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one giant power plants in Pennsylvania with which provides that new bonds may be
existing hydroelectric and steam units on issued against new construction. It is INSURED
the Atlantic seaboard and in New Eng. thus possible for the corporation to borYou insure your life,
land to form a super-power system for «row its needed funds for relatively short and its contents. Now you can the whole northeastern section of the periods, or, rather, at relatively short insure your capital and income
United States forms one of the remark- intervals, restricted by carefully drawn against all possible loss. The
able steps in the development of distri- and almost standardized provisions which following Surety Companies sev
bution. In fact, the establishment of make for both the health of the financial erally insure, in varying percent
super-power systems throughout the body of the company and safety for the ages, the payment of 100% of the principal and interest of the country can well be regarded as a mile
bond buyer. first mortgages securing National stone in the history not only of the elec- In this department some months ago Union Mortgage Company
tric light and power industry but of the we printed eleven tests for a power and Bonds
United States as well, on account of the light bond, prepared by Bonbright & Co. U.S. Fidelity & Guaranty Co.,
economic and social changes it has These are most pertinent here: Baltimore
wrought and will to a still greater extent 1. Interest charges should be earned Maryland Casualty Company, in the future.”
twice before depreciation). Baltimore
The typical electric power and light 2. Bonded debt should not exceed 80 Fidelity & Deposit Company, corporation of the immediate future is a
per cent of property value. Baltimore
manufacturing company, linked with 3. Bonded debt should not exceed five National Surety Company.
others through super-power, serving a times gross earnings. New York
definite community. It may or may not 4. Property should be adequately National Union Mortgage Bonds be owned through its common stock by maintained, with combined maintenance are safe because of the insurance
one of the great holding companies and depreciation not less than 12 per feature but they could not be more than likely it is. In some cases
cent of gross. so insured unless the security
there will be divergence from type and 5. Company's right to operate propwas fundamentally sound even without this insurance protection.
the company will be, like the New York erty should extend beyond life of bonds
and Queens Electric Light and Power or be indeterminate. PROTECTED
Company, a distributing as opposed to a 6. Company should be free from comThe Standarized Requirements"
manufacturing agency. Our typical com- petition. of the National Union Mortgage
pany may have a single dominating cus- 7. Company should preferably have Company, in themselves fully tomer, the local street railway. But its customer ownership of preferred stock. protect the principal and interest end will be to seek a monopoly of cus- 8. The territory served should be of these bonds. A copy of these tomers in its region, a monopoly which prosperous and growing both in popularequirements will be sent on will be little feared, thanks to public tion and industry. request and should convince any
regulation, on the one hand, and to a 9. Earnings should show an increase investor that only the soundest
healthy degree of customer ownership, on in gross and in net for a period of mortgage practice is followed and
the other. that every possible protective
Coming now to what the investor is 10. The company's main vehicle of measure is employed to safeguard this investment.
chiefly interested in, the securities of the financing should be a modern mortgage,
power and light company, first mortgage with the issuance of additional bonds GUARANTEED
bonds and preferred stocks comprise the restricted to eighty per cent of the cost In addition to the insurance
larger portion of the offerings. There are of additions to property and allowable
available common stocks in strong com- only when interest charges are earned against loss by the Surety Companies mentioned above, all
panies, but possibly in fifty per cent of twice. mortgages are unconditionally
the corporations ownership of the com- What, if any, are the outs in the elecguaranteed by the issuing mort
mon resides in other companies-gas or tric light and power industry? So far we gage companies.
Furthermore, street railway companies—or holding have sketched the main lines of the inevery bond is guaranteed, prin- companies, which, in turn, offer their dustry and have shown nothing of the cipal and interest, by the Nation- common to the investor. There are more seamy side. “We have come," wrote
al Union Mortgage Company. readily available to the public a consider- John Moody two years ago, “to regard $500 and $ 1,000 6% Coupon Bonds
able list of preferred stocks whose yield public utility securities taken as a whole
is almost invariably high and remarkably as the most attractive and desirable class NAT'L UNION MORTGAGE CO. steady. An expert analysis of nearly all in the investment market to-day. More
the electric light and power companies in favorably and intelligently regulatea: . BALTIMORE, MARYLAND
the industry, made last year, showed than the steam railroads, fundamentally FISCAL AGENTS
that current cash dividends were being more stable in every respect than the MACKUBIN, GOODRICH & CO.
paid on all of the first preferreds; that in average industrial enterprise, the public Bankers , ESTABLISHED 1899
no case were there accumulated back utilities of the country face an assured BALTIMORE, MD.
dividends unpaid; that in fifteen cases future.” Gentlemen: Please send me your
dividends had been deferred, but were Quite true. But, in spite of this, there booklet No. 55
subsequently paid; and that in eighty- are failures and wreckings-proportionName
three companies the dividend record of ately few—such as we find everywhere. the preferreds was unbroken.
