THE TURN OF THE
TIDE IN FINANCE

Na recent article we discussed the advisability of investing at least the major part of one's accumulated capital

I

in long-term bonds rather than in short

term notes.

Our present purpose is to illustrate with cases these generalizations and to discuss some simple means by which the investor may make some preliminary selections of relatively long-term issues to be submitted. to his banker for careful consideration.

During the past year the trend of financing has been a gradual development toward longer maturities. The war has produced a shortage of working capital directly through subscriptions to Liberty Loans and indirectly through the increasing cost of commodities, and corporations in need of capital for refunding or expansion have found it costly. This was the experience earlier in the year of the Westinghouse Electric Company and the American Telephone and Telegraph Company, both of which were forced to pay about eight per cent for new capital.

In the beginning of 1918 the American Telephone and Telegraph Company issued $40,000,000 one-year 6 per cent notes on a 7 per cent basis, which were many times oversubscribed, and at about the same time the Westinghouse Electric Company sold $15,000,000 one-year 6 per cent notes on about the same basis.

In the latter part of 1917 the New York Central Railroad Company issued $15,000,000 two-year 5 per cent notes to yield 61⁄2 per cent, and the Seaboard Air Line Railroad placed an issue of $4,000,000 twoyear 6s on a 7 per cent basis.

After the one-year notes of the Westinghouse Electric Company and the American Telephone Company, we found such companies as the General Electric Company financing with two-year 6 per cent notes and the Baltimore and Ohio Railroad with one and two year 5 per cent notes.

The Great Northern Railway entered the field with a three-year 5 per cent note to yield about 5% per cent, and the threeyear maturity was adopted recently by the Liggett & Myers Tobacco Company, which issued $20,000,000 6 per cent notes on a 634 per cent basis.

Five-year 78 were brought out by the Cudahy Packing Company, and five-year 6s by the Kansas City Terminal Railway Company.

Several interesting offerings of serial notes were made by the following companies: Procter & Gamble (one to five year) 78, Armour & Co. (one to six year) 68, Bethlehem Steel Corporation (one to five year) 7s, and the American Tobacco Company (one to five year) 7s.

In the late summer the American Telephone and Telegraph Company again found it necessary to enter the money market, and issued convertible 6 per cent bonds on a basis of a little over 7 per cent with a seven-year maturity. Ten-year money was sought by two of the larger railways, $20,000,000 by the Union Pacific Railroad Company at 64 per cent and $15,000,000 by the Lehigh Valley Railroad Company on a 6.35 per cent basis, and, there being (a great demand for both of these issues, they at once went to a premium.

Within the past few days we have witnessed the offering of a long-term, wellknown bond of an old-established system,

Preparing Now for
After-the-War Business

The commercial future of the United States will depend largely upon the wisdom with which our foreign trade problems are solved. These problems call for immediate close study in order to meet the new demands of expanding trade conditions. The study and consideration given must be practicalized.

Shawmut Service is a recognized factor of primary importance in the business and banking world. Manufacturers and merchants who recognize the large opportunities in the foreign field should avail themselves. of this specialized service.

THE NATIONAL SHAWMUT BANK OF BOSTON

has given exceptional study to plans for anticipated development of commercial business in foreign lands. Our Foreign Trade Department, headed by men who have had actual experience in leading foreign centers, is thoroughly qualified to render practical assistance.

We maintain direct connections with South America, England, Continental Europe, China, Japan, South Africa and Australia.

Correspondence invited

THE NATIONAL SHAWMUT BANK, of Boston An international reputation for conservatism, sound judgment and strength

with a present maturity of sixty-nine years, viz., Chicago and Northwestern General 5s, due November, 1987, offered on a 5 per cent basis, quickly oversubscribed and shortly selling in the open market at a price at which the income return is about 4.90 per cent.

From the résumé given above, which is of necessity fragmentary, a few interesting facts be gathered.

may

Gradually, as tho year progressed, the corporations have given evidence of their willingness to commit themselves to a bonded debt of longer duration; to-day they are not as positive as they were a year ago that the debt can be refunded later at a lower rate; extraordinary earnings can hardly be anticipated to cancel the loan, now that the war is ended; an everincreasing interest by the public in longer maturitics has been manifested, and the cost of capital has been on a declining scale.

