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FINANCIAL DEPARTMENT

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The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York.

for the better. Lots of people figured the same way when marks could be had for five cents apiece. Russian, Austrian, Italian, French, Belgian, and English exchanges too have had their fol lowings. Few people have had any real understanding of how or why foreign exchange should be profitable, or how to go about realizing a profit, but in many cases they have not been deterre by their ignorance, and, as often happens in such circumstance results have not always been happy. Options on large amounts of foreign moneys have been offered for what have seemed ridicu lously small sums and the lure of enormous profits has been har to resist. People have purchased options who did not know the meaning of the term, and who knew less than nothing of the ramifications of dealings in foreign exchange. why it should be low, what conditions are necessary to cause higher quotations

What Every Client

of S. W. Straus & Co. Knows

Every purchaser of the first mortgage real estate bonds safeguarded
under the Straus Plan knows that he is secure in certain very definite
advantages.

He knows that his principal will be paid in full in cash on the
exact day due.

He knows that his semi-annual interest payments will be collected
for him, and that he can relieve his mind of all worry and atten-
tion to his investment.

He knows that behind his investment is the sponsorship of a nation-
wide House with a record of 38 years without loss to any investor.

The holders of bonds safeguarded under the Straus Plan know that
they have selected the one safe, satisfactory, worry-proof investment
for their savings. These bonds net 6% with 4% Federal Income Tax
paid. They are available in $500 and $1,000 denominations. Investi-
gate them. Write today for

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FINANCIAL DEPARTMENT

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nd how to go about taking advantage of hem should they become a fact.

There are few things connected with the thubject of finance more technical and diffiult to understand than foreign exchange. Not many bankers have more than a peaking acquaintance with it, and for layden to attempt to "beat" the game shows mazing nerve if looked at from one point f view, or, if regarded from another ngle, a reckless disregard of ordinary rudence. The unknown is always attractve, and the unknown in finance coupled rith the promise of extraordinary gain loubly so. As proof of this witness the urprising readiness of people to invest in vildcat mining, oil, or motor companies; vitness the trail of ruin and wretchedness eft by the faker Ponzi in Boston.

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As a corollary of foreign exchange forign bonds have also had a wide appeal. 1 thousand-mark bond of some German ity selling for fifteen or twenty dollars s hard for many people to resist; when hey figure that if exchange returns to par his bond may be worth about $238, the emptation to buy often proves more than hey can stand. The trouble is that too Often they think only of the possible profit nd forget or ignore the many elements hat interfere with its realization. For instance, to cite the case of Germany, who knows what conditions are in that country? Who knows whether or not the present Government is stable and likely to endure? Suppose it should be supplanted, what would happen to the bonds? Who nows what would happen to the bonds of he various cities if their trade should not evive with any degree of rapidity? Suppose Germany should join hands with Bolshevist Russia. Suppose she should ave a great revolution. There are innumerable possibilities to consider; and are we certain that all or most of them are not going to become realities? It seems to us that unless a man actually wants to gamble, and feels that he can afford to do so, he had better not put his money into securities which contain so many elements of danger.

Moreover, do not practically the same considerations apply to Russian bonds and rubles and to Austrian bonds and kronen? Russian bonds fluctuate with the changing fortunes of Bolshevism and its enemies, and who can tell for certain what the outcome of this struggle will be? Bonds of the once prosperous city of Vienna are quoted the day this is written at five. dollars apiece. Austria is now one of the world's small nations, and, cut off from the sca, saddled with staggering debts, her future does not look particularly promising. The whole question of foreign bonds and exchange, it seems to us, must be decided by the future prospects of the various countries. Can they recover from the effects of the war? Can they re-establish their industries, resume their business relations with the rest of the world, unload the burden of taxation now resting on their shoulders, and become solvent, "going concerns once more? When it comes to Germany, Austria, and Russia, there seems to be considerable doubt about an affirmative answer to these questions being possible, at least for many years to come. Italy, too, has been having her troubles, just like everybody else, and perhaps her attack has been a little more severe than some of the others, and she may be slower in recovering from it. Belgium seems to be

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BONDS AND BUSINESS

CAPITAL is the life blood of Industry.

War and its aftermath-higher costs, larger output and the necessity for expanded facilities, have resulted in largely increased capital demands on. the part of business.

Halsey, Stuart & Co., through the outright purchase of the bond and note issues of essential industries, have supplied this needed capital, and through distribution of the securities so purchased have provided investors with safe and remunerative opportunities for employing their surplus funds. Representative issues offered by Halsey, Stuart & Co., are

Armour & Company 7% Convertible Gold Notes 1930
Associated Simmons Hardware Companies 7% Secured Notes,

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RIO DE JANEIRO

Capital and Gateway of

Gateway of Brasil

"Like the threads of a giant web ALL AMERICA CABLES radiate out from New York commercially enmeshing Central and South America."

