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DEMAND ALL THREE

your home

GUARANTEED-INSURED-PROTECTE
ECTED, past three years, despite the early oppo; typical mortgage is what is called an

"

one giant power plants in Pennsylvania with which provides that new bonds may be

existing hydroelectric and steam units on issued against new construction. It is INSURED

the Atlantic seaboard and in New Eng. thus possible for the corporation to borYou insure your life,

land to form a super-power system for «row its needed funds for relatively short and its contents. Now you can the whole northeastern section of the periods, or, rather, at relatively short insure your capital and income

United States forms one of the remark- intervals, restricted by carefully drawn against all possible loss. The

able steps in the development of distri- and almost standardized provisions which following Surety Companies sev

bution. In fact, the establishment of make for both the health of the financial erally insure, in varying percent

super-power systems throughout the body of the company and safety for the ages, the payment of 100% of the principal and interest of the country can well be regarded as a mile

bond buyer. first mortgages securing National stone in the history not only of the elec- In this department some months ago Union Mortgage Company

tric light and power industry but of the we printed eleven tests for a power and Bonds

United States as well, on account of the light bond, prepared by Bonbright & Co. U.S. Fidelity & Guaranty Co.,

economic and social changes it has These are most pertinent here: Baltimore

wrought and will to a still greater extent 1. Interest charges should be earned Maryland Casualty Company, in the future.

twice before depreciation). Baltimore

The typical electric power and light 2. Bonded debt should not exceed 80 Fidelity & Deposit Company, corporation of the immediate future is a

per cent of property value. Baltimore

manufacturing company, linked with 3. Bonded debt should not exceed five National Surety Company.

others through super-power, serving a times gross earnings. New York

definite community. It may or may not 4. Property should be adequately National Union Mortgage Bonds be owned through its common stock by maintained, with combined maintenance are safe because of the insurance

one of the great holding companies and depreciation not less than 12 per feature but they could not be more than likely it is. In some cases

cent of gross. so insured unless the security

there will be divergence from type and 5. Company's right to operate propwas fundamentally sound even without this insurance protection.

the company will be, like the New York erty should extend beyond life of bonds

and Queens Electric Light and Power or be indeterminate. PROTECTED

Company, a distributing as opposed to a 6. Company should be free from comThe Standarized Requirements"

manufacturing agency. Our typical com- petition. of the National Union Mortgage

pany may have a single dominating cus- 7. Company should preferably have Company, in themselves fully tomer, the local street railway. But its customer ownership of preferred stock. protect the principal and interest end will be to seek a monopoly of cus- 8. The territory served should be of these bonds. A copy of these tomers in its region, a monopoly which prosperous and growing both in popularequirements will be sent on will be little feared, thanks to public tion and industry. request and should convince any

regulation, on the one hand, and to a 9. Earnings should show an increase investor that only the soundest

healthy degree of customer ownership, on in gross and in net for a period of mortgage practice is followed and

the other. that every possible protective

Coming now to what the investor is 10. The company's main vehicle of measure is employed to safeguard this investment.

chiefly interested in, the securities of the financing should be a modern mortgage,

power and light company, first mortgage with the issuance of additional bonds GUARANTEED

bonds and preferred stocks comprise the restricted to eighty per cent of the cost In addition to the insurance

larger portion of the offerings. There are of additions to property and allowable

available common stocks in strong com- only when interest charges are earned against loss by the Surety Companies mentioned above, all

panies, but possibly in fifty per cent of twice. mortgages are unconditionally

the corporations ownership of the com- What, if any, are the outs in the elecguaranteed by the issuing mort

mon resides in other companies-gas or tric light and power industry? So far we gage companies.

