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Acid Tests of
Realty Bonds

6% Seasoned Investments

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The best real estate bonds are
investments of the most gilt-edged
safety, bought freely by banks,
trustees, insurance companies,
estates, and others requiring securi-
ties of the most assured soundness.

It is now time to re-define the
standards of safety in this class
of bonds. Our experience of 32
years as specialists in this class of
securities without the loss of a
dollar of principal or interest to
any of our clients should give
some weight to our definition.
This definition may be summed
in the following simple acid tests"
which any investor may apply:

Mortgage-Arethebondo a direct first
mortgage on the property securing them?

Margin of Safety - Is it ample to protect the bondholders ?

Serial Maturities - Do the bonde mature in serial installments so that the margin of safety is constantly increasing?

Earnings- Is the property improved and producing stable net earnings of at least twice the interest charges ?

Real Estate Conditions Is the property located in a city where real estate values are solid, stable and constantly advancing, and not dependent on booms or speculation?

Sponsorship-Are the bonds offered byaresponsible investment banking House, not connected in any way with the ownership or management of the property?

We wish to point out that the first mortgage 6% serial bonds we sell, in denominations of $100, $500 and $1000, meet these and all other requirements of safety. We have prepared a special booklet explaining these tests more fully and describing these investinents in detail.

Write for Circular No. 579-I

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Peabody, Houghteling & Co.

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Bookcases

with commercial paper is the absolute
necessity of an efficient system for its
registration. This question has been
agitated by certain bankers and busi-
ness houses for years with little effect.
A few business houses have voluntarily
adopted a policy of having all their
notes registered, usually with some trust Consisting of First Mortgage bonds,
company. Their object has been to where each original issue has been
prevent the issue of any paper fraudu reduced by serial payments, margin
lently or to a larger amount than is

of security correspondingly increased

and borrower's ability to meet oblidisclosed to purchasers of the notes.

gations under all conditions proved. For lack of any established mechanism

Wide variety as regards maturity, for the registration of paper, however, and location and character of secuthis movement has not gone far. The

rity, enabling you to select an invest-
Claflin Company had sold large amounts ment suitable to your own require-
of commercial paper through note-brok ments.
ers to many widely-scattered banks. It

Ask for Circular No. 862T
issued much of this paper in the name
of its subsidiary stores to its own order
and sold them under its own endorse-
ment. In many cases these notes were
issued by the treasurer of the Company
in New York without the knowledge of
the operating officials. The Hennessey

(Established 1865)
Company of Butte, Montana, in this
way contracted liabilities of $1,690,000,

10 So. La Salle St. CHICAGO
for which it received no benefit and
through which its otherwise excellent
financial condition was made unsound.

Mastercraft Sectional A system of registration would have prevented the issue of these notes without the knowledge of the responsible management.

For Good Homes and Busy Offices

This unusual sectional bookcase of an unusual price is sold to you

instead of the Registration of Com

dealer. It represents mercial Paper.

the highest ideals of

the Master-craftsmen. T IS true that these notes were

Massive in appearance.

Of superior materials, legally issued, yet the practice was

better design, more

substantial construcclearly improper and unsound.

tion, and finer finish.

As a home for good The Clalin Company apparently fol

books it has no equal. lowed a policy of meeting one note by

LOOK BETTER the issue of another until the mass

WORTH MORE

You and your heirs will of outstanding paper became enormous

be proud to own this

realbargain. Everyone and liquid assets dwindled to the point

admires its beautiful

proportions, its many where receivership was necessary. The

special features of ex

ceptional value, its very case with which paper could be

dustproof, smoothly.

working, properly balfloated far and wide on the strength

anced doors that $11 55

can't stick. Sold on of so distinguished a name as Claflin

the money back plan,

for Bungalow Size (26 1-2 safe delivery and satled to' the undoing of the Company. inches) or $13.05 for full size isfaction guaranteed.

(35 inches long). White Oak, Send $13.05 for this of If there had been an efficient regis selected for strikingly hand- fer. Ask for catalogue

some and uniform grain pat- showing all styles and tration system its effect would have tern. An ornament to any combinations.

home or office. This Christ. We pay freight on all been to compel sounder financial meth mas or Anniversary Gift will shipments as far west

be appreciated. Genuine as Wisconsin and ca ods—to the advantage of the Claflin Mahogany, Bungalow Size far south

as Kentucky.

