1. finance
2. investing
3. options

HOW
TO
HOME
FINANCE
LIFE
TO
HOW
FIN
HOME
AN
CE
LIFE
BY
ELWOOD
FINANCIAL
LOS
THE
120
B.
FIFTH
C.
ANGELES
FORBES
AVENUE
IV
LLOYD,
EDITOR
EVENING
HERALD
CO.
PUBLISHING
NEW
YORK
ij S,
f
^
COPYRIGHT,
B.
"^
PRINTED
C.
IN
FORBES
THE
1927,
PUBLISHING
UNITED
THE
BY
COMPANY
STATES
OF
AMERICA
THE
HOME
AS
COOLIDGE
CALVIN
example
The
home
hills of
cared
his gray
which
his
But
the
had
with
a
a
in
the
blue
father, until his death,
whit
fashion, with
the
by
to
greatness
fundamental
and
of
soundness
Coolidge speaks
certainty concerning the
part
national
The
in
home
the
written
by
Calvin
fabric.
Coolidge, bears
:
Society rests
the
on
institutions.
our
cherished
of
home.
by wealth
farmstead
President
that
following excerpt
of
marked
in old-time
a
of the
home
occupied by the
"
outstanding
an
come.
sureness
witness
his
not
it is because
Vermont
bit of
a
turned
son
truly
is not
chores
homely
head
is
came
where
Vermont
for the
he
just
"
BUSINESS
product of the American
which
from
ostentation
or
of the
A
of
the
maturity and
people hold
possession of
the
it
Around
memories
It is the
home.
are
gathered all the
childhood, the accomplishments
of
consolations
So
age.
long
they will be
sacred
home
strength of character
a
foundation
in
as
the
it will be
which
impossible to destroy."
Patriotism
home.
nation.
We,
know
our
"
no
as
is
merely
A
nation
as
own,
an
our
patriotism,no
home.
our
No
nation.
\?)77^
vidual
for the indiis
of home-owners
people, love
a
love
extended
country
home,
no
a
patriotic
which
we
patriotism
HOME
THE
vi
Of
have
of
home
a
want
we
course,
AS
only is the home
not
like
and
profit
"
established
be
fund
for
must
be
the
and
maturity
of
If any
business
would
Establishment
of
Let
and
the
found
a
home
stalwart,
important
business.
us
then
as
home-making
to
be
gain
to
there
"
be
proper
must
retired
upon
intervals, if
avoided.
starting
up
least
at
business
that
an
the
positive
there
"
be
ning
begin-
unexpected
must
stated
at
are
is to
home
and
let that
there
may
met
be careful
of
contentment
this is
and
for
care
It
in
certain
a
a
modicum
before
we
barked
em-
it.
upon
business
interest
a
it must
"
in the
expansion
its bonds
concerning
knowledge
of
and
to
at
foundation.
certain
"
contemplated
us
we
provided
dissolution
receivership and
happiness
financed
a
that
run
operations charges
emergencies
whereby
means
of
be
to
solid
properly
extension
for
provision
is
to
institution,but
are
and
firm
and
sinking fund
a
which
assured
overhead
the
contingencies and
a
and
be
it must
"
be
a
upon
adequately
be
must
definite
profit of homes
the
expect
fail to consider
we
very
a
time
some
"
But
institutions
other
all
home
a
own.
our
BUSINESS
A
gain
information
correct
way
and
home
much
come
to
is
truly
business.
a
manufacture
upright
from
conduct
happiness,
citizens.
information
firms
The
as
Surely
possible
which
this
business
The
Author
operation.
have
of
TABLE
CONTENTS
OF
CHAPTER
I
PAGE
Financial
Terms
i
Definitions
Simplified
Of
Phrases
And
Terms
monly
Com-
Used.
CHAPTER
And
Budgets
Facts
The
To
n
Systems
28
Faced
Be
"
Joneses
For
Expenditures
The
Keeping
Of
Estimates
Average
"
"
Of
Folly
"
The
Home,
With
Up
And
Incomes
Business
Girl,
Etc.
CHAPTER
Responsibilities
For
Fund
Rules
Not
Art
"
Of
First
"
Investments
Answered
To
"
"
Home
Be
Buying
"
Necessity
Thrift
"
ance
Insur-
Managing
band
Hus-
Buying.
CHAPTER
The
44
Obligations
Household
For
"
Partners
Stinginess
"
Essential
Protection
"
Wife's
And
Thrift
"
Home
of
Husband's
in
IV
Year
61
Considered
"
On
Installment
vii
Questions
Plan.
To
Be
TABLE
viii
CONTENTS
OF
CHAPTER
V
PAGE
Children
The
Budgeting
Financing
Heir's
The
Financing College
To
Teach
Coming
Pre-School
Various
At
68
School
And
Education
Joy
Providing
House
Funds
And
VI
89
Real
"
Estate
Selection
"
Of
General
For
All
Necessary
"
Turning
"
A
VII
Adequate
of
Five
Lot
"
Home."
CHAPTER
Importance
Defined
Terms
Protection
Insurance
"
Into
Hazards
Purposes
Different
"
Home
Planning
Contract
Periods
Thrift.
Children
the
Of
dren
Chil-
InterestingWays
"
CHAPTER
Building
Of
Expense
"
Insurance
Guard
To
Peak
"
And
Trades
Of
136
Against
Earning
Professions
Policies
"
Power
Plan
"
In
ance
Insur-
Program.
CHAPTER
Analyzing
Securities
Difference
Bonds
146
Between
How
"
"
VIII
Various
Judge
To
Six Investment
Kinds
Investments
Accumulated
Investments
man.
The
For
tions
Specula-
IX
Funds
Various
Business
And
And
Ages.
CHAPTER
In\^sting
Stocks
Of
Man,
17S
Classes
The
"
The
Salaried
Working-
Employee,
CONTENTS
OF
TABLE
ix
PAGE
The
Professional
The
Man,
Woman
Investor
"
The
Widow's
Investment.
CHAPTER
Providing
Start
Planning
Entitled
Age
Old
For
197
For
Early
Their
To
X
Years
Later
Parents
"
Own
Home
How
To
Insure
"
Old
Independence.
Age
CHAPTER
Wills,
Trusts
Estates
And
Necessity
For
Securing
Services
205
Of
Will
A
Making
Irrevocable
And
XI
A
tary
Volun-
Company
Trust
Trusts
Of
Advantages
"
"
Insurance
Trust.
"
CHAPTER
Have
A
The
Don't
Work
Definite
XII
Plan
Partial
System
Payment
Try
To
For
You
"
Get
Two
"
224
Rich
"
Quick
Fundamental
Blue-Sky
"
"
Laws
Money
Thoughts.
"
Will
TO
HOW
FINANCE
LIFE
HOME
One
Chapter
TERMS
FINANCIAL
THERE
knew
clear
these
would
be
often
able
wholly
at
talk
to
Nothing
what
To
us.
it
financial
when
and
sea
men
when
mysterious
is
we
"
ourselves
bewildered
so
salesmen
stock
or
a
us
gave
for
become
we
them
heard
decisions
not
If
they
"
we
make
to
would
and
quickly,
more
whenever
picture
mind
phrases
know.
if
phrases
and
words
should
all
that
and
words
hundred
a
finance
in
used
all
about
are
person
knows
for
standing
under-
a
means.
assist
of
will
give
used
terms
language
a
simplified
all
enter
foundation
strange
explanations
phrases.
and
expressions
the
building
in
In
into
some
the
to
so
of
many
of
these
generally
the
manner
an
following
financing
successful
we
us,
the
of
home:
of Title.
Abstract
ownerships
grant
to
of
the
a
piece
present
A
of
record
property
day.
This
showing
from
is
the
the
prepared
successive
time
by
of
its
land
HOW
2
title
title guarantee
show
land.
the
on
land
on
money
and
title,
of
of land
show
of
dividing it
a
a
certain
if
a
This
the
means
the
amount
year
for the
which
at
lo
the
person
purpose
to
the
administrator;
fixed
amortized
setting aside
i.e.:
"
to
a
the payment
assure
it is due.
for
of
For
period of
instance,
lo
years
each
by depositing $ioo
years.
Interest
is
paid
certain
periods. If
paid
interest
of
considered
interest
A
when
$i,ooo
assure
not
are
Annuity.
or
be
Interest.
which
year
borrow
would
Annual
a
or
of payment
regular periods
at
to
were
loan
the
assurance
by creating a sinking fund
one
court
heirs,according
is called
man,
person
some
for the
estate
lawful
of the entire amount
if
to
the administratrix.
Amortize.
debt
the
among
person,
woman,
a
piece
a
a
will,the probate
a
charge of the goods and
This
on
When
legalauthority appoints
proper
take
if
Administratrix.
or
to
law.
abstract
an
money
loan
not
requiring the borrower
without
having made
other
will
may
abstract.
Administrator
some
loan
as
which
companies
should
title
or
known
are
being provided with
individual
an
without
companies
records
Mortgage
property
or
LIFE
incumbrances
any
without
no
such
dies
These
companies.
searches," and
be
HOME
FINANCE
companies,
insurance
"
TO
every
man
were
ments
Invest-
year.
being paid only
desirable
three
of money
sum
a
as
a
once
to
to
as
or
once
those
on
six months.
be paid yearly
will his
son
$ioo
TERMS
FINANCIAL
a
during the son's life,that would
month
of
by
some
asked
safe
annuity
an
the
le^s than
having
debts
buyer
or
the
price
value
set
upon
state, for the purpose
belonging
value
valuation
is much
to
a
firm
or
person
might be utilized in paying off
which
the person
Bonds
firm.
or
of less
in denominations
issued
written
of Sale.
A
of
personal article
the
certain
used
buying
$1,000.
Bill
that
city,county,
Bonds.
Baby
is the
This
obligationsof
or
get
not.
or
Anything
any
To
real value.
the
Assets.
anything
authority.
an
Usually the assessed
taxation.
upon
determining whether
of
Valuation.
by
property
as
set
piece of property before
a
manner
high
is too
Assessed
than
is accepted
appraisal upon
one
is the value
This
who
one
bank
it is
of
be
$1,200.
Appraisement.
a
3
some
seller has
consideration
for the
transfer
given
or
paper
from
showing
property,
or
the
title to
seller to the
the
buyer
for
Bills of sale
payment.
of real estate
from
one
some
are
person
not
ta
another.
Blue
Sky
is the
This
Law.
designed by the different
investors
by giving the
sale of stocks
result
or
in fraud
in the world
can
state
securities
upon
states
given
term
for the
authority
which
investors.
prohibit a person
to
protection of
to
prohibit the
officials believe
But
from
no
laws
blue
making
might
sky law
foolish
HOW
4
TO
investments.
There
Investing
is
This
is
certain
and
to
certain
a
pay
bonds
of
and
these many
from
the
home
property, and
home
No
supply
it is sometimes
Bonus.
For
the
as
a
money
banker
classes
familiar
well
date
with
get advice
to
before
investing
a
is
is to
use
the
the
upon
specifiedin the
undertake
the
the
building of
building
''
or
financing
protect
liens
of money
indemnity,
protect
will be built according
that the home
should
the
In
mechanic's
sum
to
measure
matters.
requiring that
of
a
guaranty
a
a
contractor
bond
"
as
called.
In
something
to
is not
frequent
for the
one
bond
a
at
or
This
from
assures
without
stock
house
of the
types and
will do
in investment
contract
contract.
'"
who
return
definite
a
use
many
classes
its most
the
of
home
are
investor
types and
againstloss
to
There
the
for the
to
agrees
at
money
rental
of Indemnity.
owner
Before
offered to him.
Bond
of
^'
government,
a
corporation
a
reputable bond
a
in bonds
one
or
which
by
of borrowed
amount
specifiedtimes.
at
LIFE
simple rule for that:
a
contract
a
state, municipality
a
HOME
Investigate."
"
Bond.
FINANCE
financial
extra
given
instance,
certain
a
it
matters
to
the sale
make
will
company
price,and
purchaser will offer
to make
some
generally
the
of the
price
offer
means
tive."
attrac-
preferred
price attractive
common
stock
bonus.
Book
Value.
The
value
of stock
in
a
company
as
FINANCIAL
TERMS
represented by the books
value
the book
market
to
of
stock
a
of the
value
of the
stocks
much
stock, and
greater than
investors
disinterested
before
kind
of any
However,
company.
is often
dependable and
secure
5
will do
advice
putting their
the
well
ing
concern-
into
money
them.
A
Boom.
than
enthusiasm
at boom
reasonable
and
A
Broker.
Booms
itself out
wears
often
prices are
by enthusiasm
prices caused
by real producing worth.
when
for
rise in
"
left
levels
natural
who
person
others, receiving his
usually collapse
and
those
who
buy
"
holding the sack
when
reached.
are
makes
sales
purchases and
in the
pay
rather
form
of
fee
a
or
commission.
Bucket
This
Shops.
operated
seldom
and
the
applied
term
for
profitablyfor
of
purposes
the
these
the
places
are
of limited
be
may
the
really
savings
combined
building of homes.
associations
will
not
win.
to
These
person
many
the
really
are
chance
a
to
places where
Associations.
Loan
savings of
the
and
main, but
ghost of
a
institutions
whereby
utilized
in
has
Building and
banking
a
by irresponsible brokers
brokerage places
investor
is
and
The
be
plans
fully
plained
ex-
later.
This
Building Mortgage.
more
often, known
mechanics
work
done
and
on
as
a
laborers
the
is sometimes,
mechanic's
a
claim
property,
or
lien. The
upon
to
or
rather
law
allows
property
those
for
supplying
TO
HOW
6
materials, which
HOME
be
must
Even
property.
FINANCE
though
paid by the
has
one
in full for all the work
collected
the
from
the
his
to
wages
against such
should
insist upon
bond
the
for
loss
the
for which
a
stock
business.
be
In
other
adequate
of the promoters
in
dollars
a
to
with
of
of these
Care
property
nity
indem-
an
withhold
or
be
Better
success.
house
before
companies
or
of Securities.
all other
deposit box.
incorporated
enterprise and
valuable
The
cost
which
upon
the
to
of
it easy
get advice
the
millions
incorporate
a
that
out
the
the
of
have
states
turns
to
should
savings for
from
succumbing
ideas
his
to
it often
do
which
the investor
parted from
make
to
of money
amount
capitalized. Some
which
value, of
par
have
largestcapitalization
the
investment
or
earnings, according
it is
for which
chance
and
in the
large capitalization and
those
is
company
just because
company
incorporation laws
with
To
filingmechanic's
total amount,
organizers. But
or
himself
allow
stock
the
supplying
for
paid
not
material.
of
owner
the time
words, the
safelyinvested
it will pay
not
the
be
can
expired.
The
can
liens
has
bills for
contractor
until
Capitalization.
the
these
done
his
the
paid the building contractor
completion of the contract,
final payments
liens has
or
men,
of
owner
if the contractor
owner
guard
LIFE
smallest
reputable
prospectus
the talks of their salesmen.
Stocks, bonds, deeds, mortgages,
papers
be
should
of rental for
a
kept in
a
safe
safe deposit box
HOW
S
during
it is
the
TO
time
he
for which
they
finest kind
direct
the
needed
bank, for
Collateral.
The
loan
a
when
acceptable in
has
and
turned
re-
court
been
been
five years.
paid.
returned
They
be
may
expected.
security which
the time
at
item
paid, constitute
they have
least
the
checks, when
account
after
least
at
evidence
as
of
checks
your
them, preferably
on
been
are
the
writing checks
concerning
having
that
In
Such
receipts and
evidence
Always keep
from
after
LIFE
notation
a
payment.
are
of
it.
left corner,
bank
by the
as
to make
lower
the
HOME
holding
was
always advisable
in
the
FINANCE
assures
the
ment
repay-
conditions
under
which
it is made.
Commission.
by
the banker
the
customer.
investment
very
broker
or
The
houses
small
fee charged for buying
The
who
commission
for
salesmen
for
sellingstocks
is much
to
the
from
money
that
the
the
the
of
two
or
the welfare
needs, whereas
securities
of his customer
sale and
the
as
for
is
paid
This
also
to
difference
from
the
only
fact
provides for him
house
the salesman
with
bonds
investor, not
but
is imbued
or
commissions
intelligentlyselecting those
but
Common
of
actuallysaved,
to his
the
the
to investors.
advantage
best suited
one
sells securities
charged by reputable
with
reputable investment
service
or
purchases of stocks
compared
as
buys
selling
or
not
the
so
securities
handling
much
with
ing
thought of mak-
securing his commission.
Stock.
That
part of the capitalizationof
FINANCIAL
a
corporation
be
cannot
of the
fund
paid
the
bonds
preferred stock.
the
earnings
of the
the
should
'^
Corporation.
in
only
is
corporation
the
the
partners,
of the
of shares
referred
to
under
of the
the
as
dends
divi-
in
stock
the
resents
rep-
corporation.
by
reliable
the
and
age
aver-
tent
compe-
of
often
certain
the
use
has
to
certain
ulations
stip-
It is
purposes.
wherein
many
stockholders
of
a
partners
hold.
in
because
a
on
corporation
responsible
proportion
Oftentimes
of the state
a
are
an
persons
carrying
as
on
carry
of
and
a
way
company,
or
state
a
isting
ex-
for the purposes
The
municipality as
more
business, under
corporations
the laws
is the
granted by
corporation
they
law,"
We
partnership,
profit.
for
debts
in
on
left from
out
common
corporation,
charter
a
their funds
unite
business
are
The
conditions, for
of
of
legally defined.
specifiedclasses
outgrowth
paid
purchased
from
contemplation
in
and
be
paid
invisible,intangible person
An
company."
its existence
may
advice
sinking
interest
be
The
be
not
and
may
debt
the
counsel.
investment
certain
and
may
stock.
without
investor
"
company
after
interest
whatever
Then,
common
stocks
word
for
Dividends
met.
until
speculative ownership
the
Common
been
the
met,
provided
the
on
been
has
be paid only-
may
stock
common
on
9
dividends
obligations have
company
of
which
upon
all other
after
TERMS
to
the
for
ber
num-
municipalities are
they
to carry
separate firm.
on
are
ated
incorpor-
the business
The
Coupon.
interest
a
wise
to
due
for
off at
the time
lost
will be matured
to your
when
we
The
can
to
not
Many
the coupons
the bond,
on
when
just
they
are
bond
paid, the
to send
necessary
them
by
the
get one's
to
deposited in the bank
and
will.
credit the amount
have
or
our
most
careful
preferred
Often
"
in
we
see
relation
money
"
it
"
that
obligations when
thing
about.
When
to
credit
in others
a
the
credere,'*
have
supplies, or
lost the confidence
Cumulative.
we
inspired confidence
will meet
"
the Latin
When
Therefore, credit is
jealous and
we
believe."
have
and
from
comes
get goods,
we
honest
we
credit
word
"
are
mxost
the
value of it will be paid
be
can
of
handy when
as
been
has
collection
will make
that
say
They
means
we
means
them
are
account.
Credit.
which
them
place specified on
money.
they
for the money.
one
the whole
and
the
to
the bank
and
the last
time
present them
issuing it. It is
the company
interest
to
It is not
several
loss for the owners,
off in time
then, when
coupons
to have
as
destroyed. Leave
or
cutting them
"
so
the
have
interest
bond.
cut
persons
present them
to
comes
this has caused
become
due
time
for each
off before
Some
one
period. Bonds
h*fe of the
coupons
ested
inter-
most
are
coupons
entire
payment.
coupons
times
these
cut
certain
a
of these
the
during
payment
we
bonds, representing the
to
for
sufficient number
LIFE
in which
attached
the bonds
on
HOME
coupons
those
are
FINANCE
TO
HOW
lo
of
our
be
should
we
we
lose
our
fellows.
expression
stocks.
we
The
''
lative
cumu-
word
FINANCIAL
"
preferred
"
before
the
particular
some
But
the
year
and
year,
the
sufficient
the
attractive
should
as
omit
couple of
years
there
would
note
in which
taken
taken
be
can
paid
becomes
stock
on
of
a
less
company
for
preferred dividend
be
never
be
would
or
large
sufficiently
accumulated
nothing
Generally
to
or
left
a
for it
debts, and
for
However,
person
as
dividends
is
frequently see
one
days
paper,
before
a
for
money
interest
of the
are
allowed
becomes
due
legal action
if these
owing the
additional
This
three
other
be made
may
collect.
by the
Debenture.
we
mortgage,
payment
that he shall pay
bonds
preferred
preferred stock
common
the
these
on
of Grace.
Days
a
has
company
stock.
common
after
the
next
longer, it might be that the earnings
or
get caught up
result
of
payment
the
one
dividend
accumulated
the
Where
the
that
event
the
to
dividend
any
the
the
until
on
cent.
7 per
as
on
specifies
investment, because, if the
an
of the company
are
so
paid
required dividend
added
all the
is cumulative
company
be
be
pay
stock.
common
be
this
on
placed before
is
in
the
pay
earnings, before
stock
the
to
next, and
profit to
"
that
means
shall
amount
paid
may
dividend, such
cumulative
able
is not
company
to
"
preferred, it
word
dividends
any
of
rate
the word
when
will be
Usually preferred stock
stock.
common
ii
dividends
that
means
particular stock
TERMS
days of
it is
for the
forms
and
offered to investors.
can
grace
expected
time.
types of
Usually
HOW
12
a
bond
has
TO
mortgage
a
security for
as
debenture
bond
the
preferred
common
a
and
mortgage
note
in coupon
integrityof
should
funds
Deed.
the
In
in
the
the
and
deed
clear
this is done
money
with
earned
a
saying
that
erty.
prop-
than
another.
of
deeds,
person
types
deed.
warranty
in the
it will
one
never
as
the
the
the
In
to
the
claim
quit-
sibility
respon-
in the
ranty
war-
property
has
purchase property
which
has
of
be
There
no
the
of
quit-claim
assumes
that
takes
transfer
whereas
title,
for
property
this
deed
to
one
securing a warranty deed
certified by a title company
Unless
the
from
without
"
or
tors
Inves-
in
defects
There
the
investing their
of real estate
title. It is unwise
Deficit.
an
company's
other
by
before
advice
the seller guarantees
particular in
the
a
secured
its management.
and
sells the property
the
of
is not
bill-of-sale used
the
who
one
for any
a
secured
not
general practice, two
deed
deed
and
transfer
personal property
are,
than
ahead
than
more
of
case
more
usually
pany
com-
bonds.
the
of
place
in the
goes
and
nothing
good
in debenture
But
which
company
have
of the
property
company's physical plant
form
the
LIFE
generally nothing
stock
it is
Really
the
upon
company
the
on
HOME
its payment.
it is
obligation of
by
FINANCE
been
good
standing.
borrow
possible to
Banks
security.
erly
prop-
are
very
regard.
is
an
expression that
deficit,"which
the business
was
is
merely
operated
a
at
business
a
polite way
a
loss
"
has
of
that
FINANCIAL
it cost
to
more
TERMS
the business
on
carry
13
than
business
the
produced.
Are
Dividends.
earns
profit
a
portion of
any
received
the
bonds
in
bonds
from
buy bonds
we
remainder,
rent
we
for
is
the
definite
The
of the
not
value
properly understood
they under-estimate
$1,000.
She
mortgage
and
This
may
purchase
$500
pays
for the other
feel,that she has
equity
were
to
or
amounts
obliged
The
not
may
to
to
high
an
a
money
When
issuing
stock
on
above
the
equity. This
we
amount
is
term
a
often
and
persons
For
a
of
power
any.
the
of
amount
instance, a
piece of real
the contract
$500.
young
estate
and
for
a
assumes
she will say,
Immediately
equity of $500 in the property.
be
sell the
wise in her selection
for it at too
on
comes
As
true.
whatever
mortgage
are
many
in property.
contracts
woman
of the
the
"
over-estimate
or
equity they hold
the
by
holders.
stock-
dividends.
of property
constitutes
mortgage
the
dividend
salary;
all
remainder,
to the company
participate in the profits,if there
Equity.
the
earning
company
money
certain
a
the
interest,not
our
company
after
among
the
represent
invested
money
divide
constitutes
Dividends
company.
the
the
a
its expenses,
it may
paid
division
This
profits. When
above
and
over
obligations are
other
or
divided
she
a
would
property
first.
of the property
of fact her
matter
and
price her equity will
the
pay
If she
and
left if she
have
has
has
not
not
gage.
mort-
been
contracted
be
so
great.
HOW
14
On
TO
hand, if she is able
the other
figure than
between
$500 and
A
of
two
conditions
delivered
Property purchased
in
when
escrow
hands
of
have
been
a
according
deferred
trust
the
Executor
who
will
a
made
to
the
discerning business
the
as
of
executors
financial
In
kind
of encumbrance
the term
own
used
in fee
relates
by
is
"
is
to
inheritance.
more
more
the
or
the
carrying
feminine.
More
are
naming
trust
their
of
the
of its
out
and
more
companies
plan.
a
upon
tion
corpora-
advantages
Many
estates.
parlance this
"
nearly
common
fee
lute
abso-
securities
or
erty,
prop-
payments
or
other
relatingto real
estate
as
it. As
to have
means
deferred
often
old
tion
protec-
a
desires
the
out
in
mortgage,
any
to be
payments
is
person
possession of something, such
without
be
placed in the
are
is the
for the heirs exist in such
Fee.
is said
until the
The
carry
men
specified
the seller.
will
provisions. Executrix
in the
agreement.
arrangement
Executrix.
in
named
title
company
buyer and
or
the
to
payments
and
This
completed.
ment
agree-
it will
fulfilled,
whereupon
on
or
receives.
until certain
held
the contract
bank
to both
person
to be
returned
or
difference
the
place something
to
persons
been
have
greater
a
meaning the mutual
term
third person,
a
sell it for
to
she
the amount
banking
between
LIFE
equity will be
$i,ooo her
Escrow.
hands
HOME
FINANCE
simple," although
correct
as
law
the
of
"
to
first expression
securing title
1
HOW
6
a
TO
specialpermit
Such
franchises
number
is termed
do business.
franchise.
a
Usually these
granted by the municipality for
are
of years.
it is
of the
LIFE
privilegeto operate and
or
permit
a
HOAIE
FINANCE
bond
In
purchasing bonds
always well
issue does
certain
such
porations
cor-
that
the
the
term
beyond
extend
not
of
determine
to
a
life
of
the franchise.
Garnishment
and
money
Smith
for the amount
is termed
used
as
formerly, the
Guaranteed
which
the
are
the
operation and
railway system
makes
smaller
line
smaller
railroad
making
the
are
a
named
a
in
a
minor,
often
are
lease.
favorite form
Stocks
ment
attach-
shares
or
the
payment
of
reason
legal responsibility
of the
management
instance, where
contract
to
a
guaranteed by
pany
com-
large
operate
railroad, the stocks
guaranteed
on
of
a
the
the company
in such
manner
of investment.
The
will, to
an
of
"
principal,by
lease
a
generally
so
term
stocks
assumed
For
division
or
Guardian.
of
These
stocks.
process
usage.
sometimes
issuing the
of
account
This
expressive
large corporation having
for
bank
large corporation guarantees
some
by legal
can,
is not
term
more
Stocks.
dividends, and
the
The
in greater
being
now
or
Jones
owes
of the indebtedness.
garnishment.
"
of
property, wages,
any
Smith
collection,Jones
make
cannot
attach
process,
If
{Garnishee).
person
for
care
imbecile
appointed by
or
the
other
person
person
a
and
not
court,
or
property
capable of
TERMS
FINANCIAL
his
managing
incapable
that
affairs,is
own
Such
the
last few
more
in
buys stock
one
into the
in the
prominence
a
holding
companies in whose
operates
United
in its
themselves
of
with
for then
To
they
be
cannot
has
been
the
generally used
to
"
When
holding
company
of
share
a
buy
not
and
a
the
ticipation
par-
will do well to
fortify
personnel of the
agement
man-
placing their
before
pledge, and
to
However,
as
stocks, bonds
as
them
otherwise
sold, traded, or
"
used
paid.
indicate
salaries,business
deposit
on
hypothecate
field of finance
yearly from
earnings."
place
collateral
things is
In
Income.
from
into
come
does
company
company
loan, such
a
valuable
until the debt
returned
Within
it.
security for
other
the
to
as
holding
a
Hypothecate.
and
he
the
stock
profits. Investors
thoroughly
make
States.
company
general purchases of the holding
funds
have
instead, he purchases only
"
would
companies.
holding companies
years
less
or
handling of the
which
of certain
illegalthe consolidation
companies, and
the
avoiding the law
of
formed
are
Frequently they exist
companies.
other
for the purpose
in other
profitsfrom
securing their dividend
of the
guardian of
companies
owning stock
of
for the purpose
stocks
the
termed
person.
Company.
Holding
17
the
the
the
of
late
of
amount
investments.
and
income
term
Money
like is
the
is
money
secured
usually termed
term
is
becoming
1
HOW
8
more
and
of
yearly
TO
financial
Federal
under
the
doubt,
no
general
fulfillment
the
check
to
cash
until
the
is
one
The
of the stock
should
be
of
indorser
the
In
teeing
guaranin the
other
any
person
indorse
never
for
checks
deposit
of
the
whom
to
the back
upon
of bank
case
person
them
present
or
ment.
pay-
stock
a
tificate,
cer-
possible for the transfer
it
to another
indorsed
for
or
by
the
securities
Such
person.
unless
owner
such
ownership is immediately contemplated.
indorsement
the
on
back
stand
to
agrees
loan covered
he
bond
or
never
transfer
to
the
should
bond, makes
a
another
it.
of
for the purpose
possible for
One
indorsement
or
of
the back
obligationcontained
of
it
makes
ready
been
earnings
upon
name
either
to indorse
check.
sources
has
all
groups
his
to
of the
indorsements
is made
all
to
this
"
which
document,
document, he is said
checks
apply
large degree because
a
writes
one
transferringits ownership
the
to
of income.
term
other
or
in
law
tax
When
check
a
HOME
accumulations
income
Indorse.
of
THE
generally known
more
brought about,
the
FINANCE
of
a
good
note
for
the
by the note, and he need
is called
upon
to
pay
that
means
amount
not
of
An
the
the
be surprised if
it if the borrower
fails in his
obligation.
Industrial
Securities
{Industrials)
The
stocks
and
.
bonds
issued
Inheritance
nation
on
by manufacturing companies.
Tax.
property
A
tax
inherited
imposed
from
by the
another.
state
This
or
tax
FINANCIAL
is not
paid each
but
paid
is
Interest.
value
may
be
termed
paid
on
bonds
borrowed
the
is the
Dividends
rental
value
dividends
of the
concerning the
terms
writer
hill is
''
speculation."
invested
second
is the amount
money
represent
earning
or
the
for
power,
confusion
seed
thing
the investment
in value
by saying,
will produce
to
a
safety of the
consider, and
will
of the
ulation."
spec-
ting
investment; bet-
the
to
many
"
and
the difference
the
first
in
"
investment
investment
In
is the
of increase
the
the bonds
not
fertile soil is
in
potatoes
money
do
much
described
seed
many
issued
the
Interest
of
use
a
profits.
is
how
has
Interest
use.
money.
the
but
There
Planting good
on
for
rent
money,
divided
are
One
''
of
value
taxes,
commodity,
for its
the contrary
on
Investment.
minds
rental
other
is received.
other
by the corporation which
notes.
with
case
be made
must
payment
19
the property
like any
Money,
and
is the
as
year,
the time
at
TERMS
the
eration
Consid-
earn.
principal should
be
the last consideration.
Investment
He
buys
these
firm, in large amounts,
or
in
customers
come
which
sells
banker
from
he
the
buys
them.
and
A
Banker.
then
lots.
difference
stock
broker
sells them
His
difference
the securities
The
a
and
and
deals
in
for himself
investments
smaller
small
who
man
principal earnings
the
price
between
lies in
his
or
to his clients
between
the
ments.
invest-
an
the
at
price
which
at
he
investment
fact
that
the
HOW
20
broker
does
FINANCE
HOME
for himself
at any
TO
buy
not
sells his services
the
to
buyer for
LIFE
time, but merely
commission
a
the
on
transaction.
The
IrrigationBonds.
or
district
a
and
in
irrigatingland.
there
as
struct
con-
of
purpose
well to consult
placing their
conditions
many
table
repu-
in
funds
governing
expansion
borrow
to
for
made
usually
others
had
the
from
time
of these
been
time.
to
issues
not
will be
are
which
fall due
closed
fore-
were
until
the
discharged.
as
Sunday
closed
on
a
on
following, while
in
such
is considered
a
in
same
In
many
legal holiday become
others
payment
the
legalholiday.
all
organizations,and
days.
which,
Sunday
Any day other than
Therefore, banks, business
offices
the
secondary
paid
standpoint of business, is the
of the law
are
of
property
be
sary
neces-
issues
if the property
could
poses
pur-
issues
Bond
bond
the
on
bond
junior bonds
will find it
Because
issue,so
Legal Holidays.
from
reasons,
by mortgages
to another
the
other
this purpose.
some
in value
or
money
secured
company,
corporations, for
Sometimes
Bonds.
of
eves
are
to
desirability.
Junior
are
before
bankers
bonds,
irrigation
their
will do
Investors
investment
municipality
supply for the
water
a
a
borrowed
for money
exchange
operate
given by
notes
public
states
due
is due
debts
the
the
day
day
before.
Legal
Investments
for Savings Banks.
This
is
a
TERMS
FINANCIAL
phrase
often
one
the
on
sees
emphatically
most
into
securities
of
money
laws
state
the
legal for savings banks
All
offered
banks
of
would
be the
laws
the
for
are
the.
which
with
the
respective
ditions
con-
states.
equal, of
two
legal for savings
one
desirable
more
place the
may
being
investor, the
an
from
the
standpoint
safety.
Liabilities.
consider
his
because
before
could
these
a
be
Lien.
definition
Listed
things which
are
made
the
A
among
claim
of
^'
certain
or
will be listed
be better
the
be
must
property
can
In
payable,
statements,
cleared
its
or
away
earnings
stockholders.
Refer
against property.
back
to
the
building mortgage."
Securities.
have
he
own.
accounts
liabilities in the financial
as
of
York
before
wholly his
as
capital stock,
fair division
New
debt
floatingindebtedness, surplus, losses, etc.,
and
all classified
are
liability,because
a
of the
remaining property
corporations, the
funded
is
owed
Anything
is liable to the payment
one
not
of
laws
of investment
comply
must
indications
surface
other
bonds
the
in
forth
set
majority of
the investments
protection of the depositors,and
are
kind
These
depositors.
ments
advertise-
of the
savings banks
which
their
and
literature
The
relating to bonds.
states
21
other
Stocks
stock
rules which
on
than
exchanges.
be met
must
the board.
some
bonds
or
that
While
are
not
listed
Stock
before
on
the
exchanges
a
security
listed securities
listed,yet there
may
are
HOW
22
TO
several factors in favor
his
operations
fact of
mere
element
of
rules
of
publicity attaching
has
the
issued
where
to
always
one
assured
that
be
Maker.
the
one
of the
always
can
daily
newspaper,
exchange transactions
unlisted
an
get for it,and
will be
there
a
refers to notes,
term
the like. The
and
papers,
operations of the
of the
hand,
can
greater
a
security
he
cannot
definite
market
price.
This
mortgages
be
all, the
price of the security by
pages
the other
just what
definite
a
On
of
may
the
to
reports of the day's stock
is worth
or
there
second,
market
financial
the
published.
are
the
First
because
securities,
the
exchange, and
quickly determine
turning
that
confining
investor
securities.
listingassures
which
company
LIFE
of the average
listed
to
HOME
FINANCE
in the
promises made
or
person
thereby guaranteeing
checks, contracts,
the
instruments,
of the
fulfillment
known
are
sign
who
persons
the
as
makers.
To
Margin.
buy stocks, through
house, paying but
to
the
holds
broker,
it in his
broker
a
the
goes
in
amount
sells the stock.
the
For
customer
a
unpaid balance
certain
commission
for
interest
is downward
be wiped out
Buying
margin is one
on
If the
to sell out
instead, the
paid, may
and
the
in addition
buying.
price,the purchaser is able
gain, but if the trend
or
brokerage
outright and
purchases the stock
brokerage
up
stock
portion of the entire purchase price
name.
own
charges the
to
stock
who
a
a
at
"
gin,"
mar-
the broker
of the features
HOW
24
maker
or
maker
is
Par.
market
TO
authorized
an
corporation.
The
face value
When
of
cent
on
the
when
so, if the
"
coffee
and
Pool.
stock
A
group
market
certain
the
of
down
corporation which
the
upon
the
paid before
That
^
up
i-ioo
cent
a
join forces
the
on
dividends
stock.
floatingdebt
may
the
of
has
holders
the
of
a
are
any
interest
company
to
go
before
But
of the
a
decide.
may
part of the capital stock
common
per
forcing the price of
they
will draw
dividends
went
who
of
as
up
i
up
a
points.
persons
or
Preferred Stock.
and
50
rises
point is
a
cotton
for the purpose
stock
bonds
be
gone
market
price of
value
par
market, it has
pound, the rise would
paid
maker
security,regardless of the
a
security of $ioo
a
the cotton
In
cent.
a
LIFE
price.
point in price
a
HOME
official of the
a
Point.
of
FINANCE
on
to
be
ferred
pre-
stock.
Premium.
the
is
of
stock
$105
$5
"
a
If the
is
so
desirable
share, then
the
value
par
stock
is
between
difference
stock
a
investors
to
the
of
is
that
sellingat
the
par
$100, but
the
a
market
premium
value
and
the
market.
Principal.
of
The
face
value
of
a
security, regardless
or
price,or premium.
interest,
Prospectus.
The
offeringits securities
plan and
to
the
purpose
of
a
corporation
public presented
in
printed
FINANCIAL
form.
Primarily they
from
the
this
In
detriment
the
to
Never
buy
a
of
stock
in the prospectus
from
to
company
exercise
the
alone
electric light,street
of
and
the
The
securities
buildings
surface, the
crops,
right to
land
the
use
corporation, or
the
upon
meeting of the
give careful thought
another
person.
corporations,
are
more
utilities."
as
companies.
constitutes
not
it,but
the
the
only the land
minerals
below
the
Also
the
air above.
specificpurposes,
under
railroad,comes
Everything
by
owned
anything which
gas,
ties.
public utili-
as
corporations
"
a
company
of railroad
for certain
a
the
known
these
trees, and
right-of-wayof
Resources.
are
This
Property.
same
in
telephone, telegraph,
familiarlyspoken of merely
Rails.
year.
stockholder
at
railway, are
securities
The
each
public service
companies,
water
purpose
person.
in the
to
proxy
vestors.
in-
descriptiongiven
one
should
The
potential
their
disinterested
Stockholders
money
dependable advice
some
of his vote
Utilities.
as
Real
the
stockholder
the power
of
of persons
get
and
extract
serve
from
"
granting of their
Public
such
bond
a
another
stockholders.
to
often
too
Authority given by
Proxy.
to
or
to
accounts
thousands
well informed
a
bank
they
25
intended
are
and
pockets
TERMS
be
may
a
such
as
this term.
person
owing
to
or
him,
resources.
Speculation.
A
word
much
practice of speculation is abused.
abused
To
because
the
speculate truly
26
HOW
TO
a
calculation
is to make
then
and
make
to
When
is
nothing
speculator is
distinct
a
country, because
direction
strength
one
a
the
upon
than
more
mere
its
paying
stock
ordinarily receive
of
expansion
Stock
brokers
dealers
and
gambling.
The
of the
development
his
true
determine
his
vision.
the
financial
this
From
hazarding
of one's
a
for
A
into
money
investment."
business,
Exchange.
the process
speculation requires
instead
company,
in
the
in cash, and
the
calculation
ventures
stockholders
them
to
tion.
calcula-
successful
When
profits to
that
ahead,
then
^'
offered
Dividend.
