The Outlook TRAVEL AND RECREATION ARE YOU TRAVELING THIS WINTER? Have you made up your mind where you wish to go? PACIFIC COAST, CHINA, JAPAN, the PHILIPPINE ISLANDS, HAWAII, the PANAMA CANAL, CENTRAL and SOUTH AMERICA, BERMUDA, the BAHAMAS, the WEST INDIES, and the SOUTHERN STATES offer you a splendid variety from which to choose. Do you wish to be spared the annoyance of planning your trip and arranging your itinerary? If so, write us, outlining in detail where you wish to go, how much you wish to spend, the length of time you have to give, and any other information which will help us in planning your trip for you. There is no charge to Outlook subscribers for this service. All letters of inquiry should be sent to THE TRAVEL AND RECREATION BUREAU Tours and Travel Tours and Travel RAYMOND - WHITCOMB TOURS CALIFORNIA and HAWAII Delightful tours leaving every week. Many new and interesting features, including Palm Canyon, automobiling in California, the great Volcano of Kilauea, Apache Trail and Grand Canyon. Leisurely travel. Finest hotels. Thoughtful, experienced tour managers. SOUTH SEA ISLANDS WEST INDIES CRUISES CRUISES TO THE TROPICS With personal escort, on steamships of SOUTH AMERICA-Grand Tours ANTIPODES-South Seas, Far THOS.COOK & SON 245 Broadway, New York Boston, Philadelphia, Chicago, Los Angeles, San Francisco, Montreal, Toronto Tours and Travel To the Tropics To the WEST INDIES MASSACHUSETTS HOTEL PURITAN Commonwealth Ave. Boston WELDON HOTEL GREENFIELD, MASS. "It's Unique." Steam heat, open fires, sun parlor. Recreation, skiing, mow shoeing, skating in season. Special weekly rates. Write for booklet "B" to N. A. CAMPBELL, Mgr. NEW HAMPSHIRE When planning your winter vacation, why not consider a sojourn at The BALSAMS WINTER INN Dixville Notch, N. H. Where there is always snow and an oppor tunity to enjoy winter sports during the cold season. Indoors are private baths, steam heat, electric lights, open fires. Charles H. Gould, 'Manager NEW JERSEY PINE TREE INN Lakehurst, N. J. "In the Heart of the Pines " Unusual climate. Hotel service with home Under the American Flag like comfort. ALBERT A. LEROY, Prop. A few rooms are available on the NEW YORK Sailing January 27 The Sanitarium Continuous voyage, New York to WRITE, TELEPHONE OR WIRE TODAY CLIFTON SPRINGS, N. Y. An institution devoted to diagnosis and to modern methods in medical care and treatment. (Send for Pamphlet) The Gleason Health Resort ELMIRA, NEW YORK Sanford Hall, est. 1841 For Mental and Nervous Diseases The New Books (Continued) membered being patted on the head by Dr. Samuel Johnson; he also remembered Sir Joshua Reynolds and other famous artists contemporary with Johnson. This singular Life was written by John Thomas Smith, who was for many years Keeper of Prints in the British Museum. Queerly enough, he disliked Nollekens the latter had promised to leave him money by will and had failed to do so. The average reader will balk at the enormous quantity of oddities-literary, artistic, and personal-which Smith many years ago collected, and will question seriously whether, instead of two large volumes one Hotels and Resorts NEW YORK SARATOGA SPRINGS offers to the winter Health Seeker a really dry, bracing climate, free from wind; Stateowned mineral waters and baths in large variety, and the comforts of a modern Medical Sanitarium where special attention is paid to treatment by régime. Booklets from H. A. Baright, M.D. NEW YORK CITY Hotel Le Marquis 31st Street & Fifth Avenue New York Combines every convenience and home comfort, and commends itself to people of refinement wishing to live on American Plan and be within easy reach of social and dramatic centers. Room and bath $3.50 per day with meals, or $2.00 per day without meals. Illustrated request. upon Booklet gladly sent HOTEL JUDSON 53 Washington Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $2.50 per day, including meals. Special rates for two weeks or more. Location very central. Convenient to all elevated and street car lines. HOTEL EARLE 103-105 WAVERLY PLACE, N. Y. Facing Washington Square, one block from 5th Ave. American plan. Rooms with private bath and meals $3.50 per day; without meals $2.00. Booklet including map of New York gladly sent upon request. DAVID H. KNOTT. SOUTH CAROLINA small volume would not have been all that Abraham Lincoln. By Brand Whitlock. Small, A new edition of the sympathetic and ESSAYS AND CRITICISM Shakespeare on the Stage. Third Series. By It is perhaps more a disparagement of PENNSYLVANIA BOARD AND hardly be widely read. To the devotee of TRAVEL AND DESCRIPTION This book contains an account of an automobile tour of the novelist's old haunts in Indiana, where he was born and spent most of his youth. ROOMS WANTED-Pleasant room and board in cultured family Westchester County by young college woman employed in New York at moderate salary. 