making foreign payments would be the same for Germany, when direct payments were resumed or when interest was provided for holders of her foreign

Germany's Own Attitude

bonds, as it is to-day. Yet the possibility of substantial recovery in the value of the mark is regarded in financial Germany with dislike and dread. The reason is evident enough. Since the existing depreciation of the currency has caused an equivalent upward readjustment in prices, wages, taxes, company capitalizations, transportation rates, and since that ninety-fold advance has occasioned a huge speculation and an excited "business boom, the German markets entertain natural misgivings as to what would happen if the economic force which has been driving prices up were all at once reversed.

Use of credit has been extended in the measure of these inflated prices. America and Western Europe saw during 1920 and 1921 what consequences in the field of credit precede and follow the sudden ending of an extravagant price-inflation movement. Germany had no part in the reckoning of those years; she has gone rapidly forward on the path of inflation. while other nations were retracing their steps. Since 1920 the paper currency of France has been reduced 4,300,000,000 francs, or 11 per cent; during the same interval the paper currency of Germany has been increased 108,000,000,000 marks, or 170 per cent. The question as to scope and character of the economic readjustment which would come with termination of that movement is by no means the least interesting question of the hour.

The Bankers Trust Company of New York is issuing periodically an Investment Letter with an informing review of the investment situation, which will be sent to investors on request.

"Bonds as Safe as Our Cities" and "Municipal Bonds Defined" are two booklets published by the William R. Compton Company, St. Louis, New York, Chicago, Cincinnati, and New Orleans. Both booklets describe the various kinds of municipal bonds and the safeguards surrounding them.

The Equitable Trust Company of New York has published a treatise, "Currency Inflation and Public Debts," written by Professor R. A. Seligman, of Columbia University, with a preface by Alvin W. Krech, President of the Equitable. The publication is of special interest to bankers, importers, and exporters, legislators and statesmen.

Write H. H. Franklin Manufacturing Company for details concerning new $1000 air-cooled, four-cylinder Franklin Car and booklet of interest to investors.

"Bonds-Questions Answered, Terms Defined," and "A Sure Road to Financial Independence," are two excellent booklets issued by Halsey, Stuart & Company, 14 Wall Street, New York City.

"The Giant Energy-Electricity." A booklet in popular form, which shows the attractiveness of carefully selected public-utility bonds, and deals largely with the wonderful growth in the electric light and power business. Published by The National City Company, National City Bank Building, New York.

Stacy and Braun, 14 Wall Street, New York City, have just published A Quick-Reckoning Income Tax Table, Revised for 1922," showing the exemption value of municipal bonds which are free from all Federal income taxes as compared with investment subjects to these same taxes. Copies may be had upon request.

"How to Figure the Income Basis on Bonds," a non-technical discussion of this important subject which investors may have simply by writing to Wells-Dickey Company, Minneapolis.

REAL ESTATE AND FARM MORTGAGE
BOOKLETS

"How to Select Safe Bonds" explains the security back of Real Estate Securities. Write George M. Forman & Company, 105 C West Monroe Street, Chicago.

Greenebaum Sons Investment Company, La Salle and Madison Streets, Chicago, will send on request their July Investors' Guide which explains how to invest savings at highest interest rates con sistent with safety.

"The South Today," a booklet describing investment opportu nities in first-mortgage bonds on Southern real estate, has recently been issued by G. L. Miller & Company, of Atlanta, Georgia.

The Mortgage and Securities Company of New Orleans, Louisi ana, specializing in Southern investments, have published a book let, "Farm Mortgage Bonds of the South," setting forth the attrac tive features of Southern securities of this type. They have also published two additional booklets, "Southern Real Estate Bonds' and "Southern Industrial Bonds.' Write for copies of these book lets.

"A Guaranteed Income" is a booklet for investors in real-estate bonds, describing the added protection of a guarantee against loss. Write the Prudence Company, Incorporated, 31 Nassau Street, New York City.

"The Story of the Mortgagette" and "First Mortgage Safe guards" are two booklets dealing with first mortgage investments in the Nation's Capital. Write The F. H. Smith Company, 1414-1416 I Street, N. W., Washington, D. C., for copies.

"Common Sense in Investing Money" is a comprehensive book let published by S. W. Straus and Company, Fifth Avenue at 46th Street, New York, outlining the principles of safe investment and describing how the Straus Plan safeguards the various issues of first-mortgage bonds offered by this house.

The Title Guaranty and Trust Company of Bridgeport, Con necticut, will furnish upon application a list of mortgage investment offerings.