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The lawyer uses keen discrimination in making investments. Among his
most important functions is the task of selecting securities for clients, who
depend upon the soundness of his counsel. In a position of such respon-
sibility, he insists upon the best in current investment opportunities.
Lawyers, trustees and executors in every section of the United States refer
regularly to the Compton List of Bonds-evidence of the reliability of
this Investment Guide.
With a copy of this list in hand, you will realize its value to the investor

who desires a comprehensive range of choice, well
within the limits of complete safety.

BONDS
THAT
BUILD AN
EMPIRE

THIS BOOKLET MAY ADD TO YOUR INCOME
It is a complete description of a type of tax-free bond whose safety
we have proved during more than twenty years. These securities
yield a return from 10% to 25% higher than other tax-exempt
bonds. Write or phone our nearest office for Booklet S-2.

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complete resumption of tax collections from the reconstructed districts (which in 1913 contributed nearly 20 per cent of the total public revenue, but from which only 4 per cent was drawn in 1920) will automatically solve the fiscal problem.

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Send for This Handsome Rotogravure

HAT

different question. That 'a settlement which would save Germany from the economic precipice, over which her government has been pushing her, would help to solve the problem

of British unemployment is probEngland's able. A reconstructed Germany Problems of 1924

might be expected to buy more for

eign goods. But that such a settlement would solve the problem immediately and finally does not follow. Renewed expansion in Great Britain's foreign trade, and with it the waning of the Labor party's political agitation, will occur when the purchasing power of the outside world at large has made such recovery as comes in due course after the hard readjustment following a world-wide war. The first steps toward the regaining of her old economic prestige have already been taken by England. Her government has been collecting in annual taxes £102,000,000 more than its expenditure, and in five years has redeemed £450,000,000 of its war debt, whereas in ten years after the Napoleonic wars it had retired only £53,000,000. The other steps in financial recuperation ought to follow; perhaps more slowly than had been. hoped a year ago, perhaps more rapidly than the despondent London financial markets imagined at the end of 1923.

But that much of England's political as well as economic history in 1924 will be determined by the course of British trade and industry, it is impossible to doubt. The danger-point this year, as in the year which preceded it, will not be primarily the possibilities of a “Labor government”—although those are troublesome enough—but the chance that the Keyneses and McKennas may get a hearing for their programme to halt that reconstruction of British financial prestige which can come only through retracing the steps taken in the war-time inflation period.

No doubt this difficult period needs enlightened public leadership such as it did not have during the greater part of 1923. But the determining factor in the problem is a sound public instinct, and that the December election showed the British electorate still to possess. The discussion of England's political or economic outlook gets nowhere when it is made

(Financial Situation, continued on page 67)

It will give you more than interesting pictures of Atlanta—it will give you actual facts and figures that justify your considering Atlanta as a safe and profitable field for the investment of your funds. Our offerings are confined to conservative Individual First Mortgage Loans and First Mortgage Real Estate Gold Bonds. Funds entrusted to us are protected by a system of carefully developed safeguards which have made possible our record of more than a quarter of a century without loss to any investor.

7%---Doubly Secured Every dollar invested in our mortgages or mortgage bonds has back of it two dollars of security in improved Atlanta real estate. Each thousand dollars invested will, assure an added income of $35.00 every six months, as regular as clock-work. If you wouid like to know more about the unusual security and liberal interest return available in Atlanta, send for your copy of this Special Rotogravure Section -today. The coupon is for your convenience. GEORGIA MORTGAGES

PALMER BLDG. -
ATLANTA, GEORGIA

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TILSON & MCKINNEY,
PALMER BLDG.,
Atlanta, Ga.

Without obligation on my part, send me your Special Atlanta Rotogravure Section and other information about First Mortgage Investments.

Name.......

a

Address..

STABILIZED INVESTMENTS

Protected for Many Years

When an investor buys a First Mortgage bond through
us, he knows:
(1) That he is investing his funds through an old firmly

established and responsible house.
(2) That our senior officers who negotiate all our offerings,

have had experience in Real Estate dealings, building

and mortgage negotiations for nearly half a century. (3) That our junior officers have an experience of ten,

fifteen and twenty years in this specialized invest

ment field.
(4) That the American Bond and Mortgage Company has

been in successful operation for over two decades.
(5) That the safeguards developed through this wide and

successful experience are brought to bear on every
bond we offer, and that the bond is protected firmly
and persistently right up to the date of maturity by

our time-tested Formula of Safety. For over twenty years every dollar that has become due on the First Mortgage Building Bonds sold by this company has been paid to investors. Now is the time to invest your funds when it is possible to get such thoroughly protected First Mortgage security and an interest yield of 62%.

Write us today; ask for Booklet 4130

AMERICAN BOND & MORTGAGE CO.