4,528, Outlook. HELP WANTED Business Situations INCREASE your earning power by learning to write advertisements. Facts sent free. Page-Davis Co., Dept. 32, Page Building, Chicago. MAN or woman to travel for old'established firm. No canvassing. $1,170 first year, payable weekly, pursuant to contract, expenses advanced. B. G. Nichols, Philadelphia, Pa., Pepper Building. Pocono Manor Winter Inn Companions and Domestic Helpers Pocono Manor, Pa. Pocono Summit Station on D. L. & W. R. R. 1,800 ft. elevation; 800 acres; finest scenery in Pocono Mountains. Table and water the best. Private baths; running water; open fires; sun parlor. Sleighing, skating, coasting, tobagganing, skiing, snow-shoeing. J. W. HURLEY, Mgr. THE BEAUTES Tourist Book Free STATE WASHINGTON Showing colored views of the unrivaled scenic and tourist attractions of the State of Washington See its snow-capped mountains, primeval forests, national parks, inland seas, lakes & unique cities. Writé M. HOWELL, Sec. of State, Dept. B, OLYMPIA, WASH. Real Estate CALIFORNIA Coming to California? We have highly productive lemon and walnut groves, nestling between mountains and ocean, in the beautiful Carpinteria Valley, 12 miles from Santa Barbara. Exclusive homes under ideal conditions. Write or call MILLER & MCLEAN, Carpinteria, Cal. FLORIDA FOR RENT INDIAN RIVER FOR SALE Either or all of three furnished cottages, with or without bearing orange grove. Address CITRUS, 5,243, Outlook. FOR THE HOME DOMESTIC SCIENCE handbook free. Correspondence courses. American School Home Economics, Chicago. COMPANION WANTED WANTED-To know a man of mature years-the finest character as attested by best references-who would be willing to go abroad with a boy of eighteen to join the Ambulance Corps in France. Must be firm in will, attractive, and a gentleman. Further particulars by letter. Address Allen, 529 W. 138th St., New York City. WANTED-An experienced matron for the Bethlehem Preparatory School, Bethlehem, Penna. Apply to Head Master. Teachers and Governesses PACIFIC Coast? For certification rules, etc., send 20c. stamps to Boynton-Esterly Teachers Agency, Los Angeles, San Francisco, Cal. WANTED-Competent teachers for public and private schools and colleges. Send for bulletin. Albany Teachers' Agency, Albany, N. Y. DIETITIANS, cafeteria managers, governesses, mothers' helpers, matrons, housekeepers, secretaries. Miss Richards, 49 Westminster St., Providence, R. I. WANTED-Refined young lady, about 30, with college education, to live in Baltimore, Maryland, with family of five children, ages 8 to 17, and have charge of their home studies after school hours. Applicant must know French, German, and higher mathematics. She must be well recommended. State education, reference, and compensation desired. 4,513, Outlook. HOPKINS' Educational Agency, 507 Fifth Avenue. Housekeeper, family, $100; governesses, nurses, other positions. Supplies matrons, dietitians, companions, attendants. NURSERY governess and mother's helper. Intelligent, well-educated young woman, understanding the physical care of children and capable of teaching the rudiments of an education. Children 15 months and 4 years. In replying please send copies of references and photograph, and state experience and salary expected. 4,532, Outlook. TEACHERS desiring school or college positions apply International Musical and Educational Agency, Carnegie Hall, N. Y. SITUATIONS WANTED Business Situations A woman of education and refinement desires position as private secretary, resident or non-resident. 4,539, Outlook. Companions and Domestic Helpers TRAINED nurse as companion or care of semi-invalid. Tactful and willing. Will travel. Excellent references. 4,507, Outlook. BY experienced person, position of trust in children's home or industrial school. Good disciplinarian, some hospital training, trained domestic teacher. 4,527, Outlook. WANTED-Position as managing housekeeper by widow with two-year-old daughter. Capable of taking full charge of everything. References. 4,525, Outlook. YOUNG lady of good family and education desires position as housekeeper or companion. 4,533, Outlook. HYMN BOOKS Your Wants FOR ALL DEPARTMENTS OF CHURCH WORK THE BIGLOW & MAIN CO., New York or Chicago STUDY LAW 30 Days FREE Let us prove to your entire satisfaction, at our expense,that the Hamilton College of Law is the only recognized resident law school in U. S. Conferring Degree of Bachelor of Laws-LL. B.