Furthermore, street railway companies—or holding have sketched the main lines of the inevery bond is guaranteed, prin- companies, which, in turn, offer their dustry and have shown nothing of the cipal and interest, by the Nation- common to the investor. There are more seamy side. “We have come," wrote

al Union Mortgage Company. readily available to the public a consider- John Moody two years ago, “to regard $500 and $ 1,000 6% Coupon Bonds

able list of preferred stocks whose yield public utility securities taken as a whole

is almost invariably high and remarkably as the most attractive and desirable class NAT'L UNION MORTGAGE CO. steady. An expert analysis of nearly all in the investment market to-day. More

the electric light and power companies in favorably and intelligently regulatea: . BALTIMORE, MARYLAND

the industry, made last year, showed than the steam railroads, fundamentally FISCAL AGENTS

that current cash dividends were being more stable in every respect than the MACKUBIN, GOODRICH & CO.

paid on all of the first preferreds; that in average industrial enterprise, the public Bankers , ESTABLISHED 1899

no case were there accumulated back utilities of the country face an assured BALTIMORE, MD.

dividends unpaid; that in fifteen cases future.” Gentlemen: Please send me your

dividends had been deferred, but were Quite true. But, in spite of this, there booklet No. 55

subsequently paid; and that in eighty- are failures and wreckings-proportionName

three companies the dividend record of ately few—such as we find everywhere. the preferreds was unbroken.

Public regulation is a degree of insurThe bonds of electric light and power ance, but is not complete insurance. City and State

companies deserve separate treatment, Judgment of bankers and engineers may but space at this time forbids. The err, has erred. This aside, the warning

years.

111 E. REDWOOD ST.

Address

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From Inquiring

Is this a good time to buy bonds? This

62%

which we would issue to investors is
based on the fact that the electric power
and light industry is expanding rapidly.

In some particular companies this ten-
The Whole World Knows dency is sure to be accelerated, with dis-

that Detroit is the greatest automobile aster. There may well be holding comcenter on earth. In addition to automo- panies which will offer brighter prospects biles, Detroit is first in production of medicines, stoves, furnaces, overalls, adding ma

than are warranted. The exploiter, as chines, soda and salt productions, metal beds, distinguished from the true developer, cast aluminum and many more products.

cannot abstain from a field so rich. Dynamic Detroit, this wonderful, thriving The investor must, as ever, invest metropolis with its wide range of industries

after, not before, investigating.
offers you a splendid opportunity for sub-
stantial, profitable investment. United First
Mortgage Bonds secured by carefully select-
ed Detroit apartments, homes and office
buildings offer you good investments.

Write for complete listings
of investments open to you

Readers
UNITED STATES MORTGAGE
BOND COMPANY LIMITED

Howard C. Wade, President
326 U. S. Mortgage Bond Bldg., Detroit, Mich.

inquiry comes from many readers. Capital $1,000,000 Resources more than $10,000,000 To one we replied as follows: Or you can buy "United Bonds"

“We cannot say, for the reason that a doubly safeguarded-guaranteed

great deal depends on the course of
asto principaland interest. Askus
about United guaranteed bonds.

UNITED money rates. Money is pretty firm at
BONDS

present, and if it goes down bonds will go
up. This, however, is out of our prov-
ince and in the province of estimates of
trends of events.”

What this reader had in mind was THE OUTLOOK's Financial Service whether it was wise to invest at present Department is at the disposal of all high prices. This is always a puzzle. Outlook readers at the nominal charge Another answer that might have been of $1 per inquiry. It is a fact-finding given is: A good bond is always a good and reporting information service which bond, irrespective of the price. Price aims to help the investor, small or affects income and is reflected in sale large, solve his own problems. We are value. Without knowing just what the serving hundreds. May we serve you? object of the investor is, any reply must The Outlook Financial Service Department

be inadequate. THE OUTLOOK 120 East 16th Street

NE

NTERNATIONAL PAPER 6s and the

common stock of the Delaware and Hudson Railroad interest one of our readers. Neither of these securities can be classed as a thoroughly conservative investment. Yet they are far from speculative. If purchased, they should be

carefully watched and may appreciate. BEFO EFORE investing your surplus

funds, take the precaution against loss by seeking the expert and conser

ENTY of good companies find themvative advice of your local or invest

selves in a position now and then ment banker who will gladly serve you.

when their securities, otherwise high-
grade, cannot be considered true invest.

ments. A Vermont reader asked this
In Investments department recently about the American

Agricultural Chemical preferred and For after all good investment oppor

common. The record follows: tunities predominate. Caution, Care, Investigation will reveal safe and profit- This company earned neither its preable channels for your surplus funds. ferred nor its common dividends during

The Financial Article that appears the last four years. Net profits in 1924 in the October issue of Harper's

were only a little over $100,000; in Magazine will help solve your investment problems.

