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even in speech. Perhaps, after all, Tennessee is a land of light and leading. What is a mere anti-evolution complex compared to this? MANCHURIA: A SURVEY. By Adachi Kinno

Robert M. McBride & Co., New York.


This fat volume contains some information about the history and present political status of a region which is, on sundry grounds, one of the most interesting in the world, and a great deal of information about its climate and geography, its population, its agricultural, forestal, mineral, and other resources, its industrial and commercial development; all presented lucidly and in a sprightly style which smacks of American journalese. The numerous photographic illustrations add much to the attractiveness of the book, while excellent maps and an appendix giving the texts of treaties and other agreements relating to Manchuria increase its usefulness. A valuable and agreeable book.


M. Cohan. Harper & Brothers, New York. $3.50. When a comedian takes up his pen, he does not usually abandon his rôle as a mirth-provoker, but feels it incumbent upon him to live up to his reputation as a funny man. He is apt to forget that the methods by which laughter is provoked across the footlights are very different from those by which a man wins renown as humorous writer. In "Twenty Years on Broadway" Mr. George M. Cohan, one of the very best of our footlight entertainers, feels that the rading public will look to him for fun isi as his audiences have, and he

Bi: 5 a great deal of his space to anectotes mo: always funny, of himself and has tanily. We often hear that actors are inclined to take themselves too seriously, but this is not the case when they write their recollections. Mr. Cohan's career as a public entertainer has been sufficiently noteworthy to render him worthy of serious consideration. Born of a family schooled in the old-fashioned variety stage, he has acted in countless farces, written variety sketches, four-act plays, and many songs that have caught the public fancy. It is a pity that he does not regard his achievements as do persons familiar with the stage and with his remarkable career.

A very small boy when he first appeared on the stage with his parents and sister Josephine, he soon developed, according to his own account, amazing industry, great conceit, and a quarrelsome disposition. Much that he has to say about his early struggles and the conditions under which young variety ac

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for that position, remember that The Outlook has columns devoted to Help Wanted and Situations Wanted. The nicer sort of people, who want the nicer sort of help or positions, use these columns—and get results.

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The Department of Classified Advertising
The Outlook, 120 East 16th Street, New York


tors of the Tony Pastor period rose to fame is well worth reading. It was hard sledding in those days for the Cohan family, but the way was not long, and both Josephine and her brother were still young when they first tasted the joys of success. One of George's earliest hits was in the title role of "Peck's Bad Boy," and at the same time Josephine was winning favor as a dancer, and eventually landed with Weber and Fields. Many of the young man's songs proved very popular, such as "Give My Regards to Broadway," some ragtime ditties, and, most important of all, his really thrilling war song "Over There," which elicited from President Wilson an autographed photograph as a mark of his appreciation.

The chief trouble with Mr. Cohan's book is his habit of talking about himself and, in a lesser degree, about his kin. His profession brought him in contact with innumerable men and women of distinction in his own and other callings, yet he has very little to say about them, so engrossed was he in self-contemplation. He took part in the remarkable trip made by a group of distinguished American players in aid of the Red Cross, and he might have devoted an entire chapter to an account of the journey. Yet he has scarcely anything to say about it. In short, Mr. Cohan might have made a really valuable contribution to theatrical history had he considered the large and not unimportant world that lies outside of the Four Cohans.

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Notes on New Books

A FRIEND OF CÆSAR. By William Stearns

Davis. The Macmillan Company, New York. $2.50. A reprint after twenty-five years of a well-liked historical novel. THE CRISIS OF EUROPEAN DEMOCRACY. By

Dr. Moritz Julius Bonn. The Yale University Press, New Haven. $1.25. Addresses at the Williamstown Institute of Politics by a German scholar. INTRAMURAL ATHLETICS. By Elmer D. Mitch. ell.

