For

Banks, Trustees, Corporations and Individual Investors ~6%~

THR Baltimoremmends for January investment several new THE Baltimore Trust Company, after thorough investigation,

issues of 6% Real Estate Bonds, secured by Guaranteed First Mortgages.

1. Each issue offered by The Baltimore Trust Company is the direct obligation of some well-established Mortgage Company with adequate capital, which The Baltimore Trust Company represents as bankers.

2. Under the investment standards established by The Baltimore Trust Company, each issue is secured by first mortgages made usually for not more than one-half the value of the property and in no case for more than 60%, the valuation being determined by at least two independent appraisals.

3. Each mortgage is guaranteed as to principal and interest, except as to title by the United States Fidelity and Guaranty Company (resources over $41,000,000).

4. Each mortgage is guaranteed as to title by the New York Title & Mortgage

Company (resources over $16,000,000) or by some other title company approved by The Baltimore Trust Company and the United States Fidelity and Guaranty Company.

5. Mortgages on all single-use buildings, such as hotels, theaters and apartment structures, are excluded.

6. The Baltimore Trust Company, or some other bank or trust company, approved by the United States Fidelity and Guaranty Company, is Trustee of each issue.

7. $500 and $1,000 bonds of any available issue or maturity (1, 2, 3, 4, 5 and 10 years) are sold at par and accrued interest to yield 6%.

8. All issues provide for the refund of any State tax up to 41⁄2 mills in any one year.

cites the case of an eminent professor of geology, "thoroughly honest, but absolutely without knowledge of finance," whose feelings were deeply hurt because the commissioner refused to let him have the requested license for the promotion of a certain enterprise. The enterprise was apparently doomed to failure and to the loss of the funds of the professor's friends. Assuming that the commissioner was correct in his judgment, his refusal was for the public good. But assume, on the other hand, that he might have erred-how dangerous his power!

The regulation of securities is not as new a thing as some would have us think. The public utilities have long benefited or suffered-under regulation of this kind by State commissions. But we have the feeling that in the long run the battle against the evil which this movement is combating will eventually be won by the education of the individual and of the masses through newspapers, magazines, and books, supplemented now and then by bitter personal experience. For, no matter how admirably written or excellently administered are the blue sky laws, enough that is fraudulent will escape into the open to make it necessary for all of us, always, to be on the watch when we part with our money in return for a piece of paper called a stock or a bond.

From Inquiring Readers A

shareholder in the old L. R. Steel Company, now being reorganized, has asked our advice about his stock. This concern went through receivers' hands and is now attempting to "come back." Irrespective of the past record of this stock, present facts do not stamp it as an investment. The market is narrow, if not non-existent, and the net earnings in 1924, namely, $17,000, were very small for a company of the size of the reorganized corporation.

To take the profit or not to take it,

that is the question-which is pressing on many an investor. We wrote an inquirer the other day:

"If you can afford to wait and would like to see your property appreciate in yield, you would not be making a mistake in holding Bankers Trust, General Electric, or Electric Bond and Share Securities Company. It has been shown in several careful studies that in the ordinary ten-year period the low-yield stocks, so called, yield more than the stocks that were high-yield at the beginning of the period. This is not a law of nature, but it seems to us a reasonable tendency."

IT

has been reported that Michael Arlen is to marry Pola Negri. When Arlen was asked about it recently, he replied, "I know Miss Negri, but I am not on marrying terms with her."

Night clubs and "speakeasies" have become so plentiful in New York that a trade paper is being published twice a week for them. It is called "The Rapier." . . . These "speakeasies" are usually located in office buildings, with an outer guard and a ferocious bulldog for protection. . . . In order to increase their volume of business, they now warn their customers that, inasmuch as they expect a raid any minute, the liquor must be consumed immediately. By this method they hurry up business and stimulate quick buying. . . . As soon as a "speakeasy" is padlocked by the law, the proprietor immediately receives scores of letters from real estate agents mentioning "choice locations."

The London "Humorist" tells the sad tale of "Poor ole Bill," who is working himself to death because he is so shortsighted that "he can't see when the boss ain't looking, so 'e 'as to keep on shoveling all the time."

