(Continued)

6 per cent yield 6 per cent to 7 per cent at present. Recently the cost of living has commenced to go down; the progress in this direction has not been very noticeable to the ultimate consumer as yet, but it is perceptible nevertheless, and in all probability it will continue. The best opinion is that it will be an orderly readjustment, and this is as it should be if business is to adapt itself without trouble to the new conditions. Sudden declines are often disastrous.

No one knows how far this recession in living costs will go. But every one believes it will keep on until prices are considerably below present levels. Bankers have no hesitation in saying that as commodity prices decline security prices will rise. If commodity prices continue to decline, therefore, indications point to higher prices for good securities. Transactions in stocks have been rather light lately, and there is little activity in speculative securities which in times past have claimed a great deal of attention. On the other hand, the demand for high-grade investment securities is brisk, and of such proportions as to excite comment on the part of bankers and students of conditions everywhere. New issues are sold within a few hours after they are offered, while there is a steady absorption of the best classes of older bonds and preferred stocks. The fact that interest in speculative securities is diminishing is a healthy sign, and it is most encouraging to see the present demand for high-grade investments. It all means that companies engaged in sound

the support they deserve; and, further, that the people who are buying investments of this kind believe that the trend is toward lower yields and higher prices for securities, and that the present is an opportune time to avail themselves of the high yields and low prices obtaining.

Q.

QUESTIONS AND ANSWERS

Please give me some information about the Gulf and Ship Island First Mortgage Refunding and Terminal 5 per cent Gold Bonds, due February 1, 1952. What is the amount of this issue, the security, the amount outstanding per mile, and present price?

A. There are $5,000,000 of these bonds authorized, of which $3,781,000 are outstanding. Beginning January 2, 1905, and annually thereafter a sinking fund is in operation amounting to one per cent of the outstanding bonds. This fund is used for the purchase of bonds of this issue at a price not to exceed 110, and the bonds so purchased are held alive in the company's treasury and the interest on them added to the sinking fund. This issue is secured by the entire property rights, privileges, franchises, etc., of every name and nature now owned by the company or hereafter acquired, besides 307.56 miles of road, equipment, docks, wharves, terminals, etc. These bonds are subject to $16,000 of first mortgage 6s, due 1926, and are issued at the rate of slightly more than $12,000 a mile. Their

about 68.

Q. Do you consider Atchison, Topeka, and Santa Fé General Mortgage 4s a good bond? What is the nature of their security?

A. We believe that these bonds are entitled to a high rating. This road is generally considered one of the strongest in the country, and its total system embraces about 11,500 miles. Dividends on both classes of stock have been paid uninterruptedly since 1901. The security for these bonds is the road's principal mortgage and is a first lien, either direct or collateral, on approximately 6,585 miles of road. Their present price is about 74, to yield 5.44 per cent.

Q. I am considering the purchase of preferred stock of the American Car and Foundry Company. Will you tell me the amount authorized and outstanding, when the dividends are payable, and the rate? Is this stock cumulative?

A. This company is one of the largest manufacturers of railway supplies, freight and passenger cars. Preferred stock authorized and outstanding is $30,000,000. It has paid dividends regularly since the company was organized in 1899. The rate is 7 per cent, payable quarterly on the first days of January, April, July, and October. This stock is non-cumulative. The company has no mortgage debt.

Q. Are the Canadian Northern Railway Company 7 per cent Debenture Bonds, due 1940, guaranteed by the Canadian Government? What is the amount of this issue?

A. These bonds are guaranteed by indorsement both as to principal and interest by the Dominion of Canada. The total authorized and issued is $25,000,000. They are due December 1, 1940, and cannot be called before December 1, 1935, and then only as a whole at 1021⁄2 and interest.

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BY THE WAY

HE famous phrases attributed to cele

Torated nuen are not always theirs, so

the delvers in history say. Wellington's "Up, Guards, and at 'em!" at Waterloo, was long ago declared to be merely well invented. The phrase "Lafayette, we are here!" is usually attributed to General Pershing; but according to the "American Legion Weekly" of December 31, 1920, it was really uttered by Colonel Charles E. Stanton, Chief Paymaster of the A. E. F., at the Cemetery of Picpus near Paris. Here, says the "Weekly," on the Fourth of July, 1917, Colonel Stanton "stooped to place a wreath on I the tomb of a noble soldier of France and made one of the greatest speeches ever uttered-a speech which two republics have got by heart. It consisted of four words: 'Lafayette, we are here!'"

