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Investingto theBest AdvantageDiscriminating investors at the presenttime are buying Municipal Bondsbecause Municipal Bonds areFree fromAll Federal Income TaxesIt is therefore an immense advantagefor every investor to have at least aportion of his funds in MunicipalBonds. In addition, this prime securityhas all the advantages offered byany other equally sound investment.Write for Booklet S-7, "Bonds ThatAlways Pay," and our latest list ofissuesYielding from4.70% to 5^%Kauffman-Smith-Emert Co.Security Building St. Louis, Mo.TheInvestment AdvantagesofMunicipal BondsIn the Herrick 6k Bennett seriesof pamphlets on the elements ofbond investment, this month'sissue presents "THE INVESTMENT ADVANTAGES OFMUNICIPAL BONDS"Upon request a copy of thiapamphlet will be sent, accompaniedby a selected list of currentmunicipal bond offerings.Other pamphlets now available are"Basic Elements of Bond Investment""United States Government Bonds""Foreign Government Bonds."HERRICK & BENNETTMembers New York StoekExchange66 Broadway, New yorkFinancial Situation, continued from page 68no further than the Stock Exchange speculationin American "industrials." Mr. Vanderlip, ofthe National City Bank, returning from a visitto Europe, gave as his conclusion that, financiallyand industrially, "Europe can be saved," butthat "it is up to America to do it." If Americarises to her duty, he professed himself optimisticover the prospect for success.Mr. Davison, of the house of Morgan, similarlyarriving from European conferences, intimatedthat the American banking community will takeup the problem of financing Europe, probably inconcert with the English financiers and the neutralmarkets, and possibly through an internationalcommission. "The greatest factor in that work,his judgment was, "will be labor, and Europe willfind its own labor. Our part of it—the supplyingof bricks and mortar, so to speak—will notbe as large as many persons believe."Still, it will unquestionably be very great.Europe is at the moment in a state of industrialand economic prostration. The horsemen of theApocalypse have swept over the Continent; wetoo have had the red horse bringing war, the blackhorse bringing famine, the pale horse bringinganarchy and pestilence; all this occurring alongwith the flight of "the kings of the earth and thegreat men and the chief captains and the mightymen and every bondman and every free man,"as it has not perhaps occurred in history sincethe sixth chapter of the Revelation was written.t0 reconstruct industrial Europe (and with itpolitical Europe) immense sums will beneeded, and the providing of much of them willfall on the shoulders of our country. Whatevermay be the attitude of American banking houses,there necessarily arises the questionof the willingness and capacity ofthe American investing community.What is to be looked for in thatdirection? Will the American investor,his interest long absorbed exclusivelyin the securities of his own home enterprises,consent to this diversion of his capital?If he will, then is he capable of so immense atask, coming on top of the huge financial burdensof our own war loans, war taxes, and warexpenditure? If the capacity is proved, thenwhat will be the longer result in our own financialsituation ?The question of capacity may be measured inseveral ways. First and foremost, we have thefact that, through advances by our government andloans by our investors, the country has alreadysince the war broke out loaned upwards of$11,000,000,000 to foreign countries. This mightmean that after such an achievement the UnitedStates would now have less capacity, not more,for further loans of capital. If that were so, itwould be shown by the action of our markets;but that action has provided overwhelming evidenceto the contrary.Of the two notable incidents which occurredFinancial Situation, continued on page 72America'sPart inReconstructingEurope70
The Record of Steady GrowthBEHIND"A-M-I FARM MORTGAGES"1873 — 191946 years of Experience in Safe InvestingImproving Our Service to the InvestorStrengthening OurOrganizationEnlarging Our Loan FieldGrowth in Volume of BusinessOur business for 1919 already exceeds that of our Largest previous year.May we not include you in our steadily growing list of satisfied customers ?Associated Mortgage Investors, Inc.Farm Mortgage BankersKingman Nott Robins, TreasurerCHICAGOBURLINGTON,VT910-918 Granite BuildingRochester, New YorkBILLINGS,MONT.C A L G A R Y , C A N .Municipal Bondsof the Middle WestYielding from 4.14% to S'A%We specialize in Municipal Bonds of prosperous MiddleWestern communities offering unusually attractive returnsand exempt from all Federal Income Taxes.Write for latest list of offerings and our booklet G-7" How to Invest Without Loss "Stern Brothers & Company CSINVESTMENT BONDS1013-15 Baltimore Avenue Kansas City, Mo.Financial WorldEvents ReviewedIf you would keep in close touch withaffairs related to investments and finance,read our Monthly Magazine."INCOMES"A Pocket Magazine for InvestorsLatest number covering nearly thirty importantsubjects and including answers to investors' inquiriesmailed free. Address nearest office.Breed, Elliott & HarrisonHigh Grade InvestmentSecuritiesChicago Cincinnati IndianapolisFirstMortgageAccess to important cities and terminalstherein is an indispensableadjunct to Railroad operation.Wecan offer a First Mortgage onsuch a property toYield About 9 1 2Per CentDescriptiveCircularFrederic H. Hatch & Co.Established 188874 Broadway New YorkLand Values SecureOur farm loans never amount to more than 50%of the present value of the land mortgaged. Asthe value of land in the Northwest is increasingsteadily, it is evident that our 5!