BANK SAFETY

More than 200 National, State and Savings Banks have
investigated these bonds and invested large sums in them.
Individuals have invested from $500 to $200,000 each. A
Surety Company with resources of Forty-Eight Million
Dollars guarantees the first mortgage security.

6% WITH BANK SAFETY. You need not take less, you would scarcely demand more; for 6% is a fair return to any investor, and bank safety is that degree of safety which is required by banks for their deposit and trust funds.

This combination of bank safety and a 6% return is available to you in the real estate bonds underwritten by THE BALTIMORE TRUST COMPANY, one of America's big banks, and secured by first mortgages which the United States Fidelity and Guaranty Company (resources $48,000,000) guarantees as to principal and interest. Titles are guaranteed by the New York Title and Mortgage Company (resources $30,000,000).

The denominations are $500 and $1,000, the maturities one year to ten years, and any State tax up to 41⁄2 mills is refunded. Write to the main office of The Baltimore Trust Company, 25 East Baltimore Street, Baltimore, Md., for Booklet No. 17

sultation as he may obtain from his broker. He may study and reflect, but he does so, generally, inside himself, so to speak. He is handicapped by this failure to exchange opinions and facts, to get some one else's point of viewin short, to have the advantage of contact with other minds which are endeavoring to solve perhaps identical problems.

Just what will be the program of the Investment Club we are not yet informed. Its opportunity, however, is limitless, and, if we were called on to organize one, we would suggest that it proceed somewhat as follows:

1. Begin a series of discussions on the very elements of investing. Learn what are, and why they are, the different classes of investments-common stock, preferred stock, non-voting stock, notes, bonds of various degrees and classes, debentures, with their typical modifications and varieties. For some this would be going over old and familar ground, but their knowledge would hasten the education of the others, and a review of basic facts and principles would harm no one.

2. Take up the review and discussion of some modern book on investing.

3. Have the members subscribe to one or more magazines with a financial department (including, of course, The Outlook!), and bring up from time to time the fresh problems which are considered in its columns.

4. Amuse and instruct the club by setting problems in investing, making, for example, theoretical investments over a period of years and keeping records of what happens.

5. Exchange experiences, stimulate the principle of investigating before investing, co-operate with Better Business Bureaus and public authorities in exposing fake brokers and swindling scheme. Get discussion and sound speakers before other local organizations.

We cannot imagine a better employment of a little spare time than organizing and belonging to an Investment Club. The possibilities for individual as well as for collective benefit are, literally, tremendous. The trouble has been in the past that the investor has been too much alone. In very recent years, with the growth of popular education in this field, the investor has been better informed and he has not been quite so much of a solitary figure. With the Investment Club, whatever form or name it takes, he is carried a step further, and this step should prove both enjoyable and profitable.

We know of a more ambitious undertaking in a similar direction which also

promises well. In this case the members. of the little group had real knowledge of the investment problem and, in addition, money to invest. They invested co-operatively. They formed what amounted to an investment trust or pool under a simple form of agreement and their funds were placed in sound bonds and stocks. Thus each hundred dollars was at once diversified to an extent which no individual, alone, could hope or expect. Each member's share in this pool was secured by all the assets of the pool, which soon grew to comprise thirty or forty different securities.

We also know of another scheme which involved the group-investing idea. But in this case the group wanted to make money with extreme rapidity, and after some six or eight months there was nothing left of the pool but a disappointing -memory.

W. L. S.

From Inquiring Readers

T

HERE is always a reason, and generally a good reason, for stocks to sell to yield large returns. This fact was again illustrated in our discussion with a reader in Pennsylvania, whose inquiry can easily be gathered from our answer:

"There are two preferred stock issues of the American and Foreign Power Company. One is called the preferredi. e., the first preferred-and has paid dividends at the rate of $7 per share since issued. No dividends have been paid on the second preferred.

"This company is controlled by the Electric Bond and Share Conpany, and owns securities controlling public utilities in Cuba, Panama, and Guatemala. The company was incorporated in 1923 under a perpetual charter.

"The Electric Power and Light Company was incorporated in 1925 to take over, under a plan of reorganization, the assets of the Utah Securities Corporation. It now develops and operates public utilities in Louisiana, Texas, Idaho, Utah, Colorado, Wyoming, Nevada, and Oregon.

"In both these cases the reason why

TH

61% OR 7%

HE 634% and 7% First Mortgage Bonds that we offer for your July funds are created by the same standards of safety and protected by the same safeguards that have resulted in our record of no loss to any investor in 53 years.

These bonds give you the strong security of modern, income-producing city property and, through monthly payments toward the annual reduction of the principal, your margin of safety is constantly increased.

