FINANCIAL DEPARTMENT

(Continued)

cases are refunding bonds as well, their due dates being more distant than the underlying bonds and a sufficient number of them being reserved for paying off or refunding-the prior liens upon maturity. In some instances these is sues have been made to run a hundred years or more and the entire mileage of the company included in the property covered by the mortgage. Sometimes terminals, and even equipment, have been included. These general mortgage bonds cover, in most instances, the same property covered by the divisional liens and the first mortgages, but are junior mortgages. That is to say, the dirisional liens and first mortgages rank ahead of them. To illustrate how this would work out, suppose a railway had outstanding $5,000,000 of bonds, due $2,500,000 in 1930 and $2,500,000 in 1935, secured on the properties of the various divisions acquired in making up the system; then come $15,000,000 of firstmortgage bonds due in 1940 and secured also by these same divisional properties and on the main-line mileage as well. As time went on and it became necessary to do new financing and raise more money, a general mortgage was created providing for the issuance of $40,000,000 of bonds due 1990. Twenty million of these bonds were to be issued imme diately, the balance being reserved to refund the $2,500,000 of divisional liens due in 1930, the $2,500,000 due 1935, and the $15,000,000 of first-mortgage bonds due in 1940. And of course every time an issue of underlying bonds is retired the general mortgage bonds themselves improve their rank, until they themselves will eventually become first-mortgage bonds when all the issues ahead of them are paid off and canceled.

General mortgages have not been as popular with railway companies in late years as they were formerly. Their place has been usurped to a large extent by refunding mortgages, and in cases where refunding mortgages have been made and there was already a general mortgage the latter has usually been "closed"-that is, no more bonds can be issued under its provisions. Refunding mortgages operate in much the same way as the general mortgages, however. And usually such mortgages cover the same property and any additional property acquired-sometimes "to be here after acquired"-since the date of the general mortgage. Usually too the bonds may be issued at various times and at varying rates of interest, depending upon the state of the money market at the time they are sold. One big railway, for instance, has 4, 5, and 6 per cent refunding bonds outstanding, all secured by the same mortgage. The re funding bonds, as their name implies, are used to retire underlying liens, and when first issued are usually a first lien on a small amount of mileage-the amount acquired since the general mortgage-and may be second, third, or even a fourth lien on other portions.

Convertible bonds are, as their name

122

mplies, convertible into-exchangeable or-stock. The conditions upon which his exchange may be made are subject o considerable variation. The bonds re usually convertible into stock at a ertain price, and sometimes before a Fertain date. For example, a thousandHollar bond may be convertible into tock, one share of stock for each $100, At the rate of, say, $100 a share, and the onversion privilege may expire in ten rears-ten years before the bonds maure. If the stock is selling at less than 100 a share, there is very likely no inlucement for the bondholders to avail Themselves of the conversion privilege, but if the stock should climb to more than that figure the exchange would of course be profitable. Convertible bonds are prone to fluctuate more or less with the selling price of the stock. If they are secured by a mortgage, they are naturally safer than the stock, and probably sell at a higher figure. They are not always thus secured, however, and may depend upon the credit position of the issuing corporation for their value as investments. Determining the -worth of a convertible bond is often a

complicated affair and deserves careful attention.

are

Collateral trust bonds are secured by Somethe deposit of other securities. times these securities may be stocks and bonds of the issuing company, or possibly of other companies which owned by the issuing corporation. Strictly speaking, they are not mortgage bonds, although some of the bonds pledged for their payment may themselves be secured by a mortgage on the property.

Debenture bonds, in the true sense of the word, are merely promises to pay. Sometimes they enjoy mortgage security, but in most cases they are merely an obligation on the part of the issuing company. The credit position of the issuing company is a very important factor of course in the case of unsecured bonds.

Income and adjustment bonds are usually issued after a reorganization or receivership. At such times it is important to reduce the fixed charges of the company, and these bonds usually pay interest only if it is earned, and sometimes the interest is cumulative, sometimes not. These bonds may in some

cases be secured by a mortgage, but, with the debentures, are usually considered among the weakest of a railway's issue. Of course if the company's credit position is good these bonds may be considered good investments.