AMERIC

MABLE

JOHN L. MERRILL, Pres. Main Cable Office

89 Broad Street, New York

ONE

BOSTON MILWAU KEE

NE of the world's greatest ports through which Brazil exported, in 1918, to the United States, $113,511,954 in merchandise. Brazilian beef-hides-coffee-sugar-rubber -wheat, etc., are necessities demanded by every nation.

"Rio" is eighteen days from New York by mail, but in order to facilitate instant communication of news and business, this great port is kept in constant touch with the United States by All America Cables.

All America Cables are one of the great
forces in upbuilding the commerce and
friendly relations of the Americas, tying
together the principal cities of the New
World. They are the only direct and Amer-
ican owned means of cable communication.

To insure rapid, direct and accurate handling of your
cables to Rio de Janeiro, Santos and all points in Brazil,
mark them "Via All America". These words are trans-
mitted free of charge by all telegraph and cable companies.

ALL AMERICA CABLES

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to expect too much of many low-priced American securities. It cannot be stated too often that if a security is quoted at an extraordinarily low figure there must be a reason for it, and very likely it is not as rate cheap as it looks.

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Moreover, it should be borne in mind P that the question of foreign exchange does not enter into many bonds sold in our f markets by foreign governments. The Anglo-French Loan was payable, principal and interest, in dollars; so is the new loan 0 of the French Republic; so are bonds sold here by Norway, England, Switzerland, Argentina, Canada, and other nations. It is the internal loans of foreign govern ments, payable in francs, pounds, guilders, or whatever the case may be, that are affected by the situation of the foreign exchange markets. For instance, suppose you buy an internal loan bond of the Government of the French Republic, principal and interest payable in francs; if the cou pons are worth five francs apiece and you cash them when due, you would get for them five francs' worth of American money at the time the transaction was made; if the principal of the bond came due to-day, you would get as many dollars as one thousand French francs would buy at the current quotation of franes in terms of dollars. Francs are normally worth 19.3 cents apiece; at the present writing they are quotod at approximately seven cents, a depreciation from par of about sixty-five per cent. In other words, if you cashed these coupons now or collected the principal now you would get less for them than would be the case if francs were quoted higher. This is self-evident. On the other hand, because francs are not worth more is the reason why it is possi ble to buy bonds payable in francs so cheaply. And many people have bought franc bonds, and, instead of cashing the coupons when they come due, are holding them in the hope that francs will appreciate in value and thus make the coupons more valuable. This is practically the same thing as buying foreign exchange. Further, the more foreign bonds Americans purchase, the better the chances are of rising quotations for foreign exchange.

In a brief article it is impossible to do more than touch very lightly the various phases of this subject. What we wish to emphasize is that we believe there are attractive possibilities in foreign investments, and certainly it is to our benefit and the benefit of the world in general to have us buy foreign goods, whether wool, manufac tured articles, or bonds. The thing for the purchaser to decide, however, is whether he is getting his money's worth. We do not believe in any investor recklessly buy ing foreign exchange or foreign bonds unless he knows what he is doing. And the main thing to be decided is whether the nation whose bonds or money attract him is going to re-establish its industries and trade, and therefore its credit.

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BY EDWARD WILLIAM WEIMAR

(Formerly United States Air Service)

I watched a bird that from a lazy glide Zoomed till he stalled, then dived a bit to play

About a tree-top. God just made this day For flying; and I know the bumps that hide

Beneath those clouds whose shifting shadows ride

This jaded earth where I seem doomed to stay,

With only vagrant thought allowed to stray

From petty work and seek again the wide
Sky, touching-I have felt-Infinity,
While God's whole brilliant palette spreads
below;

To know again the thrill, the, highest key
Of Life a-smile at Death!-and ah, to know
How better than a dull security,

To live for one great moment-and then go!

THE STEVENSON MEMORIAL

THE article by Mr. Lucas, "From an American Note-Book," is quite interesting, with, however, indications that he s not an American.

The Robert Louis Stevenson Memorial was erected in Washington Square, and ooked towards the City Hall, then across The street, but if Golden Gate Park had een sufficiently developed it would have been placed there by his countrymen and riends. So it was entirely accidental that it was placed " on the edge of Chinatown" bany years ago; this city was young then.

Mr. Lucas refers to R. L. Stevenson as in English author-why, he does not say, hough it may be understood-but as a ative of Edinburgh and of a Scottish amily he adhered to his nationality; so t can be reasonably suggested that he hould not repeat his error.

San Francisco, California.

ROBERT BRUCE.

TO PROTECT

Ever-ready for the emergency for the sore throat, the painful cough, the irritating hoarseness that comes so suddenly-Piso's should always be kept handy to prevent these little ills from growing big. It is good for young and old. Contains no opiate. Buy it today.