Stock
and
that
a
other
stock, or
tries to look
of events
turn
upon
in the
rightness of
readily see
can
much
he
factor
business,
of
based
less than
nor
LIFE
future
without
ventures
more
the
to
as
venture
a
one
HOME
FINANCE
issues
cash,
retains
it has
the
issued
cash
tional
addi-
would
they
amount
for the
stock
a
meeting place where
for the purpose
meet
of
of
dend.
divi-
stock
buying
and
sellingstocks.
Title.
Torrens
devised
by
general
use
a
A
official in
customs
there, and
has
this country.
The
land
and
ownership
same
manner
Trust
some
the
as
Deed.
person
estate
transfer
Australia,which
found
favor
in 14
is in
states
plan contemplates registrationof
shares
A
or
real
of
system
transferred
in
somewhat
of
all
the
of stock.
transfer
of the
corporation
to
be
title of property
held
in
trust
to
for
FINANCIAL
The
others.
deed
trust
sale of real estate
plan, whereby
title to
bank,
such
be
to
is utilized
the
upon
organization
an
held
in trust
quite generally in the
payment
transfers
property
as
trust
a
contract
company
until the payments
title is then
the
the
or
a
been
have
transferred
to
purchaser.
Trustee.
A
person
common
interest
money.
Thus, when
by
money
of
of the trustee
for
terms
of the
authorized
to take
of
The
a
becomes
must
be
one
enter, in
home.
some
one
bank
a
it is the
the
order
an
made
its back
until
and
of liabilities of the
tax
be
act
the
made.
by
some
the treasurer
or
service
with
indicates
paid. After
or
duty
to
was
having the funds
not
it upon
should
loan
municipality upon
provided for in the
every
the
on
according
is
warrant
These, in general, constitute
which
conditions
improvement
it will draw
then
of
borrow
to
usually
"
which
under
treasurer,
it,indorses
of interest
an
trustee
a
bondholders
the
contract
of
lender
possession of the property and
official of
for payment
and
issue, the mortgage
certain
Briefly,a
Warrant.
to pay
of
Under
benefit
the
bond
a
borrower
given for security against the bonds
is
company:
the
corporation desires
a
placed in the hands
trust
organization acting in the
or
both
of
means
which
property
is
27
deferred
seller of the
the
completed, whereupon
the
TERMS
dered.
ren-
which
the rate
registrationit
municipality and
levy of the municipality.
the financial
familiar, because
form, into the successful
terms
with
they all
financingof
the
Chapter
BUDGETS
T
T
THEN
V V
ing
is the
amount
for
the
of
house
in
ahead
the
with
applies
his
suitable, desirable
erected
within
The
skilled
operation,
of
what
he
assist
and
in
draw
the
Given
and
this
The
in the
will
To
we
have
find
he
is sure,
this
to
before
spend
his
he
can
then
he
figure,
the
which
most
be
can
heart
is able
his
know
must
the
patient
he
can
has
to
sufficiently strong
to
anesthesia
he
he
strength
is
Of
operate.
but
an
tion
condi-
physical
the
much
much
perform
to
is to
how
"
of the
the
and
to
operation.
utilize
his
skill
advantage.
successful
of
fact
to
to
as
he
the
matter
fundamental
all
how
information
to
know
upon
whom
on
shock
technique
So
upon
recovery,
the
has
house
called
first of
whether
upon,
withstand
when
work
to
to
design
to
know
to
cost.
technique
has
skill
design-
afford
this
substantial
surgeon,
person
skill
own
and
and
inquires
the
Given
plans.
that
He
the
wants
expenditure
of
knowledge
he
can
spend.
to
about
thing
builder
matter
his
first
the
wants
or
SYSTEMS
is consulted
the
house,
a
which
limitations
go
AND
architect
an
Two
start
fact
must
we
first
have
of
the
is,
home.
''
What
"
with?
we
financing
must
28
budget
our
expenditure
BUDGETS
income.
against our
thing
that
within
engaged
are
life of which
home
build
To
the
facts
which
upon
face
To
fear
we
of
of those
them
shall be
we
change
Fear
85
we
for the
business,
a
a
have
ment,
govern-
the
seen,
of
facts
the
depend.
Generally speaking,
fear
we
that
the
tion
exposi-
pleasant, or that in facing
inherent
our
sense
common
activities.
of
thrift,happiness,
with
homes
and
of
knowledge
a
be
by
home
a
conduct
As
of life and
mode
successful
which
we
as
a
fort
com-
people
confronted.
is
Fear
our
the
or
is the greatest enemy
and
are
our
forced
we
it be
its execution
facts will not
in which
operation of
facts,because
face
fall
may
proud.
faced.
plan and
its
to
surplus for
a
building
requires courage.
facts
to
necessities
still leave
of
plan is
any
that
income
budget, whether
city
a
be
must
foundation
to
of
management
to
our
for the
the home,
financing of
the greatest advantage,
be
can
successful
a
buy
to
business
we
first
that
growth of the business
the
"
The
utilize
earnings, and
our
29
income.
our
supplying of
the
expansion and
the
is to
learn
efficiency,
so
SYSTEMS
know
We
learn
must
we
maximum
well
AND
responsiblefor
people have
cent,
per
to
carry
who
are
charity after they reach
And
the
condition
fear of
''
that
fear
is such
What
a
will
is
the
fact that
the
per
old-age burdens
dependent
the age
15
upon
cent,
of
relatives
of
the
or
of 60.
responsible for this unbalanced
silly,simple, futile fear.
people say?
''
It is the
TO
HOW
30
Generally speaking,
industrious
and
because
it has
doers.
of
people
workers.
are
in
pride
an
are
We
are
being workers
recognized in this land
be
to
come
us
take
We
LIFE
American
the
Most
race.
workers
HOME
FINANCE
is entitled
libertythat only the worker
the
to
of
respect
of his fellowmen.
This
faculty for
monetary
return.
blessed
earn
than
is necessary
The
meet
makes
fellows
shine
just
so
"
a
because
a
little more
up
The
has
we
those
extravagances
will
in
us
is
of
"
we
spend
we
more
to
than
homes
must
which
trying
a
to
our
entitled
to
not
for
the
bring
us,
but
a
little
are
just
making
we
actually the
case.
"
of
keeping
as
good
shortened
more
put
neighbor, has
more
befallen
ever
shall not
"
awry.
before
think
others
than
door
darkened
upon
positions
our
are
we
extravagances,
they will assist
next
first fact
planning
adequate
shine
to
want
into
Joneses
our
as
lives and
which
We
brighter than
prosperous
the
with
is necessary
truly said that the exciting game
with
front
than
more
perhaps make
"
faculties
calculations
our
enter
think
show
It is
spend
little
we
we
us
us
our
with
keeping
all
turn
to
us
pleasure which
better
in
requirements.
our
supply
of
those
of
command
to
shelter
fear
comes
fear
enjoyment brings its
scale.
economic
Then
the
and
food,clothingand
in the
its
and
Generally speaking,
health
with
more
work
any
on
dread
a
plague
country.
face, in this budgeting and
are
than
about
we
to
earn.
engage,
is that
If
actual
our
HOW
32
How
TO
shall
one
says
in connection
next
mine
down.
cut
ought
to make
lower
at
looks
electric
$6.80 represents
house
^'
live
The
save
well
as
cost
a
I'd rather
dismiss
at
few
The
coke
summer
The
a
use.
in
up
be
bill
gas
dollars
of
item
water
of carelessness.
but
by
The
the toll bill is
more.
variation,although
another.
food
our
A
few
bill for two
Mrs., but will have
than
have
meals
her
do
be
the
Personally, I'd
woman!
town
down-
weeks.
to
we
It's
down.
cut
washing
a
darn
or
sight
home.
Entertainment
be
can
and
pared down
down
pare
must.
we
"
And
so
taxi item
is
Not
in
save
lot of
a
as
as
that
the scrub
eat
sooner
"
do
slate,and
cent,
money.
month
a
month
for the
diversion
Here
toll calls.
much
as
the
the fuel bill may
some
$2 worth
bills show
one
he
expense
figuresmeant.
also stock
could
we
at least
on
food
see
is what
of my
can
lightsnot in
phone is $2.25
could
I
save
reasonable, but
turning off
We
coal is 25 per
prices and
us
out:
saving.
a
the
be helped, but
hard
My
Here
record
what
worked
Well, let
of them.
careful
a
can't
rent
LIFE
trick.
the
some
to find out
was
is the way
The
with
keeping
step
"
did
man
young
After
HOME
analyze the items?
we
how
"
FINANCE
taxicabs.
walking."
it goes
the
down
line !
The
carfare
high, but half of it is for railroad
owning
Guess
a
car,
it
I
won't
thought
hurt
I
me
could
to
and
tation.
commu-
indulge
do
more
BUDGETS
thrift
Saving and
They
in
buying.
our
do
not
instead, that
mean,
SYSTEMS
AND
Nothing is
shall
To
service
and
of
many
keeping
budget
a
a
budget
a
called, seems
or
be
to
this
But
process.
us
its cost.
making
of
it is often
as
not, render
with
process
mysterious
complicated and
does
or
commensurate
the
us
good judgment
use
bargain, regardless of the
a
price, if the article will not,
comfort
stinting ourselves.
mean
we
33
a
is not
necessarily true.
its most
in
Expressed
simple terms,
merely estimating ahead,
he
desires
honest
closely
as
as
spend his income, and
to
endeavor
make
to
budgeting
one
then
can,
how
making
an
keep within
his expenses
is
his
estimates.
So
after
then, the first thing
has
one
kept
analyze them, is
of
determine
to
how
shall
income, he
his
building
in
much,
set
a
budget,
long enough
of expenses
record
a
do
to
what
or
aside
for
to
centage
per-
certain
things.
has
First,one
allow
considered
is
and
even
of the
arise which
reserve
will
of
future
funds
or
and
an
if
and
necessary
more
cause
object of charity
First
things, the necessities,are
necessary
thing
one
for
an
things
necessary
being shelter, food
as
consideration
to
the
for them.
Generally, the
there
consider
to
the
become
all,in the making
does
and
not
saddled
of
than
these
But
"
emergencies likely
urgent
one
clothing.
our
immediate
wish
with
to
mand
de-
become
debt.
budget,
we
will
TO
HOW
34
find it to
to
to
try
will consider
when
Not
for
a
ago
the
So
said
I asked
have
nice
We
only
our
over
the
in
we
to
save
save
said
much
as
as
doing
The
savings fund
was
some
month
a
"
her
actually the
case.
that
was
is
woman
month, and
now
soon
When
income
to go
upon
only
not
add
to
the
savings
adding $.18
hopes
to
ceeded
suc-
but
the expense,
cover
little left to
monthly
smaller
we
a
as
figuring
new
something definite
had
young
each
$io
that
doing the stretching to
account.
she
"
it would
thought
the basis
surprising thing
a
she
stretching of her
we
actually had
ever
what-
trouble
just the
She
objective.
started
her expenses,
check.
pay
exactly, but wanted
woman
the
absolutely impossible
save.
$io less than
was
information
some
to
figuring on
our
job became
and
"
did
we
salary
then
the
see
wanted
young
could
easier
in to
weekly
she
was
of
items
last.
was
her
much
That
definite
a
if she
starter.
from
we
the remaining
other
came
it
If
saving much
getting
said
She
know
Finally,the
be
of
how
could.
she
didn't
her
didn't
she
of
earnings
our
fund.
the
woman
purpose
anything
save
of
divide
between
young
relating to saving.
to
then
put the saving item
we
long
writer
much
will find the matter
necessity,we
than
and
first,
income
our
how
LIFE
for this emergency
save
this item
portion of
HOME
to decide
advantage
want
we
FINANCE
to
have
her
the
monthly deposits total $25.
Budgeting
and
careful
is
merely
spending.
a
matter
of honest
estimating
BUDGETS
outline
To
budget,
a
family has
deal, and
its
as
of the
peculiar conditions
there
However,
which
been
be
can
compiled
these
cases,
and
tell
whether
us
best
made,
as
sions
divi-
well
figureswhich
have
as
from
doing
spending
our
of
guides
excellent
as
serve
large number
a
budgets
to
to
the
only the
Savings will include, not
bank
each
for
the money
or
any
form
Xo
work
for
payments
or
of payments
us
and
produce
the
on
Food
are
fruits and
in
ing
mak-
are
investments, life
which
will
more
cause
money.
such
on
things
the mortgage,
upkeep
of property
living.
itself into the classifications of
will sub-divide
and
meat
we
put
we
which
home, interest
taxes, fire insurance, repairs and
in which
money
of shelter will be included
the item
Under
as
savings,
are
advancement.
items
independence, such
future
insurance,
rent
payday, but other
estimates
our
They
six heads.
under
"
compile
can
we
shelter,food, clothing,operating and
as
the
advantage.
our
the
to
fundamental
are
we
Generally speaking
"
as
will often
not
fit its estimates
to
certain
averages
or
which
case.
some
are
with
problems
must
consequence
a
of
possible. Each
is not
cases
individual
own
35
proportionate division
a
or
will fit all
income, which
SYSTEMS
AND
fish, groceries, milk, butter,
vegetables, lunches
and
meals
eggs,
taken
bread,
outside
of the home.
Clothing considers
anc
remodeling.
new
clothes,repairing and
ing,
press-
HOW
TO
division
of
36
The
things
FINANCE
stationery, laundry,
tobacco
and
For
the
and
have
month.
two
such
and
tax
The
division
salary of $100
a
is safe in
aside
set
for
shelter should
costs
be
can
should
$20.
not
A
not
from
sources,
an
$300
to
for the
seven
of
many
average
about
is estimated
as
$5
to
estimating that $10
$30
per
$28
to
$25
with
should
costs
to
from
each
more
month
the
of
two
than
can
Food
month.
$30.
$8
be
Clothing
from
to
of
item
$15
$10
to
a
on
within
held
with
a
salary of $150
month
per
ing:
following figures a fair guide for estimat-
clothes, $23
in
$12 should
The
fall within
Advancement
to
$7.
family
a
family of
the average
month
per
exceed
average
advancement, $10
used
$ioo
of allowance
Savings, $25; shelter,$35
At
things.
from
ranges
month.
average.
will find
$40;
other
savings each
covered
Operating
monthly
from
education,
:
persons
be
of
dues, gifts, medical, dental, drugs,
budgets by authoritative
At
expense,
tions,
magazines, lectures,vaca-
and
general divisions,compiled
follows
items
the
family income
average
such
telephone,
automobile
fares,
we
entertaining,income
per
fuel, newspapers,
car
church, charity, books
The
of
care
like.
advancement
clubs
LIFE
operating will take
heat, light and
as
HOME
to
to
salary of $200
$30;
to
$40; food, $35
operating, $10
to
to
$12;
$15.
per
month
these
figures may
estimating: Savings, $50; shelter,$40
to
be
$55;
BUDGETS
food, $35
to
AND
$47; clothes,$27
to
$15
$20; advancement,
When
of
$65; shelter,$45
to
$40
to
to
month
per
the
this
in
apportion their income
$35; operating,$16
to
$300
according
two,
37
$20.
to
salary reaches
the
family
SYSTEMS
$45; operating,$50
to
well
can
averages,
Savings, $55
manner:
$70; food, $45
to
little
the
$60; clothes,
to
$60; advancement,
$25
$40.
to
It would
live just as
month
that
seem
cheaply while
when
as
family of
a
earning
earning $150
two
salary of $300
a
$200, but
or
might
persons
per
this is not
true.
Earnings
with
and
a
increase
only
The
one's
recognitionof
responsibilitiescomes
foregoing
responsibility increases,
as
in
estimates
average
living which
expense
to
comes
with
is that
system
bills and
unprepared
to
living free
from
showing
For
a
a
a
standard
debts
a
on
one
sure
and
from
budget
catch
never
"
free
one
of
position.
It is the
is the
added
for additional
operating
burdensome
ligation
ob-
way
the
one
of
only
debts
and
profit.
family of three
for the
At
social
emergencies
them.
meet
business
prosperous
added
these
advanced
the
meet
take
greater
social
one's
allow
and
thing about
beautiful
The
in
growth
a
obligations into consideration
increase
abilityto handle
persons
general divisions
salary of $100
per
are
month:
the
as
allotments
gested
sug-
follows:
Savings, $3
to
$8;
HOW
38
shelter,$25
to
operation, $8
At
TO
to
salary
a
shelter,$35
to
$35;
of
salary
a
shelter,$40
to
$150
a
to
the
fair average
At
family consists
shelter,$28
to
At
a
is
as
to
month:
to
month:
$42; food, $40
$40; operation, $12
$15.
$25
some
to
$45.
to
ment
allot-
the
persons
changes, and
Savings, $1
a
$5
to
Savings, $10
to
$2;
to
$35; clothes,$15
to
$7.
to
$15;
$45; clothes, $26
to
$10
to
$12.50; advancement,
to
$65;
to
$62; clothes,$43
$10; advancement,
per
to
follows:
per
to
salary of $150
shelter,$35
has
$35; food, $34
$20; operations, $8
$50; clothes,$30
four
of
$15.
to
Savings, $50
to
to
Savings, $40;
$60; advancement,
to
salary of $100
a
to
month:
per
$70; food, $50
division
$42; clothes,$24
month:
estimating naturally
or
Savings, $20;
advancement, $10
per
$20;
to
$7.
to
$25; advancement,
to
$50; operation, $50
When
to
$55; food, $45
salary of $300
shelter,$45
;
$200
$35; operation, $16
At
$12
to
$5
month:
per
$42; food, $35
of
LIFE
food, $32; clothes, $15
$10; advancement,
$35; operation,$10
At
HOME
FINANCE
$12.50.
At
a
salary of $200
shelter,$40
to
a
to
of
per
to
Savings, $25
to
month:
I have
$60; advancement,
frequently had
to
to
$45
$64; clothes,$50
discussing these budget allotments
persons
$30;
$15.
Savings,$40
to
to
$52; clothes,$32
$25; advancement,
$70; food, $55
$55; operation, $50
In
to
salary of $300
shelter,$45
month:
$60; food, $50
$40; operation, $16
At
per
$25
with
pointed
to
;
to
$45.
a
number
out
to
me
HOW
40
"
is the
TO
HOME
FINANCE
"
pattern for spending
LIFE
suggested
to the
business
woman:
At
and
salary of $ioo
a
advancement
At
and
advancement
and
advancement
and
advancement
Many
$5,
board
Savings $30,
lunches
$15, clothing $25,
month:
per
carfare
$5,
business
will
board
Savings $60,
lunches
$15, clothing $30,
the
who
women,
turn
inform
their
up
in
noses
world
wide
wide,
glance
at
the
haughty
a
that
it
just
done.
and
apartment,
purchase
is too
per
week,
who
the
at
tired
the
on
obligated
instalment
she
woman
young
to maintain
has
time
same
play when
to
one
endeavors
$370 piano
a
in mind
I have
this connection
earning $30
she
$12, clothing $20,
month:
per
$200
young
be
lunches
$30.
sniff,and
to
$150
of
figures given,
In
$3,
board
Savings $20,
$20.
$60,
room
$12, clothing $20,
month:
per
carfare
of
salary
a
can't
$120
$55, carfare
room
lunches
$3,
board
$15.
salary
a
At
of
$50,
room
Savings $io,
$10.
salary
a
At
carfare
$45,
room
month:
per
a
herself
plan
which
from
gets home
$65
the
office.
Not
which
but
is
to carry
it
couple
at
only
the
can
in
be
a
on
after
used
planning
outset
of
system
to
budgeting
the home
distinct
for the
of married
has
been
into
which
way
in
established,
advantage by
home
life.
the proper
the
young
they step
Economics,
"
There
:
says
work
The
devoted
areas
the
its
family spends
in
the
aside
work
has
she
whether
the
included
to
in the
be
for
will be
the
depends
necessary
the
or
3
part
and
table
equipment
as
are
and
time
wife's
the
and
area
by expensive labor-saving
conserved
much
parts; working
of
livingarea
not
much
how
home,
and
room
working
if the
the
tasks,
her household
be
should
money
Living
area,
family is musical
the
equipment,
will be
such
In
required for the living rooms.
hand,
on
done.
proportion might well be:
other
set
amount
furnishing of this part of the house
the
sleeping area,
upon
the
is
room
home, whether
with
the
sometimes
and
rooms
new
assistance
twice
devices, almost
aside
be
dining
must
energy
of the
outside
works
entertaining is
of
where
dining
proportionate
group
elaborateness
The
bath;
and
house
living area
The
each
the homemaker
''If
in the
area.
furnish
size and
apportion the
bedrooms
time.
waking
included
to
respectively
to
parts of the
the
living area,
sometimes
of the
include, for example, kitchen,
would
area
pantry, laundry; the sleeping area,
and
think
these.
among
money
is to
living, and
sleeping, and
work,
to
three
into
divided
as
the expenditures
budgeting
furnishings. One
for house
house
for
schemes
several
are
41
Journal of Home
Buttrick, in the
Goodrich
Helen
SYSTEMS
AND
BUDGETS
4
the
2
area,
parts.
and
a
as
case
parts;
On
the
piano is
amount
greatly increased.
a
set
a
spent
TO
HOW
42
''
No
definite
have
founded
divide
to
parts,
the
total amount
articles
for
list from
each
articles
for
the
each
^'
do
from
best
be met
to
much
are
well
being swept
One
about
of the
the
of
to
set
complete
equipment
So,
we
'
information
that
to
and
the
necessary
to
and
prices
the
first
is
all
the
a
into
lous
unscrupu'
be
should
a
home.
is
who
woman
store
so
purchaser
equipping
of
give
effort
power
skilful and
when
to
and
prevent
things
about
before
even
derive
so
much
comfort
company
about
of
accurate,
sorts
of
household
can
enter
into
we
expect
furniture."
and
become
priated
appro-
seems
is small
Time
by
housekeeping
up
see
of
desirable
shifted
purchasing
greatest needs
of the
a
her
inexperienced
founding
we
often
and
Necessary
actual
that
for
calculation.
beyond
salespeople.
slogan
sary
neces-
cost
the
varied, it is
and
embarrassment
financial
and
which
found
available
sum
invested
from
"
listed
the
the
allotments
is
many
careful
to
are
the
Then
be
equal
returns.
spent
deep
third.
preliminary shopping
hours
many
subtract
the three
helps
absolutely
and
may
if the
Sometimes,
needs
allotted
individuals
spent into three
list the
and
area
area
be
the
the
it sometimes
start
to
apportionment
the
promise
each
the
balances
until
the
because
given,
differ with
At
area,
LIFE
be
can
home
it.
for each
one
HOME
proportion
of each
requirements
who
FINANCE
home
financiers
is to
raise
and
to
the
we
from
which
happiness,
a
degree
money
"
the
to
it is necessary
for to finance
necessary
for
its
of
of
is
It
needs.
all
and
hopes
to
takes
feet
is
home
the
Careful
planning
careful
will
"
mean
the
in
planning
much
a
and
of
beginning
affairs,
"
even
craft
it
its
this
rule.
though
that
the
of
seaworthy
but
on
to
postponement
more
plenty
institution
any
sea
tion
determina-
a
exception
no
mean
may
put
the
upon
affection,
world
the
to
"
and
health,
in
dollars,
forth
love
good
recognized
hard
and
of
wealth
a
43
launch
to
prospects,
become
cold,
well
very
with
matrimony
SYSTEMS
AND
BUDGETS
start
when
it
is
launched.
buying
Commonsense
"
of
just
the
as
''
establishment
thrift
the
is
is
really
we
egg
of
a
home.
are
so
keynote
for
fundamental
"
nest
the
certain
the
to
thrift
to
building
need
in
up
the
Chapter
Three
RESPONSIBILITIES
THE
man
just
who
woman
of
home
a
of
the
much
as
in
partners
it is true
as
business
the
in
some
very
her.
This
home-making
of
case
templating
con-
persons
business
commercial
for
partnership
a
the
or
of
tion
forma-
the
has
him
responsibilities confronting
"
PARTNERS
contemplates
organization
and
definite
is true
or
"
HOME
OF
reasons.
It
is not
business
the
in
engage
The
to
along
prosperous
work
that
likely
to
out
in
worked
and
will
a
to
also
have
of
the
to
nership.
part-
plan
a
upon
growing
business
the
much
is
plan
before
completeness
thorough
the
business
the
where
success
capital
form
to
and
"
the
have
desire
assure
lines
be
a
must
partners
which
more
business,
in
enough,
has
been
the
ness
busi-
is started.
The
such
of
the
a
plan, but
the
striving.
knows
he
It
where
is
it
is, also,
must
face
operation.
and
way
one
the
to
is much
he
likely
to
to
wants
have.
44
a
to
get
go
and
The
the
budget
sort
does
that
family
somewhere
the
of
business
guidepost
which
for
of
indicator
clear
in this
It is the
objective
easier
perfection
only the
is not
budget
responsibilities
building
points
one
of
working
a
home
is
making
when
of
eling
trav-
these
OF
RESPONSIBILITIES
things
it
"
points the
before
for them
which
toward
tip
and
is
It
provides
not
as
only
permit
not
unanswerable
an
it also
possible
ing.
spend-
argument
helps
of
goal
is operating
one
best
one
blandishments
against the
a
guard against unwise
a
spending, but
against needless
"
tap
on
one
friendly little
a
that
the
is
road
by preparing
budget will
particular extravagance
and
the
gives
here's
"
the
to have
it
reached,
are
"
45
bumps
importuning salesman
an
budget
a
answer
face
the
out
that
on
his
work
to
tell
to
"
they
"
PARTNERS
it tells whether
way,
it smooths
uphill one,
an
"
HOME
the
"
one's
save
sales
suave
person.
establishment
The
than
thing. More
is
the
of
one
shoulders
In
of
a
that,it is
thrift
fund
a
necessary
very
responsibilitiesa
in the establishment
what
is it
manner
any
are
a
thought, but let
One
gives the
who
person
the
of
consider
us
first
thoughtful-minded
of
None
of
us
want.
We
upon
others
looks
do
for
has
one
forward
not
our
like
in
home?
a
readily
will
subject
which
is that
financing for retirement
when
is it
to
occur
little careful
a
just a few:
reasons
person
his
upon
give it thought
man
of
It
home.
a
which
reasons
many
thing.
responsibility? Why
considering the establishment
There
desirable
a
takes
man
of
a
should
Why
necessary?
is
will
thrift is
for
"
occur
a
sure
condition
a
to
means
of
age
of
old
age
of penury
to
an
think
living when
of
we
are
pendence
inde-
production.
passed the
to
any
and
being dependent
old and
feeble.
HOW
46
Unless
we
TO
tie the
can
surplus during
a
which
we
Into
life
every
If
these
meet
by creating
activity and
desirable
old
emergencies.
not
are
which
day afterward,
to
the
come
they
debt, under
of
for
the present
to
of
years
LIFE
production,
period of
age
fondly dream.
so
money.
HOME
future
our
hope
cannot
we
FINANCE
shall
we
do
must
we
result
to
Sickness,accident, fire
little
to which
hazards
we
accumulation
of the
all
are
long
a
many
befall
they do
one
cost
financing in advance
when
any
"
in the
struggle for
a
emergencies
Emergencies
sudden,
us.
pected
unex-
be taken
liable,must
into consideration.
This
consideration
by
a
when
man
The
program.
is
thoroughness
of
his
For
and
things
are
things which
The
which
should
make
the
is
financing. Payments
on
have
our
financing,for
been
by
for
financed
children
and
the
gencies
emer-
be
when
made
cost
in
These
a
advance
thrift
"
fund
maker.
obligation requiring
another
require financing
the home
shall
one
due
have
money
the
of
come
may
money.
financed
they become
to
travel
establishment
how
the desire
have
we
and
travel
and
itself
payments
measured
has
of education
education
home
advance
be
obligationof the home
necessary
making
abilityto recognize
he
for
that the advantages
Both
the home
they happen.
ourselves
us.
sumed
responsibilitiesas-
upon
well
which
with
before
a
starts
responsibilitiesmay
meet
to
he
extent
of the
one
ever
unless
meet
"
such
plans shall
available?
The
HOW
48
rather
or
"
TO
The
their
Savings,
education,
i
The
into the
following proportions:
cent.; living expenses,
per
cent.; recreation, i
in this
58
37
per
cent.;
cent.; charity,
per
;
in
charity, i
spending:
expenses,
50
charity,each
per cent.; recreation,
i
cent.
per
Thrift
is
desirable
of
independence,
should
is
father
of dollars
of
carries
real
a
who
so
be
or
an
and
the
to
of
sake
the
future
larger problem
thrift
in
carried
to
excess.
enjoys the thrill of watching his pile
that
extreme,
attractive
thrifty individual
for
secondary
danger
ample education
the
living
usefully.
accumulate
it to
cent.;
per
faculty to develop, but the
even
money,
livingwell and
There
ance
following bal-
cent.
per
accumulation
of
20
the
education, recreation
cent.;
most
a
Savings,
per
10
spends his
contrary,
penses,
Savings, nothing; living ex-
manner:
cent.; education,
per
cent.
per
the
on
man,
Thriftiness,they maintain, shows
a
of percentages:
tions,
their calcula-
to
per
extravagant
money
The
basis
a
cent.
per
40
to
"
LIFE
according
man,
his income
60
HOME
spending
parsimonious
divides
I
FINANCE
and
he
loses
sight of the
for his children
which
home
merits
"
tages
advan-
perhaps
or
keeps sufficient
from
no
his
family
"
ishment
nour-
is not
respect for his
net
yearly savings.
The
individual
who
recreation,travel,if his
denies
means
himself
good
books,
permit, merely for the
RESPONSIBILITIES
of
purpose
OF
accumulating
desirable
most
In
lose
not
for
sight of the
financial
of money
use
49
faster,is
independence
of money
meaning
true
recognize it always merely
the true
the
money
"
PARTNERS
not
the
type of citizen.
quest
our
"
HOME
is lost to the person
must
we
"
purchasing
as
must
we
and
power,
becomes
who
possessed of the miserly trait of hoarding.
Thrift
and
A
understanding of the difference in meaning of
true
these
words
two
of those
stinginessare
is
undertaking,
of home
making.
shall be
that
pleasant place
a
a
primal responsibilities
first consideration
difference
this consideration
the
same.
already engaged in the business
or
The
it is
of the
of
one
the
not
will
to
of
be.
The
home
standing
under-
greatly in making
serve
continuance
of the
actuality; for where
stinginessexists there is but little pleasure in the home
and
"
where
happiness
extravagance
To
he
is
the
man
cares
the
of the
business
fact
home, by
that
lies with
management
entailed
of the
reason
of
the
by
the
the
success
thoroughly
upon
failure
or
management
rests
fact that
operating funds,
well
"
and
nizing
recog-
of
that
any
cessful
suc-
organized planning.
Systematic spending is the plan for the
home.
exist
not
it is crowded
worries
and
responsibilityof first and
the
does
debt.
and
generally the producer
comes
thrift
because
its home
petty
many
of
measure
make
cannot
by the
out
some
successful
TO
HOW
50
Before
be
must
the
plan
can
pattern of
of the
beauty
Therefore,
budget
a
budget,
and
recognize, as
we
can
and
magnitude
the extent
of
our
foremost
using
our
time
one
so
production
that
we
earnings.
our
must
we
make
to
as
the
or
home
a
unless
save
the necessity for
responsibilities,
energy
build
or
cannot
our
LIFE
home, depend directlyupon
production
our
HOME
We
producers.
The
earn.
of
we
FINANCE
in
and
proportion to
our
ability.
Sometimes
the
from
be
work
will pay
into which
The
a
One
happy
If
he
others
he
man's
a
the
requires
but little
and
sing
much
paying
his
the
own
of labor
of his
salary will
the
from
such
'^
A
he
man's
be low.
be
he
and
join
and
If he
with
as
a
requires
larger
"
and
he
enters
is entitled to the pay
which
position."
is
requires.
must
ability to supervise others
factor
salary
supervisor
supervisionhis salary will
possesses
United
in the
supervision
supervision
salary
us
usually
determining
salary,said,
of
gives
thrift fund.
the
to
as
That's
fit?
that
a
job
a
his work
at
get
we
upon
we
job
substantial
amount
the class of executives
comes
a
know
a
on
can
questioned
by
consequence
we
work
to
go
largest employers
size of
in
who
man
of the
determined
shall
working
home
States, when
of the
and
the
exercised,
once
courage
nection
con-
though
even
large dividends, providing
we're
when
pleasure.
has
such
But
fit. How
we
check,
pay
one's
to sever
courage
of ourselves
measure
easy;
weekly
distasteful.
however,
true
much
it takes
if
worker
The
the
employer
suited
presented particularly
the young
to have
hopes
thought
less
man
does
is
thought
just going
man
young
is
work
the
This
from
tip
a
that
sure
of his
own
the
who
sometimes
would
leave
man
we
"
of
possibilities
future
the
is of much
check
first pay
size of the
than
importance
the young
"
home
a
the
that
one
world.
into the business
For
the
to
take
in it.
engaging
the
who
fitted and
well
equally
before
them
to
make
and
51
it.
makers, might
home
Workers,
supervision is
least
likes to do
he
"
PARTNERS
he is best
for which
because
work
that
requiring the
the work
doing
"
HOME
OF
RESPONSIBILITIES
first
the
job.
the
When
average
seriously consider
main
his
and
such
in
assuming
tells him
would
This
be
assured
reach
the
he
on
and
times
with
very
body
his
maximum
fullyjustified
native
his
of
none
into
the
its accustomed
well
if the
good
and
mind
his
us
would
stay sound
would
regularly
producing capacity.
is
gifted
the
future.
are
always
body
could
man
young
daily earnings
of
well-being
when
he is
as
With
fulfill.
can
his
definitelyseeing
come
obligations
mind
and
succeed.
abilityto
such
of his own,
body
to build
to
commences
home
a
sound
which
that
unfortunately,
health
a
upon
all be
that
well, and
and
of
faith in his
foundation
a
sense
consists
unbounded
an
desirabilityof
the
capital
first
man
young
or
mind
with
with
of
hazards
of
There
us.
is not
power
the
Certain
able
efficiency. Accident
But,,
to
or
may
carry
illness
HOW
52
TO
overtake
may
cessation
manent
But
of
the
earnings will
of
obligationshave
continuing
temporary
per*
characteristic
unfortunate
the
or
ensue.
obligations until
be
to
and
man
young
LIFE
HOME
FINANCE
they
pletely
com-
are
paid off,regardless of the regularity of earnings
of those
The
who
them.
head
executive
plans for
or
incur
ways
to
hardship.
In
of
tide the business
some
executive, he will provide
firm
though
there
be
may
a
be
efficient
an
whereby
means
discount
payroll and
its
meet
may
and
ways
of stress
times
over
if he
manner,
always
institution
business
a
its
the
bills,even
lull in its business
temporary
volume.
The
the
of the
man
executive
his
of the home
"
plan
to throw
does
organization as
as
the
is
"
generally
institution,and
business
of that
head
he should
such
family
as
safeguards about
many
business
about
man
the
house.
Insurance
is the
the
potential home-maker.
the
burden
of
if he will
among
the
to
buy
all he
operation.
has
assume
been
never
in his
in
it
an
obligationsof
Then, if he
to
greatly to
protection as
his
his
advantage
sufficient
amount
is removed
remove
unprotected
spending pattern.
home
charge
dis-
to
and
purchase
before
completely rid of debt, the
immediately available
about
worry
an
insurance
proper
will find
life insurance
all the
financingproblem of
need
He
fundamentals
of
this
obligationsfallingupon
family
First
to
answer
money
this burden
the
home
will
from
be
those
RESPONSIBILITIES
he
OF
behind.
leaves
Next
purchases will be health
be
should
of
kind
a
during such
normal
One
with
power.
will
well
whom
one
would
one
select
an
investment
select
payment
of claims
will
be
the
shut
basis
Deal
which
and
"
best
suited
the
to
needs
his
company
same
broker.
penses
ex-
off from
insurance
the
on
it
against
of
assure
a
prompt
a
that
of the
that
with
has
reputation for sellingto the individual
insurance
These
reputation for integrityand
a
first
regular operating
he may
as
to
53
insurance.
which
as
business
having
of
well
does
company
earned
accident
amount
time
earning
do
and
as
"
PARTNERS
in his list of necessary
and
meeting obligations
"
HOME
wellform
particular
individual.
From
all this it will be
executive
of the
and
But
what
of her
position in the scheme
the
firm, has
home-making
woman,
successful
that
the
fiscal
as
man,
tions
obliga-
many
responsibilities.
the
is her
that
seen
of
financing of the
of the
wearers
their
and
"
in this relation?
things as relatingto the
home?
little
What
It
would
golden band
are
appear
also
sponsible
re-
of
responsibilityis largely that
management.
You, who
into
you
its
place
first wore
one
you
of
upon
Did
the
had
it not
it not
life to
chosen
of
symbol
unity fit snugly
hand, recall the
your
Did
it.
security?
visions
felt the
have
bring
conjure
a
in
day
sense
of peace
your
brain
when
and
many
follow, safely protected by the
for mate?
Did
you
not, also, feel
it to be the realization
long
a
upon
Surely
that
for
the
in
that
each
other
of home?
the
all
real
business
the
for the
all effort shall be
firm
a
life
"
united
are
outside
responsible for
is
partner
means
of
partnerships, they
competition from
tract
con-
which
established
have
wearer
agreement
symbol
a
successfully, the
all
that
"
is
It
the
on
on,
withstand
to
seal
is the
giver and
as
startingpoint
happiness in the realm
partnership.
carrying
that,
the
and
dream
a
LIFE
did!
you
of
of
of
voyage
golden band
The
HOME
FINANCE
TO
HOW
54
sources
"
of
acts
the
of the
progress
firm.
It is my
wonderful
woman
successful
the
mother
for
than
more
a
my
She
fine
to
lived
has
of
years
a
most
a
established
well
craft
and
with
the
once
never
successful
home
this
in
which
ment,
manage-
the
friend, is stinginess on
says
expensive luxury
35
with
acquainted
shoal.
greatest handicap
wife.
who
woman
life, a
piled the ship upon
says
well
be
to
navigated the matrimonial
husband
The
a
"
home
children, who
same
fortune
good
part of
stinginess is also the
most
wives
indulge
most
"
the
stinginessof service.
Nothing is cheap,
the greatest
which
has
economical, that does
of service, satisfaction
not
and
give
fort,
com-
slogan.
is her
Then,
measure
nor
she
a
advises, the
hold-back
next
effect upon
development, is stinginessin the
feature
of
the home
use
of the
stinginess
and
family
things with
TO
HOW
56
they
didn't
with
the husbands
"
I'm
blame
for
have
to
to
kept comparing them
that
say
failure
husband's
a
LIFE
of their friends.
bit afraid
a
against his wife
he'd
much, and
to
amount
not
HOME
FINANCE
ought
measure
her
to
up
be
to
of the
cent,
per
in him
if she believed
"
90
charged
up
strong enough
belief; he
couldn't
help it.
"
the wife
just as great work
fine
one
up
as
discovery it
But
that
he
the
as
fine and
isn't
she
idea
wake
to
apt
about
late to get him
will be too
there's
quite
him
so
he
as
the
makes
back
him
to
be
angle about
other
one
the wife
that
expect
she's
on
her
under
again.
control
"
sold
mostly, by the time
And
was.
once
selfish,
whining
a
thinks
she
in what
interested
much
to
man,
discover
viding
pro-
"
right track, But
husband
other
any
and
day
the
on
all
at
capable of doing just
him
thinks
she
that
trick
beginning
get her
doesn't
attitude,and
off
gets started
off in the
switches
if she
isn't any
husbands
Managing
overlook.
shouldn't
better
any
husband
a
bands
hus-
managing
She
shouldn't
is
she
than
a
wife.
