done it here. Such rabid fanatics as that Daughter of the Confederacy who recently declared that Lincoln's true purpose in the Emancipation Proclamation was to set the Negroes on to assault Southern women would naturally be pleased with nothing short of the speech of the excited secessionists in Charleston in 1860. But-to a Northern readerthis book seems to be written without bitterness; to grant many of the Southern contentions; and to be the work of a genuine historian who seeks only the truth.

WHEN AMERICA WAS YOUNG, By John F.

Faris. Harper & Brothers, New York. $6.

An entertaining book of a type now popular. It is about our past; but this time, not our absurd past, but our quaint, pleasing, and romantic past. Travel, home life, education, publishing, amusements, duels, gambling, and holidays in colonial and early republican America. The illustrations are many and nearly all interesting.

Poetry

SONGS FROM THE BRITISH DRAMA.

Edited

by Edward Bliss Reed. The Yale University Press, New Haven. $1.

An anthology of rather fresh material from early days to the present. Annotated, indexed, and provided with a bibliography for study.

THE LE GALLIENNE BOOK OF AMERICAN

VERSE. Edited with an Introduction by
Richard Le Gallienne. Boni & Liveright, New
York. $3.50.

A book for a Christmas gift. A small volume containing a fine selection of American poems from the earliest days to the present. Chosen, not with the snobbish taste which takes the representatives of certain schools and ignores the others, but with catholic judgment which includes many old favorites even if they are out of style to-day.

Travel

THE FIRST WORLD FLIGHT. By Lowell Thomas. Illustrated with Many Photographs and Other Pictures. Houghton Mifflin Company, Boston. $5.

The personal narratives of the aviators who first circumnavigated the globe. Told by them and set down by Lowell Thomas. The record of a great adventure.

TO MONADNOCK. The Records of a Mountain in New Hampshire through Three Centuries. Gathered by Helen Cushing Nutting. Published by the Author, Ashburnham, Mass.

A complete record of a human being, all he said and did and thought, is always more than interesting; it is often curiously inspiring. So with the record of a place. Here is the history of a mountain in New Hampshire-Monadnockfrom the days when it was first seen by Governor Winthrop in 1632, and when it

was wolf-haunted, through the frequent descriptions of it by Thoreau and Emerson, and down to the days of Kipling, Mark Twain, and Lord Dunsany-all of whom mention it. A fascinating book.

Sociology

THE REVOLT OF MODERN YOUTH. By Judge Ben B. Lindsey and Wainwright Evans. Boni & Liveright, New York. $3.

The flapper and her boy friend, the flipper, are not mere theoretical beings to Judge Lindsey. Boys and girls of high school and early college age are really different in this year 1925, he believes, than their fathers and mothers were at the same age. And if the boys and girls of Denver-of whom he writes

-are typical of the country, we will say that he has proved his case. They are revolting against conventions, they are emancipated to a degree to horrify their grandparents, and so the Judge thinks -they are mainly right, and deserve But how many sympathy and help.

mothers and fathers of, say, fifty and upwards will agree with the Judge's conclusions? As the characters in a Pinero play used to remark, "I wonder!"

The War

THE LIFE AND LETTERS OF WALTER H. PAGE. By Burton J. Hendrick. Vol. III, Containing the Letters to Woodrow Wilson. Doubleday, Page & Co., New York. $5. These letters of Ambassador Page to President Wilson describe the life of an American Ambassador; his views on the war in its early days; the visit of an American officer, Colonel Squier, to the front; the Lusitania; the President's plans for ending or entering the war; and the Zimmermann telegram, in which Germany proposed to cut up the United States and hand two States over to Mexico.

Like the earlier volumes, this is an important and lively contribution to history. Like those, it has excited protests from the German-Americans and much rumbling from the partisans of President Wilson. For instance, German-Americans devised a beautiful plot, in sending out the steamship Dacia, to embroil America in a war with England. The plot was defeated, and Mr. Page helped

defeat it. Germans have denounced him ever since as "un-American" and "Anglomaniac."

These letters are not helpful to the historical reputation of Mr. Wilson, and his admirers have been quick to see it. Mr. Bainbridge Colby, who has reviewed this book, thinks that Mr. Page became too much "Anglicized." This is because Page did not agree with the policy of the Wilson Administration from 1915 to 1917, which was to speak politely to

What a cumbersome title for a brisk and forceful book! When these notes from his diaries were published in newspapers, General Bullard raised a storm by his frank criticisms. He didn't believe in Negro troops as soldiers; he thought that President Wilson's policy of being unprepared had a disastrous and not a happy effect, by delaying to the point of Allied disaster our effective entrance into fighting. The latter opinion offended those devout admirers to whom Mr. Wilson's blunders were more precious than any one else's success. General Bullard is more of a soldier than a courtier; General Pershing was something of both. This book is probably the best one from any of the generals of the A. E. F.