Equipment bonds are almost always

secured by rolling stock (cars, locomotives, etc.)-equipment necessary to the

During the past year the Financial Editor f The Outlook has helped hundreds of Outlook readers to solve intelligently their articular investment problems. Perhaps you re contemplating a shifting of your present oldings or have fresh funds to invest. In ither case we shall be glad to give you pecific information on any securities in hich you may be interested. A nominal harge of one dollar per inquiry will be made or this special service.

the security is usually considerably in

excess of the amount of bonds outstanding. It is customary for equipment bonds to mature serially, a certain proportion every year, so that as the rolling, stock deteriorates the amount of the outstanding bonds is correspondingly re

duced.

Terminal bonds are also considered high grade in most cases. Terminals, like equipment, are necessary to the

THE OUTLOOK COMPANY

381 Fourth Avenue

New York City

THE NEW OCEAN HOUSE Swampscott. Massachusetts

On the exclusive North Shore A beautiful hotel perfectly appointed, where the comfort and pleasure of its guests are constantly considered. Every guest room connects with private bath. Accommodations for 450. For reservations, write or wire E. R. Grabow Company, Inc. E. R. Grabow, President Twenty years under the same management.

Che Hotel de Luxe
of New England

able, and in the majority of cases the interest on terminal bonds is made an operating charge on the roads which make use of the terminals. Sometimes-in the case of a union station, for instance the various roads using the terminal all join in guaranteeing the bonds secured by the property, so that the bonds may be the guaranteed obligation of several railway systems.

These are the main classes of railway bonds. The layman cannot expect to be familiar with them in detail, for a thorough knowledge of bonds requires years of study and experience. Men with knowledge of the subject are always available in the best banking houses, however, and their knowledge is at the disposal of their clients and prospective clients. And, after all, the three main things to find out about are the security for the bond, the credit position of the issuing corporation, and the marketability of the investment. Satisfied as to these three points, the investor can proceed with confidence.

Shake It Into Your Shoes

Sprinkle It Into Your Foot-Bath

Allen's Foot-Ease

The Antiseptic, Healing

Powder for the Feet

CUNARD-
ANCHOR

THERE IS NO BETTER WAY

The Company's reputation is built on the foundation of ripe experience gained in rendering faithful service to four generations of travelers-on a fleet which in the matter of construction, magnificence of passenger accommodations and management remains unexcelled.

CUNARD and ANCHOR Lines 25 Broadway New York

or Branches and Agencies

Whittemore's GILT EDGE

Coast to Coast

and Return

Automobile Tour 65 Day itinerary including every point of Scenic and Historic Interest in the United States, $850 for particulars J.Raymond Wilson, Inc. 503 Fifth Avenue, New York City

REE TRIP TO EUROPE will be

given organizer of a small party. Established 1900. ABCOCK'S TOURS, 13 Halsey St., Brooklyn.

ravel-Study Club Italy to Eng.

June to Sept. ivate, select, economical. Lectures on hisry, art, current events. Booklet. Dr. and rs. FLICK, University, Syracuse, N. Y.

Hotels and Resorts

CANADA

Templeton, Mass.

Called the most homelike and complete summer hotel in America.

EUROPE

Well-known West

dinburgh End Boarding Estab

59 Manor Place lishment. Miss Slight MAINE

"LE CHALET" Mount Pisgah French School Boothbay Harbor, Me. French life in eautiful and restful surroundings. French oken in the house. For particulars address rof. Ruérat, 66 Pitman St., Providence, R. I.

MASSACHUSETTS

THE WELDON HOTEL

GREENFIELD, MASS. Hers special winter rates for rooms. and will

rre at a moderate price a Club Breakfast, pecial Noonday Luncheon, and Evening inner. A series of weekly musicales and onthly dances given for the pleasure of our ests. For further particulars apply to J. T. SELLER, Manager.

(Near 5th Avenue) 40 West 45th Street

NEW YORK

Directly in the fashionable club and shopping section. Within five minutes' walk to all principal theaters. A high-class hotel patronized by those desiring the best accominodations at moderate cost. Rates and map gladly sent upon request. JOHN P. TOLSON, Prop.

