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THE NATION'S
INDUSTRIAL
PROGRESS

Believing that the advance of business is a subject of vital interest and importance, The Outlook will present under the above heading frequent discussions of subjects of industrial and commercial interest. This department will. include paragraphs of timely interest and articles of educational value dealing with the industrial upbuilding of the Nation. Comment and suggestions are invited.

THE PISTOL AND THE DEVELOPMENT OF THE AMERICAN REVOLVER

This article is designed to give a brief review of small firearms, and supplements two articles on "The Story of Firearms" which appeared in The Outlook in the issues of September 11 and 18, 1918.

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American army revolver has played so important a rôle in our history, that the word is frequently confused with the more comprehensive and accurate term "pistol." Strictly speaking, the word "revolver" merely describes that form of multi-shot pistol which carries its cartridges in a rotary cylinder. In the service the revolver is generally called "pistol," and in the South, where the weapon is used much, the word "pistol" has usually been applied to it by the men who know it best. In the West the revolver has various designations, such as ""six-shooter," "" gun, "six-gun," "smoke-wagon," etc. We shall therefore use the term "pistol" throughout this article, except where the word "revolver" particularly applies.

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Pistols are understood to have been made for the first time at Pistoia, Italy, whence

THE ORIGINAL COLT REVOLVER (PATERSON MODEL, 1836)

they receive the name. Caminello Vitelli is the accredited inventor, who flourished about the middle of the sixteenth century. It is also claimed, however, that the Germans possessed small arms several decades previously. The Italian pistol had a short barrel and a heavy, clumsy butt surmounted by enormous balls or caps. The earliest pistols were of the wheel-lock type. Then came the flint-lock variety, about 1630, and this type was in common use for more than two centuries. Flint-lock pistols fell into three main groups: first, horse pistols, embracing all large varieties; second, dueling pistols; and, third, pocket pistols.

Dueling pistols were most accurately made and were considered deadly at twenty paces. These represent some of the finest specimens of the gunmaker's art. These early pistols were finished to suit the social order of the age-exquisite works of art for the nobility; plain but graceful and reliable weapons for the gentry; and coarse but efficient equipment for the middle and lower classes. Dueling was

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much in vogue in Europe in the eighteenth and early nineteenth centuries, and played a part in our own early history. Every one recalls the tragic death of Alexander Hamilton at the hand of Aaron Burr Another famous early American duel was between Stephen Decatur and Commodore James Barron in 1820, which resulted in Decatur's death. But dueling came into disfavor and was ultimately forbidden by law.

The reign of George III (1760-1820) saw the culmination of the flint-lock period and the beginning of the percussion

TYPES OF "GUNS" USED IN THE PIONEER DAYS IN THE WEST

era. It was during this period that English gunsmiths attained world-wide celebrity for the excellence of their weapons.

The first shot of the Revolutionary War, which provoked the skirmish of Lexington, was fired by Major Pitcairn at Captain Parker's men from an old Highlander flint-lock pistol. A few hours after he fired

the momentous shot he fell wounded from his saddle, and his horse galloped into the American lines bearing his pistols. These were carried during the war by General Putnam, and are now the property of the town of Lexington.

The principle of a revolving breech to one barrel is very old and was employed on the ancient hand cannon. In the ancient type the chamber was moved around by hand, while in the modern weapon it is geared to other mechanism and is automatically rotated when the hammer is raised or the trigger pulled.

The percussion principle was patented in 1807. In the battle of Waterloo both flintlock and percussion weapons were in use, but the percussion pieces were the personal property of the officers who carried them.

In 1814 a self-acting revolver mechanism of a crude pattern was produced and a separate spring was used to rotate the chamber. Early in the last century a crude form of revolver called the " pepper-box was widely manufactured. This resembled a revolver without a barrel, the hammer being placed either above or below the chamber, and the pulling of the trigger rotated this chamber and also cocked and fired the weapon.

Thus it possessed the trigger action of the modern double-action revolver. The early American revolvers were singleaction; that is, the trigger was used only to fire the weapon.

Despite the claims of European inventors, there is no doubt that the revolver in all its best applications is the outcome of American ingenuity and workmanship, and it may well be termed the National weapon. Charles W. Sawyer, a leading authority on firearms, says:

The revolver is distinctly an American weapon in invention, development, and service. Symbolically, it should occupy a niche of honor, for it stands for invention, the extension of territory, the suppression of lawlessness, the influx of wealth, and, in general, for power. In

the progress of nations, and particularly in the tremendous strides of the United States, it has performed a remarkable service.