Nature

A WILD-ANIMAL ROUND-UP. By William T. Hornaday. Charles Scribner's Sons, New York. $5.

A book for men and boys, and for others, if they love animals. Chapters about old buffalo hunts; about animals of North and South America; about elephants and other animals of Asia and Africa. The life of animals at home and in the Zoo. Readable on every one of its pages, and well illustrated.

Gift Book

THE KNAVE OF HEARTS. By Louise Saunders.
Charles
With Pictures by Maxfield Parrish.
Scribner's Sons, New York. $10.

A play, suitable for performance by amateurs if they can provide pretty costumes. The feature of the book is Mr. Maxfield Parrish's colored illustrations, in which the work of this artist is displayed with all its widely known characteristics and at its very best. His work has declined a little in favor with those who criticise for technical reasons, but these are gorgeously beautiful pictures, and the book is a fine example of the "gift book."

Notes on New Books

THE MIRROR OF VENUS. Love Poems and Stories from Latin Literature. Translated by F. A. Wright. E. P. Dutton & Co., New York. $3.

THE HISTORY OF THE DAMNABLE LIFE AND DESERVED DEATH OF DOCTOR JOHN FAUSTUS. Edited by William Rose. E. P. Dutton & Co., New York.

$3.

IL NOVELLINO. The Hundred Old Tales. Translated from the Italian by Edward Storer. E. P. Dutton & Co., New York. $3. Three more volumes in the Broadway Translations. These except for the "Faustus"-do not add much to the interest of the series.

Why Your January Investments

should include

Adair Guaranteed

62% Bonds

OUT of the great number of in

vestments offered you during the January reinvestment period, only a few will be unconditionally guaranteed.

The reason is obvious. Only the very highest type of first mortgage bonds are guaranteed, for only those houses which have absolute faith in their bonds can afford to guarantee them.

Every Adair First Mortgage Bond bears the unconditional guarantee of this company. Our entire capital and surplus exceeding two million dollars stands squarely behind each and every bond we offer.

Sound investment principles require that a certain portion of your wealth (from 25% to 75%) be invested in securities which are beyond the reach of panics, depressions or market fluctuations. Put that part of your fortune in Adair Guaranteed Bonds and enjoy the peace of mind that comes with knowledge of absolute safety.

Before reinvesting your January funds investigate these bonds. The coupon will bring full information.

Adair Guaranteed Bonds may also be insured against loss by one of the strongest surety companies in America for a small annual premium.

Serial maturities. Denominations $1,000, $500 and $100. Federal Income Tax up to 2% and various state taxes refunded upon request.

Investors residing in New York and New England should address Adair Realty & Mortgage Co., Inc., 270 Madison Ave., New York City.

Adair Realty
& Trust Co.

cannot be expressed in terms of dollars and cents, they may result in more dollars or in less dollars.

Among these intangibles perhaps the most important is good faith, which a financial writer expounds as follows:

"It must frankly be admitted that the analyst of the operations of practically any corporation is absolutely at the mercy of the management, or officers, so far as concerns the matter of good faith in the presentation of the figures showing the operations and standing of the corporation. . . . No year passes but sees bankruptcy and receiverships of corporations whose recent income accounts and balance-sheets had appeared, upon their face, fairly satisfactory. The disclosure of the affairs of such companies often reveals an entire lack of good faith, in that profits have been credited which have never existed and items of assets have been unduly inflated, while, on the other hand, important items of liabilities may have been manipulated or concealed. In rare instances the real condition of such companies has been either not known to or not appreciated by some of the directors themselves. Against such lack of good faith, which usually amounts to moral, if not legal, dishonesty, there is very little protection in a mere analysis of the figures rendered in the companies' reports."

All this is another way of stating the elementary business proposition that reputation and character are underlying factors whose importance cannot be minimized. They are foremost among the intangibles.

A second intangible which is not recorded in the balance-sheet is management. To term it an intangible may appear belittling, but management, though it is measurable in results, cannot be weighed or counted. Management of proved experience is the best guaranty of sustained dividends in the world. It is rarely so intangible that it cannot be appraised by diligent inquiry. First-rate management cannot overcome all obstacles, particularly those of a general, outside nature. But first-rate management is a very nearly perfect insurance against the leakages, losses, errors in judgment, within the business itself, which, if not eagerly watched, cost very many dollars each year.

One of the best-managed concerns in the country is the Dennison Manufacturing Company of Framingham, Massachusetts. Due to foresighted management, Dennison's ran full time during the immediate post-war depression-in fact, ran overtime during the dark months of 1922 when millions of unemployed walked the streets. The story of

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this achievement is too long to tell here, and the technique used might not apply universally, but it is a fact that it was management, and management alone, which, directing production and sales policy co-ordinately, is responsible for one of the most remarkable successes in this country in recent years.