-While in New YorkFor a quiet, comfortable, homelike place in which to staySingle rooms, use of bath, $1.50 & $2 Suite, parlor, bedroom and bath, for 2, $4 & $5 daily

Parlor, 2 bedrooms and bath, 4 or 5 persons, $6 & 87 daily SPECIAL ARRANGEMENTS FOR

AUTOMOBILE PARTIES

-HOTEL CLENDENING

202 WEST 103d STREET Few steps only from Broadway Subway Sta.

NEW YORK

and

ADIRONDACKS

A camp for the lovers of the out-of-doors. Refined surroundings. Good table. Large living-hall. Cottages and tents for sleeping. Boats and canoes. Black bass fishing. Hikes into the woods. Nights around the camp-fire. Everything comfortable and homelike. CHAS. T. MEYER, Lake Pleasant, Hamilton Co., N. Y.

Kew Gardens Inn

KEW GARDENS, LONG ISLAND, N.Y.
18 minutes from Penn Station, New York
City. Residential American Plan Hotel.
In the country convenient to all parts of
the city. Wonderful for the "kiddies."
Radio Concerts
Golf-Riding-Dancing-Tennis
UNDER KNOTT MANAGEMENT
Geo. H. Wartman, Resident Manager

PENNSYLVANIA

The Wiscasset Bungalows and Central Dining Hall

The comforts of a home without the cares of housekeeping. M.C.LOCKWOOD, Mt. Pocono, Pa.

VERMONT

CHESTER Yone. Cheerful, large, airy HESTER, Vt. "The Maples." Delightrooms, pure water. bath, hot and cold; broad piazza, croquet, fine roads. Terms reasonable. Refs. exchanged. The MISSES SARGEANT.

Health Resorts

The Bethesda White Plains,

N. Y.

A private sanitarium for invalids and aged who need care. Ideal surroundings. Address for terms Alice Gates Bugbee, M.D. Tel. 241.

The Beeches, Paris Hill, Me. Rest Home

invalids and those needing rest and change of scene. 22 miles from Poland. Same White Mt. scenery. 900 feet altitude, Good food, care, massage, hydro and electro-therapy. Children with their nurses made welcome at separate cottage. Booklet. ANNA SHEPARD, R. N.

MILDLY INSANE. Nurse with

special training. Private home. Beautiful spot. Horse, auto drives included. Mrs. Rose Rockwood McKissick, Belgrade, Me.

Real Estate CONNECTICUT

the Foothills of the BERKI'SHIRES. Choose your own camping site on my hilltop farm. Elevation 1,280 feet. Housatonic River 2 miles. Springs, beautiful view. Arrangements made on place for motoring, horseback riding, building of shacks buying of provisions, vegetables, milk, eggs, and butter. Personal interview.6,929, Outlook. FOR RENT

CORNWALL, CONN.

A good-sized house. 5 master's bedrooms, 3 baths, large living-room, broad porches, beautiful view. Fully furnished. Price $200 a month. L. R. SANFORD.

Attractive houses to rent for the

summer from $800 to $2,500. Several desirable houses for sale, fine location. Ideal surroundings. Mrs. L. J. Booth, Litchfield, Conn.

For Rent in Stonington, Conn.

10-Room Cottage, with 2 baths; 3 servants' rooms and bath; garage and 6 acres of land. Beautiful view overlooking Long Island Sound; near-by facilities for bathing and tennis. Rent $900. Apply to Mrs. W. H. Robey, 202 Commonwealth Ave., Boston, Mass.

Spacious summer home at Seal Harbor, Mount Desert Island, Me. Address G.S. TALCOTT, 36 Pearl St., Hartford, Conn.

FOR QUICK SALE 80-acre

farm, 10-room house, Penobscot Bay view, borders lake, electrics, low price if sold now, 12 miles Rockland, R. F. D., Maine, J. F. RICH.

SALE OR RENT

RANGELEY LAKE, MAINE Completely furnished housekeeping cottage. 6 master bedrooms, 2 maids', living, dining rooms, 2 baths, also smaller cottage. Bargain if inmediate. Particulars M. E. ALLEN, 107 Forest Ave., New Rochelle, N.Y.

unset, Me.-Cottage on Mill Island. 12 Su rooms, bath, pumping engine. No linen or silver. Small boat. $400 for season. LOUIS E. MALLORY, 318 Main St., Springfield, Mass.

liable, dependable and accommodations of At Heath, Mass. ished, for summer or

superior quality. Disorder of the nervous systein a specialty. Fred. W. Seward, Sr., M.D., Fred. W. Seward, Jr., M.D., Goshen, N. Y.