You may invest outright, in denominations of $1,000, $500 or $100, or you may use our Investment Savings Plan to buy one or more $500 or $1,000 bonds by 10 equal monthly payments. Regular monthly payments earn the full rate of bond interest. Maturities are from 2 years to 10 years.

* * *

Send your name and address on the form below for details of our July offerings, and for our booklets, "Fifty-three Years of Proven Safety" and "How to Build an Independent Income."

is that the companies are relatively new.

In the case of the American and Foreign Power Company, the properties are not in the United States, and are therefore subject to greater risks than older and better-established properties in this country. In the case of the Electric Light and Power Company, this is a lately reorganized company, with the attendant uncertainties.

"We would consider American and

"Demand

these 4 things

with your

July Investments"

say Successful Investors

The most successful investors will tell you that the safety and profit of your investments may well depend upon these four things: 1. An unconditional guarantee of principal and interest by the house of issue.

2. The financial statement of the house of issue. 3. The privilege of insuring your bonds against loss.

4. A yield of 6% to 62%.

Unconditionally Guaranteed

Every Adair First Mortgage Real Estate Bond is unconditionally guaranteed as to principal and interest by Adair Realty & Trust Company, with capital, surplus and profits of $2,500,000 and resources over $10,000,000. The financial statement of the Adair Realty & Trust Company is published at regular intervals.

Insurance Privilege

Every Adair Bond is eligible for insurance against loss of principal and interest in one of the oldest and strongest surety companies in America with resources over $27,000,000.

Adair Guaranteed Bonds fulfill the requirements of the most conservative investors and the liberal yield, up to 6%%, makes them a favorite with successful investors the country over.

Investors in Adair Guaranteed Bonds can not fail to make money. Mail the coupon today for full information and July Offering Sheet.

ADAIR REALTY

& TRUST CO. Founded 1805

CAPITAL, SURPLUS AND PROFITS $2,500,000
Packard Building
PHILADELPHIA

Healey Building

ATLANTA

Offices and correspondents in principal cities

ADAIR REALTY & MORTGAGE CO., Inc.

New York

370 Madison Avenue

St. Louis Boatmen's Bank Building

Ownership identical

'Foreign Power the better from an investment point of view, but we would not rate it above a good 'business man's risk.'

"W HAT about Dodge Brothers pre

ferred?" inquires a friend in

California.

"As to this stock," we answered, "we would not regard it as a seasoned preferred stock, and hence not one of investment rank. The Dodge car is one of the best on the market, and the company is, so far as we know, soundly managed, but the recent financing has not yet been completely adjusted or absorbed, and this stock is not generally regarded as better than a 'good business man's risk.''

We might have added that our opinion of the automobile in question is biased by our personal ownership. Also, that we feel a little conservative on indi

vidual motor stocks.

A

GOOD many inquiries from different parts of the country come to us about various corporations which guarantee bonds. Those who ask us about these guaranteeing companies are interested in "guaranteed" first-mortgage bonds. To inquire as to the standing of the guarantor is eminently proper and sane, but as a matter of fact a guaranty, while an added protection, is the kind of assurance which makes assurance doubly

sure.

In other words, a first-rate house specializing in guaranties takes itself the very minimum of risk and does not indorse any bond about which it has the least doubt. If, however, a guaranty adds anything to the bond buyer's peace of mind, it is worth the price. In just one out of many thousand cases it will save your principal.

Contributors' Gallery WIL

ILLIAM J. GHENT has long been a student of sociological and political questions. He was one of the founders of the Social Reform Club in New York City, and was at one time President of the Rand School of Social Science. His books include "Mass and Class," "Socialism and Success," and "The Reds Bring Reaction."

Facts For Investors

THE OUTLOOK's Financial Service Department is at the disposal of all Outlook readers at the nominal charge of $1 per inquiry. It is a factfinding and reporting information service which aims to help the investor, small and large, solve his own problems. We are serving hundreds. May we serve you?

The Outlook Financial Service Department THE OUTLOOK, 120 East 16th Street, New York

On the Maine Coast

(7 miles from Boothbay Harbor) Beautiful Newagen, at outer tip of Island, Extending Five Miles Straight Out in Ocean, where Sea, Cliff's and Spruce Forests Meet.

LARGE OCEAN SWIMMING POOL
HOT AND COLD SEA WATER BATHS

Boating, Deep Sea Fishing, Golf and Tennis. Motoring, garage. An ideal anchorage for boats and yachts in a cozy, well-protected harbor. Air cool and bracing. No hay fever. Bridge and State roads connect with mainland. Modern Hotel, Annex and Cottages. Inn Cuisine excellent. Matchless beauty spots abound along the mile and a half of rocky, cove-studded shore, which is a part of the Hotel's 100-acre estate. Private athletic field. Excellent golf course with clubhouse within easy distance. Ideal place for a family to spend summer. Inn opens June 26. Write for illustrated booklet.