Let us now consider for a moment some of the short-term issues which to-day may well attract the investor who is seeking a

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ESTABLISHED 1865

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They are in every case secured by industries which have proved

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(ESTABLISHED 1865)

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Straus

Farm Mortgages

you not only have a safe investment, yielding a substantial and satisfactory income, but you are financing the farmer for increased efficiency and the greatest possible production of food.

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This assurance is supplemented and strengthened by our record of nearly sixty years without loss to a customer, and by our legal guarantee of full payment of your principal and interest of 6%. Behind this guarantee stands our entire capital and surplus of $3,000,000.00. If you seek a safe, profitable and patriotic investment for any funds now available, write jor our Special Bulletin and Booklet 0-12.

THE STRAUS BROTHERS COMPANY LIGONIER, INDIANA

Chesapeake & Ohio conv. Chesapeake & Ohio conv. 5 Kan. City Southern ref. & imp...

Rate 4% %

Mat'y Price Yield

5

1950 86 6.01 1935 101 5.89 1929 85% 5.75

1934 104% 4.59

New York Central conv. deb..

Southern Pacific conv..... Southern Pacific conv.....

645

In discussing the wisest business policy for the investor to follow at this time we have considered the matter from the standpoint of safety of principal, marketability, and income return; and this should suffice, in that, the principal being safe, the investor need not, as a rule, be greatly concerned with fluctuations in price. He may disregard any enhancement in principal due to possible declining money rates over a long period, and then, without detracting from the short-term security, let him consider well whether or not he is furthering his own best interests by overlooking the well-known, seasoned long-term bonds.

QUESTIONS AND ANSWERS

Q. I hold two Liberty Bonds, one of the First 4s, and one converted 4 per cent bond. Will it be possible for me to convert these two bonds into those of the Fifth Liberty Loan?

A. The attitude of the average investor regarding his securities after they are once placed in his strong box is evidenced in the report of the Secretary of the Treasury by the fact that of $3,808,000,000 Liberty Second 4s only $1,541,000,000 have been converted into 44s. This will result in a saving in interest to the Government of about $5,667,500 a year.

There are but two issues of 4 per cent Liberty Bonds outstanding, those of the Second Loan, due in 1942, and those of the

First Loan converted into 4s due 1947. The latter are commonly called" first, converted 4s." The conversion privilege attaching to both of these bonds expired November 9 last. Those of the First 32 per cent loan are the only Liberty Bonds which now possess a conversion feature. They are convertible into any higher rate bond issued during the war-except short-term five-year loans-within six months from date of issue of such higher rate bond. The termination of the war is to be fixed by proclamation of the President.

Q. Will you tell me what bonds are legal" in New York State?

A. It is not possible within the confines of this column to give you a comprehensive list of securities which are legal investments for savings bank and trust funds in New York.

Roughly, bonds of the United States, of New York State, of any other State, or of any of the political subdivisions thereof, not in default, are legal. Railway bonds, subject to various restrictions and exceptions, also come within this category. Foremost among these the requirements are: (1) that the bond shall be a first mortgage either on a road whose principal part

is located within this State or on a road in another State or States, provided such a road owns not less than 500 miles of standard gauge track, exclusive of sidings; and (2) that in either case the road during the five years just prior to investment shall have paid interest and principal punctually on its mortgage indebtedness, and shall have paid in dividends during each of said five years an amount equal to four per cent on its outstanding stock.

THE WORK OF A STUPEN. DOUS GOVERNMENT PLANT

Many readers make it a principle to avoid the pages of a daily paper that contain the stock quotations, market reports, and other columns filled with "tiresome figures." They are almost equally averse to casting their eye over a magazine article that may require them to think in terms of statistics. Even these persons, however, may find the following illustrations of the magnitude of the work that is produced by one of the Government's most important agencies of enlightenment, the Government Printing Office, not wholly dull. They are from an article in the December "Bookman" by Henry L. West, formerly a Commissioner of the District of Columbia, at present Executive Secretary of the National Security League:

The Government Printing Office uses the largest number of typesetting machines anywhere assembled together in the world.

