necessary permission. Altogether fortythree different stock propositions for which nothing good could be said were being sold to the financially unsophisticated of Bridgeport; propositions which not only included the ordinary sorts of stocks, but also shares in such enterprises as dealing in groceries, chain stores, meat packing, various kinds of manufacturing, an assortment of services, hotel schemes, and a salt mine. In addition there were three offices in New York City from which brokers were selling stock in a new oil swindle by telephone, and still another New York broker who was doing a lively business by telephone with Bridgeport widows.

These fake concerns claimed capitalizations which totaled $83,000,000, ranging all the way from $250,000 to $30,000,000; offered dividends of from seven to one hundred per cent, and by a very conservative estimate based on reports of the New York Stock Exchange, the National Security Company, and the United States Government were harvesting not less than $1,500,000 a yearprobably something more than three per cent of the total factory pay-roll of the city. Nor was it by any means the foreigner wholly, the ignorant, or those with no business experience who had fallen for the sharpers' wiles, for Osborne's investigation disclosed the fact that of the merchants themselves twentytwo per cent had been "stung" anywhere from one hundred to fifteen thousand dollars apiece.

No sooner did Osborne's friends realize the significance of his report than they were more insistent than ever that he organize some sort of a movement to drive the buccaneers from the town. This he proceeded to do.

First of all, he gave his attention to some of the worst of the bunch which had fastened itself on the town. All that was necessary to get rid of those selling oil and mining stocks was to demand the State license which they should have and didn't dare ask for. To some of the others he gave a line of talk and asked a series of questions which brought him an invitation to join in "cleaning up the town" and offers of commissions as high as fifty per cent, but when the negotiations reached a certain point he informed them that he was "onto their game" and was "going after them," and they too disappeared. With these most troublesome and dangerous ones out of the way, he left the rest to make the discovery, which they did in less than a year, that Bridgeport was no place for them, and then turned his attention to "putting out the fire" by the very simple method of "cutting off the supply of fuel."

"The best average a man can make in getting rid of promotion stocks," he said in telling of his experience, "is one sale to every ten prospects, and I knew if I could cut that average down to one in twenty their backs would be broken; that they couldn't make any money and

they would clear out of themselves. So I set out to cut it down.

"It was simply a matter of education. I have a record of one proposition which caused a loss of $200,000 in Bridgeport in six months. There were 843 buyers, scarcely any one of which was known to a reputable investment banker, and in checking up I found that ninety-seven per cent of the $200,000 had been drawn from the savings banks. The only way to stop that sort of thing is to educate the ninety-seven per cent. I didn't interfere with any legitimate proposition, but I did interfere with the misrepresentation. I let in the daylight, and the matter took care of itself.

"The man selling wildcat stock merchandises his proposition, and so I went out and merchandised the opposition. I sold the manufacturers and bankers and merchants the idea of giving an investment protective service to those who needed it most-the workers. I showed these men that it was for their interest to give this service. I showed the mer

chant that if one of his customers was "stung" a hundred dollars he couldn't spend that hundred dollars in the store. I showed the bankers that if the savings of the town went for wildcat stocks there would be nothing left for legitimate investments. I pointed out that, as savings on an average are only about seven per cent of a man's income, if he loses a hundred dollars he will have to earn fourteen hundred more before he can replace the loss. I showed the manufac turer why it was an injury to him to have his help losing money constantly, and as soon as I got the idea over to a manufacturer or a merchant or a banker they passed the word along and helped sell somebody else, and so before long we got practically the whole town sold and I was able to give my time to putting the plan in operation."

Each business man and manufacturer joining the movement pays pro rata to ward a fund to carry on the Service. In return he is supplied with cards, seven by eleven inches, on which in large print is the warning: BUYING STOCKS, BONDS, OR OTHER INVESTMENTS FROM STRAN GERS IS DANGEROUS. Underneath, in slightly smaller type, is the suggestion: "Before you buy ask your banker about the dealer or go for free advice to the Investors' Protective Service, Inc." These cards are hung in conspicuous places on the walls of workrooms, offices, and shops. With them the subscriber receives a supply of membership cards, which he issues to his employees. These entitle them to the free use of the Protective Service. There are blanks for filling in the name of the employee, the factory or store giving out the card, its number and date. Below is the location of the office of the Service and the office hours. In connection with installing the Service in any establishment a sufficient number of talks are given to make the purpose and value of it clear to the employees, and in the majority of cases they have been glad to avail themselves of it.

Supplementing all this, as oppor tunities present themselves, Osborne car ries on his campaign of education through every available channel: talks to foremen's associations in the factories; to individual workers and employers; at meetings, clubs, luncheons, etc., always hammering home the advice to wait and secure the opinion of some one who knows before investing hard-earned and needed money, and constantly reiterating his slogan, "Ask your banker."

How thoroughly and effectively this slogan has penetrated is indicated by ap conversation which Osborne chanced to overhear one day while having his shoes polished. A dealer in wildcat stock was

E

ercising all his skill and eloquence in effort to interest one of the bootacks. The fellow listened indifferently r a time, and then turned the matter wn by saying:

"Well, I ask my banker. I see what say."

