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THEFINANCIAL SITUATIONContinued from page 130$6oo,000,000 during the preceding twelvemonth.It had not increased, however, during the presentyear; on the contrary, the outstanding total ofthat currency, which was $2,685,000,000 at theend of last December, had been reduced to$2,504,000,000 towards the end of May.FURTHERMORE, unlike the currencies ofcontinental Europe (for which redemption ingold has been suspended since the war began) thenotes of any one of our twelve Reserve Banks,when received on deposit by another bank in theFinancial Situation, continued on page 60Now That the WarIs Over—And normal conditions are returning, it seems fitting toremind the public that the record of S. W. Straus & Co.,without loss to any investor, has been maintained throughthe trying times of the last five years.Every bondholder has been paid promptly in cash, bothprincipal and interest, on the days due, without loss ordelay.Sound 6% July InvestmentsFor July investment, we offer a widely diversified listof first mortgage 6$ serial bonds, safeguarded underthe Straus Plan,Each bond issue has been purchased by us from the borrowingcorporation, after careful investigation, and isoffered with our full recommendation as a thoroughlysafeguarded investment. Denominations, $1,000 and $500.Maturities, two to fifteen years. Every investor shouldwrite today for ourJuly Circular No. G-910.S.W STRAUSEstablished 1882IncorporatedNEW YORK CHICAGO150 Broadway Straus BuildingCO.DETROIT MINNEAPOLIS SAN FRANCISCO PHILADELPHIAPenobscot Bldg Loeb Arcade Bide- Crocker Bldg. Stock Exchange Bldg.Thirty-seven years without loss to any investor58