Sanatorium in the Berkshires. Delightfully located, spacious grounds, rooms large and airy. Modern improvements; ideal for rest and relaxation; particular attention paid to diets. The Tenacres, Hinsdale, Mass.

LINDEN The Ideal Place for Sick People to Get Well Doylestown, Pa. An institution devoted to the personal study and specialized treatment of the invalid. Massage, Electricity, Hydrotherapy. Apply for circular to ROBERT LIPPINCOTT WALTER, M.D. late of The Walter Sanitarium

Rutland, Mass.

Fairview Sanatorium Small private sana

torium, limited to six patients. Pleasant location, large airy rooms. Attending physician, one of the best lung specialists. Address Annie T. Bryant, Prop., Edson Ave. Tel. 53.

Apartments

FOR RENT, Furnished. Well-ventilated apartment. 8 large outside rooms, 2 baths, arranged for privacy. Near Riverside Park and Columbia University.6,917, Outlook. tral Park West and 92d St. 7 rooms, light, New York summer apartment, Cenairy, attractively furnished, modern improvements. 3-5 months. Refs. $175. 6,935, Outlook.

Country Board

Mother and daughters VERMONT living in old-fashioned

wish to take boarders.

longer, charming colonial estate. Fruit, vegetable gardens, icehouse, garage, good roads. Five miles from Mohawk trail. Community of culture, healthful, restful. Apply owner, Mrs. Nellie S. Clarke, Far Hills Farm, Heath, Mass.

SIOG LAKE. To Let, furnished bungalow Pon Siog Lake, Holland, Mass. For the season, terms very reasonable. References required. John F. Hebard, Southbridge, Mass. R. F. D. 2.

Flacks, Furnished Camp. 8 rooms,

or rent, Keene Valley, Adiron

2 bathrooms, fireplace, porches, ice, wood, garage, golf, swimming. $600. 6,915, Outlook.

ATTRACTIVE BUNGALOW FOR RENT FOR SUMMER MONTHS Located directly on Trout Lake, three miles by good road from Bolton Landing, Lake George. Entirely new. Built by present owner, who will rent for the entire season at moderate rental. Completely furnished throughout. Five rooms (three bedrooms) and bath. Kitchen with running water. Ice, wood, and rowboat included.

For full particulars address 6,479 Outlook. LAKE.Forent, furnished, cottages and CHAMPLAIN, at ESSEX,

homes. Priced from $150 to $800 for season. EDWARD S. ANSON, Essex, N. Y. COTTAGES ON LAKE GEORGE FOR RENT In Adirondack Mts. Golf, tennis, boating, bathing. Meals at club if desired. GLENBURNIE Co., Glenburnie, N. Y.

Miss

DIETITIANS, secretaries, cafeteria managers, governesses, matrons, housekeepers, Social workers, superintendents. Richards, Providence, R. 1. Box 5 East Side. Boston, Trinity Court, 16 Jackson Hall, Fridays 11 to 1. Address Providence.

PLACEMENT BUREAU for employer and employee: housekeepers, matrons, dietitians, governesses, secretaries, mother's helpers, attendants. 51 Trowbridge St., Cambridge, Mass.

WANTED-Teachers all subjects. Good vacancies in schools and colleges. International Musical and Educational Agency, Carnegie Hall, N. Y.

TEACHERS WANTED for public and private schools, colleges, and universities. Education Service, 1254 Amsterdam Ave., New York.

OLD PUBLICATIONS

BOSTON Gazette and Country Journal" dated March 12, 1770, twenty years before George Washington was inaugurated President of the United States. Also an issue of the "Advocate Family Guardian," published in New York May 1, 1865, containing graphic account of the death of Abraham Lincoln. Also a copy of "The American Anti-Slavery Almanac, 1839, a curious and powerfully interesting document. Any one interested in the above can obtain detailed information regarding same, price, etc., by writing to J. M. G., 1,274, Outlook.