Public regulation is a degree of insurThe bonds of electric light and power ance, but is not complete insurance. City and State
companies deserve separate treatment, Judgment of bankers and engineers may but space at this time forbids. The err, has erred. This aside, the warning
111 E. REDWOOD ST.
Is this a good time to buy bonds? This
which we would issue to investors is
In some particular companies this ten-
that Detroit is the greatest automobile aster. There may well be holding comcenter on earth. In addition to automo- panies which will offer brighter prospects biles, Detroit is first in production of medicines, stoves, furnaces, overalls, adding ma
than are warranted. The exploiter, as chines, soda and salt productions, metal beds, distinguished from the true developer, cast aluminum and many more products.
cannot abstain from a field so rich. Dynamic Detroit, this wonderful, thriving The investor must, as ever, invest metropolis with its wide range of industries
after, not before, investigating.
Write for complete listings
Howard C. Wade, President
inquiry comes from many readers. Capital $1,000,000 Resources more than $10,000,000 To one we replied as follows: Or you can buy "United Bonds"
“We cannot say, for the reason that a doubly safeguarded-guaranteed
great deal depends on the course of
UNITED money rates. Money is pretty firm at
present, and if it goes down bonds will go
What this reader had in mind was THE OUTLOOK's Financial Service whether it was wise to invest at present Department is at the disposal of all high prices. This is always a puzzle. Outlook readers at the nominal charge Another answer that might have been of $1 per inquiry. It is a fact-finding given is: A good bond is always a good and reporting information service which bond, irrespective of the price. Price aims to help the investor, small or affects income and is reflected in sale large, solve his own problems. We are value. Without knowing just what the serving hundreds. May we serve you? object of the investor is, any reply must The Outlook Financial Service Department
be inadequate. THE OUTLOOK 120 East 16th Street
NTERNATIONAL PAPER 6s and the
common stock of the Delaware and Hudson Railroad interest one of our readers. Neither of these securities can be classed as a thoroughly conservative investment. Yet they are far from speculative. If purchased, they should be
carefully watched and may appreciate. BEFO EFORE investing your surplus
funds, take the precaution against loss by seeking the expert and conser
ENTY of good companies find themvative advice of your local or invest
selves in a position now and then ment banker who will gladly serve you.
when their securities, otherwise high-
ments. A Vermont reader asked this
Agricultural Chemical preferred and For after all good investment oppor
common. The record follows: tunities predominate. Caution, Care, Investigation will reveal safe and profit- This company earned neither its preable channels for your surplus funds. ferred nor its common dividends during
The Financial Article that appears the last four years. Net profits in 1924 in the October issue of Harper's
were only a little over $100,000; in Magazine will help solve your investment problems.
1923, $500,000; in 1922, $1,124,000; Form the habit of reading the financial
and in 1921, $6,000,000. The agricul. article in every issue. You will find tural depression during the past three or them profitable. All advertisements
four years, rather than anything intrin. carefully censored.
sically wrong with the management of HARPER'S MAGAZINE
the company, is said to be the reason for 49 East 33d Street, New York, N. Y.
the suspension of dividends.
are purchased by individual inves-
Write today for booklet No.11
Facts For Investors
How to Protect Your Investments
Florida's Five Reasons
for 8%and Safety THE
Eliminate the Loss
HE five reasons for the 8% rate
Florida pays on first mortgage security are directly and clearly stated in a Trust Company of Florida pamphlet. We want to send this free to those who desire to investigate before they invest. Write for it today.
Invest in Florida at 8%
Partial Payments Arranged
Paid-in Capital and Surplus $500.000
The Mail Bag
A British Protest
have read with disappointment the article entitled “Rubber," appearing in your issue of August 19. The inaccurate and somewhat petty anti-British criticism which runs through it is regrettable to those who, like myself, desire the development of the friendly relations now happily existing between the two great English-speaking nations, and it is singularly in contrast to the usual fairness and broad-mindedness of your articles.
My objections to the statements in your article are as follows:
1. It is contrary to fact and somewhat small-minded to suggest, as the article does, that one of the main objects of the Stevenson plan was to provide Great Britain with "a means of raising the money with which to pay its debt to the United States” and “to stretch the price [of rubber] to American users sufficiently to force them to pay the British debt to America.” I admit you are generous enough to say, “This may not have been altogether the conscious purpose," but the above quotations show that I am not unfairly criticising the suggestion running through your article.
