promises well. In this case the members. of the little group had real knowledge of the investment problem and, in addition, money to invest. They invested co-operatively. They formed what amounted to an investment trust or pool under a simple form of agreement and their funds were placed in sound bonds and stocks. Thus each hundred dollars was at once diversified to an extent which no individual, alone, could hope or expect. Each member's share in this pool was secured by all the assets of the pool, which soon grew to comprise thirty or forty different securities.

We also know of another scheme which involved the group-investing idea. But in this case the group wanted to make money with extreme rapidity, and after some six or eight months there was nothing left of the pool but a disappointing memory.

W. L. S.

From Inquiring Readers

T

HERE is always a reason, and gener

ally a good reason, for stocks to sell to yield large returns. This fact was again illustrated in our discussion with a reader in Pennsylvania, whose inquiry can easily be gathered from our answer:

"There are two preferred stock issues of the American and Foreign Power Company. One is called the preferredi. e., the first preferred-and has paid dividends at the rate of $7 per share since issued. No dividends have been paid on the second preferred.

"This company is controlled by the Electric Bond and Share Conpany, and owns securities controlling public utilities in Cuba, Panama, and Guatemala. The company was incorporated in 1923 under a perpetual charter.

"The Electric Power and Light Company was incorporated in 1925 to take over, under a plan of reorganization, the assets of the Utah Securities Corporation. It now develops and operates public utilities in Louisiana, Texas, Idaho, Utah, Colorado, Wyoming, Nevada, and Oregon.

"In both these cases the reason why the stocks do not command higher prices is that the companies are relatively new. In the case of the American and Foreign Power Company, the properties are not in the United States, and are therefore subject to greater risks than older and better-established properties in this country. In the case of the Electric Light and Power Company, this is a lately reorganized company, with the attendant uncertainties.

"We would consider American and

Protect Your July Funds

B

with safeguards that have
resulted in this record

EFORE you accept a lower return than 634% or 7% on
your July funds, give serious consideration to these facts:

1. The F. H. Smith Company has completed more than 53 years of continuous service to first mortgage investors.

2. It has sold first mortgage investments, aggregating many millions of dollars, to thousands of men and women, living in every state of the United States, and in 33 countries and territories abroad.

3. On all of these investments, throughout more than half a century, every cent of interest and maturing principal has been paid promptly and in full.

THE

63% OR 7%

HE 634% and 7% First Mortgage Bonds that we offer for your July funds are created by the same standards of safety and protected by the same safeguards that have resulted in our record of no loss to any investor in 53 years.

These bonds give you the strong security of modern, income-producing city property and, through monthly payments toward the annual reduction of the principal, your margin of safety is constantly increased.

You may invest outright, in denominations of $1,000, $500 or $100, or you may use our Investment Savings Plan to buy one or more $500 or $1,000 bonds by 10 equal monthly payments. Regular monthly payments earn the full rate of bond interest. Maturities are from 2 years to 10 years.

"Demand

'Foreign Power the better from an investment point of view, but we would not rate it above a good 'business man's risk.'"

"W HAT about Dodge Brothers pre

ferred?" inquires a friend in

California.

"As to this stock," we answered, "we would not regard it as a seasoned preferred stock, and hence not one of investment rank. The Dodge car is one of the best on the market, and the company is, so far as we know, soundly managed, but the recent financing has not yet been completely adjusted or absorbed, and this stock is not generally regarded as better than a 'good business man's risk.'"

We might have added that our opinion of the automobile in question is biased by our personal ownership. Also, that we feel a little conservative on indi

with your

July Investments”

say Successful Investors

The most successful investors will tell you that the safety and profit of your investments may well depend upon these four things:

1. An unconditional guarantee of principal and interest by the house of issue.

2. The financial statement of the house of issue. 3. The privilege of insuring your bonds against loss.

4. A yield of 6% to 62%.

Unconditionally Guaranteed

Every Adair First Mortgage Real Estate Bond is unconditionally guaranteed as to principal and interest by Adair Realty & Trust Company, with capital, surplus and profits of $2,500,000 and resources over $10,000,000. The financial statement of the Adair Realty & Trust Company is published at regular intervals.