-by correspondence. Only law school in U. S. conducting standard resident school and giving same instruction, by mall. Over 500 classroom lectures. Faculty of over 30 prominent lawyers. Guarantee to prepare graduates to pass bar examination. Only law school giving Complete Course in Oratory and Public Speaking. School highly endorsed and recommended by Gov. Officials, Business Men, Noted Lawyers and Students. Send today for Large Handsomely Illustrated Prospectus and Special 30 Day-Free Trial. HAMILTON COLLEGE OF LAW 1222 Advertising Bldg.,Chicago SITUATIONS WANTED Companions and Domestic Helpers MANAGING housekeeper, private or institution. Experienced, practical, and economical German-American woman wishes position immediately; near New York or Boston preferred. 4,521, Outlook. YOUNG English lady desires position as helper. Prefer elderly people. Cheerful disposition. Excellent references. Town or country. Miss Martin, 8 Serpentine Trail, Larchmont Park, N. Y. A capable, reliable, trustworthy, intelligent American woman, middle-aged, active, energetic, seeks position as housekeeper or any position of responsibility in hotel, institution, or private home. Successful with children. 4,529, Outlook. EDUCATED Englishwoman desires position in home of refinement. Tuition, nursing, or household management. Exceptional references on request. Mrs. Fairbrother, 386 Dorchester St., West Montreal, Canada. EDUCATED woman, excellent housekeeper, wishes position in family where servant is kept. Mrs. Bell, 132 W. 79th St., New York. WANTED-Position as companion or care of invalid. Have had eight months' hospital training. Reference furnished. Address P. O. Box 627, Cornwall-on-Hudson, N. Y. REFINED middle-aged German widow desires position as housekeeper and general assistant or mother's helper. References exchanged. 4,543, Outlook. NURSE companion to invalid by refined, competent woman. Best reference. 4,542, Outlook. REFINED young woman, experienced nurse-companion, good traveler, splendid references, wishes position. 4,537, Outlook. CULTURED, capable woman wishes charge of motherless home, or companion to lady. References. 4,544, Outlook. Teachers and Governesses ENGLISH governess, 3 years British Le gation. Teaches French, German, Spanish, music, etc. Good references. 4,524, Outlook. GERMAN governess, qualified, capable, English, French, wishes position. References. 4,523, Outlook. YOUNG man, graduate of a leading Eastern university, desires position as tutor in private family. 4,535, Outlook. GOVERNESS, French, desires situation. References. 4,534, Outlook. NOVELTY GIFTS SHAKESPEARE Revival. Play the game "A Study of Shakespeare," indorsed by the best authorities. Price 50 cents. The Shakespeare Club, Camden, Maine. MISCELLANEOUS GENERAL shopping. No charge. Bank reference. Julia Demarest, 189 Claremont Ave., New York. M. W. Wightman & Co. Shopping Agency, established 1895. No charge; prompt delivery. 44 West 22d St., New York. WANTED-Young women to take a short course for the care of chronic and convalescent invalids. Apply Superintendent, F. E. Parker Home, New Brunswick, N. J. MIDDLE-aged widow living alone would share peaceful home and simple work with refined gentlewoman. Mrs. Lucille Winthrop, 186 Rural Route B, Miami, Florida. A woman experienced in the care of children would like the training and education of a backward child. 4,541, Outlook. may be many or few, but undoubtedly some of them can be filled through the use of a little announcement in the classified columns of The Outlook, which are proving every week of decided value to Outlook readers. We shall be glad to send a descriptive circular and order blank on application. Address Department of Classified Advertising THE OUTLOOK, 381 Fourth Avenue, New York City What 15c Youth Nation's Capital an illustrated The little matter of 15c in stamps or coin will bring you the Pathfinder 13 weeks on trial. The Pathfinder is FINANCIAL DEPARTMENT All legitimate questions from Outlook readers about investment securities will be answered either by personal letter or in these pages. The Outlook cannot, of course, undertake to guarantee against loss resulting from any specific investment. Therefore it will not advise the purchase of any specific security. But it will give to inquirers facts of record or information resulting from expert investigation, leaving the responsibility for final decision to the investor. And it will admit to its pages only those financial advertisements which after thorough expert scrutiny are believed to be worthy of confidence. All letters of inquiry regarding investment securities should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York The Standard Public Utility Bond Its Essential Factors We have prepared a pamphlet which will assist investors in determining T PEACE AND INVESTMENTS HE Rockefeller Foundation, in