"I'm
partnerships break
home
we
read
there
are
separations
me
so
is that
of the
many
without
do
mite
least
the
not
or
any
how
not
of
every
plan
they're going
to
at
at
day.
of them.
more
folks
a
nor
up,
about
young
kind
surprised
jump
as
into
to what
get along.
the
the
The
these
way
number
wonder
Trouble
of
to
is that
getting married
they're going
to
RESPONSIBILITIES
"
don't
They
anywhere
"
have
except
Then, too,
in, nowadays,
"
And
so
little there
''
and
"
If
then
they'll try
consideration
spend, and
to
the
of
much
how
they
money
progress
in any
to
a
institution
to
reduce
that
a
idea,
an
they
to
the
want
best
they're going
likely
not
little,taking into
a
and
I want
isn't
there
much
have
it go
ments
argu-
many
tell you,
to
to
make
to
have
to
without
happiness
arguments
the
on
or
money
often."
very
are
known
as
buying
The
good buyers.
large degree, the buying
very
home
a
spend it so's
can
family where
managers
of
sort
of
ahead
money
"
words, that
good
and
home.
a
look
to
mincing
All
little here
a
in
fun
is in starting
figuring as
little
a
how
question happen
the
there
as
some
kind
what
do
furthest, they're
about
have
to
to
get that kind
to
way
ought
they start, as
make,
to
left off.
be afforded.
can
folks
Young
before
it
as
isn't half
adding
get
to start
want
their parents
at hand
and
way
they
other.
each
There
everything
mind
in
of the youngsters
thing.
small
a
with
outs
57
they don't
consequence
point where
the
at
starting off with
in
the
"
PARTNERS
special place
a
many
another
out
as
on
''
HOME
any
get to, and
to
want
OF
as
of the business
manager
the home.
nearly
It is her
to
is,
woman
obligation
science
a
as
is
possible.
The
Journal of Home
"
gives
With
a
few
the
Market
Economics,
Go
Basket
suggestions which
may
in
an
tled
article enti-
Responsibilities,"
be
augmented
and
buying for the home
which
in
ways
housewife, concerning
by the individual
supplemented
LIFE
HOME
FINANCE
TO
HOW
SS
be
may
efficiently
economically accomplished:
and
"
first
The
basket
problem that the
is
encounters
of
one
with
woman
price.She makes
part of her expenditures in the grocery
market
meat
the greater
in the
and
store
to have
a
edge
knowl-
information
this
with
dealer
her
whether
position to know
a
needs
reason
prices. Armed
of
in
for this
and
the market
is
is
she
ing
overcharg-
her.
^'
While
prices is important, it is just
important for the homemaker
as
products
in
are
''
clerks
when
will
list at home
that
the
clerk's
time
read
the clerk
to
at
a
service
be had.
can
market
a
good deal of the purchaser's and
Items
store.
or
than
other
hours
preparation of
list: the
save
at
better
rushed
are
market
a
By buying
hours.
rush
"Have
for
foods
and
season.
Avoid
those
will find the greatest
buying products
coming from
farm
when
know
to
She
abundant.
most
are
economies
such
on
be handed
the list may
list
a
can
to
over
be
him
filling.
"
boy
Many
the
have
women
call for their orders
not
are
ready
at the
in
merchants
expense
"
are
of
knowledge
a
and
Minimize
high
adds
the
at
a
regular time.
specifiedtime
cost
of the
delivery service:
because
purchasers
butcher's
When
it delays and
This
serving others.
to the
the
grocer's or
hampers
time
is
goods.
the
demand
lost
orders
costs
many
of
retailing
kinds
of
brief:
In
services.
"
PARTNERS
"
HOME
OF
RESPONSIBILITIES
59
services,higher costs, higher
more
prices.
"
fail because
retail stores
Many
credit.
liberally. Minimize
too
added
do
losses have
The
prices of the goods charged
the
to
credit
they extend
to
who
those
to
be
pay.
"
great deal of spoilage of highly perishable goods
A
in retail stores
spoilage
Such
customers.
handling of goods by
to excessive
is due
high
means
and,
costs
sequently,
con-
higher prices.
''
Return
bottled
milk
is in
due
part
high price of
The
bottles.
milk
empty
the
to
of
cost
replacing
bottles.
''
Observe
weights and
buy by weight
to
Observe
the
quantity
whenever
arrive
they
scale
so
count
or
expedient.
more
by box
than
making
when
that
It is
measures.
or
ical
econommeasure.
purchases.
in
Buy
Check
up
orders
may
be
immediately
mistakes
when
rectified."
All
of
in which
ways
reduce
of
a
which
her
is
the
business
hit-and-miss
merely by
of
way
suggestion
purchasing agent of the home
to
a
real scientific business
as
to
may
instead
plan of exchanging the budget
money
for merchandise.
The
pattern
budget, let
"
the
us
program
spending of the income
results
desired.
say
again, is
once
made
for
the
for the purpose
Naturally, there
must
the
most
spending
efficient
of
securing the
be
some
record
kept of expenditures, else it will be impossible to deter-
TO
HOW
6o
mine
whether
the
have
within
of
reason
in
the
capacity
of
the
spending
as
a
of
While
the
has
salutary
the
"
the
of
for
plan,
extension
fact
or
the
various
have
visions
diwell
kept
is
of
one
showing
of
neither
business
a
of
the
the
profit
of
the
has
only
home,
control
natural
should
occur
partnership.
in
addition
formation
which
home.
some,
burden-
nor
advantages
assuring
of
is
complicated
distinct
many
it
records
in
duty
the
actually
income,
such
keeping
regular
duty
the
of
woman
agent,
of
most
of
her
the
that
purchasing
of
this
fund
made
the
the
matter
part
it
LIFE
schedule.
the
the
HOME
allowances
exceeded
By
that
FINANCE
may
of
be
a
used
to
thrift
for
Chapter
''
FIRST
THE
the
upon
built.
true
first
year
in
depend
buildings
foundations
the
institutions
and
married
of
of
is
YEAR
all
which
with
care
This
"
HOME
stability of
solidity and
THE
Four
are
businesses
as
well.
The
for
be
well
might
adjustments
to
a
placed
safety
beginning,
lead
eventually
or
and
in
investments
savings,
peace
normally
The
they
or
must
of
securities
be
mind
likely
only
made,
to
investment
follow.
to
savings
start,
of
class
the
and
can
first
the
at
be
can
the
very
will
which
of
any
within
which
6i
of
the
should
the
time
stocks,
surplus,
for
unusual
first
with
buying
build
many
filled
not
The
kind.
to
so
it is
sense
instead,
the
is
year
that
specific
against
occur
depend
independence.
financial
the
necessary
first year
investment
of
road
considerations
necessary
bonds,
where
speaking,
Generally
other
to
period,
its
know
to
surplus
the
along
couple
young
years
their
"
a
and
the
the
want
which
into
with
of
success
persons
young
securities
for
the
life
during
recognized
are
large degree
Many
which
in
manner
life
foundation-building
the
termed
the
upon
the
the
security
expenses
twelvemonth.
be
considered
LIFE
HOME
FINANCE
TO
HOW
62
life insurance.
and
All
savings
year
be
should
and
also where
for
secured
the
from
there
is
the
though
even
apartment
or
fund
reserve
children
Having
desirable
very
when
they
cost
of their
pay
those
Unless
and
"
not
to
only
is not
thing. Children
come,
if
are
been
plans have
the
arrival,and
much
money
is
a
welcome,
more
made
also
but
natural
most
a
preparing
parenthood.
in
for the investment
care
"
house
furnished
a
necessity of
is the
there
"
first nest
establishment,
to its
in
made
be
start
quickly
life.
definite cost
real and
a
thing,
some-
of cropping up
establishingthe
of
they
say,
"
habit
a
first
obligations
emergency
of married
cost
is to
readily and
be
may
of
payment
the
that
"
they will be earning
they
during the first year
and
"
obligations have
emergency
Aside
liquid
placed where
so
but
"
be
by
the
During
savings bank.
in the
must
greatest value
their
savings will find
other
being deposited
a
health, accident
of
during this period is the investment
defray the
to
hand
right at
to
costs.
the young
their
make
folks have
readjustments with
likelyto be much
of
a
in advance
planned well
care
there
"
is
during
surplus for investment
the first year.
In
the
fortunate
is
to
one
of
live?
quarters
of
establishment
of
provided
for
first considerations.
our
Will
in
the shelter
to have
as
few
home
the
a
it be
a
hotel, or
house
of
our
just rooms?
Where
own,
are
an
us
us.
we
are
so
That
going
apartment,
Usually this
ques-
HOW
64
that
they
TO
feel
a
advantageous
have
men
a
are
young
man
display of
those
this
day of
hard
very
than
easily made
more
wholly blamed
be
to
credits
far
so
deferred
and
The
kept.
for
wanting
to
and
in
"
payments
on
tically
prac-
barter, it is
get the things necessary
to
young
comforts
possible
as
of commercial
article
every
future
concerning
promises in
easy
for the most
necessary
jewel. Then, too,
any
promises
is not
out
LIFE
during the courtship days, of thoughtlessly
way,
often
carry
HOME
setting is
proper
making
which
FINANCE
not
so
provide those
to
comforts.
desire
The
during the first
provide
show
"
of
are
friends
life which
to
a
The
months
to
us
for
reason
the
as
in
American
our
a
but
"
maintain
a
scale
a
Good
scheme
head
and
to
of
all necessary
it isn't at
scale
and
standard
or
to
majoi^
whole.
people
maintain
is below
of comfort
more
"
thing is
injusticeto ourselves
an
we
shoulders
and
capabilityor position.
our
of
matter
be
should
expenditures during
purchases
are
made
Rukeyser,
in
Investments,"
to
basis
the
on
Particularly will the
limit
prime
factor
do
we
when
endeavor
above
the
beginning
the wise
shall have
necessary
life,because
our
is
often
when
"
of the American
extravagance
fronts
year
setting which
a
of
less
this fine setting in the
for
young
of
"
married
folks
do
necessities,especiallywhere
The
outlines
Common
three
Sense
rules
first
12
only."
necessities
in the field of instalment
'^
the
well
to
the purchases
payments.
of
Money
and
concerning the
THE
procedure for the
substitute
essential
least
at
the
on
instalment
entire
period
things such
buy permanent
of
the
on
house
a
to
buyer.
ities
commod-
will extend
For
payment.
it would
as
partial
buy theater
to
But
plan.
falls
benefits
whose
be uneconomic
it would
example,
wise
a
the
on
purchases
character
the
over
suggest
cash, for the credit
the cost
and
instalment
Limit
an
65
goods
able to pay
are
expensive
is
"Second:
of
buy consumption
if you
plan
payment
YEAR
couple during the first year.
young
Never
First:
"
HOME
plan of purchases which
partialpayment
"
"
FIRST
tickets
be
justifiableto
or
even
a
piano
this basis.
on
"
Third:
If necessary
play safe and
loss of
time, which
words,
don't
income
up
illness and
The
has
the
to
instalment
reduce
system
much
toward
American
your
income.
for
as
ample margin."
an
merchandising
and
unquestionably
aspects, and
other
the
on
has
of life for the
raising the standard
But,
other
In
emergencies, such
of sales
family.
as
prospective
and
current
your
hilt except
beneficial
average
the
mortgage
plan,
contingencies, such
adverse
would
the instalment
on
operations, but leave
many
done
figure on
buy
to
hand,
dollar-down-and-a-dollar-now-and-again scheme
business
holds
the outset.
brought
of the
On
within
certain
one
the standard
of
side is the
the reach
refinements
hazards
and
for the
of
that
"
easy
wage
earner
many
life,thereby raising
livingin the American
to this is the contention
at
theory that the plan has
of the small
luxuries
folks
young
of
Opposed
home.
payments
"
operate
TO
HOW
66
not
only
the
manner
Living well depends
income, but also
Sometimes, when
is spent.
there
payments,
non-essential
and
is
upon
nothing
the
supply
recognize the
carrying
of
about
to
finance
the
to
partial payment
nent
perma-
purchases the
such
on
carry
thorough credit
of
cost
long periods of time, the
over
men
business,
confronting them, the
hazards
more
hand, there
purchase of
the
on
extravagant
other
the
income
things.
money
accounts
family
purchases
to make
financing of instalment
the
who
unsound
semi-permanent
or
In
debt
society.
that
make
can
one
On
it is used
plan when
in which
tendency
a
in
the size of the
on
purchases.
or
wrong
is
stations
and
unjustifiedby their incomes
easy
LIFE
improvident people into expenditures and
lead
to
HOME
FINANCE
sity
neces-
search, higher collection
costs, possibly of legal fees for repossession of articles
which
on
incidental
to
have
met
is
to be
when
articles
the
couple should
or
success.
Henry
work, devotion
night.
I
was
C.
Frick.
to
very
is
There
your
poor
''
a
on
or
young
first-yearpurchases.
secret
no
Success
business
and
easy
quality,
things the
are
in their
in
opening, the starting,upon
is the
^'
to
says
overlook
not
first year
highroad
These
account.
the
on
for cash
purchased
costs
therefore,it
"
things purchased
are
costs
These
plan.
payment
that
seen
other
many
by the purchasing public
regular credit
hard
and
"
plan will be higher in price,or lower
payment
The
deferred
the
quite plainly
than
default
payments
my
about
the
cess,"
suc-
simply calls for
at
all
times, day
education
was
THE
but
limited,
I
opportunities."
he
have
would
born
about
useful
50
things
earnings,
to
unusual
earnings.
worked
failure
found
useful
spend
find
can
wisely,
that
during
demands
are
YEAR
hard
is
the
do
and
likely
do
yet,
is
to
if
be
sought
thinks
he
that
been
had
one
of
the
learn
to
conserve
keep
year
to
who
to
to
first
always
man
And
to
67
and
things
earlier.
years
"
HOME
very
The
one
particularly
"
FIRST
out
of
most
debt
"
when
made
so
upon
many
one's
Chapter
Five
BUDGETING
CHILDREN
which
They
a
the
are
children
our
can
would
incident
the
problems
home
the
house
horning,
be
of
the
secure
or
of
It
is
deemed
figures
our
because
it wise
have
give
is their
right,
and
men
women
to
nor
we
the
been
and
ways
financial
compile
things
preparation
gathered
from
68
a
invested
be
to
safety
against
shall
passed.
the
for
proper
independence
definite
some
the
with
have
that
true
are
of
increased
for
seeking
periods
producing
the
erection
the
shall
funds
which
upon
commensurate
returns
for
of
other
the
as
for
of
educating
means
"
problems
the
and
contracting
surplus
these
to
home
the
fundamentals
surplus
our
greatest
when
concerning
of
"
increased
preparing
days
without
cannot
we
piece of property
planning
in which
avenues
a
built
"
for
home,
rearing,
and
truly
as
buying
and
earnings
financing of
are
shall
of
swings.
be.
the
of
the
which
kind
life
home
financed,
the
around
influence
the
for
rearing
them
of
children
of
reason
of
sort
them
to
orbit
entire
successful
the
In
the
the
have
unifying
adequately
make
we
the
are
principal
home,
proper
"
the
CHILDREN
THE
facts
we
and
children.
number
of
have
figures
These
dependa-
BUDGETING
ble sources,
and
American
the
While
to
which
families, yet,
reliable
of the
baby
it may
be
event,
or
if the home-makers
the
financing of
for the
According
physicians
equipment
be
made
incident
world
is
a
as
from
for
the arrival
from
pitals,
leading hos-
welfare
of costs, the
a
baby
children's
izations
organ-
minimum
safely
into
the
$300
to
the
the
planning
anticipationwith
which
day of parenthood might
to have
at least this amount
discharge of bills immediately
upon
of the little heir.
It would
aside
concern
preparations
well known
bringing
approach
may
available
This
of much
supplying
stores
part of the eager
well be devoted
than
pated
joyfully antici-
$275.
So, then,
parents
to
a
vestigat
in-
and
proper
secured
keeping definite records
expense
of
arrival.
and
well
as
"
not
estimates
to
research
careful
may
that the
compilation
the
the occasion
have
obtaining
assured
are
averages,
much
some
whole, they will be
readers
necessitated
coming
conditions
the
on
guides, and
are
has
The
different
the
meet
excellent
estimates
obtaining in
conditions
for average
are
69
figures given will naturally require
the
different
found
CHILDREN
home.
modification
in
THE
appear
to
According
for this
care
that
means
at least
folly,indeed, to provide a
the
important
first year
sum
of less
event.
budget
should
set
coming of the babe.
$33
per
month
to
the
budget figures previously given
for the
HOW
70
this would
TO
absorb
the
advancement
salary of
$200
advancement
"
item
medical
the
for
important
taken
which
better
it will be
for
as
at
of
month.
per
a
item
The
the
recalled,was
sum
which
among
of
the
of
cost.
coming
for
aside
set
future
comfort
always
not
minimum
a
for the
the
savings
included.
be
can
all of
$150;
entire
requirements
the
as
with
of
care
money
it will be
was
matters
the
the
or
realize, too, that
must
of
vancemen
ad-
saving and
is
salary is $300
list of
the
attendance
One
well
month;
advancement,"
aside
set
three-fifths
per
where
of
income
monthly
and
LIFE
items
all of the
where
the
HOME
FINANCE
first
be
baby
The
more
occasion
the
of the youngster
care
and
this
such
can
of
peace
mind
of
as
the
parents.
It would
to
definite
secure
and
cost, in dollars and
the
fact
that
thousands
of
estimates
secured
number
which
a
For
costs
have
or
on
the
of
a
many
so
But
the
as
the
variation
agencies consulted.
made
a
experience.
great
as
of
an
definite
of cases,
the
Salvation
especialeffort
basis
Army,
to
mine
deter-
by the compilation
gives the followingaverage
:
the first six months
that
had
have
have
large number
minimum
occupation in which
an
department
costs
matter
figuresconcerning
concrete
persons
to
seems
such
of
this is
welfare
extremely simple
an
cents, of raisingchildren,in view
of persons
The
be
to
appear
the
cost
for
mated
of the child's life it is esti-
food, clothing and
equip-
HOW
72
TO
FINANCE
battles of life and
financial
is
about
In
idea
of
for
the
the
years
collegeeducation
a
will
youngster
cost
there
are
through college on
assistance
any
It has
been
done
many
who
is
loses
in
future.
desirable
the
which
will
It
the
to
the
done.
will be
boy
girl
or
lege
through col-
way
of
features
college
during
much
mean
go
out
with-
be
can
past and
But
entirelytheir
work
of
features
"
their parents.
in the
time
personal efforts and
times
But
girls who
boys and
from
times
education
better
a
to
right now?
own
many
many
is
their
done
obliged to
than
many
ready
the
to
When
course
be
fondly planned.
so
money.
begin financing that
course
have
parents
college courses
Of
reaching
one.
i8
which
of
game
college for that finishing touch
enter
life
LIFE
in the
out
the
independence,
frequent
a
win
to
HOME
the
latter years.
Let
us
the
In
what
see
expenses
to
the
lodging, board
tuition
averages
for the
four
from
$400
clothing,food
$ioo
about
of
least
$2,000
and
which
per
$150
per
year
inated,
elimother
in addition
year
colleges
minimum.
college life the student
for expenses
So,
must
have
aside
from
must
have
shelter.
be
$500 for each
upon
$200
to
$1,400 available
Therefore, it will
at
be
may
clothing. In the other
and
years
to
cost
books, laboratory charges and
from
run
cost.
tuition
college the
state
but
collegecourses
to
seen
that the student
year
of
draw
if
college life
he,
or
"
she, is
a
to
fund
of
be able
BUDGETING
utilize the
to
THE
time
CHILDREN
college for
at
the
73
of
purpose
study
preparation.
and
isn't the least
There
of the
parents
then, why
budget
and
month
will draw
4 per
the trick.
which
one
10
$929.25.
Being
will
$70.75
find
to
safe
along
until
it to
the
if the
savings
Then
will
of the
comes
it
with
this
not
have
for
this.
a
the
it
where
and
At
the
the
sum
when
shown
learned
spending
"
of
drawn
with-
be
in
be
some
that
the next
is to
carried
amount
the young
to
within
to
collegehe
three
be
must
years
an
ality.
actu-
him,
upon
the
thoroughly appreciative
be
his
value
of
is to
the
end
needed
can
it will
understanding
more
which
of
mark,
the
can
college course
be
do
greater interest.
responsibilityplaced
only
it
earned.
invested
account
year,
be
can
discussed
education
earning,
earn
remaining $450.70
With
has
money
thousand-dollar
the
point
it will
where
$1,986.02,
reached
account
fifteenth
the
much
child
the
Each
pinned.
to
than
still,the savings
student-to-be,
earn
the
have
to
in the
little creature
difficultyin supplying
no
the
better
$1,549.30.
time
close
So
semi-annually, will
better
will
week.
savings bank,
interest
even
security where
Or,
are
faith
compounded
so
bring
from
and
fund
the
years
Dad
do
can
ambitions
per
for the
will be
the
separate item
a
be exact, it will amount
To
$634.02
But
$1.58
as
of $6.25 in the
cent,
that
college fund
hopes
deposit
a
a
our
least
a
figure this
us
create
whom
upon
of
let
not
worth
are
but
question
with
the
"
but
he
will,by
money
before
the
natural
result
that
HOW
74
the
funds
and
after
TO
will
he
FINANCE
HOME
produce greater results,both
entered
has
world
the
of
How
that
much
before
50.
better
There
could
desired
is still another
will be
ready
continue
This
minimum
of
secured
be
can
$2,000,
If the parents
insurance
other
deferred
takes
$111.14
cost
the
out
per
a
college
not
can-
endowment
ance
insur-
practicallyall
companies.
for
the
"
the age
life
type.
year
the
the parent
from
for all
same
around
endowment
that
of
college fund
at
a
get the following figures,which
we
are
can
weekly deposits.
the deferred
as
and
approximately
pendence
inde-
approval
the
though
the small
plan is known
"
with
even
Basing the requirements
the
reason,
this result
in which
meets
time,
on
of the well-established
are
some
financial
"
of its guaranty
making
policy
goal
manner
because
parents
fund
is,for
parents plan for the six- weeks-old?
effected,a plan which
many
college
against, a capital of $2,000, rightly used, will
assure
be
in
of business.
And, supposing the collegecourse
decided
LIFE
companies.
of 25 years,
or
policy of the
insurance
At
one
policy will
the
this age
$9.26 per month
$2.32 per
or
week.
However,
the
instead
of
account
plan.
on
the
18,
period,as
This
person
it is
was
as
insurance
the
continue
payments
figured
would
mean
in
a
policy amounting
insured
lived
for
the
but
years,
savings bank
total of
to
15
premiums
$1,667.10,
viding
pro-
throughout the entire
sincerelyhoped would
be the
case.
This
BUDGETING
leave
would
in addition
the insurance
to
the
child.
the
years
of
At
the
of
school
in
extended
through
Generally they
three
months
each
While
it may
is not
and
expenses
payments
in
be
can
of
base
a
are
college period.
payments
child
the
of
years
to
the
meet
each
$125
fund
that
of
$500
savings,will
economic
the
by
supplemented
a
college
that
proven
student's
earnings
through without
carry
any
being experienced by
pressure
per
rent, tuition,and
incidentals,yet it is frequently
sum,
$500
of
expenses
board, clothing,room
individual
serious
the
meet
rightly contended
sufficient
all the other
a
to
These
four
made
be
education, with
such
expiration of the 15
during the period.
year
year
made
of
desired, providing they
giving
"
the
life.
the
are
college education
the
after
manner
any
$332.90,
to
feature.
will be
payments
arranged
amounting
endowing
time
any
child's
75
policy the parent stipulatesthat it
a
is for the purpose
CHILDREN
in cash
earning
an
taking such
In
THE
the
child.
While
interest
the
be
will not
savings bank
"
the
because
2
these
of
the
ment
plan of endowinterest
compounded
being $ii'7.8o
"
well
worthy
has
6 years
costs
the
cent,
4 per
raisingchildren
to
this
on
would
as
difference
of
of from
regular life
at
is deemed
expense
period
great
account
feature
The
as
earnings
are
average
of
^the
on
the
annually
semi-
ance
insur-
this difference.
during the pre-school
not
been
to
easy
generally absorbed
family
and
no
mine,
deterin the
particular
HOW
76
effort
the
is made
general
After
the
TO
the
by
to
parents
from
them
segregate
expense.
first two
the
first school
until
and
years,
grades,
minimum
average
LIFE
HOME
FINANCE
it will be
of
cost
$30
child
the
well
allow
to
for
for
month
per
enters
an
each
youngster.
This
such
figure contemplates only
include
not
medical
food, clothingand
as
items
such
the
It does
attendance.
spending
as
things,
necessary
toys and
or
money,
recreation.
the school
During
a
gradually growing
first year
The
the
minimum
school
but
makes
other
or
such
expenses,
of
Gradually,
books
the
addition
an
$45
education
the
schools.
eight
per
in
pass,
years
necessary
like
the
"
lunches,
money,
upward
an
to
be
the
elementary
trend,
purchased,
more
as
until
along
minimum
average
month.
the home
education
will cost
years
and
like nature.
ing,
foods, cloth-
costs, meaning
things entirely outside
authority on
school
for
the
spending
eighth grades the
and
to
for
month
per
books, pencils and
will show
cost
about
and
a
the
as
in the seventh
In
as
clothing have
and
will be
food, clothing,
provision
no
expense
grades,
approximately $30
is
average
lowest, when
is the
school
in grammar
contemplate
to
for the child.
cost
average
this figure includes
"
it is necessary
years
advises
around
of the
that
$80
normally required
the
to
school
elementary
$90
in the
During the high school period of
life,
per
year
grammar
4 years,
the
BUDGETING
cost
average
according
year,
The
higher than
from
is
$45
to
than
the child
$50
$200
able
boys and
for
be averaged at
for
cost
the
that
for
that the cost
per
year
minimum
a
of
the
girlsthrough
month
per
high
greater
and
cost
gets
who
ones
the
high school
say
the
for himself
more
of
the child
allowed
ones
have
amount
for
an
from
boy
at
ing
remember-
girlwho
herself
or
the
or
average
period
$980 for girls. Always
knowing
portion of this
The
girls,and
month.
per
$800 for boys and
the
glean.
to
boys.
for
minimum
do
is
school, judging
been
have
we
period is approximately $15
student
per
student
Therefore, it will be safe in estimating
a
$250
to
high school
is in grammer
higher, both
It is estimated
school
of the
cost
charge should
from
77
authority.
same
information
cost
the board
from
while
the
Clothes
the
to
home
normal
will be
student
per
CHILDREN
THE
earns
is the better
high school
than
course
everything provided for them.
spending
during
which
money
the school
years
necessary
to
is
a
be
well
may
necessary
problem.
it should
Just why
of
spending
be
for the
money
child
during the pre-school period and
the
the grammar
of
of
the
fact
are
However,
this
schools,is somewhat
that
met
small
all of the
in the
child's
ordinary
children
do have
course
an
ance
allow-
of tender
years,
make
time
of
going
to
question in view
a
wants
and
ments
require-
of the home
spending
allowance, regardless of its size,should
money.
be
life.
But
watched
TO"
HOW
78
the
by
In
and
parent,
Los
Angeles
the association
and
developed by
it the
of the
value
of
56,427 active
savings
the
"
and
nickels
and
That
the
and
ways
This
and
list shows
in which
they
savings
in which
for
engage
of
ways
and
shows
girls registers5;
in which
five
sorts
to make
of
money
are
oi
of
forms
Boys
and
agriculture
building
up
salesmanship
list of 23
cations.
classifi-
economics
ties
activi-
three
nursing;
by
of
of
forms
16; home
there
boys.
a
earn
Saturdays.
purpose
make
engage
list of
pupils to
phases
20
graph
para-
effort,
in the
distinct
the
by
the
the
to
pennies
the
power
on
and
Various
account.
the children
handwork;
and
list of
a
much
foregoing
successful
school
employed
Self-service
of
in the
separate
25
in
into their hands.
come
the
by
be
interest
spend
youngsters
after
girlstogether provide
their
wider
a
mentioned
used
means
shows
being $11.07.
showing might
personal earning
a
activities
manual
showing
the children
by
account
lend
which
savings
before
money
toward
of its money
portion
part of the children, is evidenced
the
much
schools, totaling$624,-
savings
their
represent
on
doing
made
grammar
dimes
and
tered
savings, fos-
thrift,and
a
accounts
would
in which
manner
toward
this excellent
if parents
greater
is
banks,
least
at
average
Unquestionably
of school
last report of this association
The
838.27
the
placing
elementary
disposition.
child
in the banks.
the
LIFE
guidance provided the child
some
of its
education
the
HOME
manner
the
to
as
FINANCE
school
classifications
and
six
children.
special
This
HOW
So
in
TO
establishing a
correct
financial
before
of
the
allowance
going
of
spending
period of four
of
financial
of
is reached.
road
If these
four
years
the
possibilities,
child
the age
of lo, and
will have
success
over
have
of
the
finished
experience, chunks
value
the
have
start
of their
until after
acquiring, in the hard
information
of
at
financial
toward
to wait
age
investor
an
a
they
school
concerning the
of money.
The
parents do
most
reason
children
and
long
a
start
the child
start
actually be
will
an
exists
utilized to the extent
before
school
6, here
can
of
they
knowledge, before
who
ones
after
of
age
nearly all
kind
some
the parent
be
Since
soon
the
when
the
10
about
begin well
can
birthday.
money
years
upon
child
day receive
present
at
values, good buying
of the
its tenth
school,
to
of
LIFE
thrift habits.
education
it reaches
children
HOME
sense
instinctive
ability,and
The
FINANCE
in
education
an
to
attempt
fundamentals
the
is because
investment
not
the
give their
of finance
parents
mentally
are
lazy.
Nearly
their
all normal
children
in
the
family livelihood
Yet
of
do
there
our
tool
we
use
used
"
of comfort
showing
tool is the dollar.
more
of
uses
take
delight in training
tools
the
by which
the
is made.
one
homes
bother
not
is
parents
that
And
tool
our
the
for
and
by
all of
ing
in the build-
us
happiness
children
how
"
to
which
use.
we
That
paradoxical thing is that the
ourselves
"
the
more
it is
BUDGETING
CHILDREN
THE
8i
utilized for the prosperity of ourselves
the less
"
dollars
showing
Children
of families
ofttimes
appear
it.
use
about
think
we
dollar,or how
of the
the value
how
to
ample supply of
an
the
know
families
our
children
our
having
to
and
least
it works
concerning
produce other
to
dollars.
we
were
child
how
familiar,as
are
and
to
it
as
decisions
make
the
use
soon
of
belongs
As
fact
in
the child matures
certain
on
allowance
certain
duties
be
could
services
When
in
"
first lesson
other
fundamentals
merely
can
as
tomed
accus-
gifts. As
a
family.
naturally takes
the
"
reward
a
learned
form
that
other
or
it will
"
spending
for
exchanged
ever
form
some
never
money
has
it has
learned
This
finance.
able
be
for,unless
"
represents
endeavor, it
it
family life
the
has
before
learn
the
part of the
a
understanding
successful
must
things
duties.
or
some
of
the class of
it is
utilized
child
the
earned
in
notice
we
portion of the family income
because
child
the
to
which
by removing
from
certain
a
in showing
are
to
commences
if
"
itself.
for
spending allowance
matter
we
tools with
other
might well be started
This
easily imparted
imparting it as
in
interested
as
the
might be
knowledge
this
Yet
is
human
determine
a
be
the
sense
the
lesson
that
money
labor
and
of valuations
for itself.
Before
how
to
a
child
can
spend it,or
how
taught
to
conserve
it
acquire the
to
it realizes
of
a
be
to
value
of money,
it,the child
must
HOW
82
have
have
this
Unless
learn
the value
for
spending
of
return
it
is
The
in any
give
child
mind
form
is
a
seat
way
of
you
not
and
"
the
are
a
dime
is keen
real value
purpose
easier
does
will
the parents
the
This
the
renders
include
such
for
and
quick
service
merely using the
of
than
young
securing certain
soon
a
to
will
its
own
as
this story
good boy."
discover
or
fraud
whether
whether
subterfuge for
results, as
trousers.
tain
cer-
additions
extended,
applying the hairbrush
hopeful's
of
discover
money
be
it at
finishes
being
in
way
income
of the
mother
a
should
will receive
child
the child will
to the
in
earned
this income
child
Willie,be quiet while
she
there
but
the
service
utilize
education
financial
"
times, yet the volume
knowledge.
and
in the
"
the
child
for the
properly
or
more
without
money
will it be
for itself
income
an
upon
Now,
beggar of the child,
a
years,
stone
understand
can
stated
depend
it ask
into its hands.
come
may
arranged that while
so
cannot
make
to
gifts of
the
future
in the
first foundation
of the child
"
lavish
which
the money
which
child
makes
kind, the harder
money
The
child
the
purchasing.
the
to
This
more
some
make
to
cumulative
or
definite
a
savings, or build for itself
of cumulative
money.
the
and
"
obtains
at
amount
succeeding giftmerely pauperizes it the
each
and
paid regularly
manifestly unfair
It is
certain
a
"
It
things.
these
do
to
condition
savings
of
program
a
which
services, and
time.
LIFE
HOME
definite allowance
a
certain
for
with
money
some
should
FINANCE
TO
being
an
lustilyto the
BUDGETING
definite
A
is the
their
it in
and
longer
the purpose
If the
average
of
he
take
honestly earning, that
certain
a
week
of
one
time
a
accomplished
inclined
With
to
the
just knows
why
the
idea
her
mother
or
manager
is
larly,
regu-
the
at
that
he
quarters,
cents
at
the
hand
at
may
be
dollars
in
of
end
his 25
$13 all
be
will
father
show
rests
and
different.
no
wonderful
a
is wonderful
greatness
him
accomplishing the bigger thing.
mother
find it difficult to
good home
to
girlchild the problem is
Mother,
mother's
those
is money
to
come
big round
individual
of
"
him
reality.
a
bigger things than
much
the
by
with
that
do
can
13 whole
for
show
into
amount
save
big business
a
allowance
it will
it will
to
and
year,
he
"
periods. If he knows
will amount
end
her.
much
definite
will
in
thing.
of makebelieve
he
how
is true
advantage of that like and
him, first of all,that his
and
definite
pretend he is
to
the game
turn
a
a
harder
the adult
consistently than
more
Show
is
of
they
so
work
Children
grown-up.
boy likes
not
can
them,
to
they will
eyes,
accomplishing
small
why
education
delights of anticipation. If
mind's
honestly and
how
financial
accomplish the pleasure than
to
of the
case
man,
the
pleasure be properly presented
see
more
which
upon
enjoy the
can
the
83
be builded.
the child may
future
CHILDREN
regularly paid, honestly earned,
income,
solid rock
Children
THE
She
cisely
Pre-
woman.
exactly clear
is not
either, for that matter, will
the
little miss
in the
a
fact
that
that
good business
a
not
part
mother
woman
to
of
is
con-
a
HOW
84
cerning
this
TO
matters
she, too,
FINANCE
HOME
relatingto
the home.
will be
To
the
may
best
tell the
to
put money
of the
extent
in
money
such
the
habit
have
they
the
saving
not
taken
child
No
of
of
as
a
the result
bank
bronze
fact banks
are
If the
to
are
putting
the
youngsters
"
a
zest
to
is that
to
good thing
a
interest
pay
to
the
on
enthusiastic
bank
in the
of
over
in
even
"
unless
it be
turned
into
definite
reward
to be
secured
The
of
matter
big building
average
such
add
not
is
wildly
money
the
mean,
the
do
learn, for themselves,
to
procedure.
at
children
many
they
become
home
at
account
entrancing
of
vide
pro-
them.
putting
not
of
is about
parents
the
things
afford
can
with
of such
does
bank
why
in the bank
money
kind, with
some
fiscal end
part of the children
the trouble
ever
the little banks
game
and
parents
the
on
banks
can
thought
in the
how
more
people leave
money
the
the
the
gestions
sug-
for themselves.
of
why
or
The
reason
just why putting
do,
mother's
accomplished.
repositoriesare
left to discover
Perhaps
be
she knows
financial schooling many
for their children.
are
in which
management
child
When
follow
to
the ways
concerning
home
anxious
LIFE
of
a
having
marble
and
itself,anything particularly
As
youngster.
imposing
and
experience
such
a
ornate
feelingof
a
matter
fear
of
tures
struc-
when
mentioned.
foundation
habit of saving, and
for the
forming
of
future
if parents
of
income
be
90
this habit
building be
per
on
cent,
the
the
ble
responsi-
part of the
BUDGETING
children, it
time
some
THE
would
in
that
appear
devising
CHILDREN
play spiritinto the delightfuland
building for
of
The
be
made
a
child
time,
the
of
nature
wise
seeing
shortest
made
a
be
added
elaborate
more
to the
game,
bank, for the
made
which
bank
partake of the
to
of entertainment
manner
any
the
purpose
parent
deem
may
justifiable.
or
When
its
the
can
the little home
genuine holiday,with
features
are
be
day of the visit
a
home
the greater amount.
entering the deposit, may
of
game
of contest,
filled in
savings from
can
in the
game
bank
his
of the
big bank
wherein
have
will have
transfer
the
to
which
or
The
will
desirable
most
savings banks
Perhaps the
game.
inject the
can
we
spend
independence.
little
of the
use
which
future
might well
we
in which
ways
85
the youngster
pennies and
for
used
knows
the
dollars
and
quarters
greater benefit
community
in which
responsible
in
a
it lives
through its savings
it finds
"
with
how
they
prosperity of the
and
it becomes
how
happiness of others
the
a
does
learns
"
learns
"
for
measure
the bank
what
for
reason
new
ing
develop-
thrift.
These
the child in
provide
an
financial
How
things
are
an
average
any
parent
and
interestingmanner,
additional
reason
for
can
in the
explain
explaining
cultivation
the
to
of
independence.
to tell this
each
But
parent
there
interestingstory
will best
are
many
develop
to the
for
illustrations
child is
himself
which
thing
some-
or
may
self.
herbe
TO
HOW
86
used
will best
they
so
HOME
FINANCE
LIFE
ideas
fit the
of
individual
the
child.
Tell
bank
little future
the
take
his money
lend
town,
that
help build
to
girls. Then, how
the
how
family.
And
girlswho
are
another
in
if the
they get
way
have
When
bank
to
his
boys and
some
of it goes
back
else to help build
in mind
the
little
house
new
will
saver
he
sees
families
to
for
help buy
into paved
extra
and
is
of its
community
dollars
the bank
pay
of the
use
charges
and
money,
money
back
him
interest
to
carry
for
on
letting
it to lend.
child
the
becomes
houses
home
little
to someone
for the
rent
some
of the
the bank
and
house,
new
some
explanation of how
the
comes
work
of the
uses
of construction.
is the
what
thought
one
borrowers
the
money,
lend
again to
the
money
has
carpenter
it
use
the money
on
proprietary interest in every
a
Then
that
for his work
the
can
same
his little boys and
borrows
takes
in the
he
so
and
who
man
saving their
this
course
the
man
in the
men
house.
With
feel
the
carpenter
into the bank
some
for himself
the carpenter
it to pay
and
to
money
the
then, right here
and
home
a
how
financier
savings
how
"
go
toward
be
happy
the
encouraged
in
"
saved
and
save
in the work
the
the
to
of
development
pennies and
building of homes
how
streets
and
so
pay
for
the
the automobiles
labor
dimes
for other
they help build
or
furnishing of electricity,
material
knows
power
how
they
which
will not
goes
run
so
HOW
88
for
TO
intervals, and
the
HOME
of
and
form
systematic
a
FINANCE
this
saving
will
plan
of
orderly arrangement
Further
the
on
time
than
the
of
secure
home
which
favorable
most
Prominent
the
should
begin
their
own
The
spending
have
to
the
saving
learn.
