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O turn money into bonds that most exactly meet your present and future requirements calls for the counsel of technically trained advisors.
With the help of The National City Company's specialized information and experienced advice, investors throughout the country are building their well-planned financial future step by step-bond by bond.
We invite you to come to any of our offices to make the personal acquaintance of our local representative-a useful man to know. He will gladly talk with you about your financial structure and will, if you wish, put before you our list of well-secured bonds from which your choice may be made.
handle first mortgages and first-mortgage bonds and have not made the effort to educate the people to investment in this class of security.
"We feel that this condition largely accounts for the fact that interest rates in such towns are considerably higher than in cities like Chicago and New York, even though the security may be just as good."
From the Northwest we received this:
"The present prevailing rate on small loans in the Pacific Northwest at this time is 7 per cent. While it is true that some agencies are advertising 6 per cent money for choice home loans, close examination reveals the fact that there are always conditions attached to them, such as life insurance requirements and other conditions that really equalize the rate to about 7 per cent. This rate is subject to an increase up to 8 per cent, according to location.
"That is to say, the better neighborhood and surroundings in close proximity to the best section of the city command lower rates than property otherwise as desirable but in the outlying sections of the city or its environs. The maximum is 8 per cent, the scale running from 7 per cent to 8 per cent. depending upon location, etc.
"Your question as to how these rates are fixed is probably answered in the above, with the exception that your question may go to the reason for the base rate, which is as above stated, 7 per cent. The foregoing gives you my reason for the sliding scale from that up. I do not know that I can successfully answer the question as to what fixes the base rate of 7 per cent. It has been recognized as the normal base rate for loans in this class for a good many years, and rates here have always been normally higher than Eastern mortgage rates.
"The fact that the base rate is higher than Eastern rates is, I think, very easily explained by the well-recognized fact that it is a newer country, far removed from the large financial centers, and naturally and normally requires a higher rate to attract money. This is becoming more equalized, however, as the old rates for safe loans in years gone by were as high as 12 per cent. I have not attempted to discuss rates during the war and for the last two years up until about six months ago, as they were abnormally high and fluctuating," A New York City concern wrote us as follows:
"At the present time we are loaning money at 6 and 62 per cent. In New York it is increasingly difficult and almost impossible, in fact, to get really good loans at 61⁄2 per cent. We closed one loan on an apartment-house last week at 6 per cent, and I am inclosing a circular.
"Outside of New York we still negotiate on a 61⁄2 per cent basis. It is probable, however, that before long we will be back to 6 per cent everywhere, as
there is steadily increasing difficulty in getting 6% per cent for our customers on really sound and meritorious building projects.
"You ask how these rates are fixed. They are fixed simply by the law of supply and demand. When we could get 7 per cent for our customers with safety we got it. As more money became available interest rates naturally declined and we had to lower our rate to 62 per cent, because it was only for a comparatively short time when rates in general were high that borrowers having really good loans were willing to pay the 7 per cent rate. Now, as I have stated above, we are contemplating a further reduction of the rate in order to be able to continue to supply our customers with good loans."
The following statement came from our correspondent in the South:
"The question is sometimes asked by persons living in other sections than the South, 'Why do Southern investments offer a higher rate of interest than do exactly similar investments in other parts of the country?' The reason is simple, and so obvious to those who live and do business in the South that they never question it. Briefly stated it is as follows:
"First, the South is in the midst of a period of great industrial and commercial expansion, which makes necessary an extensive programme of building.
"Second, the liquid capital of the South is not sufficient to finance these improvements; outside money must be brought in.
"Third, the resultant demand for funds to carry on legitimate development is so great as to swamp most of the ordinary agencies for supplying this money.
"Fourth, the great investing public has not yet had time to become thoroughly awakened to the situation in the South and the splendid opportunity it offers them.
"Actual construction contracts awarded in the sixteen Southern States in 1921 amounted to $400,000,000. Preliminary announcements of building projects during the year involved nearly $1,000,000,000. In many of the cities half of the total valuation of permits issued was for dwellings, apartment structures,.and hotels. In the last quarter of 1921 construction contracts amounted to $110,171,489, and projects initially announced to $241,773,777. This indicates that 1922 will witness more building activity even than 1921, which surpassed all previous records in volume.
"Authorities agree that the period of
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Six Types of Investors
Which Group Are You In?