A. S. Barnes & Co., New York.
Outdoor and indoor games played for
their own sake against one's own school
or college mates. Described by the director
of these sports at the University of Michi-

Staley. A. S. Barnes & Co., New York. $3.
Handbook by the Assistant Professor of
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D. Toland. D. Appleton & Co., New York.
Advice to young men about future occu.

LILITH. By George Macdonald. E. P. Dutton

& Co., New York, $2.50.
A romance by the Victorian novelist.
CHARMEUSE. By E. Temple Thurston. G. P.

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Expert Service.

Financial Department

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Conducted by WILLIAM LEAVITT STODDARD The Financial Department is prepared to furnish information regarding standard investment securities, but canno 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. The Financial Editor regrets that he cannot undertake the discussion of more than five issues of stocks or bonds in reply to any one inquirer. All letters should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 120 East 16th Street, New York, N. Y.



When to Sell

Find Out


whether your

holdings are well


ARVELOUS stories are told of with your judgment as to what you can
people who have doggedly, best do with your funds. For example,

bond through thick and thin, held on you own a bond for which you paid to investments which have seemed about $957.50. It bears a 6 per cent coupon, to vanish into the atmosphere, only to but now sells for 104, so that the currecover and achieve amazing success. A rent return on your money is less than

balanced financial paper the other day printed an 6 per cent. You have a capital gain of item about an old couple who, several $82.50. Should you take your profit and years ago, purchased for $450 a share in reinvest, or should you hold?

TERETOFORE it has been some Florida lands. To-day their por- Without attempting to advise the best

difficult for an investor to antion is worth $37,000, and on hearing the course to pursue in this instance, let me alyze, for himself, the structure of news, they literally wept with joy. point out how to go about making a de- his bond holdings. Now it can be

Original investors in General Electric, cision on the basis of the theory just done easily by filling out a chart we American Telephone, and other now pros- referred to. Your bond now represents have prepared. There are complete perous corporations are cited to illustrate cash to the total of $1,040. If you hold

instructions on the chart and you the virtue of sticking to a good thing. it to maturity, it will be only $1,000

can readily see what information On the other side, one can find au- cash. It will, of course, continue to

should be entered and where. thentic instances of people who have bring in $60 a year as long as the coradded materially to their capital by sell- poration remains prosperous. This is

Use of this chart will show you ing when fair profits are revealed in a under a 6 per cent current return, but as

how well your bond holdings are rising market, and reinvesting again you bought the bond at a trifle over 95, diversified as to type and geographwhen prices are down.

and as we will assume that it matures ical location-also how maturities The investor-even the conservative

in twenty-one years, the yield will be a are distributed. investor—is continually meeting this little over 61/3 per cent. Your ques

Working out your bond holdings problem: Shall I hold or sell? In sup- tion can now be simmered down to this: port of both policies there are catch Can I invest $1,040 for twenty-one years

on this chart will show you the need phrases which at the moment seem to to yield me more than 6 1/3 per cent,

of an underlying plan to be followed comprise all wisdom, such as, “Always safety and marketability remaining the

in the selection of bonds. It is not take a profit;" "Never sell what you same? If you can, there is no reason enough merely to be satisfied that would lor;" "Content yourself with a why you should not do so.

bonds you buy are sound; they should air tertii un sound security;" and the Proceeding on this theory, or on any

fit-one with another to make a And empting all of us is the rain- other theory, there are, of course, a structure reinforced by diversificaw hope of making money easily in great many factors that enter, or should tion and suited to your financial quantity. enter, into any decision. First and fore

status. As these paragraphs are being written most of these is knowledge of the com

You need this chart in order to the stock market is dropping. By the pany whose security you own. This is time they are printed the market may fundamental both to investment success

give your bond investments the athave dropped still further or it may have and to peace of mind. If you have as

tention they deserve. We shall be snapped back. In the interim thousands sured yourself that the organization, glad to send it to you without obliof people will have sold securities, in management, and financial structure of gation. alarm that the peak of prices has been a company is unimpeachable; if you