INCORPORATED

127 North Dearborn St.

345 Madison Avenue CHICAGO

NEW YORK
Capital and Surplus over $4,000,000
Detroit, Cleveland, Boston, Philadelphia and over 20 other cities

AN OLD

ESTABLISHED HOUSE

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up, after the fashion very popular in the past few months, of lamentation over the decline of statesmanship, the lack of Chathams and Gladstones, the era of small men in the British Government. Readers of history are under no illusion as to the caliber of the Grenvilles, the Portlands, and the Percevals who headed the ministries which had to deal with England's large economic war problems of a hundred years ago. They will not recall the presence of political supermen in Congress or at the White House during our own reconstruction period of the sixties. Possibly they will conclude that, in those older periods of political and economic reconstruction, the people's own common sense saved them from the blunders of their public leaders.

foresee the immediate future of the

United States is not very difficult. But men who look below the surface of the financial and industrial movement in this country always have in mind the existence of powerful

economic forces which work slowly, The whose influence is often quite inOnderlying visible, yet which are certain in the Our Own long run to shape the course of the Situation country's economic history, per

haps in a different direction from that which visible indications seem to foreshadow. These forces have their origin in an economic situation, national and international, such as has never before existed in history; a situation which is wholly abnormal in the light of economic experience, which cannot possibly be permanent, yet whose outcome is all the more difficult to predict because of the unfamiliar phenomena which surround it.

The United States, all thoughtful economists agree, cannot continue indefinitely to pile up at Washington all the gold of the outside world. It cannot indefinitely maintain a surplus of exports while the rest of the world is laboring to pay interest or principal on an enormous war debt to our government and people. It cannot pursue the policy of withholding American capital from European investments when America is the one reservoir of capital from which the resources must be drawn for Europe's financial reconstruction. All this is recognized. But as to how the change in all three directions will be effected and with what result on home industry and home finance, nobody ventures to prophesy.

The markets obtained some light on the problem in the "import surplus months” of 1923; some in our foreign-security investment

(Financial Situation, continued on page 68)

*Five Years from now

I will have $10,00000"

much will I have to invest “Heach month in Adair Protected Bonds to have $5,000 in five years?" a customer asked us not long ago. He was surprised at the small amount we named. “Why, I can put aside more than that,” he said; "five years from now I will have $10,000.00."

Few people realize how rapidly dollars increase when safely invested at 7% interest.

How much do you want to be worth five years from now—$5,000? $10,000? $20,000 ? Set your goal now—we will tell you exactly what you must set aside each month.

Remember that through our improved monthly investment plan you receive 7% interest while you save-each payment earns 7% from the day we receive it. You may start with as little as $10.00 or any multiple thereof.

Adair Protected Bonds, secured by first mortgages upon the highest type of income producing properties in Southern cities, are created and safeguarded by the South's Oldest Mortgage Investment House, with a record of 58 years without loss to a single investor.

Write to-day for detailed information about Adair Protected Bonds and our Monthly Investment Plan. Use the coupon below.

ADAIR REALTY & Trust Co.

Healey Building, Atlanta

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movement of 1922; some, perhaps, even in the lavish advances to foreign merchants and the heavy export of gold in 1920 and 1919. More light may be obtained during 1924; probably in quite unexpected ways. There are several considerations which should go some distance toward determining the year's later economic history, and which may come into sight very early in the year. All of them have to do with more or less perplexing problems of the existing financial situation. The probable course of prices for commodities is one of them. The movement of foreign trade, of the monthly export or import surplus, is another. The extremely puzzling question of our accumulating hoard of gold is a third. The fourth is the as yet necessarily unsettled question, to what extent the speculative markets and the plans of trade will be influenced by the Presidential campaign. THE HE gradual fall of prices since last spring

could not in any respect have resulted, as has sometimes been the case in other years, from overstrained credit, high money rates, decreased money supply, or excessive stocks of merchandise. Throughout the au

Course of tumn and at the present moment

Prices in the credit position has been visibly sound, money rates normal, the country's money supply increasing continuously, the amount of unsold goods in merchants' hands no greater than the normal. A decline of prices, then, had to be explained either by increase of actual production, or by decrease of actual consumption, or by the slackening, for whatever reason, of competitive bidding for merchandise. But the reports from industry have for months shown that production was decreasing. Practically all merchants agreed that buying of goods by the final consumer was fully up to normal, always provided prices were satisfactory.

The consumer has, however, clearly had his own idea about prices. When comparison of 1923 with 1920 was recently so much in vogue, people who objected to the analogy found much to say of the fact that bankers and merchants learned their lesson during 1920 and were not now subject to the illusions of that unlucky year. Less has been said of the lessons which plain consumers learned from 1920. But that also is a consideration in the present business situation, when the every-day purchaser of goods at retail is no longer subject to the illusion, which prevailed in the earlier period, that

nothing could stop the rise of prices and that | the only safe policy was to buy at once as

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