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On this basis we offer

First Mortgage Serial Gold Bonds

(non-taxable in this State) in denominations of

$100 and $500

payable 1 to 10 years (interest semi-annual), secured by Business and Apartment House properties in Seattle; also FIRST MORTGAGES on Seattle Residential properties in amounts of

$1000 to $5000

We solicit the business of careful and cautious =

Investors; those who look first to Safety and Con- 1

servatism, rather than to attractive Interest rates. §

It is the Policy of this Company to convert at §

par any Bond purchased through it at any time =

upon reasonable notice. §

Write for descriptive literature S
Ettulliiktcl IS Yeesri -

Goodwin Real Estate Cp I

INCORPORATED

Bond and Mortgage Department

1004 Second Ave. Seattle. Wash.

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this was precisely what had not occurred in the steel trade; for the excellent reason that the mills were under so great a strain of work to meet legitimate and urgent orders that no sales were made except to customers w ho needed the material, and then, at times, only on contract for delivery six months or one year later. But the man whose present business plans made essential the obtaining of steel and iron was in another position. With the requirements of governments rising from 15 per cent of the annual production to something like 40 per cent, the opportunity for getting what he needed narrowed rapidly. At length came a Washington despatch, apparently official, actually most erroneous, declaring that the United States Government, in behalf of itself and its Allies, might presently commandeer the -output of every steel mill in the country. It was the wild bidding which ensued from outside consumers that carried the price of steel to $100 a ton.

IT is necessary to keep these considerations carefully in mind in order to understand just what has happened. At this present writing, buying of wheat for future delivery is under such restrictions as virtually to prevent speculation for future delivery- Therefore neither a -^r; foreign government nor a home miller can provide for future requirements through buying contracts for delivery on the grain exchanges. The new regulation, as the Chicago Board of Trade directors themselves pointed out, " compels those requiring wheat for immediate purposes to make purchases from farmers or grain dealers." Since the farmer is able to stand out for high prices, it might easily result from this elimination of the speculator, all other things remaining equal, that the effort to cheapen wheat would be entirely defeated; or at best, that prices would be relatively low at harvest time, when the new wheat was on sale in abundance, but proportionately high at the season's end, when comparatively little grain was left to sell. It is in such respects that the speculator regulates prices, through buying contracts for future delivery when prices are low and selling when they are high.

But all other things are not equal; for the government is placing in the hands of Mr. Hoover's commission the general control of food supplies, including distribution; while regulation of exports, according to the individual needs of foreign consuming states, has similarly been placed in the administration's hands. Determination of the reasonable price for sleel on government contracts has been referred to the Federal Trade Commission. Cotton prices have not yet been touched; but other commodiAn Alarming Step Toward State Socialism

been taken up, with a view to regulation of the price.

IT will appear from our examination of the subject that the purpose of these measures is not only to prevent extortion by producers, but to avert such reckless and panicky bidding by consumers as even the most careful endeavors of producers might be unable to control. Nevertheless, to many thoughtful minds this assumption of arbitrary power over markets and prices, by the government, is a long and alarming step toward the fastening of state socialism on our institutions. When it is seriously threatened that, in default of readjustment of the inflated prices, the Federal Government will take control of the country's entire wheat crop or seize the mills of recalcitrant steel producers, the United States would seem to have swung far from its oldtime economic moorings.

Something, perhaps much, of these wartime innovations will be perpetuated in our own governmental system when the war is over. No great war ever leaves a country's political and economic institutions just what they were before, and this is a war which is shaking the whole framework of human society. The war expedients and the arbitrary "war powers" of our civil conflict of the sixties did not by any means all survive the war; but American political institutions were certainly not the same after it as they had been before it. The permanent changes which this present war will have caused are as sure to affect the social and economic structure as the political; to-day we are no more able to say what those permanent changes will be than were the Americans of 1863 and 1864. In the economic field, however, there is much to cheer the American mind. Of our financial situation we have had and are having a convincing test of strength and soundness; and, in spite of the recent violent disorder in the markets for commodities, the longer view can also find grounds for reassurance in the commercial, industrial, and agricultural situation. There is a good deal of genuine significance in the fact that whereas Europe's entry into war was signalized by the closing of the stock exchanges, because otherwise the whole world would have sold the investment securities of those countries at ruinously low prices, our own entry into war was followed by shutting down on trading in grain and cotton exchanges, because otherwise the whole world would have continued to buy our products at ruinously high prices. The real sources of economic wealth are in our hands. The war has not destroyed them.

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When

Swift Construction

• e\7if-al I" these days of tremendous issues, UCU. when the indugtrial forces of the

country are called upon for superlative effort, speed in construction work is frequently a vital necessity.

Industrial plants which are compelled to erect new building;) or extensions in order to increase their output will find in this organization the engineering efficiency and physical equipment which insure both swiftness and thoroughness. The purchasing power made possible by the large scnle of our operations enables us to materially cut costs—savings iu which our clients participate.

No engineering undertaking too large or too small for u* to handle.

Write for Booklet, "The Puzzle of Prosperity*'

W. S. Barstow & Company, Inc. 50 Pine Street - - New York City

BARSTOW-BUILT

MEANS BUILT WITH BRAINS

INVESTMENT LITERATURE

Directly from our advertisers or through our Investor's Service Bureau, readers of Scribner's Magazine may obtain, without charge, authentic literature pertaining to any investment or financial subject.