Write to our nearest office reached and that something will occur have, further, studied closely its annual

Ask for Analysis Chart OL-95 which will make them valueless to keep. or quarterly reports; if you, in short, At the same time thousands of persons have come to know all that is available will have bought these same securities, about the concern whose shares you have

319 N. 4th St. confident that exactly the opposite is purchased, or whose obligations you hold, bound to happen. One man's loss is thus you need not worry particularly if curanother man's gain.

rent stock market conditions, or temA very attractive basic investment

porary political conditions, or fluctuatheory, which we have more than once tions in interest rates, bring about varia

HALSEY, set forth in these columns, is this: Re- tions in the market price. With the ingard your investments at all times as so formation you have gathered, you will

STUART & CO. much cash, and decide whether to sell or readily see that some at least of the marhold at any given time in accordance ket price variation is due to nothing in

PHILADELPHIA 11 South 15th St.


CHICAGO 201 S. La Salle St.

601 Griswold St.

82 Devonshire St.


14 Wall St. CLEVELAND 925 Euclid Ave. MILWAUKEE 425 E. Water St.

MINNEAPOLIS 610 Second Ave., S.


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the world but supply and demand, and supply and demand, in relation to any particular security, may have nothing in the world to do with real values.

For example, a certain well-known common stock went from a low of 136 in 1922 to a high of 190—a variation of 54 points. The next year the same stock fluctuated between 202 and 167, or over a range of some 35 points. In 1924 the low was 193 and the high was not far from 300. The issue referred to is the common stock of the General Electric Company. In the light of recent events, it can easily be seen that there was just as much real value there when the ticker registered 193 as when it registered 293. The difference is not to be explained in a word, but it is fair to say that it represents market judgment rather than a judgment based on the status of the business of the company.

Many investors who sold this stock last summer because they could make a profit have regretted their action. It would be possible to invest the cash received from such sale so as to secure an equal return; it is possible to invest it to better advantage. But, considering the condition of “G. E.," its ownership of other prosperous organizations, and its position in the electrical industry, it would be difficult to duplicate an investment in its shares. In other words, if what I am assuming here is accurate, the fact of a large profit per share should not be the deciding factor in making a sale. The deciding factor should be the real worth of the stock, as compared with the real worth of the proposed reinvestment, not the judgment of that portion of the public engaged in trading in the shares from hour to hour.

Not long ago in this department discussed financial statements of Crnorations. To them the investor should constantly turn. "What," a friend inquired recently, “do you think of the preferred stock of the Blank corporation?"

Our answer was to point to the 1924 statement. This showed a profit of $18,000,000 after deducting cost of merchandise, plus expenses and taxes, from total income. Out of this a million and a half were set aside for plant depreciation and $2,000,000 for the employees' benefit fund, which provides accident, sickness, and disability payments, as well as pensions. This left $14,500,000. Bond interest took a little over $4,000,000, and after 7 per cent was paid on the preferred stock and $5,000,000 on the common, there were $3,400,000 left. This went "to common stock account."

“You can form your own opinion of the preferred stock," we added. “You will note that to pay dividends of $1,


PROMINENT Southern banker in speaking upon A the subject of estates said:

“Through years of planning and devotion to their business, men accumulate estates. They look upon these accumulations as their families' means of

support in the event of their death .... if we men do not properly arrange our affairs, we are going to leave some rough sledding for our widows and dependents.”

Men every day are realizing this. They are taking precautions to protect their dependents against “rough sledding” in the future.

You can look forward to the future with confidence, knowing that your wife and family will be provided for, through your thoughtfulness, if you have made your will and appointed a competent executor and trustee.


Estate administration is a business which the modern trust company is especially equipped to handle. Its experience, knowledge, and responsibility are important safeguards that assure protection both to your estate and

to your beneficiaries. The trust officer of your local trust company will explain to you what executorship involves and how his company can help you. You may also secure information upon this subject by writing to the undersigned for a booklet giving important information about estates and trusts.



