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CONTRIBUTORS' GALLERY

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LOUISE AYRES GARNETT, of Evanston, Illinois, has written the music for fully a hundred songs. Her first choral work, a "Forest Rondo," with from Shakespeare, was produced last year at the North Shore Festival at Evanston, with a chorus of fifteen hundred children's voices. She is the author of a play, "Master Will of Stratford," together with its incidental music; and of "The Muffin Shop," ," "The Merrymakers," and "The Rhyming Ring," verse-books for chilEdren. She wrote the text for the cantata "The New Earth," music by Henry Hadley. She writes us: "I am married to a lawyer (Eugene H. Garnett), and have a son, Gordon, and a daughter, Gloria. I am sending a picture which my husband likes for its effect, I susSE pect, of unmistakable, downright domesticity-and which is liked not over-well by my mother because it makes me look old!' My little Gloria has what she calls penny-colored hair-and I should like to add that it is the color of bright pennies."

DR.ANDREW TEN EYCK was formerly

secretary to Dr. John Finley, then head of the Educational Department of the State of New York. He has recently returned from a rather extended stay abroad, which included a residence for some time in London as a correspondent and later a visit to Germany.

LEONARD HATCH has contributed

fiction to "Scribner's," "Collier's," and the "Woman's Home Companion." He lives in Trenton, N. J.; his college was Harvard. He wrote Contentment" in Norwood, Massachusetts.

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UTHBERT HICKS was assisting in the management of three British newspapers when the war broke out. He joined the army as a private and was soon an officer in the First Worcester Regiment, and was later transferred to the Royal Air Force, in which he served with two antisubmarine squadrons. He was then transferred to the Intelligence Department of the Ministry, and became chief writer on aviation in the Information Department. After the hostilities he joined the staff of Sir Frederick Sykes, Comptroller-General of Civil Aviation in Great Britain. He has contributed many articles on aviation to London journals.

NOTE-The photograph of Miss Eleanor Markell. published in this column last week, should have been credited to the "Dupont Atelier," New York.

The Contributions of Science

MERICAN

The greatest material benefits the world has received have come from the laboratories of the scientists. They create the means for accomplishing the seemingly impossible.

Science, after years of labor, produced the telephone. From a feeble instrument capable of carrying speech but a few feet, science continued its work until now the telephonevoice may be heard across the continent.

In February of 1881 a blizzard swept the city of Boston, tearing from the roof of the Bell telephone building a vast net-work of 2,400 wires. It was the

TELEPHONE &

LOCAL

LONG DISTANCE TELEPHONE

TELEGRA

AND ASSOCIATED COMPANIES

BELL

SYSTEM

worst wire disaster the
Company had sustained.

Now through the ad-
vance of science that num-
ber of wires would be car-
ried in a single under-
ground cable no larger than

a man's wrist.

As the fruit of the effort of science greater safety and greater savings in time, money and materials are constantly resulting.

And never before as now, the scientist is helping us solve our great problems of providing Telephone service that meets the increased demands with greater speed and greater certainty.

AMERICAN TELEPHONE AND TELEGRAPH COMPANY AND ASSOCIATED COMPANIES

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FINANCIAL DEPARTMENT

1920

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The Financial Department is prepared to furnish information regarding standard investment securities, but cannot price 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

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PUBLIC UTILITY BONDS

ANY times recently bond dealings on the New York Stock Exchange have exceeded transactions in stocks. Highgrade bonds have been in great demand, and those actually bought and sold on the floor of the exchange itself do not by any means represent the total of purchases and sales; there is an "outside or over the counter" market for bonds which is an active one, and because a bond is not listed does not necessarily mean that on that account it does not possess the important characteristic of marketability. And high-grade bonds are cheap at present prices. Bankers agree pretty generally that this is the

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case, and knowing investors are every day testifying to the agreement that it is so by taking advantage of the opportunit afforded them by the low quotations for sound bonds. The numbe of investors who are purchasing bonds is increasing steadily. is only logical that this should be the case, for bonds are selling many points below the levels at which they were quoted f years ago. This is due to changed conditions in the mon market-not to any lessening of intrinsic value for money com mands higher rates than formerly.

Government, railway, industrial bonds of all kinds are seling

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Write Today for This
January Investment Guide

-If you have money which you wish to invest safely;

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Then you should write today for the new Straus Guide to
Safe Investment, for January, 1921.