STATIONERY

FOR $1 postpaid. 200 sheets bond notepaper and 100 envelopes printed with your name and address. Good paper and first-class work. Samples stamp. M. C. Harp, Lansingburg, N. Y.

UNUSUALLY desirable stationery for any type of correspondence. 200 sheets high grade note paper and 100 envelopes printed with your name and address postpaid $1.50. Samples on request. Lewis, 284 Second Ave., Troy, N. Y.

THIRSTY blotters sent free on request, also samples of excellent stationery for personal and professional use. Franklin Printery, Warner, New Hampshire.

NOTE paper and envelopes. Your name and address on 100 sheets good quality paper and 100 envelopes. Blue or black ink. Postpaid $1. Huntington Press, 21 Bath St., Norwich, Conn.

TWO EDUCATED MEN AND WOMEN (PROTESTANTS) FOR LUCRATIVE AND CONGENIAL FINANCIAL WORK. INTERESTED PROSPECTS SUPPLIED BY US. PERMANENT CONNECTION. SEND QUALIFICATIONS TO 1,187, Outlook. Companions and Domestic Helpers EXPERIENCED woman to direct commissary department and domestic help for summer camp in the Adirondacks. Need not be trained dietitian, but must have practical experience in private school or other institution. 1.240, Outlook.

WANTED, about May 20, by an invalid lady, living about 20 miles from New York, lady as working housekeeper. Good cook, with good health. References asked and given. Please write to J. C. Brewster, 130 East 15th St., New York.

Teachers and Governesses WANTED--Excellent nursery governess, English preferred. Best credentials. Two children under ten. Permanent position if mutually satisfactory. Position New York State. 1,283, Outlook.

SITUATIONS WANTED

Professional Situations

NURSE, graduate, refined, companion to gentleman or couple. Good traveler. Quality references. 1,272, Outlook.

GRADUATE nurse, experienced, wishes position in camp. Box 701, Central Club, 132 East 45th St., New York.

EXPERIENCED male nurse (former Congregational minister) desires care of gentleman. Would also act as companion or secretary. Excellent references. 1,293, Outlook.

Business Situations

YOUNG man wishes position as councilor in boys' camp. References. 1,277, Outlook. GRADUATE engineer, radio expert, good swimmer and sportsman, wants position in boys' camp for summer vacation. 1,281, Outlook.

Companions and Domestic Helpers TWO cultured, French-speaking young women as social secretaries or companions to parties going abroad. References. Address Room 228, Schenectady High School, Schenectady, N. Y.

YOUNG man, college graduate, wishes chance to travel abroad next summer. Present position instructor in high school. References furnished. 1,228, Outlook.

FRENCH woman, high school teacher, wishes position as companion or tutor during summer. 1,266, Outlook.

SITUATION wanted by experienced kindergartner and social worker during the month of July. Care of children with family who spend the summer in the mountains. Address R. P. B., 464 Bird Ave., Buffalo, N. Y. COMPANION, will travel, care for semiinvalid, chaperon, social secretary, position of trust, desired by woman highly recommended. C. A. T., General delivery, Summit, N. J.

SITUATIONS WANTED

Companions and Domestic Helpers SECRETARY-companion. Well-bred, college graduate, 7 years' experience; exceptional recommendations. Would chaperon also. 1,270, Outlook.

REFINED young French lady wishes to teach French or be companion. 1,273, Outlook. WANTED, by Protestant lady, experienced, position as hostess or house-mother. Trained, refined, with home making qualifications. References. Address Mrs. S. M. Emery, 1073 Beacon St., Brookline, Mass.

MADAME OLIVIER, French teacher, experienced traveler in this country and abroad, desires position as companion, secretary, or tutor. Speaks all modern languages. 1,278, Outlook.

UNIVERSITY graduate and teacher, also university student, wish positions as traveling companion-governess, or nurse-maid for summer vacation. 1,280, Outlook.

REFINED young woman, college undergraduate, desires a position as traveling companion. Summer months. 1,279, Outlook. STUDENT desires driving position during summer months. Ex-army ambulance driver. 1,285, Outlook.