The inventor of the first real revolver, from which all later models have been developed, was Colonel Samuel Colt. While a mere lad, Colt, in 1827, shipped before the mast for a voyage from Boston to Calcutta. It was on this voyage that he whittled out a wooden model of the revolver which was to play such an important part in American history. Upon his return Colt endeavored to interest his father in his invention, and, failing in this, he went to Europe and took out his first patents in 1835. The next year he returned and took out American patents and succeeded in forming a company to manufacture his new firearm. This did not find favor with army officers, and Colt was greatly disappointed. The first Colt pistols were sold in Texas, which in 1836 won its independence from Mexico. These pistols were used by the cowboys and State militia and became known as the "Texas pistol."

In 1837-8 the Seminole Indian War was raging in Florida. The introduction of Colt's repeating weapons struck terror into the hearts of the Indians, who were used only to single-loaders, and this helped greatly in bringing the war to a successful conclusion.

The following year the captain of the Texas Rangers, named Walker, came to New York for a supply of the latest firearms. He interviewed Colt, and they evolved the first type of heavy military revolver, which became known as the "Walker Pistol." In 1846 the Mexican War broke out and the army officers immediately sought Colt revolvers. The United States Government issued large orders to Colt for

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UNITED STATES REGULATION CALIBER .45 COLT AUTOMATIC PISTOL (USED BY AMERICAN SOLDIERS IN THE WORLD WAR)

these weapons and he began to manufac ture a model called the "Old Model Army Pistol." These weapons proved highly efficient, especially at close-range fighting, which the Mexicans then preferred. The issue of these weapons marked the first real recognition by the Government of the revolver as a regulation military arm. The great superiority of the American troops over the Mexicans and their much smaller casualties were largely due to the use of revolvers, while the Mexican firearms were all single-shot. An American officer said afterward: "Those Texas Rangers with Colt revolvers walked right into towns and hamlets of the Mexicans and drove the population out against all resistance. Eighty men with those arms drove five hundred Mexicans before them and killed two hundred and fifty more." The word, "Tejano" (Texan) is a synonym in Mexico to this day for a good revolver shot.

After the Mexican War Colt made several trips to Europe, and he read a paper on revolvers before the Institute of Civil

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Engineers in London. As a result he received enormous orders from the English Government.

In 1849 Edwin Wesson took out a patent for a revolver identical in principle with Colt's but different in appearance and mechanism.

During the Crimean War large orders for American revolvers were placed by both the English and Russian Governments.

At the outbreak of the Civil War revolvers were in general use on both sides. Some troops, notably Mosby's Guerrillas, were armed only with revolvers, two in the belt and two in the saddle holsters. These proved extraordinarily fatal in cavalry conflicts.

In Cuba and the Philippines the revolver also proved its excellence as a military

weapon.

The revolver has not only played its part in war, but figures largely in the romance of early American days and in the Western extension of the frontier. The cowboy of the romantic West cherished his "gun" closer than a brother and often it stood between him and sudden death. In 1849 gold was discovered in California and a vast horde of treasure-seekers poured forth into the mining camps. These were made up of all grades of society. Law and order could be maintained only by force, and every man carried his sixshooter and was quick on the trigger. During this period the demand in the West for revolvers almost equaled the total number of inhabitants, for even the women went armed. The reader of Bret Harte is frequently thrilled by "gun-play," and the modern "wild West movie would often fall flat without the display of the trusty "shooting-iron." We see the strained faces of the gamblers around the card table. A card drops from the sleeve of one of the players there is a loud report and a smoking, ugly-looking, short-barreled Derringer falls from the pocket of his opponent, whence the shot was fired!

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And the old South was full of the romance of the weapon which all gentle. men carried. How easily we picture the old "Southern gentleman," who wore a long black tail-coat, with a pistol in each tail pocket. This was an advantageous garment, for a quick sweep of the coat tail allowed the wearer to fire from the hip with great freedom of action. Brave indeed was the man who dared offer a "gentleman" a gratuitous affront.

with the "gun

The newspaper editors of those early days found it necessary to be as efficient as with the pen. The unwary wielding of the pen often led to the compulsory and sudden drawing of the shooting-iron. For an editor would often offend, and then woe to such a one if he were too slow on the trigger! Such an affair of honor was the famous fight between R. F. Beine, of the Richmond "State," and W. C. Elam, of the "Wing," as late as 1883.

