MORE THAN 200 BANKS INVEST IN THESE BONDS The Same Standard of Safety, the Same Guaranteed Security and the Same Rate of Interest Are Available to You HE 6% Real Estate Bond offering of The Baltimore Trust Company have been purchased in recent mond of the Bad More Trust Savings banks. Within the same period they have been purchased also by many hundreds of individual investors, including trustees, who have desired for their funds the same standard of bank safety, the same guaranteed first mortgage security and the same safe return of 6%. Each issue of these bonds is the direct obligation of some well-established mortgage company, adequately capitalized, for which The Baltimore Trust Company acts as investment banker. The bonds are secured by first mortgages on real estate, each property being appraised at 16623% to 200% of the mortgage granted. No construction loans and no single-use buildings, such as hotels and apartments, are included. Each mortgage is guaranteed as to principal and interest, except as to title, by the United States Fidelity & Guaranty THE BALTIMORE COMPANY OWEN DALY & CO. FERRIS & HARDGROVE Company (resources $41,000,000) and as to title by the New York Title & Mortgage Company (resources $16,000,000) or some other title company acceptable to The Baltimore Trust Company. 6% Real Estate Bonds, investigated and recommended by The Baltimore Trust Company, may be purchased at par and accrued interest ($500 and $1,000 denominations, I to 10-year maturities) directly from the Main Office of The Baltimore Trust Company, 25 East Baltimore Street, Baltimore, Md., or from any of the following investment banking houses: 52 Cedar St., New York, N. Y. 10 Weybosset St., Providence, R.I. 23 South St., Baltimore, Md. Paulsen Bldg., Spokane, Wash. Pioneer Bldg., St. Paul, Minn. Standard Oil Bldg., Baltimore, Md. Conway Bldg., Chicago, Ill. SECOND WARD SECURITIES CO., Third & Cedar Sts., Milwaukee, Wis. WARD, STERNE & CO. Brown-Marx Bldg., Birmingham, Ala. ELLIOTT MAGRAW & CO POE & DAVIES PRUDENTIAL COMPANY If you have a house or a piece of property that is suitable for sum- Don't wait until the last minute-you may miss your biggest (Copy must be received nine days before date of publication. Count six words to a The Outlook Company Real Estate Section, 120 East 16th St., New York regular courses. There are excellent books on law for the layman which give a very fair, comprehensive idea of this important branch of knowledge. But the writer does not happen to be familiar with any single compact book which deals with the subject of investing from the standpoint of the investor. It would seem that there is a real need for such a book because at present one seeking information must read widely and, with difficulty, wisely. Experience, said to be the best teacher, is in this respect a very costly one. There is, of course, a vast deal of financial and investment information available, and our consistent advice to those who, feeling their own ignorance, come to us for suggestions, is to roam as far and as fast as they can. Most of the large daily newspapers not only pub lish complete reports of stock exchange transactions, but in addition run a financial department of comment on the cur rent situation. Many of the big bond and investment houses issue booklets on investing and investments, and in some of these there is to.be found information of really permanent value. The weekly and monthly magazines, in a different fashion from the newspapers, and each from an independent angle, contribute to our financial instruction. Coming to books, the basis of a home investment library, we find a few re cent volumes which we would recommend to any one sufficiently interested to lay out a few dollars for this purpose. The list, which is far from complete, is as follows: Encyclopedia of Banking and Finance. Edited by Glenn G. Munn. Bankers Publishing Company, 1924. Investment: A New Profession. By Henry S. Sturgis. The Macmillan Com pany, 1924. Common Stocks as Long Term Investments. By Edgar Lawrence Smith. The Macmillan Company, 1924. Investing in Purchasing Power. By Kenneth. S. Van Strum. Barron's, 1925. Buying a Bond. A reprint of maga zine articles. Barron's, 1924. Add to these, for good measure and because we happen to know that they are well worth studying, the investment: literature that is put out from time to time by the responsible financial houses which use The Outlook's advertising columns. Here, then, is a pretty good eight-inch investment book-shelf. The Encyclope dia is useful for frequent and general reference. The two books on common stocks are stimulating and suggestive, provided it is realized that common In writing to the above advertisers, please mention The Outlook stocks should not be the sole staple of an investment menu; and the bond book is in its way a little classic which every investor should