$20.55, full size, $22.05. Special allowance on Company and its creditors. The trend

freight to other points.

STANDARD BOOKCASE COMPANY of opinion favors the new Federal Re

117 Southern Avenue

Little Falls, N. Y. serve Bank as the most effective agency for registration. While the power to compel registration is not explicitly given to the Federal Reserve Board, it

Your Money Will Earn 7% & 8%

invested in First Mortgages on Oklahoma has power to determine under what

City improved real estate. We have never

had a loss. Interest paid promptly. Value conditions paper shall be eligible to re

of property three times amount of loan.

Write for free booklet describing our busidiscount. It is generally considered

ness and list of lonns. We have loans of 8150,00

to $10,000.00 that, if the Board insisted that all

AURELIUS-SWANSON CO. paper be registered to be eligible to re

37 State National Bank Building, Oklahoma City, Okla. discount, the effect will be to cause the registration of all paper held by Na Patents, Trade Marks, Copyrights

Difficult and rejected cases specially solicited. No misleading intional Banks, except small local notes

ducements made to secure business. Over 30 years' aetivo in which registration is not considered practice. Experienced, personal conscientious service. Write

for terms-Book free. Ad Iress, E. G. SIGGERS, Patent necessary.

Lawyer, Suite 20, N. U. Building, Washington, D. C.

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STAILINGO 1063
STRAUS BUILDING ONE WALL STREET
CHICACO

NEW YORK

VY

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CURRENT OPINION

OPI.

2

The War-How Will It

Affect You?

As soon as the tremendous extent of the conflict became certain, our corps of research specialists set to work to gather the facts affecting American business and to analyze them. The task occupied their days and nights for over a week.

Then Joseph French Johnson, Chairman of our Advisory Council, prepared a concise report that summarized the whole situation. It was issued as a part of the Special Service given to all subscribers to

The Modern Business Course and Service

of the Alexander Hamilton Institute

What
Representative Subscribers say:

as

a

The report was in their hands within two weeks after hostilities began, and was of vital importance to them, such executives as Morris May, Second Vice-President of A. B. Kirschbaum and Company, have testified.

This is but a single instance of one kind of service that the Alexander Hamilton Institute is continually giving, and that its subscribers find of inestimable value in meeting their individual problems.

All this service is in addition to the regular reading course, which in itself gives a business man command of principles in every department of business, and thus make him better able to grapple with emergencies. Only the man who is a master of business as a whole-not simply of one narrow specialty-can measure up to the big opportunities of today.

"Your Course constitutes a splendid equipment for any business executive, bringing, as it does, directly to him, essential principles boiled down in plain, matter-of-fact form by men who know."-1. 1. Hawkins, Commercial Manager, Ford Motor Co.

“There is a lot of valuable business knowledge scattered here and there, but it's of little

use to business man until it is put into a systematic, digestible form. That's what your Course does. You make it possible to read business' in the sense that a

can read law'.'I'm. II. Ingersoll, Marketing Manager, Robt. H. Ingersoll & Bro.

It is not only the most instructive and valuable treatise on live subjects for men who are in training for business careers, but it is also the most concise and clearly presented form of education, to our mind, that has ever been offered for the benefit of executives. I would recommend it to anybody, if he had to borrow the money to take it.”Charles E. Murnan, Vice-Pres. and Sales Manager, The United Drug Co.

And this is as true for the younger department heads, assistants and clerks as it is for the officers and executives of the biggest corporations. No matter what your business position, you need the organized knowledge of business that the Modern Business Course and Service gives you in systematic, timesaving form.

Today can be your opportunity. Are you ready for it?

If you wish a copy of Joseph French Johnson's report, “The War and American Business,“ we will gladly send it to you upon request. At the same time we will send you also a copy of William H. Lough's 116-page, bound book, “Forging Ahead in Business,” which contains a message that has appealed to over 20,000 live, progressive busi

Ask for them on your business letterhead or fill out the attached coupon.

same

man

ness

men.

Alexander Hamilton Institute

35 Astor Place

New York City

me,

without cosi

I should be glad to have you

send or obligation on my part, a copy of Joseph French Johnson's report on “The War and American Busi

and also a copy of Forging Ahead in Business."

ness,

Name......

