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year. It is a high-grade bond: its present market is about 90, which is a little low for a 6 per cent bond. There are restrictions as to dividends designed to protect the bondholders.

"The 10-year S. F. 7s, due 1930, of the B. B. and R. Knight Company are quoted around 54 and 55. As you doubtless know, this concern is one of the oldest in the textile business, and is now a part of the Consolidated Textile Corporation. The security back of the bonds is first mortgage on all the real estate and properties of the B. B. and R. Knight Company. Unquestionably they suffer from the depression in this industry, as well as from the shifting of certain types of work from North to South."

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UST what do you mean by diversification?" readers continue to ask from time to time. One of the best answers is a specific illustration. Such an example comes in the recently published record of the securities owned by the late Senator Henry Cabot Lodge. Exclusive of real estate, the value of the property left was approximately $1,000,000. The larger items are:

864 shares General Electric,

1,240 shares Union Carbide and Carbon,
500 shares E. G. Budd Mfg.,
2,455 shares Calumet and Hecla,

500 shares Kansas City Stockyards pre-
ferred,

700 shares U. S. Smelting, Refining and
Mining preferred,

200 shares Amer can Telephone,
125 shares Edison Illuminating Co.,
250 shares Chicago Junction Railways,
50 shares American Exchange National
Bank,

1,296 shares General Electric special,
180 shares Otis Elevator,

142 shares Kansas City Stockyards,
$30,000 U. S. Government bonds,
20,000 Northern Pacific bonds.

Evidently, Mr. Lodge preferred stocks to bonds, and he bought common stocks rather than preferred. The companies include most of the great groups as conventionally named. There is the automobile group in the Budd stock; mining in two stocks; public utilities in two stocks; industrial in General Electric; and how shall we classify Otis Elevator and the stockyards securities? One might question the wisdom of such large blocks, but there is true diversification here. The list is worth pondering.

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Be On the

Safe Side

EFORE investing your surplus

BE

funds, take the precaution against loss by seeking the expert and conservative advice of your local or investment banker who will gladly serve you.

Eliminate the Loss

In Investments

For after all good investment opportunities predominate. Caution, Care, Investigation will reveal safe and profitable channels for your surplus funds.

The Financial Article that appears in the November issue of Harper's Magazine will help solve your investment problems.

Form the habit of reading the financial article in every issue. You will find them profitable. All advertisements carefully censored.

HARPER'S MAGAZINE 49 East 33d Street, New York, N. Y.

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In writing to the above advertisers, please mention The Outlook

State............... 619

November 11, 1925

doubtedly good stock at a very much inflated price is established just over the line, in New Jersey.

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"The stock of Libby, McNeil & Libby is regarded as a speculative stock at this time. American Woolen preferred is the stock of a very strong corporation. The textile industry, however, has been having difficulties, and the American Woolen Company has suffered. On the basis of the record of the last five years, its average income for the preferred has not been quite enough to pay it, and surplus was drawn upon.

"You could find a stock to invest in which would not have this element of uncertainty."

II

"The Miller Company is a sound company, and one on whose statements you can rely. We always urge our readers, when considering real estate bonds, to study carefully the description and base their judgment on such study.

"Whether the return on Procter & Gamble common on present prices is attractive or not, it should be realized that a stock in a corporation of this kind is a partnership share in the business, with the opportunity of appreciation in value as the business grows with the growth of the country."

III

"In regard to the common stock of the Brooklyn City Railroad, this is not what we would call a high-grade investment stock. In the past the company has paid good dividends, and, of course, may do so again. If you can afford to hold a stock in which there is a moderate degree of risk, don't sell. If, on the other hand, without too heavy a capital loss, you can reinvest in something more conservative to even with less present earnings, do so."

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In writing to the above advertiser, please mention The Outlook

Offices in more than 50 leading

cities throughout the world

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Keep Your Office Boy
Supplied with 3-in-One

Then he can keep those annoying squeaks out of your office chair, oil the hinges of your office door and put a drop or two of 3-in-One in the timeclock when needed.

3-in-One is excellent typewriter oil, too. Has just the right consistency to penetrate delicate bearings quickly, oil perfectly and stay put. Try, also, on duplicating and computing machines, dictaphones, dating stamps. Everything in your office that ever needs oil, needs

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"HE First Mortgage Bond business of the Securities Sales Company of Florida, which was established in May, 1919, will be conducted henceforth under the name of the Security Bond & Mortgage Company, which will issue 6% Collateral Trust Gold Bonds, secured by guaranteed first mortgages.