It sets up a greater number of type pages in a year than the output of all the bookpublishing houses in the United States.

It prints and binds each year more books than are contained in the Library of Congress, the largest library in the country.

It prints each year enough speeches of members of Congress to provide one for every family of four persons in the United States.

It can set in type, proof-read, electrotype, print, bind, and deliver a book of over two thousand pages within twenty-four hours.

It delivered one million Liberty Loan posters, printed in two colors, in three days, recently.

It prints and delivers four million postal cards each day.

It has sixty-eight price-lists of its publications. A general price-list would be too bulky for ordinary use-it would make a book the size of Webster's Dictionary.

It printed last year ninety-seven million copies of publications for the Department of Agriculture, "breaking all records in publication achievements.'

Of these the most popular was a pamphlet called "The Small Vegetable Garden," of which a million copies were printed.

One work, printed some years ago, a history of the United States Capitol, is worth $100 to-day, though when first issued it was given away.

It prints dailies, weeklies, monthlies, and quarterlies. One of the dailies has a circulation of over a hundred thousand.

It has a pay-roll of five million dollars. The head of this vast organization receives a salary of five thousand five hundred dollars a year.

The Government, it may be said in conclusion, thus commands fine executive ability at lower cost than is possible with a private corporation-this being one function, at least, in which a Governmental plant appears to have the advantage over an individual enterprise.

A photograph was recently taken of Watteau's picture, "Young Man Dancing," in the Louvre in Paris. When the plate was developed, so a correspondent of the "American Art News" states, a small object was perceived near the frame-something never before noticed. It was a diavolo, the small toy popular ten years ago, and the string is now seen in the young man's hands. So the picture must be renamed "Young Man Playing Diavolo," instead of "Dancing."

C

ATARRH of the head is annoying and filthy. In the throat it causes irritating cough. When it is seated in the chest it is called bronchitis. If allowed to continue the bronchitis becomes chronic and robs the individual of refreshing sleep, comfort and health. It weakens the lungs and paves the way for pneumonia and consumption.

"Catarrh of the stomach and intestines points toward indigestion. So does catarrh of the liver, which produces various ills, such as jaundice and gall-stones, often ending in disagreeable and painful liver colic.

"Catarrh sometimes causes earache, headache and other forms of pain, and it lays the foundation for many diseases.

"Catarrh is due to improper eating so are coughs and colds that are hard to shake-and these conditions can be prevented and cured through right eating. And here is how it happens:

"When people eat as they should not, they get indigestion, which fills the stomach and bowels with acids, gases and poisons; a part of these abnormal products are absorbed into the blood, which becomes very impure and the whole body gets acid. The blood tries to purify itself and a lot of the waste attempts to escape by way of the mucous membrane. This causes irritation, and the result is colds and catarrhs.

Says R. L. Alsaker, M.D.

old, rich or poor, can put into practice in their own home, in any town or city, in any country. There is no expense attached to this plan. It shows you how to live in har mony with the laws and principles that govern health. It shows you how, what and when to eat so that your Catarrh will leave you and you will become healthy and happy. Years of experience have proved its complete success. The doctor's instructions are easy to understand and pleasant to follow. No drugs, salves, serums, sprays or health resorts required or prescribed. No special foods to try or buy

"The right kind of food-food we all likeproperly eaten, makes pure blood and produces health, vigor and strength. The right kind of food builds a sound body, puts catarrh, pimples and blotches to flight, paints roses on the cheeks and makes life worth living.

"Catarrh can be conquered quickly, surely, and permanently. It has been done in thousands of cases. If you have catarrh you have eaten your way to it. You can cure yourself-you can eat your way out of catarrh into health, and while you are losing your catarrh you will rid yourself of other physical ills: The dirty tongue, that tired feeling, the bad taste in the mouth in the morning, the gas in the stomach and bowels, the headache and other aches, pains and disabilities will clear up and vanish. It is marvelous what proper eating will do, when other means fail. Don't take my word for it, but prove it in your own case and on your own person.