If
of
soundest
the
difficult
the
all
kind
dependent
parent.
of
at
are
years
common
the
the
in
the
itself,
for
care
ing
borrow-
a
child
the
to
the
under
the
of
earliest
of
that
opinion
the
study
the
of
age
lessons
childhood,
the
child
early education
we
is the
as
to
be
teaching
start
possible
lescence.
ado-
ing
dur-
appear
to
of
between
hardest
would
we
handling
easily learned
more
it
and
care
balance
sense
independence
upon
the
proper
of
educators,
of
given
they reach
one
lessons
lessons
financial
have
the
of
is
as
purposes
children
our
early, formative
the
cent,
lesson
and
agreement
The
who
before
even
money
to
"
sold
conditions.
and
train
to
''
for
for
possible
unanimously
are
affairs.
home
well
of
before
ample
as
building
economists
subject
it
home
a
than
more
make
terms
financial
thoroughly
build
to
construction,
will
for
money
be
continuance
a
child's
regular
at
idea, it will, long
fund
a
the
credit
loan
deposits
for
child
it desires
when
cost
to
and
established
have
the
this, if the
building
comes
make
LIFE
moment.
is
90
afforded
per
by
Six
Chapter
BUILDING
I AHERE
^
X
which
bring
than
happiness
the
a
dried
to
the
into
the
the
happiness,
of
the
In
when
of
the
the
in which
home,
shall
we
families.
our
simple,
add
can
so
nor
considered.
be
to
comfort
the
mar
pallets
considerations
which
things
when
days
with
so
factors
ing
build-
to
our
serenity
and
home.
successful
the
things
many
to
financing
considered.
be
itself
a
selection
is of
such
importance
be
considered
and
the
most
the
as
a
standpoint
basis
of
of
selection
thing, and
price should
that
of
there
home
factor, although
governing
from
the
important
is of
always
of
The
property
value
spot
nearly
many
little
the
many
rearing
in
is not
seriously
or
find
we
are
from
cry
and
joy
and
planning
pelts, constituted
animal
There
real
of
wall, furnished
selection
simple
are
the
problem
easily solved.
There
in
happiness
greatest
To-day
long
a
day
the
of
mankind
to
measure
one
is
and
grasses
entering
find
hole
present
greater
a
It
known
pleasures
the
home.
convenient
of
few
are
HOME
THE
price
actual
determining
or
the
are
the
this
not
be
must
potential
of
methods
financing.
The
building
of
the
house
89
"
its
planning
and
com-
forts
and
conveniences
and
important thing. There
builder
home
also many
home
The
whether
find
can
whether
he erects
only is he
adds
dwells.
feel
a
The
home
world, such
The
as
home
has
a
standing
measure
around
as
Building
estate.
One
house.
The
a
has
to
Those
acquaint
have
field of
specialized forms
own.
involves
home
of
with
outside
the
place.
a
solid
munity.
com-
citizen.
renter
"
selection
in the
memories
cluster
home.
ownership
which
upon
to
estate, like all other
business, has
interested
themselves
a
the
place
a
real
can
constantly growing
by, for when
it becomes
is when
house
a
roll
the years
he
standing in his
in
comfort
happiness and
assured
he
planning of his home, he is
in the
and
in which
careful
and
in which
enjoyed by the
not
and, best of all,if he has been
of his homesite
of wealth
one
being
as
upon
liking,or
plans. Not
own
other
no
of
person
is looked
credit
a
in
ference
dif-
no
and
refuge from
found
is
owner
He
He
be
can
makes
It
creator
a
is the
owns
security and
of
sense
one
selves
them-
protection.
community
of the
resources
inform
to
are
suffer great
can
to his
according
one
there
and
"
his needs
serve
the
already built, if he
house
a
investor,but he is
an
the
to
will
which
one
of
investor.
an
buys
he
in
most
in which
ways
careful
methods
is
owner
many
been
another
is
"
the uninitiated
not
the proper
to
as
LIFE
advantage
to*
they have
cost
are
in which
ways
losses when
buy
can
HOME
FINANCE
TO
HOW
90
in
the
this
a
language
field will
meanings
of
do
a
few
of
real
build
a
highly
all its
well
to
of the
BUILDING
generally
more
often
For
data
of
indebted
to
to
these
Real
the
buyer
him
generally used
seller of real estate.
to
buy
sell
or
Los
experience
the
following.
to
either
represents
izing
author-
Agreements
real property
basis,should
commission
a
on
land,
of
of wide
who
person
I
terms,
attorney
an
suggests
or
or
cal
non-techni-
as
it is
be written
signed.
and
Contract.
An
do
to
persons
contract
another
purchase
certain
and
Any
title of real
property,
Deed.
property
a
be
must
Conveyance.
certain
one
the
the
more
the
writing.
of property
owner
within
property
be
price. To
right to
the
person
binding
piece of
paper
person
writing which
creating
interest
an
affects
in the
transferring the title of real
to another
"
There
or
are
it may
several
fer
trans-
kinds
of deeds.
Deed.
a
disposing of it.
interest in the property.
Grant
a
paid for the option.
property,
written
from
be in
title to
incumbering it,or
A
it must
giving the other
at
or
thing. When
between
receive
and
two
certain
a
real estate
person
time
do
to
contract
consideration
an
not
or
A
between
agreement
concerns
Option.
the
simple and
reason
A
Agent.
legallyknown,
and
protection against loss.
base
He
will
knowledge
a
Pickering,
information.
Estate
of
more
C.
R.
91
Such
source
Angeles, well equipped by
give such
HOME
terms.
which
upon
definitions
am
used
valuable
a
prove
THE
Usually property
is
conveyed
under
HOW
92
what
TO
is known
FINANCE
as
that the conditions
of
LIFE
deed,
warranty
a
that the title is clear.
guarantees
says
HOME
which
California
In
deed
are
usually used
to
warranty
a
deed
a
or
the law
implied
in the grant deed.
Quit Claim
title when
Deed.
some
Tax
does
When
"
is
by the
of
debt
a
if the
property
in
used
is
and
debt
chaser
pur-
law.
the
as
place of
a
a
The
person
to
A
property
as
is not
to
written
makes
whom
a
from
Mortgagor.
legal claim
property,
has
a
sell
is
deed
trust
year
of
but
in
deed.
is made.
giving legal
paper
paid the holder
sell the
to
power
the deed
security for the payment
mortgage
property
holder
the
mortgage.
Grantee.
Mortgage.
guarantee
to
paid. The
is not
who
the
a
title is known
given
gives the
person
the
to
officer of
the
deed
a
The
power
out
property
conveyed
proper
Grantor.
debt
be
can
acquired
so
This
Deed.
payment
often
is
title."
Trust
the
sale
of
rightful owner
title
the
taxes
property
tax
the
When
tax
a
consideration, to wipe
a
up
interest,and
apparent
an
clear
claim.
or
pay
at
for
person,
Deed.
not
is
has
person
given by that
the interest
This
of
the
a
debt.
to
on
If the
has
mortgage
the person
which
claim
who
redeem
the
makes
the
the sale.
The
owner
against it.
of
the
property
who
gives
The
Mortgagee.
HOME
THE
BUILDING
whose
in
person
93
the
favor
gage
mort-
is made.
A
Lease.
for
of property
use
The
person
Lessee.
The
person
is known
the
as
longer than
for
Leases
under
and
writing.
Lessor.
he
possession and
person
period of time
certain
a
in
be
must
year
a
conditions.
and
specifiedterms
one
giving
contract
giving the lease
the
whom
to
is
lease
given
"
lessor is known
the
and
tenant
another.
to
as
the landlord.
the
as
sub-lease.
the
under
empowering
The
the
A
power
must
person
making
the
the
of attorney
property
the owner,
it from
in the
act
ing,
in writ-
made
of
name
authorization
other.
an-
is known
accepting it is the agent.
one
relating to
matters
of real
estate
recorded.
The
Consideration.
given by
entire
authorization
An
is known
assignment of lease.
an
to
principal and
be
contract
as
of
portion
a
contract
the
over
person
one
the
he leased
is known
of Attorney.
Power
as
turns
conditions
same
leases
tenant
person,
If he
transaction
the
another
to
property
a
the
When
Sub-Lease.
person
one
between
Commission.
for service
in
money,
to another
or
other
in the
thing of value,
carrying
out
of
a
the two.
The
making
Acknowledgment.
fee
or
paid
to
completing
The
person
agent
an
a
who
or
broker
a
deal.
makes
or
signs
a
TO
HOW
94
deed
before
be
law, such
be his act
to
HOME
Public,
A
"
and
it
deed.
Most
instruments
be
can
authorized
person
by appearing
notary public, and
a
as
acknowledged before they
Notary
LIFE
acknowledges
paper
official of the
an
declaring it
must
"
other
or
FINANCE
recorded.
law
by
take
to
acknowledgments, depositions, etc.
Encumbrance.
claims
property
upon
Lien.
Taxes,
A
claim
mechanics'
supplied
nation
and
in which
selected
that
the
laws.
recorded
properly
out
than
the laws
person
to
Tenancy
hold
to
West,
The
the
land
and
of homestead
passing of
State
land
been
has
been
have
is
given
is but
available
in the
to
conditions
the
there
the
sections
upon
Generally speaking,
limit the value
Transfer.
locate
the
declaration
improvements
desert
or
of
certain
land
and
upon
lien,etc.
this declaration
to
as
laws
are
according
the
such
performed
the
arid
filingin
to
When
and
a
by filinga
specified,title
as
homesteader.
other
it
debt,
there
intend
they
improve
and
imposed by
settle
may
of
homestead
of the states
persons
by legal process,
lien,mortgage
the
all
made
material
tax
and
encumbrance.
as
payment
or
Under
some
effect
carried
the
property,
Homestead.
the
for
lien for work
to the
known
are
against property
security
as
liens
assessments,
for
the
little
stead
home-
of California
property.
title to property
from
one
another.
in
Common.
possession
of land
When
or
two
or
buildings at
more
the
persons
same
time,
HOW
96
abstract
of title
shows
The
a
FINANCE
are
not
the
HOME
for
the
as
Torrens
tificate
cer-
complete legal ownership.
will
understanding the
which
LIFE
necessary,
foregoing definitions
base
with
TO
he will meet
generally used
more
when
builder
give the home
he
purchase real
to
comes
terms
estate.
Aside
from
the
ownership, such
fellows
which
the
as
against the transient
of
happiness which
in
a
When
to
comes
there
his
among
his home
owns
the
home
fuller
measure
family of children
is
expended for
value
possible is
Let
showing
home
of
raised
definite dollars
a
and
invested
that
it is
such
on
at
that
in such
was
of investment
a
period of
own
home
a
the
years,
of
the
early
as
as
basis
we
amount
as
plan for
to
period of time
spent
to
earn
for
not
to
rent
were
cent., and
6 per
annually.
all hard
are
renter
way
place.
manner
at
a
reasonable
a
compounded
is not
a
a
possible for
within
and
assume
interest
over
value
following figures,merely by
be in full possession of
us
rent
building one's
the
ownership,
Let
cumulative
the
evident.
soon
consider
us
consider
to
stops
one
monetary
Such
a
type
in estimating
find, and
stretching our
tion
imagina-
all.
It is unusual
than
who
man
a
of
standing
renter, and
of their own,
the money
the
the
features
advantage.
cents
of
increased
to
accrues
as
home
desirable
many
$50
per
to
month
find
even
rent
small
for small
families
paying less
cottages
or
apart-
BUILDING
This
ments.
in 15 years
and
of
in
$9,490.08
10
10
average
monthly rental
this
"
totals
to
in
$16,758,58
to
grows
$7,908.40,
to
A
$13,956.48.
and
years
97
will amount
common
a
HOME
years
to
grows
also
is
$60
in
rent
THE
15
years.
There
month
In
rent.
worth
10
$11,071.76,
$80
month
per
the
$100
in
$15,816.80
These
15
for
home
for the
permit him
will
for
to
one
time
to
making
In
the
builder
older
must
even
making
of
While
always
the
secure
title to the
better
lot
terms
jump
to
up
given
it
at
possible
which
contracts
easy
his
title to
it
made
within
money
may
home
of any
a
great
short
a
had
of
purpose
amount.
the
financing companies
have
some
that
the
on
the house.
builder
entirely clear,it is often
the
saved
money
first payment
necessary
when
possible
have
not
provided for the
his lot and
for the purpose
it is not
gets into
one
figuresare
though he
of home
forms
own
years,
in 15 years.
have
sufficient
initial payment
an
At
periods.
home,
a
homes
10
"
if
But
clear
full,free and
special savings fund
any
into
enter
accumulate
own
be
ownership make
co-operative companies
The
per
ods
present-day financing meth-
and
to
in those
property
would
of rental
values
earner
wage
own
$70
$19,551.68.
$27,930.96
or
building
could
class, the values
because
years,
as
worth
$22,930.96.
years,
10
persons
totals
much
as
pay
in 15 years
rental
cumulative
and
10
or
years,
month
a
such
years
the
$12,653.44; 15
who
persons
many
are
have
possible to
lot is clear and
there
is
HOW
98
of
enough
the
FINANCE
fund
reserve
a
with
which
companies
of
house
When
the
be
on
of
rounds
of
all,let
let
attractive
for
of
financing the
financing arrangements
the
the
Let
for
for
of the
construction
The
few
a
we
to
are
but
"
which
tests.
ness.
attractive-
or
bizarre
comes
be-
that
a
house
happy
be
may
roll
years
of the occupants
be
own,
simplicitynever
the
as
shall
we
simple
simplicityand
freaky,
remember
us
home
tires,and
nerves
unless
us
for that
apply
look
us
while
a
grating on
passe."
by they
become
or
is not
good
a
livingin
it
365
in the year.
days
Neighbors
give
little careful
a
Are
of
people
with.
Let
and
property
the
place
the
right sort
isolated
Are
we
from
the
are
of
live thereabout
who
like to know
little
special
considering,
neighbors
people
do
a
people
of
A
is twice
of the
the conditions
to
and
home
the
associate
to
attention
people immediately
the
grounds
delightful,or
the
give
us
thought
would
we
Let
important consideration.
most
a
are
neighborhood.
sort
before
us
style.
of
out
house
business
a
places already completed
Simplicity never
to
building contracts,
the entire
plans
purchased,
First
these
make
completed
devise
we
make
us
first payment
a
begun.
is
may
of
is that
homes,
be
can
''
LIFE
make
to
advantage
great
erection
get
HOME
contract.
The
or
TO
to
adjacent
surrounded
the home
the
to
by
it is when
kind.
our
own
and
the
surroundings
they
hold
of the
house
for improvepossibilities
BUILDING
merit
and
the
of
about
living room
the
Summer
bery
shrub-
and
all
are
give
to
true
a
of
sunlight
ventilation
and
the
part
It is strange
the
room
the
or
add
happy
be
not
And
the
of
question
enticing
an
breakfast
the
to
placed,
mis-
with
there
Is
the
during
in
companion
vistas
such
how
work
to
time.
or
in
find the
is needed
ventilation.
dining
Mother
effect it should
comes
cross
from
place
Sunlight
location
be
sunlight
Will
hot
best
the
to
as
the
bedrooms?
in the
either
outlook
Will
sun?
mornings?
but
question
yards,
These
uncomfortably
an
homes,
the
or
kitchen
and
99
home.
true
What
flowers?
and
trees
lawns
the
considering
"
HOME
THE
nook?
of
zest
the
appetite.
of the
Arrangement
only
that
the
privacy.
plenty
house
should
small
family
return
or
pride?
of
a
four
to hold
a
shall
family
permit
of
other
have
getting
A
six-room
large closets,with
trunk
to
Are
rooms?
storage space?
least
not
"
one
chest, or maybe
or
dresser.
house
will
to
her
and
at
large enough
the
Is
the
going through
of closets
have
of
arrangement
without
there
a
the
important
easily accomplished,
most
member
each
Does
the bathroom
of them
be
housework
but, also, that
is most
rooms
delight to
where
one
"
friends
These
house
in
one
a
"
are
which
which
live
each
place
a
member
one
all will
will be
happy
of comfort
paramount
is to be
"
every
and
questions
home.
be
to
the
of
glad
bring
abode
the
to
his
of
in the selection
loo
^^
How
This
to
is
TO
much
can
afford
LIFE
pay
for
question constantly asked
by
persons
of the
sureness
and
home
HOME
FINANCE
to
out
get
of
a
HOW
"
we
"
renter
class and
into the
self-respectwhich
added
"
home?
a
desiring
world
new
with
comes
ownership.
The
often
more
often
it is
home
owners
the
truly answered,
who
and
question is asked,
the
do
often
more
the
find
we
in their
reallyfinding happiness
are
more
homes.
Many
the problems
that
incident
to
should
cost
home
no
purchaser is prepared
and
years;
home
$1,500
specific
more
will
find it advisable
not
$3,000 for his house
more
than
$400
should
$2,600 for the house.
than
$4,000
$3,200 the
$4,800
as
addition
set
assured
aside
"
of
cost
$3,000, the lot
to
be
own
a
times
On
cost
$800 being the
the
house.
should
the fair house
to
for
income,
be
lot, leaving
lot should
and
this not
income
assured
salary, or
a
Of
lot.
of the
cost
salary of
a
obligate himself
to
and
the
$2,000, the value of house
In
15
one-half
earning
man
a
"
than
more
or
lo
may
man
a
sum
income.
more
of
total
the
and
two
to
agreed
are
period of
a
over
pav
one-half
and
one
his annual
be
than
more
that, generallyspeaking, a
worth
To
ownership,
home
to
carefully analyzed
have
who
investisrators,
not
average
of the
cost
the
Where
kept within
lot,and
income
is
ing
$1,200, leav-
cost.
determining how
much
one
the
the
home,
payments
it is necessary
on
also to
can
afford
from
remember
the
that
there
is
annual
an
owning
to
to be
possession of
takes
setting aside
figureon
items
of such
care
wise
to
know
be,
and
how
Costs
the
each
both
localities,
take
to
upkeep.
will
home
thereafter.
year
in
it is
home
a
of the
cost
it will cost
in different
vary
and
one
should
one
year
purchase of
the
precisely what
much
$5,000,
repairs,taxes
as
if
place. So,
a
$500 each
least
at
entering into
Before
of
worth
place
incident
is estimated
expense
of the cost
a
loi
the payments
annual
This
one-tenth
about
beside
expense
home.
a
HOME
THE
BUILDING
buildingand
in
taxes.
Then,
if
purchases
one
such
installed,he will be obliged to
been
not
share
of the cost
The
when
book,
the
United
"
head
of
a
What
is the
If business
have
or
"
Will
his
made
are
made.
to
at
of
Your
Home,"
ask
buying
a
slackens
"
like
pay
his
later
advises
the
the
in its
Commerce,
himself
time,
of
care
that
following
income
and
the year
is he
what
and
will
after?
likely to lose his position
earnings reduced?
anyone
else in the
family be able
to
income?
''
the
home:
family's annual
year
a
take
Department
family should
it probably be next
''
be
Own
to
questions before
"
they
States
How
improvements
of such
provisions should
assessments
ments,
improve-
and
streets, sidewalks, sewers,
as
have
and
where
property
What
does
How
much
the
family now
of the
income
pay
is
for rent?
being saved?
earn
an
'^
paying for
in
year
with
go
"
that
mistake
a
in
family
a
$5,000 house
some
or
other
emergency.
increased
nearly
income
family
every
the
when
expenses
can
its
means.
safety
be
that
he
and
should
house,
It is
always
be
mistic
opti-
too
view, and
other
down
cut
be
count
receive,
never
may
to
are
a
may
is in
a
ness
provide for ill-
to
one
house
savings
in
or
$7,500 for
While
attractive
an
of
home
pay,
purchase should
pay
within
margin
leave
an
that
abilityto
loss of the
the
cannot
be
may
to
when
on
each
out
expenses
one's
buy beyond
to
usually results
safe; thus, if
best
to pay
for the
and
home,
discouraging struggle. The
most
a
family afford
the
a
LIFE
it?
It is
for
could
much
How
HOME
FINANCE
TO
HOW
102
in
invested
a
home.''
having determined
After
afford
for
to pay
to
occurs
home, the
a
answering
the
amount
other
costs
actual
outlay
be considered
of
easy
can
one
question which
can
safely
of
this
question
of
the
incident
on
the
in the
to
is,
owner
allotted
be
It is estimated
income
must
cally
logi-
''
What
the
to
home
budgeting of finances
that
is
an
amount
so
as
to
the
should
to allow
undue
and
equal
are
besides
These
contract.
based
there
"
ownership
cramping
be
not
alone
payments
purchase
operation without
the assured
next
amount
"
payments?
upon
total
prospective home
the
proportion of income
The
the
sure.
pres-
one-fifth
permissibleexpenditure for
of
rent
HOW
104
of
owning
they
property
sash
exterior
will
trim
will
for
The
an
annual
should
knowledge
year,
secured
allowance
for taxes
few
years.
These
are
they happen
be
to
$400, then
renewed
should
one
against this item.
of
be made
ments
assess-
definite
and
of these
amount
may
special
advance
things which
are
ceilings
taxes
these
to make
have
to
each
be
met,
promptly.
met
Then
will have
in
to the
as
and
for before
likelihood
and
outside
painting of the
renewing.
prepare
if the
year,
intervals, and
every
considered
be
that proper
payments,
and
tax
property
at
repairing
of $40
cost
a
certain
are
The
walls
will be
the cost
and
value.
Interior
roof
a
of
overlooked
there
entire
need
and
instance, if
years
estimate
will
about
in
be
after
year
an
time.
to
roof
think
up,
repainting
need
require
time
the
things to
in ten
kept
not
houses
new
repapering and
Sometimes
should
depreciate
will
from
need
"
be
to
houses
some
in
Even
must
easier
payments
emergencies.
of homes
is not
and
for
account
by the purchaser.
things which
makes
permits of the accumulation
or
maintenance
LIFE
providing for it, permits
which
due,
are
HOME
by
manner
a
larger savings
The
but
home,
a
budgeting in
when
FINANCE
TO
there
is the
approximately one-half
the house.
Insurance
trust
company
loan
for
but
should
or
of
is
one
per
will cost
of the value
cent,
of
always required by the bank,
building association
building. Water
not
of insurance, which
item
tax
be overlooked.
or
rent
which
is
makes
the
usually small,
BUILDING
Accessories
be
considered
the
which
place
part of the
is out.
houses
cost
and
will have
to
where
And
desirable
considered
before
in many
desirable
many
be
must
like.
or
meet
particularly true
which
the
necessary
livable,should
one
is
be
105
of expense
awnings
may
more
cost
This
item
screens,
"
improvements
make
another
are
HOME
THE
to
as
the
a
year
of the lower-
features
been
have
omitted.
In
in
selectingproperty
buying
are
be
lot upon
a
number
a
by the
and
person
for
to
The
build
to
answers
considerations
these
secured
which
of the home
purchaser from
from
not
the
the
be
can
live
and
important considerations
of
given attention.
which
for the erection
there
"
which
should
questions
upon
should
decided
disinterested
a
"
be
third
offeringthe property
person
sale.
the
Concerning
first
question will be whether
high, and
the next
facilities to the
The
such
general location
which
features
be
may
ordinances
and
other
are
the
of
Location
in
of the
low
or
to
the
shopping
to
the
ters.
cen-
home
the
neighborhood;
should
of the lot in its
zoning
police protection,
assist in determining
property.
property
are
are
concerning the types of buildings
things which
"
and
city planning; fire and
of the
neighborhood
values
protection offered
erected
value
true
the
property
concerning transportation
place of work
restrictions
as
the land
will be
one
of the
that
"
tion
is,the specificloca-
relationshipsto other
points
to
be
factors
inquired into
of the
care-
the
location
for
the
reference
with
children,
of
making
schools
to
home
as
and
in
assist
the
its
from
detract
or
whole,
a
playgrounds
will
things which
are
desirable
a
LIFE
neighborhood
of the
character
fully. The
HOME
FINANCE
TO
HOW
io6
value.
points of determination
Other
value
and
number
trees, shrubs
of shade
how
arrangements;
to
the
or
point
standas
the
possibilityof
den
gar-
such
itself,
will set
house
the
desirability
ence
refer-
with
of soil
prevailing winds; the kind
sunlight and
whether
and
of the lot
the characteristics
are
the
making
the home
from
of the property
to
as
will be
there
necessity for grading,
any
or
filling
draining.
It may
little
sillyto
seem
things such
that such
the
enthusiasm
so
any
home.
most
have
But
investment
they
the
desirable
most
prove
the
while
a
of
little
it be
unless
of
one's
may
savings.
questions
plain,ordinary
"
the
common
buy
without
any
all dividends
stepping stone
mistake
killing
be
largest
make,
can
made
thorough
little
sense,
to
of
wisely, it will
and
answering
success,
the
and
of
questions founded
which
pay
dividend
discouragement
cause
A
the
"
home
question it
person
advancement
to
of
a
properly it will fail
made
will
some
it is the
many
and
"
this investment
If
happiness.
loss
make
ever
who
women
To
on
establishment
the
important investment
is the most
because
and
men
stress
far toward
go
to
necessary
it before.
done
never
analysis will
careful
say
much
so
mentioned, and
I have
as
lay
to
some
provides the
the
upon
ma-
THE
BUILDING
terial
for
obviate
of
have
us
of house
task
be.
lot
house
we
in which
and
wish
with
But
which
have
of
our
our
live for
a
lives
of
between
the
of
values
forget that
be
may
children
and
household
If
we
grown
a
place
In
purchase.
a
small
have
a
will be
ease
of
many
a
eyes
upon
shall
is
of
dream
we
what
some-
ment
adjust-
an
having
will actually
condition
larger cities choice
the
high price in the
a
larger lots farther
risen
high per-
such
to
let
this decision
yard, where
for
hour
us
grass
green
great help in the
an
our
different.
make
to
making
site with
place
we
location
a
lot at
not
in
a
necessary.
is much
us
sections,or
square-foot prices. But
not
have
a
greatest investment
financial
our
between
land
we
of
readily accessible
where
the
"
choosing
"
sort
place
to
us
be made
more
out
the
sort
permit
must
of
of
place where
the
confronting
matter
view
before
not
tage
advan-
we
sort
job
the
piece of property
a
"
long time
compromise
a
it is the
of
home
the task
"
Usually the
and
selection
build
to
to
the
onerous
distinct
a
moment
imagination is
the
in the
tiresome
It is all there
to live.
to
recourse
the
whether
decide
we
how
that
in
will
"
years.
hunting there is
hunting,
can
know
and
in house
values
of
experience
some
hunting
But
over
had
107
standard
a
regret in the latter
a
many
Most
can
determining
HOME
raising of
mother
in
her
tasks.
select
for the
a
sake
piece of ground
in the
of the greater amount
possibilitiesfor lawn
and
garden,
we
tricts,
outlying disof space
must
and
give par-
HOW
io8
ticular
TO
attention
the section
to
the
family
HOME
FINANCE
the
to
of the
the real estate
agent
or
bus
promised
time.
on
is
system
ride
cannot
promises
on
do
and
there
her to get to the
shopping
selection.
making
By
employed it
districts
likely to
and
garages
may
restriction is
them
whether
the past and
are
subject
is
erected.
This
the
to
in
a
in the
block
might be
were
erected
those
has
a
given
of
future
inaugurated
to
a
unrestricted
them.
tion
institu-
private
prospective purchaser
considerable
were
not
tions
private restric-
whether
carefully, to determine
neighborhood.
upon
law
matter
an
life before
time
some
early date.
determination
restrictions apply equally to all of the
property
tem
sys-
from
business
or
likely to expire at
be
our
factories,public
of
zoning
be
they
should
care
the
type of home
inquire rather
or
in
stores.
the
restrictions have
in
zone
stay away
intrusion
into which
one
ping
shop-
us
study of the
to
easy
effective,property
which
will have
easily.
centers
places where
many
work
to
get
adequate provision for
little
suffer
scattered
concerning
the
must
One
generally being adopted
a
will be
enough
future.
near
one
of
trolleyline
a
will help
larger cities,
of the
should
in the
be
now
practicallyall
become
that
one
and
"
must
zoning system,
In
assure
It is not
Then, too, the good housewife
to
The
working members
likely to be employed.
are
transportation
eas}^
city in which
that
a
of
matter
LIFE
If
even
that
ticular
Par-
the
pieces of
other
one
in
or
two
lots
objectionablebuildings
BUILDING
Noise, too, is
traffic
often
are
traffic at
and
factor.
a
night, would
carrying through
children,and
to
running past,
cars
109
be
not
much
or
ing
hav-
streets
heavy truck
conducive
serenity
to
rest.
No
are
how
something
to
be
to
associate
time
the
children
our
self-sufficient
matter
find
will be
it is desirable
and
of
we
considered.
be
may
Possibly
with
them
neighbors
not
may
we
ourselves
but
"
playing with the neighbor's children,
that
children
our
have
the
right kind
surroundings.
What
about
schools, parks and
immediate
neighborhood?
nature
close
are
be removed
The
a
HOME
Streets
dangerous
street
many
THE
from
location
lo-minute
^'
How
''
In
the
How
to
division
of
of
may
although it
must
Government
condition
of the
shall
w^e
Own
Your
for
for
Home,"
as
a
must,
the
question of
of
the
may
The
how
in
guide
that
country,
much
make
book
to
by
States
tion
following informa-
a
this relation
book
necessity, strike
entire
issued
housing, United
find
of
visit.
booklet
a
result
the
"
lot?
a
be remembered
in the estimates.
The
pay
used
local conditions
"
a
building and
be
is not
half -hour
nor
we
will
of mother.
home
happy
burdens
and
cares
many
shoulders
standards,
which
the
the
places of this
If desirable
hand
conference
much
bureau
at
in the
playgrounds
and
some
issued
an
"
by
average
that,
change
quently,
consesary
neces-
says:
spend for the lot itself
TO
HOW
no
depends largely
Where
made,
and
all
the lot
frequently
shown
by
less
for the
house
on
In
which
And
desirable
for
be
the
home
the
house
borne
house
a
that
base
a
value
the
for
many
a
a
be hard
may
itself," lies the
add
more
thought
by all prospective
in mind
kept in the fore
ever
considering other factors in
of the
lot
"
purchaser will succumb
as
is
expensive lot."
an
thought is
If this
as
of
a
on
unsatisfactory
an
expensive the lot the
less
well
retained
this
than
is left
money
Although
the
sellingtalk,and
signs for
more
well-constructed
a
all to the sale value
^'
as
valuations,
cheap house
determining
will be
assessed
values,
very
is used
fanciful
'
Front-foot
it should
good price, a
phrase,
that
cent., but
of
cost
values.
more
builders.
and
limit.
neighbors might
should
home
lot,and
its
is left
money
and
expensive than
a
at
for less than
made, the
per
'
expensive lot.
an
the
20
ice,
serv-
been
not
upper
been
cent.
per
itself,and
house
nothing
to
the
expensive the lot the
lot is far
sell at
be
have
up
obtained
genuine sales and
cheap
more
runs
check
to
The
much
"
improved.'
have
of the house
probably
25
recent
serve
be
total cost
improvements
rarely exceed
to
'
it is
not
or
sometimes
should
cent,
If
"
LIFE
improvements
sewerage
of the
cent,
per
may
whether
on
lot may
a
5 per
"
HOME
streets, curbing, sidewalks, water, electric
gas
10
FINANCE
more
home
to
likelihood
site free
hood
is less likeli-
there
the lure of the
that
from
''
the
for
place
sale
year.
thought
will also
bring forth another
ques-
"
the
lot survey,
three
These
things
purchaser will need
possible
wise
thoroughly
has
one
experience which
had
will make
it
things for oneself, it will
prices at which
are
sellingat the
sales
advice
has
building
and
engaged
in
usually
the
will loan
the
property
that
the
high
home?
basis
for
much
as
if
seller has
of
they will
the
for the
consciously
the
such
far
causes
place.
The
estimated
by
property
organization
Often
loan
be
building loans, is
cent,
per
not
to
some
making
60
or
best
can
judgment.
as
that
of the
more
tions
institu-
such
than
lot it is safe
of
value
to
40
per
assume
unconsciously asked
or
price.
a
the
Answering
have
value
business
price asked
of the
cent,
"
neighborhood
bility
largely by its desira-
associations, or
loan
safe
a
of
value
judged by
happens
appraisal given
The
expert.
be
to
cause
some
actual
Such
home.
a
by
place is determined
of the
for
It often
moment.
the
from
always
is not
comparatively
is
lots in the immediate
superinduced
are
removed
an
value
the
and
"
the
value
values
checking of property
simple
too
average
obtained.
The
by
from
closing the deal until such
defer
to
the
Unless
persons.
these
determine
to
in which
assistance
some
special training and
been
conditions
the
to
as
factors
are
qualified, disinterested
be
certain
make
and
LIFE
title.
of the
the
HOME
FINANCE
TO
HOW
112
lot
my
"
a
question,
surveyed
prominent
''
before
real
for
Is it necessary
starting
estate
to
me
build
"
man
says:
to
my
The
BUILDING
should
answer
of
case
the
finished
Yes.'
fact, there
rule, and
where
the
final
the
and
tract
113
In
this
to
subdivision
new
a
'
always be
possible exception
one
HOME
THE
is
that
only
is the
engineers have
lot stakes
have
been
have
been
set."
It is
pointed
brought
a
lot
that
out
being by procrastination
into
buyer having
correct
a
he has
purchased and
Errors
in
in
a
possible
the
the
whereas
in the
somewhere
will cost
mistakes
the
is but
which
expense
errors
veys
sur-
"
of
neighborhood
hundreds
cost
may
ture
struc-
remove
surveys
brought into being through such
be
may
with
compared
as
other
upon
would
of such
cost
house.
a
moving the
in
which
manner
encroaching portion. The
small
built
he had
large expense
of
part
of the property
building resultingin encroachment
alteringit
or
which
the
on
made
survey
upon
necessitates
property
costly errors
many
$30,
even
or
thousands.
Again quoting the real
necessity for
to
necessary
nominal
the
various
of
necessary
off and
staked
trouble
cost
peace
surfaces
this
t3q3e of
that
the
property
an
of mind
operation is
which
the
in
not
owner
foothill
frequently
are
In
properly described
of such
of surveys.
in the
kinds
it is
involved
are
in this matter
care
irregular.
and
especially
some
the
to
"Particularly where
shapes
districts where
mountain
rough
with
show
is also
There
sizes and
in relation
man
surveys:
lots of odd
residence
or
accurate
estate
property
be
the
it is
carefully
The
deed.
to be
may
compared
have
in
HOW
114
that
knowing
that
TO
there
While
is
he
FINANCE
is
the matter
largely cared
of
these
to
with
something
which
himself.
concern
loans
exist,such
easements
other
to
water
or
property,
might
easements
purchaser
at
for
the
it
of
telephone
as
"
any
right-of-way
or
company
the property
of such
to
expense
later date.
a
matters
with
the
such
in which
ways
do
complicated, nor
are
acquainted
With
the
the property
and
of determination
great difficulty
be
fail
that
the existence
present any
may
yet
certainty if
granting
a
and
not
know
to
inconvenience
cause
of these
None
should
right to place poles upon
pipes through
water
run
the
the
system
know
the
give
or
buyer
is
of
the property,
on
that it describes
as
which
one
requirements
enough
also
must
one
is
the part of bank
the lot
title to the lot is clear and
correctly,but
the
on
It is not
and
property
own
molested."
days by
financing companies making
it is
his
being
title company
a
LIFE
of title examination
for
by
guarantee
building on
chance
no
HOME
by
they
persons
information
ascertained.
the
of
purchase
the
details,comes
lot
the
completed in
delightfulpreparation for
the
all its
ing
build-
of the house.
But
much
while
plans
pleasure
plans
to
Lot
in the
mean
mean
adjustment
to fit the
purchasers, as
to
making, yet
fulfillment, all
expenditures
program
nothing
cost
think
the
and
about,
carrying
of those
expenditures,
of the
budget
give
or
and
ing
spend-
income.
a
general rule,overlook
one
most
essential
necessary
they neglect
have
in their
neglected
to
basis
a
build
Almost
any
in
banker
tell
will
reputation which
by the bank
banker
satisfied
the
making
These
the
to
as
first
sideration,
con-
enough, the security
security is gilt-edged,the
approving the loan unless
about
will hesitate
the
loan, is the credit
a
True
if the
even
that
one
application for
the
good, but
be
reputation of the
credit
he
person
application.
point
men
persons
the
instalment
basis,
purchased, and
savings
the
out
tendency
purchase property
to
many
entire
"
borrowing; they
of the loan
reputation of the borrower.
be
estate
financing company.
the
must
for
credit
a
up
will assist in the determination
or
115
acquirement of real
establish
to
HOME
THE
BUILDING
to
as
of
surplus of the purchaser
or
on
"
is
property
our
obligations which
assume
part of
lots
vacant
"
much
so
the
on
take
to
the
make
the
payments.
enough, the purchaser of lots who
True
month
payments
year,
until the entire
paid,
has
he
a
makes
month, and
after
stantial
subafter
year
purchase price of the lots has been
good record
with
the
which
from
company
purchases the property.
But
that
financing
record
because
company,
purchaser in the bank
the time.
to those
It is but
who
been
should
little to
amounted
that
men
of service
feel
the
bank
deposit record
the
has
human
have
that the banker
but
means
an
to
desire
to them
little
to be
"
or
the
of
the
during
of
but
ice
serv-
ural
nat-
obligation to render
HOW
ii6
FINANCE
TO
service to the bank's
within
his institution
thrift tendencies
Buy
It may
and
lot if you
a
mean
home
home
our
history of the borrower.
to
the
bank
the
to
them
actual
through references
Banks
loans.
are
which
specificallystate
loans.
of
the
of
amount
house
is
$7,000, the bank
would
be $10,000
make
$3,000,
a
kind
loan
and
on
for
such
of
the
laws
of
such
If
lot
the
40
and
property
will
price for the
contract
the
on
valuation
building
the
approximately
valuation
a
loans
terms
contract.
such
in the
national
and
loan
the cash
and
contractor
customers
and
state
appraised value
at
work
Then
and
agency
will
appraise
business,
does
one
making
In
the
approved
an
building
the lot clear?
regular
rigidly guided by
Usually the bank
cent,
per
of
cost
them.
their
banks
pendence
inde-
association,place the entire
given by
building
it makes
with
easy,
which
financing
usually favor
of
matter
and
get their advice.
and
cash
your
corner.
with
loan
building and
up
longer wait, but
a
or
build
to
the
by the time it is paid for.
already have
the
problem before
down
try
financingthe
about
we
to
go
a
but
of that lot
go
when
First
or
we
record
a
credit
financing simple
shall
regular
thoroughly establishes
just around
How
been
have
out, and
year
cheaper lot
a
have
which
can,
the value
savings to
your
and
LIFE
who
customers
in
depositors, year
HOME
property
would
purposes
of
ably
probimately
approx-
$4,000.
It must
always be remembered
that
valuation
esti-
BUILDING
by the bank
made
mates
No
lender
takes
for
financing. He
for all cash
the
on
forced
bring
loans
interest
costs
to
title
are
this leaves
But
if
means,
is to build
one
the
hand
on
the
for three
better
be
The
year.
equal
credit
the
to
record
and
the
dental
only inciand
a
he
amount
as
"
higher than
Many
of
costs
bank.
the home
persons
different
from
mortgage
has
payments
are
They
have
to
on
builder
first call
not
an
on
a
will have
having
has
a
much
been
dence
improvi-
mortgage
often
second
only
This
an
has
the
not
for his
"
much
run
is far
mortgages
in
that
the
in the event
are
first
that
being the
from
entirely different kind
be arranged in
he
paid for his
second
the property
made.
plan
figures.
that
assume
has
as
pay
the
that
so
he
mortgages
first mortgages
are
contemplated
If he
must
money
second
well
other
some
followed
has
owner
the
at
by securing the
the
by
secured
$7,000 house
provident in this regard he
and
lot
and
years,
portion of his earnings
a
$3,000 in hand
necessary
case.
house
cate
dupli-
mortgage.
everything will be lovely, because
and
could
sale,and usually lends
per
to
If the lot
setting aside
lot
he
insurance, fire insurance
$3,000
in the contract.
cash
what
bring
appraisal fee.
nominal
of
cent,
7 per
the basis
the lot would
first
a
on
usually made
are
5^
is
amount
prices as
what
forced
a
sellingprices.
on
"
what
sale,adds
at
117
based
asking
for, considers
half that
Such
^'
determines
a
house
HOME
not
are
sellingor
together would
about
THE
of
financing
entirelydifferent market.