The Maryland Casualty Company, whose resources exceed $33,000,000, will guarantee unconditionally the principal and interest on the mortgages.

The Maryland Trust Company, whose resources exceed $11,500,000, will act as Trustee of each bond issue.

J. A. W. Iglehart & Company, with offices in Baltimore, Md.; Washington, D.C.; Wilkes-Barre, Pa., and Clarksburg, W.Va., have been selected as the Company's investment bankers.

The first issue of 6% Security Bonds to be issued under this ar rangement will be ready on November 1st. Orders, reservations or requests for further information should be sent to J. A. W. Iglehart & Company, 102 St. Paul Street, Baltimore, Md.

[DENOMINATIONS $1,000, $500 AND $100. MATURITIES ONE, TWO, THREE, FOUR AND FIVE YEARS.]

HR787

the death of the owner of shares of stock of the Atchison, Topeka, and Santa Fé Railway Company, are the State of Kansas and that State in which the owner resides at the time of his death."

Arizona was one of the States we mentioned as sure to claim a tax. The general counsel points out that the Arizona law is patterned after that of Oklahoma and Illinois. "I have no doubt that the Arizona statute will be held either inapplicable to such transfers or invalid as being beyond the authority of the State," he writes.

Atchison stockholders, cheer up!

ERHAPS the following letter from this

PERHAR

department to a reader in Rhode Island will be of general interest:

"National Cash Register Preferred. This is the 7 per cent cumulative preferred stock of a very large and prosperous corporation. It is stated that over two and a quarter million of its machines are now in use and that its production is at the rate of 12,000 a month. Of the authorized issue of 20,000,000, there is outstanding 9,647,050. The stock is $100 par. Dividends are paid regularly. On the basis of the last four years' results, average income available for the preferred is $2,691,049 as against dividend requirement of $810,000. The equity of each share of preferred is $122.97. The stock is of high investment quality.

"United Drug First Preferred. This is a 7 per cent cumulative preferred in a strong and well-managed corporation. Authorized and outstanding, 12,500,000. Together with the small issue of noncumulative second preferred on the basis of five years' results, average income for dividends is $3,738,239 as against a dividend requirement of $2,049,000. Clearly an investment stock.

"Bigelow-Hartford Carpet Company. formerly the Bigelow Carpet Corporation. Another old-established and well-managed concern. The stock is a 6 per cent cumulative preferred, with 2,724,000 outstanding. On the basis of five years' results, the average income available is $2,838,966 as against the dividend requirement of $163,458. The equity is $643.34. Also a high-grade investment.

"Standard Oil of New Jersey. Without going into the details, which can easily be supplied, this stock (the preferred) is also a first-class investment.

"Preferred stocks of this type should form some portion of an investment fund. Some object to preferred stocks because of the limitation of dividend and the fact that such stocks do not appreciate as much as the common."

In writing to the above advertisers, please mention The Outlook

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Tours and Travel

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HOTEL CLENDENING Le Roy Tours, 1 West 47th St., New York.

202 West 103d Street Within a few minutes of all New York attractions. Comfortable rooms suites. exceptionally fine cuisine, and an atmosphere that pleases particular people.

and

Write for Booklet O and Map of New York

Hotel Judson 53 Washington Sq., New York City Residential hotel of highest type, combining the facilities of hotel life with the comforts of an ideal home. American plan $1 per day and up. European plan $1.50 per day and up. SAMUEL NAYLOR, Manager.

Real Estate

North Carolina

FOR RENT

In Pine Bluff, North Carolina Seven-room bungalow, completely furnished, all modern conveniences, garage, servants' quarters. $700 for season, six months. Address E. H. ROBERTS, 414 N. Perry St.,Titusville, Pa.

Instruction

Opportunity to become TRAINED NURSE. $15

allowance. Ideal living conditious. 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.

A Mart of the Unusual ANTIQUES

for HOLIDAY GIFTS. Furniture, mirrors, clocks, hooked rugs, prints, pewter, trays, samplers, pink lustre, quilts, Stiegel and pressed glass, silver. List. M. H. DODGE, Pawling, N. Y.

DELICIOUS! Home made Butter

Scotch candy

Pure and fresh. $1 per pound, postpaid. Mrs. O. E. EBY, 812 North Main St., Urbana, 0.