News items of the week: The police of Evanston, Illinois, were called out to arrest a drunken man who was exclaiming on a street corner to a large number of women, "The crime situation in Chicago is highly exaggerated. Why there are some people there who haven't even been shot at!" . . . Corset dealers in Seattle report sales of from sixty to seventy corsets a month to fat men. . . . On his way to evangelical meetings in Binghamton, New York, Billy Sunday stopped off at Elmira, New York, and took a hand in the fight there against Sunday films. Binghamton then decided to postpone its plea for Sunday movies until after his local revival. . . . A Boston millionaire willed $1,000 to his son's prospective bride, to be used for her education as a cook. . . . The Charleston dance is being taught in the Horace Mann School, New York, and in the Y. W. C. A. classes for business girls in Chicago. . . . The managing editor of Funk & Wagnall's dictionary states that present-day professional men have a larger vocabulary than Shakespeare had.

Mother: "Which apple do you want, Junior?" Junior: "The biggest one." Mother: "Why, Junior! You should be polite and take the little one." Junior: "Well, mamma, should I lie just to be polite?"

Radio equipment constituted twelve per cent of this country's entire electrical exports for 1925. The total value of radio exports approximated ten million dollars. This is more than double the amount exported in 1924.

Mrs. Gerson, a New York confectioner, gained a lot of business and free advertising when she placarded her windows with offers of "free bromo-seltzers for New Year's eve headaches."

When jealousy comes in through the door, philosophy flies out through the window.

The "New Yorker" thinks the French national anthem should be

We cannot pay our foreign debt,
So we shall change our Cabinet.

The marriage of Irving Berlin to Ellin Mackay has so stimulated interest in that everlasting play "Abie's Irish Rose" that companies are now being sent through New England and Pennsylvania to play under circus tents. Inasmuch as the play concerns the marriage of a Jewish 'boy and a Catholic girl, it received much publicity from the similar marriage of the Jewish jazz king and a Catholic heiress. Mr. and Mrs. Berlin sailed to London to escape publicity, but the British papers are carrying front-page stories concerning the couple and the reporters are swarming around at their every move. One of the New York tabloid newspapers sent a reporter abroad with them to furnish the readers with daily bulletins. Two hours after the marriage was announced in New York, a rival music concern had composed a song-"When a Kid Who Came from the East Side Found a Sweet Society Rose." This firm is reported to have made many thousands on the sales stimulated by the enormous publicity given to the Berlins all through this country.

The "Hoosier Motorist" says that if you punctuate this it will not sound so crazy. Try it.

A funny little man told this to me
I fell in a snowdrift in June said he
I went to a ball game out in the sea
I saw a jellyfish float up in a tree
I found some gum in a cup of tea
I stirred my milk with a big brass key
I opened my door on my bended knee
I beg your pardon for this said he
But 'tis true when told as it ought to
be

'Tis a puzzle in punctuation you see.

Answer to last week's puzzle: "Curtail."

Vernon Room MARCH MUSICALES

EVERY SATURDAY EVENING February 27th to March 27th

FOURTH YEAR

Levitzki-Sparkes-Dadmun

Errolle-Claussen-Ballon

Peterson-Kindler-Davis Giannini-Steschenko-Salzedo Tibbett-Lennox-Jacobsen

CHALFONTEHADDON HALL

ATLANTIC CITY

Details of these Musicales with hotel folder and rates on request

LEEDS AND LIPPINCOTT COMPANY

University President Offers

you a college degree or diploma by systematic home study, and you may complete the last months of your course in classes at the University. Tell us your educational problem and secure expert advice on completing your educaLouis Win Rapeer tion. Special provisions for those who have started but failed to go through high school or college.

S.B., A.M., PH.D.,
LL.D.

PRESIDENT

(Former head of Dept. of Education at Pennsylvania State College.)

Earn Your Way

You may earn your way to degrees in residence by attending day or evening classes, and secure help to a position for full time or for alternate six-week periods. Two students are secured one position. While one studies the other works at the job at regular pay. Thus academic and vocational training as well as self-support are secured by the same educational invention.

Non-Commercial Service

Colleges of Liberal Arts, Commerce, Education, and the Graduate Division. Degrees appropriate to courses taken. 200 accredited extension subjects and over 200 in residence.