^ and 6% First MortgageFarm Loans provide a sound investment foryour surplus funds.Write for descriptive booklet and list of offerings.CAPITAL TRUST SAVINGS BANKCapital and Surplus s 500.000.00Saint Paul. A\innesota
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JULYMR. SCHWAB'S VIEWS ONGOVERNMENT
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SCRIBNER'SMAGAZINEPUBLISHED MONTHLY
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CONTENTSSCRIBNER'SMAGAZINEVOLUME LX
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CONTENTSvPAGEFOR BETTER ILLUSTRATIO
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CONTENTSviiREMAKING OF FRANCE, THE
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Vol. LXVI. No. 1 J U L Y 1919SCRIBN
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Dance any time —the Victrola is a
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Xeg. U. S.Patent Otf.SCRIBNER'SFift
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Reg. U. S.Patent Ujff.SCRIBNER'SFif
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Reg. V. S.Patent Off.SCRIBNERSFifth
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nReg. U. S.Patent OJf.SCRIBNER'SFif
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SendtheSamplerand wina smile !$1-25
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BOOKNOTESConference of Czecho-Slova
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" Wells at his best — exciting an
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The two outstanding literaryevents
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The Book of the National P a r k sB
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— there are booKs here that bvill
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SIMSU.S.N.iT WAS SIMS who, under th
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Roosevelt said-"Nn oilier man in th
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(Reduced Illustration jrom The Hous
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New York StateM O H E G A Nl—Mohe
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Private SchoolsMassachusettsSea Pin
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PEDDIENew Jerseya school that educa
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TennesseeThe Oldest SchoolFor Girls
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Camps—Summer Schools Corresponden
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Drawn by Alonzo Kimball."ARRAH, DHR
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2 In Moroccoless carts, omnibuses a
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4 In Moroccorush-roofed huts in a b
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6 In MoroccoSpaniards are serving t
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From a photograph from the Service
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10 In Moroccomade grave, there are
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12 In Moroccoministers it, the Euro
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14 In MoroccoThis lovely ruin is in
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16 In Moroccolike a desert travelle
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I8Crushing the German Advance in Am
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20 Crushing the German Advance in A
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26Dead Men's Shoesa splendid little
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28 Dead Men's Shoesthat, and I neve
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30 Dead Men's Shoesgratifying, sinc
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32 Dead Men's Shoescasting him off
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34 Dead Men's Shoes"I think I may a
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36 Dead Men's Shoesbecame more pron
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38 The Arctic Hospitalimportant tri
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The water-wagon, St. Stephen's Hosp
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Christmas in the Children's Ward, S
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44 The Arctic Hospitalwoodlands and
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The enemy artillery-fire did damage
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Drawn by Frank Tenney Johnson."And
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50The Hunting of Bud Howlandwood, t