The authority behind the Alexander Hamilton Institute is shown by the membership of its Advisory Council : Joseph French Johnson, D. C.S., Dean of the New York University School of Com

merce, Accounts and Finance.
Frank A. Vanderlip, LL.D., President of the National City Bank of New York.
Elijah W. Sells, M:A., C.P.A., Senior Partner in Haskins & Sells, Certified Public

Accountants.
Jeremiah W. Jenks, LL.D., Professor of Government, New York University.
Elbert H. Gary, LL.D., Chairman of the Board, U. S. Steel Corporation.

Address..

Business Position

With

Number of years in Business.

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your typist spent wo hours every day with her arms folded

Folding Typewriters They choose the Corona because it can be carried anywhere easily because it's so light (6 lbs.) that its weight is hardly noticeable, because it folds up so compactly that it occupies a space of only 334 in.x1012 in.x9 in., and finally because it's a real, standard typewriter in every detail, differing only from its more cumbersome brother in size, weight and price. You, yourself would save much timo, worry and expense if you owned a Corona. Prove this statement by simply filling in the little coupon to the right and mailing to us today. By return post you will receive Booklet No, 77 that gives full particulars. Send NOW! Corona Typewriter Co., Inc.

Groton, N. Y. (Formerly Standard Typewriter Co.)

141 West 42d Street, at Broadway, Now York City Agencies in Principal Cities of the World

THE LONG-DEFERRED
DECISION ON RAIL-

WAY RATES
HE long-expected decision of the
Interstate Commerce Commission

on the application of the eastern railroads for an advance in rates was finally handed down last month. The delay in rendering the decision has been held accountable in sonie quarters for the current depression in business, and a favorable decision has been hoped for to relieve the low state of mind of business men. But it has eventually arrived at a time when its effect is almost lost sight of. The Interstate Commerce Commission asserts that the decision is not of the gravity generally ascribed to it. It is certain that it could not bring about any pronounced change in business conditions excepting so far as the business troubles are due to loss of confidence on the part of

business men in the justice of the treat-Well, what's the difference ment of railroads and other public servvhether she sits with her arms folded ice companies. If the present business r sits at your desk making pencil- depression continues, with the consenarks in a note-book ?

quent lack of traffic for the railroads, Every minute of the time is wast-moderate advances in railroad rates d, either way

could not by any possibility compensate

the railroads for their lack of tonnage. Every minute of the time she Consequently the somewhat disappointnight just as well be writing on her ing character of the decision may be ypewriter.

expected to have very much less effect Cost? Man alive, the Dictaphone upon the immediate future of business System isn't a cost at all. It's an than the prospect of abundant crops. conomy. The saving in “overhead” The grounds upon which the railroads hows up the very first day.

asked for rate increases averaging about 5 per cent. are summarized by the Interstate Commerce Commission

as follows: Woolworth Bldg., N. Y., Suite 1906

“(A) That the rate of return in net Stores in the principal cities

operating income upon the property indealers everywhere.

vestment is declining. you don't find Dictaphone"

“(B) That the principal cause of this the 'phone book-just tear off the man at the desk"-pin him

decline is a steady and constant increase

Dictate 7 your letterhead and send him

in operating expenses, due to matters of F. Nothing else. That's all.

Dictaphon a continuing character, such as wage in"Your Day's Work”-a book

creases, legislative requirements, and the we should like to send you.

necessity of maintaining a higher standard of track, equipment, and facilities

generally WOULD you like to own a good paying mall order siness! We have a line that gets repeat orders all the

“(C) That the return upon money in

vested in railway facilities since 1903 has week and soon own a nice business of your own.

been utterly inadequate, and that no reNADICO, 1682 Belmont Avenuo, Chicago, Ill. turn at all has been received upon the

money so invested since 1910.