HOW TO ENTERTAIN PLAYS, musical comedies and revues, minstrel music, blackface skits. vaudeville acts, monologs, dialogs, recitations, entertainments, musical readings, stage handbooks, make-up goods. Big catalog free. T. S. Denison & Co., 623 So. Wabash, Dept. 74, Chicago.

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.

PERSONAL STATIONERY - Time to order Christmas boxes now. Using better paper and boxes, no change in price, $1. Hicks, Stationer, Macedon Center, N. Y.

In writing to the above advertisers, please mention The Outlook

TRAVEL IN 1926

ROUND THE WORLD, January 6, 1926, with Arthur K. Peck.

TO EGYPT, January 16, 1926, with Professor Albert E. Bailey.

TO NORTH AFRICA, February 25, 1926, with Albert Kelsey, F.A.I.A. TO THE HOLY LAND, April 8, 1926,

with Bishop Shayler of Nebraska. TO EUROPE, March 6, 1926, eastbound by the Mediterranean route with shore trips at Madeira, Gibraltar, Algiers, and Monaco (Monte Carlo).

Send for the booklet that interests you.
TEMPLE TOURS

447-A Park Square Bldg.,

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Boston, Mass.

19 EUROPE 26

JULY AUGUST SEPTEMBER Comfortable Travel in Cool Countries What you Want is a PRICE you can Afford $555 $681 $849 $955 $1052 WORTHWHILE TOURS

Boston 30, Mass.

EUROPE TRAVEL

1926

STUDY Conducted Parties. Independent Tours MotorTours. Select Service. Lowest Rates EGYPT-PALESTINE-ITALY Feb. 20 & Mar. 31. 84 days. $1395, all expenses

STRATFORD TOURS 452 Fifth Ave.,

New York

Special private tour to the

MEDITERRANEAN

January 16 Party of 8 Also Ideal Summer Tour of EUROPE Reser Tours, 171 8. Oxford St., Brooklyn, N.Y.

EARN FREE TOUR TO EUROPE

Tour prices reasonable. Write for particulars to EDUCATIONAL TOURS, Inc., 59 Prospect St., East Orange, N. J.

WANTED-3 ladies to form party for winter and spring in European Capitals. Comfortable trip. Nohaste. Experienced chaperon. 4,503, Outlook.

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

HELP WANTED

COLLEGE bred young woman as councilor in girls' summer camp. Must have health, love for and understanding of girls and experience in their physical care.16,502, Outlook.

EARN $110 to $250 monthly, expenses paid, as railway traffic inspector. Position guaranteed after completion of 3 months' home study course or money 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 inen and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, fine living. interesting work, quick advancement, permanent. Write for free book, "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite Y-5842, Washington, D. C.

For Help Wanted, Situations Wanted, and Miscellaneous Advertisements see next page

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Glory o' the Dawn

A story that will stir the hearts
of all who love the ways of ships
and the mystery of the past

"G Harold Trowbridge Pulsifer, a

LORY O' THE DAWN," by

story of singular beauty, is told with a quiet impressiveness suggestive of Hawthorne. In the once flourishing Maine port of Middlehaven Caleb Gurney, stone-mason, ship-builder, and maker of models, gave years of his life and all the passion of his soul to recreating in miniature "Glory o' the Dawn." It was not merely a ship model that he fashioned, but a symbol of past greatness. The splendor of those ships which once carried New England's fame through all the seven seas lived again in the moving beauty of the model.

The Savor of the Sea

The San Francisco "Journal" says: "This little story is one of remarkable beauty and strength."

The Boston "Globe" says: "It is a rare occasion in the world of books when such a little gem as this is born."

The New York "Herald" says: "Mr. Pulsifer has compounded the pathos and humor of this text into a pleasing mixture."

The "Public Ledger" says: "Mr. Pulsifer has molded his prose to the same sensitive craftsmanship he has given to the shaping of poetry."

An Autographed Copy for You!

Mr. Pulsifer has kindly volunteered to autograph special copies of this book for those who accept the offer which appears below. The offer is limited, however, to subscribers of The Outlook. Simply mail the coupon today. Send no money now. Attractively bound in blue cloth with silver stamping, printed on heavy paper.

MAIL THIS COUPON

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From the "Fishing Gazette:"

Johnny came home proudly showing a dollar that he said he had found on the street. "Are you sure it was lost?" his father asked. "Yes, I know it was,' Johnny replied. "I saw the man looking for it."