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52 The Hunting of Bud HowlandWanted
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54 Mr. Boylecitement as I saw more
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56 Mr. Boyle" 'Tis foine names yez
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58 Mr. BoyleShe did, and he told th
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60 Mr. BoyleThoughtfully, half an h
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62 Mr. Boyleset you on the trail so
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64 Mr. Boyle"'Tis not all," went on
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66 Mr. Boylenot worth while to stan
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Village near Aleppo with conical hu
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70 The Berlin to Bagdad Linethe gol
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72 The Berlin to Bagdad Linethe Bag
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Turkish peasant with his boy and gi
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Looking across the Euphrates.night'
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78 The Making of William Simmsstruc
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'Every Saturday night I waited for
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82 The Making of William Simmsfor i
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84 The Making of William Simmslooki
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86 A Theatrical Boarding-House in S
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98 The Vestment Makertions. I won't
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100 Government Ownership and Indivi
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FOURDOG PICTURESBy George Ford Morr
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Copyright by George FordMorris.The
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SWORDFISHINGBy Horace Winston Stoke
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108 Swordfishingthe best, would hav
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110 Swordfishing"Want to come along
Page 164 and 165: The pulpit, by the way, is the plac
Page 166 and 167: 114 Conquestfeet of motion for ever
Page 168 and 169: 116 A Recruit for Law and OrderOf h
Page 170 and 171: 118 A Recruit for Law and Orderafra
Page 172 and 173: 120 A Recruit for Law and Orderone
Page 174 and 175: 122 The Point of Viewof a broken bu
Page 176 and 177: 124 The Point of Viewleisure for th
Page 178 and 179: 126 The Field of Artcover only the
Page 180 and 181: 128 The Field of Artdisaster, the n
Page 182 and 183: 130 The Financial Situationthe remo
Page 184 and 185: 132 Some Thoughts on Resumption of
Page 186 and 187: Big Work Fora Big" StoreThe deliver
Page 188 and 189: BEEMAN'ScHEWING GUMORIGINALPEPSINIr
Page 190 and 191: LASTLONGFEATHERWEIGHTFLAT-KNITUnion
Page 192 and 193: More AmericanReserve PowerREMINGTON
Page 194 and 195: Take a nice, clean cup. Put half a
Page 196 and 197: D U R A N DSTEEL RACKSEquipyourbath
Page 198 and 199: Refreshing DraughtsGENERAL ELECTRJC
Page 200 and 201: Get a Pyrene onyour own cariT was l
Page 202 and 203: THEFINANCIAL SITUATIONContinued fro
Page 204 and 205: Financial Situation, continued from
Page 210 and 211: A Typical MunicipalBond OfferingTo
Page 212 and 213: Monthly Dividendsand MonthlyEarning
Page 216 and 217: Investments PlusConservative old Ne
Page 218 and 219: A Unique ExperienceBetween 1909 and
Page 220 and 221: Investment DiversificationTo practi
Page 222 and 223: M I L L E RS E R V I C EFor Investo
Page 224 and 225: Lackner, Butz & CompanyIntroduction
Page 226 and 227: SelectedInvestmentSecuritiesWe own
Page 228 and 229: OVERSEAS TRADEContinued from page 1
Page 230 and 231: 86 Some Thoughts on Resumption of T
Page 232 and 233: 88 Some Thoughts on Resumption of T
Page 234 and 235: A REGULARHOLD UPA few ounces of KAP
Page 236 and 237: There is danger intender gumsThe"Un
Page 238 and 239: OF the many common-sense featuresab
Page 240 and 241: GenuineBayer-Tabletsof AspirinAn un
Page 242 and 243: THE HOLLEY HOTELOn Beautiful Washin
Page 244 and 245: VisitYour National PlaygroundsOut W
Page 246 and 247: prest-o-litebattery"Will She Be Lat
Page 248 and 249: The Cord Tire is the tire for carsd
Page 250 and 251: PHOTOGRAPHS OF MOON CARS ARE NOT RE
Page 252 and 253: A M H OMeans Better Underwearqualit
Page 254 and 255: The Invalid in Your Home" We are de
Page 256 and 257: With the whole-hearted resourcefuln
Page 258 and 259: An Error!A comfortable five-passeng
Page 260 and 261: KEePSMILINGWITHKELLYS
Page 262 and 263: Garden HoseFACTSAboutWHAT constitut
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Vacation Landsare made more delight
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fIRE drills are good,but not infall
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It seems natural to trust to Ivory
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Go where youwill, you'llfind no bet
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