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as many shares as are indicated by the book value on the preceding July 5th of the shares held by or paid for by him on that date divided by $120. Shares subscribed for and not yet fully paid shall be adjusted on the same basis and so issued when paid in full.

Illustration: John Doe owns 10 shares and has been paying on 5 more, on which two months' payments are still due. The book value of these shares on July 5 is $135 per share. The total book value of his 10 fully paid shares is $1,350, hence, he will receive 114 new shares for his 10 old ones. Likewise, he will receive 55% shares instead of 5 when he completes the payments on the 5 shares he is carrying.

Frankly, this is one of the most interesting experiments of which we have heard for a long time. The Club is not merely academic. It discusses and threshes out things; it listens to papers. It is, moreover, designed to go beyond the purely theoretic and to try to make money by testing its theories with dollars. From the character of the membership, it is hard to foresee anything but success for it.

W. L. S.

From Inquiring Readers A READER in Idaho has inquired about

the First Mortgage 51⁄2s of the New York State Gas and Electric Corporation, due January 1, 1962. The corporation issuing these bonds was incorporated originally in 1852. As a result of mergers it is now combined with a large number of corporations and supplies light and power to some 38,500 consumers. It is linked, through a "super-power" contract with the Adirondack Power and Light Company. It is controlled by the Associated Gas and Electric Company. Its bonds are given a high investment rating.

FROM

ROM Chicago comes an inquiry about the Pickering Lumber Company First Mortgage 6s, due in 1946.

"The Pickering Lumber Company First Mortgage 6s," we answered, "are a new issue of a new corporation, which is a consolidation of several existing properties. We understand that the appraised value of property pledged as security is about $15,000,000, the issue being $7,500,000, and that during the last four years net earnings have been $1,200,000. "The interest requirements, maximum, are $678,053. There are adequate sinking fund provisions.

"We feel that this bond will be entitled to an investment rating.'

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NO LOSS

F

TO ANY INVESTOR IN 53 YEARS

"I have never lost any money

on my investments with you—"

Thousands of investors in Smith Bonds,
all over the world, have enjoyed this same
gratifying experience of loss-proof, worry.
proof and profitable investment.

NEW experiences afford greater satisfaction than the ownership of investments that turn out right—that keep every dollar of principal safely intact, and that pay a good income with unfailing regularity.

Consider, then, this typical letter, received by The F. H.
Smith Company from one of its investors:

"For more than thirty years I have been doing business
with your company and my transactions have always
been handled satisfactorily. I have never lost any
money on my investments with you, which is a very
gratifying experience."

Then consider this: Since 1873, every man and woman who has purchased a first mortgage investment from this House has had the same gratifying experience-of prompt and unfailing payment of every dollar of interest and maturing principal. Behind Smith Bonds is our record of no loss to any investor in 53 years.

This record has created world-wide confidence in Smith Bonds. They are owned now by investors in 48 states and in 33 countries and territories abroad.

It will pay you, too, to give your funds the protection of the time-tested safeguards that have resulted in our 53-year record of proven safety. Our current offerings of First Mortgage Bonds, strongly secured by modern, income-producing city property, pay 6%, 634% and 7%. You may invest in $1,000, $500 and $100 denominations, with a choice of maturities from 2 years to 10 years.

If you wish to invest as you save, you may buy $500 or $1,000 bonds by ten equal monthly payments. Regular monthly payments earn the full rate of bond interest.

Send your name and address today, on the form below, for our booklets, "Fifty-three Years of Proven Safety" and "How to Build an Independent Income."

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Interbrook Lodge Cottages

KEENE VALLEY, N. Y.

1,500 ft. elevation. On direct trail to Mt.
Marcy. 400-acre farm in connection. State
certified Jersey herd. $18 and up. Write for
illustrated booklet. M. E. LUCK, Prop.

Hotel LENOX.North St., west of Delaware
Ave., Buffalo, N. Y. Superior accommno-
Outlook's Bureau for rates, details, bookings.

District of Columbia dations: famous for good food. Write direct or

GRACE DODGE HOTEL

WASHINGTON,D.C.

Situated near the Capitol
and the Union Station

Maine

THE HOMESTEAD
Bailey Island, Maine
Twenty-fourth Season, June 25 to Sept. 15.
Illustrated booklet and rates on request.

Tours and Travel

A WINTER IN THE SUN-1927
MISS FLORENCE FISHER is making
arrangements for a third winter's travel in
North Africa. Private Motor Tour de
Luxe-Morocco, Algeria, Tunisia, with
optional special desert trip.
Ten-Passenger Motor Tour of Mo-
Comfortable
rocco, with motor trip through France. (These
tours are accompanied, respectively, by Miss
Fisher and a colleague experienced in travel
and conversant with the life of countries
visited.) The Carnival Season
Cannes, with Motor Tours of France,
at
in detail and at inclusive prices. Other itiner-
Switzerland, and Italy, also arranged

aries planned on request. For information
address Miss Florence Fisher, Hartsdale, N.Y.

THE BEECHES, Paris Hill, Me. SOUTH AMERICA, 1927

An exclusive country house on a Maine hilltop, with beautiful view, gardens and pine groves. Garage, electricity, near-by country club. Booklet. Opened June 15.

Massachusetts

MARBLEHEAD, MASS.
The Leslie

A quiet, cozy little house by the sea. Now open. Private baths. Booklet. 22d season.

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 managers, companions, governesses, mothers' helpers. The Richards Bureau, 68 Barnes St., Providence.

