Ꮤ 7HAT are your chances for great success in business? Today-your day-opportunity is greater than ever before. Will you prepare yourself as big business demands that its leaders be prepared? Will you train yourself in the principles which experience has shown are fundamental to success-the vital, underlying, all-embracing principles of LAW? Every act of business has behind it a legal principle. Only the man who is law-trained can act with certainty. That is why law-trained men head our biggest business organizations-men like Gary, Babst, Tomlinson and Holden. Would you like to know law? Would you like to have your opinion sought-your judgment respected? Above all, would you like to be fitted for the bigger jobs ahead? Ex-President Taft and 80 other eminent authorities have made it possible for you, through the easy-to-read Blackstone Legal Training Course and Service, to learn law now in your spare time at home. 45,000 men have already enrolled. 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Our readers are constantly writing us asking for disinterested advice in regard to their investments. Accordingly, we have secured the services of an experienced financial editor, who will advise readers of this magazine in regard to any investment in stocks or bonds they may be considering. All inquiries of this nature will be held in strict confidence and answers will be made by mail in every case to those who enclose a stamped addressed envelope for reply. Questions and answers of particular interest will be published in these pages from month to month. ¶ADDRESS: Financial Editor, The New Success, 1133 Broadway, New York, N. Y. Important New Bond Issues By the Financial Editor Y the time this issue of THE NEW SUCCESS reaches its readers, either there will have been definitely offered, or arrangements will have been substantially completed for the offering of an issue of $230,000,000 par value Great Northern Northern Pacific "joint bonds," so-called. - This offering is of peculiar interest in several ways. It is not only the largest financial operation with which the investment market has had to do since the negotiation of the huge Government loans of the war period; but it is one of the largest, if not the very largest, single piece of corporation financing in the history of our development, It has been looked forward to, moreover, as an event likely to mark the turn for the better-in-general investment market conditions. The purpose of the issue of the new bonds is to provide for the maturity, on July 1, of an issue of Great Northern-Northern Pacific joint 4 per cent bonds, secured by collateral in the form of Chicago, Burlington & Quincy stock. At the time of writing this comment, the details of the new issue have not all been officially announced. They have, however, been before the Interstate Commerce Commission for consideration and approval for some time. While possibly subject to some change, they may now be outlined substantially as follows: The bonds will bear interest at the rate of 61⁄2 per cent per annum and will run for a period of fifteen years-to 1936. They will be the joint and several obligations of the Great Northern Railway and the Northern Pacific Railway, and will have the following collateral as security: $164,000,000 odd, par-value stock of the Chicago, Burlington & Quincy; $33,000,000 par-value general mortgage 7 per cent bonds of the Great Northern Railway, maturing in 1961; and $33,000,000 refunding and improvement 6 per cent bonds of the Northern Pacific Railway, maturing in 2047. They will be convertible at the option of the holders at any time before 1936, at par, into the Great Northern 7 per cents which are not subject to redemption before maturity; or into the Northern Pacific 6 per cents which are subject to redemption at 110 up to July, 1936, except that the conversion privilege will cease when $115,000,000 par value in the aggregate of Great Northern or Northern Pacific bonds shall have been issued in exchange. Without going into great detail, some idea of the security for the new 61⁄2 per cent bonds, as to principal and interest, may be conveyed by reference to the fact that the Chicago, Burlington & Quincy stock, alone, has a book value of about $200 a share or a total of over $330,000,000 for the amount deposited as collateral; that the equity for the bonds, represented by the stocks of the Great Northern and Northern Pacific, has a total value, at current market quotations, of about $347,000,000; and that the combined net earnings of the three railroads, available for interest on the bonds, has averaged in amount during the last few years sufficient to cover charges on the new issue two to three times over. The old joint 4 per cent bonds which the new issue will replace have long enjoyed a very high investment rating, and are held in large amounts by institutions like insurance companies which follow the most conservative standards in the You may try the Pace Course for one month for $7-there is no obligation of any kind to continue. This educational privilege is given by Pace & Pace so that men and women everywhere may test Pace Institute's method of teaching Accountancy and Business Administration by Extension through the mails. When you enroll in the Extension Division of Pace Institute you will study the same subjects as do Resident School students in Pace Institute, New York, Boston, and Washington. Your written work will be graded personally by Resident School instructors. You may transfer at any time from Extension to Resident School instruction with credit for work done and tuition paid. New Resident Day Classes in Accountancy will form in Pace Institute, New York, Boston, and Washington, early in July. If you can arrange for Resident instruction, write the school nearest you for Day School Bulletin and full information. "MAKING READY" Send for details of the $7 trial offer, and also for a complimentary copy of "MAKING READY," a 32-page booklet which tells of ambitious men and women, who have developed themselves by means of Extension study into practising accountants, controllers, auditors, tax specialists, treasurers, cost accountants, and general executives. employment of their surplus funds. Their market record, moreover, has been one of exceptional stability