No matter in which group you find yourself
There is but one fundamental upon which the
greater expansion thus begun will continue for many years-probably for the next half-century. This means that money in large sums must be brought into the South from all sections of the United States for a long time to come.
"From this condition results the attractive legal rate of interest paid in the South-a rate which is on the average 1 per cent more than is paid in fully developed sections."
These letters give the prevailing rates. Boiled down, the answer to the question
The Man Who Spends All To the man who finds it extremely difficult to save it is especially important that a way be found that not only encourages him to make saving a habit but also assures him of absolute safety. A plan awaits every man or woman in this group.
as to how the rates are fixed would seem to be contained in three words-supply and demand. The rate depends upon the supply of money and the demand for it. The general rule that the higher the yield, the lower the degree of safety, apparently does not apply as forcibly to this class of investments as to bonds and stocks generally. But there is one extremely important rule to be observed in buying leal estate mortgage bonds, and that is, be sure about the standing and reliability of the house with which you deal.
THE OUTLOOK CLASSIFIED ADVERTISING SECTION
Advertising Rates: Hotels and Resorts, Apartments, Tours and Travel, Real Estate, Live Stock and Poultry, sixty cents per agate line, four columns to the page. Not less than four lines accepted. "Want" advertisements, under the various headings, "Board and Rooms," "Help Wanted," etc., ten cents for each word or initial, including the address, for each insertion. The first word of each "Want" advertisement is set in capital letters without additional charge. If answers are to be addressed in care of The Outlook, twenty-five cents is charged for the box number named in the advertisement. Replies will be forwarded by us to the advertiser and bill for postage rendered.
Address: ADVERTISING DEPARTMENT, THE OUTLOOK, 381 FOURTH AVENUE, NEW YORK CITY
Tours and Travel
THE BEST IN TRAVEL
2 months of Winter Cruising through Summer Seas. Sailing from New York, Feb. 10, on S. S. "Rotterdam." Write for Booklet.
45 days-New York to New York.
Sailing Jan. 9 and 16, on S. S.
Mexico--For the first time in 12
Europe-Special Tours to the
Japan-China-The ideal year
RAYMOND & WHITCOMB CO.
22% Beacon Street, Boston
THE BEST IN TRAVEL, FREE TRIP TO EUROPE will be an organizer of a small party. Established 1900.
BABCOCK'S TOURS. 13 Halsey St., Brooklyn.
and Mediterranean Lands Nile Cruise to Second Cataract
in private steamer. Long Tour sails January 6 by ADRIATIC. Also
Later sailings and shorter tours.
Write for information to
BUREAU OF UNIVERSITY TRAVEL 5 Boyd Street, Newton, Mass.
Rates for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country FOREIGN TRAVEL SCHOOL FOR GIRLS
January 17-June 29 Harmonizes travel and study. Rome, Florence, Paris, London, Edinburgh. References required. Price includes travel, chaperonage, instruction in language, literature, art, music and history. Write for prospectus,to Miss HELEN UFFORD, Director, Park Avenue Hotel, cor. Park Ave. and 32d St., New York City, or to
Mr. L. V. ARNOLD, Sec'y and Treas., 350 Madison Ave., Suite 1306, New York City.
Hotels and Resorts
San Ysidro Ranch
Furnished bungalows of various sizes; sit
All-Year-Round Home Friendly Tucson
For sale, in the foothills of the Berkshires,
a country place of about 8 acres, situated in the midst of charming scenery. Colonial house of 14 rooms, 6 open fireplaces, steam heat, 3 bathrooms; stable with living quarters, 2-car garage, chicken house and yards, ice house, flower and vegetable gardens; never-failing water supply from individual spring. Waring sewage disposal system. Admirable church and school advantages and golf. Fine town library. An all-year-round home of charm and comfort. On Litchfield branch of N. Y. & N. H. R. R., 28 miles from Danbury by motor, 40 miles from New Haven. For further information address
For Sale or Rent in Florida
Modern home, 8 rooms, bath, garage, dock, boathouse, sleeping-porches upstairs and down (small 3-room cottage with bath, for help, rented now), also 2 acres land, all in grove, beautiful tropical shrubbery, 112 feet water frontage on Indian River. Cottages, completely furnished, ready now. Write
BLAIR, COCOA, FLA., Box M. Will sell about half cost, or rent $600 season.
bungalow camp on
uated on the four the am tre range Rent, Furnished Dear Palm Beach,
St. Lucie River. $200 month, 2 months or more. 3 bedrooms, electric light, fruit; motor boat extra. Wm. A. Selser, Jenkintown, Pa. Furnished Florida home. Bargain if sold by January. 5-room modern bungalow; 160 feet of porches. College and academy in town. Large lot, faces park; 3 bearing orange trees; deep oak shade. Box 7, San Antonio, Fla.