HOUSE-mother or hostess in boarding school by cultured lady accustomed to refined surroundings: herself a mother. Capable of managing servants. 1,284, Outlook. YOUNG lady, having finished two years in college and one in teaching, desires position as companion or tutor for the summer. References exchanged. 1,287, Outlook.

SOUTHERNER, gentle birth, college woman, sunny disposition, common sense, tactful, executive ability, business head, athlete, withal thoroughly domesticated homemaker, desires position of trust. Salary not less than $100 per month. 1,286, Outlook.

MATRON, changing, desires responsible position. Would contract for autumn. 1,290. Outlook.

COMPANION-nurse or housekeeper. executive abilities, versatile, good managerprivate or institutional position. Chaperon for traveling. Highly recommended. 1.289, Outlook.

COMPANION desires to accompany lady traveling during summer. Excellent references. 1,294, Outlook.

COLUMBIA senior desires position during summer as companion; would travel. Excellent references. Other positions considered. 1,298, Outlook.

LADY wishes to place housekeeper who has been in her employ 8 years. 1,297, Outlook.

COLLEGE girl wants position as companion or governess for summer months. Can furnish references. Address 1.299, Outlook.

EXPERIENCED young French woman, college professor, wants position, traveling chaperon or companion, for summer. Now in California. 1,301, Outlook.

HIGH school teacher of experience wants position for summer. 1,303, Outlook.

Teachers and Governesses

AS tutor to party traveling abroad this summer. college man desires position. 1,245, Outlook.

JUNE or September. English woman wishes tutor position as or governess. Teaches English, French, arithmetic. Good music. Refferences seven and five years. 1,295, Outlook.

SITUATIONS WANTED

Teachers and Governesses TUTOR-Harvard senior on year's leared absence (now in Florida) wishes position tutor or tutor-companion with desirable family during spring and summer. E enced and successful. Athletic, fond of our door sports. American, Protestant. Excellent references. Will travel at home or abroad 1,241, Outlook.

KINDERGARTNER wishes position governess in family of one or two children of kindergarten age. 1,267, Outlook.

EXPERIENCED teacher and school ar ecutive, college graduate, wishes position in girls' school strong enough to place pri ciples of education and character before expediency. Address 1,271, Outlook.

FRENCH master in large Eastern prepar tory school desires summer position as tutorcompanion to your boy or boys. Princeton graduate. Can speak French. Will travel. 1,288, Outlook.

FRENCH teacher, Protestant, experienced, college, university, preparatory, master of her business, wishes position; day, high school, college; North, Northwest. Unercelled references. Certificates France, Cornell. 1,225, Outlook.

WOMAN graduate student, specializing in child hygiene, wishes summer position i home or institution. Experienced in child care and teaching. 1,296, Outlook.

YOUNG woman, Canadian, graduate New York Babies' Hospital, teacher's certificate, would like responsible position as nurse or governess. 1,302, Outlook.

MISCELLANEOUS

MISS Guthman, New York shopper, will shop for you, services free. No samples. References. 309 West 99th St.

BOYS wanted. 500 boys wanted to sell The Outlook each week. No investment necessary. Write for selling plan, Carrier Department, The Outlook Company, 381 Fourth Ave., New York City.

WANTED-Defective people to board. Address W., Pawling, N. Y.

TO young women desiring training in the care of obstetrical patients a very thorough nurses' aid course of six months is offered by the Lying-In Hospital, 307 Second Ave., New York. Monthly allowance and full mainte nance is furnished. For further information address Directress of Nurses.

INVALID or nervous patient cared for in physician's suburban home. Wife professional nurse. 1,185, Outlook.

YOUNG minister and wife in small Middle West city will take care of boy of 6 to 11 years. Experience with children. Beautiful home. 1,256, Outlook.

M. W. Wightman & Co. Shopping Agency. established 1895. No charge; prompt delivery. 25 West 24th St., New York.

COPYING done, stories prepared for press. Box 215, Jonesville, Va.

OPPORTUNITY to share home of profes sional man in quiet country house near Boston; beautiful surroundings; no children: fine private library; use of automobile; ideal home for man of culture and quiet tastes. Terms with board $200 per month. 1.2 Outlook.