know intimately. Sturgis's book is fresh, keen, interesting, from start to finish. Not being a schoolmaster, we make no further recommendations as to the pursuit of a course of investment study. The -curriculum is by no means fixed or prescribed. It will differ according to the purpose of the pupil. And the subjectmatter is so vast, so ramifying, so endless, that each must roam for himself in the direction which seems to him most useful. One more book should be added to the eight-inch shelf listed above. This is some standard text-book on money and banking, discoverable doubtless in any good library. If the right book is selected, it will give the student a bird'seye picture of the financial structure, without which investments are impossible. Technical questions of banking, interesting as they may be, need not particularly concern the reader; what he should look for is a fair grasp of the system of money, banking, underwriting, corporate finance, and the like. a more Probably there was never favorable time than to-day for the successful attaining of a financial education. Facts are available. The dark period of mystery about corporation financing is come and gone. The selling of securities is less complicated than ever before by the fraudulent schemes and wiles of financial vultures. The public, awakened to the need of investing carefully, looks before it leaps, and in consequence it is to the advantage of many important interests to supply the hunger for vital fact. The day is approaching when investing will be more nearly a science than it ever has been in the past. This is because of the availability of fact, without which no science ever existed. We know infinitely more about methods and processes of production than ever before, thanks to the allegiance between physical, chemical, and even psychological science and industry. We know more about selling, and how a sales campaign can make or break a business, than did our fathers. Living in a world no longer consisting of isolated communities, our local problems are more nearly approached in the light of world fact and world interaction than in days gone by. Like most types of education to-day, a financial education can be had for a trifling price. In money the figures will be infinitesimal; in application of mental force it will be as expensive—and Colorado Connecticut Delaware District of Columbia Florida Georgia Idaho Illinois Indiana Louisiana Montana Nebraska New Hampshire New York Tennessee Vermont Virginia Massachusetts Michigan Washington Minnesota Wisconsin Mississippi West Virginia Wyoming Missouri with you, which is a very gratifying experience." An Oklahoma investor writes: "For a person receiving a moderate income have found Investyour ment Savings Plan a most liberal and practical plan for the systematic accumulation of capital."” When read letters such you as these it is easy to understand why confidence in Smith Bonds is world wide, and why they are owned now by investors in 48 states and 32 foreign lands. There is a very real satisfaction in owning first mortgage investments which have behind them a record of no loss to any investor in 53 years. Current offerings of our First Mortgage Bonds, strongly secured by modern, income-producing city property, yield 7%. They are sold in denominations of $1,000, $500 and $100, outright or under our Investment Savings Plan, which pays the full rate of bond interest on every payment. 7% If you would like further information, send your name and address on the form below for our booklets, "Fifty-three Years of Proven Safety" and "How to Build an Independent Income,"telling the facts you will want to know about 7% Smith Bonds and explaining our Investment Savings Plan. THE F. H.SMITH CO. RE U. S. Fidelity & Guaranty Co., Baltimore National Surety Company, New York Maryland Casualty Co., Baltimore Fidelity & Deposit Company, Baltimore EGARDLESS of what your investment list may now contain, there is no sounder security in all the world than first mortgages on real estate. National Union Mortgage Bonds make available to the investor, opportunities in the most productive class of real estate securities-first mortgages on city property. Around the original security of permanent property value, have been placed the safeguards of Insurance and Guarantee of both principal and interest that provide perfect protection. $500 and $1000 Coupon Bonds National Union Mortgage Co. From Inquiring Readers and extensions to plant, and then not to A TYPICAL instance of an attractive but unwise investment has been brought to our attention by a reader of these pages. It is a new variety of egg box. The literature reads wonderfully, and our inquirer was somewhat tempted by it. "I realize," he writes, "that as this stock is not listed and is admittedly a purely prospective affair, facts concerning it as an investment would be