ment. The Bolshevist menace to Poland has been pretty definitely removed, and the money situation looks better than it did. A readjustment in business is under way. Producers and manufacturers of luxuries and non-essentials have been hard hit in many cases, but their troubles are reacting to the benefit of the more essential industries. The crops are fine and labor has been available to harvest them. The Inter-State Commerce Commission has come to the aid of the railways, and the outlook for them is brighter than it has been in some years. These are some of the. favorable factors contributing to the recent rise in security prices, and the feeling that this rise is more than a temporary condition is rather widespread. Then there is the political situation to be considered. If we remember correctly, it was George Ade who, in commenting on Presidential elections, made the remark that a certain man was going to exercise the right of every American citi zen to go up to the polls in November and vote against the party in power. This remark summarizes American character extremely well. Whatever we've got, we want something different. If the Administration is Democratic, we want the next one Republican, or vice versa, because we always seem to think that a change is going to benefit us. We are all of us full of hope. We believe the coming Administration is going to correct all the mistakes of the one just passed, that the country will be busy and prosperous. Right now, in what is known as Wall Street the betting is from two to three to one that Harding will be elected. In other words, the belief is prevalent there that we are going to have a change of Administration, and, with the usual optimistic view of such an event, the outlook seems brighter. Further, securities usually discount coming events well in advance, and for this reason many people are predicting an upward movement of prices as a forecast of the election result. As a matter of fact, statistics show that in Presidential election years this thing usually happens; that the election of a President is construed as a bullish argument and security prices go up. In most instances this rise has got under way about September, and is apt to continue for some time after election. It is entirely possible that history will repeat itself this fall. Many people think it will, at any rate, and opinion is in the main bullish. For weeks and months banks and brokerage houses have been advocating the purchase of railway securities, and it would seem as if their advice had been heeded. Recently there has been a pronounced improvement in railway bonds, and railway stocks too have responded to the demand for them. This rise in the price of railway securities has been more or less at the expense of the industrials, which have not been in particular favor. As always happens, "the market" discounts the future, and the new rates granted the railways promise welcome relief to the sorely pressed carriers; their securities, therefore, have advanced in price, discounting the benefits to come. On the other hand, industrials (all statements must of necessity be general and have exceptions) have lost some of their former popularity. Many of them enjoyed unprecedented prosperity when the war was on; at that time their products could be sold regardless of price; but times are changing. Costs have gone down but little, and competition has increased; wages generally have gone Back of Your Bonds are the Necessities for the Advancement of Civilization The investor will find our Loose-Leaf Security Record of material assistance in keeping an accurate account of his purchases of stocks, bonds and mortgages. A copy will be sent without cost or obligation upon request for Book No. O M. 14. FOR BETTER CITIES IMPROVED sanitation, parks, schools, bridges, roads,—all the facilities that make cities liveable, are for the most part made possible through the sale of bonds payable from taxes and secured by the wealth and honor of the Municipality. Such bonds Halsey, Stuart & Co. buys of its own account and offers to the conservative investor thus performing a necessary function between the municipality and the investing public. We have bought and recommended: City of Chicago, South Park Dist. 4's, 1920-1938. City of Minneapolis, General Improvement 4's, 1928. Circular O M 13 descriptive of a wide variety of Municipal HALSEY, STUART & CO. Money Works! ANY NY finished product represents the labor of money and credit as well as the labor of men. Years before a ship loads its first cargo, coal and ore must be mined, steel fabricated, labor paid. The ship earns nothing until it is chartered. It never could have been built built without the labor of men, money