“(D) That the effect of these things is HIGH SCHOOL STUDENTS

so to impair the credit of the railroad

companies as seriously to check the norAre you planning to enter College in

mal construction and development of railthe fall of 1915 ?

way facilities which are required to meet Do you have to earn your college

the public demands." expenses? Investigate the Current Opinion

Attitude of the Interstate Scholarship Fund, which will enable

Commerce Commission. you to earn the funds for the necessary N a case such as this one, the part expenses.

of the Interstate Commerce ComUnique sales-plan. You may commence now in your locality.

mission is primarily that of judiAsk for our free booklet, “The Open cial consideration of the conflicting inDoor to a College Education.”

terests of the railroads and the public. Address: Current Opinion Scholarship Fund,

The attitude of the commission is stated 134-140 W. 29th Street, New York City

as follows:

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Kindly send booklet No. 77 to
Name ...............
Street...

City...

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TAE DICTAPADNE the Interstate Commerce Commission

REGISTEBED

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PO

GEOGRAPHY AND THE RAILWAY RATES

21

are

“The public owes to the private own railroads were estimated to yield in east of Pittsburgh and in the New Eng ers of these properties, when well located

revenue about $50,000,000 annually. land district. On this account the com and managed, the full opportunity to earn

The increases granted by the commis- mission considers that the increase a fair return on the investment; and the sion are variously estimated to yield expenses can not be offset to the rail carriers owe to the public an efficient service at reasonable rates. This funda

from 9 to 16 millions of dollars per roads in the Central Traffic territory mental doctrine has been recognized by year.

The commission believes that by increasing density of traffic as the the commission in the performance of through economies suggested the rail are held to have been offset in th its duties. The proceeding before us may

roads can realize an annual increase of eastern and New England territory therefore be described as, in some sense, earnings amounting to about $40,000,- In this Central Traffic territory th a controversy between the consuming pub 000. The extent to which this amount commission allowed nearly all of th lic, which pays the rates, and the investor, can be realized is indefinite and any rate increases asked. This, however who furnishes the facilities for moving estimate of the exact amount so real does not satisfy either the railroads o the freight; and our duty is to ascertain ized is little more than a guess. The the Interstate Commerce Commission from the record before us what are their

railroads claim that many of these sugrespective rights."

both of whom agree that the existing gested economies matters with

rates in this territory are unscientifi In this statement the phrase "well which the railroads have been vitally and illogical and that a percentage in located and managed” stands out as of

concerned for years and in which they crease in rates can not make the sched prime importance. Granting the con cannot be expected to show much bet- ule satisfactory in this territory. Bot] tention of the railroads that their exter results.

agree that a thoro revision of all rate penses have increased in excess of their

in this territory on scientific principle revenue, it is necessary for the com

is essential to the prosperity of the rail

Increases Allowed the mission to determine whether such in

Railways.

roads. Probably this will furnish crease in expense is due to inefficiencies HE increases allowed the railways large constructive task for the Inter of management on the part of the rail are mainly in Ceme Traffic ter state Commerce Commission in th road or to conditions beyond the con ritory, lying between Buffalo and near future, which ought to result is trol of the railroad. The settlement of Pittsburgh on the east and Chicago and better satisfaction to all parties con the case consequently presupposes to a St. Louis on the west, and the Ohio cerned-railroads, shippers and con certain extent an investigation of the River and Great Lakes on the south sumers. The increases asked for in efficiency of the railroads. This is, of and north. The commission apparently the eastern district and in New England course, a monumental task and has been bases its decision to a large extent on are refused by the commission except responsible for the long delay in issu- the fact that the density of population ing in so far as they are necessitate ing the decision of the commission. per mile of railroad is much less in this to conform with the changes allowed The rate increases asked for on the district than in the trunk line territory in the Central Traffic territory.

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The Electrical Testing Laboratories, New York, found that Rice's Gloss Mill White gave 19% to 36% more daylight, depending upon the conditions in the plant. (Read the Kellogg letter below.)

It reflects the light, instead of absorbing it. It throws daylight into dark corners. It saves greatly on electric lighting bills. It enables employees to work better, because they can see better. Moreover, it is the most sanitary interior paint. It can be washed with soap and water without killing the gloss.

Rice's Mill White requires less frequent repainting because it stays white longer than any other gloss paint. Another striking economy and convenience is that it can be applied over cold water paint.

Why it is better than imitations Rice's is the original Mill White; all others are imitations, and they can imitate only for a short time. For this is the only Mill White made without varnish. For that reason it does not crack and scale like others; it does not fake off with the jar of machinery. It is made by a special process, discovered and owned exclusively by the makers.