In the last fifty years there have been various changes and improvements made in revolvers and pistols, mainly in the direction of greater rapidity of fire and greater safety in handling. The hammerless revolver was evolved, in which an internal hammer is worked by the pull of the trigger. There is therefore no projecting protuberance to catch in one's clothing and discharge the revolver accidentally. An automatic safety bolt has also been devised which makes accidental discharge absolutely impossible.

Another development is the automatic

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revolver, in which the principle of utilizing the recoil of each shot to operate the mechanism is applied.

The latest weapon devised, which is notable for its rapidity of fire, is the automatic pistol. It is probable that this type of weapon will ultimately supersede the revolver. It is made with one barrel and a magazine, on the principle of the repeating rifle. With these weapons two Russian Anarchists some years ago were able to defy the entire police force of London and initiate the memorable "siege of Sidney Street" -an affair which necessitated the calling out of the troops and raised such a popular outcry over the insufficient armament of the London police that they were shortly after armed with automatic pistols.

The automatic pistol was part of the regular equipment of United States Army officers in the late European war. These automatics fire seven shots as fast as the trigger can be pulled, and are therefore the most efficient small arms for close fighting that have ever been devised.

In certain States revolvers have fallen somewhat into disrepute because of the operations of gangs of "gunmen," and stringent laws have been passed regulating the sale of such weapons. Yet it is always easy for the person with evil intent to secure a pistol or revolver, while often the innocent and defenseless person is without this means of protection. The writer believes that the possession of such a weapon, especially when equipped with the modern safety devices, is often most essential, particularly in small towns and isolated sections where help is not instantly available in case of sudden need. Many a man when obliged to be away from home feels an added sense of security if his wife has a hammerless revolver and has learned how to handle it properly.

Target-shooting with either pistol or revolver is rapidly becoming more popular. It is truly remarkable what accuracy can be attained with these weapons with a fair amount of practice. One of the most famous American pistol shots was Ira A. Paine. He became so expert with the pistol that he traveled all through Europe giving exhibitions. His shooting was so remarkable that in 1882, in the presence of a notable assemblage, he was knighted by the King of Portugal and made a chevalier of an ancient military order. His skill was such that he was commonly supposed to resort to tricks to accomplish his results and many attempts were made to expose him.

The ability to handle a pistol or revolver properly and the knowledge of what can be accomplished with such a weapon is of real value to the possessor. It not only trains him to co-ordinate brain, eye, and muscle, but instills self-confidence and selfreliance. The revolver is deservedly popular in America and has made a record for itself which is beyond dispute. Properly handled and understood, it should receive more general recognition as a means of protection and of fascinating outdoor sport and recreation.

We are indebted to the following sources for data in connection with this article:

"The Book of the Pistol and Revolver," by Lugh B. Pollard.

"Modern American Pistols and Revolvers," by A. C. Gould.

"Firearms in American History," by Charles W. Sawyer.

Clot's Patent Firearms Manufacturing Co.

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Smith & Wesson.

Iver Johnson Arms and Cycle Works. The Savage Arms Co.

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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 invest ment. 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

FINANCIAL COMMENT

PRICE TREND OF THE NEW YORK STOCK
MARKET

TH

HE New York "Times" gives a very interesting chart showing the high and low of thirty industrials and twenty railway stocks over a period from January, 1915, to May 20, 1919.

The average thirty industrial stocks have risen from January, 1915, at which time the low was 49, to December, 1916, when the high was 104. The next low point was in November, 1917, when the average price reached was 70%, and since that time there has been a continued advancing trend, with minor reactions, to May 20, 1919, when the thirty industrials touched an average price of 103.

In the case of the railway stocks the situation is different. In January, 1915, the average price of twenty railways was 732, and until December, 1916, showed an upward trend to an average price of 93%, and from that time until December 30, 1917, a downward trend to an average price of 65%. Since that date they have risen only to 772, or 122 points, while the thirty industrial stock average has risen 321⁄2 points.