and credit. The vast resources of the National Bank of Commerce in New York are an essential element in commerce and industry. National Bank of Commerce. in New York Capital, Surplus and Undivided Profits Over Fifty-five Million Dollars FINANCIAL DEPARTMENT (Continued) up, and there is a growing reluctance on the part of our people to pay the high prices asked, so that manufacturers are growing cautious, and in many_instances have curtailed production. Restricted credit has hampered these companies, too, and, on the whole, there remain many problems for them still unsolved. Commenters on the market usually agree, however, that industrial conditions are gradually improving, and that improvement should be steady; also it is predicted that as the year advances money is going to be easier to get for legitimate enterprises. Here and there in the market are what might be termed "soft spots," but, on the whole, sentiment is favorable to higher quotations. Evidences are many that there is great buying power under the market. Almost every one seems to have money he plans to use for the purchase of securities. People have been waiting all summer for signs that the proper time to buy has come, nd of course every one wants to buy at the bottom price and just before prices start to go up. It would be very nice indeed if this were possible. What is apt to happen, however, is about as follows: A man has his eye on a certain security; he intends to buy it at a certain price, and, although it nearly reaches the price he has fixed, it does not quite get there. Then he discovers that his favorite security is gradually going up. He gets nervous, but does not buy because he has a certain price still in his mind, and hopes against hope that it will be possible to purchase at his figure. Meanwhile the quotation goes steadily up and at length he becomes panicky and buys anyway. Presently he may discover that he has bought somewhere near the top, and, due to the fact that he tried so hard to get the bottom price, he "missed his market' and paid considerably more than would have been necessary if he had not tried to get such a bargain. This little story shows how "the public" oftentimes buys its securities. The wise man of experience, however, pays more attention to value than price-at least value is his first considera tion-and he makes no attempt to save a point or a half a point if he believes the security he wants is good. And a man who invests in this way is going to fare much better than the other in the long run. At the present moment many people are worrying because security prices have gone up while they have held off and therefore not obtained the benefit of the rise. The real question, however, is whether securities are worth what they are selling for today. If they are, they are worth buying. As a matter of fact, there are plenty of highgrade investments still considered cheap. Suppose they do go down again. If the value is in them, this need not cause worry. Moreover, it would seem as if the readjustment taking place in the business and banking world were laying the foundation for future prosperity. And there is nothing which will help the world more or bring conditions back to normal more quickly than thrift and saving on the part of the general public. Has there ever been a greater inducement to save than the present high yield of good investments? It is an oppor tunity which few can afford to overlook. The Government of the French Republic has just sold in this country $100,000,000 twenty-five-year external gold loan 8 per cent sinking fund bonds at 100 and interest. Beginning December 15, 1920, the French Government is to pay not less than $4,400,000 annually to the sinking fund trustees. These payments during the first five years are to be applied to the purchase of bonds in the market up to and including 110 and accrued interest, and the subsequent payments made will be applied to the call of bonds by lot sufficient to redeem at 110 all of the bonds at or before maturity. The principal, premium, and interest are payable in New York in United States gold coin without any deduction for French taxes, present or future. These bonds are an unconditional obligation of the Government of the French Republic repayable in New York City in dollars. They are issued in denominations of $100, $500, and $1,000 and may be registered as to principal. They may be purchased through any bank-which will also collect the interest coupons when due-and are a most attractive investment. FIRST MORTGAGE FARM LOAN BONDS DANFORTH FARM MORTGAGES represent con- For sale in $500 and $1,000 denominations and upward. A-G-Danforth & Co ILLINOIS FIRST FARM MORTGAGES AND REAL ESTATE BONDS 37 Years