1923, $500,000; in 1922, $1,124,000; Form the habit of reading the financial

and in 1921, $6,000,000. The agricul. article in every issue. You will find tural depression during the past three or them profitable. All advertisements

four years, rather than anything intrin. carefully censored.

sically wrong with the management of HARPER'S MAGAZINE

the company, is said to be the reason for 49 East 33d Street, New York, N. Y.

the suspension of dividends.

A
LTHOUGH First National Certificates

are purchased by individual inves-
tors as well as by banks, they are especi-
ally designed to meet the short-term re-
quirements of financial institutions:
1. The maturities are flexible. You may
have your investment made payable on any
date that you desire, from a minimum of 4
months to a maximum of 5 years.
2. The denominations are convenient.
You may invest $500, $600, $700, and so on
upward.
3. The security is ample. Your investment
is secured by improved real estate independ-
ently appraised at not less than 180% of the
par value of each issue.
4. The guarantee is unconditional. Our
capital resources of $600.000 constitute a guar-
anty fund to insure the prompt payment of
your principal and interest.
5. The trustee is dependable. Each bond
or certificate is certified by a bank or trust
company.
In addition to First National Certifi-
cates, we also offer, with our guarantee,
registered certificates in $100 multiples
paying 6% for 1 year, and coupon bonds
in $500 and $1,000 denominations pay-
ing 6%% for 4 years.

Write today for booklet No.11

Facts For Investors

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How to Protect Your Investments

Florida's Five Reasons

for 8%and Safety THE

PLENT

Eliminate the Loss

HE five reasons for the 8% rate

Florida pays on first mortgage security are directly and clearly stated in a Trust Company of Florida pamphlet. We want to send this free to those who desire to investigate before they invest. Write for it today.

Invest in Florida at 8%
$100, $500 and $1,000 Bonds

Partial Payments Arranged
toy
TRUST COMPANY OF FLORIDA

Paid-in Capital and Surplus $500.000

Write to

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The Mail Bag

A British Protest
AS s a regular reader of The Outlook, I

have read with disappointment the article entitled “Rubber," appearing in your issue of August 19. The inaccurate and somewhat petty anti-British criticism which runs through it is regrettable to those who, like myself, desire the development of the friendly relations now happily existing between the two great English-speaking nations, and it is singularly in contrast to the usual fairness and broad-mindedness of your articles.

My objections to the statements in your article are as follows:

1. It is contrary to fact and somewhat small-minded to suggest, as the article does, that one of the main objects of the Stevenson plan was to provide Great Britain with "a means of raising the money with which to pay its debt to the United States” and “to stretch the price [of rubber] to American users sufficiently to force them to pay the British debt to America.” I admit you are generous enough to say, “This may not have been altogether the conscious purpose," but the above quotations show that I am not unfairly criticising the suggestion running through your article.

The only object of the Stevenson scheme was to save the important rubber plantation industry, in which hundreds of millions of British capital is invested, from bankruptcy. The price of rubber had fallen to far below the cost of production. Many rubber estates, instead of being developed, were becoming derelict and the world was threatened with a serious shortage of this important and necessary material. Fortunately for all users, American as well as others, the British Government, at the request of the planters, took action, and the Stevenson scheme was evolved. The result in raising the price has exceeded expectations and led to perhaps temporary high prices (unfortunately, as many people on this side think); but for this the scheme is not wholly responsible, as had Ameffus users had the foresight to make their purchases when prices were low the quantities released under the scheme would have been automatically increased, as I will presently show. On the contrary, they held off in the expectation that the scheme would break down and that they would continue to enjoy the fruits of British enterprise at under the cost of production. They have only themselves to blame for their lack of

NEW WORLDS FOR OLD everywhere within calling distance of the splendid steamers that go cruising here and there so easily you'd hardly believe there could be such comfort at sea. Now is the time to plan to go wherever it is you've longed most to go—the Mediterranean or South America or the Canal or China—or round the whole world in one deck chair. Shall we tell you about some of the nicest cruises ? Right this way!