HOW
ii8
Because
second
ordinary interest
and
arranged that
trust
from
to
10
25
bonuses
with
of
the
cash
given for
be
note
a
than
more
investors,it is
attract
to
deed
cent,
per
LIFE
financing requires
paper
a
HOME
FINANCE
TO
be
to
received.
ing
includ-
Usually it calls for 36 equal monthly payments,
interest
off
6
at
falls due.
by the time the first mortgage
As
of the
cost
advance
from
or
and
time
to
40
per
cent,
interest
the
paid
loaned, will be
is
the money
interest shown
cent,
7 per
discount
18
cash
note, considering its actual
deed
trust
earning, or
real
the
fact, however,
for the actual
anywhere
the 6
of
matter
a
is,therefore, paid
cent., and
7 per
or
per
to the
the note, due
on
the discount.
on
Surely the knowledge of this terrific price which
be
paid for the
mortgage
to
so
in
cash
his
hand
in addition
of
saving
arrange
to
take
the
that
care
will be
of
Usually the
financing,particularlythe handling
mortgage,
contractors
the
is handled
who
house, but
by
undertake
the
surplus of
a
financing required
the
first mortgage.
matter
the
of
second
"financing contractors"
only the
not
provision
of
to
builder
potentialhome
there
second
stimulant
sufficient
a
the
cause
budget
to
to
be
must
the
by
secured
money
should
system
thrift and
of
use
of
instead
year
"
building of
necessary
as
money
well.
The
a
utilization of
number
of
buildingand
features
of
loan
advantage
associations
in
the
offers
matter
of
financing for building.
This
is shown
by
a
comparison of
the interest
charges
120
HOW
TO
this time
his
stock
LIFE
HOME
FINANCE
participatesin
the
of the
earnings
association.
the
When
the whole
Just how
it is
because
also
in the
the
In
to
ble
possi-
is not
companies,
the
stock
the
associations
mutual
is
loan
him.
mutual
what
ings
earn-
borrower,
holders'
stock-
the customary
stockholder,assumes
a
is surrendered
completed
foresee
impossible to
will be.
being
will be
in advance
determine
to
returned
are
the loan
soon
of the stock,
canceled, the borrower's
and
his papers
canceled, and
value
matured
terminates, the stock
contract
association
the
stock, plus the earnings
the
on
to the
stock, amount
of the
to
payments
liabilities.
He
stockholder.
and
note
or
companies the borrower
nonmutual
the
In
borrows
the
mortgage,
individual, and
the
is
debt
is
long
in
a
time
discharged, and
building
from
would
a
his
on
bank
a
equal monthly
ments.
pay-
computed
the
is
on
the
from
is deducted
applied to
association
nonmutual
preciselyhow
entire
interest
the balance
and
payment
In
This
balance.
unpaid
he
interest
the
month
Each
as
same
it back
pays
for
money
is not
principal.
the
mine
deter-
it is
possibleto
will
elapse before
exactly the
the
to
cost
the
borrower.
In
view
of
have
been
thrift,a
people
home
to
or
fact
the
organized
building and
for the purpose
major part of their business
acquire
pay
that
off
homes
an
by lending
encumbrance
money
loan
tions
associa-
of encouraging
is to
to
assist
build
already existing on
a
a
home
to
owner
the interest
While
charged
straightloans
than
he
by earnings
reduced
buy
nor
contracts
for
house
a
free
It
the
of
opportunity
home
less than
are
pointed out, and
loan
to
in rent
pay
they afford
"
and
own
the
your
justly so,
that
mendous
tre-
a
going
throughout the country, during the past few
years.
and
heavy
Flimsy building
depreciation
''
companies.
building has been
flimsy home
of
amount
on,
confused
be
building and
yourself
to
houses,
clear."
and
is often
not
have
character
rent
pay
build
not
in the
would
one
same
"
to
do
direct
associations.
investment
Usually the monthly payments
hand, in
through
or
should
or
general
a
his property
on
in the nonmutual
building companies
with
stock,
his
on
as
rate
constantly being
is
interest
sell real estate, and
or
loan
the
the other
on
associations
loan
Building and
and
"
his
of the interest
reduction
larger loan
a
the bank
companies
mutual
the
by the banks,
get
can
from
can
higher than
usually somewhat
is
thing the borrower
the
encourage
charged by building and
rate
associations
on
to
of debt.
out
get
121
thought is
fundamental
The
home.
HOME
THE
BUILDING
freak
"
These
will
"
equally
architecture
Cheap
costs.
plans
of permanence,
lack
means
as
contribute
much
as
things do
poor
not
fanciful
"
to
lack
materials
for
make
of
or
or
manency
per-
manship.
work-
good living
conditions.
It is
a
common
familiar
sufficiently
error
with
for
the
people
manner
to
think
in which
they
are
houses
be built to
should
Next
materials
to
be
used
inferior
accept
All of these
the
"
builder
Tell
architect.
the
way
house
"
of
home
a
one
easy
Secure
the
the
much
how
location.
requirements
these
complaint.
can
one
"
services
to
home
of
this
good
a
accomplish in
be
spent
for the
all the other
factors
the
when
architect
specificationsto
the
go
the
in which
way
can
Then,
completed the plans and
has
of
willingness
a
which
it is desired
the lot is located
where
entering into
into
errors
is
what
"
because
responsiblefor flimsy building
are
There
him
money
only first class
that
without
construction
avoided.
be
can
error
fall.
can
come.
easily over-
expense
construction, and
in the
things
be
hurry, lack of funds
of insistence
costly of all
most
of
because
be
building may
by inexperience,
caused
possessions,lack
other
of poor
reason
cannot
investment, heavy
initial
the
in home
that
one
builders
is lost to home
for
and
losses
to
LIFE
against loss by
assure
costly item
very
HOME
FINANCE
inexperience
But
planning.
a
TO
HOW
122
in the
ahead
meet
matter
of
laid
out,
contracting for the building.
When
after
has
one
consultation
of invaluable
and
the
the
with
ambition.
selectingthe
contractor
has
is well
The
next
of the contract
terms
architect,who
will be
takes;
steering clear of costly mis-
owner
arranging the
work.
in
of finance
the matter
realizing his
reliable
a
assistance
prospective home
well
plans for his home
best
been
on
cleared
the
way
forward
for the
qualifiedto
away,
toward
step
is
building and
carry
on
the
BUILDING
But, before
in
start
we
phases of the fun of
these
on
123
well
to
repeat
association
Credit
Dealers'
Unfortunately
builders.
home
of
where
cases
the
many,
many
which
might well be avoided
to these
for the benefit
if
financial
and
2.
Have
3.
Finance
Record
5.
Insure
there
are
suffer
loss
informed
were
are
as
follows:
as
contractor's
your
tection
pro-
tation
repu-
specificationsin writing.
and
building project completely before
your
building
your
building
your
construction
full
in
your
have
contractor
during
from
every
material
the
dealer, also from
dealers
furnish
him
receipted bills (showing the address
from
fire
against
period.
pay
you
contract.
with
and
and
the work.
4.
As
rial
Mate-
standing.
the contract
beginning
6.
they
simple suggestions. They
seven
Investigate thoroughly
1.
builders
home
of
set
a
simple suggestions given by the Building
seven
the
HOME
it will be
I believe
making,
home
THE
of your
the
you
job)
tors
sub-contrac-
tors'
supply the sub-contrac-
who
materials.
7.
File
notice
a
A
faithful
obviate
any
mechanics'
contractor
loss to the
lien
or
that
completion.
of
observance
these
holds
suggestions
house
of the
owner
law, which
the
used
owners
contractors, because
in the
deal
such
house.
with
bills
can
labor
This
will
through the
(not the
property
builder) responsible for
material
it urgent
of
and
law
struction
con-
makes
reputable, high-class
be
filed
against the
the
as
same
the
by
constitute
They
property.
contractor,
law
The
demand
from
the
completion
the home
ahead
in any
way
of the
bond
for
written
house
house
may
faithful
formance
per-
satisfactory
means
the
to
fications
speci-
mechanics'
of any
against the property.
held
bond
surety
a
against making
violating the
without
paid
in full.
provide such
or
been
of the
price according
of time,
foreclosed
not
owner
which
is cautioned
builder
bills have
full payment
contractors
be
can
owner
a
lawfully be
may
the
the
contract,
for the
and
liens which
that
the contract
at
lien and
contractor
contractor
a
of
Where
the
provides
LIFE
though the
even
previously paid
has
a
if the
mortgage
a
HOME
FINANCE
TO
HOW
124
ments
pay-
any
contract
or
bond
of
the
bond
permission
surety.
of payment
Terms
arranged
The
in
first
20
20
cent,
cent,
per
20
when
mechanics'
according
the
recorder.
the roof
when
first floor
the
the
is
on
is
on.
joistsare
job. The
The
third
when
the
time
20
per
20
fifth
The
filing
elapsed for
has
ond
sec-
fourth
building is completed.
10
days after the work
to
mutual
should
If
a
be
this
has
been
understanding between
contractor,
"
usually
are
liens.
Within
and
when
rough lumber
the
cent,
per
contracts
the building is plastered. The
when
cent,
per
cent,
per
the
place and
building
following basis:
the
on
in
of
regular form
filed in
notice
the
"
completed,
the
notice
office of the
is filed 30
days
are
owner
of
pletion
com-
county
allowed
If
days
90
there
first the
"
determine
To
shall
enter
cost
on
the
selected
who
always, he
has
to
resources
be
to
asked
the
by
obtain
to
the
bond
matter
of
one
of
architect.
bids
the
from
at
should
one
estimate; provided
financial
standing and
necessary
obtain
which
estimates
secure
lowest
gives the
the
sider
con-
into, and
into
contract
necessary
should
to
contractor.
responsible contractors, and
least three
be
entered
specificationsprepared
architect
The
building of
important items
of
type
the house.
on
for the
contract
filed
not
Completion
done
contract
of
it will be
the
filingof liens.
of the
selection
the
second
form
contracto
laborers,or sub-
completion is
most
two
are
125
men,
of the last work
the date
house
of
for the
actually placing the
In
the
notice
the
allowed
are
from
dates
by material
liens
filingof
for the
HOME
THE
BUILDING
of
a
first-class
surety
company.
the
Concerning
bond, it is impossible
this
bond
in
is not
necessary.
attempting
bond
a
very
well
the
and
convince
as
an
an
owner
contractor
of the
cost
necessity for
the
are
that
owner
refer
which
with
expense
indemnity
or
contractors
Frequently they
dispense. The
paid by the
that
to
surety,
emphasize
to
strongly. Many
too
clever
such
a
the
of the bond
a
the
to
its cost
bond
owner
is
of
cost
can
ultimately
building, for the simple
merely adds
very
into
reason
his
mates
esti-
contract.
Usually the
contractor
against furnishing
who
a
makes
bond
the strongest argument
is the
one
of whom
a
TO
HOW
126
FINANCE
bond
is most
many
sources
of information
contractor
furnishes
if
a
needed.
his contract
A
in
fail to bond
sooner
he
than
They
"
perform
which
is
form
type
sum
to
to
company
through with
go
of
of
both
be
paid
of
contract
the
in
a
after
servative,
con-
sable."
indispen-
straight
takes
under-
contractor
of money
sum
instalments
pletion.
com-
the
to
are
definite
no
his home
is the
contract
for
contract
a
is to build
man
the
should
category;
same
wherein
"
''One
fire insurance
business
usual
and
satisfactorymanner.
who
carry
in the
are
"
lump
good
a
can
says:
contractor
a
prudent
most
of
and
bonds,
fail to
would
The
bond
the
building financier, speaking
surety
have
companies
surety
regarding contractors,
workmanlike
a
prominent
necessity for
Large
probability that he
is strong
there
LIFE
HOME
the
as
work
progresses.
This
form
knowledge
enables
contract
a
as
him
holds
make
In
some
will work
building will
instances
to
the
contractor.
that
the
owner
the
"
advantage
This
will pay
"
cost-plus
the
of
form
of all of his
contractor
plant and
form
the
of both
construction,plus compensation
use
cost
But
delusion
a
bond
makes
the contractor
definite
and
the
and
for
performance.
the
the
a
owner
of becoming
possibilities
and
of
the
plans accordingly.
his
disappointment unless
its faithful
the
exactly what
to
to
gives
of contract
home
provides
contract
the
builder
actual
for his services
organization.
In
cost
and
some
HOW
128
method
contractor," we
indebted
are
identified
Corporation, who
for
California
He
of the country.
"
to build
desires
the
the
or
time
arranged,
and
to
these
matters
to
the
this
occurs
in his
all the
on
and
a
ity,
abil-
own
first mortgage
second-paper
various
either
first mortgage
getting his
discount
over
do
to
engages
call
to
sources
of his second-
terms
he
turns
financing contractor,
who
In
deeds, so-called.
trust
or
the
on
for the
arrange
paper
call
will have
confidence
the
after
and
tion
sec-
piece of property,
a
that property,
necessary,
sources,
of
owner
upon
of ways,
knowledge
in this
use
says:
the
that
It is seldom
who
plans in
working of the various
the
intimately familiar
is
and
years
many
has
in Southern
building construction
with
financing
a
Harry F. Hossack, vice-
to
president of the Security Housing
with
"
handling one's building through
of
been
LIFE
HOME
FINANCE
TO
building
cases
many
and
all
furnish
to
the
money.
^'When
adds
the
figure and
contract
the
years,
at
and
monthly
from
the
5^
or
sell both
he
figure that
to
a
at
may
first and
wait
second
covers
first mortgage
cent., payable in three
7 per
remaining $1,500 payable
payments
of his
amount
instance, if his figure is $4,000
from
6
to
complete his negotiationsfor the
work,
a
completed, he will take
house
$2,500
owner
simply
contractor
the
to
matters
gives the
thing. For
whole
for the
of
these
of
costs
financing
the
until
the
paper.
8
per
paper
house
in
cent.
before
is
If he can,
36 equal
He
may
starting
completed
he will
to
wait,
BUILDING
because
probably
by buyers of
claimed
"
will
he
that
Assuming
the
'^
would
50
to
"In
cent.,
per
the cost
cover
addition
bonus
the
of
second
or
for
of
value
be
$1,000
building the house.
needed,
that he will have
estimates
$75 and
anticipates a discount
paper
this
"
of the
would
leaves
additional' $1,000
the
to
the
first mortgage
This
$2,500.
all
this order:
salable
maximum
to
becomes
owner
the actual
$1,500 and
the
financing contractor
a
on
the
him
give
to
charged
something
is
which
on
be
needed
entitled
$3,500, the total appraisable value
is
$5,000,
be
were
discounts
yet built.
not
would
owner
has
out
If the lot value
house
houses
on
the
of
some
contractor
he
$500
It works
house?
129
question naturally arises.What
the
other
the
of
save
paper
$3,500 for the job if the
cash, then
HOME
THE
brings
the
the
to allow
of
$275
on
cost
of the
and
the first mortgage
$1,000
$1,350.
to
"
the cost
But
to but
amounts
contractor
and
can
price need
contract
and
second
contractors
on
the
$3,850.
paper,
second
or
not, in practice,confine
the
to
can
get.
of
such
undertake
all-cash
themselves
$4,000 price. They
these
if the
to
will not
as
much
of first
$4,000.
But
ties
responsibili-
work.
the
his
costs
of the faces
sum
$150 for contingencies, but
salesmanship
at
mortgage
on
that
seen
for the first mortgage
$3,850 instead
margin allowed
in the
It will be
only be the
foolish
are
paper
in advance
arrange
of the
sale
the
of the second
They
do
cated
margin indi-
only figure in
more
as
their
That
does
connections
often, in the end,
continue
extended
hard
to
that
the
at
any
from
reliable
when
agreed.
all who
or
danger
suddenly becomes
number
of
jobs under
building should
without
concern
that
sources
funds
will
the owner,
Otherwise
supply
The
paper.
to
work,
more
money
for
borrows
individual
with
not
way
consequence."
who
person
a
does
operating will be widely
so
will have
get, and
and
tendency is
and
more
more
when
time
will suffer in
The
concern
tractor
con-
specialtalent,time
on
and
does
all-cash
business, which
a
take
more
building
the
is that
the
by
out
who
contractor
expenses
financial
the
pointed
profitable. The
prove
in
A
It takes
expand,
to
involved
become
has
operate such
to
is
contractors
says:
have.
not
LIFE
concerning
''
he
business
this
of
HOME
taken
financing
when
Hossack
much
be
should
care
abilityof these
Mr.
FINANCE
TO
HOW
130
materials
ascertaining
be
forthcoming
and
the contractor
labor
and
deal
not
on
the
job
be
may
injured.
The
wise
will protect himself
builder
home
simple precautions and
proper
insurance
is to do the
make
certain
few
of
the
that the contractor
building is fullyprotected by workmen's
In
insurance.
compensation and public liability
of workmen's
is
compensation,
damages
if
injured during the
building,and
of
a
type.
First of all he should
who
adequate
by
the
contractor
incident
to
such
an
employee
course
is unable
of the
of work
to
the
meet
on
the
case
tractor
con-
your
cost
injury, the property itself
BUILDING
liable and
becomes
such
is
damages.
This
in
proper
is, carried
HOME
THE
subject
should
be carried
assumed
by the
protects
the
should
insurance
contractor,
building; taking
the
other
owner
to
with
that
It
is
simple
a
of
the
contractor
the
contractor
of the
policy should
will
to
the builder
policy should
the
on
the
force
ing
the build-
of any
specify that
covered
for
for
such
icy
pol-
a
jointly protected.
fire
a
the
cover
the
both
interest
interest
of the
share
This
mortgages.
all materials
in
and
plies
sup-
in the construction
use
by the policy, and
also that
building is completed the policy shall continue
until
its
is intended
because
holders
ground, intended
building,are
of the
when
also
and
dents,
acci-
this way
be
mentioning
contract, specifically
owner,
of the
building commences
be drafted
than
matter
in
in
and
sonal
per-
sidewalk
as
parties concerned, designating their
all
the
in
hazards
incorporate his interest
erection
the
insurance
of
casualties.
and
owner
When
from
blockades, particlesfallingfrom
street
and
of such
care
insurance
by other
sustained
be
may
of the construction
employees, arising out
direct
This
builder
and
ovv^ner
tractors.
con-
essential,and
although it
desires.
if he
owner
generally
responsible
is also
by the contractor,
of
amount
be, and
proportions by
injury suits for damages
the
lien for the
to
public liabilityinsurance
The
131
expiration date
for
the
buildings occupied
for
building.
for
whatever
This
pancy
occu-
is essential
dwellings take
a
lower
HOW
132
TO
premium
rate
in
by
part
The
than
of
sufficient
the
attention.
If
policy that is properly drawn
in the
who
time
fully understand
and
to
care
conditions
forth
set
that
he has
like
the
insurance.
There
insurance
usually
policies,as
is also
fine print than
the
understanding
It is often
that
will often
anything
the
print
on
forms
other
understand
such
reading
a
profitable.
prove
and
numbers,
round
about
will cost
single residence
and
terms
fine
and
but
"
estimated, in broad
the average
Along
this
line,and
for comparison
with
the
our
building of
small
house
a
lines
the
purchased
he
read
to
takes
$i,ooo
room.
per
a
bolder
However,
to
in many
true
be
likely to find
is
lot of very
a
longer
it takes
"
when
supposed
is
of contracts
and
he
degree
culty
diffi-
no
should
all of the
possiblelosses
his
covered
not
be
insured
policy,he
in the
give
insurance
an
loss.
his property
unless the person
has
do not
should
his
ance
insur-
of
policy holder
of
or
tions.
organiza-
forms
holds
there
full extent
the
to
wholly
persons
one
the
adjustment and
reimbursed
either
proper
majority of
the
and
care
LIFE
manufacturing
or
securing
to which
one
HOME
buildingsoccupied
mercantile
matter
is
FINANCE
the
has
a
comfortable
breakfast
plans
homes,
family, built
on
generous
bedroom,
nook,
a
way
of
may
have
merely by
screen
we
will consider
we
plot 24^ by
a
living
a
giving a
room
convenient
porch with
29
with
in mind
a
home
feet.
a
basis
for
for
This
fireplace,
kitchen
with
stationary tubs
ironing board,
and
nice
front
various
The
of $1,000
nicely arranged bathroom,
a
which
on
should
room,
hang
to
of this
items
per
133
and
mock.
ham-
swing
a
house, which,
the
on
a
basis
approximately $3,000,
cost
follows:
as
are
porch
HOME
THE
BUILDING
foundation
Building permit, $18;
walks
cement
chimney,
steps, $55;
and
piers, $65;
and
rough
$50;
lumber, $395; finish lumber, $60; sash, doors and
$150; carpenter
$260;
sheet
labor, $500;
floor
connections, $35;
sewer
electric
wiring, $85;
$30; plumbing,
screens,
plaster and
metal, $25;
electric
$75;
hardware,
floors,$135; composition drain
hardwood
$415;
stucco,
furnace, $35;
fixtures,$60;
glass,
boards, $18;
ironing board, $6; shades, $25; mantel, $30; painting
cations,
specifi-
tinting,$200; contractor, $275; plans and
and
$25.
The
be added
While
be
omitted, the
well
money
this
of
owner
of
the
house
places where
after
the
might shorten
it will
materials
inclusion
inferior
life of the
or
will find
guard
the
against
workmanship
inferiorities
such
building has been
the
house
the
because
the
show
total of
a
supervision fee is optional, and
expended,
in
should
to which
"
supervision fee of $100, making
a
$3,127.
may
figuresis $3,02 7
total of these
will
in
not
completed, but which
place
or
add
to
its maintenance
cost.
The
lot has
for the
house
been
selected
discussed
from
and
purchased;
many
angles
the
and
plans
finally
HOW
134
decided
chosen
TO
the
upon;
and
delivered
the
to
mind's
eye
been
have
merely
lot of
a
at the
have
we
been
have
still
the
into it and
moved
had
we
is
have
to
in
completed
things
home.
a
We
plans, upon
our
become
not
have
All these
house, built according
It does
plans
the house
not
of
plumbers,
made.
do
we
been
have
assistance
the
and
beginning;
selection.
our
with
into
transformed
the contractor
materials
electricians
done, but
a
the
grounds, and
all the payments
have
LIFE
financingis arranged;
masons,
gradually been
and
HOME
properly bonded;
carpenters,
our
FINANCE
until
home
a
to
live
living,the enjoyment,
the
actually commenced
there.
And
the
of
manner
pleasure,the comfort,
all contribute
known
the
as
to
the
'^
home
which
atmosphere
in which
the
husband
shall be
a
in
day
our
the
whether
house,
our
intangible thing
that
is the
It
atmosphere.''
decides
in
take
we
of
making
the
is
house
home
a
place
the
good wife shall find happiness, whether
willingand
eager
business, whether
enjoyable sanctuary
more
pride
the
for
to
return
playtime
it
find
shall
children
it after
to
hours
the
than
neighbor's yard, the street, the public playground,
the
Conveniences
the
"
in these
of the
case
the
and
that she
of
comforts
conditions.
in the
happy
shall be
she
home
play
Particularly is this
housewife, for the home
place wherein
science
or
movie.
corner
part
a
utilizes her
is her
her
large
true
in
laboratory
of the
knowledge
family rearing. If it be
able to exercise
a
so
skill with
arranged
a
mini-
Chapter
IMPORTANCE
LET
look
and
matter
of
applies to
the
the
into
wherein
see
INSURANCE
ADEQUATE
OF
us
Seven
it
insurance
a
thoughts
little
have
we
in mind.
of
Many
us
This
is
a
particularly valuable
the fact that 90
credit.
on
The
into
to
aware,
we
of credit cannot
of careful
be
placed
in
launching
be overestimated.
It is the
or
ventures.
good
marks
integrity and
is done
large degree, of the
a
the
in insurance
invested
Money
a
of
the
business
in addition
in view
business
ownership
home
not
of credits.
matter
policiesmay
life insurance
only purchases
but
policiesare
consideration
of all business.
foundation
not
are
productive
value
of
of the world's
cent,
toward
assistingus
forth
per
Nor
which
to
uses
possession
standing they give in the
of the
aware
in
now
return
investor
as
large dividends
pays
ment,
invest-
the
on
person
a
in
credit
confidence.
A.
Barton
Bank,
National
a
man
how
Hepburn,
comes
much
to
New
us
chairman
City,
York
to borrow
life insurance
of the
money,
he
136
once
we
carries;
board. Chase
"When
said:
want
not
to
so
know
much
IMPORTANCE
because
OF
of its
indication
an
that induces
that
It is
bearing
his life is the type of mind
in business."
success
purchase loans
to estimate
the
the
business
Financial
and
banking
is the
lowest
business
is found
controls
the
of
to
of
rates
client.
a
the
of
event
one
that
whom
never
fore,
Thereciates
asso-
directing force
eration
greatest consid-
the
interest
accorded
are
business.
its
brain
When
by
and
the
the
business
the
of any
who
man
is
protected
and
its credit
Partnership agreements
by life insurance
less
of
power
solvency is assured
firmly established.
and
of the value
cent,
75 per
in the
against his removal
partner
made
institutions.
It is estimated
more
been
protects his business
who
against loss, in the
being removed,
small
institutions
physical assets
man
of
ing
important part, too, in financ-
an
ventures.
over
policies.
loans
have
home-
supported by life insurance.
loans
plays
of business
to take
insurance
by
college educations
Life insurance
to which
non-collateral
largely in
possible by character
want
the extent
supported
are
Many
amounts.
as
to insure
man
for
deal
but
power,
mind; for the type of mind
impossible
Banks
his financial
upon
137
of his type of
a
makes
INSURANCE
ADEQUATE
are
likely to
likely to
more
prove
creditors, than
tected
processful,
suc-
prove
costly to the surviving
such
business
not
so
fortified.
The
more
one-man
than
is
the
business
needs
credit
insurance
partnership or corporation.
usually less able
to
comply
with
Such
even
a
ness
busi-
collateral
loan
HOW
138
TO
requirements,
advance
only
the
A
human
insurance.
other
form,
Book.
This
we
it, as
great riches,"
element
of contentment
in life
life insurance
it will pay
business
the
security is based
than
consider
cannot
least
at
the
safely
cannot
paid by investments
description which
terse
to
institutions
is greater
big dividends
If
LIFE
equation.
mind
The
to
of the
one
the
financial
and
contented
according
is
HOME
capital for growth when
on
"
FINANCE
has
of
consider
to
us
it from
been
sometimes
''buying
in any
for
money
given
future
delivery."
There
liable
five
are
general hazards
hazards
"
which,
when
which
they
come,
curtail
hazards
old
insurance
death.
for
the
In
hat.
The
is
individual
five general
accidents,
suitable
some
fully
care-
form
of
provide protection
to
hazards.
majority
policy which
There
every
against these
cocked
most
Illness, unemployment,
are:
and
age
a
and
power,
the
even
all
are
we
earning
will knock
planned budget into
which
to
of
instances
the
insurance
same
provides protection against losses due
illness will also protect the insured
against the
costs
to
of
accidents.
Old
seldom
age
is
fraught with
unaccompanied
comes
For
myriad forms
written
the
by
all of the
the
land.
the hazards
of term,
other
hazards
accident
by illness,
of old age
endowment,
reputable insurance
and
there
income
and
or
are
employment.
un-
the
policies
out
companies through-
IMPORTANCE
Life
OF
insurance
of itself
borrowing
139
be
it may
type
of
it
power
credit
the
gives
of
standing and
the
to
is
"
losses
protection against the
because
unemployment,
the
whatever
of
"
excellent
an
INSURANCE
ADEQUATE
of
holder
the
policies.
death
Concerning
who
has
the
assumed
the
"
certain
Of
hazard.
examinations
that
within
one
years
410
years
1,682 widows.
Think
The
for the
where
a
widows
about
are
or
two
policieshave
his
mortgage,
family receive
under
find
in
"
to borrow
20
contract,
the
of such
the
property,
builder
There
for this purpose.
guarantees
constitute
Sometimes
money.
on
money
payments,
the home
and
"
has
is
an
of the
payment
mortgages
these
advantage, that if the home
debt, but
if he
the debt
is not
excess
cash
an
pass
in five
"
the deferred
"
of money
this further
of
widows
have
completes his payments
is clear
of the
interest
we
mortgages
secure
policy which
of 25 years,
841 widows
borrowed
more
to
to
men
80
years
builders
the amount
principal and
home
or
fronting
possibilitiescon-
things.
represent
necessary
insurance
builder
these
10
place is purchased
according to
found
in
"
age
will be
building of the house
mortgage,
there
at the
majority of home
the
building. Let
able
married
there
year
person
protection against this
of
10,000
the medical
the
moment,
a
family for need
his
of the
away
obligationsof home
consider, for just
us
passing
from
dies
his
earnings the
during the period
only paid
payment
in
full,but
equal
to
the
he
amount
This
is
paid
of all home
There
is another
cost
life,which
type of policy which
during
will
of his
years
if he
or
the
early
give him
the balance
"
ers
own-
carrying mortgages.
are
low
principal of the mortgage.
the
on
plan worthy of the attention
a
who
at
has
HOME
THE
FINANCE
TO
HOW
I40
life,from
for
of 50, 55, 60
he
before
or
the
reaches
will be
insurance
of the
set, the full value
monthly income
the ages
die
should
owner's
of the home
years
assured
an
be secured
may
paid
65
age
to
his
family.
in old
and
the
age,
of
assures
of all debts
payment
really
petency
com-
death,
at
ample provision for dependents.
The
form
annuity
investment
for
risks with
live
account, which
savings bank
insured
an
is
policy,which
there is the endowment
Then
of
policy provides
who
elderly persons,
but
who
need
policy which
meets
their money,
safe
a
form
should
take
high
a
return
of
no
to
on.
Another
form
approval from
cent,
income
of the
is the
husbands
policy.
insured
sum
husband,
of
and
This
as
then,
at
long
her
known
one
the
to
pays
she
as
with
death,
the
6 per
6 per
cent,
as
wife
live after
may
pays
increasing
the
full
sum
the
to
the children.
Not
of policiesare
all forms
of all persons,
but
particularly fitted
everyone.
of the
The
policy is
way
to
there
to
is
the
a
form
needs
in which
present
best
suited
the needs
of insurance
and
the
to determine
one's
to
policy
purpose
of
the selection
particularproblem
to
OF
IMPORTANCE
representative of
the accredited
and
good standing,
of
the
planning
In
where
peak
of
efficiencyand
bility
possi-
will be
of
help
of
by
made
divided
adopted by
Let
us
of
the
manufacturer
average
period
lo-year
the
From
decline
what
they
30
per
point
at
"
they
at
were
cent,
working
25th
at
his financial
50;
45.
at
Salesmanship
living or
holds
a
career.
persons.
many
accumulations
slightlyduring
and
35th
days.
birth-
the
rise of
75
the
and
average
peak
is
standing
will
they
at
on
be
the
about
average
will
55.
than
less
records
show
that
of manufacturers
are
either
Statistical
of the widows
for their
financially
his financial
65 his accumulations
were
men,
55th birthday
reached
onward
generally
but
quite rapid,
is
more
financial
his
the
to
will have
manufacturer
this
35th
has
different
many
attracts
grow
between
value
accumulation
From
manufacturing
the
been
survey
of their business
that
plied
sup-
owners.
different
to
ages
indicates
survey
the
happens
different
at
field of
The
The
what
to
those
of home
more
has
Devney's
Mr.
consider
majority
the
see
speaking,
will
We
occupations.
of
men,
us.
cial
finan-
information
upon
according
classified
and
many
personal
our
insurance
and
by Joseph J. Devney.
been
to
of the accumulations
bankers
1,000
knowledge
a
analysis of
of
individuals, based
20,000
of
the
a
possibilities,
survey
than
company
program,
for this sort
guide
a
insurance
an
financial
of accumulations
As
141
his advice.
secure
will reach
one
INSURANCE
ADEQUATE
are
dependent
great attraction
upon
to
the
others.
"
live-
HOW
142
the
during
the
upward
and
25th
next
between
spurt
is reached.
peak
the
is about
the
point
of
cent,
which
at
he
widows
the
is
it
as
advance
at
started
at
30;
at
time
the
condition
is down
he
75
than
More
25.
rapid
65 his position
at
"
either
salesmen
of
another
which
at
55,
rapid
was
take
slightly
of the financial
decline
salesman
same
and
45
The
average
then
and
rapidly
mount
35th birthdays,
years,
10
LIFE
HOME
accumulations
His
man.
young
between
the
FINANCE
"
wire
of
TO
work
to
80
per
or
are
dependent.
In
field of
the
the
decline,and
during
the
about
the
the
same
It
then
and
years
of dentists'
upward
this
period
at
begins
the
widows
as
the
dependent
at
33,
age
a
until
and
of 30.
followingaverage
the
At
at
75
dependents
65 it
the
peak
the slide is down
to
about
cent,
per
workers.
or
between
and
is reached
at
hill at
10
amounts
66
years,
10
45th
next
it averages
class, rise rapidly
for the next
the
than
More
and
25th
slightly in
decline.
to
are
slowly
again
point on
of
position is quite rapid
between
but
increases
as
Merchants,
35, advance
ent
depend-
cent,
per
the
rise in financial
same
as
to
are
collegeprofessors are
and
20-year
birthdays.
80
prosperity
commences
percentage
profession, show
a
The
:
of
peak
then
and
college professors,
livelihood.
a
Dentists,as
conditions
forties
Approximately
age.
for
includes
the
considerable
a
of teachers
work
or
that
old
widows
the
during
which
that
shows
surveys
is reached
in
teaching,
a
25
and
then
shoot
55.
From
fairlyeven
rate
HOW
144
the
of
on
a
will find that
we
get
the
insurance
the
individual
discharge all
a
large
sufficiently
the
different
at
carry
of his
And
following
living
enough
and
death,
which
his
the
how
to
"
support
of
angle
as
carry
his
to
to
this
answers
should
remainder
be purchased
should
from
obligations at
of
standard
insurance
scale.
progressive
to
at
LIFE
should
we
we
progression
much
HOME
lives.
our
this
From
FINANCE
insurance
of
amount
periods
TO
leave
family
is
family
accustomed.
the
For
home
young
will pay
funeral
leave
a
with
on
and
ownership
off the
be
balance
which
safe
road
to
basis
of
insurance
home,
bills which
will
degree
same
the
on
other
and
of
amount
an
mortgage
expense
the
the
on
family leadership, a
would
computation
just starting out
man,
care
for
be
due,
may
permit
the
of comfort
to
which
family
which
to
the
and
carry
it is
now
accustomed.
As
and
men
young
with
efficiency,and
increase
of
in
the
and
conveniences
the
standard
of
mean
more
money
So
the young
of business
family
which
things
of life.
"
as
come
The
have
from
add
to
meet
a
come
"
the
a
comforts
of
living
in his chosen
the
wider
bills.
the
rise in the
an
things raises
standards
pay
consider
to
to
of these
use
he progresses
activity must
will
which
necessary
man
experience
earnings permit
increased
living
in
increases
those
Increased
earnings.
expenditure
his
older they increase
grow
additional
additional
social
scale
field
costs
tions
obliga"
and
OF
IMPORTANCE
make
adequate
the
that
event
INSURANCE
ADEQUATE
provision
his
earning
easy
base
to
obligations in
these
meet
145
is withdrawn
power
from
the
family.
is
There
an
what
the average
Then
time.
of
power
and
consider
whatever
the
Deduct
household
which
should
be
difference
Then
carried
be
policies which
the
guaranteeing
policy
the
insurance
first unit
of
will
consummate
warrants.
The
ultimate
that
Life
be
for
to
arise
to
produce
only when
plan, which
has
the
to
such
of
will
it is
a
pay
family.
any
special
as
purposes
the
children,
or
a
complete and
aim
defeat
of
this
as
for
purchased
gency
contin-
in life.
things, can
beneficial
most
according
objective in view.
income
should
every
worthwhile
and
his
program
his purpose
its greatest
definite
comprehensive
rapidly
as
adopt
regard his first
and
program
insurance, like all other
made
results
may
to
provision is made
adequate
that
which
in addition
carried
insurance
nature.
plan which
be
of
starting his first policy should
definite
as
month
ment
invest-
monthly
average
amount
an
present
monthly
amount
college education
man
young
certain
is
be
things of that
The
the
at
this rate.
at
average
considered
may
owned
figure of the
the
earning
monthly
are
the
mine
Deter-
the present
at
are
average
regularly each
should
costs
earning
of
amount
expense.
This
a
the
computation.
investments
earnings from
other
monthly
likely to continue
are
that
for such
to
a
definite
Chapter
Eight
ANALYZING
THE
and
tremendous
largest
capita
per
The
rest
in
wages
paid
by
make
of
its
his
funds
it
work
is
known
available,
is
and
funds,
The
seeking
there
promises,
to
is
the
who
proverbial
rainy
simple
a
not
so
set
the
keen
investment
with
filled
are
and
to
inquire
surplus,
or
is
a
the
those
bad,
Sometimes
surplus.
by
named,
provided.
opportunities
who
for
these
whether
portion
thrifty
of
good
of
as
aside
extent
be
may
particular
a
wants
surplus
a
securities, good
a
He
buymanship,
manner
of
his
let
resting
fullest
has
person
the
entire
investments.
persons
with
actually
fund
emergency
with
have
person
is
money
seeks
shortage
no
are
to
him
for
filled
and
salespersons
Two
is
for
other
avenues
normal
the
deposits.
savings,
whatever
or
world
sale
from
to
savings
He
that
content
at
the
"
the
in
of
against
an
the
day.
truths,
thoroughly
146
a
the
by
shown
deposits
is not
is
country
country
bank
for
capacity.
management,
the
banks
is
bank
any
owner
savings
money
earning
When
of
home
the
This
savings
average
wise
money
of
this
of
owner
producer.
a
record
world.
to
home
average
worker
SECURITIES
accepted
and
ana-
ANALYZING
lyzed, will keep
investor
any
SECURITIES
the element
away
large
"
small
or
of
first of
The
these
safety of securities
from
unusual
or
less
grows
bilities
possi-
the
to
would
desire
lease
or
called, it is perfectly safe
speculation and
is the
not
principal and
element
of
The
safety
second
afford
chance
to
earn
Supplementary
a
"
well
can
speculates
one
which
lacks
No
person
afford
takes
return,
both
to
has
made
in their old
or
a
a
to
this
can
lose the
chance
chance
a
"
to
lose
fancifullycolored
oil
licenses,
well
time
program
the
home
all the bonanza
tions
proposior
vending machine
certificates,
undivided
during the early
can
pendent
financiallyinde-
high-pressure salesmen
''
or
interest,semi-annually
persons
than
by
stock
units
small
is another
truths
these
of
more
age
presented
ever
no
ment
invest-
safety of both
is this:
he
regularlypaid,
compounded,
At
a
put up.
money
truth
the
Anything
abnormal
an
ideal
The
of
learn
to
one
security so-
speculation.
is
truth
When
money.
extremely
other
or
assures
speculate unless
to
return
classify the offering as
to
earnings.
promised
When
investment.
an
which
one
the
as
of
element
promised by the salesman
are
bond
or
The
larger.
gets
returns
offering a stock
is this:
truths
securities
those
large
ing
will add
it be.
have
the
along the lines which
"
all that human
the home
making
will lead
of loss and
which
productive and
will prove
147
years
maker
interests."
of the homebuildafford
to
speculate.
HOW
148
He
TO
afford
cannot
to
obligations. These
he
husband
so
his
he
obligations make
it necessary
obligationsas they
and
contingencies, and
in the
fall
too
able
many
that
to meet
due, provide against hazards
the
which
earning
will be
there
that
assure
with
his
of
event
has
that he will be
resources
fund
LIFE
speculate because
the
reserve
HOME
FINANCE
family
can
ficient
suf-
a
on
carry
being curtailed
power
or
ceasing altogether.