Without Loss to a Single Investor Fertile, income-producing farm land represents certain value which is indestructible. Hence, loans made upon our First Farm Mortgages yield a satisfactory income with a safety which is unquestionable. In 37 years, not one of our customers has sustained a loss. Seud for our descriptive pamphlet "S" ESTABLISHED 1883 ARE WE TO BE INTELLIGENT VOTERS THIS FALL? How am I going to vote this fall? The millionaire and his wife must anwer this question. The business man and roman must answer this question. The armer and his wife must answer this quesion. The professional man and woman nust answer this question. The poorest in pur slums must answer this question. Every American citizen, native or foreign-born, nust answer this question. Whom am I going to vote for? I do not now yet, but I am giving much thought to he question and spending hours in reading nd study; and it seems to me that the present paramount duty of every American itizen is to prepare himself or herself to be an intelligent voter at the fall election. While my preparation is far from comlete, I am going to state briefly the work I have done and the plan I am following, with the hope that others may find it serriceable in making themselves valuable citiens of our Republic. EL In the first place, I would suggest that very one read the article "Political Culure," by J. Madison Gathany, published n The Outlook for June 30, 1920. I found this article to be most interesting, instruclive, and inspiring. Mr. Gathany's essay will herve well as a foundation for our study. Second. I suggest that every family or individual take a good National daily paper hat is independent and fair. If it is not possible to find such a paper, then take two, Democratic and a Republican. Get both sides of the question. Third. Take a good National weekly magazine dealing with current problems (i. e., The Outlook or "Literary Digest," Lor, better yet, both). 129 Fourth. Take a good National monthly magazine dealing with current problems (ie., the "American Review of Reviews" or "Current History"). I mention these magazines because I am acquainted with them and find them very serviceable. I think it is a good plan for a person to have his regular magazines, also to make use of as many publications as he can obtain. There are two National issues that are predominant in this year's election. These are: 1. Our foreign policy (our international relations). 2. Our form of government at home. In reference to the first of these, any history of American diplomacy should give a good account of our foreign policy. I have used Fish's "American Diplomacy." In reference to the second, I am reading Bryce's "The American Commonwealth." For an understanding of the fundamentals of the American theory of government and for a story of the development of our Presidential office, our Congress, and our Supreme Court this book is the best authority that can possibly be found. This is a work of two large volumes, and A study of the entire work would be almost an impossibility for the ordinary person to complete in so short a time. For the topics Misted above it would be best to give the most intensive study to Part I, Volume I. For one who has time, the two complete volumes contain matter that is of value to every American and every one interested America and democratic government. The public libraries are open and free, The American public has a duty and an pportunity. FRED R. BUSH, Instructor in Junior High School. Battle Creek, Michigan. Bon Voyage! To insure a good voyage and a pleasant trip abroad as far as money matters are concerned, most foresighted travelers carry their funds in the form of "HROUGH the Bankers Trust Company's THROUGH foreign service arrangements have been made so that travelers holding "A. B. A" Cheques may exchange them, on arrival in Europe, for other "A-B-A" Cheques stamped with their equivalent in sterling, francs or lire, etc., based upon the current exchange rate. "A-BA" Cheques are issued in denom- at almost any bank in the United For full information write to BANKERS TRUST COMPANY New York City THE OUTLOOK CLASSIFIED ADVERTISING SECTION Advertising Rates: Hotels and Resorts, Apartments, Tours and Travel, Real Estate, Live Stock and Poultry, sixty cents per agate line, four columns to the page. Not less than four lines accepted. In calculating space required for an advertisement, count an average of six words to the line unless display type is desired. "Want" advertisements, under the various headings, "Board and Rooms," "Help Wanted," etc., ten cents for each word or initial, including the address, for each insertion. The first word of each "Want" advertisement is set in capital letters