Research University is the only experimental institution of higher learning, and is devoted to working out improved methods of teaching and administration. It is non-commercial, and the tuition is below cost. Write for illustrated catalog and mention the studies, diplomas, and degrees you especially need. The University will help you to solve your life problem if you state your problem clearly. RESEARCH UNIVERSITY Dept. O, Washington, D. C.

and Western Mediterranean, June 30, 1926

Cunard new ss. "Lancastria," 17,000 tons, 53

days, $550 to $1,250. Spain, Tangier, Italy, Riviera, Norway Fjords, Scotland, Berlin (Paris, London). In 1927: new South America-Mediterranean cruise, Feb. 5; 86 days, $800 up; 234 Mediterranean cruise, Jan. 29; 7th Round World cruise, Jan. 19. Books open. Est. 30 years. Largest cruise experience. FRANK C. CLARK, Times Building, New York

EUROPE Sailings June and July from

Montreal or New York England, Holland, Belgium, Rhine, Switzerland. Italy, Riviera, France. Eight countries with Student Tours $595. Standard Tours $795. Others $360 to $1,100. Seud for folder.

MENTOR TOURS 310 S. Michigan Blvd.,

B

Chicago

EUROPE

Comprehensive routes, experienced leaders, splendid accommodations, moderate prices.

Attractive terms to organizers. Bennett's Travel Bureau 500 Fifth Avenue, New York City

Seven Summer Tours TO EUROPE AND $490 up. Naples to Edinburgh. Gibraltar. Africa (Tunis, Carthage). Vienna. Berlin. 28th year. Illustrated Red Book with Maps. The Johnson Tours, 210 E. Preston St., Baltimore next

EARN TRIP Europe summer.

Organizing or conducting. Lowest cost tours. Europe $275; Palestine $390; round world $990. Student Internationale, 238 Back Bay, Boston

Florida Citrus Fruit direct to Consumer

organ

izing a small party. Write for particulars to STRATFORD TOURS, 452 Fifth Ave., N. Y.

New York

BUSINESS OPPORTUNITIES

UNUSUAL offer made to physical director able to establish clientele for girls' summer camp. Address 6,636, Outlook.

FOR sale, one of the most profitable cafeterias in the South. Present owners have made fortune and wish to retire. Doing enormous cash business at good prices. Will stand strictest investigation. Can be bought on terms, if desired. Wire or write George H. Skermer, Tampa, Fla., for full information.

THERE is an opening in a Southern manufacturing town for a banker with experience in trust matters to start such a department. Not too old, but settled. There is opportunity to grow, with pleasant associations. 6,632, Outlook.

HELP WANTED

CHILD'S maid or nurse. Thoroughly capable and experienced. Must be expert in physical care and fond of outdoor life. Capable of taking entire charge of little girl of six years. Protestant. Must have bright, cheerful disposition and excellent health. Must furnish references from last two employers. In reply state full particulars and whe e interview could be had. Reply 6,639, Outlook.

EARN $110 to $250 monthly, expenses paid, as railway traffic inspector. We secure position for you after completion of 3 months' home study course or money refunded. Excellent opportunities. Write for free booklet CM-27. Standard Business Training Institution, Buffalo, N. Y.

HELP WANTED

GOOD opening with large New York City social welfare organization for well-qualified financial secretary, some public speaking included. Written applications only. Give full details, education, special training, experience, references. Address W. E. A., 6,625, Outlook.

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, fine living, interesting work, quick advanceinent, permanent. Write for free book. "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite N-5842, Washington, D. C.

LECTURERS: Clergy who can speak on current events and who would be interested in several engagements each month in the churches of their State. Good payment. State qualifications in first letter. 6,573, Outlook.

SALESMEN wanted. $10 daily easy. We start you in auto accessory business. No investment, no experience necessary. Exclusive territory. Motor Products Co., 1760 Lund Ave., Chicago.

SITUATIONS WANTED

A lady of culture and refinement would like position of trust either in business or managing motherless home. Would travel. References given and required. 6,641, Outlook.

LADY would like position as housemother or hostess in boarding school or club. Refereuces. Experience. 6,645, Outlook.

REFINED American woman, educated, capable, as managing housekeeper, housemother, hostess, companion to a lady. 6,630, Outlook.

SECRETARY- bookkeeper, experienced, desires position with executive who appreciates courtesy, faithfulness, honesty, promptness, and interest in her duties. 6,644, Outlook. SUPERINTENDENT - Woman of experience and executive ability wishes position in children's home. New York references. Address 6,642, Outlook.

WANTED, at once. Young lady possessing highest credentials desires direct gentleman's motherless home, or as companion to lady. Will make herself indispensable. Experienced traveler. Interview New York. 6,650, Outlook.