HELP WANTED

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience unnecessary. We train you by mail and put you in touch with big opportunities. Big pay, ment, permanent. fine living, interesting work, quick advanceWrite for free book, "YOUR BIG OPPORTUNITY." H. tel Training Schools, Suite E-5842, WashLewis ington, D. C.

WANTED-A couple with old-fashioned ideas of helpfulness to take care of small family on North Shore of Long Island. The wife should be an excellent and economical cook; the husband a skillful gardener, able to drive car and willing to turn his hand to smali jobs about the place. Comfortable home and considerate management waits the right couple. State in writing ages, length of service with previous family, also wages. 7,166, Outlook.

WORKING housekeeper wanted by business couple with one child, 6 years. (Mrs.) E. D. Hotaling, 19828 Foothill Ave., Hollis,L.I.

SITUATIONS WANTED

AMERICAN middle-aged woman, Protestant, open for position early in September as companion-housekeeper to elderly lady; supervising housekeeper; housemother in school. References exchanged. C. B. W., Lock Box 748, Englewood, N. J.

COLLEGE Woman, A.B., honors in English, thorough editorial training, some experience, wishes position with publishers of educational or general literature. Outlook. 7,148,

BROOK BEND TAVERN Major Blake's Automobile Tours position as companion to lady. Recent gradu

MONTEREY, MASS.

A quiet, charming old tavern tucked away in the heart of the Berkshire Hills, one-quarter mile from beautiful Lake Garfield. Guests

enjoy old-fashioned hospitality, excellent THE beauty, facination, and mys

table; many rooms have private bath. Quaint country dances, cozy fires, artistic atmosphere; a perfect spot for complete relaxation of mind and body. September and fall season most beautiful of the year. Apply to

Miss Elizabeth Hart, Manager
Telephone Great Barrington 406-R 42

New Hampshire BEMIS CAMPS

OVERLOOKING KIMBALL LAKE
Near the White Mountains

The place you've always wanted to know about. Why not spend your vacation or weekends in this beautiful section of New England? Come and partake of health and happiness. Canoeing, bathing, fishing, tennis, horseback riding, mountain climbing-you'll find them all here. Nights around the campfire. Private cabins in pine grove. Reduced rates for September. Address

H. C. BEMIS, South Chatham, N. H.

New York City 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 $4 per day and up. European plan $1.50 per day and up. SAMUEL NAYLOR, Manager.

New York

RIVERVIEW Beacon-on-Hudson

Delightful rest and convalescent home. Spacious grounds, wholesome food. Booklet. Write direct or 6,365, Outlook.

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CULTURED young lady, holding best ref-
erences and experienced in traveling, wishes
ate of elocution school. 7,152, Outlook.
EDUCATED, experienced woman as gov-
erness and mother's assistant. 7,168, Outlook.
HOUSEKEEPER-
school age. wishes position with adult family
American Protestant
lady, refined, capable, experienced, son high
where woman not of servant type is needed.
Highest credentials. Moderate salary. 7,162,
Outlook.

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MIDDLE-aged woman, usually successful with young people and children, desires head position in small institution where home life cau be fostered. 7,143, Outlook.

SITUATIONS WANTED

POSITION as companion or matron in a girls' school by a cultured middle-aged wo man; pleasing personality and musical abil ity. References exchanged. 7,167, Outlook.

PRACTICAL nurse, specially trained by two of the most noted nerve specialists of the country, desires position as companion or housekeeper in a gentleman's winter home in the South. or will chaperon a young lady wishing to study or live abroad. Best Phila delphia references furnished. 7,160, Outlook.

REFINED woman of large experience de sires position as dean or adviser of girls: supervisor of girls' dormitory or motherless home; hostess or assistant manager in hotel or sanitarium. L. L., 87 Circular St., Saratoga Springs, N. Y.

SECRETARIAL position wanted by young woman who has had three years' experience as secretary in girls' boarding school. Can give good references. 7,158, Outlook.

STEWARD-Experienced working steward, reliable and efficient, desires position in country club or hotel; 8 seasons with a prominent Berkshire County hotel. For references and interview, 7,169, Outlook.

TO East and Near East woman, educated and traveled, would go as companion, representative, or writer. 7,165, Outlook.

WANTED-Woman with executive training and wide experience-position as manag ing housekeeper in institution; charge of high class apartment house; hostess; pastor's assistant; dietitian. Exceptional references. 7,170, Outlook.

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MISCELLANEOUS

INTERESTING CAREER for bright women in advertising, sales-planning, and business writing. Am organizing special group for instruction by mail, beginning September. Text-books of college standard used. Only properly qualified subscribers accepted. If ambitions for business success, write for prospectus. No rainbows or princely salaries promised, but I have helped hundreds to qualify for highly responsible work. 25 years' business, writing, and educational experience. S. Roland Hall, advertising counselor and agent, 19 Center Square, Easton, Pa.

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. Aids are provided with maintenance and given a monthly allowance of $10. For further particulars address Directress of Nurses.

COLLEGE couple (faculty) will care for private house or apartment, New York City or suburbs, in absence of owner or for an aged person or couple. "Responsible," 7,171, Outlook.

NURSE wishes semi-invalid boarders. Box 44, Grampian, Pa.

REAL home in country and intelligent care given child under five. Chany, Sharon, Mass.

NEW York shopping without charge by an experienced shopper. Reference required. Hattie Guthman, 530 West End Ave., N. Y. C.

HOME and intelligent care for child in Mid-West college professor's home. Wrench, Brooktondale, N. Y.

Little "Ads" That Reach Far

Its

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In writing to the above advertisers please mention The Outlook

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