Readers may write direct to the following investment bankers at the addresses given, mentioning Scribner's Magazine, or they may check the literature desired, sign the coupon below, and mail this page to the Investor's Service Bureau, ScribNer's Magazine, 597 Fifth Avenue, New York.

(Continued on page 66)

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THE most interesting discussion which can come up in the family circle is about"our house.'' Each member of that household can visualize "our house" as it will look when ready to occupy.

To father and mother the interior trim—the "woodwork " is all important. They realize that this is the part of " our house" that they must live with—and it must be harmonious,and in&oodtaste.

"Beautiful birch" (veneer or solid) has solved the question of interior trim for thousands — to their lasting satisfaction.

Its lovely "satiny" sheen, due to close fcrain, permits of the widest latitude in shades of finish, including white enamel (it seems as though birch were made to order for the exacting demands of the enamel finishes).

"Beautiful birch " has all the virtues expected of a hardwood. Very hard, practically mar-proof and economical in price—and because of these it has earned its honored place amonfe America's popular hardwoods—used everywhere.

FREE May we send you some little birch panels showing different finishes, and handsome birch hook? You should know birch before you build.

NORTHERN HEMLOCK and HARDWOOD MANUFACTURERS' ASSOCIATION

215 F. R. A. Buildinfe, Oshkosh, Wisconsin

The Premier Investment: li'm. R. Compton Co., St. Louis. Mo.

"The South and Southern Municipal Bonds": Stacy cr Broun. Toltdo. Ohio.

Record and Analysis of United State* and Foreign Government Bonds: C. F. Child* jr Co., Chicago. III.

Investing Your Monthly Savings: Lloyd Co.. 135 Broadway. Xew York City.

Xew Circular Descriptive of Cities Service Preferred and Common: Henry L. Doherty Co.. 00 Wall St.. Xcw York City.

The Management of Your Estate: Union Trust Co.. So Broadway, .Xcw York City.

Industrial Service: The Xaiional City Company, Xcw York

City.

Selected Investments: Peahodw UouKhlding £r Co., Chicago, III.

Inventing Sioo to $10,000: HamhUton Co.. 43 Exchange PI., Xew York City.

Airgu=t Stock and Bond Investment Suggestions: Merrill, Lynch if Co.. ; Wall St.. Xcw York City.

Acid Te^ts of Investments in War Timev S. W. Straus <sr Co.. 150 Broadway, Xtw York City.

$100 Bonds {John Muir *r Co.,

Odd-Lot Investment J 61 Broadway, Xew York City.

l>oherty News: Henry L. Doherty jr Co., 60 Wall St., Xcw York City.

6*^ First Mortgage Bonds Secured by Seattle Property: Goodwin Real Estate Co., Seattle, Wash.

How Investments May be Made Tax Exempt in New York Stale: Xational City Company. .Xcw York City.

Investment Suggestions: Sheldon. Morgan j* Co., 42 Broadway, Xcw York City.

Par Yalue of Stocks Listed on the New York Stock Exchange 'when Par Yaries from Usual $100): Lloyd j* Co., 135 Broadway. Xew York City.

Sugar Stocks: Hartshorne & Battcile, 25 Broad St.. .Xew York City.

Safety and Profit in Central Kansas Farm Mortgages: The Perm Mortgage Co., Topcka, Kans.

How to Invest in Standard Securities by the Partial Payment Plan: Harris Winthrop & Co., 15 Wall St., .Xew York City.

Back of the Investment \ 77. M. Byllesby fir Co.,

Byllesby Management J" Chicago, III.

Federal Farm Loan Act: Geo. M. Porman 3" Co., Chicago, III,

August Investment List: .S. IV. Straus j* Co., 1 so Broadwav, .Xew York City.

Income Tax Record rfor recording next year's taxes): Wm. H, Compton Co., St. Louis. Mo.

Partial Payment Plan: Sheldon, Morgan jr Co., 42 Broadnay. .Xew York City.

Making Money Work: McCtave 3r Co., 67 Exchange PI., .Xew York City,

How Forman Farm Mortgages Are Made: Geo. M. Porman jr Co., Chicago. III.

Kansas Farm Mortgages: Perkin> -> Co., Lawrence, Kans.

Lacey Profit-Sharing Bond: 3ame\ D. Latey Timber Co., 332 S. Michigan Ave., Chit ago. III.

Weekly Market Letter: McClaie > Co., 67 Exchange PL, Xew York City.

Partial Payment Plan: L. R. Latrobe > Co., in Broadway Xew York City.

Street Improvement Bonds: Oakland Street Improvement Bond Co., Oakland. Cal.

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ISCRIBNERS |

MAGAZINEl

%nJfenry van Etyke's

liting For Peace *

^j ijSictment of The Potsdam Gang

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Stories by John Fox Jr. gs

J.B.Connony and others t«

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Our Railroads in War Time ^

President Fairfkx Harrison M

OurNavyYaixlsiindGiitiWorksiiiWarTime M Authorized Drawings by Veriion Howe B«»iley

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CHARLES SCRIBNER'S SONS NEW YORK

SreSHsaSS) 5W-5W rDTH AVI.NEWYORK - CONSTABLE & COMPANY LIMITtD!

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