through good times and bad. At about 962, the price at which it has been intimated the new 62 per cent bonds will be issued, the yield to maturity figures out about 68 per cent. An investment opportunity is thus afforded, which should prove exceptionally attractive, and it is the opinion of this magazine that some of the new bonds might well find a place among the holdings of all classes of investors, small as well as large. During recent years, the difficulties of the companies furnishing local transportation facilities have been due, in the main, to the fact that their costs of operation have risen rapidly, while their income has been held rigidly within the limitations of their franchise contracts, prescribing, in most cases, five cents as the standard fare. In a large number of instances, the public service commissions have interpreted these contracts liberally, and without opposition on the part of the municipal authorities, have granted the operating companies relief in the form of permission to charge higher fares. In other cases, efforts of companies in straightened circumstances to get away, temporarily at least, from the five-cent-fare handicap have resulted in opposition and the fighting of the issue in the courts. Two cases of this kind were those of the companies serving San Antonio, Texas, and Fairfield, Iowa. In the one case, the Supreme Court affirmed decrees of the lower courts enjoining the city from enforcing a five-cent fare with universal transfers; and, in the other case, it set aside decrees of the lower courts restraining the company from increasing rates above those fixed in its franchise. In both cases, the Supreme Court held that a contract calling for a rate which could be shown to be confiscatory would not stand in law. There are undoubtedly a good many other cases in which application of this just and reasonable interpretation by the court of final jurisdiction may not only serve to maintain the integrity of traction securities, but also save the companies from complete failure to render service adequate to the needs of their communities. "The First Month I Earned $1000" -And he might have remained a farmhand A $50 a month job as a farmhand one day-out of a job entirely the next-and then a position that paid him $1,000 the very first month! Such was the sky-rocket career of Charles Berry of Winterset, Iowa. And more remarkable still, it all came about as the result of a sunstroke! How long he might otherwise have remained a farmhand, no one can say. Certainly, however, his work held little promise of better things for the future. Then one day as Berry followed his plow across the fields, under the scorching rays of a burning sun, he suddenly collapsed in his tracks. Sunstroke! He was forced to quit. Subsequently he found employment in a variety store. His reward for long and tetious hours of clerking was $18 a week. Not a very remarkable job -but it meant the turning point in Berry's life, for it brought the discovery of the way to big earnings. Berry had been noticing the Salesmen who came to call on the proprietor of the store. He noticed their prosperous appearance; they stopped at the best hotels, travelled on the fastest trains; and there was an independence and variety about their work that made their careers look like one long vacation compared to Berry's job. One day Berry fell into conversation with one of the Salesmen. CHARLES L. BERRY "Yes," the latter said in answer to his question, "Salesmen do make big money. And here's the reason: the success of any business depends upon the amount of goods sold. The man who sells is producing profits for his firm. His services are in demand everywhere. He commands big pay wherever he goes. And there is no limit to what he can earn.' "But a man must have natural ability to become a Salesman." "That's an old, out-of-date notion." the Salesman replied. "Salesmanship today is a science-it's just a matter of knowing how. Take myself, for instance, I owe my success to the National Salesman's Training Association. This is a wonderful organization of top-notch Salesmen and Sales Managers formed just for the purpose of fitting men for success in Salesmanship. It enables anyone to become a master of all the Secrets of Selling in his spare time at home. Why, it has made Master Salesmen out of men who had previously been clerks, bookkeepers, mechanics and so on. If I were you I'd write to the N.S.T.A. Just ask them to tell you about their system of Salesmanship Training and Free Employment Service." Into the Big Money Class Warren Hartle, of 4425 N. Robey Street, Chicago, for example, had worked for ten years in the railway mail service at pay ranging from $900 to $1,600 a year. Then through the N. S. T. A. he became a Master of the Secrets of Selling that brought him $1,000 in thirty days. George W. Kearns of Oklahoma City made $524 in two weeks. Before this he had never earned more than $60 a month. And C. W. Campbell of Greensburg, Pa., wrote, "My earnings for the past thirty days are $1,526 and I won second prize in March although I worked only two weeks during that month." These are only a few of the cases of amazing jumps to big earnings. Berry was absolutely convinced and decided to accept the liberal offer of the N.S.T.A. to fit him for a position as a Master Salesman. In his spare time at home he learned the fundamental rules and principles of Salesmanship covering every branch of this fascinating field. Almost before he realized it he was ready to accept a position as Salesman with a big company to which the N.S.T.A. recommended him. The very first month he earned $1,000. One month his earnings ran as high as $2,140. Startling Proof Sent Free! The same opportunity that brought Berry his amazing, quick success is now open to every reader of this magazine. You have only to write to the N.S.T.Á. You will receive, without any cost or obligation, the remarkable Book on Salesmanship and startling Proof that you can quickly become a Master Salesman in your spare time at home. You will read the stories of hundreds of men who today are earning more money than they ever thought possible. What these men have done you too can do. Surely you owe it to yourself to at least examine the evidence. National Salesmen's Training Association |