Other notable phrases, more or less authentic, by famous men of action, may be recalled in connection with the foregoing paragraph. Foremost, perhaps, Cæsar's "I came, I saw, I conquered." Napoleon: "Impossible is the word of fools." Louis XIV: "L'état, c'est moi." Sherman: "War is hell." Grant: "Let us have peace." Marshal MacMahon : "Here I am; here I stay." "England expects every man to do his duty." Roosevelt: "Speak softly but carry a big stick." Farragut: "Steam ahead! damn the torpedoes." Wilson: "Make the world safe for democracy." Lastly, by way of contrast, the biggest blunder of the ages, William II's slogan: "Gott mit uns."

Nelson:

Hundreds of people who were looking at a big liner off the Battery in New York Harbor as she slowly worked her way toward her pier were dumfounded the other day when they saw her suddenly cut a lighter in two. They had a second thrill a moment later when the two halves of the sunken boat reappeared. She had relieved herself of her burden of copper and tin, engine and boiler, and the double wreck bounded upward to the light again. The halves were towed to a pier and may once more, "Shipping" says, become a complete vessel.

Apropos of the recent (or present) "hold-up" epidemic, a fine bit of sarcasm is the suggestion of the "Sing Sing Bulletin," a paper published by convicts, that "it wouldn't be a bad idea to build a wall around New York City and keep all their crooks there, instead of sending them up the river to contaminate the inmates of Sing Sing."

An American woman, Mrs. Charles Burnett, a resident of Tokyo, has performed the remarkable feat of winning fourth place in the Japanese annual poem competition. Mrs. Burnett, writing in Japanese, competed with thousands of native poets. That an American should have so far mastered this difficult form of expression as to win a prize in competition with native Japanese is surely a linguistic triumph.

Japanese poetry is described as "without rhyme, without variety of meter, without elasticity of dimensions, and

How to
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This is translated as: "More fleeting than the glint of withered leaf windblown, the thing called life."

A writer in the "Railway Age" gives some suggestions as to the improvement of dining-car service on the railways. From the railways' standpoint, he says, this service is often regarded as a failure because it does not pay a return on the operating cost. The ordinary traveler, he believes, would prefer plain wholesome food in sufficient quantity at a reasonable price, with fancy dishes and other furbelows omitted. On a road where this was done, it is stated, a 36-chair car was operated by seven men, while a smaller car which served a "fancy" menu required a crew of nine. A Pennsylvania weekly paper published this advertisement, according to a subscriber who thinks it may come to be regarded as a "classic" of its kind:

As my husband, L- H-, had me advertised in the Argus for leaving his bed and board. It is a mistake. The bed belongs to me and the board we got at my home. But for me to make any bills for him to pay I couldn't expect him to pay any for me now as my folks bought my clothes while we were living together. Rudyard Kipling, according to an English paper, has carried a keepsake with him since the middle of the wara volume of "Kim" in a special leather case. It was sent to him by a French soldier, who was carrying it in action in a pocket over his heart. A bullet

knocked the soldier down, and when he recovered he found that it had driven his Croix de Guerre into the book, which, acting as an armor plate, had saved his life. So he sent it gratefully to the author.

In his final book about Alaska the late Archdeacon Stuck pays a tribute to the intelligence of the Eskimo children, but says that they have great difficulty in learning the distinction between the English letters "b" and "p." In a letter written to him by an Eskimo youth, he says, this request was made: "Archdeacon, please bray for me; me no good bray; you all the time strong bray; please bray for me."

Dr. Stuck tells of one "modern improvement" that the Eskimos have seized upon with the greatest aviditynamely, the thermos bottle! "I think that every traveling Eskimo we met was provided with it," he says. "Never was there a more beneficent invention for the Arctic regions. For untold generations men traveled these winter coasts without any such means of carrying hot refreshment; now that such a means has been devised it is immediately regarded as a necessity-and quite rightly so regarded."

The Chief Cause

of Piles

EADING medical authorities

LEAD

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It follows, then, that to prevent piles or to bring about their removal by non-surgical means, constipation must be overcome.

The Nujol treatment of hemorrhoids or piles is in a large part the treatment of constipation-that is, to bring about easy, soft, regular elimination, in such a way as to make it unnecessary to "strain"; and also to avoid the injury to the tissue by dried out, hardened

Special Real Estate Issues

The next issue of The Outlook, February 16, will contain special announcements of Real Estate for sale or for rent. Other important issues will be March 16 and April 20.

Send us information concerning your property and we will submit a suggested advertisement for your approval. The March and April issues will carry your advertisement at the height of the buying and renting season. The cost of space is only 60 cents a line. Write us immediately to catch the March 16 issue. Address

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