What a Few Users Say Imitation “Mill Whites” may look as good when

Sanitary conditions in our first put on.

But six months' exposure will prove plant have improved zonder. their inferiority. By that time many are so yellow

fully. We should judge we

are getting 50+ more light that they might be yellow paints. Repeated tests

than before.-Kellogg's Toasted have shown, without a single exception, that Rice's Corn Flakes Co., Battle Creek, remains white longer than any other.

Mich.

Ile are indced astonished to
GUARANTEED TO REMAIN

note the vast amount of day

light created by this paintWHITE LONGEST

especially where we were for.

merly forced to use electric These are far from being mere claims. We give

lighis all day. Now find it

entirely unnecessary. Agreean unequivocal guarantee, with every trial, that if

ably surprised to observe hocu Rice's does not remain white longer than any other easy it is to keep clean.-Knogloss paint- applied at the same time and under tair Hosiery Co.,Philadelphia, Pa. similar conditions, we will give, free, enough Rice's The most practical interior to repaint the job with one coat. In other words,

finish we have ever used on

walls and ceilings. We imagyou can prove our claims, in your own case, at our

one will show an inci case of risk. You cannot lose under this guarantee.

between 20 and 256 in light.

R. J. Reynold's Tobacco Co. Even more liberal test offers will be made to those

(Makers of Prince Albert). having 20,000 square feet, or over, to cover. Tear

Find it very satisfactory, out the coupon now-before you turn the page and

indeed. — Gillette Safety Razor forget. Give it to your stenographer, with instruc Co. tions to “write on our letterhead and have reply The best thing we know of. come to me personally.”

-H. Doherty Silk Co., PaterOn inside concrete and brick, one coat of Rice's Granolith makes

Out of six compar. the best possible primer for a second coat of Rice's Mill White.

ative tests, Rice's
Mill White
leads.--Killing.
ly Mfg. Co.,

GUTTA PERCHA
Killingly,

Providence, R. I. Tear out this coupon as a

reminder to have your GLOSS

stenographer write us on your letterhead for further par.

ticulars of lice's Mill White, MILL-WHITE

stating approximate size of inain

building, etc.

Approx. Length Approx. Width U.S. Gutta Percha Paint Co.,

No. of Stories,

Company 18 Dudley St., Providence, R. I.

Address
Attention of

Suggested Economics in

Railway Management, N THEIR claims for increased revenue, the railroads make no men

tion of increase of passenger rates, which produce something like twentyfour per cent of the income of railroads. The commission considers that this is due to the state legislation regulating passenger fares, which leaves little room for hope in this direction. The investigation showed, however, that while the cost of handling freight has increased in some cases, it has decreased in other cases, especially in some of the bulk commodities which move in large quantities, so that the general average of freight costs does not show a considerable increase. Passenger costs, on the other hand, have increased uniformly and largely. The commission believes that by a careful separation of freight and passenger costs the railroads can produce evidence to show that considerable increases in passenger rates are due them. The freight traffic is at present bearing part of the passenger costs, which the commission believes to be an undesirable condition.

In spite of the limitations which the commission has imposed upon the issue of free passes, the passes issued in 1913 would have produced nearly $20,000,000 if regular passenger rates had been paid. While much of this free traffic consists of railroad employees, the commission considered that a material saving can be made in this respect. Freight-car efficiency is another line in which improvement is to be expected. The commission says: "Taking the average of all roads in official classification territory for the whole year, the time a car is moving in trains probably does not exceed three days out of thirty, and the car is under load only two out of these three days. Furthermore, the cars under load are loaded on an average to only about 58 per cent. of their capacity."

Economy in fuel consumption may also produce large savings. The commission's opinion in this case is based on careful tests of scientific methods of burning coal. The commission also advises that the entire subject of special services rendered by the railroads, such as transit privileges, switching facilities, wharfage and refrigeration, be carefully investigated.

Commissioners Daniels and McCord present dissenting opinions, in which they maintain that the conditions which have led the commission to favor increases rates in Central Traffic territory were not substantially dissimilar from conditions existing in the eastern section, and that substantially the whole of the increases asked for should have been allowed.

son, N. J.

L'. S.

RICE'S

PAINT CO., 18 Dudley Street,

Conn,

on

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