The only object of the Stevenson scheme was to save the important rubber plantation industry, in which hundreds of millions of British capital is invested, from bankruptcy. The price of rubber had fallen to far below the cost of production. Many rubber estates, instead of being developed, were becoming derelict and the world was threatened with a serious shortage of this important and necessary material. Fortunately for all users, American as well as others, the British Government, at the request of the planters, took action, and the Stevenson scheme was evolved. The result in raising the price has exceeded expectations and led to perhaps temporary high prices (unfortunately, as many people on this side think); but for this the scheme is not wholly responsible, as had Ameffus users had the foresight to make their purchases when prices were low the quantities released under the scheme would have been automatically increased, as I will presently show. On the contrary, they held off in the expectation that the scheme would break down and that they would continue to enjoy the fruits of British enterprise at under the cost of production. They have only themselves to blame for their lack of
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in writing to the above advertisers, please mention The Outlook
Hotels and Resorts
Tours and Travel
CLARK'S 6th CRUISE
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BABCOCK'S TOURS, Inc., East Orange, N. J. prevail. Write, mentioning “Outlook" to Knott Hotel Chain
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foresight, which has led to a rush to buy, Firestone's rubber trees in those coun-
In conclusion I would venture to reenjoy the benefit of hundreds of millions mind you that Great Britain does buy of British capital earning little or no re- some wheat, some cotton, some copper, turn, and the cost to American users is some oil, from the United States. Do I precisely the same as to British users of dream when I remember something of the raw material.
restriction of production in these com2. The explanation of the Stevenson modities when the price proved unremuscheme in your article is both inadequate nerative? After all, surely "sauce for the and inaccurate. The scheme provides goose is sauce for the gander,” and I do that exportation of rubber from the not think the British Ambassador at Malay States should be restricted to a Washington was asked to "butt in." percentage of the standard production Please forgive the length of this letter, (400 pounds per acre), and should be and accept my appreciation of your infurther reduced or increased automati- teresting paper.
PATRICK GIFFORD. cally every three months, according as
Castle Douglas, Scotland. the average price for that period should be lower or higher than one shilling and [In business and other affairs of life threepence (say 30 cents) per pound. In the general principle holds good that is the result the exportation allowance was accepted at law—that one may be conreduced to 55 per cent in February,
sidered to intend the inevitable conse1925. Since then it has been automati- quences of his action. By this principle cally increased under the scheme to 65 we can judge of the intent of the Stevenper cent in May and to 75 per cent in son plan.THE EDITORS.] August, at which it now stands. If, however, as seems certain owing to the apparent world scarcity, the price continues to exceed one shilling and threepence, the
Even a Congressman allowance will automatically be increased Sometimes Errs on November 1 to 85 per cent, and on February 1, 1926, to 95 per cent, though, AT the request of Mr. F. M. Davenin the opinion of good judges, it will be port, whose correspondence on the many months later before many estates Institute of Pacific Relations in The will be in a position to organize their
Outlook for August 19, August 26, and labor forces, etc., so as to take advantage September 2 has made an evident imof this increased allowance. 3. It is quite incorrect to say that the
pression upon our readers, two correc
tions are made. British Colonial Office, at the request of
These are due to readthe American Ambassador, "decided to
ers of The Outlook who noted the errors. permit the export of 75 per cent instead
In the first article Mr. Davenport said of 60 per cent” of standard production. that after a study of a thousand simple As I have shown, that increase was auto- Chinese characters for one hour a day matically provided for under the scheme for six days in a week for four weeks the and would have taken place apart from average plain man or woman in China is any protest made by the Ambassador to
able to read a simple newspaper or a pacify Mr. Firestone and his friends.
simple piece of literature. The statement Fortunately, many American rubber
should have read not "four weeks” but users are better acquainted with the facts
"four months." Then Mr. Davenport than that fiery gentleman and recognize that the Stevenson scheme, in view of the
referred to Mr. T. Z. Koo as having been increasing world consumption, is proving suggested to succeed Mr. John R. Mott. a blessing to producers and consumers
This is an error. Mr. Mott, besides bealike by promising the former a return ing Chairman of the International Comon their capital and by maintaining and mittee and the National Council of the increasing the acreage under rubber, and Young Men's Christian Association, is thus providing the latter with the raw Chairman of the World's Student Fedmaterial they require.
eration. The position to which Mr. Koo By all means let Americans develop has been called is that of General Secrerubber plantations where and when they No Britisher will crab them. The
tary of the World's Committee of the world is free to all so far as he is con
Young Men's Christian Association, havcerned. But, in view of the previous ing its headquarters in Geneva, Switzerresults in the Philippines and of the cost
land, to succeed Dr. Karl Fries, of Sweof labor in Liberia, no British planter den, who has held the position for over will lose sleep o' nights thinking of Mr. four years.—THE EDITORS.
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