without additional charge. Other words may be set in capitals, if desired, at double rates. If answers are to be addressed in care of The Outlook, twenty-five cents is charged for the box number named in the advertisement. Replies will be forwarded by us to the advertiser and bill for postage rendered. Special headings appropriate to the department may be arranged for on application. Orders and copy for Classified Advertisements must be received with remittance ten days before the date on which it is intended the advertisement shall first appear. Address: ADVERTISING DEPARTMENT, THE OUTLOOK 381 FOURTH AVENUE, NEW YORK CITY IMPERIAL GOVERNMENT RAILWAYS TOKYO for 120-page Guide Book Free When writing please mention" Outlook." INTERCOLLEGIATE TOURS to EUROPE Sail in April, May, and June. Churches, Galleries, Alpine Summits, Italian Hill Towns. Superb routes, splendid leaders. Art, Music, Literature, History, French, Spanish 65-A Franklin St., Boston, Mass, Hotels and Resorts CONNECTICUT The Wayside Inn New Milford, Litchfield Co., Conn. In the foothills of the Berkshires. Open all the year. An ideal place for your summer's, rest. 2 hours from New York. Write for booklet. Mrs. J. E. CASTLE. Proprietor. GREENFIELD, MASSACHUSETTS It affords all the comforts of THE AT LAKEWOOD MADISON Madison Avenue and First Street A homey, Christian house, accommodating thirty guests. One block from the lake and away from the business section. For further information address Miss M. A. MERRIMAN. NEW YORK CITY HOTEL JUDSON 53 Washington Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $3.50 per day, including meals. Special rates for two weeks or more. Location very central. Convenient to all elevated and street car lines. Hotel Le Marquis 12 East 31st Street New York Combines every convenience and home comfort, and commends itself to people of refinement wishing to live on American Plan and be within easy reach of social and dramatic centers. Rates with Illustrated Booklet gladly sent upon request. JOHN P. TOLSON. The Fireproof Inn of the Water Gap Fagain. Brick building, modern in every Unique and cozy. Steam heated, open fires. Golf, boating, mountain climbing, saddle horses. Sight-seeing cars to view the worldrenowned scenery. Also trolley rides through the mountains. For booklet and special rates Address T. T. Dolbey, Castle Inn. Formerly The Palmer, Lakewood, N. J. Health Resorts Sanford Hall, est. 1841. Private Hospital For Mental and Nervous Diseases Comfortable, homelike surroundings; modern methods of treatment; competent nurses. 15 acres of lawn, park, flower and vegetable gardens. Food the best. Write for booklet. Sanford Hall Flushing New York Real Estate NEW YORK HUDSON RIVER PROPERTY In the Beautiful George Washington Country For sale, furnished or unfurnished, country place of ten acres ; located on the west bank, within two hours of New York; accessible by good motor roads, three railways, and Hudson River boats; located on the direct road leading to Storm King Boulevard from Newburgh to Palisades, which when finished, will open up one of the most beautiful drives in America from New Windsor along the Hudson to New York. The lawns are dotted with a variety of magnificent old shade trees (over twenty varieties); beautiful ravine with brook; house is English in type; brick with slate roof; modern in all respects: slight cost for upkeep; open fireplaces in livingroom, dining-room, drawing-room, and lounge room, as well as in three of the bedrooms; six exceptional master bedrooms, three baths second floor; also five maids' rooms and large bath on third floor, as well as trunkroom and storerooms. House has large furnace, water heating; water system, electric pump; ideal kitchen, large butler's pantry, maids' dining-room off kitchen. House affords full view of river and surrounding mountains. Garage for four cars. Gardener's cottage, brick and slate roof, six rooms. Wonderful opportunity to secure charming country home near New York. Price $35,000. For photos, inspection appointment, address KENNETH IVES & CO. 7 East 42d St., New York City SHIPP & OSBORN BOARD AND ROOMS WANTED-Single room in private family by a woman teacher. Work outside. References exchanged. 8,916, Outlook. WILL rent pleasant room in my home; breakfast privileges. Refined professional or business woman preferred. Convenient Propect Park station subway, Brooklyn. 