Still intangible, but sufficiently difficult to get at to be called intangible, is the factor of the specific situation of a given business in its own field. Is it a newcomer or an old-established concern? If new, what are the factors which forecast success? If old, is it up with the times, progressive, or is there dry rot? What is its relative rank as to size, and what effect has this rank on its prosperity? Gigantic size alone does not promise dividends, nor does small size mean small earning power.

Every investment banker, every person who in any way has to do with studying and analyzing and recommending securities, whether stocks or bonds, realizes fully the importance of the intangible elements. It is his business to know them, or about them, and to make them as tangible as possible. Because of the existence of intangible factors, honest opinions will always differ and the cautious man will always hesitate to recommend or urge unqualifiedly an investment upon a purchaser or one who seeks his advice. There are so many if's, and's, and but's; the dangers are so

numerous.

But, on the other hand, where all the intangibles are fairly well understood and when every indication is favorable, the preponderance of good intangibles. may well outweigh figures and balancesheets which, while "up to scratch," are yet not as brilliantly prosperous as those of concerns that are suffering under a hidden, hard-to-ascertain handicap.

W. L. S.

From Inquiring Readers

A

READER in Philadelphia has asked us about the first mortgage bonds on No. 61 Broadway. He also inquires whether American Sugar Refining common is an investment or a speculation. Our answer, in part:

"There is a first-mortgage issue on No. 61 Broadway of $9,500,000, with the rate at 51⁄2. These bonds were originally offered by some of the leading houses in the country, and there is every reason to rely on their statements of fact about it. The property is one of the best in the New York downtown financial district.

"In regard to American Sugar Refin

If You Want a Liberal Yield

Smith Bonds will pay you a definite, dependable income of 7%, in maturities from 2 years to 10 years. You have the opportunity to assure this liberal return over a period when interest rates, in all probability, will be substantially lower than they are now.

If You Want Ample Security

Smith Bonds are First Mortgage Bonds, strongly secured by improved, income-producing city property. Monthly payments toward the annual reduction of the mortgage constantly increase the margin of security for investors.

If You Want Proven Safety

Smith Bonds are protected by safeguards that have resulted in our record of no loss to any investor in 52 years. Thousands of men and women, in 48 states and 30 foreign lands, can testify to the dependability of Smith Bonds and the satisfaction of Smith service. Smith Bonds are sold in denominations of $1,000, $500 and $100, outright or under our Investment Savings Plan. The latter plan gives you 10 months to complete your purchase, and pays the full rate of bond interest on every payment.

Send us your name and address, on the form below, and we will mail you descriptions of several issues which are now available for January investment. We also will send you our booklet, "Fifty-two Years of Proven Safety," an interesting book of facts about Smith Bonds.

THE F. H.SMITH CO.

6 J

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IN

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The Outlook, 120 East 16th Street, New York

ing Company common, this stock has always been somewhat speculative in that there have been extreme price fluctuations and considerable irregularity in dividend payments. This does not mean that the company is not a sound one. The nature of the sugar business seems to be such that a common stock of this type cannot be regarded as a conservative investment."

HE condition is just the same to

"THE

day as it was in 1924," runs a statement of a vice-president of the Ford Motor Company of Canada, Ltd., referring to the sale of so-called "bankers' shares" of that corporation. At the risk of repeating a warning which has from time to time appeared in this department, we quote an excerpt from the minutes of a meeting of the stockholders of Ford of Canada:

The chairman brought to the attention of the meeting the fact that, without the approval and contrary to the recommendation of the directors, fractional shares of the capital stock of this company were being offered for sale in the form of share units or fractional shares at a price considerably in excess of the relative current market price. The undesirable features of this practice were explained and the unqualified disapproval of the directors expressed.

Moved by George Lester, seconded by H. G. Hefferan, that the shareholders of this company assembled in an annual meeting this 27th day of October, 1924, do hereby express their unqualified disapproval of the practice of trading in fractional shares of the capital stock of this company. Carried unanimously.

THE

HE following letter from this department to an inquiring reader in Virginia may interest others who have the same or similar securities on their minds:

"We would consider American Drug Syndicate shares to be a fair 'business man's risk,' but not to be an investment stock. Vick Chemical is in a good deal the same position, though we understand that they are about to pay, or have just declared, a dividend. This company is well established and its products are well known and widely distributed.

"In regard to General Motors common it is always difficult to know whether to take such a profit as you have made or to hold the stock. There is a strong speculative element in this stock at the present time, but it is a very good stock to have. Your decision should depend on your circumstances.

"Your Straus bond is undoubtedly a good investment bond."