It describes a great variety of sound securities, in amounts
of $100 and upward, which yield the largest return you
can obtain, year in and year out, with complete safety. It
will be an invaluable help to you in picking a satisfactory
investment. Write today and specify

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CHICAGO Straus Building

OFFICES IN FIFTEEN PRINCIPAL CITIES

Thirty-nine years without loss to any investor

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bargain prices-prices which may not equaled again for a generation. When money market gets back to its former dition, or tends to approach that point, n n interest rates will go down and the ce of bonds will go up. Bonds sell at ces which make the interest received m them in proportion to the rates rged for money. If money is worth per cent now, bond interest will very ely approximate 6 per cent. If a few rs from now money commands only per cent, the chances are that bonds al yield the same amount. In other words, nd prices will go up under these condins, because it is plain to see that the her the price of a bond, the lower its d. Now indications point to lower inest rates, and therefore to higher bond

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ces.

Among the classes of bonds which would m to offer investment opportunities at present time are public utilities. Cerhly public utility companies fulfill the uirements of being essential industries. -civilized and industrial community can along without trolley cars, subways, vated trains, gas, electric light, and rer. We are absolutely dependent upon se things, and more and more so as our ustries grow and the use of electricity I gas becomes increasingly prevalent

only industrially, but in our homes. e growth of every community is largely endent upon the ability of its public ities to keep pace with its requirements Ito anticipate future needs. What they re to sell is in constant demand, and

demand seems certain to increase. It his kind of businesses whose securities being purchased to-day by discerning I far-sighted investors, and at the prestime there are some fifteen hundred usand persons in the United States who n public utility securities.

Public utility companies have in many es had a difficult time of it during the t few years. During the war they had umerable trials and troubles. Increased ts were not offset by increased rates; frequently they were made political tballs, and their importance to the comnities they served was not appreciated. t conditions seem to have changed. The gers which threatened them have reed to their benefit, for they have caused lespread discussion of their needs and a ter appreciation and understanding of m on the part of the general public. e public utility commissions as a result this have been more ready to listen apathetically to their applications for her rates and shown a disposition to nt them the increases they have so ently needed. Statistics show that gas apanies, electric railway companies, and etric light and power companies have ing a period covering the past three rs been granted substantial increases r the rates they were permitted to rge during the three preceding years. of this would indicate that the position the public utilities has been greatly imved; that the important part they play our home and industrial lives is better lerstood to-day than ever before. These tors necessarily justify the opinion that future for them and their securities is right one.

opportunities are presented the intor because of the current quotations for h-grade bonds-and the best opinion is Chis effect-it seems worth while, when sidering what bonds to buy, to give some

The LURE OF THE CITIES

The 1920 census will show that our urban population is over 50% of the total. In 1880 the percentage was about 15.%.

This movement has meant not only the birth of many new urban communities, but also an enormous development of the older centers to accommodate the increased population.

It has meant and will mean a vast aggregate of capital for those improvements which alone make cities possible-water supplies, sewer and sanitary provisions, parks, roads, schools, etc. necessarily financed by the issuance of tax-secured Municipal Bonds.

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Our pamphlet, "Bonds of Municipalities", together with our circular of offerings OM17 will be sent gladly upon request

BUENOS AIRES, ARGENTINA

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OW many of us when we think of big American cities, think only of those in the United States? Yet Buenos Aires is only outranked by New York, Chicago and Philadelphia.

Buenos Aires is one of the world's greatest centers of art and commerce. Upwards of 38 steamship lines radiate from it to all parts of the globe, carrying grain, meat, hides, wool and oils.

Like all other South and Central American cities, it keeps in constant touch with the other markets of the New World through ALL AMERICA CABLES. News and business communications that otherwise would take weeks to deliver, are flashed instantly back and forth.

ALL AMERICA CABLES is one of the great forces aiding the development of commerce, and friendships between the peoples of our Western Hemisphere. It is the only direct and only American owned means of communication

To insure rapid, direct, and accurate handling of your
cables to Buenos Aires and other South and Central
American points, mark them" VIA ALL AMERICA."

ALL AMERICA CABLES

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FINANCIAL DEPARTMENT

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attention to those issued by public utility companies.

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QUESTIONS AND ANSWERS

Q. Will you please give me the names of a fer bonds which you consider well secured and which can be bought in denominations of $100?

A. If you have a hundred dollars, or a few hundred dollars, to invest you cannot do better than to buy Liberty Bonds at their present price. If they are not worth par at maturity the United States is not b worth par.

