee.

"Equipment Trust Securities," a booklet by Cassatt & Co., Philadelphia, describes the many special features of railroad equipment trust securities, with an interesting discussion of the origin and development and the operating features of the Philadelphia plan. Sent on request.

The following booklets are being distributed by Halsey, Stuart & Co.: "Choosing Your Investment Banker," "Bonds, Questions Answered, Terms Defined," "Ten Tests of a Sound Utility Bond." "Bonds of Municipalities," "Halsey, Stuart & Co.'s Partial Payment Plan," and a monthly list of bond offerings.

"Concerning Trusts and Wills"-a brief outline of some of the more important advantages of the Trust Company over the individual as a fiduciary. This booklet suggests the proper manner of conserving estates and trust funds; insuring their management in the interest of the beneficiaries or owners. Send to Old Colony Trust Company, 17 Court Street, Boston 7, Mass.

Blyth, Witter & Co., of San Francisco and New York, has published for distribution "Investment Opportunities of Today," in which is presented a selected list of sound investment offerings.

(Continued on page 67)

ONALD

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Making Your Business Control More Effective

Your effectiveness as a business executive depends largely upon two factors:

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ADMINISTRATION

The Journal of Business
Analysis and Control

definitely supplements and broadens your powers in both these directions. It gets right down to the fundamental problems that face the men bearing responsibility in business.

Each issue of this distinctive new magazine presents actual, successful methods of executive control as developed in practice by business organizations. These plans are described by men whose standing and experience leave no doubt as to their knowledge of their subjects. The methods discussed are given in their original settings so that the reader can more readily adapt the procedures to his own use.

Special Departments of Unusual Value In the Review Section, new business books are impartially described by business and technical experts. The Problem Section contains authoritative solutions to executive problems worked out by experienced business men. Another department is devoted to items of business progress.

Subscribe Now for This Magazine and see for yourself its business value. Get each month its specific aids in your work. Build a permanent file of it for reference. Subscriptions will be taken at your bookstore, or send in the coupon below.

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A graphic record showing the steadily increasing earnings of Standard Gas & Electric Company for more than ten years is being distributed by H. M. Byllesby & Company of Chicago and New York.

"How to Figure the Income Basis on Bonds," a pamphlet recently published by Wells-Dickey Company of Minneapolis, treats a much misunderstood subject in an interesting and understandable way. Write for copy.

"Tomorrow's Bond Prices," "Bonds as Safe as Our Cities," and "Municipal Bonds Defined" are a series of booklets recently published by William R. Compton Company, St. Louis, New York, Chicago, Cincinnati, and New Orleans. The first explains the significance of the present investment situation and the opportunity to obtain high returns over a period of years. The other two describe the various kinds of Municipal Bonds and the safeguards surrounding them.

BOOKLETS ON FINANCIAL SUBJECTS

The Guaranty Trust Company of New York will send the following recently issued publications on request: "Our New Place in World Trade," an illustrated booklet analyzing America's foreign trade and the opportunities of her new creditor position; "German Plans to Extend Foreign Trade," a report tracing Germany's rapid progress in the rehabilitation of her foreign trade.

"The Giant Energy-Electricity"-a booklet in popular form, which shows the attractiveness of carefully selected public utility bonds, and deals largely with the wonderful growth in the electric light and power business. Published by the National City Company, National City Bank Building, New York.

"International Commercial and Financial Relationships and the Foreign Trade Financing Corporation" is the title of a new booklet by Fred I. Kent, Vice-President, Bankers Trust Company of New York.

The manner in which a great financial institution has come into being, together with facts and figures showing how this institution renders service to its friends and customers, is disclosed in a booklet recently published by the Continental and Commercial Banks of Chicago, Ill. The booklet is ready for general distribution.

A Quick-Reckoning Income Tax Table, aiding the investor to determine the gross yield he must get on a taxable bond to correspond to the yield of a tax-free municipal, is being distributed by Stacy & Braun, 5 Nassau Street, New York.

REAL ESTATE AND FARM MORTGAGE BOOKLETS "Common Sense in Investing Money" is a comprehensive booklet published by S. W. Straus & Co., Fifth Avenue at Forty-sixth Street, New York, outlining the principles of safe investment and describing how the Straus Plan safeguards the various issues of First Mortgage 6% Serial Bonds offered by this house.

Greenebaum Sons Bank and Trust Company, La Salle and Madison Sts., Chicago, will send on request their "Investor's Guide" for July, containing a selected list of safe and sound First Mortgage Real Estate Bonds and various articles pertaining to safety for in

vestors.

The American Bond and Mortgage Company. Chicago, Ill., has just published a book entitled "Building With Bonds," which explains the principles and policies upon which this organization has been built. It discusses the details of the real estate bond business, written by experts in various lines.

"$1.000 per year makes $17,000 in twelve years," says the booklet published by the Prudence Bonds Corporation, 31 Nassau Street, New York. Mailed upon request.

"Selecting Today the Investments of Tomorrow presents new facts regarding farm mortgages of interest to investors. Write George M. Forman & Company, 105 W. Monroe Street, Chicago.

"Georgia: Its Resources," a booklet recently issued by Green, Tilson & McKinney, farm mortgage bankers, 1701-10 Hurt Building, Atlanta, Ga., will be sent to investors on request.

The Investors Company, 3131 Madison Street, Chicago, will send interested investors their investment list of 7% first mortgage bonds.

The Title Guaranty & Trust Company of Bridgeport, Conn., will furnish upon application a list of mortgage investment offerings.

"Secure Investments," a booklet describing First Mortgages on Southern Farms, sent on request to Investors Mortgage Co., New Orleans National Bank Bldg., New Orleans, La.

The Georgia Land & Securities Company, Savannah, Ga., will send investors illustrated booklet and list of investments in first mortgages on Southern farms.