His money travels 10,000 miles

No matter where you live, you can invest at

7% with the proven safety of Smith Bonds

ISTANCE is no barrler to investing in Smith

700,000 there were available, after liberal charges to depreciation, about $8,400,000, which is another way of saying that the preferred dividend was earned about five times."

"I never knew that,” replied the stockholder. "I guess I never really read the annual report. I will make a resolution now never to buy or sell anything till I really know what I am dealing in.”

Not long ago an investment service sent out a confidential bulletin advising its clients to sell at once all their industrial stocks. It is a fact that some of them followed this advice. They were to sell, irrespective of the dividend record, regardless of the present status of the companies, and without any consideration for the probable future. It was advice of a panic nature, and in several instances it produced miniature panics. In many cases those who followed it made money and were able to buy back the same securities at lower figures later on. It was advice, in short, designed to make traders of investors and speculators of otherwise cautious traders. It was not advice, however correct it may have been in some details, which should be generally adopted by the real, the conservative, investor.

There is no easy formula for determining when to buy and when to sell. There is no perfect formula. A reasonable and workable formula is the cash theory which has been the subject of the preceding paragraphs. But it cannot be followed blindly, and it cannot be put into effect without work. We offer it to the readers of these pages as an hypothesis, which is not original with us by any means, and which is far from new. We offes it y a plan of procedure which,

nerly arried into effect, promises refree from the anxiety of watching market fluciuations too closely and the peace of mind that comes from knowing that your money is in substantial values which, except when extraordinary things happen, cannot change radically overnight.

W. L. S.


sider yourself a small investor. Through the medium
of the mails, and the convenience of our Investment
Savings Plan, thousands of men and women have
put their money into these time-tested investments.
Smith Bonds are owned now by investors in 48 States
and 30 foreign lands.
Here is a letter that comes to us from a satisfied in-
vestor at the other side of the globe, in a mission
post in Yung Chun, China:
"Your partial payment plan of investment ap-
peals to me as being about the ideal method of safe
and care-free investment of such few funds as we
can spare for this purpose. Your long history of
safety and of honorable dealing with your clients
gives one a feeling of assurance that is not at all

diminished by the ten thousand miles intervening
SMITH between your office and my domicile.

“We go our way about our tasks with a feeling that MITH BONDS are First

our few invested dollars are industriously at work S More

Mortgage Bonds, strongly providing future food and shelter against the time secured by improved, income

of retirement." producing city property, and protected by safeguards which have made possible our record of

You may use our Investment Savings Plan to buy a no loss to any investor in 52 years.

single $100, $500 or $1,000 Smith Bond by payCurrent offerings of Smith Bonds

ments extended over 10 months, or to create an will pay you 7% for any period independent income by systematic investment at from 2 years to 15 years. And

compound bond interest over a period of years. you may buy these bonds in any amount, in denominations of Every payment earns the full rate of bond interest $100, $500 and $1,000, either

-now 7% outright or under our Investment Savings Plan.

Our booklet, “How To Build an Independent InThis plan gives you 10 months come," tells how anyone whose savings average $10, to complete your purchase on $20, $50 or more a month can use this plan with any terms convenient to you, and pays the full rate of bond

safety, convenience and profit. Send your name and interest on every payment.

address for a copy of this booklet today.


From Inquiring Readers FOR

The F.H. Smith Company

or the information of readers inter

ested in purchasing shares of building and loan associations, we wish to make a few remarks supplementing our recent article "Investing in Homes." Shares in co-operative banks are not listed securities. In spite of this, they are readily marketable because of special provision made by the co-operatives—or building and loan associations. Not being listed, information about them is not available except locally. When, therefore, a reader in Indiana asks us, in New

Founded 1873

Smith Building, Washington, D.C. NO LOSS TO ANY INVESTOR IN 52 YEARS







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