Insurance Privilege

Every Adair Bond is eligible for insurance against loss of principal and interest in one of the oldest and strongest surety companies in America with resources over $27,000,000.

Adair Guaranteed Bonds fulfill the requirements of the most conservative investors and the liberal yield, up to 6%, makes them a favorite with successful investors the country over.

Investors in Adair Guaranteed Bonds can not fail to make money. Mail the coupon today for full information and July Offering Sheet.

ADAIR REALTY

& TRUST CO. Founded 1885

CAPITAL, SURPLUS AND PROFITS $2,500,000
Healey Building
Packard Building
PHILADELPHIA

ATLANTA

A

GOOD many inquiries from different parts of the country come to us about various corporations which guarantee bonds. Those who ask us about these guaranteeing companies are interested in "guaranteed" first-mortgage bonds. To inquire as to the standing of the guarantor is eminently proper and sane, but as a matter of fact a guaranty, while an added protection, is the kind of assurance which makes assurance doubly sure. In other words, a first-rate house specializing in guaranties takes itself the very minimum of risk and does not indorse any bond about which it has the least doubt. If, however, a guaranty adds anything to the bond buyer's peace of mind, it is worth the price. In just one out of many thousand cases it will save your principal.

How much does Your Money Earn?

This Table Tells You How Much YOU CAN MAKE TEN SURE ROADS TO WEALTH Period of Your Your Investment Total Yearly (Months) Worth Life Income

Your Monthly

Investment

These plans have been checked by Haskins and Sells, Certified Public Accountants

THE Trust Company of Florida offers you the facilities to operate

any

of these ten plans. You can draw out at any time but if you continue you can gain the attractive totals shown in the above table, safely and without risk. Details are explained in our booklet, "HOW TO GAIN INDEPENDENT MEANS."

This institution-founded 1909-operating under Florida banking laws-offering 8% First Mortgage Bonds-has an unbroken safety record.

Send for free booklet and learn what you may gain through 8%. Mail the coupon today. Write to

TRUST COMPANY
OF FLORIDA

Paid in Capital and Surplus $500.000
MIAMI, FLORIDA

Facts For Investors

THE OUTLOOK's Financial Service Department is at the disposal of all Outlook readers at the nominal charge of $1 per inquiry. It is a factfinding and reporting information service which aims to help the investor, small and large, solve his own problems. We are serving hundreds. May we serve you?

The Outlook Financial Service Department THE OUTLOOK, 120 East 16th Street, New York

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.

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

HELP WANTED

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

MANAGER at large country school (cottage system), 100 miles from New York, to supervise purchasing, upkeep. State ages of self and family, religion, salary desired, previous employers, with exact position occupied with each. Excellent permanent position for thoroughly competent, cultivated person. Reply fully in own haud. Applicants replying fully will be first considered. 7,068, Outlook.

facing Presidential Range; furnished; 5 miles from North Conway. Living-room with fireplace, two bedrooms, bathroom, kitchen, large attic; modern plumbing, electricity. $250 for summer. Address G. P. McCOUCH, Media, Pa.

New York

SITUATIONS WANTED EDUCATED young lady, stenographer, bookkeeper. Cainp or summer hotel. 7,07, Outlook.

EXPERIENCED gentlewoman desires po

(The famous sanitarium and health resort village) For Sale, a palatial 9-room house. 2 baths and a toilet; garage. Ideal for summer home, or as a home in a quiet, beautiful village for retirement from active life; photograph and description of the house sent to interested parties. Apply to Mrs. A. C. Rhodes, Clifton Springs, N. Y.

Adirondack Cottage by the Week month or

season.

Furnished, five and six rooms, bath, running water, electric lights. Supplies convenient. Central for touring. ALMON WARD, Jay, N. Y.

BUNGALOWS FOR RENT Furnished bungalows on Lake Muskoday. On improved highway. Write for folder. RAYMOND D. GRAHAM, Roscoe, N. Y.

Wallkill, N. Y. 9-room house, all improvements, excellent condition; oak and maple floors; large porch; in village, on State highway to Newburgh. Price $8,000. B.S.Galloway.

Vermont

understanding of young people. References exchanged. 7,063, Outlook.