He

Osborne and the promoter happened leave the booth at the same time, and ice outside the latter exclaimed: "What do you know about that? Did Du hear what that Wop said? id, 'I ask my banker.' His banker!" Results have fully justified the underking and the methods employed. Alough some three hundred propositions ive been offered in Bridgeport in the st six years, the amount of wildcat ock sold in the city has dwindled until is negligible. The last one of the owd reaping a harvest when Osborne gan, slipped away without saying fareFell before the end of the first year.

a new promoter comes to town, he oes not make more than two or three Hills before some one sends word to sborne. Scattered through the schools, he Police and Fire Departments, the ost Office, among the letter-carriers and asurance men, are a couple of thousand olders of cards, and in the shops, stores, nd factories another seventeen thousand, aking altogether some twenty thousand airs of eyes and ears on the watch ady to report any. new arrival or Etivity.

Strange "steerers" drop in from time time, but they seldom stay for more an a month. Osborne is usually one f the first callers after they open an ffice and tests the "proposition." Then e begins to ask questions; ends up by elling the fellow what to expect, and in ost instances the promoter moves on O some town where there is less informaon extant. One salesman admitted hat in working the town for three weeks e only made one deal, and that every ther person he approached either told im they would ask their banker or see "Osborne. The promoter's approach is het at every angle with "daylight," education," and the offer of "free ervice." Osborne has secured copies of sucker lists" of Bridgeport which total bout eight thousand names, and these Fre frequently warned by letter of the langer of investing through strangers. is there is a certain type of shark which hakes a specialty of preying on widows, e sends letters to women recently Widowed offering them the protection of he Service. The "Protective Service" assed the experimental stage in Bridgehort several years ago. It is now better stablished than ever, and there is mall chance for "velvet" or a "killing" here.

r times, and of later political events. A circumstances of writing various noe poems are told, as well as many pleasanecdotes of the later days of the old ker bachelor in his Amesbury home. Sparhawk's work will give great sure to Whittier's admirers.

History and Politics

EB HEATHCOTE, GENTLEMAN COLONIST. By Dixon Ryan Fox. Charles Scribner's Sons, New York. $3.

he career of the Englishman who was e lord of the manor in Scarsdale, New k. His name survives in an inn, a pol, and a railway station.

NEW NATIONAL HISTORY. By Professor J. Arthur Thomson. Vol. I. G. P. Putnam's Sons, New York. $6.

his is an elaborate picture book in color in half-tone. The text is doubtless retable, but the illustrations are the chief

ure.

PAGEANT OF AMERICA: A Pictorial History of the United States. Edited by Ralph Henry Gabriel. The Yale University Press, New Haven. 15 vols. $67.50 per set. his is a series of books which is to be plete in fifteen volumes. It is the reof the collaboration of many editors is notable for its illustrations. The age is about three pictures to a page, the text gets in as best it may. The ures, however, are admirable and make highly interesting and valuable book.

Essays and Criticism

The

MAN MELVILLE. By John Freeman. Macmillan Company, New York. $1.25. Herman Melville, the most powerful of he great American writers, was born"h this challenging parenthesis begins first English book on Melville. It is a to begin such a study with a superla

The biographer's temptation is alIs to magnify his theme, but we recall instances of so voluptuous a surrender he lure. What Mr. Freeman means by werful" he nowhere makes clear. Surely does the cause of Melville no service

the word cause is irresistibly suged by his pose of champion) by vauntpower, beauty, artistic merit, in his or where they least appear. Instance, narrative called "Israel Potter; or, y Years of Exile." But for a few brilldescriptive passages, it is a labored perfunctory paraphrase and expansion he far more spirited original-a tiny k with an enormous title, probably dicEd by old Israel in his last days, pubFed in Providence in the year 1824; price cents. An interesting little item still ough Melville spoke of it as extinct enty years ago) to be picked up in the book-shops.

owerful Melville was in his creative nents, and it is strange that his own eration should have so little felt his le. Speaking with generous indignation he general neglect of Hawthorne, Melsaid once: "It is for the Nation's sake, not for her authors' sake, that I would e America be heedful of the increasing atness among her writers. For how at the shame, if other nations should be pre her in crowning her heroes of the

Melville had perhaps more recogniin England than in America during lifetime. Several of his books (includ"The Whale") were first published in don. But of late years certainly Amerhas not failed of enthusiasm for the hor of "Moby Dick." Mr. Weaver's full fine biography has lifted its monument. v editions of-well, of "Moby Dick"e jostled each other, and collectors have up the price of Melville "firsts" far ond the scale of any of his contemaries except Poe. Meanwhile England

The Telephone and the Farm

THERE was not a farmer in the world fifty years ago who could talk even to his nearest neighbor by telephone. Not one who could telephone to the doctor in case of sickness or accident. Not one who could telephone for the weather report or call the city for the latest quotations on his crops. Not one who could sell what he raised or buy what he needed by telephone. A neighborly chat over the wire was an impossibility for the farmer's wife or children.

In this country the telephone has transformed the life of the farm.

It has banished the loneliness which in the past so discouraged

the rural population and drove many from the large and solitary areas of farms and ranches.

It is a farm hand who stays on the job and is ready to work twenty-four hours every day.

farmer's watchman in times of The telephone has become the

emergency.

It outruns the fastest forest or prairie fires and warns of their approach. It has saved rural communities from untold loss of ple notice of devastating floods. lives and property by giving amThree million telephones are now in service on the farms, ranches and plantations of the United States.