MARBLEHEAD,
The Leslie

A quiet, cozy little house by the sea. Opens June 26th. Private baths. Booklet. 22d season.

June 20 write to

Mariarden, Peterborough, N.H. A summer colony in the pine woods. We live in cabins grouped or placed singly in pine groves. Refectory and recreation studio centrally located. Tennis, golf, swimming. Open June 25th. Reservations now. Rates from $35 weekly. FRANCES O. GRISDALE, Mgr. Until June 20 address Miss J. S. ORVIS,

666 Washington St., Wellesley, Mass. BEMIS CAMPS

OVERLOOKING KIMBALL LAKE Near the White Mountains The place you always wanted to know about, where you could rest and enjoy yourself. Boating, bathing, fishing, tennis, horseback riding, mountain climbing. Nights around the camp-fire. Private cabins.

H. C. BEMIS, South Chatham, N. H.

New Jersey

ATLANTIC CITY

Southland Cottage

BOSTON AVE. and BEACH Delicious Meals

On Goose Lake, Lee, Mass. Cabins, good beds, home cooked food, boating, bathing, fishing, tennis, walks. MAY MORSE, Camp Morse, Lee, Mass.

BAYHEAD, N. J. A selective family hotel, capacity 150. Home-grown vegetables, home baking, fresh sea foods, golf, tennis, yachting.

On the Campus AMHERST, MASS. Opened June 1, 1926

75 Rooms

A New High-Class Hotel of
45 Baths
Open All Year
L. G. TREADWAY, Mgr.

Affiliated with

Mgr.

THE WILLIAMS INN, Williamstown, Mass. THE ASHFIELD HOUSE, Ashfield, Mass. THE DORSET INN, Dorset, Vt.

tennis courts. Opens June 18th.

R. F. ENGLE, Mgr.

REDCLIFFE

An Attractive Country Home A delightful old manor house with every modern convenience, on an estate of eighteen acres of pines, overlooking the river. Excellent home cooking; own garden and milk. The place receives only quiet and cultured people. One hour from New York City by Pennsylvania Railroad. References exchanged. Address the Misses SCHENCK, Redcliffe, New Brunswick, N.J. Phone 3024 New Brunswick.

ADIRONDACKS-HURRICANE, N. Y.

Select clientele, 55 rooms with private baths. 30 rooms with hot and cold running water. All electrically lighted. Rates as low and lower than you could expect. For families wishing cottage privacy the Alcadel has suites with their own entrance hallways,renting by week, mouth, or season. Golf course, tennis. Excellent cuisine. The Hurricane Mountain Inn (same management) opened May 15. Special early season rates. Write New York office, 208 Center St. Tel. Canal 8886, or to Hurricane, Essex County, New York.

Keene Valley Inn, Keene Valley, N. Y.

Adirondack Mts. Rates $18 to $30 per week. 75 rooms. Fresh vegetables, own garden. Teunis, dancing, golf course two miles. Special rates for Sept. W. W. BLOCK, Prop.

TAMARACK INN

Keene Valley, N. Y. Modern improvements. Own dairy and vegetables. Accom. 35. Booklet. GEO. R. DIBBLE.

Blue Mountain House

One of finest situations in Adirondacks. Altitude 2,055 ft., overlooking beautiful lakes. Outdoor sports. Write for booklet.

M. T. MERWIN, Blue Mountain Lake, N. Y.

For other Classified Advertising see next page

STATIONERY

WRITE for free samples of embossed at $2 or printed stationery at $1.50 per box. Thousands of Outlook customers. Lewis, stationer, Troy, N. Y.

EMPLOYMENT AGENCY

SECRETARIES, social workers, superintendents, matrons, housekeepers, dietitians, cafeteria inanagers, companions, governesses, mothers' helpers. The Richards Bureau, 68 Barnes St., Providence.

HELP WANTED

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried inen and wonen. Past experience unnecessary. We train you by mail and pat you in touch with big opportunities. Big pay, fine living, interesting work, quick advanceinent, permanent. Write for free book. "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite G-5842, Washingtou, D. C.

MANAGER at large country school (cottage system), 100 miles from New York, to supervise purchasing, upkeep. State ages of self and family, religion, salary desired, previous employers, with exact position occupied with each. Excellent permanent position for thoroughly competent, cultivated person. Reply fully in own hand. Applicants replying fully will be first considered. 7,068, Outlook.

SALESMEN wanted. $10 daily easy. start you in auto accessory business. investment, no experience necessary. Lunt Ave., Chicago.

We

Νο Ex

facing Presidential Range; furnished; 5 miles from North Conway. Living-room with fireplace, two bedrooms, bathroom, kitchen, large attic; modern plumbing, electricity. $250 for summer. Address G. P. McCOUCH, Media, Pa.