8,929, Outlook. BOOKS, MAGAZINES MANUSCRIPTS STORIES, poems, plays, etc., are wanted for publication. Submit MSS. or write Literary Bureau, 325, Hannibal, Mo. BOOKS on pedigrees,, genealogies, and coats-of-arms. Every Anglo-Saxon and Celtic name. Kindly inquire for particulars. Chas A. O'Connor, 21 Spruce St., New York City. BUSINESS OPPORTUNITIES INVENTIONS wanted. Cash or royalty for ideas. Adam Fisher Mfg. Co., 217, St.Louis, Mo. FOR THE HOME GOLDEN Bantam sweet corn home canned in glass. Alma Hibbard, Gansevoort, N. Y. WOMEN'S GOODS ONE of our hand-embroidered children's aprons would be an appropriate gift for any little girl. Made up to six-year size. Write for illustrations. William Moore Co., Retail Dept., Davenport, Iowa. Absorbine.J An A and Comme TO ALLAY Little Accidents often produce painful if not serious results. Whether it is a pounded thumb, a bruise or a cut, for safety's sake treat it immediately with Absorbine, Jr., the handy and dependable home doctor that always brings relief. Absorbine, Jr. is an antiseptic, liniment combined-healing and soothing, bringing prompt relief from aches and pains and preventing little cuts and bruises from becoming serious. $1.25 a bottle at most druggists. W. F. YOUNG, Inc. 443 Temple St. Absorbine.J THE ANTISEPTIC LINIMENT Your Wants in every line of household, educational, business, or personal service domestic workers, teachers, nurses, business or professional assistants, etc., etc.-whether you require help or are seeking a situation, may be filled through a little announcement in the classified columns of The Outlook. If you have some article to sell or exchange, these columns may prove of real value to you as they have to many others. Send for descriptive circular and order blank AND FILL YOUR WANTS. Address Department of Classified Advertising THE OUTLOOK, 381 Fourth Ave., N. Y. HELP WANTED Business Situations RAILWAY traffic inspectors earn from $110 to $200 per month and expenses. Travel if desired. Unlimited advancement. No age limit. We train you. Positions furnished under guarantee. Write for booklet CM27. Standard Business Training Institute, Buffalo, N. Y. WANTED-Bright, active, well-educated young woman, preferably college graduate, possessing tact and ability. Must be competent stenographer and rapid operator, capable of acting as secretary. Give full details as to age, education, experience, and salary. 8,912, Outlook. WOMEN-Turn your spare moments into dollars. A NEW LINE OF ENDEAVOR OPEN TO WOMEN WHO FIND IT NECESSARY TO INCREASE THEIR INCOMES. Through this plan HOME MAKERS who only have a few spare hours, one, two, or three hours each day, can make a steady income-BUSINESS WOMEN can hold their present positions and INCREASE their incomes-STUDENTS can become selfsupporting. We are offering: women an unusual opportunity to do pleasant and profitable work. Write TO-DAY to Mary E. Roberts care the Review of Reviews, 30 Irving Place, New York City, for full information. MANAGER.-Woman of executive ability, culture, and intelligence for co-operative cafeteria. Must have social vision, high food standards, and record of successful financial management. 8,933, Outlook. WRITE photoplays: $25-$300 paid anyone for suitable ideas. Experience unnecessary; complete outline free. Producers League, 438, St. Louis. HELP WANTED Companions and Domestic Helpers WANTED, immediately, two young women to work with other ladies as waitresses In tea house near New York. Positions permanent. Living conditions attractive. Salary good. 8,928, Outlook. INTELLIGENT and reasonable woman needs about October 1 young assistant to take some household responsibility and be companion to two girls 5 and 10 years. Answer Box 467, Cedarhurst, Long Island, N. Y. BY November 1 or before, competent, experienced man and wife on farm, Dutchess County, 60 miles north of New York. Man for general farm work, caring for horses, dry stock, and milking one cow. Woman to cook and do housework. Family two adults. All city conveniences, even electricity. Good wages. First-class references required. Reply fully as to experience, efficiency, nationality, age, etc. Personal interview. 8,930, Outlook. WANTED-Young woman (Protestant, white, and single) as nursery governess for two girls 3 and 8 years. Personal interview and personal references required. Wages $75. Mrs. T. R. Van Boskerck, 1332 Prospect Ave., Plainfield, N. J. MOTHER'S helper wanted to assist with care of boy 7 and girl 3 years in country. Room 163, 40 Wall St., New York City. WORKING housekeeper wanted. Apply Easton Hospital, Easton, Pa. INSTITUTIONAL cook wanted. Apply Easton Hospital, Easton, Pa. WANTED-Young lady of good family, well educated and refined, to act as mother's helper and capable of aiding young children in their studies. 8,911, Outlook. WANTED-Two refined New England wo men to be working housekeepers (no washing) for family of four. Nine miles from Boston. References and personal interview. 