Q. Please give me the mileage of the Souther Pacific Railroad, the capitalized debt per mile, bonded debt per mile, and total assets of the conpany. How high has the stock sold in the past ten years, and when? How low has it sold in the past ten years, and when?

A. Our figures are as of December 31, 1919. Total mileage owned is 528.06 miles; leased from proprietary companies, 6,572 miles; owned by or leased to proprietary companies, 4,020 miles. Capital stock per mile is $18,747. Funded debt per mile, $10,404. Total assets, $1,764, 947,577. The high quotation for the stock was 1384 in 1910, and low was 75% in 1917.

Q. Please give me figures showing the latest earnings of the Stromberg Carburetor Company of America. What is the present dividend rate on the shares of this concern?

A. After Federal taxes and charges, the surplus of the Stromberg Carburetor Com pany of America for the three months ended September 30, 1920, equaled $1.17 a share earned on the 75,000 shares of capital stock of no par value. This figure compares with $2.72 a share earned dur ing the preceding three months, and $2.04 a share in the corresponding three months of 1919. A quarterly dividend of fifty cents a share has recently been declared payable January 3 to stockholders of record December 20. Previously the rate has been $1 a share quar terly.

Q. Will you tell me the meaning of the terms "premium" and "discount" as applied to bonds?

A. A premium bond is one selling for a price greater than its face value at maturity. A discount bond is one selling for less than its face value at maturity. For instance, if a $100 bond due 1925 were now quoted at 102 it would be a premium bond; if, on the other hand, were quoted at 98, it would be a discount bond.

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Describes water sports motoring, tennis, golf, hunting, fishing and other forms of recreation the city offers. Write today for copy.

CITY ADVERTISING DEPARTMENT Room 10-E. City Hall

Jacksonville, Florida

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N IDEA WORTH COPYING

ACH week Principal E. K. Diehl, of the Pottsville High School, makes two selecns for men to read and discuss. These posted on our lobby bulletin board. Professor Diehl's selections have created erest outside, and one of the Pottsville wspapers has asked us to furnish them th the list each week, which we are ing. A copy of this week's selections as ey appeared in the Pottsville "Journal' lows:

READINGS FOR WEEK.

Since October 14 Professor Diehl, of the high school, has been selecting two articles mong the Y. M. C. A. magazines for the men specially to read. This has created quite a litle interest in good reading. His selections this yeek are as follows:

Outlook magazine for November 24, article ntitled "The Black History of a Black Republic.'

"Leslie's" magazine for November 27, artile entitled "A Practical Sieve for the Top of he Melting Pot."

You will notice that the first article for ding is from The Outlook. Since we rted there has been a total of four selecns from The Outlook. Professor Diehl given full authority to select as he wishes in our magazines, and we take practily all of the leading ones.

NORMAN H. ANGELL. leneral Secretary Y. M. C. A., Pottsville, Pennsylvania.

This Y. M. C. A. has been making ections of articles of particular worth Ice the middle of October. The Outlook 8 therefore been chosen as the source of e worth-while article almost every week ce the practice was started. Mr. Gathy's weekly column of questions ought be distinctly valuable to such instituns as the Pottsville Y. M. C. A., which e trying to make full use of The Outlook. he example of the Pottsville Y. M. C. A. one which might well be copied by simir organizations.

PLAIN TRUTH

TESTERDAY I ran across some articles in your magazine by Mr. J. Madison thany entitled "What's the Matter ith the Eastern Farmer?" and I cant resist thanking you (as a farmer) for blishing these articles. The articles ring th plain truth and I wish every one could ad them. Our marketing system is our ief trouble, and we are rapidly getting dangerous ground in this country rough this very thing. It is a subject ich has been studiously neglected by actically all publications, and a subject ich takes considerable courage to face uthfully.

You deserve the thanks of all farmers. EDWARD MOSEMAN.

West Brattleboro, Vermont.

Select Notes

The World's Greatest Commentary on the International Sunday-School Lessons By AMOS R. WELLS, Litt.D., LL.D. Let us send you a pamphlet containing the first lesson taken from the volume of 1921

Price, $2.00 Net; $2.10 Delivered W. A. WILDE COMPANY 120 BOYLSTON STREET, BOSTON, MASS. Rand-McNally Building, Chicago

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Department of Classified Advertising

THE OUTLOOK, 381 Fourth Ave., New York

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