New York

SITUATIONS WANTED EDUCATED young lady, stenographer, bookkeeper. Camp or summer hotel. 7,07, Outlook.

(The famous sanitarium and health resort village) For Sale, a palatial 9-room house. 2 baths and a toilet; garage. Ideal for summer home, or as a home in a quiet, beautiful village for retirement from active life; photograph and description of the house sent to interested parties. Apply to Mrs. A. C. Rhodes, Clifton Springs, N. Y.

Adirondack Cottage by the Week month or

season.

Furnished, five and six rooms, bath, running water, electric lights. Supplies convenient. Central for touring. ALMON WARD, Jay, N. Y.

BUNGALOWS FOR RENT Furnished bungalows on Lake Muskoday. On improved highway. Write for folder. RAYMOND D. GRAHAM, Roscoe, N. Y.

Wallkill, N. Y. 9-room house,all improvements, excellent condition; oak and maple floors; large porch; in village, on State highway to Newburgh. Price $8,000. B.S.Galloway.

Vermont

EXPERIENCED gentlewoman desires pounderstanding of young people. References exchanged. 7,063, Outlook.

EXPERIENCED tutor in Latin and history desires summer position; preferably at seashore. 7,069, Outlook.

GRADUATE, State registered nurse and experienced hygiene instructor wants position as resident nurse in school or college. Address 1165 South Bainbridge St., Barry, Ill.

HOUSEHOLD director wishes position in institution or estate September. Fine training and experience. 7,067, Outlook.

LADY PHYSICIAN, going to California about July 1, would like to take elderly patient or chaperon young people. References exchanged. 7,058, Outlook.

MIDDLE-aged woman as companion or working housekeeper for small family or for business woman. References. 7,076, Outlook.

NURSERY governess, thoroughly experi enced, refined. References. 7,075, Outlook.

POSITION as companion by young woman, cultured, cheerful, and capable. Will travel. 7,078, Outlook.

REFINED, companionable woman, Protestant, desires position in September as companion or home assistant. Is capable in the customed to driving a car. Would like to go South. References exchanged. 7,072, Outlook.

Modern 7-room house. Hot-water heating system, bath, fireplace, hardwood floors, porches, wide outlook. Barn, icehouse, about 2 acres. Inquire J. C. DURICK, Fairhaven, Vt,

Instruction

Opportunity to become TRAINED NURSE. $15 monthly allowance. Ideal living conditions. Tennis, surf bathing. 3 hours from New York. 8-hour day. 2 year course. Age 18 to 32; 2 years high school. Send for descriptive folder and application. Southampton Hospital Association, Southampton, Long Island, N. Y.

Board-Rooms

Litchfield Hills, Conn. Quiet, restful sur

roundings, beautiful walks and drives, procurable by a few persons of discriminating tastes in private home. Excellent food. References. For details write Outlook Hotel and Travel Bureau.

TO LET Several rooms in country home

with land. State, road, attractive surroundings, auto accommodation. Low reut. Mrs. Emma A. James, Sherborn, Mass.

BUSINESS OPPORTUNITIES

OPPORTUNITY for bright woman to engage in woman's apparel line. Space available in busiest corner in Riverside, which is one of Chicago's fast growing and finest suburbs, ten miles from the city. Living rooms in connection In answering give references. A. R. Owen & Co., Riverside, Ill.

In writing to the above advertisers please mention The Outlook

TUTOR and companion. Harvard graduate, experienced in best preparatory schools, European travel, camp life, would take boy for summer or year. References.7,073, Outlook.

UNIVERSITY instructor, trained at best institutions, two years abroad, seeks summer engagement. 7,070, Outlook.

WOMAN of culture and advanced education, experienced in travel, who speaks easily and fluently, is willing to prepare lectures on any given subject for remuneration and traveling expenses. Would prefer the vicinity of Harrisburg, Pa. 7,049, Outlook.

YOUNG woman from cultured home desires position for September in private school. Primary work or junior high school. Experience in excellent private school, Washington, D. C. Good references. 7,062, Outlook.

MISCELLANEOUS

TO young women desiring training in the care of obstetrical patients a six months' nurses' aid course is offered by the Lying-In Hospital, 307 Second Ave., New York. Aids are provided with inaintenance and given a monthly allowance of $10. For further particulars address Directress of Nurses.

LEARN to entertain! New book explains all forms of mystery entertaining. $1. "Clayton," 7605 Linwood Ave., Cleveland, O.

WANTED-Elderly people to board. Address W., Pawling, N. Y.

GOOD looking, intelligent English boy for adoption; blond; 7 years old; good family. 7,077, Outlook.