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! THE OUTLOOK'S Hotel and Travel

Name....

Bureau
120 East 16th St., New York

Address.

in writing to the above advertisers, please mention The Outlook

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HOTEL CHELSEA

JAPAN

Hotels and Resorts

Tours and Travel
Connecticut
New York City

CLARK'S 6th CRUISE

TRAVEL! THE WAYSIDE INN Hotel Webster

To EGYPT January 16, 1926, with Prof. Albert AROUND THE WORLD

party. Abu Simbel. Camp in the Fayum. 128 DAYS, $1,250 to $3,000 NEW MILFORD, Litchfield Co., Conn. ·lu tlie foothills of the Berkshires. Open all the

(Near 5th Avenue)

ROUND the WORLD January 6, 1926, with
Arthur K. Peck, Visit

Including Hotels, Drives, Guides, Fees, etc.
year. Au ideal place for your summer's rest
hours from New York. Write for booklet 40 West 45th Street the unspoiled hin rland. Motor 1200 miles

From N. Y. Jan. 20, by specially,

in Java. Mn. J. E. CASTLE, Proprietor

chartered Cunard new ss "Laconia, NEW YORK

To MISSION FIELDS in the far East. Sep

tember 25, 1926, with 20,000 tons. Featuring 26 days Japan

Dr. Harlan P. Beach, our greatest authority and China including Peking; option
Directly in the fashionable club and shop-

on Interdenominational Missions.
New York City ping section. Within five minutes' walk to
al principa) theaters. high-class hote! To THE HOLY LAND April 1926, with Athens, etc., with Europe stop over.

18 days in India ; Cairo, Jerusalem,
modations at moderate cost.

Nebraska. A Churchmen's Pilgrimage with
Rates and map gladly sent upon request. objectives primarily religious.

CLARK'S 220 CRUISE, Jan. 30
New York
To NORTH AFRICA February 25, 1926, with

THE MEDITERRANEAN
L.A. Unique route including Biskra, etc.,
FENTON HOUSE and COTTAGES by autó; following the blossoms in Sicily By specially chartered
Adirondacks
and Italy.

Transylvania," 17,000 tons. 62 days'
Altitude 1,571 ft. A noted place for health
and rest. Write for folder and particulars.

TEMPLE TOURS cruise, $600 to $1,700 including Hotels, C. FENTON PARKER, Number Four, N. Y. 447-A Park Square Bldg. Boston, Mass. Drives, Guides, Fees, etc. Featuring

15 days in Egypt and Palestine ; LisSouth Carolina

bon, Tunis, Spain, etc. Pine Ridge Camp the Pines. Ideal

EGYPT

CLARK'S 2d CRUISE, 1926
place for outdoor life in winter. Main house
and cabing with sleeping-porches. Modern

SICILY, NORTH AFRICA, SPAIN

NORWAY and WESTERN improvements. Pure water. Electric lights. Excellent table. Rates moderate. Open all

With Dr. George H. Allen

MEDITERRANEAN
the year. Write Miss SANBORN, Aiken, S.C. The tour sailing from New York January

7, 1926, includes Madeira, Gibraltar, Al- Newss“Lancastria" leaves June 30
giers, Monaco, Naples, Athens, Constan-
tinople, Alexandria, Cairo

repeating this summer's most success23d Street at Seventh Avenue Board-Rooms The Nile Cruise of the Lotus

ful cruise, 53 days. $550 to $1,250. New York City

our own private steamer Originator of Round the World Rooms High-Class Fine residence. Beautifully

and Board.

followed by Sicily, Tunis, Algeria, Mo- Cruises. Longest experienced cruise 12-Story Fireproof Building furnished house. Private baths. Number rocco, Spain, and France in the ideal sea

management. Established 30 years. of boarders taken limited. Garage in counec

son, returning to New York May 12. Easily accessible to all Railroad ! tion. Near D., L. & W. station. Address Mrs.

FRANK C. CLARK, Times Bldg., New York Stations and Steamship Piers.