difficult to obtain. . . . The man seems to have a patent on what would seem a widely From the information which this de- "As is common with such literature, tremendous profits are virtually promised the stockholder, and a tremendous market is said to await this wonderful invention. In other words, the letter is full of just the kind of enthusiasm which is necessary in order to keep up a 'peppy sales campaign.' Nothing is more tragic than to see case after case of honest enthusiasm go wrong. "Personally, we would not think of investing money in this enterprise unless we knew a great deal more than is available, without considerable study, about the egg-marketing problem, the types of containers now on the market, who is manufacturing them, what they sell for, etc., etc. "Many new propositions of this kind founders have not made a careful inves- the full one hundred per cent of the value of such additions. I I was never the purpose of this department to start a school for the study of investments, but we seem to have done so quite unintentionally. The lady just quoted in re Alabama Power bonds makes this remark in closing her letter: "Your department has been most enlightening, and now I am ordering Carret's 'Buying a Bond' and Van Strum's 'Investing in Purchasing Power,' and am considering taking an abbreviated course in banking at one of the local business schools for the sake of the background it will give me. Any suggestions you can give to a student who is trying to learn all she can about investing will be gratefully received." And in the same mail a letter comes from a friend in California, who requests recommendations for a course in home study in investing. He has recently undertaken the task of looking after his mother's investments, and, like a wise man, applies to us for guidance! A LADY who tells us that she has no brains for business and small possessions, has asked about Southern Pacific stock. Her letter by no means reveals a lack of brains, but, as she was seeking information, we gave it as follows: "The Southern Pacific common stock is considered an investment stock. The earnings in 1925 were about $10 a share, which shows that the $6 dividend is pretty well guaranteed. We do not think that the purchase of this stock would give you any more worry than one has to take in the case of any investment." N an article in this department several weeks ago on building and loan associations we spoke highly of the shares in these corporations, and as a result have. had many inquiries about them. Unfortunately, we are unable to give informative reports on all the local building and loan associations in the country. There are, in the first place, a great many of them; and, in the second place, data about them are not collected and made available as are data about the great industrial and railroad corporations. We can, however, furnish inquirers with the addresses of the secretaries of State leagues, who, on inquiry, will undoubtedly tell those asking them whether any particular association is or is not in good standing. It should be remembered also that the local banks are excellent sources of information for this purpose. In writing to the above advertisers, please mention The Outlook HOTELS Tours and Travel Shakespeare Country, Dutch Canals, French Battlefields, Alpine Mountain Tops, Swiss and Italian Lakes, the Rhine-Art, History, Literature-comfortable travel, moderate prices, wonderful sight-seeing programs with best guides. First Sailing: March 6, by the Mediterranean Route, with shore trips at Madeira, Gibraltar, Algiers and Monaco. Price $905. To the Holy Land: April 8, 1926, with Bishop Shayler of Nebraska. A Churchman's Pilgrimage. Send for the booklet that interests you. TEMPLE TOURS, Inc. 447-A Park Square Building, Boston STUDY FRENCH IN FRANCE $350 Total cost ocean and railroad travel, board, and tuition. 11 WEEKS' TOUR withi 7 weeks of instruction, 3 hours per day, at Montpellier on the Mediterranean. See 10 French cities. Address Director S. F. A. A., Huntingdon, Pa. 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. Send for folder. In America--An English Inn MENTOR TOURS 310 S. Michigan Blvd., Chicago OVERSEAS For Students and Others $375 to $825 Parties limited to 25. Adequate sightseeing. Expert leadership. Our new booklet, sent on request, explains their many superior features. OVERSEAS TOURS Real Estate SEASHORE HOMES IN NEW ENGLAND SUMMER RENTALS-SALES North and South Shores of Massachusetts Cape Cod The Summer Vacationland of America 1926 Catalog of Listings Sent on Request HENRY W. SAVAGE, Inc. 10 State Street, Boston, Mass. Est. 1840 SECURE YOUR SUMMER HOME NOW Cape Cod, West Dennis Near Hyannis. Two remodeled Cape houses and one new Cape house. Best residential section, near good beach. Address Mrs. A. C. McKillop,40 Algonquin Rd., Chestnut Hill, Mass. Rhode Island 447-A Park Sq. Bldg., Boston TO RENT-Summer Cottages EUROPE-1926— Vacation Tours-Popular Tours. Conducted and Independent Travel. Unusual Itineraries. PIERCE TOURIST COMPANY 331 Madison Ave., New York Unusual Summer Tour of Europe Small Private Party EDUCATIONAL TOURS 59 Prospect St., East Orange, N. J. EXPERIENCED TRAVELER and teacher conducts small party through Europe (8 countries). June to September. 