Important Places THE little towns haveserved faithfully as trading centers for fully half of America's population. Now they have still a greater destiny, as industry looks beyond the limits of the big city for factory sites. In the small community industry finds relief from metropolitan congestion, which exacts a high toll in fatigue and expense. It finds wholesome liv ing conditions and moderate living costs for workers. Here, too, it finds less expensive land, lower costs, breathing space and room for expansion. And the people employed in industry discover a broader life than the congested metropolis offers them-homes of their own, health for families and a higher status as citizens. So there is a new spirit and a greater activity along Main Street, for the little towns are important MIDDLE WEST places in the new and enlightened i dustrial scheme. And prominent amor the causes is the widespread distributic of electric power. The transmissic lines of the Middle West Utiliti Company's subsidiaries reach more tha three thousand small and medium-size communities, providing an ample ar economical electric power supp on which to build an endurin industrial development. UTILITIES COMPANI SERVING 3585 COMMUNITIES IN 30 STATES PROFITS in SPECULATION FOUR real "I can't understand," said one of the latter, where your salesmen find any bond buyers hese days. Everyone has learned now that the money is made in the stock market." "The bond buyers our salesmen find,” the nvestment banker said, "are people who have earned what I discovered for myself only a few nonths ago. "I have been in Wall Street for twenty-five ears, and have been closely in touch with secuity values. In speculating, I had access to all the nformation I could ask for, on earning trends, noney rates, business conditions and every other undamental, and made full use of it in deciding what and when to buy and sell. During the past ifteen years, I tried practically every way of playng the speculative market that was ever devised. "A few months ago, I looked over the records on all my stock transactions since 1913, to find ut exactly where I stood. You will be surrised, as I was, to learn that my speculative tock market operations cost me about $100 a 皆 month for fifteen years. Obviously, it was not a profitable experience, in spite of my opportunities for unusual success. "I am not talking bonds against stocks at all, I am talking investment against speculation. I would much rather have my customers invest in stocks than speculate in bonds. Too many people confuse those four things, especially just now. "No one can be at all sure of making money except in the long run. No one can tell whether bonds will prove more or less profitable than stocks in the next five or ten years, but in either case, if you have to liquidate suddenly at the wrong time, you will not be sorry that you own plenty of good bonds." To help you build your investment structure general trend of values, we have prepared the to fit both your own circumstances and the Personal Investment Guide. You will find this booklet useful in deciding what part of your capital to place in bonds, what part in stocks, and how your bond account should be spread among rail, utility, municipal, real estate, foreign and industrial issues to effect proper diversification, with your own individual needs in view. A copy will be mailed you upon request. WILLIAM R. COMPTON COMPANY Investment Securities MEMBERS: Chicago Board of Trade New York Cotton Exchange OFFICES: New York Minneapolis Duluth HE increasing use of the telephone during the past 52 years has had much to do with the tremendous economic growth of the United States. A great army of workers builds, operates, and maintains the telephone systems, aiding you in the rapid and efficient conduct of your business. With the telephone, business is conducted promptly and effectively. Capital invested in this steadily growing business is productive. Aletterwill bring complete details regarding attractive telephone securities on our current offering list. Paine, Webber & Co Founded 1880 THE Investors' Library THE search for information on the part of individual investors is one of the encouraging signs of the times. The Atlantic Monthly, in connection with its Financial Adver tising Department, wishes to encourage this by the publication of the following list of booklets, which, it is believed, should prove useful to those readers who are concerned over the prob lems of the investment of their surplus funds. It is recommended that readers write directly to the invest ment houses, making request for such booklets as seem most likely to be useful, or for such information as the booklets may suggest. Our banker friends will be glad to be of service to Atlantic Monthly readers. "Successful Investing." An interesting booklet for investors. Offered by William R. Compton Company, 7th and Locust Streets, St. Louis, Missouri. "A Valuable Aid to Banks and Investors." A booklet describing how the Department of Economics and Survey serves investors by furnishing investment counsel, free, to individuals and institutions. Offered by A. C. Allyn & Company, 67 West Monroe Street, Chicago, Illinois. "Investors List." A monthly list of various securities, with comments, useful to investors. Offered by Paine, Webber & Company, 82 Devonshire Street, Boston, Massachusetts. "Water Service -the Aristocrat of Utilities," is an interesting booklet describing water bonds as a sound form of investment offered by P. W. Chapman & Company, Inc., 170 West Monroe Street, Chicago, or 42 Cedar Street, New York City. "Securities Backed by Modern Road Building." The largest road-building organization in the United States, Warren Brothers Company, of Cambridge, Mass., offers an illustrated booklet giving interesting facts about the Company and its work. Apply to Paine, Webber & Co., 82 Devonshire Street, Boston, Massachusetts. "Insuring Your Intentions." A booklet giving much interesting information about the life insurance trust service and its possibilities is offered by the Guardian Trust Company (Allan B. Cook, Vice-President), Cleveland, Ohio. 01928 Crossways of Progress Near where the Potomac turns southeast to the sea five highways converge: The river, which for ages bore the Indian canoes to tide-water; the old Chesapeake and Ohio Canal, which in its great day carried thousands of settlers to the western country; the stone pike over which Lee brought his veterans to northern battlefields; a modern steam railway; and the high tension power line of one of our subsidiary electric. companies. We owe much to highways-to roads of travel, and to these new pathways of power which carry energy from where it can best be produced to the place where it is most needed. An Industry That Never Shuts Down AMERICAN WATER WORKS AND ELECTRIC COMPANY INCORPORATED |