Thomas, General Delivery, East Orange, N.J.
COMFORTABLE

TO
TO RENT in private home on Brooklyn

THE beauty, fascination, and mys-
Heights, singly or together, 2 large, sunny

Write for illustrated booklet, now ready :
HOMELIKE
rooms. Modern improvements. Running wa-

from all over the world to
REASONABLE RATES ter. Open fireplace. 4 minutes from Clark St.

BUREAU OF UNIVERSITY TRAVEL station on the Interborough. 4,473, Outlook.

15 Boyd St.

Newton, Mass. Monthly or Yearly Quotations for

permanent guests. Interesting map O. L. of New York

Earn Your Trip to EUROPE by securing

The quaintest and most interesting of all

bers for one of my tours. Established 1900, countries. Come while the old age customs City sent free upon request.

BABCOCK'S TOURS, Inc., East Orange, N. J. prevail. Write, mentioning “Outlook" to Knott Hotel Chain

JAPAN HOTEL ASSOCIATION

Care Traffic Dept.
ROLFE H. KILBY, Mgr.

Is there something here that suits

JAPANESE GOVERNMENT RAILWAYS your needs ? The Outlook's Hotel

TOKYO

for full information

and Travel Bureau will gladly furHotel

Rates for a single room without bath and with 3 meals,

nish any supplemental information | $5-6 in cities and popular resorts, $4-5 in the country Sherman

For instance, The Outlook's
Classified Department has

Real Estate A Mart of the Unusual
Broadway
received this bit of evidence Connecticut

REAL HARRIS HOMESPUNS
at
of satisfaction :
FOR SALE Unionville, Conn.

DIRECT FROM THE MAKERS
Seventieth

Attractive' Coun

SUITLENGTHS CUT TO ORDER
try Home. 14 miles from Hartford. 12

AT MANUFACTURERS' PRICE
Street
“I expect to use your
rooms, furnace, and electricity. Hardwood

$2.00 per Yd. Carriage Paid
floors, 2 bathrooms, fireplace. Lot 90 x 300,

Patterns Free
Where an air of graciousness and
columns as long as I with fruit trees and garden. Fine location.

S. A. NEWALL & SONS, 127 Stornoway, Scotland
comfort prevails
live. Don't know wbat I
Good schools. House partly furnished if

State Shades Desired

desired. Address Box 287, Unionville, Conn. Away from the crowds but only a few min- would do without itates from the center of the city. Spacious,

Florida airy rooms, with an exceptionally attractive The Outlook. . ..' and homelike atmosphere. Perfect service, Aicellent restaurant. Furnished and unfur.

FOR SALE or RENT 4. ROON:

STATIONERY Sed apartments available on lease, with

BUNGALOW. Modern conveniences. complete hotel service. Rates on request.

WRITE for free samples of embossed at $2 Write C. F. , , . or printed stationery at $1.50 per box. Thouyou. Why not ask us for

sands of Outlook custoiners. Lewis, stationer, Maine

Troy, N.Y.

PERSONAL STATIONERY-200 single or 202 West 103d Street formation ?

coggin Lake. 4 acres, large barn suitable

100 double sheets good bond paper with 100 for camp or studio, excellent fishing, delight

envelopes to match, printed in blue. $1. Within a few minutes of all New York

ful summer or year-around home, modern

Hicks, Macedon Center, N. Y. attractions. Comfortable

conveniences. Price moderate. May be seen suites, exceptionally fine cuisine, ani au atmosphere thac pleases particular people.

September aud October. Box 24, Wayne, Me.

EMPLOYMENT AGENCY Write for Booklet O and Map of New York

New York

SCHOOLS, hospitals, hotels, clube, tear GENTLEMAN'S FARM

rooms, welfare organizations, supplied with

workers. Positions for secretaries, social Hotel Judson 53 Washington Sq., THE OUTLOOK

In beautiful Dutchess Co., N. Y. Workers, superintendents, matrons, bouse

keepers. dietitiane. cafeteria managers. The Residential hotel of high-st type, coinbining

65. miles from New York. 100 acres self-sup- Richards Bureau, 68 Barnes St., Providence. the facilities of hotel lile with the comforts of

