Will your ship come in? There is a tide in the afairs of men You will enjoy the No one could wish for a happier moment than the day when his income, independent of his salary or business, is sufficient for the necessities of life. With a monthly accumul per year, when you pa Write today for yo "Will Your and learn how you to have s Ask for P AMERICAN BOND & ESTABLISHED 1904 AN OLD RESPON 127 North Dearborn St., Chicago Capital and Sur Clevela monthly shipments in the y large gold export movement ac first consideration in this to A ith our loans to Eunge. The c mains to be settled whether thevalier moment tinue in their recent volume is inom both on the supply of avail purposes and on our inversing w his salarof the European situation. Th tain limitations to the s cient frable for such purposes m when allowance is made for the it of free funds which af e of existing investments in the accumy Americans, we have be ice of 1923, when the s 50, you of active home traile il as to put an end at meat ent to to European securities ven more notable inste overtructure of banking over-expanded In an pass considerations, the u are n 74 68 new book of real value: "How to new bookarther. Send coupon belos Ask him about this In every bank there is always some compe. tent official available who will gladly consult with you. From him you can get level-headed advice on almost any financial problem. Even down to the making up of a family budget. He can show you, for instance, the many ways in which a checking account will help you get full value from every dollar. This de spite the fact that the average checking ac count costs a bank money in time and work: bookkeeping time, clerks' time, time of tellers or officials in passing on your checks-so that no one may defraud you-cost of ledger sheets, statement sheets, stationery, postage. These items mount up. That is why many banks, acting upon sound business principles, make a small charge where checking balances fi below set limits. Such charges are really ra ligible when you consider the tremendous advantages a checking account holds for you New book free Upon this subject of what your bank can do for you, and upon another interesting subject "How to make Money Go Farther"-we have pre pared a valuable book. You may have a copy free by mail ing the coupon below. Get this book. Read t Then discuss these important matters with your bankeras you'd discuss physical wellbeing with your physician. It will certainly point the way to faster, more satisfactory financial progress. THE BANKERS SUPPLY COMPANY NEW YORK CHICAGO DALLAS DENVER SAN FRANCISCO In writing to advertisers please mention SCRIBNER'S MAGAZINE ermany, and the approaching balancing of blic budgets; that Sweden and Germany ave already returned to the gold standard (al1ough with some restrictions), and that Great ritain, having in view its own traditional and orld-wide financial prestige, cannot afford to emain in the ranks of depreciated-money ates while its European neighbor governents are moving, one by one, in that diection. At the end of 1925, the British statute rohibiting gold exports unless under governnent license will expire by limitation. If it were not renewed, if sterling were meantime rought to the par of exchange, and if preprations were made, through foreign loans and djustment of the paper currency at home, to ccumulate a reserve which should keep the ound sterling at parity-then gold payments vould be automatically resumed in England, s they were in the United States, after similar reparation, on January 1, 1879. IN the case of England such a step would probably necessitate careful arrangements with other markets and perhaps with other governments. But the outstanding consideration is that the British government must formally and officially make its deci Resumes Gold Payments If England sion one way or the other during 1925. Conceivably, it may decide to renew the statute and relinquish the plan of gold resumption. If it did so, it would deliberately relinquish also its claim to international primacy in finance and would give a long lead to Germany in the approaching financial competition. But the advance in sterling from $4.201⁄2 a year ago and $4.41 last August to $4.735% before 1924 was over the last-named rate being the highest since official war-time support of sterling was abandoned in March, 1919, and barely 21⁄2 per cent below gold parity-must have reflected the underlying belief of the financial world that the other course would be adopted and return to gold payments be definitely placed on the official programme. Such a policy would surely be imitated widely elsewhere; it would stimulate the goldresumption movement throughout the world. Recently Wall Street itself has learned that acquisition of gold from a foreign central mar 3 Guarantees? Yes To remove every possible factor of uncertainty about Fidelity First Mortgage Participation Certificates we guarantee these Certifi. cates unconditionally as to both interest and principal. An additional guarantee by the National Surety Company, of New York, is available to those who want it. Neither of these guarantees could be offered if the properties that secure the Fee First Mortgages were notinthemselves ample securityfor the loans, so that every investor in Fidelity First Mortgage Participation Certificates enjoys the certainty of three effective elements of security: The actual, conservatively ap praised land improved with new buildings; Our Corporate guarantee; The optional guarantee of the largest and strongest Surety Company in the world. These certificates are issued in de nominations of $100 and upwards, and interest is paid semi-annually by our own checks. Various maturities. Fidelity Safety is Real Safety Send for Booklet No. 10 Forhtu ket does not depend exclusively on the exist- MORTGAGE COMPANY ence of a "favorable trade balance." Since last April the German Reichsbank acquired on foreign markets (mainly New York) a credit of not less than 276,000,000 gold marks, or $66,000,000. It was created partly through (Financial Situation, continued on page 75) FIDELITY MORTGAGE BLDG. 1940 EAST SIXTH STREET CLEVELAND Washington, and one of the greatest of those who have held that high office. He performed many important services for his country, but the most outstanding was his reorganization of federal finance, laying a solid foundation for the future credit and wealth of this nation What he stood for in public finance can well be emulated by all who desire to build for themselves a financial future. Buy yourself a future income I The safest way is to lay a solid foundation of habitual investment in good bonds N ENGLAND men are appraised according to their incomes rather than their wealth. A man is said to be worth "a thousand a year," rather than the principal which yields that income. There is sound logic in that idea. As an investment, property, the long run, is worth the income it yields. Building up future income-providing oneself a pension, as it were-makes systematic bond investment fascinating. The fund multiplies, and with it the income. A Powerful Incentive Bond buying affords a definite incentive to get ahead. If well selected, bonds are safe. The interest is regular. The owner knows exactly what he can count on, and when. He knows that each $1,000 six per cent bond laid away, starts adding $60 a year permanently to his earnings. After retirement this bond income may become his sole means of support; eventually it passes to his dependents. A Resourceful House The house of Halsey, Stuart & Co. has built up a very extensive clientele of investors, large, small and moderate sized, who have formed the babit of bond investment. These men and women are not merely accumulating property. They are building up an income-assured, definite, permanent, over and above any active earning power of their own. 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