84 days. Act promptly to secure membership. References exchanged. 4,771, Outlook. next EUROPEAN MUSIC TOUR. Travel with an interest. EARN TRIP Europe summer. many, Austria, Italy, Switzerland. Write for Organizing or conducting. Lowest cost tours. Europe $275; Palestine $390; round world $990. Student Internationale, 238 Back Bay, Boston Europe via Mediterranean Juthat: Earn Your Trip to EUROPE securing five mem- From five to twelve rooms, completely furnished and all modern improvements, on ocean front and beautiful salt water pond, near Watch Hill, R. I. For particulars address M. S. DAMEREL, Westerly, R. I. Vermont ummer home, cool, comfortable, roomy. S'Surroundings wonderfully beautiful. Must be sold before April. Ask for views. Full particulars. CHARLES BILLINGS, Bethel, Vt. BOOKS, MAGAZINES MANUSCRIPTS "AUTHORSERVICE," Branford, Conn. HOW TO ENTERTAIN PLAYS, musical comedies and revues, minstrel music, blackface skits, vaudeville acts, monologs, dialogs, recitations, entertainments, musical readings, stage handbooks, make-up goods. Big catalog free. T. 8. Denison & Co., 623 So. Wabash, Dept. 74, Chicago. STATIONERY WRITE for free samples of embossed at $2 or printed stationery at $1.50 per box. Thousands of Outlook customers. Lewis, stationer, Troy, N. Y. 1,000 letterheads, 8 x 11, 1,000 envelopes $6. good paper; better paper at little higher prices. Quotations gladly given on printing; small publications wanted. Rue Publishing Co., 104, Denton, Md, PERSONAL stationery, 200 single sheets, 100 envelopes, postpaid, $1.00, west of Mississippi River $1.10. White bond paper, blue ink, top center only. Cash with order. Rue Publishing,Co., Denton, Md. EMPLOYMENT AGENCY SECRETARIES, social workers, superintendents, matrons, housekeepers, dietitians, cafeteria managers, companions, governesses, mothers' helpers. The Richards Bureau, 68 Barnes St., Providence. HELP WANTED A man of education and refinement, preferably between ages of thirty and forty-five, to be companion to elderly gentleman. Must be tactful and of kindly disposition. Delightful home. References required. 6,693, Outlook. CAMP councilor-An Eastern girls' camp of recognized efficiency desires services of councilor for July and August who can enroll campers during the intervening time. Must be qualified to teach and direct at least one of the camp activities and furnish reliable social, mental, and character references. Those having an entry into circles from which campers can be obtained given first consideration. Wynona Camp, Fairlee, Vt. CHURCH worker, energetic, intelligent, and willing to travel within reasonable dis tance of home, can obtain good position in the promotion of a very definite phase of Christian work. State full particulars in first letter. 6,674, Outlook. For Help Wanted, Situations Wanted, and Miscellaneous Advertisements see next page HELP WANTED 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 lustitution, Buffalo, N. Y. 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 advancement, permanent. Write for free book, Lewis "YOUR BIG OPPORTUNITY." Hotel Training Schools, Suite U-5842, Wash. ington, D. C. MINISTER: Is there a retired or nonparochial clergyman or religous worker, with sales ability, who wishes to do a very definite piece of Christian work, with liberal payment? If so, write 6,673, Outlook. Ex SALESMEN wanted. $10 daily easy. We start you in auto accessory business. No investment, no experience necessary. clusive territory. Motor Products Co., 1760 Lund Ave., Chicago. SITUATIONS WANTED CULTURED woman, finished pianiste, would like position as companion with gentlewoman who loves music. Protestant. New York vicinity preferred. Photographs and references exchanged. 6,671, Outlook. GENTLEWOMAN, closing own home in spring, desires position as companion and supervising housekeeper with lady or elderly couple in country. Pleasant environment. Moderate remuneration. 6,691, Outlook. NURSERY governess, American, experienced, refined. References. 6,695, Outlook. VACATION AND SPARE TIME EMPLOYMENT desired by professor in technical college. Trained as mining and mechanical engineer with practical experience in responsible charge of construction and operation of plants. Competent to examine and report on mines, industries, and processes and for research. 6,692, Outlook. WANTED, by executive woman of culture and refinement, position as club manager, hostess, or supervisory housekeeper in club, school, or college. Experienced in each capacity. 