120 East 16th Street New York City porting throngh 30 acres apples. All vecU ideal home American plau $1 per day and

essary farm buildings. Site for mansion ppi European pian $1.50 per day and up.

with wide views of Alpine scenery. One mile For Help Wanted, Situations Wanted, and SAMUEL NAYLOR, Manager.

to station, $15,000. G. W. K., 4,471, Outlook. Miscellaneous Advertiseinents see next page in writing to the above advertisers, please mention The Outlook

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Surely it can do as well for Wolf turnished. About middle of East Coast

HOTEL CLENDENING rates and other specific in

rooms

nd

Department of
Classified Advertising

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HELP WANTED EARN $110 to $250 monthly, expenses paid, as railway traffic inspector. Position guaranteed after completion of 3 inonths' home study course or woney refunded. Excellent opportunities. Write for free booklet CM-27. Standard Business Training Institution, Buffalo, N. Y.

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experieuce unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, tine living, interesting work, quick advancement, permanent. Write for free book, "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite W-5842, Washington, D.C.

NURSERY governess, well educated, to care for two children two and a half and five years. Live three and a half miles from town. Experience not absolutely necessary, $100 a month. Box 698, Warrenton, Va.

SEAMSTRESS and mother's helper, active and experienced, not a servant, for boy 12 and girl 8, at Summit, N. J. ; good wages. Room 163, 40 Wall St., N. Y. Tel. John 4708.

TEACHER for two girls, ten and thirteen years, liviug on country place in Virginia. Must have experience in teaching and fond of outdoor life. References exchanged. Address Mrs. Francis Otway Byrd, care Miss E. R. Sturgis, Manchester, Mass., before September 26.

WANTED-Capable mother's helper or nurse to care for two little boys aged two and three years and to help in household. Must be refined, patient, reliable, strong, with love for children. State salary expected. Answer X., 3515 Lowell St., Washington, D. C.

WANTED--Matron for boys' school. Write H. J. Benchoff, Massanutten Academy, Woodstock, Va.

WOMAN-Publishing house has permanent sales position with executive future to offer woman of keen intelligence capable of earning $100 a week. Previous business experience not necessary, but experience in educational work helpful. Refinement and determination essential for success. Traveling required-all transportation paid - liberal drawing account and commission basis. Write, stating age and qualifications, to B. E. Sparrow, 50 W. 47th St., New York City.

WORKING housekeeper in home of one lady in Ohio. Good salary. Highest references required. 6,369, Outlook.

SITUATIONS WANTED AMERICAN woman, ten years in last position, as companion to lady or companionhousekeeper. Capable of directing household. Highest references. 6,365, Outlook.

COMPANION-housekeeper desires position October 1. Excellent references. Address 1. M. M., 101 South Mountain Ave., Montclair, N. J.

COMPANION, secretary, or companionhousekeeper. Woman of refinement, intellectual interests, cheerful, adaptable, wishes position. 6,363, Outlook.

EXPERIENCED woman, dietitian and manager, desires position in school or college. 6,307, Outlook.

HOUSEHOLD MANAGER. Çapable running home for widower, supervising children and servants. Lewis trained. Experience. References. 6,362, Outlook.

MATRON wishes position institution, or housekeeper hotel or iun. Experienced. 6,318, Outlook.

POSITION to read aloud, morning or afternoon, New York City, preferably East Side. Good reader, woman of Protestant New England extraction. 6,359, Outlook.

REFINED, educated woman desires position as companion to young or middle-aged woman. Will travel. 6,360, Outlook.

REFINED, experienced nursery governess. American. 6,347, Outlook.

SUPERINTENDENT of children's home, successfully employed in North, wishes siinilar position in South. Address 6,364, Outlook.