35c at your druggist's

PISO'S

for Coughs & Colds

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70 days-$2200 up

SOUTH AMERICA Including the best there is to see in South America A Cruise-Tour and the celebrated trip over the Andes. Down January 29th the West coast on the luxurious Pacific Line steamer "Ebro "-up the East coast via the Lamport & Holt Line. Seventy days of pleasure on land and sea. An extended program of sightseeing in all the principal cities of South America. January 15th, S. S. Ulua; February 19th, S. S. Toloa, of the Great White Fleet. These new steamers, built for cruising in the tropics, offer the comforts of an ocean liner. Visiting Havana, Santiago, Port Antonio, Kingston, Cristobal, Panama Canal, Port Limon, San Jose and Havana.

WEST INDIES

Cruises

23 days under Tropical skies $450 ur

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W.L. Douglas

THE SHOE THAT HOLDS ITS SHAPE

$7.00 $8.00 $9.00 & $10.00 SHOES

FOR MEN AND WOMEN

YOU CAN SAVE MONEY BY WEARING W. L. DOUGLAS SHOES

The

he best known shoes in the world. They are sold in 107 W. L. Douglas stores,

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direct from the factory to you at only one profit, which guarantees to you the best shoes that can be produced, at the lowest possible cost. W. L. Douglas name and the retail price are stamped on the bottom of all shoes before they leave the factory, which is your protection against unreasonable profits.

W. L. Douglas $9.00 and $10.00 shoes are absolutely the best shoe values for the money in this country. They are made of the best and finest leathers that money can buy. They combine quality, style, workmanship and wearing qualities equal to other makes selling at higher prices. They are the leaders in the fashion centers of America. The stamped price is W. L. Douglas personal guarantee that the shoes are always worth the price paid for them. The prices are the same everywhere; they cost no more in San Francisco than they do in New York.

W. L. Douglas shoes are made by the highest paid, skilled shoemakers, under the direction and supervision of experienced men, all working with an honest determination to make the best shoes for the price that money can buy.

W. L. Douglas shoes are for sale by over 9000 shoe dealers besides our own stores. If your local dealer cannot supply you, take no other make. Order direct from factory. Send for booklet telling how to order shoes by mail, postage free.

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A Cash Offer for Cartoons and Photographs

Cash payment, from $1 to $5, will promptly be made to our readers who send us a cartoon or photograph accepted by The Outlook.

We want to see the best cartoons published in your local papers, and the most interesting and newsy pictures you may own. Read carefully the coupons below for conditions governing payment. Then fill in the coupon, paste it on the back of the cartoon or print, and mail to us.

THE EDITORS OF THE OUTLOOK, 381 Fourth Avenue, New York

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"And if you believe in the League of ski Nations, vote for Cox," shouted the politi-t cal orator to his audience of Baltimore A colored voters, as reported by a subscriber spirit "Say dat ag'in, real slow, please," reg, a quested a newly enfranchised Amazon.

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The speaker complied in the most dis, w tinct tones.

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"Shucks!" came the disgusted tones of sticks his heckler. "Dat's enuff. I war gwineo d ter vote fo' Mr. Cox, but I ain't now. Im o thought what you said wuz, did I berlieve e pe in 'Nigger Nations." "

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"There is but one thing," says the Ma London "Mail," "that has power really do to annoy Lady Irene. It is to have her Polis name pronounced in the English instead bat of the American fashion." Does this means, an that the lady wishes to be called "Ireen" me and not "I-ree-nee?"

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A writer in the "Journal of Heredity inte makes the interesting statement that with eling the low birth rate of American families the present time, the number of direct de scendants of those who came in the May"S flower will soon be so small that it will be possible to put them all into a boat of the He Mayflower's size! As "Good Health, S however, remarks, the contingency is not Jad so serious as it at first appears, for the original stock of the New England settlers ples has become so intermingled with other stocks that their blood now flows in a at fourth part of the American people.

"Skirt" is defined by the humorist of the "Journal" of the American Medical Association as follows: "A garment which formerly required a yard and a half of 54 inch goods but which now can be made with half a yard of 40-inch goods."

Lady Astor's readiness of repartee is giving her a reputation for saying things that she doubtless never said. But this story about her from an English paper seems at least well invented:

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"When Consuelo, Duchess of Marlbor ough (a Vanderbilt), reproached Lady Astor as one of the new rich, the latter re-the plied with fine scorn: Why, Consuelo,ren's the Astors had stopped skinning skunks generations before the Vanderbilts began collecting ferry tolls."

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"Why should a man saddle himself th with a wife for life," said be, bitterly, "when he can buy a parrot for $5 "Yes," she retorted sweetly, according to the " Argonaut," "" there again you men certainly have the advantage. We poor women can't buy a bear of any kind under $200."

We are always learning new things about our wonderful Territory of Alaska, and one of the surprises is contained in a statement by a writer in the "Century' about its geographical position. He says: "Alaska is as large as Norway, Sweden, Finland, Denmark, Holland, Belgium, England, Ireland, Scotland, and two-thirds of the former German Empire. It covers exactly the same parallels of latitude that these countries cover, possesses the same climate, and much the same wealth in for ests and tillable soil, with a vastly greater wealth in animal life and minerals.'

A book, called "Social Scandinavia in the Viking Age" tells of the games of the vikings. One was perhaps the original

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