The foothills of the Berkshires. A restful Sorrento, Fla. Attractive country home,
Rock Ridge Hall, Wellesley Hills,
Mass. Fine location. Running water in
bedrooms. Pleasant forest walks and country drives. Our table a specialty. $15-$25 a week.
NEW YORK CITY
all modern conveniences, two bathrooms, sleeping porch. Ideal location. Fine spring water. For quick sale. $10,000. Address owner, Box 94, City Point, Fla.
FOR SALE Unusual opportunity-long and well-established fully equipped tea-room, Splendid opportunity for two friends. Address 7,947, Outlook. NORTH CAROLINA
Hotel Webster For Rent, season of '22-23, Fur
(Near 5th Avenue)
40 West 45th Street
Cottage. 6 rooms, screened and open porches. Central, in tourist town of the Carolina sandhills, 7 miles from Pinehurst. Terms attractive. 8,255, Outlook. SOUTH CAROLINA
Directly in the fashionable club and shop For Sale in Camden, S. C. Large mansion
Rates and map gladly sent upon request.
HOTEL JUDSON 53 Washing
ton Square adjoining Judson Memorial Church. Rooms
minding meals. Special rates for two weeks with and without bath. Rates $3.50 per day.
or more. Location very central. Convenient to all elevated and street car imes.
acres of beautiful improved grounds, located in most desirable part of Camden, near golf links Suitable for private home, school, or hotel. Address Henry Savage. Camden, S. C.
cheerful, first floor room with sleeping alcove. Suitable for two ladies or couple. Good home cooking. 14 hours from New York. 8,307, Outlook
Paying Guests Received Lovely
bids you come
Glorious outdoor life all the sunny winter awaits you in Tucson, garden city of Ari
Golf, motoring, horseback-riding, hunting, polo, interesting old missions, colorful Indian life, or just luxurious, lazy enjoyment of the invigorating sunshine-for rest, play, and physical upbuilding there is no finer city.
Little Rain-Dry Air Half a mile above sea-level, Tucson lies on a level mesa encompassed by gorgeously colored, lofty peaks. Rainfall is slight. No fogs. The air is dry and crisp. From October to May the mean monthly temperature never exceeds 72° or falls below 49°.
Friendly Tucson, with its 25,000
A modest income will command
Sunshine Climate Club ARIZONA
TUCSON SUNSHINE-CLIMATE CLUB, 151 Old Pueblo Bldg., Tucson, Arizona. Please send me your free booklet, "Man-Building in the Sunshine Cli
Clark's 3rd Cruise, January 22, 1923
EMPRESS of FRANCE" 18481 Gross TONS
"EMPRESS of SCOTLAND" 25000 Gross Tons 65 DAYS CRUISE, $600 and up
Frank C. Clark, 401 Times Building, New York
YOUR WANTSin every line of household, educational,
business, or personal service-domestic workers, teachers, nurses, business or professional assistants, tc., etc.-whether you require help or are seeking a situation, may be filled through a little announcement in the lassified columns of The Outlook. If you have some article o sell or exchange, these columns may prove of real value o you as they have to many others. Send for descriptive cirular and order blank AND FILL YOUR WANTS. Address Department of Classified Advertising
The Outlook Company, 381 Fourth Ave., N. Y.
surroundings and most excellent
We shall be pleased to send illustrated
booklet upon request
Sanford Hall, est. 1841 Private Hospital
For Mental and Nervous Diseases Comfortable, homelike surroundags; modern methods of treatment; ompetent nurses. 15 acres of lawn, ark, flower and vegetable gardens. food the best. Write for booklet. anford Hall Flushing New York
BOARD AND ROOMS
FOR one or two business women, large mny room, large closet, with or without oard. In private family in delightful near-by burb which offers many advantages and tive community life. Rates moderate. eferences. 2,951, Outlook.
IUSINESS OPPORTUNITIES SAFE 8% FIRST MORTGAGE INCOME ERTIFICATES additionally secured, tax Lempted, quarterly payments. Permanent reconvertible. Ask circulars. Home Buildg & Loan Co., Jacksonville, Fla.