6,694, Outlook. WANTED, position as housemother or secretary in boarding school. Best references of capability and refinement. 6,690, 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. HOME for limited number aged patients, children. Nurse, physician's care. Miss Bell, Bernardsville, N. J. IDEAL New England home offered for little girl of elementary school age. $15 weekly. 6,689, Outlook. MORE, MORE! We're not satisfied! A lot of you people who read The Outlook have let us help you with your travel plans-but not enough. We have the facilities to answer your inquiries about any part of the world, and we do love to work. We know we can please you, too, because those we have served write us things like this "Let me tell you I appreciate to the fullest extent all you did for me and mine. We had a nice trip over . . was grateful for all your suggestions; they came in so handy." It's a service for you too. WE By the Way have known some people who are so fond of arguing that they won't even eat any food that agrees with them. In a time of great drought a Scotch congregation met together to pray for rain. The day after their prayer the rain came. On Friday it still rained steadily. Saturday it simply poured, and all Saturday night and Sunday morning it came down in torrents, a veritable cloudburst. The pastor and his flock made their way with difficulty to the church. Once more they prayed. The old dominie wailed: "O Lord, we thank thee for thy answer to our prayer for rain. But, O Lord, this is simply ridiculous!" New laurels for William Randolph Hearst, eminent publisher. A vaudeville trade paper credits him as being the best Charleston dancer on the Pacific coast. COLOURED PERUVIAN TEXTURE made at Cuzco (Peru) about 1520 Overcoat, size 112:95 cm. The red ground is divided on the brims and in the middle by three systems of stripes; on the brims 7, in the middle 15 stripes. The middle one marks the middle of the whole texture with a dup blue colour. All the stripes show geometric changing ornaments, only the blue one repeats a group of a monkey with a parrot and a basket. The red ground is covered with a lot of different groups and figures, some of them in the opposite sense; we are able to perceive the spanish-christian influence in the group of Adam and Eve. As for the rest, horses, monkeys, parrots and other birds, antilopes snakes hunting scenes, ornamental trees and all kinds of stylish animals form a rich decoration of the texture. Above and below a yellow stripe, 5 cm broad, borders the texture, which repeats an ornament of a cock and a hen with plants. U. S. A. $3,000. The texture did serve as an overcoat and has been made at Cuzco, Peru, in about 1520, in one of the so-called "obrajes" (manufactures). It is of the best conservation, and a fine uncut piece of the kind. Some small damages diminish not in the least its beauty. I should be glad, if you would take advantage of the opportunity to make the purchase and would make an examination by experts at Berlin. A wag, who approves of our entrance into the World Court, adds that he hopes our representative will be Miss Helen Wills. In The Outlook of February 10 Don Seitz wrote that it would be hard to discover a news "beat" in the files of any New York newspaper since the World War. Evidently he did not reckon with the New York "Evening Graphic," which says, editorially: "Day after day, time after time, The Graphic scoops its competitors. Yesterday the march of scoops continued as usual, with several important news and picture scoops, among which was: First picture of Irene Bordoni when she arrived on S. S. Paris, introducing a new fadillustrated stockings." As a further illustration of the character of present-day news "scoops," witness the payment of a $1,000 bonus to the reporter on the New York "American" who turned in the story of the reuniting of the Stillmans and their sailing for Europe. In his announcement on a Sunday morning the vicar regretted that money was not coming in fast enough. But he was no pessimist. "We have tried," he said, "to raise the necessary money in the usual manner. We have tried honestly. Now we are going to see what a bazaar can do." Mexican Government figures just issued show that American motion pictures have supplanted bull-fighting as that country's favorite amusement. Press reports state that a Kansas man and wife who motored to Florida found the hotels full, and paid ten dollars for the use of a room in a lodging-house with the proviso that they give up the room to daytime sleepers by six in the morning. They paid the lodging-house two dollars and fifty cents for parking their car in the alleyway. In the morning they found three men asleep in the car. The men stated that they had paid three dollars apiece to the innkeeper for the privilege. In writing to the above advertisers please mention The Outlook |