And, by the
invest.
to
not
earnings
at
and
stretch
the
at
50
If
can
we
use
have
build
to
are
which
of
shall
to
be
of the
will
care
An
to
account
our
financial
vesting
in-
financial
a
"
goal of
our
the
learn
we
care
first
must
we
utilize.
in which
find out
money
ness
busi-
proper
for
by
than
in
a
a
to
make
certainty
a
tion
utiliza-
savings bank,
regularly added, should
are
of
found
way
actually make
deposits
of
things
to
pendence
inde-
independence
competency
these
larger
a
in the
men
that
vide
pro-
Financial
result
a
for and
and
savings bank.
stone
do
better
no
into
permit of reaching
To
money.
can
most
his
surplus fund
that
Financial
a
making
his needs, to
time.
as
afford
can
of
art
growing
of
it is necessary
"
money
that money
foundation
make
only
up
initial accumulation
which
to
goal of
about
come
some
There
cover
all the
fund
is the
50
independence
and
than
and
maker
the
professional worlds.
structure
to
more
larger surplus
and
learn
must
to
home
no
enjoyable task
at
the
He
surplus fund,
a
work
token,
same
structure.
be
Such
the
an
ANALYZING
started
account,
many
training we
need
nominal
in
and
care
of
the
on
shows
made
giving
to
mortgage
house
which
a
in which
to
the
us
utilization.
be
can
the
way
be
basis,can
with
lowly savings account,
earning power,
reduction
149
things in addition
instance, the
For
This
the proper
upon
accomplish
owe
SECURITIES
made
of the
cost
have
we
it
money
built
be
can
assist
to
for
its
in
the
still
we
home.
our
utilized
make
to
money.
how
Showing
the
out
mortgage
decrease
the
^'
A
bank
bank.
An
borrower
of the
''
prompt
For
three
of
at
to
The
for
the
out
sinking fund,
a
for
by
savings
the
full
the
assures
addition
In
mortgage.
The
7
per
$630
"
capital and
takes
$3,000
and
"
out
$4.04
provide for the
amount,
a
interest
the
added
7
to
per
$3,000,
three
for
years
equal $3,630.
three-year savings plan
deposits
This
for
Interest
cent.
mortgagor
is for
mortgage
$18.09.
to
takes
into
profitsby the transaction.
years
book
a
as
ation
co-oper-
is entered
agreement
mortgagor
or
example:
amounts
''
office,
working in
mortgage.
payment
mortgagor
"
of
through the
systematizes, facilitates,and
This
time
same
Bardeleben
loan
mortgage
a
broker's
plan book, functioning
amount
the
at
Emo
mortgage,
negotiates
the
the
house, and
wipe
may
says:
real estate
a
with
which
of the
banks
person
or
the
on
cost
the Hellman
plan for savings
consistent
a
at
a
cent,
a
weekly
weekly
rate
of
saving of
interest
on
the
TO
HOW
ISO
makes
mortgage,
total
"
is
of
the
The
is
seen,
able
to
2
the
to
the
5
will
affected
time
cheapest mortgage
and
readily be
of
actually
duces
re-
the customary
the
making
"
ance
assur-
amount
from
money
cent.
the
of
cent,
saving
per
to the
obligations on
per
a
or
"
$3,452.
savings, as
of the mortgage
of
productive
the
of the
cent,
per
LIFE
in addition
"
meet
Thus
of
years
$178
approximately
the cost
7
of
amount
mortgage.
HOME
weekly obligation $22. 13
three
saving
a
being
in full.
the
for the
outlay
This
FINANCE
plan
in
money
this
territory.
"
Furthermore,
would
to
reduce
the
importance
and
necessity
simple and
and
in most
co-operating real
If the
deleben, it
the
may
be
of the
The
The
but
is
method
banks
and
needed
is not
Bar-
advantageously utilized
investment
selection
that
disposal
Mr.
suggested by
manner
an
for the
fund
of
as
which
the
gains
with
"
always available
it is
be
can
owner
investments
for
to
the
meet
contingencies.
of the
investments
box.
broker.
easilyadapted by
just as
of
of
matters
brokers."
in the
advantage
unexpected
One
is
cases
plan
the mortgagor
to
produce greater earnings
to
knowledge
further
only
the
proceedings
surely
are
real estate
estate
accumulation
made
These
savings account
mortgage,
a
for foreclosure
interest,not
also to the bank
of
general adoption
negligiblefactor.
a
of
the
best, and
the home
annual
at the
owner
rental
same
make
can
cost
time
of
most
is
a
necessary,
safe-deposit
safe-deposit boxes
is
because
advisable
or
As
get ready
we
which
investments
to
with
we
hopeful will
are
question
one
than
more
ourselves
find
we
between
number
by
fronted
con"
other.
any
be able to determine
funds
those
cause
How
good and
the
the
"
bad?
There
are
a
be
offering may
"
we
into
surplus funds
our
greater proportions,
assume
shall
place
tions.
condi-
economic
changing
of
to
LIFE
HOME
FINANCE
TO
HOW
152
of tests
but
measured,
which
be
to
requires
accuracy,
securities
beginner in
the
well
will
for
to
us
guard
Let
actual
the
"
follow
a
career,
not
to
any
the
advice
of
a
at
training.
costly training to the
a
Until
have
we
which
"
had
comes
it will be
simple rule, which
very
the very
spend
outset
single penny
a
offered
investment
for
the
the greatest
some
knawledge
rule, a
use
against loss.
us
decide, then,
us
with
selling of securities
and
buying
the
it is
the field of investment.
experience
from
often
and
"
to
ing
by experience in buy-
training is usually secured
Such
and
time
some
able
"
yardstick for measuring investments
investment
an
us
without
reputable, wholly
of
our
ment
invest-
of
our
money
first
securing
third
disinterested
person.
adoption
The
investors
they
the
*'
now
fake
a
of
rule
this
would
save
American
large portion of the billion dollar annual
experience.
The
security has
Investigate before
you
promoter
but
little love
invest."
and
for
salesman
the
loss
of
slogan
ANALYZING
The
world
SECURITIES
^'
is filled with
153
get-rich-quick
Despite the gigantic loss each
by
who
persons
spring
new
with
up,
a
corps
of
of
suckers
crop
with
from
to
money
safe rule for safety in
A
choose
investment
an
place
cards
our
This
that
be
Safety should
the home
the
the
at
owner
of
earnings
investor
is of
interest
or
had
nection
con-
so-called
curities.
se-
is to
unquestioned integrity,
we
of his investment
outset
of
only consideration
first and
career.
only the safety of the
not
the
also
ment
pay-
size of
regularly. The
secondary importance until the
by
learned
experience
how
standpoint of safety, both
for
has
no
table, get the best advice
earnings definitelyand
of
if persons
reliable advice
secure
places in investment, but
he
year's
initial investments
our
a
advice.
include
safety should
capital fund
the
and
suckers
no
integrity who
house
upon
follow
and
"
be
enterprisessellingthe
the
ones
the next
garner
would
invest
unquestioned
of
men
to
would
there
things, new
specious arguments
of
salesmen,
"
tions.
proposi-
experienced
year
in these
money
set
new
suave
with
can
place
"
to
select
securities.
From
the
interest,bonds
of investment
It is
world
beginning
One
as
agreed by
that
can
the
held
are
any
men
to
approach
as
close to the ideal
security available
in all
departments
inexperienced investor
in bonds
well
rather
than
appreciate
capital and
the
investor.
of the
financial
to
should
make
his
the
dif-
stocks.
this
advice
when
between
ference
difference adds
When
FINANCE
TO
HOW
154
and
the
factor
to
positionof being
expectation that
the
will increase
well
in
value
well
In
corporationhe
a
the
with
He
hope and the
profits,of the
stock
of the
pany
com-
has
he
chased,
pur-
in the form
returns
organizations this
managed
hope is often fulfilled. But
pies
occu-
in the business.
substantial
to pay
The
safety.
partner
a
LIFE
is considered.
earnings, or
the
as
dividends.
of
of
into the company
puts his money
as
bonds
stocks
purchases stock
one
the
HOME
purchase of stock also
the
brings with it the privilegeof participatingin losses as
stockholders
well as gains, because
are
responsiblefor
indebtedness
of the
which
organizationsin
they
have
holdings.
On
issued
at
a
by
and,
a
certain
rental
The
other
the
definite time
bond
a
of the
advance
going
of
security of value
There
bonds
are
that
selection
is
a
pay
the
certain
of the
corporation
tangible assets
Usually bond
physical property behind
considerably in
definite
period of the loan.
its
upon
of its face
in
issues
of
them
as
of the amount
excess
issue.
types of bonds
many
the
by such
integrity.
to
creditor
a
claim
unskilled
for himself
investment
and
promissory note,
a
the amount
repay
stockholders.
have
concerns
of the bond
a
is
during
money
such, has
as
bond
a
corporation,to
for the
holder
hand,
only
persons
brokers
investor
unaided.
of
so
"
should
Bonds
upon
many
not
should
types of
attempt
be
recommendation
unquestioned standing
chased
pur-
of
and
SECURITIES
ANALYZING
from
Considered
D.
Hord,
field and
long experience in the investment
All
United
certificates of indebtedness
bank
land
Federal
of
preference.
obligations such
States
bonds, treasury bonds, United
2.
lowing
Dollars," gives the fol-
Lost
in order
classifications
1.
"
of
author
the
standpoint of safety alone,Wirt
the
of
man
a
155
Liberty
as
States treasury notes
and
and
savings certificates.
war
land
bonds, joint stock
bank
bonds.
State,county, city,school
3.
bonds
improvement
street
the
bonds, but
earning
know
to
something
the
investment
In
cerning
con-
behind
of the property
important still to determine
more
standing of
power
bonds,
irrigationbonds.
and
it is advisable
classes
these
district
road
or
the
first the
for
having them
house
sale.
4.
America
made
bonds
Foreign government
in United
States gold,recommended
houses
that
6.
listed
are
First
in
ment
invest-
by
unquestioned standing.
of
First mortgage
5.
payable
on
a
and
bonds
public utility
recognized exchange.
mortgage
successful
railroad
industrial
bonds
of
lished,
old-estab-
manufacturing companies,
listed
on
recognized stock exchanges.
7.
First
or
second
bonds
mortgage
lien and
a
where
conservative
appraisal, and
is first
the mortgage
where
the loan has not
roads,
operatingrail-
established, successful
public utilities,well
manufacturing companies.
8.
Real
estate
bonds,
of
exceeded
the
60 per
cent,
improvements
of
show
HOW
156
TO
conservatively a
the loan
their
HOME
sufficient
earning
12
over
Debenture
9.
for
in not
FINANCE
These
the
upon
issuingthem, because
liquidate
to
power
years.
bonds.
safety
LIFE
wholly dependent
are
standing
they
the
institution
backed
not
are
of
by physical
property.
Next
of
bonds
to
with
companies
by financiers
seeking
A
in
point of safety,the preferred
desirable
as
establish
to
preferred stock
is
It has
company.
earnings
but
of the
follows
investments
foundation
a
implies,has preference
same
earnings records
good
the
over
a
claim
which,
the
of the
pendence.
inde-
its
as
stock
upon
name
of
the
and
property
stock,
common
of bond
in the nature
claim
person
financial
common
ahead
company
any
stock
a
advised
are
for the
for
stock
issues
or
floatingdebt.
As
a
general rule,in the
of
a
to
be paid out
the
company
holders
of the
These
stocks
investors
their
who
funds
earning
case
of
of
preferable
receive
have
to
the
the
right
before
the
anything.
safety which
concerned
more
the affairs
up
make
the
ferred
pre-
stocks
common
the
with
in the potential increase
for
security of
in value
or
power.
Many
provide
shares
factors
than
winding
of the company
assets
common
are
of
preferred stockholders
of the
the
are
case
a
a
investors
choose
certain
definite
7 per
cent,
preferred stock
return.
For
preferred stock, no
because
they
instance, in the
dividends
can
ANALYZING
SECURITIES
be paid to the holders
in the
course,
been
has
cent,
7 per
the
of
paid
stock
common
the
on
of well established
case
preferred stock
possible to
of the
and
indicated
are
funds
right
instances
vote
the
stock
purposes,
from
a
the
which
for
earnings
the
to
centage
per-
the holders
the
has
a
of
ried
car-
able
pay-
there
the
among
always, have
In
is greater
some
the
on
stock.
common
it be
preferred
or
mon,
com-
part ownership in the enterprise.
always,
he
the
to pay
is
supposed
dividends.
entirelywithin
the
are
discretion
are
supervise the management
all intents
to
to
enterprise. The
of dividends
directors
is
and
meetings.
purchases stock
person
way
the
pay
before
not
share
whether
and
partner
a
due
distribution
per
creditor,but
risks
to
the difference
usually,but
discontinuance
these
than
becomes
and
stockholders'
at
upon
a
itself in any
"
less
on
shares.
ownership,
never
assume
of interest
preferred stock
voting right
the holder
is
of the
common
preferred than
He
rate
sufficient
year,
year
stockholders
to
one
available
of the
Preferred
In
next
the holders
holders
highly profitable
preferred stock, if the
not
are
during
to the
over
"
cumulative
company
interest
any
the
"
of
case
earnings of the
to
of the
out
pay
much
Of
common.
In the
on
be
may
until after
preferred shares.
companies, the pre-determined
the
157
chosen
which
board
by the
not
obligate
declaration
matters
of the
knowingly
corporation
does
The
or
remain
of directors
stockholders
of the company.
and
to
when
However,
a
the directors
dividend, the full
before
made
holders
making
corporation declare
preferred stock
the
on
a
dividend
any
the
common
stock
in the matter
distribution
of the assets
winding
is
which
really a junior securityon
should
one
the
security does
the
business
behind
of any
is
kind
it.
for
of the
in its
activityof the
a
the
of
form
of
nature
a
that
tion
corpora-
the
successful
agement
man-
past and
it is
one
whether
activity,and
is essential
concern
the
future, whether
line of
own
as
assure
had
successful
a
to
preferred
of directors.
investing in
Before
event
nothing need
that
much
so
it will be well
fair likelihood
the
matter
good, that it has
leaders
in mind
always bear
not
the
in the
be paid excepting at the will of the board
But
to
of payment
the
the affairs of the company,
up
be
Excepting for their priority
stock.
and
must
distribution
common
of dividends
stock
of
of the
over
of
rate
LIFE
HOME
FINANCE
TO
HOW
158
reasonably
and
permanent.
The
stocks
those
and
of
going
to
be
termed
with
concerns,
consistent
backed
"
worthy
dividends
investments
of
record
a
behind
them
"
are
production
they
are
by organizationshaving tangiblephysical assets
they
prepared
are
authenticated
to
financial
submit
properly audited
statements
they
"
will
and
stand
investigation.
This
constitutes
the stock
and
which
the
one
may
of the
prime differences between
be considered
offeringwhich,
be speculative. The
salesman
upon
in the
ment,
lightof invest-
analysis,proves
of the
to
speculative offer-
HOW
i6o
in
training
to
the
ble facts that
there
and
back
to
corporation
is
the
loan
to any
the
Suppose
asking
savings
our
the purpose
such
a
case
and
stranger
our
knew
that
we
other
any
debts
This
is
in
not
Whether
it
"
the money
to
some
business.
In
about
the
he
poses
pur-
which
be
in
careful
extra
securing
with
fectly
per-
the
we
and
man
into it,for any
put their money
We
for
particularlyif
"
jointlyliable
purchase
them
all
into
would
answers
a
of
take
we
have
of
insistent
most
business
company.
lending
right to
making
that
know
to
We
be
who
kind
might incur.
precisely the position we
a
a
and, instead
asked
of business
and
would
to
the
and
were
we
let him
and
want
provable
the
approached
stock
and
if
lending
corporation
have
us
he
some
money.
person
which
into
kind
the
to
came
would
questions,
plain
the
we
ask
are
lenders
are
and
money,
going
placing our
in
being paid
we
Usually
would
we
our
we
we
"
of the bank
of
good
was
of the money
loan
a
stranger
out
by undisputa-
stranger.
borrow
to
convinced
of the borrower
borrower.
other
adequate security
savings in bonds
our
is the
money
"
corporation
a
loan
due.
was
questions
same
shown
being
stranger asking for
a
ask
a
it
invest
to
being
LIFE
would
finance,
reputation
when
money
HOME
large likelihood
a
we
of
without
the
was
us
When
our
field
loan, or
our
FINANCE
without
stranger
a
for
TO
either
are
one
when
occupy
preferred
giving
else to
will be safe and
up
our
use
whether
or
we
are
common
money
"
in business.
it will pro-
ANALYZING
i6i
the
skill,honesty, and
profitsdepends, first,upon
duce
experience of the
second,
possible market
service
of
materials
the
at
profit; fourth,
a
which
with
business;
the
goods
possibilityof
the
the
upon
goods
availability
the
manufacture
to
or
product
service.
When
we
stock
have
whether
But
bonds,
or
make
and
their money
placed.
Often
about
have
we
before
I
part with
in my
safe
ride.
my
deposit box
When
I
stocks,
or
is well
company
investors
Wise
organizations in
the
I
in
sufficient.
said,
it
heard
investments.
my
the
that
with
touch
things.
security,a preliminary
of
is not
keep in close
is
all these
gers
stran-
purchase
we
investments
assurance
secure,
when
do
we
our
form
other
investigationand
founded
thing
right to know
a
we
any
partnership with
business
a
is the
we
"
into
go
which
"
'em
the
distributing those
selling and
manufacturing,
for
third, upon
of the company;
or
will manage
who
men
the
upon
service
or
SECURITIES
"
I don't
Well,
worry
thoroughly
investigate them
just put them
money.
Then
and
forget about
buy investment
which
I
I let
them.
securities
buy them
I
for all time."
This
is
causes
a
false
of
sense
investors
to
security and
lose hundreds
one
ever
economic
tone
and
changing, swiftly moving
situations
are
complexion.
invention
on
hard
of
country,
our
train
constantly taking
One
ally
annu-
of thousands
dollars needlessly. In the rapid growth of
in the
which
of events,
a
different
upon
the
One
of another.
heels
HOME
LIFE
development
drives
FINANCE
TO
HOW
i62
development into obscurity. Our
is
There
drops
or
"
moods
swing from
channel
one
"
calling of bond
by the issuingcorporations cease
by
and
As
the
the
condition, because
the persons
who
This
is but
balance
sheet
the
a
assume
under
actual
certain
assets
and
a
good corporation for
a
vendors
Sometimes
to
show
made
figuring want
The
excuse.
Certified
definite
produce
not
can
be
can
promoter
the risk.
which
showing
constitutes
fake-stock
valuable
in
the
poor
lose
of little value
they
do
opments
the devel-
with
of
cial
prospective purchaser that finan-
but
are
to
holder
stock-
The
occupy.
previously, the corporation
to avoid.
will tell the
statements
they
is
statement
beginning investor
securities
out
sale
for
financial
certified
instances.
neglect.
pointed
offering securities
are
interest.
earn
in many
is liable
company
of the
been
to
keep in close touch
not
reason
has
field
in the
which
by changes in organization
affected
are
does
of
rightsby
"
also,of preferred stocks
mergers
who
issues
bonds
and
called
stocks
profitsresult
Unusual
of securities.
^'
Common
acting
swinging
in the
and
another
to
in the
is true,
forward
moves
styles of thinking and
and
change the value
This
on.
altogether.
out
National
is on, on,
progress
standing still. Everything
no
previous
a
a
serious
will
not
public
criminal
a
to
show.
of
a
offense
ordinarily
accountants
true
anything
production
ethical
legal and
liabilities of
them
a
care
fake
and
to
examine,
restrictions,the
corporation and
certify
ANALYZING
to the
163
tors
authenticity of the report for the benefit of crediand
financial
often
known,
of the
holding securities
persons
Such
such
SECURITIES
statements,
give
brief, but
a
affairs of the
the end
as
But
and
reader.
prepared,
Unless
and
thing
picture of the
be
may
trained
to
Poor
of
modes
schooled
for
that
average
intricate
it is
guage
lan-
difficult
a
and
get
true
a
although the picture
whose
believe,
I
should
one
have
eyes
into
one
other, his
advice
should
eggs
of
in
be
been
selection
all his eggs
the
in
one
oped
eventually develminds
this
if for
field the rule of not
is
"
of
try
counnone
accepted for consideration
basket
one
author
for this reason,
the investment
In
all of one^s
financial
and
"
carry
Richard
of the keenest
known
ever
the
was
not
Incidentally,Poor
at least.
the
the
see.
admonition
has
in
statement
those
customarily
are
little to
it represents,
there
are
particular time,
some
accountancy,
company
Richard,
basket.
sheets,as they
they
but
financial
a
company.
of the company.
as
mean
be
one
analyze
to
at
company
statements,
the
comprehensive, picture
of the fiscal year
financial
drawn
balance
or
in
putting
i. e., the rule of diversification
"
upheld
by
all
successful
financiers.
First
field
there
of
with
"
is
no
all.Uncle
Sam
securities
government
excuse
for
a
dollar
investor,large or small,need
funds
immediately
always
is
in the
to
ever
bond
in the
always
loaf for
hesitate
borrowing
available,
hour.
an
to
No
place idle
offeringsof the United
64
HOW
States
Government
1
TO
FINANCE
let them
and
LIFE
remain
information
dependable
secures
HOME
which
there
will assist him
in
higher
of
safe securities to return
selectingother
until he
a
rate
interest.
Then,
in this matter
program,
let
that
backbone
the
by the venerable
in the world
nation
Uncle
Samuel
of finance
"
being the
as
is not
large as
as
of securities
will demand
has
safety
"
and
in this
will
upon
laid
an
then
backing
or
Bonds
considered.
being
as
other
any
referred
are
is backed
United
forms
other
some
factor
than
by
States
of the
and
"
investment
at
for
"
one
the
investor
certain
for
will
the diversification
of the
of
sake
"
a
or
the
planning
assure
who
ture
struc-
least
"
windward
come
the
this.
securities
to
to
True, the yield
from
the
stone
anchor
and
by
by the purchase of
expansion
his funds
issued
they
issued
loyal citizens of this country
commence
eventually
interest
safety
Government
and
can
the
large
highest rating
upon
of all bonds.
foundation
been
S.
U.
two
few
better
the
"
integrityof
but
are
When
but
"
bonds
be secured
may
and
reputation
there
king-pin
the
looked
are
selection,
bonds
The
sometimes
"
of
programs,
enjoy
they
"
the
corporation
or
first rule
bonds.
well-rated
investment
an
up
all investment
of
gilt-edge than
more
building
accept, for the
us
small, shall be
or
of
expansion,
which
highest equitable return
the least likelihood
of loss of either
principal.
of
other
In
than
national
the class with
issues
good bonds
may
then
be
the investor
ANALYZING
well
may
consider
issues
stocks
common
which
fair
have
of
by well
carefully selected
and
of the
well
investor
established
may
ferred
prerange
corporations
good earnings in the past and
of
record
a
of continued
assurance
and
success
a
prosperity for
future.
When
builds
one
it will be
wise
corporation,
of
issued
state
associations.
stocks, the attention
the
with
conservatively operated building and
and
Following the bond
to
those
as
ment
invest-
and
about
hedged
are
such
restriction,
supervision and
loan
which
165
preferred stocks
certain
certificates
authenticated
SECURITIES
endeavor
lines
some
of
experience
of
a
lies in the
business
will
is
The
common.
fact
that
field
ter
mat-
value
and
prosperous
while
form
a
one
all fields of
other
Diversification
really
of
general
same
prosper
non-profit season.
securities
issues
to
uniformly
not
are
structure
true, also,in the
preferred and
of this diversification
human
in the
holds
condition
stocks, both
bonds
the
corporations
or
of one's
section
limit
to
not
activity. This
of
the bond
of
lines
in purchase
investment
insurance.
Before
we
enter
specificinvestment
suitable
of
for
business
consider
our
six different
of
as
the
and
upon
the
discussions
which
programs
different
vocations
professional
and
and
men
general tendencies, as
age
the six ages
have
periods, which
of investment.
a
are
relatingto
proved
the
most
classifications
women,
let
us
people, during the
sometimes
These
spoken
considerations
TO
HOW
i66
will
apply equally, in
in
manner
which
both
to
they show
usually perform
folks
and
men
productive business, and
enlighteningbecause
somewhat
are
LIFE
respects,
many
in the fields of
engaged
women
HOME
FINANCE
the
us
different
at
periods.
until the
Up
stage. While
for the
and
wisdom
this
future
and
be devoted
devoted
is
caution.
usually scorned
quite sufficient unto
is
themselves
old mistakes
same
be
a
At
with, perhaps,
stocks
of the best
The
the
through
a
of fool
small
a
ages
realization
real accumulations
again in
that
the
folly
financial
tion
founda-
high-grade
of
of
preferred
common
stocks
the stones
period.
in
stage.
edge
of the day of knowldone
they have
and
the future.
first
in companies
industries,
the second
being
the
is the second
35
things in the past
when
are
until
percentage
and
of 30
doing them
and
of
rating.
avoid
growth,
the
folks get the first dawn
young
number
this age
of
age
making
on
again
over
the
way
steady accumulation
bonds
Between
a
keep
and
and
over
finallydiscovered.
should
be
youngsters have
The
find
we
sharpening of
during this period, although it should
extreme
ence
experi-
that
the
to
Experience of others
teeth.
to preparation
others, it is seldom
of
first
the
of the
taking advantage
attention
or
is considered
years
period should
wisdom
time
much
of 30
age
begin. Good
covering
resolve
almost
This
a
quite a
is the
period
bonds,
wide
to
range
ferred
pre-
of
good prospects for
the financial structure
during
which
have
HOW
i68
caution
TO
be exercised
must
of
not
are
the investor
only
then
even
and
utmost
safe
the
for
himself
of the
Bonds
investment
should
for
the
stocks
"
or
may
beginning
in
this
not
in the
act
business
period, and
corporations
of
no
class
the
be
to
power,
average
investing a
of securities.
has
attracted
greater
during the past few
attention
in the
than
industrials,yet the fact that their permanent
value
the
is not
public mind
the
careful
a
earning
consider
to
securities
of
said
making
market, etc.,
the
in this class
portion of his funds
ing
manufactur-
be
may
after
it advisable
will find
is available.
good investment
a
factors, management,
assets, general trend
While
be
by
of
matter
Generally speaking,
risks," but
men's
study of all the
investor
issued
not
may
investor.
industrial
those
to
highest type
during
Industrials," the securities
companies,
faculties
during the earlier
as
making purchases unless dependable advice
"
mulations
accu-
security of principalrather
power.
investor
the
Mental
confine
must
will make
large earning
the
to the
LIFE
lifetime well guarded.
a
things which
are
HOME
keenly discerning now
so
periods and
than
FINANCE
in the
fullyestablished
generally is shown
in that the stocks
such
may
corporations
large returns
True, in
upon
many
be
the
scheme
the
prices
industrials
reason
general
of this country.
at
of many
to
pay
money.
instances
the
of investors
bonds
and
purchased
speculative investments, by
infancy in
minds
years
Until
of
economic
they have
are
their
and
been
largely
tive
compara-
financial
through
ANALYZING
business
long period of
a
be
railroads, it will
industrials,as
value.
whole,
a
the
than
advantage
through
they
Those
which
selected
The
classed
be
can
newer
as
real value
of
successful
to
of
the
consideration
the
of
"
rails
of the
depends
goods manufactured
the permanent
and
a
community
necessityfor
the
continued
abilityof the
a
as
otherwise, is also
of industrials
of
he
the
will be
be
well
credits
In
shown
the
corporation.
given
the
as
many
to
to
pay
the
taken
In
the value
"
whole,
its
of
as
in
the
will,of
recent
investment
the
course,
financial
considering this
particular attention
for patents,
these
as
materials,
raw
require
statement
statement
to
the
as
manufacturing plant itself,
instances
well
particular line
consideration
from
investor
most
serious
investments.
investigatingindustrials
standpoint the careful
that
dominant
a
and
operation of the plant.
to control
company
definite
class
deserves
the part of the investor
the
In
be
may
upon
of its business
conduct
upon
product
securities
"
investments.
storms
business, either through the control
or
of
must
seasoned
industrial
an
to
The
greater
industrials
understanding of its earning capacity. The
of the
time
good investments.
as
character
their
present
that
to
business
the
weather
the
railroads,because
experience similar
an
before
The
the
purchased
of
securities
have
as
determine
to
At
be
may
greater risk entailed.
the
169
depression,
impossible
investment
permanent
go
SECURITIES
it
tions
valuawell
as
good will,etc.
items
will
permit of consid-
discounting by
erable
machinery
and
the
LIFE
fact that
of the
reason
be
may
than
other
purpose
HOME
FINANCE
TO
HOW
170
value
without
almost
manufacture
product of the corporation. Goodwill
little value
very
except
Neither
prosperous.
bankrupt
company
company
forced
were
long
so
goodwill
would
sell
the
issues
of
which
will draw
be
It must
the
dividends
remembered,
liens upon
ahead
as
industrial
of
a
the
of
amount
of the
ahead
ration
corpo-
the amount
to know
floatingdebt of
preferred stock
shares.
common
always, that these items
earnings of the company,
of dividends
possibilities
of any
is
if the
much
very
an
outstanding and
well
as
company,
corporation
liquidation.
it will be well for the investor
of the bond
any
particular
the patents
nor
for
purchasing the stock
Before
the
for
patents have
and
as
the
into
the
of
plant
the
stitute
con-
which
come
the
upon
mon
com-
shares.
In
forms
in considering all other
considering industrials,
as
of
investment, let
of
finance
than
money
us
agreed that
are
it is to
keep it,and
all students
forget that
never
it is easier
our
govern
make
to
purchases
accordingly.
and
bonds
offer another
form
The
In
stocks
the
invested
United
in
States
electric
of
or
the
public utilitycorporations
investment.
to-day there
light and
in the steel and
properties than
rolling mills,
of the
packing
power
iron
is
money
more
plants and
gas
industry, including
industry,
industry. Only agriculture,the railroads
or
and
the
the
textile
man-
ANALYZING
SECURITIES
ufacturing industries
been
they have
electric
the
of
Perhaps the
exceed
groups
and
the combined
the
on
the remarkable
growth of public utilityinvestments
widespread distribution,in
stocks
bonds
and
of the
a
the
among
million
has
and
of stocks
for
wide
the
even
distribution
financial
great
has
not
only been
brought about
the
We
toward
utilities
the
have
ranging all the
understanding
to
of
the
corporations held before
widespread ownership
As
to
a
ownership by
the
never
in
favorable
in this
For
in
a
their
to
real
them.
Much
thetic
sympaThis
is
ing
relat-
days of general and
or
of this wide
more
stock
and
range
bond
still private corporations,
publicly owned
history has
sentiment
support.
fact,because
million
sense
toward
public attitude
the
while
holders, the public utilities,
are
more
securities of the corporations.
of the
of actual
matter
a
from
way
enthusiastic
in direct contradistinction
to
public
a
holders.
utilities,
but,
appreciative public attitude
now
and
responsible
intelligent and
industry.
to-day,
are,
small
strength of the
important, it has
more
utility
of power
lightcompanies alone, the majority being
This
the
employees
that there
holders
been
of the
years,
customers
It is estimated
companies.
less than
no
recent
Lately
railroads.
significantthing about
most
talizati
capi-
companies.
gas
gaining rapidly
171
and
perhaps
public opinion been
of their present
more
strength lies
important fact.
the average
individual
investor
it is difficult to
HOW
172
find any
TO
security which
the bonds
utilities.
bonds
this
the
general,
yield
investment
public
light and
power,
having
tory
satisfac-
more
ably managed
railroad
respect, though
a
desirable
a
and
favorably
compare
in
of
sound
than
more
LIFE
combines
of well located
In
grade, and
in
HOME
all the elements
manner
than
FINANCE
bonds
with
of
heat
the
same
industrial
bonds
advantages
some
industrial,particularly in the
over
stabilityof
their
earnings.
To
study the
fundamentals
investment
of
briefly,five things, says Roger
the five things in this manner
means,
and
Babson,
in his
ates
enumer-
work,
^'
ness
Busi-
Fundamentals."
"
When
I.
put all your
you
sake
having
of
know
you
companies, and
20
"
buying
when
you
are
will
buy during
that
business
that
when
is
or
what
during
other people
going
Select
the
to
When
you
generally lose
times
be content
of
panic
to
or
just
ties
securi-
don't depend
upon
in at least
invested
are
days when
buy something
it costs.
should
different industries.
lo
the dark
is
you
doing, you
time
funds
your
Don't
in them
one.
Buy stocks during panics. This
2.
worth
holes
have
than
list.
neither
And
be good, but
to
8
know
more
Always keep
one.
broad
a
basket.
one
that you
which
any
into
eggs
baskets
use
for the
purchasing, select
will
buying.
You
friends
think
not
your
bow-wows.
for
that
mean
Remember
nothing it is usually
do what
money.
everybody
Hence, buy stocks
depression. The
study fundamental
else
rest
of the
conditions, sta-
SECURITIES
ANALYZING
will
which
"3.
buy
You
may
but
to borrow
don't
borrow
it
to
but
goods,
That
get in debt
the
When
4.
and
liquidateyour
and
keep
takes
than
courage
buy during
The
when
buy
to
of
the
when
This
flyers.
Remember
in the stock
only
way
it is
means
to
market
render
plentifuland
that in
a
a
sell all
comes,
into cash
when
know
Many
sell.
It sometimes
period
of
depression.
when
knows
prosperity
A
student
both.
do
to
trend
business
the
to
to
of
period
making
take
all kinds.
money
during
yield,bonds
security and
"Don't
to sell
when
and
When
"5.
when
never
securities.
money
your
liquid form.
watches
who
man
Get
know
a
You
sell short.
prosperity
conditions
fundamental
of
of
of
sale
or
never
holdings.
fail to
more
to
purchase
in
knows
in securities
dealer
a
period
cash
your
but
buy
to
the
debt
time in the purchase of
some
are
ness,
busi-
purchase of
happy.
and
healthy
buy outright and
means,
"
at
you
for
debt
get into
be
tape.
regular
is free from
who
man
the
studying
for the
money
Don^t
buy.
you
for your
money
to
unless
from
any
really means
have
may
the
Only
everything
away
have
securities.
what
Keep
margin.
on
for
outright
Pay
opportunities
be yours.
day
some
the
for
charts, preparing
and
tistics
173
will
know
sell.
Avoid
is
the
only
tips
Shun
gambling.
that
to
way
make
by rendering service,and
service
then
period
desirable.
most
are
for
investments
permanent
of
use
is to
store
it when
up
money
it is
scarce.
prosperityit is
better
to
HOW
174
nothing
buy
it
is
all, but
at
needed.
for
it.
to
come
stock
let
again
I
that
of
is
the
will
is
is
in
be
will
good,
ing
cry-
lation
specu-
money
market.
be
who
nuisance,
a
making
because
until
iceman,
it
business
when
money
the
people
over
accumulate,
money
when
of
when
is
year
out
accumulate
process
everybody
keep
LIFE
money
winter
say,
and
market,
your
the
Hence,
rampant,
the
the
in
before
that
knowing
your
the
ice
stores
HOME
let
Borrow
and
cuts
FINANCE
TO
Be
the
great
in
content
day
demand."
will
HOW
176
the
TO
of
sort
same
LIFE
in part, anyway,
exchange
an
highly beneficial.
prove
HOME
FINANCE
Diversification
might
is the
most
^
reliable
mistakes
avoiding the penalties of individual
of
means
of
and
obtaining the benefit of the trend
security market.
Bond
readily be
very
stock
and
used
in
the
ratings in
of the
turn
can
of selection
process
and
diversification."
In
order
the investor
the
different
The
in times
times
expansion;
of boom
of
through
bottom
security markets
or
held.
it is often
begins; but
best
results
The
go
up
go
over
cycle, or
must
following manner:
the mountain
the top of the mountain
the
swing
ness
depth of busiand
the
perpetually swing through these
four
The
the
in
developments
or
stages
not
are
tell where
investor
adapt himself
who
and
markets."
investor
does
not
so
side in
gradually
general business
four
inclination,to
the other
Both
at
possible,to these
average
side in times
valley
difficult to
next
as
This
of the
movements,
irregular fashion.
far
cycle of
in valuations
liquidation; and
depressions.
stages,
the
movement
inflation;go down
or
forced
the
Moody's,
periods experienced by general business
security markets
of business
and
the
and
securities,is expressed in the
and
by
acquainted with
types of securities
of the different
''
become
must
security markets
four
plan outlined
the
follow
to
have
thoroughly study
of
sort
some
sharply defined,
one
ends
wishes
and
get the
to
his
holdings,
the time,
the
the
trend
times, the precise positions of the economic
nor
of
so
the
the
cycle, or
the
four
him
the greatest
the
of
stages
precise
the
at
FUNDS
ACCUMULATED
INVESTING
securities
177
market,
advantage in securing stocks
bonds
and
they will redound
when
moment
give
to
as
his
to
greatest advantage.
he be
Unless
of
situated
so
investment
dependable
a
for
that he
the
have
can
the services
counselor, the chief
investor
average
sideration
con-
safety for his
is
placements.
As
guide
a
safety factor
the
to
permit of the diversification
balanced
investment
of his
trustees
interestingto
Carnegie
given by Andrew
will
in all well-
it will be
last will.
estate, in his
which
one
necessary
so
programs,
the instructions
note
and
"
to
They
the
are
as
follows:
"
I authorize
of the
it
sanctioned
as
are
as
proper
by first mortgage
the
upon
been
have
for
paid for
at
preceding the
any
other
United
in
States
dividends
on
least two
time
of bonds
class
all its stock
stock
of any
such
stock
of any
industrial
shall not
of
such
of any
have
in bonds
the
dividends
railroad
has
or
dividends
in
in the
or
on
diately
imme-
preferred
preferred
corporation in the United
failed to pay
or
paid regular
in the
in the bonds
shall
diately
imme-
years
for at least five years
or
United
investment;
trunk
investment;
company
or
in
successive
high credit, which
preceding such
which
railroads
of which
York
of New
savings banks;
on
securities
in such
of the state
stock
common
investments
new
its hands
by the laws
investments
secured
States
into
coming
money
make
(the trust) to
States
all of its
investment;
in the
real estate
improved
amount
of
of established
bond
bonds
and
In
view
a
lad
poor
with
world
quite
amass
a
instructions
of
total
might
be
when
he
his
the
worthy
will net
him
a
out
able to
was
that
appear
the
were
life
his
place
profitof
his
sum
time,
the investor
by
consideration
to
started
and
"
which
side
specific
of
into the business
experience during
every
on
companies,
Scot
would
company,
of serious
is beset
funds
his
100
in
cent,
per
better.
In addition
the investor
to the
he
trust
financial
sure-things which
or
fortune, it
sizable
to
week
tificates
cer-
ments."
foregoing require-
canny
per
in
or
deposits
the
the
salary of $1.20
a
by
centum
50 per
mortgage
his initiation
found
and
and
that
fact
clear
mortgage;
answering
mortgages
of the
the
secured
companies
itrust
or
as
the
than
a
on
in the
worth
States
United
such
to
first mortgage
by
appraisers
opinion of competent
more
secured
in bonds
or
LIFE
immediately prior
five years
least
for at
Stock
HOME
FIN.\NCE
TO
HOW
178
decision
How
may
the rules laid down
find it advisable
securities offered
may
of
to
well
to
ask
the
him.
In
by
to
the
apply
steel
further
consideration
following questions,and
purchase depend
upon
king,
tests
of bonds
let his
ing
the ready forthcom-
satisfactory answers:
many
times
have
the interest
charges been
paid
in the last five years?