PLAYS, musical comedies and revues, instrel music, blackface skits, vandeville ts, monologs, dialogs, recitations, enterinments, musical readings, stage handok, make-up goods. Big catalog free.
Denison & Co., 623 So. Wabash, Dept. 74, icago.
HAND-COLORED COPLEY CRAFT HRISTMAS CARDS will be sent on ten ys approval. The Line is best known for distinctive verses. Jessie A. McNicol, 18 -antington Ave., Boston, Mass.
UNIQUE Christmas cards, ten and fifteen cents. Anna Wildman, The Clinton, Philadelphia.
WANTED-Competent teachers for public and private schocls. Calls coming every day. Bend for circulars. Albany Teachers' Agency, Albany, N. Y.
DIETITIANS, cafeteria managers, governesses, matrons, housekeepers, superintend ents. Miss Richarda, Providence, K. I. Box 5 East Side. Boston Office, Trinity Court, Fridays, 11 to 1. Address Providence.
WANTED-Teachers all subjects. Good vacancies in schools and colleges. Interuational Musical and Educational Agency, Carnegie Hall, N. Y.
UNUSUALLY desirable stationery for any 200 sheets high type of correspondence. grade note paper and 100 envelopes printed with your name and address postpaid $1.50. Samples on request. We sell hundreds of boxes for Christmas gifts. Please order early. Lewis, 284 Second Ave., Troy, N. Y.
OLD Hampshire bond; 100 sheets (6x7) and 75 envelopes, printed, $2 delivered. Franklin Printery, Warner, N. H.
FOR $1 postpaid. 200 sheets bond notepaper and 100 envelopes printed with your name and address. Good paper and first-class work. Samples stamp. M. C. Harp, Lansingburg, N. Y.
HELP WANTED Professional Situations COUNCILOR, Protestant, with following, boys' summer camp, Maine. 2,905, Outlook.
HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay. fine living, interesting work, quick advanceWrite for free book, ment, permanent. YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Room 5842, Washington, D. C.
WANTED-College professors with experience in European travel to conduct highgrade parties during the spring, summer, or winter. 8,306, Outlook.
Companions and Domestic Helpers WORKING housekeeper-Family of four and governess. Cooking; waiting; no washing. References. Telephone Scarsdale 283, or P. O. Box 54, Scarsdale, N. Y.
Companions and Domestic Helpers RELIABLE, refined, Protestant lady to take care of three children and home twenty miles from New York. 2,961, Outlook.
WANTED-Resident or non-resident housekeeper. Intelligent, refined woman to take entire care of lady's apartment of six sunny rooms at moderate salary. Requirements: Protestant, under forty, fine but light cooking. A happy home in lovely surroundings for the right person. 2,964, Outlook.
WANTED-Refined Protestant young woman to care for child four years old during the day. Brooklyn Heights. 2,969, Outlook.
Teachers and Governesses
MAN or woman to head department of education in Southern college for women, work beginning November 15. Woman to teach high school French. College graduates; fine salaries. The Interstate Teachers' Agency, Macheca Building, New Orleans, La. WANTED-Young nursery governess for little girl of four. 2,942, Outlook. New York in winter.
WANTED, in New York City, a college graduate, with some experience in teaching, for four hours every afternoon to supervise school work of girl of 14 or teach if absent, also to go out with her for lessons, recreation, etc. State age, experience, references, and salary expected. 2,955, Outlook.
WANTED-Governess and mother's helper. Protestant. Country home, two children. Phonetic system kindergarten. Young, cheerful disposition. References. Salary $50. 2,967, Outlook.
NURSE, practical, refined, reliable, desires care of invalid, matron institution or nurs ing. Any executive position. 2,960, Outlook. Companions and Domestic Helpers REFINED, active, middle-aged widow wishes position as companion and assistant or managing housekeeper where maid is kept. Would travel. References exchanged. 2,962, Outlook.
GENTLEWOMAN desires position as companion, housekeeper, or housemother. Some institutional experience. 2,963, Outlook.
EDUCATED woman, Christian, used to responsibility, understanding requirements of refined home, to take supervising charge of house. References. 2,958, Outlook. COMPANION to lady, capable, educated, mother's assistant. Good all around sewer. Protestant. 2,957, Outlook.