EXPERIENCED tutor in Latin and history desires summer position; preferably at seashore. 7,069, Outlook.

GRADUATE, State registered nurse and experienced hygiene instructor wants position as resident nurse in school or college. Address 1165 South Bainbridge St., Barry, Ill.

HOUSEHOLD director wishes position in institution or estate September. Fine training and experience. 7,067, Outlook.

LADY PHYSICIAN, going to California about July 1, would like to take elderly patient or chaperon young people. References exchanged. 7,058, Outlook.

MIDDLE-aged woman as companion or working housekeeper for small family or for business woman. References. 7,076, Outlook. NURSERY governess, thoroughly experienced, refined. References. 7,075, Outlook.

POSITION as companion by young woman, cultured, cheerful, and capable. Will travel. 7,078, Outlook.

Modern 7-room house. Hot-water heating system, bath, fireplace, hardwood floors, porches, wide outlook. Barn, icehouse, about 2 acres. Inquire J. C. DURICK, Fairhaven, Vt,

Instruction

Opportunity to become TRAINED NURSE. $15

monthly allowance. Ideal living conditions. 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.

REFINED, companionable woman, Protestant, desires position in September as comhome, has had two years of college, and is accustomed to driving a car. Would like to go South. References exchanged. 7,072, Outlook.

TUTOR and companion. Harvard graduate, experienced in best preparatory schools, European travel, camp life, would take boy for summer or year.Keferences.7,073, Outlook.

UNIVERSITY instructor, trained at best institutions, two years abroad, seeks summer engagement. 7,070, Outlook.

WOMAN of culture and advanced education, experienced in travel, who speaks easily and fluently, is willing to prepare lectures on any given subject for remuneration and traveling expenses. Would prefer the vicinity of Harrisburg, Pa. 7,049, Outlook.

YOUNG woman from cultured home desires position for September in private school. Primary work or junior high school. Experience in excellent private school, Washington, D. C. Good references. 7,062, Outlook."

MISCELLANEOUS

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

LEARN to entertain! New book explains all forms of mystery entertaining. $1. "Clayton," 7605 Linwood Ave., Cleveland, 0.

WANTED-Elderly people to board. Address W., Pawling, N. Y.

GOOD looking, intelligent English boy for adoption; blond; 7 years old; good family. 7,077, Outlook.

A

LATE entry in The Outlook contest for

the ten most suitable objects to be included in the museum of modern antiquities follows: (1) An American flag; (2) a silver dollar; (3) a radio transmitter; (4) an automobile tire; (5) a modern billboard; (6) a daily newspaper; (7) a bottle of homebrew; (8) a policeman's uniform; (9) a telephone; (10) a piece of the North Pole. This entry wins "By the Way" honorable mention.

The following sign appears over the door of a Negro flower shop in Washington, D. C.:

FLORIAL DESIGNS TO ODER

One of the ladies on the staff of the "Tourist News" thinks a dry dock is a physician who will not give out prescriptions.

Little Girl: "Mamma wants ten cents' worth of asafetida."

Merchant: "Here you are."

Little Girl: "Charge it, please." Merchant: "Oh, take it along. It's worth more than ten cents to write a name like that."

Thousands of movie-struck girls use any means to get to Hollywood, expecting to get employment as extras in the moving pictures and to work up to be great film stars. An official report from Los Angeles now states that, out of the 25,000 extra people enrolled in the Hollywood agencies, not over 2,500 can expect regular assignments. It was also stated that not over ten extras a year are ever elevated to even the minor rôles in important films. Nevertheless young women are entering Hollywood at the rate of 200 a day, expecting all the luxuries they read that Gloria Swanson enjoys. The--only hope, according to the Los Angeles report, is for extras who can play the parts of bankers or preachers for atmosphere. Forty of these can be used. Entrain early and avoid the rush!

From the "Progressive Grocer:" "Mother," said little Bobbie, bursting into the house, "there's going to be the deuce to pay down at the grocer's. His wife has got a baby girl, and he's had a 'boy wanted' sign in the window for a week."

It seems that some one must have thought of this joke before, but here it is: Insurance Agent: "Now you can pay this premium in quarterly installments, and you'll never miss the money."