For
how
without
many
years
default?
has
the
est
corporation paid inter-
ACCUMULATED
INVESTING
Is the
bond
and
there
are
incorporate into his
selections
stocks, both
market
the
foregoing questions, and
the
category
the
fact,prove
growth
which
investor
to
funds
common,
than
will not
"
upon
Carnegie.
of
some
a
in
may,
greater potential
tried
the
Yet
place in
a
They
program.
have
to
within
come
rightlyhave
valuable, and
worth,
the
will of
may
investment
more
in
which
in the
issues
newer
permanent
ferred
pre-
give satisfactory answers
cannot
established
of these
for
preferred and
the
many
or
of bonds
for accumulated
program
there
which
issues
new
many
and
are
strong bonds
by other
admirable
prove
179
stocks?
common
However,
will
followed
FUNDS
and
tested
issues.
Accumulated
than
should
funds
five different
be
invested
portions. The
portions will depend
upon
the
into
relative
size of these
of
amount
less
not
the
whole
fund.
The
five divisions
stocks, investment
Generally speaking
backbone
of the
this is true, the
should
amount
which
be
of this
have
the
or
the bonds
are
investment
their
to
the
foundation,
schedule, and
the
The
purchase.
to
those
fund
largest
bonds
largestdegree of safety, although
may
interest
make
yield.
for
Some
a
smaller
of
the
or
because
investment
portion will be devoted
high degree of safety
power,
reserve.
largestportion of
devoted
Bonds, preferred
stocks, semi-investment
common
stocks, savings bank
common
the
portions are:
or
this
ing
earnnewer
HOW
i8o
TO
issues,equally
interest,will
FINANCE
but
secure,
make
HOME
bearing
the
up
LIFE
higher
a
remainder
of
of
rate
the
bond
portion.
The
preferred stocks
will be
industrials,rails,commodities
of the investment
large as
as
the
fund
those
seasoned
utilities.
or
will be
This
tion
por-
not
quite
almost, but
devoted
amount
of well
the
to
of
purchase
bonds.
The
combination
selected
preferred
in which
is
from
of
wide
stocks
in securities
market
stocks
will vary
upward, according
Savings bank
10
to
2^
tion
accumula-
have
free
ready
a
collateral
good
where
borrowing
for investment
25
per
size of the
will
reserve
where
cent,
per
the
gram
pro-
desirable.
or
from
to
a
a
ordinarily
are
conditions
amount
of the total in small
cent,
per
which
carefully
investor
of his entire
provide
permissible
amount
the
the
fluctuations,which
be either necessary
The
and
give
half
marketability,and which
value against emergency
may
bonds
will
than
more
placed
the
the whole
in the
of
cent,
fund.
less than
not
accumulations,
fund
total
the
investment
to
mon
com-
reaches
down
sizable
to
proportions.
The
smaller
investment
the size of the accumulation
the
more
necessary
stay close
to
results
investing that
of
the
degree his ultimate
only
a
few
thousand
shores
success
of
it is that
the
safety, because
surplus depend
or
one
failure.
The
dollars to invest is not
has
investor
upon
to
for
a
person
the
large
with
in
justified
INVESTING
ACCUMULATED
taking chances
for
be
It must
the
large earnings
with
the person
as
has
such
to
others
the interest
for
in
plate
contem-
programs
above
or
them.
upon
from
secured
for the purpose
that
needed
for
life insurance.
If
included
the
among
the
When
investor
this has
his other
of
insurance,leaving the
to
suggestions made
particularly where
uses,
dependent
utilized
the
already been
not
extent
same
it will be well to divert sufficient of the total
investments
fund
home
i8i
the amount.
and
over
the
to
investment
for
of money
use
insurance
that
understood
operation of the
the
times
several
following plans
the
FUNDS
been
investments
done
may
be
on
the
paying the premiums
the
to
excess
has
of
purpose
adding
the total of the accumulation.
The
fund
investor
and
and
he
For
should
or
Bonds
two
in
over
which
tive
conserva-
stocks.
common
careful
use
$10,000
ever,
How-
discretion
in
commitments.
and
fund
the
vestmen
$5,000 in-
a
of less
of
factor
would
proper
be:
security takes
of
yield,amounting
the
$10,000
of diversification
balance
the
securities
to
of
its size is that the
more
continue
investment
an
approximate
to
$3,800,
or
cedence
pre-
40
per
of the total.
Preferred
stocks
to the
utilities,
An
one
few
a
his selections
making
entire
on
handling
the
twice
one
take
may
nature
cent,
between
difference
in well
amount
of
industries, rails
seasoned
$2,850,
or
30
per
cent,
or
of the
fund.
equal amount,
$2,850,
or
30
per
cent,
of
the
semi-investment
the
and
stocks
common
the investment
between
be divided
investing total,may
LIFE
HOME
FINANCE
TO
HOW
i82
common
stocks.
savings bank
The
that the percentages
It will be noted
savings bank
which
the average
yield is 5.62
finds
two
different
and
ample securitymaking
a
rails
comparatively
from
10
35
of
a
utility. The
is 6.38 per
the
For
points out
program,
railroad
and
stock
of
shares
a
in
well
which
a
counter
has
improvements
and
these
annual
an
15
three
of
income
of $2,820.
list the
suggestion
public utilityas
known
ment
portion of the invest-
balance
of
10
shares
for larger
possibilities
in market
that
find
we
yield of
this
stock
common
with
suggested
industrial
an
investment
stocks
of the
the backbone
average
an
on
common
12
of
cent., bringing
approximately $180
annual
net
preferred stocks
shares
rails,10
are
despite the
The
$10,000 investor,
of the
program
shares
of
shares
safety
approximate $215.
will
bonds
group
of
test
attractive
yield.
average
these
the
shares
issues
low
on
industrial,and
known
them
the
In
cent.
standing the acid
all
"
the
costing $3,830,
per
well
solid utility,a
one
for the
purposes,
$10,000 investor
the
for
comprise four $1,000 bonds
Among
ing
concern-
as
deducting the
after
bonds
returns
case,
reserve.
suggested plan
the
In
cited
investment
for
remainder
the
of
percentages
are
fund
of the
division
the
be, in this
total fund.
of the
cent,
5 per
will
fund
reserve
value
in the
of
dends
divi-
future.
HOW
i84
TO
class held
one
FINANCE
should
"
HOME
rails not
LIFE
likelythat industrials will experience
industrials
by
even
the
scheme
where
where,
in
may
be
at the
same
keeping
be
must
with
first item
The
the
on
has
his
power
earning
carry
has
investment
possible
one
in time
of the
that
event
This
the
to
remain
need,
an
ing
earn-
the
his
and
is necessary
as
will
for
he
of
workingman
of life insurance
to
tection
proing
earn-
because
the
length of time
leave
life which
it
and
unimpaired,
for him
obligationsof
the
out
his
family
he, himself,
incurred.
invest
and
each
workingman
safely by depositing them
his funds
bank.
the
life insurance
Following
he
still,
Better
can
month,
in
purposes
will
not
a
only stimulate
can
next
in the
ings
sav-
in
place them
shares, which, requiring
loan
assist him
a
the
be manifestly unfair
would
to
safety.
assurance
no
kept
place his savings
to
"
their
removed.
workingman
will be
time, they shall produce
family in the
are
only
readily accessible
right kind
of his
power
is
there
plan of investment
they
if
or
year,
utilities.
workingman
or
good
a
by the wayside, the balance
the well chosen
For
but
fall
profitable,it is
prove
building
definite
saving
thrift, but
will
ing
establishinga borrowing credit for buildat
the
same
time
his
savings
earning
are
fair return.
Many
of the
thrift and
larger corporations, in order
happiness
arrangements
among
whereby the
their
workers
to
late
stimu-
employees,
may
vide
pro-
purchase
INVESTING
Stock
in
the
market.
excellent
all of his
employment
if the
is
experience
than
for the very
of
out
in which
dends
divi-
the firm
interest in the
be
should
poration
cor-
indulged by the
Instead, he will do well
workingman.
should
bonds
or
to
place
mayhap
a
preferred stocks.
If
the
of all
securities
named
kinds, and
in the
logicallyexpect
by comparison
of
with
clear
of
speculative
limit himself
to
the class of
steer
foregoing paragraphs, he
annual
an
investment
an
will
workingman
securities
on
he
period of depression.
a
portion of his savings into sound
few
but
such
producing
not
limited
a
employing him,
a
funds
the
of
himself
particular line of business
stocks, other
average
find
might
his invested
and
engaged should
No
he
times
someon
amount
this manner,
savings in
that
reason
and
obtained
permissible for the workingman,
invest
not
be
certain
a
185
payments,
it may
of
purchase
FUNDS
easy
prices than
The
is
on
company
lower
at
stock
ACCUMULATED
yield of approximately $175
$3,000.
not
overlook
performed
wonders
This
the brilliant
salesmen, but it is safe and
should
not
may
seem
promises of
the
and
sure,
in
stock
interest
the
of
excess
some
much
workingman
the fact that compound
far
may
most
has
boyant
flam-
promises of salesmen.
The
thrift fund
is the
barrier
It will
It will
case
of
he
keep him
assure
of the
places between
from
It is
his
"
his
savings
family and
"
want.
being dispossessed of his home.
of medical
illness.
workingman
a
attendance
for the children
fund
nurtured
to
be
in
carefully
HOW
i86
guarded watchfully.
and
investments
when
removed
protection
business
supply and
at
will be
his investment
In
have
have
financial
in
into
of investments
may
which
periods
in
the
only desirable
life of
but
which
large "loan
borrow
need.
listed
on
at
New
these
to
York
with
take
and
Stock
features.
are
tures
feaman
many
it is not
when
raise
of
additional
ability
ready market-
holdings having
bank, he
the
business
There
business
or
"
his holdings to
provide both
gency
emer-
ability
ready market-
are
the securities
possible
value"
the
for
draw
can
small
a
necessary
High-grade bonds
on
pendent
inde-
an
trouble, or
value.
any
most
capital quickly. With
this is
he
of
case
of
up
man
independence.
high collateral
a
lation
specu-
business
small
safely place his surplus funds,
and
handle
can
safety of principal,the desirable
to
of
est
Only selected securities of the high-
grade will permit of such
addition
lator.
specu-
further
building
security upon
in the home.
In
he
program
the
of his business
the benefit
a
of the laws
which
of the
program
its purpose
as
suffer.
place.
no
investment
should
the loss of such
things for which
those
stock
to
rier
bar-
the
is,in his business,
ready market, and
a
should
The
find
to
family will
his
and
man
demand,
profit.
a
unlikely
endeavors, by his knowledge
He
there
he
speculative
it in
least afford
can
both
LIFE
place
If he
all
at
he
and
"
small
The
is not
he
HOME
FINANCE
TO
care
may
of
be
the
able
a
to
pressing
carefully selected stocks
Exchange
will
usually
ACCUMULATED
INVESTING
Because
the
is
of his
conduct
provides
in
him
insiders
developed
regular business.
outside
selection
of
bonds
safe
the
or
of
men
acu-
professional
stocks
is
recognize his
to
best
it
the skill of purveyors
a
tations
limi-
his immediate
his funds
placing of
the
the
and
degree
field of
the
hold
experience,and
primarily
well
where
investments,
speculation in
will do
He
in
success
point
a
with
to cope
whom
to
the
187
a
make
to
corporation promotions,
and
business
has
made
to
which
he
will enable
which
traders
with
that
has
man
business
own
surplus
a
indication
no
business
small
a
FUNDS
of
grade
in
preferred
stocks.
the
Although
himself
of
in the
small
of the
is not
selections
workers
business
in the
so-called
position
to
concerning
better
than
fits him
does
he
For
or
the
is
for
financial
education
usually less
is
judgment
upon
salaried
other
usually
of the
liable
who
of financial
periods
of
when
will
he
trends
and
ther,
fur-
ment.
unemployto build
have
can
permit
the
education
His
actually desires
day
which
either
workingman,
to
in better
information
and
man.
assimilation
for the
independence
and
worker
business
ready
provide
paths
ness,
his busi-
to
possibilitiesthan
the salaried worker
solidlyand
of clerks
financial
small
incident
the
field.
investment
workingman
from
stringency placed
a
white-collar
secure
indulge
not
may
away
hazards
such
quite
the investment
The
man
slighteststraying
safety, because
there
business
him
to
the
get
HOW
i88
"
of the
out
will be
TO
salaried
found
of
common
as
the
such
The
the
he
need
able
good from
presented
The
secure
and
other
thing
the
of
in his
sureness
the bad
is not
likely to
so
as
fore,
There-
uses.
stocks
which
with
possess
the
ment
develop-
his
worker
has
investment
guard
to
is
program,
abilityto separate
own
in the many
the
opportunitieswhich
are
him.
to
professions of teaching, and
financial
investment
this
value
value
salaried
professions,do not,
great
attention
higher yield by the
a
bonds
term
much
collateral
he
only highly specialized,but
not
corporations
for emergency
to
against in the working
a
ling
sprink-
industry.
main
great
small
a
so
pay
of appreciationin
possibility
The
too
not
because
man,
funds
will be
of the
high grade bonds,
seasoned
marketability and
reserve
purchase of long
the
foundation
rails,utilities or industrials.
business
require his
of well
stocks
salaried worker
small
of
composed
preferred stocks, and
the factors of
to
LIFE
class," the best
man
in stones
carefullyselected
HOME
FINANCE
as
the
condition,it
general rule,provide
a
thrift of teachers
Therefore,
would
seem
and
with
by comparison
into
surplus for diversion
fields.
ministry, are
upon
the
the
should
be
fertile
face
very
readilyapparent
ministers
any
that
of
the
husbanded
to the utmost.
Life insurance
and
annuities
should
portion of the base of the investment
ministers
and
teachers.
This
form
the
of both
programs
is necessary
as
major
a
protec-
against
tion
have
and
greater energy
definite
may
turn
and
women
should
attention
specialized financial
funds
should
of
type
for
the
and
of investment.
of the
Men
ordinarily
are
business
or
experience
highest grades.
leadership
assume
This,
who
in many
the
for
professions, but
in these
many
alone
not
turn
to
teachers
There
matters.
is
definite
a
to
seems
be
but
both
sons
per-
protection of the
ministers
and
rally
natu-
of investment.
protection of the
for the
responsibilityattaching to
which
of
safety. A part of the training
be in the fundamentals
should
"
placement
leadership these professions
the
"
and
best rounded-
the
concerning
knowledge
advantage and
to
the fullest and
possess
a
teacher
reality,of all classes of investors,the teacher
the minister
of
ment
days of retire-
professions who
these
of
forms
other
to
blood
teachings. After
in the
want
annuated
super-
younger
assured, the minister
buy only securities
In
out
against
been
without
to
way
advanced
more
assurance
has
give
to
189
they shall become
days when
the
and
FUNDS
ACCUMULATED
INVESTING
for
guidance
cial
weight of finan-
these
professions,
little recognized in the
present
day.
The
minister
for
contact
on
men
citizens
the foremost
friendly terms
with
community.
opportunities
and
particular has
exceptional
getting reliable advice,
with
of his
in
financial
if not
"
men
of
the
teacher
direct
he
comes
is almost
and
leading bankers
The
by
since
has
contact
high repute, yet
and
many
with
such
tunities
oppor-
in
always
business
similar
business
sources
of
HOW
190
TO
FINANCE
dependable
information
the children
of these
The
professional
funds
surplus
investment
to
Unlike
man.
he
more
business
requires
his
business
for his
there
is
only
utilize in the
office
or
a
investment
than
extent
of
man
"
and
which
certain
form
of
ness
busi-
turer,
manufac-
greater and
a
create
profit-
a
the conduct
In
he
amount
of his
fully
success-
can
equipment,
new
His
furnishing.
his
it into the
plow
will
purchase of
the
up
for
the
does
or
building
family.
through
dependable
a
surplus
for the purpose
estate
are
business
the
prosperous
producing
man
take
cannot
"
business
who
requires
reached
pupils.
men,
greater
even
be
often
can
and
"
LIFE
HOME
surplus
ratus
appa-
be
must
invested.
The
first foundation
of the
a
He
needs
the
men
As
service
for their
will
the
use
of
in the
worry
he
selection
none
investment
The
the
investment
business,as
walk
bodily
of
matter
a
at
house
of such
other
constructed
man
of
the
in any
services
be
investment
house
would
of
a
a
highest integrity.
just
entire
any
doctor
or
the
as
professional
foundation
If the
in
care
which
expect
his
much
as
physical comfort.
and
stone.
with
all about
with
house
ordinary
same
be connection
of the
welfare
one
gram
pro-
of life need
fact, the
this
investment
the
should
professionalman
dependable
in
stone
he
professional
the
selection
purposes
business
a
might
further
to
man
he
surgeon,
to
selection
do
use
need
of
his
securities.
professional man
must
invest
"
but
he
cannot
192
HOW
ble, from
business
the
TO
of the
men
highest type, is hers for
the
of
investors,the first placement
be in securities
should
foundation
The
for all other
as
women,
of funds
best
kind
the woman,
discomfort
secure
Most
have
other
the
who
factor.
and
her
especiallyfor
would
not
nice young
men
sale if their
For
might
be
on
to such
nice young
are
sellingfield,who
time
her
as
are
are
not
in such
a
those
eliminated
who
are
from
in
it
a
things
woman,
for
reason
stock
or
reliable
securitiesbut
"
hurry
all business
"
these
to make
thorough
doubt, the
he
proposition."
in the
a
nice
a
right away
fine
any
fully
care-
getting the
terrific
proposition will stand
the
such
was
men
thoroughly
to
old
an
was
take
I must
be able to hold
there
course
and
me,
than
more
enough
given
he
which
investments
"
me
her
turn
stocks
poor
securities, He
told
solid
a
for her.
Many
savings, has
He
man.
them.
to
purchasing unsound
young
take
not
ing
stay-
against
then
and
blame,
to
for
or
assure
may
by
money
field
thoroughly investigate
offered
of
she
"
hurry
do
They
consider
divested
of
bonds
and
laid such
will
securities
lose
elements
are
has
which
of
laid.
originalinvestment
she
of stress
type
women
which
shares
greater earning power
a
the
When
be
may
she be in the business
in time
to
high rating,that
want
loan
the
foundation
a
"
attention
be
the home.
to
foundation
will
should
whether
close
of
security against
savings bank, building and
of the
a
LIFE
asking.
For
Of
HOME
FINANCE
nice
gation.
investi"
men
dealings, and
INVESTING
ACCUMULATED
FUNDS
purchases of securities confined
quite
"
so
the
For
"
nice
in
nor
securities,there
do
"
not
is
the
of finances
adviser
or
from
have
widow
"investing"
hands, there
time
the
a
them
has
ad
trained
a
The
that
the
and
of
men
high
of husbands
in the
in money
ready
the
estate
has
take
to
matters.
assist her
to
period of
with
persons
full
into
come
in
her
plans for
money.
widow
a
in
a
with
$20,000
but
houses, and
financial
invest
she
16
received
2
received
were
of all the
serted
inTo
63
plies.
re-
from
only
rest
the analysis
to
man.
speculative instinct
is strong
in
it is stronger in the average
man.
to
asking for advice.
newspaper
of this advertisement
it is in the average
do
handling
merely seeking
reasonably sound, according
is to say
first
ing
organizationoffer-
When
shortage of
reputable investment
of
is
advisers
this entire number
were
fail
never
without
business
ignorance
fortune.
no
want
four
of
distinguishthe reliable
to
who
many
her
ago
Of
kind
majority
how
the person
time
insertion
one
will
their wives
school
to
disposal of her
Some
judgment
which
in the
the
that
show
is
and
for sale.
is past
mourning
neither
are
hurry.
a
of any
interest
no
advantage of the woman's
The
rule
of at least two
It is unfortunate
find
safe
buy investments
the securities
not
of
selection
the
one
securing the advice
standing who
much
so
who
men
erable
investor,until she has gained consid-
woman
experience in
her
to
193
She
all
women
woman
finds it easy,
"
than
because
of
HOW
194
this
the
the
In
of
not
her
such
she
of
array
it
to lose money
been
any
truly
feminine
investment
house
did
for
lived
and
bank
with
of material
a
judge
indexes
received
it
by
because
was
insincerity in
there
saw
it.
It
were
the
many
might
although she
her
have
the
gave
to
in
reputable
a
business
does
absolute
investment
often
can
investment
selectingan
to
standing.
of the morals
as
help
larger
and
methods
record
banks,
their customers
The
a
be
dealer
reliability.Most
arrange
well
in useless
after.
ever
one
patrimony
still unaccountable, she
reason,
brokers, as
of
she
confused
was
to make
waste
service,will
broker's
a
card
number
not
which
as
of
she
she
as
happily
high integrityand
my
Instead
repliesshe
of
problem
of
whom
to
Because."
assistance
matter
of the
reasons,
some
investment
"
The
these
^'
"
her
well
cumb
suc-
promised big returns,
because
was
one,
she
However,
of
to
exception.
rare
Perhaps
as
of
one
a
undercurrent
ways
widow
possibilities,
perhaps
an
letters,
perhaps
have
found
and
promoter.
particular
advertisement.
the tales of
readily to
of the
lure
LIFE
investment,
single one
a
detected
took
the
the
to
answer
an
listen
small
a
called,I
was
barkening
and
HOME
blandishments
case
attention
to
for
returns
to
did
FINANCE
speculativeinstinct,to
fabulous
of
TO
institutions
of
of
a
their
wide
vices
virtues.
The
forced
supply
widow
to
of
live
of
on
relativelylimited
the return
capital, is beset
from
with
a
financial
resources,
comparatively small
temptation
to
secure
INVESTING
ACCUMULATED
FUNDS
the
greatest possible earning
She
should
the
degree of safety declines
always remember
Tragic experience
revealed
that
it is
untutored
a
represent little more
air
of
bonds,
States
and
put
in
such
low
the
with
most
ably managed
degree by investment
that
always
widow
and
There
selection
Babson.
phan,
or-
which
hot
individuals
should
money
because
will desire
bonds
such
of
their
of
her
in
earnings to
preferred stocks
first
kind.
tively
rela-
of the
some
and
a
be
supplement
to
foundation
a
Liberty
as
in this category
persons
public
has
been
still further
of
highly
a
Remembering
requisite in investment
for
the
in
the
orphan is safety of the principal.
four
are
of
factors
investment
an
They
are:
to
be
considered
security,according
factors
particularly
to
and
the
to
Roger
ability;
First,security; second, market-
third, yield; fourth, ethical
These
for
not
are
carefully selected
the
stocks
railroads, industrial
augment
and
and
aspirations,hopes and
However,
utilitycorporations. After
seasoned
Those
carefully selected
may
has
years
business, to select primarily
security for
yield, the widow
she
of
securities,such
government
them
built
of
ways
securities.
issues.
the
yield rises.
good policy for the widow
portion of the available
a
money.
circumstances.
the ideal
are
of
rate
long period
a
than
economic
United
the
as
speculative promoters
in these
her
that, generally speaking,
over
in the
high grade
from
power
195
their
order
investment
of
factors.
importance apply
purchases
of
widows
HOW
196
and
orphans
and
finance.
base
which
is
of
us
stocks
bonds
or
only
few
a
Look
for
for
once
to
someone
do
not
the
the
know
much,
to
sons,
per-
roads:
rail-
the
by
be
of
is
rushed
into
a
salesman
a
to
soon
of
or
up,
go
that
investment
earnings.
for
before
about
offered
hard
the
it
give
you
if
especially
you,
anything,
is
worked
You
carefully
invest
if
of
you
or
company
salesman.
tells
you
travel
err,
training
not
what
to
"
has
the
look
to
conditions
left.
or
money;
else
Listen
of
savings
your
program,
"
price
are
into
business
of
adopted
statement
the
shares
carefully
"
you
that
and
yourself
the
by
fields
investment
sign
Listen!
allow
not
investment
hasty
that
do
"
LIFE
the
classes
warning
Look!
"Stop!
Stop
all
to
the
use
in
simplified
a
applicable
let
HOME
schooling
without
the
As
FINANCE
TO
about
and
he
and
had
investment
your
investing.
and
information,
is
more
sources
his
likely
of
He
to
sits
while
be
information
experience.
broker
at
the
he
right
banker
or
crossroads
ally
occasion-
may
because
than
is
of
one
his
who
Ten
Chapter
PROVIDING
OLD
is
age
FOR
the contrary, it is
all look
when
with
forward
can
we
condition
a
which
to
from
period
life
viding
pro-
"
shall reflect the energy,
have
we
should
we
it is the
anticipation,for
period
good judgment
On
ashamed.
be
to
the greatest reward
reap
the old age
and
of which
nothing
AGE
OLD
exercised
ability
the earlier
during
years.
And
can
old
for it.
prepare
for old
as
age
know
we
this
advantage
It is
just
family.
paid
We
upon
cannot
for the time
make
Of
grow
that
a
the
old, and
why
to
we
other
our
because
coming
parents
costs
of the first child
our
of affairs
shall be
have
for
a
the
much
is that
it costs
fortable
com-
own
but
"
we
can
gettingready
no
good
longer
getting ready
reason
it costs
to be
to
make
why
197
we
than
time
for
Perhaps
own
our
is accorded
arrival.
our
costs
to
more
born.
opportunity to
parents defrayed the
our
is
angle
die, than
preparations, and
to
we
prepare
additional
for
prepare
to
we
"
graceful exit.
course,
is
when
important
the advent
entry into this world
prepare
as
its favor
in
for the
it is to prepare
be
must
into the
has
age
incident
should
expect
Just
to
to
our
be
HOW
198
taken
of
The
and
of at both
care
costs
and
the
on
natural.
to
himself
actuality. The
order
also
The
few
should
shirk
not
the
nor
to
will admit
and
old
an
when
tragedy
real
tell them.
The
of
this
us
are
land
of
enabled
As
days
as
neither
the
Very
of fact the
well.
as
plenty, that
in the
roll
by.
gone
matter
a
years
the
have
we
It
is
our
during
assure
shall not
we
days when
to listen to the
to
as
not
have
as
mistress
in the
real
tales of
come
be-
cannot
we
pity lies
of cases,
produce
more
a
the
she
once
perous
pros-
confidences
tells of the
of
in the persons
in the
was
fact
not
the
than
days
happy home.
a
tales,nor
opportunity, where
to
into
production.
supreme
pity lies
bring
years.
fellows,to
our
condition,in the majority
In
the
It is woeful
man.
to
caring for the child
slower
to
maximum
she ruled
who
able
out.
impecunious grand-dame,
The
should
of providing
responsibility
it,but
others
upon
our
It is real
of
the
of
become
ourselves
charges
maintain
is
attentions, for that
in
wears
days of strength and
our
This
parent
non-productive
own
stamina
processes
duty,
the
these
But
machine
men
mental
children.
been
that
find,littleby little,
we
old
time, effort,
energy
that
not
merits
of progress.
against his
strength
has
child
human
around
children.
our
of his
human
let the
exemplified in his offspring the ambitions
see
the parent
journey, and
of the
welfare
It is but
ideals he
is the
ends
parent spends much
average
wish
LIFE
HOME
going be defrayed by
our
thought
but
FINANCE
TO
the
necessary.
great
we
that
masses
require for
HOW
200
the
upon
and
TO
FINANCE
charity of
others
clothing. This
the
duty of both
parent
not
be
their
child.
and
child
to
assure
other
the
for his
And
old age
because
is
too
forcibly
parents
own
during the
later years.
of
happiness, and
"
where
domicile
family.
or
No
generous
the
would
be
or
that
son
in
they
they
habits
take
and
old-time
undisturbed
During
be
the
most
cronies
by
it will be
thought
and
their
to homes
be
cannot
found
of another
of how
be,
may
made
of
the roof
under
of
its
kind
give
can
do
with
the
pleasure; where
of their
old-time
innovations
of
for
a
It is
a
home
measure
of
they please;
hours
can
makers
which
and
where
making;
younger
thought
aged
their
family building and
the
as
things in which
own
friends
of
as
to
The
own.
can
they
surrounded
and
well
in mind.
where
shall be
the years
spent
be
entitled
require, for the greatest
can
modes
have
homes
to
happiness
little cot
a
happiness, a place
where
if for
happiness in the child's home
same
need, and
parents
duty of the
a
cannot
are
daughter
or
his mate
success.
They
of
earning
providing ways
daughter, regardless
son
found
in
entitled
is established
the
parent
homes
and
parents
which
are
duty of the
of the parent,
the
statement
a
becomes
his
he
It is
income
happiness and
this
"
when
that
the greatest part of their energy
means
It is the
others.
upon
than
reason
housing, feeding
which
day
in order
waned,
burden
a
LIFE
consideration
a
parent
shall have
need
no
is
for
provide against the
to
power
HOME
visit
to
come
generation.
home
to
must
ing
mak-
bear
not
this
be
obscured
lost in
or
little ones,
Sometimes
things
have
of
matter
a
2or
into
world, educating
the
planning glorious futures
or
children
as
AGE
big plan of selecting the first
the
house, bringing the children
the
OLD
FOR
PROVIDING
world, fightingtheir
a
of
way
own
to
way
them.
accepting all these
going
course,
for
into
out
on
and
success,
the
not
membering
re-
ward
put for-
wholly the efforts the parents have
in their behalf.
What
comfort
basis
for
for
of
the
the
such
eventide
make
to
wants
not
are
they
want
But
that
income
"
we
are
old
survey
average
age
case
They
cheery home
and
to
creeps
peace.
this
means
parents* old
for the
the
upon
instincts
the generous
real secret
of old
home
us.
As
we
have
income
age
preparation during the
compiled by Mr.
should
all the time."
depend
upon
are
thing
The
expensive.
so
in
Their
take, its principal consideration
is proper
American
the
was
heavy.
so
the investment
charity of others
for parents
of
quire
rule, re-
a
only with security. And
form
may
a
last and
Safety first,
Unless
and
of all is
as
as
simple things.
more
nor
many,
comes
whatever
age
be,
so
happy
is not
the
with
most
peace
them
Expense
satisfied
the
as
result
the
secure
people do not,
of life
the earlier years.
better
will
which
used
and
ment
guide for the establish-
a
as
be
may
home
a
amount.
an
much
as
or
investment
an
maintain
to
This
parents?
computation,
supplying
In
monthly,
will it cost,
years
noted
fore
be-
in the
Babson, the real tragedy of the
comes
after the
age
of
65 is
HOW
202
reached
TO
it is
and
"
LIFE
during
the
adequate
production
when
years
ration
prepa-
at its maximum.
was
If
could
we
when
be assured
in the
would
amount
In
have
"Do
age
Here
of
of not
of 62
to
"Can
you
fund
a
instead
around
26
are
you
"Can
there
and
"
yourself
62
should
$1,750 ?
$5
save
years
this
and
"
was
says
of $75,000, and
of 65
in
to
ple
sim-
a
a
of age
die
you
The
answer
week
from
have
you
with
time
any
leave
to
are
of
fortune
a
of age,
years
(a total period of six years),
age
securely
Crawford
Mr.
guarantee
provision that
less than
need
no
approximately
Magazine
twenty-sixth birthday, you
your
of
rest
might live
we
Forbes
have
to
$75,000 by the time
further
could
we
income
as
be
would
$75,000
is the story:
want
you
for
by R. P. Crawford.
the
manner.
65, there
of
independence.
matter
easy
it at
long
as
number
article
an
of
annual
an
mean
recent
a
brief
it is
better
or
capital fortune
a
of expense,
thought of
$4,000
of
this age
reach
we
for consideration
a
HOME
tragedy because
a
made
not
was
FINANCE
the
after
estate
an
is here:
to
20
26
years
or, if you
are
$1,750
start
to
of
already
with
?
you
save
$10
a
week
from
26
to
37
years
of
you
save
$15
a
week
from
36
to
50
years
of
age?
"
Can
age?
"
After
50 years
of age
you
are
not
required to
save
anything.
"If
you
want
only $25,000, you
can
save
a
third
of
FOR
PROVIDING
these
thirds.
other
at
will
''
plan
This
people
you
If you
amounts.
ages
of this
success
highly speculative
course,
the
later
you
plan does
not
birthday,
have
or
As
on
any
upon
bonds, reinvesting the interest
6 per
at
week
a
on
your
possible
as
interest,preferably in
secure
cent,
as
far
possible
as
time.
On
twenty-sixth birthday
your
least $1,750.
If there
find investment
affect the
made
at
6 per
enough
buy
to
cent,
they will
allowance
a
secure
for
larger sums
the interest
and
that
begin
you
pajmients
not
can-
have
we
small
until there
bond.
cent.
at
greatly
not
These
that.
savings bank
6 per
will disappear as
difficulty
have
first six years
in the
accumulate
can
of money
the
For
will
you
sums
odd
are
final result.
generous
amounts
this
depend
rapidly
this money
is
later
(for the year) ready
$260
invest
'^
by
out
the
start
$5
save
twenty-firstbirthday.
your
each
carried
simply depends
It
matters.
First,begin by starting to
twentieth
on
be
of
two-
save
can
you
willingness.
abilityand
"
203
complete.
The
your
"
AGE
$50,000
want
can,
OLD
to
to
Later
on
accumulate
become
you
larger."
here
But
by
of 62
plan suggested
if
be assured
independence would
age
only
As
amount
little angle of the
Crawford:
Mr.
Old
is another
of
the
he
first six years
has
$5 each
shown,
week
if
from
of
one
saving
will
the
after the age
plished.
accom-
were
save
the
twentieth
small
to
the
HOW
204
TO
twenty-sixth
6
at
birthday,
the
cent.,
per
Now
then,
that
invested
stay
and
62
$8,147.
between
the
the
leave
this
each
have
annual
an
$78
As
assured
of
spell
of
bitter
cent.,
saved
to
grown
and
If
"
we
the
take
shall
we
expenses,
$943
is
years,
$1,750,
have
than
more
36
6
at
$14,057.25.
current
of
26
invested
of
per
a
or
more
month.
well
income
behind
financial
the
6
at
meet
income
monthly
life
to
persons
$14,000
of
as
Between
would
26,
invested
year
per
many
and
amount
merely
for
fund
little
20
that
$1
of
proportions
amount
earnings
than
of
ages
let
age.
annually,
compounded
handsome
very
value
than
further
go
or
old
in
The
our
$1,750.
additions
dependence
Therefore,
to
"
further
years.
and
cent,
per
36
point
invested
were
be
not
were
that
at
without
are
savings
would
one
against
guarantee
these
accumulation
saving
LIFE
HOME
and
suppose
stop
"
FINANCE
it
of
for
independence
glow
experience
of
sunset,
they
know.
in
along
$78,
can
years
with
a
tell,
capital
would
make
"
rather
than
the
the
fund
would
emergencies,
extreme
an
evening
dark,
dank
WILLS,
Chapter
Eleven
TRUSTS
AND
is
PROPERTY
rule
a
belongs
of
to
us
other
The
leave
law
then
before
written
way
The
"
die
intestate.''
the
is
property
be
terms
manner
every
be
real
may
is said
will
a
in v/hich
he
of the
had
intended
privilege,but
the
duty
whether
property,
whether
in which
the
it be
from
property
as
that
kind
young
"
or
to
make
old, whether
205
a
to
the
to
well, of
property
ings,
real estate, build-
physical possessions, stocks, bonds,
of any
in
ing
accord-
radically different
be
of
will.
state
the
person,
a
law
located,
"
of
of his property,
the
the
manner
division
only
money,
No
make
personal
or
securities
not
owning
determine,
so
accomplished only
be
does
of
this
determine
The
us.
quires
ac-
when
determination,
leaving
The
it
owners
do not
and
distributed.
person
to
for
can
and
divided
It is not
us
us
writing
who
person
to
the
the
by
"
by
the
of such
property
our
death
be
if we
"
decides
steps in and
our
permits
die
we
upon
will
evidence
this determination
one
law
alive
is
This
owner.
an
are
we
Who
owners.
for ourselves
and
While
immediately
"
gone?
are
we
without
never
law.
ESTATES
or
will.
his estate
be
large
real
personal property
and
charity he
or
desires
death, unless it be his wish
distributed
and
the
law.
law.
of the
a
well
whether
from
the
need
for such
revoked
for
main
will should
Many
will.
that
thing
of the
wishes
his
a
will
time
a
or
a
see
baby
along
quite aside
reason
itself.
making
may
to
will get
wife
new
a
waiting
baby boy
personal
any
making
of
matter
keep
they
or
some
remember
to
be
can
is
There
changed
person
cares
is that
the
delayed another
be
not
things
to
provisions
the
natural
are
to
no
or
make
revocation.
or
must
be
"
a
value
day.
contingency
must
birth, a marriage,
change the desired
and
making of
anticipated in the planning of
conceivable
into consideration
intervene
there
where
that all the property
so
delay, because
Every
be
property
requirements of the
exact
the
by
the estate.
of will
entirely at
the
children, or
John and
problem
change
The
a
that
daughter Jane will have
together, or
such
the
later time
some
be divided
the property
proportions described
with
properly awarded,
girl,or
enjoy it after his
keep putting off the
persons
whether
a
to
built up
has
will until
be
have
exact
will coincide
who
Many
to
ment
endow-
or
persons
descendants, it is seldom
law
person
the
that
minor
are
to
desirable
according
If there
lineal
no
in the
It is seldom
distributed
LIFE
HOME
delay indicating the disposition of his
small, should
or
FINANCE
TO
HOW
2o6
of
the
the
character
the
requirements of the family
ultimate
property
may
a
be
death
taken
may
distribution;
may
change;
change materially;
2o8
HOW
company
and
want
as
will
gladly advise
the
that
the
establish
to
it be
in this
divided,
or
protection against
trust
relation,and
for
attorney
a
being
estate
officers of any
The
competent
a
of
shall have
is intended.
LIFE
possible
desires
one
that
to
one
it is
positively assure
beneficiaries
the
that
will
precisely
divided
HOME
FINANCE
whether
see
which
trust
TO
the
pany
com-
will direct
of
drawing
the
will.
There
few
are
thought of the home
Unfortunately,
the
accumulation
adequate
an
have
but
in
after
estate
its founder
shown
in
the
that
death
and
has
gone
of
or
actuarial
these
large degree,
this
lies
famiestate
is true
is
entirely dissipated,
seven
years
company.
conditions,
has
grown
We
the
or
of
because
institution
after
might define
a
trust
the
legallysafeguarded
so
practically impossible for it
to
its
care.
to
err
in
as
a
the
as
highly trained
detail of
to
as
company
property,
safety, and
them,
know
we
guardian of dollars and
it
the
we
cating
organizations, indi-
is
stolen,within
our
of
That
on.
constitute
educate
to
in
mentioned,
management
estate
is
its founder.
of
From
trust
use
shall
purposes
inclination
working
our
busily engaged
so
the
average
squandered, lost
are
us
lating
accumu-
family in the home.
for
records
the
of the
things which
or
proper
of all
the
of
little time
the
of
most
from
comes
Back
and
of business
in the game
engage
property.
or
money
who
us
pleasure which
for the
merely
the
of
to
matters
a
in the
make
trusted
en-
The
services
condition
maximum
fees
be
will often
law,
the
the
after
and
for the
be
may
idea
service
modern
in this
trust
firms
a
the
the
trust
will
company
keeping
just as
as
building
to describe
the
and
utilized.
of the class
prepared
are
to
are
a
of
securities
securities because
letter of
to be
individuals,
from
and
of
This, first of all,assures
are
securities
of such
company
its full duties
custody
of safe
modern
most
owner
of such
accept
organizations
company
latest and
ones
capacity of agent:
receipt for them.
the safe
time
companies
corporations, the
or
gives
trust
one
the home
companies
trust
functions
these
are
shall attempt
we
of
loved
on,
financing of
following general list gives some
The
actually
production,
of the
interests
of the funds
the estate,
in which
render
are
prosperityand
the
functions
briefly the
The
their
and
permitted, under
are
family has passed
of the
of the home
trust
of
the times
accumulation
manners
entailed
they
part of the successful
a
charges
by law, although it
costs
amounts
is the actual
of
the
safeguarding of
the head
much
Their
almost
adequate protection of the surplus
the
acquiresduring
the
of
to
charge.
to
Because
and
made
actually performed
that
found
be
may
estate.
or
clearly defined
are
less than
much
family
only for work
made
are
209
requirements
and
needs
size of
or
companies
trust
the
accommodate
any
of
ESTATES
AND
TRUSTS
WILLS,
all modern
with
equipped
deposit vaults.
deposits them
instructions
as
with
the
in connection
the
At
the
he
gives
to
what
account.