YOUNG woman, highly cultured, widely traveled, would act as traveling companion for expenses. References. 2,956, Outlook.
SITUATIONS WANTED Companions and Domestic Helpers EXPERIENCED man will care for elderly or invalid gentleman. References. Box 257, Hugoton, Kansas.
ENGLISH college graduate, 25, bright, cheerful companion, to refined lady or gentle man; also knowledge of housekeeping and nursing: would travel. References and interview. 2,947, Outlook.
INFANT'S nurse, English, best references. Address Nurse, 336 West 55th St., New York.
WANTED, by a gentlewoman, a position of trust in home, institution, or field work. Valuable experience in housekeeping and social service work. Highest references. 2,953, Outlook.
Teachers and Governesses TRAINED woman desires to tutor in New York City. Psychology, literature, Latin, mathematics, history. Day or evening. Address 2,950, Outlook.
PROFESSIONAL nurse owning luxurious home would like elderly couples or persons as guests or patients. Address 2,948, Outlook.
TO young women desiring training in the care of obstetrical patients a very thorough nurses' aid course of six months is offered by the Lying-In Hospital, 307 Second Ave., New York. Monthly allowance and full maintenance is furnished. For further information address Directress of Nurses.
MISS Guthman, New York shopper, will shop for you, services free. No samples. References. 309 West 99th St.
BOYS wanted. 500 boys wanted to sell The Outlook each week. No investment necessary, Write for selling plan, Carrier Department. The Outlook Company, 381 Fourth Ave., New York City.
M. W. Wightman & Co. Shopping Agency, established 1895. No charge; prompt delivery. 25 West 24th St., New York.
EXCELLENT private home and nursing for limited number tubercular patients. Special diets. Address 2,949, Outlook. WANTED-Defective people Address W., Pawling, N. Y.
CAPABLE young woman out of city desi manuscripts to typewrite at 25 cents typed page, paying return registry and age. Price includes one carbon cop Outlook.
American Bankers Association
Ask for them at your bank or write for particulars to
BANKERS TRUST COMPANY
New York City
About A-B-A Cheques
-universally used by travelers in every land.
-your counter-signature in presence of acceptor identifies you.
-safe to have on the person because they can not be used until they have been countersigned by the original holder.
-safer than money, and frequently more convenient than Letters of Credit because the bearer is less dependent on banking hours.
-issued by banks everywhere in denominations of $10, $20, $50, and $100. -compact, easy to carry, handy to use.
BY THE WAY
E all have our little tricks in speech or in writing," says Philip Hale in the Boston "Herald." "Jones will never forsake 'however;' Brown has sworn fidelity to 'nevertheless;' Robinson begins every other sentence in a speech, stump or after-dinner, with 'Now.' The word 'angle' is often overworked. 'From this angle it seems.' There was a time when 'it bulked' was used ad nauseam. 'It is a far cry' is another overworked phrase." "What's the big idea?" "The right slant," "Good eats," "intrigued," "You said it," are other bromidian expressions that are likely soon to go to the melting pot.
"Tom Sawyer" was not completed all at once. Mark Twain had to stop when he was half through and wait two years before he knew how to finish the story. "At page 400 of my manuscript," he says in a chapter of his hitherto unpublished "Autobiography" in "Harper's Magazine," "the story made a sudden and determined halt and refused to proceed another step. . . . The reason was very simple-my tank had run dry." After a couple of years he took it up again. "It was then that I made the great discovery that when the tank runs dry you've only to leave it alone and it will fill up again, in time, while you are asleep. . . . There was plenty of material now, and the book went on and finished itself without any trouble."
"During a recent visit to the Tower of London," a subscriber writes, "while in the armory, we saw a mace that bore the inscription, 'Borne before Charles II.' 'Born before Charles the Second!' another visitor said; 'how could that be?'
"The story told by Bishop Candler, of Atlanta, and quoted lately in your column, was told to me in the summer of 1857 by the Rev. James R. Bourne." So ¦ begins a letter from a subscriber, and makes us feel blue at having inadvertently worked off another old chestnut But our much-enduring readers. this reassuring sentence follows: "I have never heard it since except perhaps two or three times when I told it myself, nor have I ever seen it in print before." Apropos of another subject, our friendly critic continues: "Rather curiously, the next year at school I studied Gillespie's Surveying, and he describes a method of mapping which Mr. Kennan describes as being used by Alexander Graham Bell."