"Catarrh is a luxury, not a necessity. Those who get it, can keep it indefinitely. They can also get rid of it and stay rid of it. Those who have catarrh should not complain about it, for they can easily get the knowledge that will show them how to get rid of the disease and maintain health."

In every-day practice Dr. Alsaker teaches his patients the cause of their trouble and how to live so as to effect a cure. There is no mystery about his system of treatment. It is a plain, common-sense method that any one, young or

He has given full and complete directions for the cure of catarrh in his book entitled Curing Catarrh, Coughs and Colds. Thousands of people in all walks of life have recovered health by following the plan outlined in this book of health building knowledge.

If you want to cure yourself of Catarrh and learn how to prevent colds send for your copy of Curing Catarrh, Coughs and Colds. Follow instructions for one month, then if you are not satisfied with the improvement in your health and the lasting value of the treatment recommended, return the book and your money will be refunded.

NOTE. Many patrons have written that this book is worth $100, and some have said $1,000. One man, in ordering a book for a friend, writes: " If it cost $200 the advice would be cheap." PUBLISHER'S ANNOUNCEMENT: R. L. Alsaker, M.D., is a new type of physician and is a recognized authority on the subject discussed in the above article. He does not doctor disease, he shows the sick how to recover health. He has put the net result of many years of professional experience with sick people into his writings and it is a real pleasure for me to recommend them because I know from personal experience that good results always follow an observance of his simple instructions. Dr. Alsaker's health instructions are published in five handy volumes at two dollars each. They are: "Curing Catarrh, Coughs and Colds," "Dieting Diabetes and Bright's Disease," "Conquering Consumption," "Curing Constipation and Appendicitis," "Getting Rid of Rheumatism," Curing Diseases of Heart and Arteries." A prominent business man of Syracuse who recovered health by following Dr. Alsaker's advice writes: Measured by the fees charged by the average physician for a single prescription, Dr. Alsaker's educational health books .are worth from $50 to $100 each." Send $2 for the book that treats of your condition and learn quickly how you can recover health and happiness. FRANK E. MORRISON (Est. 1889), PUBLISHER or DR. ALSAKER'S EDUCATIONAL HEALTH BOOKS, Dept. 190, 1133 Broadway, New York.

on.

Frank E. Morrison, Dept. 190, 1133 Broadway, New York Enclosed is $2.10 for which send me Dr. Alsaker's book

I will follow instructions for one month. If I am not satisfied with the improvement in my health, I will return the book and you are to refund my money.

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The Margaret Louisa

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ton Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $2.50 per day, including meals. Special rates for two weeks or inore. Location very central. Convenient to all elevated and street car lines.

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board with private family in Charleston, S. C. Address Box 97, East Greenwich, R. I.

THE LENOX and THE BRUNSWICK

300 acres. Ideal spot for summer hotel, cottages. View unsurpassed. Great investment opportunity. 9,251, Outlook. BUSINESS OPPORTUNITIES

WANTED-A partner to re-establish a boys' camp. Great opportunity. Address Camp Director, Bloomfield Apartment, Trenton, N.J.

AN unusually promising business opportunity. Traction tread attachment to Weed automobile tire chains. In quick demand. Protected by broad patents (1285634), issued November 26, 1918. United States and Canadian selling organization desired. Address Lincoln C. Cummings, owner, 36 Druce St., Brookline, Mass.

TO sell or lease to a successful teacher, college graduate, a very profitable private school in the Middle West. Splendid opportunity. Easy terins. 6,456, Outlook.

HELP WANTED Companions and Domestic Helpers SUPERINTENDENTS, secretaries, governesses, matrons, dietitians, mothers' helpers, companions, etc. The Wilton Exchange, Box 270, St. Joseph, Michigan.

WANTED-Experienced nurse or mother's helper to take care of two children, ages 10 months and 2 years. Best wages given. Address Mrs. J. Rulon Miller, Jr., Roland Park, Baltimore, Md.