HOME
LIFE
instructions
the trust
company
the
of the
these
Under
credits
and
to
FINANCE
TO
HOW
210
to
account
from
him, the income
the
In
care.
investments, such
like,it follows
of the funds
called
as
entrusted
property
matured
from
bonds,
matured
or
its
to
the
or
concerning the reinvestment
instructions
thus
depositor,or remits
principalreceived
of
case
the
collects,
secured, or is prepared
offer
to
a
safe
plan for reinvesting.
Under
the
of
ownership which
income
when
It
authority of agent it will prepare
laws
tax
are
will
purchase
from
sell securities
or
for whom
When
trust
received
money
requested
do
will issue
company
and
to
these
or
so,
and
paid
of
to
bonds,
of
at
new
time
on
ments,
client's invest-
the
information
and
receivers; the appointment
the
as:
the
stock; the right
to
stock; the calling
the
interest ceases;
reorganization committees;
may
periodicaltimes, the
into
issues of bonds
which
he
passing of dividends;
privilege of converting bonds
subscribe
as
out.
at
or
reports
the
acting.
times
reports will give such
increases,reductions
specific
showing the securities
designate,periodical statements
held, and
coupons
under
it is
depositor, at such
the
eral
Fed-
for collection.
the person
It will render
interest
accompany
forwarded
they
instruction
to
the
required under
are
cates
certifi-
of
ment
appoint-
protectiveand
details of
tion
reorganiza-
plans.
The
care
trust
company,
of the payment
on
behalf
of taxes
on
of its
client,will take
real estate
and
personal
interest
property;
premiums
life,burglar
on
collection
of
included
service
many
allowances
the
regularity upon
it
direct
an
aspect
both
a
person
routine
and
and
at
receive
the
such
is
care
both
"
agency
The
expose
not
a
sometimes
of
such
stances
in-
with
and
in
the
of
worry
personal
will
his property
will
attention, he
its varied
to
the detail
from
find
organization and
position to give the
a
of
conduct
such
an
relationship.
trust
or
or
do
a
not
trust
any
handle
surety
fidelitybonds.
to hazard
mingle
does
company
promotions,
surety
with
real and
feel that
to
service
and
it
depend, but
can
trouble
the
supervision and
company
a
recipient.
from
time
is
distasteful,in many
modernly equipped facilities is
utmost
allowances
desires to be relieved
and
and
only because
not
personal payment
and
which
same
expert
trust
This
charity which
of his property
the trust
that
of
giver and
care
management
"
the
aspect
funds
When
appreciate,
dependents
the
to
of its services.
which
to
by
all
children, relatives
to
of
attaches
"
rendered
payment
the
removes
repairs, are
clients.
persons
permits of
the
property,
of
making
dependents is another
other
loans, and
fire insurance.
list of services
the
of
Payment
bank
and
and
the
and
for their
companies
211
selling of residence
rents
within
ESTATES
mortgage
on
renting and
The
AND
TRUSTS
WILLS,
It
business
does
not
property entrusted
funds, but
stock
any
or
pany
com-
join
speculate
to it.
in
or
It does
keeps the property
and
HOW
212
securities of each
other
the trust
funds
guarantee
not
by it,but
handled
the best possible income
of the
of the forms
of trust
on
for its clients
secures
absolute
with
livingtrust, and is one
the life of the person
with
Such
or
a
the trust
safety
which
agreement
what
during
into the trust
by
the individual
to the
ment
agree-
under
the
how
entrusted
the property
dispositionshall be made
transferring
company
forth
specificallysets
is to handle
company
voluntary
effect
to take
enters
portion of his property
a
the
as
is
which
company.
is created
trust
known
intended
who
service
company
daily growing in popularity is
all
fixed return
any
consistent
every
principal.
One
or
LIFE
separate and distinct from
trust
It does
trust.
HOME
FINANCE
TO
of the
an
trust
it and
to
earningsand
the
principal.
Such
livingor voluntary
or
to
may
be
his desires.
which
contain
terminated
Many
distinct
assurance
sometime
In such
that
the
to
men,
of hazard
find
them
hazards
either be
cable,
irrevo-
engaged in lines
or
"
oftimes
money
large return,
advantage
may
by the maker, according
business
elements
for loss of
possibilities
for
trust
the
in
which
in
offset the
irrevocable
providing
a
of their business
the
bilities
possi-
trust
a
definite
will not
completely bankrupt them.
instances,the business
prosperity,will
transfer
to the
company
trust
trust,to be handled
a
for him
certain
a
of
times
of
of his property
amount
in the form
for
during
man,
an
irrevocable
given period of
years,
TRUSTS
WILLS,
for him
or
during his lifetime,and
his death.
Such
he
unusual
against his
likelihood
the
he
is
irrevocable
to
which
are
many
and
of the results which
trust:
the successful
a
forced
man
for
a
for
fund
an
get it
cannot
fact
infirm
or
wife
varied.
he
to
by the
has
future, or
self
him-
against
in
which
of the business
during
provide
education
or
to
wife;
or
an
to
income
the
separation agreement;
a
an
come
in-
a
tain
cer-
income
an
income
an
provide
under
of
gious
specified reli-
a
lifetime; to provide
husband
intended
a
affairs of
organization; to provide
her
are
invalids; to build
income
an
; to
and
persons
provide
following
accomplished by such
be
minors; for the support
to
living trust
or
The
through illness
settlement; to provide
or
He
voluntary
a
handling
charitable
or
a
point
principal for the
in the
may
to retire
aged
persons;
to
the
to
depression in the business
of
trust
livingtrust, guarded
mistakes
own
purposes
be put
few
its
In
purposes.
to the
hands
upon
after
engaged.
The
may
transferred
of his business.
of the
213
for his heirs
man's
draw
never
speculative
formation
of the
out
demands
for
use
can
thus
property,
passes
company,
where
ESTATES
AND
a
marriage
divorce
collectingand
for
decree
disbursing
of life insurance.
Such
lives in
trust
being and
it shall not
of
two
agreements
extend
21
years
in the
duration
a
thereafter."
longer than
generations of
beneficiaries
have
may
persons
trust, and
2 1
may
years
"
Meaning
the duration
who
of
two
that
of the lives
be
named
beyond.
as
HOW
214
Where
TO
the
voluntary
of revocation
have
his
These
agreement.
term
of years,
after
his
trusts
him
elect
may
be
may
the power
person
by the
created
death, during the lifetime
may
trust
pany
com-
terminate
to
during the lifetime
or
holds
maker, the
to
he
as
LIFE
livingtrust
or
returned
time
such
HOME
will of its
the
at
property
at
FINANCE
last for
to
of the
the
maker;
of his
wife
a
or
his
or
children,or both.
The
maker
of such
is
trusts
assured, by
of the
means
trust, operated under
the restrictions of the law
competent
persons,
of
investment
of his property,
relieved
of all burdens
with
can
it.
it
provides
trainingand
the
that
paid
to
is not
at all the
insurance
It is because
trust
The
has
them
80
in which
manner
a
he
is
tion
conneca
person
yet enjoy the
and
against loss
is
been
purpose
the
cent,
of the
dissipatedwithin
from
desire
for the
of this
through the lack
per
is received
money
This
time
same
in
responsibilities
skill upon
investment
children,over
money
the
at
produces.
Statistics prove
and
and
and
management
proper
and
his property
secure
income
It
the
by
and
the
of business
part of widows
life insurance
insurance
of husbands
company.
when
they
protection of their loved
alarming
after
five years
chase
pur-
ones.
loss that the life insurance
brought into being.
of the life insurance
trust
is to
insure
insurance.
Practicallyevery
carries life insurance
man
in all walks
in order
of
life,nowadays,
that his wife and
children
2i6
HOW
the
insurance
in the
TO
the
names
trust
HOME
trust
policy,instead
benefit by the
to
FINANCE
the
trust
institution will collect,hold
the
insured.
For
who
may
be named
will
pay
the
such
proportions and
the
are
handling
trust
and
that
proceeds of
wishes
of
the
wife, children,or others
the trust
eventually
such
at
times
is to
as
the
company
principal in
stipulated in
are
the
forms
further
to
in
principal,
contingencies or
is
of
among
their
the
arrange
a
trust
family,
or
"
the
make
may
will
certain
sums
emergencies,
may
children
members
certain
he
by
company
of unusual
certain
remaining
desire
covered
he
the beneficiaries
marriage and
that
to his
paid
condition
a
the
the event
to
the
stipulate that
policies. But
happenings
that payments
the event
to
pay
to
it,at certain specifiedtimes
This
sums.
the
principal of the
or
may
be
tract
con-
which
under
according
stipulations whereby
the
may
of
members
of insurance
be empowered
from
made
instance, he
For
in definite
some
be
such
of the
terms
earnings
earnings of the fund
the different
and
the
can
"
The
conditions
the
say,
be gained from
to
money.
will pay
insured.
the
advantages
of insurance
fund
normally
he
the
in the agreement,
income
company
insurance
or
the benefit of the
many
that
"
of
with
the
a
agreement.
There
a
invest
policy in strict compliance
makes
whereby
company
and
he desires
then
He
money.
ficiary
bene-
the
as
company
of the individuals
insurance
with
agreement
LIFE
are
make
to
vision
pro-
cease
earnings be
of the
family
portion be released
in
rated
pro-
"
or
for
TRUSTS
WILLS,
of the
the payment
ESTATES
AND
mortgage
the
upon
217
home
at
a
determined
pre-
date.
When
naming
a
and
carried
known
the
as
made
a
handle
to
executor.
the
estate
The
as
duties
of
person
If
a
and
the
and
at
and
distribute
will and
this is
the
under
the
to
to
settlement
the
by
the estate; pay
of the
probate, unless
the
court
of the
terms
As
rule,
a
the
the time
after
conditions
make
estate
to
court.
year
one
the
to
the
the court;
to
reports
according
the
possession of
final report
directions
of
take
to
due
make
accomplished within
will is admitted
ing
hav-
someone
appointed
proper
estate
the
appoint
will
are
make
time
proper
dies without
person
executor
expenses;
organization is
person
the estate; collect the accounts
debts
charge of
administrator.
an
an
privilege of
take
to
or
court
the
"
the
provisions of the will
the
a
probate
will the
is known
court
Such
out.
has
organization
it that
to
see
will he
a
an
or
person
his estate
are
makes
person
a
peculiar
longer time
a
necessary.
In
the
days it
his closest friend
name
in other
"
financial
the
his children
of
olden
the
labor
a
business
words, he picked
head
of his
estate.
out
as
his best
family and
This
was
a
very
for
trifle unfair, because
and
adviser
the
during the time of administration
expression of confidence
also
or
for
customary
was
the
of
involved.
responsibility
nice
to
man
his
tor
execu-
friend
to
"
amount
be
guardian of
or
closing
and
compliment
friend
the
a
but
it
of
was
time,
TO
HOW
2i8
have
and
sufficient
have
estates
live
time
be
not
neglected,and
The
or
trust
it is not
worth
they
of the
few
abilityincreases
the
by law,
is
as
as
available
It does
likes
or
by
for business
drink
dislikes
for itself when
it
noted
serves
one
year
estates:
sick,
are
their
Regulated
grows.
purpose
is to
carry
The
estate
and
surplus,
are
day in the year.
speculate. It has
become
its customers
it is the
mixed
up
no
in
accomplishes
company
probate of
and
their
prove
in the will.
or
trust
above, the
requiresabout
tion
connec-
strength and
business
it cannot
and
vidual.
indi-
liability.Its officers
gamble
or
The
As
an
in
never
capital stock
its
every
family disputes.
most
sole
instruction
loss
in
business
its stockholders'
by
not
immediately
ization
organ-
an
of
case
following facts
company's
trust
protected from
well
in the
as
to grow
their
faithfullyevery
out
such
institutions,they
as
portant
im-
on
is the business
with
and
issue
They continue
die.
never
absent
th" affairs of the
when
of estates
company,
permanent
are
affairs
own
standpoint of executorship of
the
from
be
not
may
most.
companies
trust
affairs;he
may
vacation
a
side
a
Consideration
with
he
administration
proper
reputable
a
on
his attention
need
estate
handling of
complete his duties; his
to
business
such
usually
not
the
in
experience
nor
friend
personal
a
ability,does
properly administer
to
long enough
must
of
business
marked
LIFE
though he be
individual, even
An
HOME
FINANCE
an
best.
estate
duty of the
usually
execu-
TRUSTS
WILLS,
tor
to close
he
either
the
part, is
he
closes
to
the
distribution
to
the
the
the
as
if the
will,or
It is the
to
the
of
the
trustee
the
in
heirs,
over
who
person
well
as
to
or
portion
trust
privilegeof
name
according
benefit
by turning the
estate
will
heirs
closing it
In
estate, in whole
for the
trust
a
trustee.
makes
possible.
become
to
219
as
of the
terms
ESTATES
soon
the estate
makes
AND
the
as
executor.
duties
The
receive
of
it,invest and
beneficiaries.
duties
the
the
The
until
have
been
met,
This
batch
of duties
rather
one's
and
closest
and
more
keen
distribution
estate
in trust
desirable
and
members
the
of the
need
sometimes
and
Often
trustee
must
so
dearest
continue
require
all
use
protection.
more
the
many
to
men
be
of
or
a
planning their
are
portion will
remain
In many
be conserved
cases
and
men
realize
difficult to keep property
tected
pro-
until
ripened in experience
These
will
years.
seem
principal withheld
family have
form
per-
friend.
that property
of the
to
to
shoulders
the
upon
business
that
and
principal
the
provisions of
it may
heap
close
manage
obligations would
to
to
are
the
at
hold,
for the benefit of their families.
it is very
longer
and
and
will
proceeds of the trusts,
income
although
a
executor
to
the
all of the
imposition
an
More
earn
the
reinvest
distribute
to
even
from
estate
probate proceedings and
control
the
appointed under
trustee
a
the trust
the
and
of
that
than
the
or
it is
it is to
acquire it.
the wife is less
experienced in business
no
matters
HOW
220
than
the
husband.
As
widow
a
of management
position where
she
child
or
or
other
well
as
dictates
that
hesitate to turn
to
his
he
was
them
against loss.
when
he
their whim
By
dissipationof
the
sufferingof
the loved
ones
may
any
desire.
leaves
from
which
lifetime,and
will be
the
to
do
after
distributed
her
among
may
would
property
while
tect
pro-
he
divided
be
according
with
the
trust
ger
dan-
the consequent
created
be
which
estate
enjoys
the
the
man
be avoided.
an
death
to
a
and
estate
receives
widow
capable
preciselywhat
major portion of the
the
are
in
children
creating
which
form
who
or
his estate
may
disposition of
One
this is
wills
Trusteeships under
almost
A
minor
family
fancy.
sibility
respon-
their affairs and
leaves
of his
or
placed
of money
manage
Yet
dies and
the members
of the
to
wife
a
fore,
family, there-
for his
his
by
and
for management.
or
of
affairs.
be
large sum
a
sition
acqui-
by those
even
property
a
over
still with
among
to
the
sibility,
respon-
victim
the
burden
a
in business
inexperienced wife
them
does
imposes
one's love
as
experienced hands
and
This
property
or
to carry
easy
the
to the
too, the sudden
of money
trained
experienced and
affairs in addition
Then,
relative
that is not
shoulder
must
easily become
may
large amount
Prudence,
she
inexperience,places her in
her
unscrupulous advisers.
a
LIFE
of the household.
together with
of
HOME
the husband's
of
responsibility
burden
FINANCE
TO
the
a
maker
the
growing
estate
income
as
as
larity
popua
trust
during her
principal of the
children
fulfill
to
estate
they become
TRUSTS
WILLS,
of
later
or
age,
ESTATES
AND
they attain
as
221
maturity and
acquire
experience.
the
In
will enumerate
taken
of
briefly the
to take
how
"
admitting the will
of
matter
them
steps which
many
known
is not
be
majority
experience.
First, the petition for the probate of the will
be
filed,and
Then
court.
publications
notice
must
be
and
at
will
renounced,
so
must
be
a
whether
the
executor
administrator
has
filed.
Then
affidavit
notice
has
an
for
The
whether
of
been
person
the
such
be
is named
if he has
then
appointment of
matter
trator
adminis-
an
must
for
hearing
determine
filed
showing
that
of time
handling the
judge
has
for
matter
an
whether
the
davit
affian
serving of
probate of the will has been
filed
of
appointment
determined
be
been
there
the will.
to
it must
notice
bate
pro-
determined
posted by the clerk and
has
ters.
mat-
also in the
persons,
rightto act, and
handling the
affidavit
of the
the
attached
been
of time
Also, if
no
notice
and
petition for
it must
if
person
bate
pro-
prescribed by the law.
the
signed and
of the
proper
renounced
or
the
manner
governing
executor
an
petitionfor
Next, the
the
to
names
law
hearing
time
the
filed with
published in the
in the
of the
mailed
he has
whether
forth
set
A
If the
be
will must
also be
must
must
hearing of the petition for
of
notice
a
of the
manner
originalwill
the
we
must
to the
regardless of their business
persons
probate,
to
mailed.
concerning the publication
proving the will.
has
to
determine
signed the certificate of proof
HOW
222
of
will and
testimony
the
facts
of the
LIFE
HOME
FINANCE
he
found;
whether
know
must
subscribing witness
filed.
of
out
that
event
been
witnesses
the
the
state
he
to
take
deposition of
commission
procure
the
In
order
an
make
must
the
will and
the
to
applicant for probate of the will have
and
are
TO
to
signed
for
issue
to
a
and
witnesses
the
directing the clerk
will
the
affidavit
an
of
such
a
commission.
He
must
will is
made, have
the
the
note
sent
out
whether
and
when
the
order
It is his
executor
of
the
to
the
been
filed and
letters testamentary
have
been
filed;if letters of administration
with
the
issued
are
contest
must
must
been
first
the
He
been
well
as
end
must
relatingto
the
issued
of
and
will annexed
is
duty
published
a
to
and
name
of
time
when
claims
sure
that
the
as
make
publication is filed and
filed
approved;
It is his
has
of the
if there
note
its outcome.
creditors
know
be presented.
of
has
to
make
must
period of time
he
paper;
will,and
notice
what
over
filed. He
the
to
that
see
and
to
order
the
bond
the
whether
has
will
is entered,
administrator
determine
determine
must
also whether
and
missioners;
com-
deposition is
admitting the
court
properly
of the
for
request
returned; he
administrator
or
whether
the
time
of the
copy
addresses
and
appointing an
duty
photographic
a
names
it is
probate is entered
of the court
it that
to
see
that
an
a
the
ment
state-
affidavit
publication of notice
to
creditors.
When
all of these
things have
been
done, and
done
Chapter
HAVE
LET
A
that
the
of
of life in this country
possessed by
courage
We
have
homes
it is easy
to
buy
home,
It is
just
as
Going
to
easy
save
competence,
becomes
have
current,
concrete
definite
are
a
act
a
reason
of
sense
to
large
of
somewhat
a
aside
complete, because
more
equipment,
the
on
become
to
"
for
money
partial
investor.
an
ments
invest-
making
present
has
one
to settle it.
The
a
debt
definite,
kind
proper
of
small.
or
the
interesting,whether
is
But
the
saving,
the
saving of itself is uninteresting
bore
to
for
most
of
us
saving. We
unless
need
we
to
have
ence
experi-
pleasurable anticipation in the saving
get very
certain
when
when
and
saved
be
saved
we
those
asset.
an
money
amount
some
debts.
and
good homes
is commendable
into debt
future
of debt
if
its
or
personally practicalplan
and
largely to the
readily available,get into debt.
is not
To
of
and
big idea is this: if the
means
is due
people in assuming
our
furnished
a
standard
average
plan.
payment
The
better
high
ours
greater percentage
a
are
PLAN
DEFINITE
remember
us
Twelve
amount
far ahead
of money
224
with
at
the task
of
setting
regular periods.
HAVE
That
a
is where
the
on
the
in
between
difference
initial
the
deposit. Then
by
interest
the
"
nest
short
a
usually idle
to withdraw
the
"
and
securities
debt
wealth.
off
pay
reduced
it further
shorter
completed
the
every
reduced
the
from
is
than
one
and
one
ties.
securipates
anticihas
a
competence.
bank
for current
is necessary
money
it for
to
received
that it is needless.
Beyond
is
the
in
Money
sees
are
coming
a
One
much
"
payments
of
egg
time
the
one's
of
debt
the
dividends
or
securities
good thing. There
a
sees
one
by the payments.
In
of
cost
month
the
is
plan
considerable
a
225
gradual increase
the
with
begins
PLAN
purchase of investment
partial payment
fascination
One
DEFINITE
A
Surplus
there
and
"
in the bank
money
is
always
expenditure which
some
needs.
tendency
a
the
attracts
attention.
The
at
has
idle money
Then, with
once.
work, make
to
put
who
man
future
in the
saved
the
it
should
point
a
has
been
that
the
which
money
to
it,invest it,
use
see
begins to work, too,
saved
money
quickly
as
as
it
is received.
Of
home.
than
the
course
But
there
just going
fancy. The
our
the
of
When
is
out
we
can
buying
and
home
decide
upon
for
the
the
to go
game
purchase of
a
is for
contract
can
house
be looked
must
it is time
this wonderful
one
to the
more
family happiness
this condition
In
finest debt
into debt
attracts
as
several
next
house
real home
a
which
upon
which
to
a
the seat
years.
will fulfill
provide it.
of successfullyfinancing the
TO
HOW
226
home,
have
We
labor
to
life. A
for
HOME
To
produce.
must
we
FINANCE
produce
living and
a
LIFE
for the
labor
pessimist has defined
pleasures of
the
as
work.
must
we
price
we
pay
living.
for
Of
that
course
accepting it
that
one
no
is
its
at
puts into it.
one
with
labor,
our
entitled
to
worth, it is also well
gets
ever
If
out
be
can
we
which
In what
labor
to
of
a
hour
cannot
We
comes
measure
that
action,nor
the
the
for.
just
pay
work,
and
know
or
pleasures
contribute
to
of the wealth
our
store
the
exquisitesensation
has
idler,who
nothing
feelingof
from
come
well?
know
we
The
to
day by day
without
enjoy
of
the
does
not
joy
and
exultation
the
which
contemplation
the progress
to note
these
"
are
made
from
happinesses
working.
get large pay
the
the
for
intensity of concentration.
job well done,
workers
with
pay
weariness
living,knows
of the finished
we
we
in excitement.
his
for
not
ing
constantly increas-
a
application to the task
all revel
see
to
are
buy.
weariness, when
accompanies
hour
adding
as
cannot
excitement
To
well
buy
we
it is chief among
us
we
we
than
more
than
that
tangible things which
coin shall
continued
We
the
as
money
of pure
assured
job, is much
of
comfort,
our
life,or one's job, more
viewed, it buys for
volume
remember
to
living is the merchandise
living. Properly viewed
So
of
higher priced article than
a
Labor, one's
of life.
pessimist's definition,but
true
a
knowledge
in the
that
we
form
are
of
pride which
contributingto
HAVE
wellbeing of
the
adding
of
is
227
satisfaction
the
general welfare.
dividend
big
a
PLAN
dependents, and
our
to the
There
DEFINITE
A
of
pleasure in developing
speed in doing the things which
skill and
are
to
ours
do.
is
Contentment
the worker.
by
something
The
better
place
the
who
those
live
to
to
keeping
successful
learned
and
to
he
is
making
be
prominent
this true
the
financiers
world
a
and
ones,
a
financiers.
we
omists.
econ-
people, seems
making
in
us
to
it purchase
a
mum
maxi-
expended.
field of
in which
able to look
to be
thing
and
truly render
in the
investingis one
are
we
will
for the amount
home
Many
investing
"
must
we
upon
of
learn
ourselves
us
distinguishthe difference between
to
ment
content-
doing his
easiest
the
get it,or
do
we
things which
if
that
himself, his loved
seems
it after
the field of
travel
for
"
many
Particularlyis
to
work, and
money
of service
and
work, for his
principal trouble,as
Our
those
in his
always find
can
after him.
come
do, according
worker
knowledge
world's
Getting the
be in
the
from
grows
of
him
received
returns
greatest
contented
interest
to
share
of the
one
have
as
not
investing
speculating.
Practicallyall
known
legislation
is
in the Union
states
as
"
the
blue-sky laws."
usually deemed
officials who
have
as
almost
acts
which
would
This
lation
legis-
impregnable
recognized their public duty
brought into being
formulated
"
felt*they had
protect the people
2
HOW
28
from
losing
least
TO
of
hazardous
the
on
planned
HOME
fact
it
though
public good, does
the general
the
can
that
be,
fully
legislation,care-
designed wholly
the
accomplish
not
"
be
Not
long
humanity,
of
If
by
once
ask
to
the
why
golden
savings, $600,
shares
in
wholly
in
worthless
the stock.
She
was
so
the stock
weeks.
my
to
The
had
see
would
I needed
littlehouse,
answer
honest
an
and
me
than
more
more
so
asked
"
such
by
house
had
bought
been
ised
prom-
spent her
had
a
her
certificate of
he
would
double
bought
such
was
face.
pay
He
a
came
had
nice
all
all afternoon.
big profitsand
in value
in
finish
the
the stock.
He
to
she
why
stayed nearly
money
I
had
for
said, Well,
the company
sure
nice young
learn
organization.
bought
and
she
She
exchange
consultant
out
tection?
pro-
investment
an
which
returns
investment
the way
want
tiny wisp of
a
stock
some
The
man
How
they'llprobably
woman,
into the office of
entire
young
twice
or
glib-'tonguedsalesman.
a
don't
is to let them
way
white-haired
a
came
the
though
as
in the future."
ago
bring
not
only
they lose
good repute,
did
the
careful
more
cier
finan-
public took delightin being skinned.
they
for
result
desired
it seems
people be protected when
experience.
a
and
at
or
"
against loss.
this
recently, Sometimes
I guess
on
speculation
thoroughly protectingthe people, a prominent
remarked
He
LIFE
fair chance
reasonably
a
Commenting
the
in
money
of
assure
FINANCE
just a
few
payments
such
was
man."
of the
investment
banker
added
to
the
HAVE
knowledge
of the
$600 back.
faces
and
He
do
spend
paid
have
your
saved
The
persons
words
afford
can
Don't
"
over
a
Think
desire
why
'
to
orderly
run.'
theater
get there
which
just so with
the mad
"
she
woman
was
investing.
was
make
investments
on
ties.
securibut
speculate
to
"
of
the
Did
only
impulse
that
financial
firm
notice
ever
you
other
the
of
these
wild,
bling
scram-
foot in the
with
contrast
gets everybody
the
mad
quiet,
safely
out
"
end.
investment.
to
of the
under
If you
are
get rich quick, you
being trampled under
Remember
a
following:
think
"
quick,' in
rapidly in
It is
chance
might
we
exit?
it is there
movement
more
by
little
published by
organ
mob, trampling each
"
to
reputation contains
"'Walk
and
before
nothing except
do
the
thought
afford
can
get,
buying."
that
was
afterward,
to
to
go
this stock
can
we
future
wealth
away
scale, in dependable, conservative
little house
excellent
"
it is
car
few.
very
A
As
of
est
hon-
street
things they
about
us
with
the
on
get her
not
men
give
to
instead
she
one
of
Some
a
when
every
sort
asked
trouble
speculating
some
afternoon
loss.
it did
long distance
a
in your
you
but
229
nice young
Even
money
whole
Nearly
"
you
your
caution
to
PLAN
they do these
When
give. Had
to
you
ride
entire
an
DEFINITE
little woman,
said,
not
strangers.
not
A
it will
only
overtaken
stand
a
good
foot, of losing everything.
take
a
little
longer
at
TO
HOW
230
reach
to
most
Shun
FINANCE
investment
the
If it
were
only
would
never
have
a
"
promises big
half
of
Impatience is the greatest handicap
It is time
that
makes
'Walk
Run'
Don't
"
tive
conserva-
investor.
an
it is
time.
dangerous trying to hurry
"Take
you
and
profitable,
investment
an
sounds,
necessity.
human
on
it
as
right
returns
Stick to the
at it.
chance
based
good
as
safe way.
and
quiet, sane
a
that
away.
investment
in
goal
your
LIFE
HOME
as
investment
your
guide."
is
There
contained
The
side
in which
the
know
walker
Incidentally,a good
distance
without
short
but
of
little
sprint.
The
which
the
steady
steady
walker
but
There
with
creep
is
a
he
is
those
It is often
our
can
thoroughly
else
the
at
and
one
consistently and
a
in whom
said that
the
can
a
over
and
winded
of
end
records
the
is the
and
"
fit.
to
a
desired
point
continuously.
genuine pleasure
we
get
walker
transcontinental
fresh
longer
possible for
is
of the seasoned
finishes
much
a
speedster
anything
stride
real and
satisfied if
travel
than
careful creeping will get
Even
one
for
use
establishes
pace
if
The
runner.
quickly, but
stretch
can
down
breaking
fastest
the
even
tions
organiza-
the
shall be
we
the other
to
fair return.
a
us
pay
swinging
behind
men
invest,and
we
investments
is
of investment
to
want
we
wisdom
the sound
dilate upon
us
foregoing quotation.
in the
pendulum
"
for
need
no
in
thoroughly
American
doing
ness
busi-
believe.
people
are
crea-
HOW
232
In
of
the
FINANCE
of
matter
life,we
we
TO
find it
investments,
pleasant
This
LIFE
in all other
as
with
to deal
place confidence.
can
HOME
is
affairs
in whom
persons
good business,and
is
good for business.
And
good business
for guess
and
from
If
which
simple rule
investment
confine
there
investment
dealing in
to
a
bankers,
business
companies, building
and
reputable organizations.
other
The
a
majority
solid base
of
of these
and
the
Unless
ultimate
their
own
the
associations
their
have
large
their
communities.
judgment
by having funds of
upon
communities
they
prosper
houses,
founded
are
panies,
com-
in their
prosperity of
customers
trust
integrity. They
of their
live. Usually they back
investors
institutions
honesty and
capital investments
loan
and
own
the
institutions
brokers, bond
mortgage
quite
savings.
possibilities.Banks,
investment
this
to
large degree
very
a
purchased.
are
capital and
many
one
integrityof
investments
our
are
in the
securities
our
of loss for
land
our
confidence
will eliminate
we
hazard
In
simple language, that
very
have
will but
we
entire
in
means,
know
house
of information
work.
Which
should
is the substitution
hope
to
of their advice
to
cannot
in the
properties
handled.
When
one
deals with
reputation
information
According
to
guess
builds
a
lished
reputable institution of estab-
work
is eliminated
for
good business.
statisticians
85
per
cent,
and
able
depend-
of the
people
HAVE
live
only for the day; they
The
other
"
the
are
Are
15
cent,
per
the
are
"
the
are
233
who
ones
"
wishers
succeed; they
tent
mentally deficient,improvident, incompe-
careless?
initiative
the
houses
and
world
The
foresight from
or
For
does
the
look
not
for
have
we
asylums,
make
persons
reached.
The
the
the
up
had
spelled
The
"
pull
neither
great
when
Then
about.
nor
to
our
We
things,and
do
we
of
fear
fear the
alive
being
our
knowledge.
our
and
Fear
afraid
not
is worth
culties
erasing diffi-
real.
is fear.
never
they don't
"
for
name
only looking ahead
are
work."
of knowing
possibilities;
they become
We
''
think
not
is
progress
discussion.
the most
making
they have
believe
actually spelled
does
plaining
com-
their heads
over
who
is another
again, there
ignorance.
advanced
who
person
keenly awake
before
are
ones
fly only
always
are
merely mentally lazy
initiative
is
who
ones
it is
consideration
Foresight
that
of 50
during their youth.
the
the
"
are
capabilitiesand
moths
of
mass
age
indulge in self-pitybecause
the
and
Personal
and
"
careless
"
are
chance
a
the
are
of gayety
others
who
ones
never
think
flame
incompetent
because
"
They
candle
the
around
poor-
paid jobs.
poorest
dependents, parasites,hangers-on, after the
been
personal
of this kind.
persons
mentally deficient
Improvident
has
of life.
doers."
you
or
PLAN
DEFINITE
A
our
of the
friends.
things we
is founded
cannot
things we
upon
know
Ignorance hides
see.
HOW
234
TO
work
It isn't hard
When
do.
that
Know
build
that
how
the dread
and
of
then
back
finance
what
holds
for you
he
is
have
of
that
man
give
to
the
Know
ful
care-
are
you
ings
sav-
things. Any
these
can
information
the
sometimes
any
lacked
proofs.
the
you
limit.
Look
ahead,
The
field of
who
one
knows
home.
division
has
been
this
read
The
wide
range
naturallyprecluded completeness
upon
of finance
Each
have
spending plans given
and
of them.
one
who
completeness.
entire gamut
as
willinglyif
justly said by those
subjectstouched
space
a
doing.
be
on
systematic
dangers for the
hidden
to
perform
to
are
that
Know
judgment
no
we
how
know
by getting knowledge.
your
It may
book
fear
why
Know
forward-looking business
Eliminate
thing we
doing that task vanishes.
place it.
you
LIFE
productive investments.
for
will work
where
the
thrift wins.
the base
money
HOME
do
to
know
we
task
certain
FINANCE
They
it obtains
as
into
looked
have
in relation
would, of itself,
require as
given to
the entire
to
the
the
much
series,to approach
completeness.
The
book
does
of useful
which
money
may
not
pretend
knowledge
be
to
be
a
complete
concerning
the
pendium
com-
in
ways
earned, spent, saved, conserved,
invested.
The
purpose
thought
beneficial
of the book
has
along certain
if those
logicalconclusion.
thoughts
been, merely,
lines
were
which
carried
to
would
late
stimuprove
through
to
a
HAVE
writer
No
If he
can
the
sow
he
as
But
The
faster
further
A
with
"
against the
in
somehow,
of
other
to
prosperous
more
The
seldom
a
to
folks
We
all
from
hope
sooner
all builders
we
are
build
provision
living
come,
into
worries
have
that
forever.
much
friends
is
possession of
into
believing
actually the
they
of
plan
and
case,
they will
guess
or
on
all
the hope
of
"
getting by,"
through life. The
the planless
later,causes
of
excess
lack
the
actual
values
of
one
he
life.
are
composite
We
their
than
travel
who
price far in
a
secure
get by."
definite plan,
pay
fool
to
realize their
secures
of
"
able to
can
no
to
sure
come
not
hazy declaration
a
is
along, from
they
economic
words, they do
they
making
which
ahead
plan.
a
incomes, making
remove
than
are
as
hopeful expectation that maybe,
activityother
be
without
man
time, they will
some
sufficient money
In
"
rainy day
atmosphere
an
done
dominant
one
people just rock
our
their
them, livingbeyond
has
definite plan goes
day, taking pleasures when
to
heretofore
he
"
been
has
a
the
than
great majority of
day
book
the
man
minds
have
haps
per-
"
to do.
expect
thought.
his audience.
thought
things which
some
throughout
235
thinking for
in his readers'
can
and
PLAN
of constructive
seed
plain
confused
much
DEFINITE
do the entire
can
make
been
A
in
fashion
some
building character
character
houses
with
for
the
our
for
or
and
First
ourselves, and
community
hope
other.
and
a
country.
expectationof
turn-
HOW
236
ing
those
houses
business
We
TO
thing he
be
build
of the
They
hope
bad.
or
succeed
to
the
out
with-
of the
determination
a
of the
highway
meandering through bogs
people
a
The
per
face of the
globe.
have
we
"
so
for
as
being
pare
com-
nation
other
any
excellent
ers.
sav-
States
also have
we
reputation
a
of
But
of
slush.
capita savings of the United
those
well-
a
reputation as
excellent
an
reputation, a reputation not
saving
and
sand
we
instead
travel
to
and
admirably with
most
the
have
we
when
plan,they give us
which
upon
time
the
to
they
values,
the
and
costs
as
concrete
a
create, but
to
expect
we
completion
a
only give us
not
determination
a
expect
paved
another
the
one
for
the
biggest
in the world.
wasters
Those
While
success
who
no
plan ahead
hope
can
one
in any
of
the
something in the
nature
place where
plan
no
and
regardlessof
"
can
"
structure
they permit of
of
businesses
credit,good
name
building
needful.
are
permit of
upon
build
We
plan.
picture of the
As
LIFE
family happiness.
worthy
may
Plans
can
into homes.
to build
builder
a
HOME
reputations. We
all want
No
FINANCE
than
in the
It is seldom
come
to-mouth
a
method
to attain
the greatest
measure
undertakings of life without
of
is
waste.
a
definite
more
plan, yet
essential
quest of financial
that
from
do not
or
there
more
is
sary
neces-
independence.
ment
lasting results in the field of invest-
a
of
haphazard, happy-go-lucky,
saving and
hand-
investing. True, there
HAVE
isolated
are
abnormal
'*
the
"
investors
have
Many,
period
of recovery,
with
spiritof
a
all
We
home
happy
But
if this
"
financing of
have
the
home.
independence
It
is
does
to
is the
of
be
in
express
The
other
followed
No
that
as
of
old
guide
a
on
we
successful
overnight
up
financial
"
the
not
can-
in
our
do
as
rooms.
mush-
sistent
planting, con-
be
No
plan
have
tried
is worth
thing
any-
we
anything
worth
it must
completion.
closely as
for
the
and
age
attained
not
thought
will
exercise
a
survive
nurturing.
budgets
mental
as
to
"
to
savings plan
plan be
spring
simple language:
making
actuallyused
not
surplus
the fact that financial
sight of
dominant
second
through
than
of
objectivesof
wholly
careful
itself alone
carried
long periods
plant requiring careful
a
tending,and
This
been
not
do
ultimate
the
lose
never
in
independence
objective is
we
must
we
of
losses,where
in their hearts.
financial
one
of such
of another
through
pass
bitterness
is
that
feel
and
desire
independence
losers
of these
many
produced
capital,but
lost their
collection
for the
fund.
of
to
chance
one
every
themselves
sentenced
endeavor
painful
have
For
only
not
made
which
of thousands
hundreds
are
losing have
the
things
in
237
have
persons
fairy-likereturns.
and
there
cases
funds
of
placement
where
cases
PLAN
DEFINITE
A
will
unless
in the
definite
those
little value
budgets
are
family expenditures, and
conditions
ever
but
have
will
permit.
amount
to
purpose
and
anything
to
unless
continue
"
HOW
238
sporadic
road
savings
of
which
it
financial
It
of
ever
a
the
this
If
the
home,
of
framework.
roof
written
to
in
is
book
necessity
through
worked
successfully
and
little,in
sound
a
larly
regu-
hundred
times,
in
wild
one
wiped
returns
of
seeking
savings
securities
hoped-for
followed
the
place
to
one
carry
ing
tantaliz-
many
beginning
but
to
them.
securities
much
if the
the
house
in
place,
for
a
the
out
and
or
the
become
can
stopped
home
and
of
doors
until
stalled,
in-
properly.
the
thoughts
plan,
the
carrying
I shall
or
rearing
a
windows
the
family,
a
house
presented
completion,
vain,
to
of the
building
No
has
happiness
foundation,
it is furnished
and
the
for
gave
laying
the
buy
to
it
and
"
courage
the
be
to
judgment.
good
became
after
in
avail
the
of
ever
those
where
house
with
all
of
high
plan
through
face
one
the
upon
savings
measure
conservative
lose
speculation
No
will
A
carried
program
laid
LIFE
person
any
the
just beg
sound
then
sense
in
independence,
in
the
large
well
was
consistently.
ever
a
investment
unless
and
be
plan through
things
No
placed
must
requires
savings
HOME
independence.
anything
sometimes
FINANCE
never
financial
worth
a
TO
and
then
be
it
shall
repaid
for
which
of
that
not
have
my
work.
show
plan
been
Date
Due
TX
3
9358
326.L5
00013774
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