8,897, Companions and Domestic Helpers WANTED-Working housekeeper in family of two adults. Good home, fair pay. Address, with references, Box 46, Chatham, N. J. DIETITIANS, superintendents, cafeteria managers, Outlook. matrons, housekeepers. Miss Richards, Providence, East Side Box 5. Boston, Fridays, 11 to 1, 16 Jackson Hall, Trinity Court. Address Providence. WANTED-Experienced nursery governess for boy six years. Some hospital training or knowledge of practical nursing required. Location Detroit, Mich. 8,898, Outlook. WANTED-Housekeeper to keep house for group of business women. Work not all strenuous; home attractive. New York City. 8,884, Outlook. Teachers and Governesses TEACHERS wanted for emergency vacancies-colleges, universities, public and private schools. Ernest Olp, Steger Building, Chicago. HELP WANTED Teachers and Covernesses EXPERIENCED nursery, governess for three children, two, four, and five years old. State experience, references, and salary desired. 8,935, Outlook. BOARD and salary to school teacher or one who can serve half time as mother's helper. Three children. Hours about 4 P.M. to 9 A.M. Address Box 95, Merion, Pa. WANTED-Competent teachers for public and private schools. Calls coming every day. Send for circulars. Albany Teachers' Agency, Albany, N. Y. SITUATIONS WANTED Professional Situations PRIVATE tutor (woman), professionally engaged part of day, wishes position resident chaperon to young girl or companion. Good reader; secretarial work. City references as to experience and association. 8,925, Outlook. EXCEPTIONAL preacher, wide experience in social and community leadership, desires community church or will organize such for group of men. 8,934, Outlook. PRIVATE and social secretary, best references, fond of children, wishes position in or near New York. Moderate salary. 8,885, Outlook. Companions and Domestic Helpers BY pleasant, adaptable young lady, automobile trips with elderly man or woman or couple. 8,927, Outlook. REFINED college woman with domestic science training and executive ability desires management of small tea-room, cafeteria, or club. References exchanged. 8,923, Outlook. tion, excellent health, athletic, motorist, exSOUTHERN gentlewoman, sunny disposiecutive ability, tactful, common sense, homemaker, understanding agriculture. Salary $100 per month. 8,922, Outlook. TWO young American ladies of refinement would like position to assist in or manage tea-house. Both perfectly capable. Highest references given. 8,918, Outlook. WOMAN companion and secretary to travel abroad, or companion, secretary, and shopper for woman in New York City. 8,845, Outlook. WANTED-Governess between ages of 25 and 35, about October 1, in Boston, to take care of three girls ages 9, 7, and 3. Two older children in school mornings. Write, giving POSITION wanted by cultured young lady, experience, references, and wages expected,--Protestant, as companion to lady or governto Mrs. S. W. Webb, Prouts Neck, Me. ess to children. 8,877, Outlook. SITUATIONS WANTED Companions and Domestic Helpers WANTED-Institutional position. Experienced in cottage system and day nursery work. Good housekeeper. Practical nurse. City references. 8,906, Outlook. Teachers and Governesses YOUNG woman, normal graduate, returned from abroad, seeks post as instructor. Experienced French and grade teacher. 8,932, Outlook. TEACHER, piano, best schools, would combine chaperoning, office work, or English. Experienced. 8,921, Outlook. GOVERNESS or companion, twenty-two years old, exceptionally fond of children, capable of teaching first grade, including French. Willing to travel. References. Miss Mildred Appleton, 1715 N St., Washington, D. C. GOVERNESS or nursery governess. An educated young woman, experienced, wishes to take charge of one or two young children. 8,908, Outlook. GOVERNESS, seven years' experience in teaching and physical care, desires position. 8,915, Outlook. MISCELLANEOUS TO young women desiring training in ob stetrical nursing a thorough course of one year is offered by the Lying-in Hospital, Second Ave. and 17th St., New York. Monthly. allowance and maintenance. For further information address Directress of Nurses. GOOD home wanted in New York until December for black-and-tan fox terrier. Bright, amusing. Board paid. 8,931, Outlook. Telephone Columbus 4406. LITTLE girls, ages seven to thirteen, received in country home school by experienced teacher and mother. 8,917, Outlook. WILL board and care for one child. $30 weekly. Highest references. New York suburb. 8,905, Outlook. LET me write your club paper now and save worry later. 8,869, Outlook. MISS Guthman, New York shopper, will send things on approval. No samples. References. 309 West 99th St. WHY not winter in ATLANTIC CITY? Ocean view apartment, furnished, sun parlor. Ambassador neighborhood. 8,893, Outlook. |