its report for 1915, published recently, discloses two interesting facts: First, that it has taken a profit of one million dollars as a result of the sale of $5,000,000 in securities, chiefly stocks. Second, that it has invested $6,000,000 in bonds. Among the stocks sold were some sixteen thousand shares of International Mercantile Marine common at $1.57 per share. Within the succeeding year this stock reached a price of $50.87 per share. About six thousand shares of the preferred stock were sold by the Foundation at $5.98 per share. Later this stock sold above $125 per share. In disposing of these stocks at the wrong time the Foundation lost over $50,000, where it might subsequently have had a profit of over a million and a half. THE INSIDE TIP Yet if you had owned International Mercantile Marine stock in 1915 and had been reliably informed (which is good English for the inside tip) that the Rockefeller Foundation was selling out, you would not have lost any time in unloading. The story only proves again that sometimes the insiders themselves are wrong. Certainly one Icould not ask for a source from which a more intelligent judgment, based on actual knowledge of the situation, might be expected. Yet the Rockefeller Foundation was wrong in this particular case. TRUE EVIDENCE OF BRAINS Leaving aside the speculative features in the report, at which the Foundation "beat the game" in spite of its losses in Mercantile Marine, the careful investor will not have failed to notice the second point, namely, that the Foundation invested six million dollars in bonds. The natural question is, "What bonds?" The list is interesting: Amount. 650,000 Baltimore and Ohio Railroad Refunding and General 58, 1995 600,000 Anglo-French External Loan 58, 1920 500,000 Atlantic Coast Line First Consoli dated 48, 1952 500,000 Consolidated Gas Convertible De benture 68, 1920 500,000 Province of Quebec 58, 1921 Present Cost. Price. 9814 102% 994 100% 964 934 91 94% 110 124 9934 100 Here is an institution possessing unlimited facilities for knowing the character of securities. It is not restricted in its investing to bonds of any particular class or conforming with specific legal requirements in certain States. The Foundation requires that which most investors also demand, a high degree of safety with as high a commensurate yield as possible. These bonds the investor may therefore, in our judgment, buy with every reasonable assurance that he has a safe and marketable investment. THE EFFECT OF PEACE A further outstanding feature of this list is the fact that none of these bonds would be unfavorably affected by peace measures. The Anglo-French bonds, although a disappointment in a market way, would not fail to respond to a situation which would promise the end of war expenditures on the part of the belligerents. And in order to obtain, on a simple scale, a conception of what may happen in all foreign countries after the war, consider what would occur in the Province of Quebec were the war to end to-day. Every investor in that province would seek to buy Quebec bonds, just as every investor in New York State would buy New York State 5s under similar conditions. PEACE AND THE DEMAND FOR MONEY Professor Sprague, of Harvard, a leading authority on finance and a practical economist, has stated recently that the war, instead of reducing by destruction the capital. investment of the belligerent nations, has in a large measure actually increased it. He believes that outside of the actual war zone the great question after the war will be, What use can we make of this gigantic industrial machinery? Compared with this problem, rehabilitation of the wasted area will be a comparatively simple matter, one which will require work rather than an economic solution. This theory intimates, therefore, that peace will bring about a possible stagnation in industry due to overdevelopment of mechanical equipment and to diminution of able-bodied workers. As a corollary it anticipates a considerable supply of available money, reasonably low interest rates, and a substantial home demand for Government obligations obtainable to yield from 5 per cent to 7 per cent, as at present. AMERICAN INVESTMENTS How much lower bonds of foreign nations may go will depend largely on the duration of the war, as well as on the extent to which bankers will continue to press these loans on the American market. An impression exists that we have seen the last public offering of bonds of the belligerents. Those who were disposed to buy foreign government issues have completed their purchases and they are turning largely to conservative American securities. January will undoubtedly see a very large demand, not only for American railway and