From the "Pointer:"

A Russian was being led off to execution by a squad of Bolshevik soldiers on a rainy morning.

"What brutes you Bolsheviks are," grumbled the doomed one, "to march me through a rain like this!"

"How about us?" retorted one of the squad. "We have to march back."

Answer to last week's riddle: Judges xvi. 29, 30.

In writing to the above advertisers, please mention The Outlook

HELP WANTED

INTELLIGENT middle aged Protestant woman to care for boy six. Pleasant suburban home. Nursing experience, French desirable. Box 1131, City Hall Station, New York.

REGISTERED nurse or experienced nurse with at least three years of hospital training. Protestant, refined, 30 to 40 years of age, a woman of executive ability, who wishes a permanent home, without encumbrances, in a large, refined home. Highest references of character and ability. Hospital reference required or from former employer. Personal interview requested. Address "Ability," Box 1204, Providence, R. I.

SALESMEN wanted. $10 daily easy. We start you in auto accessory business. No investment, no experience necessary. Exclusive territory. Motor Products Co., 1760 Lunt Ave., Chicago.

SEAMSTRESS and nursery governess, active and experienced, for boy 12 and girl 8. at Summit, N. J. Good wages. Room 163, 40 Wall St., N. Y. Tel. John 4708.

WANTED-Educated woman 30 to 45. Duties: assist in managing house, supervision over servants, help with care of 10 year old girl going to school. Family consists of husband, wife, 10 year old girl, and 16 year old boy. Three servants. Permanent position. comfortable home, and good salary to one with proper qualifications. Ability to select, hire, and manage servants essential. Location, suburbs of Philadelphia. State age, qualifications, and references to 6,503, Outlook.

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SITUATIONS WANTED

A clergyman is free to accept a pastorate or preach as supply. Yale alumnus. Has scholarly tastes, a pleasing personality, and a Gospel message. Compensation for a single Sunday optional. Salary and location secoudary considerations. 6,504, Outlook.

AN experienced teacher (man), would like position as companion-tutor for invalid boy. Reader and story teller. Willing to go South. 6,508, Outlook.

COLLEGE-bred, experienced, governess wishes position with family going abroad. Highest references, 6,474, Outlook.

DIETITIAN, domestic science training, several years' experience, interested in catering, would like position in club or tea room. 6,506, Outlook.

EXPERIENCED woman desires position as cafeteria manager. 6,507, Outlook.

MANAGING housekeeper, experienced, refined, educated. 6,512, Outlook.

MARRIED man, forestry training, desires permanent position as caretaker on private estate. 6,498, Outlook.

NEW York trained nurse desires_position as housekeeper-companion, charge of motherless child, or any suitable permanent position. 6,497, Outlook.

NURSE desires position as companion-secretary to lady. Willing to travel. References. 6,501, Outlook.

POSITION.-Would like to go to Florida. Consider light housework, companion, or care of children. References. 6,510, Outlook.

PRACTICAL nurse, competent and experienced, desires position as companion or nurse for elderly person or child going South for the winter. Best references. 6,513, Outlook.

REFINED woman desires position as copanion to young or elderly woman: would manage household, do secretarial work. Excellent references. 6,483, Outlook.

SOCIAL private secretary, cultured, much experience in European family of high social standing, age 34. Secretarial Placement Bureau, 500 Fifth Ave., New York.

STENOGRAPHER. Experienced woman stenographer and notary public desires position Pittsburgh. 6,505, Outlook.

WANTED, by elderly couple, position as caretakers. References. 6,484, Outlook.

YOUNG woman (Swiss), knowing French, German, and English, seeks position as companion or governess. Excellent references. Josephine Dossenbach, 337 Allaire Ave., Leonia, N. J.

YOUNG woman, university graduate, de sires afternoon stenographic or secretarial position in New York City. 6 511, Outlook,

MISCELLANEOUS

TO young women desiring training in the care of obstetrical patients a six mouths' nurses' aid course 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.

UNUSUALLY comfortable accommodations offered a nervous or convalescent patient in doctor's own home. Finest medical attention, under own physician's direction if desired. Further particulars and references furnished on request. S. Mary Ives, M.D., 230 Washington St., Middletown, Conn.

EXPERIENCED trained nurse, with pleasant Long Island home, will board nervous child needing special care. Terms reasonable. 6,418, Outlook.

"MAKE-believe" sister wanted, domestic, cultured, middle-aged, to share lonely wo man's home on fifty-fifty basis. 6,499, Outlook.

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