The Insured (as he pays his second premium): "I know now what Ananias did for a living."

The auto, according to "Collier's," is one thing you have to give Americans credit for.

"Does my practicing make you nervous?" asked the man who was learning to play a saxaphone.

"It did when I first heard the neighbors discussing it," replied the man next door, "but I'm getting so now that I don't care what happens to you."

From "Life:"

Wife (to salesman-husband departing on a business trip): "Don't forget, dear, to take some dotted lines with you."

An Outlook article of a year ago by Ernest W. Mandeville stated that the clean moving pictures would be the greatest money makers at the box-office. He predicted a change of heart on the part of the film magnates as soon as they learned that their pocketbooks would not be fattened by

salacious or cheap pictures. Will H. Hays has just issued a list of the 104 best-paying pictures of the past year. The first ten are "The Ten Commandments," "North of Thirty-six," "Charlie's Aunt," "The Thundering Herd," "The Covered Wagon," "The Freshman," "Abraham Lincoln," "Sally," "Riders of the Purple Sage," and "The Hunchback of Notre Dame." In the entire list of 104 pictures there are only seven which can be classed with the old type of flaming-youth pictures.

From the Toronto "Goblin:"

Mrs. Bim: "Harry took part in an amateur play last night, and to-day he is so hoarse he can hardly talk."

Mrs. Bam: "Oh, he was the leading man, then?"

"No; he was the prompter."

Boy (applying for a position as office boy): "I hope, sir, that you will take the fact that all my grandparents are positively dead to be in my favor."

A reporter was sent to interview an Indian who was reputed to be 150 years old. He asked the Indian the reason for his long life. The redskin's answer was, "Because I was born a long time ago." Moral: Get born early.

"I make it a rule never to ask another to do what I would not do myself." "But, my dear, surely you don't go to the door yourself and tell your callers you are not at home."

There are now one hundred thousand chain-store systems in the United States, according to the United States Chamber of Commerce, located in Washington. It is estimated that about nine per cent of all goods sold to consumers in this country pass through chain stores. It is claimed that this is the only possible means of giving greater values for the least possible cost.

Tell a man that there are 267,532,001 stars and he will believe you, but if a sign says "Fresh Paint" he will make a personal investigation.

From the Boston "Transcript:"
"Mamie's got a job as a stenog."
"What, Mamie-no!"
"Honest!"

"Do ya s'pose she'll get by?"

"Well, she may at that. Y' see, her boss told her right off he's a man of few words, an' that sounded encouragin' to Mamie; she don't know very many."

The trouble with idle rumors is that they are never idle.

Two salesmen were commenting on events in the day's news when the coal salesman said: "Don't you think all these motor accidents are terrible?"

"Yes," answered the casket salesman; "but it's much worse for business when people are lost at sea."

"On the average, children are now taller for their age than hitherto," is the message from London. They have to be if they wish to cling to their mothers' skirts.

"What's the matter, little boy?" "Maw's gone and drowned all the kittens."

"Dear me! that's too bad."

"Yep she - boo-hoo promised me I I could do it."

What familiar quotation from Shakespeare is suggested to you by the following letters? KINI. Answer next week.

STOPS

TRAIN SICKNESS

Mothersill's prevents exhaustion,
nausea, dizziness and faintness of
Train Travel. Journey by Sea,
Train, Auto, Car or Air in Health
and Comfort.
33

75c. &$1.50 at Drug Stores or direct
The Mothersill Remedy Co., Ltd.
New York
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MOTHERSIT REMEDY

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Important to Subscribers

When you notify The Outlook of a change in your address, both the old and the new address should be given. Kindly write, if possible, two weeks before the change is to take effect.

Let's go!

to Maine

Spend a vacation amid inspiring scenery in the Cool, clean, invigorating Maine air. Maine beaches are inviting; inland are her beckoning mountains, her crystal lakes and streams, her balsam-scented forests.

The Official State Booklets give just the information you need-rates for hotels, camps and farm homes; how to rent a cottage; where to find your favorite sport; motor tours and maps. Also information on agricultural and industrial opportunities in Maine on request. Send the coupon today. Excellent rail, boat and motor routes to Maine. Ask local agents or write us.