public utility issues, but also for American farm mortgages. American municipal bonds are unusually high, and peace prospects have taken the backbone out of industrials. But in the face of these considerations, the better grades of conservative investment securities will be eagerly sought, not only for present investment purposes, but, in the event of the war's ending, for the reinvestment of those two billions of our dollars placed in foreign loans, some of which will be taken off our hands at the close of the war. ESTABLISHED 1865 Manufacturing Company (Chicago) First Mortgage 6's which are secured by property having a total valuation of nearly three times the loan and have behind them a long record of success and large earnings. Ask for Circular No. 924Z Peabody, Houghteling & Co. (ESTABLISHED 1865) 10 South La Salle St. Chicago ESTABLISHED 1865||||||||||| |||||||||ESTABLISHED 1865 || Write today for booklet No. 46, "The Partial Payment Plan,' which explains thoroughly our method by which you may purchase Stocks and Bonds of Railroad, Industrial and Public Utility Companies in any amount —from one share or bond up, by making a small first payment and the balance in convenient monthly installments of $5, $10, $20, etc., depending upon number purchased. You may sell your securities at any time to take advantage of rise in market. Your investments may be divided SHELDON-MORGAN 42 Broadway Company New York City Members New York Stock Exchange Peace and Investments (Continued) ordinary purposes for revenue only, but which cannot so readily be sold when the necessity arises. QUESTIONS AND ANSWERS Q. I recently subscribed for $5,000 American Telephone and Telegraph Company 5 per cent bonds, and, to my surprise, have been notified that only one bond was allotted to me at 98 and interest. I understand that these bonds are now selling at 994 and interest. Would you advise me to purchase an additional $4,000 at this price? A. These bonds are unquestionably high grade, and they are, in our judgment, attractive even at the present market quotation. A bond of this character ought to sell very close to par under almost any market conditions. Q. I wish to invest some money in foreign loans, and would like to ask you which of the four following are considered generally the more conservative and safe: New British Loan; new issue Republic of France 51⁄2 per cent National Loan; Anglo-French bonds; Alberta Dominion of Canada bonds. A. We consider the new British 51⁄2 per cent loan the most attractive of the securities on which you have made inquiry. After the British, which is a secured loan, we should choose any of the Canadian issues, preferably the external loans. We are also favorably inclined toward the provincial bonds, viz., Quebec, Ontario, or Alberta. The Anglo-French bonds are, in our judgment, safe and conservative. The French internal loan is not as attractive as the others above mentioned, if for no other reason than because there will be a great volume of internal bonds outstanding by the time the war ends. If you are inclined toward French issues, we suggest the American Foreign Securities 5s, which are secured by collateral. We believe that we have taken the up above securities in the order of their respective merit. Q. Will you please give me what information you can on Missouri, Kansas, and Texas of Texas First 53, 1942. Why are they selling around 70? And do you think they are likely to default? A. These bonds are secured by a first mortgage on 224.84 miles of road outstanding at the rate of $20,022 per mile. They are guaranteed principal and interest by the Missouri, Kansas, and Texas Railway Company. The stock of the Missouri, Kansas, and Texas of Texas, outstanding to the amount of $10,142,500, is part of the collateral deposited to secure the Missouri, Kansas, and Texas Railway Company General Mortgage 42s. The laws of Texas require a separate corporation for railway lines operating within the State. This explains why the Missouri, Kansas, and Texas Railway Company of Texas is a separate corporation. It also explains why none of the Missouri, Kansas, and Texas securities are secured as general lien obligations on the same lines. The receivership for the Missouri, Kansas, and Texas system naturally puts the Texas properties in a questionable position. The interest on the bonds was defaulted in March of this year. A Protective Committee was formed, headed by Mr. J. S. Bache, which is recommending that holders of the bonds make deposit with the Empire Trust Company, depositary. The deposit agreement provides that the compensation and expenses of the committee shall not exceed $20 per $1,000 bond. The time for the deposit of these bonds expired on June 1, |