WANTED-Mother's helper or nursery governess, under 40 years preferred, for several children, in country 30 miles from New York. Personal references and interview required. 6,468, Outlook.

CONSCIENTIOUS young woman to do simple cooking in Protestant family of two adults and to assist in care of year-old girl. Other maid kept. Attractive home in Adirondacks. Address Box 214, Lake Placid Club, Essex Co., N. Y., giving references.

HOUSEKEEPER or mother's helper. Capable cook, worker. Or young woman, fair cook, quick to learn. Farm, modern conveniences. Mother's helper also kept for two little girls. State salary, particulars. Interview desired. Box 25, Yardley, Pa. WANTED-Mother's helper in the country near New York. 6,473, Outlook.

Teachers and Governesses WANTED-Nursery governess to take care of girl aged eight and boy aged six. Children attend public school and require little instruction, but need some one who can govern them. Home on outskirts of city of 25,000 in central New York. Woman of pleasant personality, tact, and experience wanted. Address X., 6,463, Outlook, stating reference, experience, age, and salary.

WANTED-Competent teachers for public and private schools and colleges. Send for bulletin. Albany Teachers' Agency. Albany, N.Y. INQUIRIES already coming in for teachers in all subjects for 1919. International Musical and Educational Agency, Carnegie Hall, N. Y.

HELP WANTED

Teachers and Governesses HOPKINS' Educational Agency, 507 Fifth Ave. Governesses: nursery, teaching, $50$80; housekeepers: family $100, club $2,000 year; college social head, $1,200 year.

COLLEGE woman with experience as supervising counselor in girls' camp, July, August, 1919. Apply, stating experience, ability, references, 6,471, Outlook.

GOVERNESSES, matrons, mothers' help ers, cafeteria managers, dietitians. Miss Richards, Box 5, East Side Station, Providence, R. I.

SITUATIONS WANTED

Business Situations CONGREGATIONAL minister, middleaged, desires position of trust. Best references. 6,470, Outlook.

WANTED-Position as Christian worker or deaconess in parish (Episcopal) or other religious work. 6,460, Outlook.

CHAUFFEURS.-Munition plant about to release six women chauffeurs who have given satisfactory service. Can take commercial or private positions. Correspondence invited. to MATRONS.- Munition plant desires place women who have given exceptional service as welfare matrons, forewomen, etc. SOCIAL WORKERS. - Munition plant de sires to place capable women in social service work. Correspondence invited. 6,467, Outlook, CULTIVATED lady, formerly teacher, later superintendent small institution, wishes to assist boarding-school principal or to manage small business girls' home. 6,453, Outlook. WOMEN WORKERS (executives, social workers, nurses, office stenographers and clerks, housekeepers, etc.). Whole and part time. References investigated.Central Branch Y. W. C. A., 610 Lexington Ave., New York, Plaza 10,100.

Companions and Domestic Helpers

WANTED, by lady with six year old child, position as companion and housekeeper and care of children. Best references. 6,461, Outlook.

A young American woman desires position as trained infant's nurse. Would travel South or elsewhere. 6,462, Outlook.

COMPETENT and experienced young woman of education and refinement desires position as companion-secretary or managing housekeeper. Would consider school position. 6,457, Outlook.

GRADUATE nurse would like charge several motherless or orphan children. 6,458, Outlook.

GRADUATE nurse wants position as nursecompanion; willing to supervise housekeeping or conservatory. 6,459, Outlook.

WOMAN of middle age, cultured, competent, desires position, companion or travel ing companion. 6,476, Outlook.

WOMAN of refinement will take charge of high class home. Sympathetic with young or aged. Kindergarten training. 6,477,Outlook. Teachers and Governesses EXPERIENCED teacher desires private work. Backward children preferred. References. 6,474, Outlook.

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MOTHERLESS girl under six from the better class will be cared for as her own by a former kindergartner, mother of three halfgrown children at her country home near Philadelphia. References exchanged. 6,475, Outlook.