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the time and which cannot be judged in the Buy Tax light of other periods of reaction.

Our New

Secured Bonds
Never before in our history has it

Place in

There is no surer security PRINCIPAL the World occurred that, at the very moment

for investments than taxes when financial and industrial de

S OUR levied against American

FIRST pression in this country was at its greatest pitch communities. Ask for free


pamphlet S-153 describing of severity, some of the most powerful nations

the attractive features of in the world were placing loans in our markets

Federal Tax Exempt murunning into the hundreds of millions. Im

nicipal bonds. pressive as are the figures of the world's decreased annual gold production, the steady ac


Investment Securities cumulation by the United States of the gold

111 Broadway 105 S. La Salle St. 1st Wis. Bank Bldg. which is still being produced, together with New York


Milwaukee 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

Every Person home and foreign bond issues, indicates the with Dependents country's present position in relation to the rest of the financial world. But it also gives

Should secure and read a copy some distinct foreshadowing of its future posi

of "Safeguarding Your Family's tion,

Future," which may be obIn some respects the most striking evidence tained of a local Trust Comof the view entertained in high financial quar

pany, or by addressing the ters has been contained in two recent public intimations as to what the American investing

TRUST COMPANY DIVISION public might be asked to do in the not distant American Bankers Association future. European financiers have suggested

Nassau Street

NEW YORK 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 INFORMATIVE governments receiving them; possibly as a German security alone, possibly as collateral to FINANCIAL loans by the Allied governments. At almost the same time our own Treasury Department LITERATURE distinctly outlined its purpose, for some future date, of offering on the American investment

Following are announcements of current booklets and circulars market, in the form of long-term bonds, the issued by financial institutions, which may be obtained without

cost on request addressed to the issuing banker. Investors are asked $9,500,000,000 obligations of the Allied govern

to mention SCRIBNER'S MAGAZINE when writing for literature. ments held by our Treasury for advances made to them in war-time.

INVESTMENT BOOKLETS AND CIRCULARS It would be premature to express opinion “Investment Safeguards” is an analysis of the fundamental on the future economic feasibility of either of

safety tests of investment securities, including a brief dictionary of

financial terms. It may be had free upon application to Ames, these two huge undertakings. But it is not Emerich & Co., New York, Chicago, and Milwaukee. possible to doubt that the United States, which “Equipment Trust Securities," a booklet by Cassatt & Co., Phila

delphia, describes the many special features of railroad equipment emerged from the hard times of the seventies

trust securities, with an interesting discussion of the origin and deas the granary of the world, and from the hard velopment and the operating features of the Philadelphia plan. Sent times of the nineties as one of the three greatest

The following booklets are being distributed by Halsey, Stuart & manufacturing producers, will find its place, on Co.: “Choosing Your Investment Banker," "Bonds. Questions

Answered, Terms Defined," "Ten Tests of a Sound Utility Bond." recovery from the present depression, as an

"Bonds of Municipalities." "Halsey, Stuart & Co.'s Partial Payinvestor on a wholly unprecedented scale in the ment Plan," and a monthly list of bond offerings. public and private securities of other countries. “Concerning Trusts and Wills”-a brief outline of some of the Neither is it indulgence in very daring prophecy

more important advantages of the Trust Company over the in

dividual as a fiduciary. This booklet suggests the proper manner of to predict that, in performing this new office, conserving estates and trust funds; insuring their management in

the interest of the beneficiaries or owners. Send to Old Colony American capital, the American market, and Trust Company, 17 Court Street, Boston 7, Mass. the American investor will be the key to Blyth, Witter & Co., of San Francisco and New York, has pub

lished for distribution "Investment Opportunities of Today,'' in the solution of the world's present economic

which is presented a selected list of sound investment offerings. problems.

(Continued on page 67)

on request.

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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.

Your effectiveness as a business executive depends largely upon two factors: 1. A working knowledge of sound, progressive methods of business analysis and direction, and the ability to apply that knowledge to specific problems. 2. Your understanding of the economic forces governing business activity and the part they play in determining current trends and practices.

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.


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 per. manent file of it for reference. Subscriptions will be taken at your bookstore, or send in the coupon below.


"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 investors.

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 Ronald Press


At Bookstores in

or by Mail The Ronald Press Company

20 Vesey Street, New York Enter my subscription to "Administration-The Journal of Business Analysis and Controlfor one year (12 issues). Invoice for the amount of the year's subscription-$5.00 (Canadian $5.50; foreign $6.00)will be sent me with the first issue. Name



Business Connection...
For catalog of publications, check here. O

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.

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

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Fiction Number


Argive Helen and the Little Maid of Tyre KATHARINE HOLLAND BROWN 132

To Let. Serial

JOHN GALSWORTHY 179 Matherson and the Spirit World

SARAH REDINGTON 200 The Sound of a Voice

JAMES BOYD 214 The Winged Interlude

ARTHUR TUCKERMAN 223 Out of the Hurricane

J. EDWARD MACY 232 Special Articles Our Farm

WILLIAM HENRY SHELTON 132 Four Paintings by the Montana Artist

CHARLES M. RUSSELL 146 Social Unrest and Bolshevism in the Islamic World LOTHROP STODDARD 161 Isleta

WINIFRED HAWKRIDGE DIXON 193 Why the Church Has a Wooden Floor The Use of a Cane by the Blind

HENRY M. BINDT 244 Poetry Pax Vobiscum

MARY R. S. ANDREWS 131 Montana Poems


SARA TEASDALE 170 The Unmasking :

WILLIAM STRONG 246 Departments The Point of View

247 Annotated Advertisements; "By Mail”-Buttoning and Unbuttoning-On the Impuise to Educate The Field of Art

T. H. E. BEMENTS 251 Barye's Sketch-Book The Financial Situation.




The Watch of Railroad Accuracy"


On Time

You buy a watch to tell you accurate
time. Nowhere are watches more care-
fully checked up for accuracy than in
railroad service.

We show here Conductor G. W.
Valentine and Engineer W. S. Robinson
cf the Pennsylvania Eastern Lines com-
paring their Hamiltons. They run the
Manhattan Limited between Harrisburg,
Pa., and Manhattan Transfer Station-
right outside of New York City-an
important run. Engineer Robinson re-
cently received the following letter:

Eastern Lines
Office of Superintendent Philadelphia Division

Harrisburg, Pa.
Mr. W. S. Robinson,
Passenger Engineman
Dear Sir:

I am pleased to note the fact that you have
made a perfect record during the month of
March, 1920, as all trains you were in charge
of made schedule time or better than schedule
time, and I desire in this manner to commend
you for this excellent performance,

(signed) E. J. Cleave, Superintendent
This splendid record was achieved by
men who run their trains by the Hamilton
Watches they hold in their hands.

Hamilton Watches are the favorite
timekeepers of American railroad men.
When you buy, select a watch that has
accuracy as well as looks.

For women as well as men, there are many
beautiful Hamilton models. Prices range from
$40 to $200; movements alone, $22 (in Canada
$25) and up: Send for “The Timekeeper,” an
interesting booklet about the manufacture and
care of fine watches. The different Hamiltons
are illustrated, and prices given.

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Lancaster, Pennsylvania

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