WANTED, by trained nurse, mature, position where she may have entire charge of infant or twins, giving expert physical care and loving guidance. Suburban or country preferred. References. 6,647, Outlook.

YOUNG American, widely traveled, speaking French, desires position requiring good eduction and trustworthiness. Highest references. 6,643, Outlook.

MISCELLANEOUS

TO young women desiring training in the care of obstetrical patients a six months' nurses' aid course is offered by the Lying-In Hospital, 307 Second Ave.. New York. Aids are provided with maintenance and given a monthly allowance of $10. For further particulars address Directress of Nurses.

IDEAL New England home offered for little girl of elementary school age. $15 weekly. 6,638, Outlook.

ONE or two children desired needing loving care and home life in suburbs; pets, nature study, wholesome diet, and ethical training. Chany, Sharon, Mass.

GOING abroad this summer? You can safely leave your small daughter with us. We are two young college women with a summer cabin in the Maine woods. References exchanged. 6,646, Outlook.

OPPORTUNITY for Connecticut family to adopt intelligent brother and sister of American parentage. John, five, and little sister, four, are happy, affectionate, attrac tive children. The Hartford Orphan Asylum, 1680 Albany Ave., Hartford, Conn.

How to Use Your Mind

Louis Win Rapeer S.B., A.M., PH.D., LL.D.

PRESIDENT

A University President offers you the first practical and scientific training in thinking, reasoning, and solving the problems of life.

After years of research and practice in teaching people how to think, Dr. Rapeer has discovered the methods of the mind's operation in thinking and has invented scientific techniques of solving the problems of life and of teaching the method. Most people do not know how they think nor how to guide their reasoning, and thus fail, both in the great crises of life and in small matters. The methods of inventive thinking can be taught.

(Former head of

at

Dept. of Education Pennsylvania State College and text-books for

author of standard

teachers.)

He now offers this valuable course by home study. It is extremely simple and easy to learn and is half of the year's course (18 weekly lessons) on Personality Psychology. You can secure it and the text-book published by the author now for $15.00, payable $5.00 a month, or $10.00, payable in advance.

200 other accredited home-study courses available, and the same number in regular day and night classes in residence. Summer session begins June 21. Write to Dept. O for information and large illustrated catalog.

RESEARCH UNIVERSITY
Washington, D. C.

At Burlington

TEACHERS' AGENCIES

IN

The Mail Bag

Catholics and Jews

N a letter bearing the caption "A Patriotic Jew Replies to Don Seitz," which appeared in your issue of December 23, the writer expresses his righteous indignation at the humiliating treatment, born of hatred, to which he and his fellow-Jews are alleged to be subjected in our country. In the end he ingeniously links the Catholic with the Jew, as if the Catholic likewise had a grievance on the same score. The Catholic, however, has no such grievance. Catholics, I blush to say, are every whit as prejudiced against the Jew as their Protestant brethren. Unlike the Jew, however, they do not belong at once to a race and a religion; they are members of a religion. only, and that religion, as the word Catholic implies, being more or less universal in practice among all races, remains the most dominant creed of Christendom.

The Catholic certainly suffers no social ostracism because of his faith. On the contrary, the Catholic, next to and along with the Episcopalian, generally predominates in what is called society in nearly all our centers of culture outside of New England.

The trouble is that in discussing what some are pleased to call the Catholic question in America one hears too much of the Irish, as if all Catholics were of that race. Universally considered, the Irish are little more than a bubble in the ever-enlarging whirlpool of Catholicity, and in the United States as a race they fall numerically behind Catholics of either Italian or of South Germanic stock. Moreover, one would suppose from the way some anti-Catholics talk that there are no real American Catholics -that is to say, Catholics of colonial descent. While the only available statistics in this particular are untrustworthy, it is safe to affirm that, considering the descendants of the Maryland colonists as well as of those early inhabitants of the southern parts of that immense region known as the Territory of Louisiana, which became part of our National domain by purchase from France in 1808 and now comprises nearly a score of sovereign States, the number must reach into seven figures. I belong myself to the sixth generation of a Louisiana Catholic family. Nearly all my personal friends are Protestants, and, be it said to their credit, few have revealed to me any

trary, when they have spoken of her at all, it was always with respect, some con

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CHICAGO

NATIONAL BUREAU OF ANALYSIS 0 226 Republic Bldg., Chicago, Ill. Gentlemen:

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Address