YOUNG New England woman of refinement, imagination, humor, keen interest in people and travel, seeks secretarial or business position without shorthand. Experience as teacher, assistant college administrator, hospitality worker among foreign students. Typing. 6,368, Outlook.

foresight, which has led to a rush to buy, Firestone's rubber trees in those coun-
thus forcing up the price. After all, tries.
Americans cannot expect to permanently

In conclusion I would venture to reenjoy the benefit of hundreds of millions mind you that Great Britain does buy of British capital earning little or no re- some wheat, some cotton, some copper, turn, and the cost to American users is some oil, from the United States. Do I precisely the same as to British users of dream when I remember something of the raw material.

restriction of production in these com2. The explanation of the Stevenson modities when the price proved unremuscheme in your article is both inadequate nerative? After all, surely "sauce for the and inaccurate. The scheme provides goose is sauce for the gander,” and I do that exportation of rubber from the not think the British Ambassador at Malay States should be restricted to a Washington was asked to "butt in." percentage of the standard production Please forgive the length of this letter, (400 pounds per acre), and should be and accept my appreciation of your infurther reduced or increased automati- teresting paper.

PATRICK GIFFORD. cally every three months, according as

Castle Douglas, Scotland. the average price for that period should be lower or higher than one shilling and [In business and other affairs of life threepence (say 30 cents) per pound. In the general principle holds good that is the result the exportation allowance was accepted at law—that one may be conreduced to 55 per cent in February,

sidered to intend the inevitable conse1925. Since then it has been automati- quences of his action. By this principle cally increased under the scheme to 65 we can judge of the intent of the Stevenper cent in May and to 75 per cent in son plan.THE EDITORS.] August, at which it now stands. If, however, as seems certain owing to the apparent world scarcity, the price continues to exceed one shilling and threepence, the

Even a Congressman allowance will automatically be increased Sometimes Errs on November 1 to 85 per cent, and on February 1, 1926, to 95 per cent, though, AT the request of Mr. F. M. Davenin the opinion of good judges, it will be port, whose correspondence on the many months later before many estates Institute of Pacific Relations in The will be in a position to organize their

Outlook for August 19, August 26, and labor forces, etc., so as to take advantage September 2 has made an evident imof this increased allowance. 3. It is quite incorrect to say that the

pression upon our readers, two correc

tions are made. British Colonial Office, at the request of

These are due to readthe American Ambassador, "decided to

ers of The Outlook who noted the errors. permit the export of 75 per cent instead

In the first article Mr. Davenport said of 60 per cent” of standard production. that after a study of a thousand simple As I have shown, that increase was auto- Chinese characters for one hour a day matically provided for under the scheme for six days in a week for four weeks the and would have taken place apart from average plain man or woman in China is any protest made by the Ambassador to

able to read a simple newspaper or a pacify Mr. Firestone and his friends.

simple piece of literature. The statement Fortunately, many American rubber

should have read not "four weeks” but users are better acquainted with the facts

"four months." Then Mr. Davenport than that fiery gentleman and recognize that the Stevenson scheme, in view of the

referred to Mr. T. Z. Koo as having been increasing world consumption, is proving suggested to succeed Mr. John R. Mott. a blessing to producers and consumers

This is an error. Mr. Mott, besides bealike by promising the former a return ing Chairman of the International Comon their capital and by maintaining and mittee and the National Council of the increasing the acreage under rubber, and Young Men's Christian Association, is thus providing the latter with the raw Chairman of the World's Student Fedmaterial they require.

eration. The position to which Mr. Koo By all means let Americans develop has been called is that of General Secrerubber plantations where and when they No Britisher will crab them. The

tary of the World's Committee of the world is free to all so far as he is con

Young Men's Christian Association, havcerned. But, in view of the previous ing its headquarters in Geneva, Switzerresults in the Philippines and of the cost

land, to succeed Dr. Karl Fries, of Sweof labor in Liberia, no British planter den, who has held the position for over will lose sleep o' nights thinking of Mr. four years.—THE EDITORS.

MISCELLANEOUS EXPERIENCED tutor, traveled, hospital training, will receive young children in midSouthern home. Instruction in grade subjects, piano. French. Outdoor games. Competent, tactful assistants. New England inanagement. Addresy 6,330, Outlook.

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

WANTED-Little children about five years old to board in Connecticut country home. Children of professional people preferred. Best references. 6,366, Outlook.

BOYS OF SUPERIOR INTELLIGENCE, three such under thirteen years received in small home school near Philadelphia. Moderate rates References. 6,367, Outlook.

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In writing to the above advertisers. please mention The Outlook

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