SPECULATION AND INVESTMENT IN OIL

There is a mistaken idea that oil and conservatism can never go hand in hand. If a man would as carefully scrutinize his oil investments as he would any other and not be misled by exaggerated statements of unscrupulous promoters, he might profit to a greater extent in finding the oil industry a field for investment as well as a wild and hazardous speculation. There is a difference between a well-secured obligation of a responsible concern showing large earnings, and a prospect of no value; and it

may be worth while for investors to give this serious thought, but they should not rely upon the judgment of an unscrupulous promoter or his agents. Write to this department of The Outlook if you are in doubt.

RAILWAY APPROPRIATION Director-General of Railroads Walker D. Hines has made an appeal to Congress for an appropriation of $1,200,000,000 to cover the deficit incurred during 1918 and to carry the needs of the current year. If this request is granted, it will bring the total appropriation for the Railroad Administration up to $1,700,000,000. Of this total sum about seventy per cent represents money which will be tied up in working capital and should be returned to the Gov

Congress must act to avert such a critical situation.

ARE RAILWAY BONDS BARGAINS TO-DAY?

Many authorities consider railway bonds cheap at the present time. During April the average for twenty bonds of high-grade and second-grade character was about 71⁄2 points below the low point reached in the 1907 panic. However, we must realize that many corporations have been waiting to finance until after the Liberty Loans were successfully consummated, and a considerable amount of available investment capital will be taken up by the sale to American investors of foreign securities. The stock market in its buoyant stage attracts a fair amount of capital, and it is estimated that over $1,000,000,000 is now borrowed by brokers for their clients' account, but it

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seems to be the consensus of opinion among bond men and bankers of note that the bond market has started on. its upward swing-the more gradual it is, probably the more lasting

Well-secured bonds with a fair yield of an established railway system can, we believe, be purchased now with equanimity, but whether or not they are bargains depends upon the action of Congress.

THE INFLUX OF MONEY TO WALL STREET

When the demand for loans upon banks in the interior of our country is small and the interest rates decline to the point where there is little profit, it is customary for these banks to ship their funds to New York City. As the money accumulates in the small banks it is sent to the financial centers, and thence remitted by the Reserve banks to New York City, where it is placed on deposit with interest in the New York banks. This money in time finds its way to the Wall Street loan market, where it enjoys temporary employment at a fairly high interest rate. Money rates in New York City are always fairly high, but inclined to fluctuate widely. Not long ago call money touched 7 per cent, only to fall down to 3% per cent in a few days' time, due to the arrival of funds from the interior. Borrowing by the Wall Street brokers recently crossed the billion-dollar mark.

This great activity in the stock market and the fact that money has not been sent East since the war broke out have accentuated the present Eastward movement. In the fall local demands will be the occasion for withdrawal of these funds sent to New York City for temporary employment, for it is only in the in-between or off season that outside money has to seek the Wall Street loan market.

SOUTH AMERICAN FINANCING

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financing for our Southern neighbors was done almost entirely by the European countries. Our start in this direction is regarded with favor, for it is realized that the money we loan to South American countries stimulates our commerce with these countries. It is declared that other pieces of South American financing are being considered by American bankers.

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A syndicate of Eastern bankers recently brought out a large issue of city of Rio de per cent serial bonds, with an attractive yield of 62 per cent. This is the first important bit of foreign financing since the cessation of hostilities, and one of the few loans our country has granted South America. In former

years

the

THE COLLEGE AND THE CAMP

BY ANNA WORTHINGTON COALE

"Camping for Girls" is the subject of a fresh bulletin issued from Teachers College, New York City, announcing a new course which offers a general survey of the entire camping field, for the purpose of preparing leaders who are contemplating entering this new educational work. This course has the lure of woods in springtime, since it not only projects the prospective leader of girl campers into nine weeks of life in the open, but also gives glimpses of the trail, through veteran campers like Dan Beard, and, so to speak, straps on the pack with a woodsman whose knowledge of packing for the trail has been of value to the Government in saving seventy per cent of the and vast sums of money formerly space used in sending equipment for the Army overseas. It introduces the birds through representatives of the Audubon Society and gives the students three days of real camping experience through the hospitality of the Woodcraft League under the guidance of Ernest Thompson Seton. The lectures in this course include such subjects as "All-Year Camping Programme," "Recreational Methods of Teaching," "Educational Values of Camp Life."

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Even better than money

"A. B. A." Cheques are better than actual money for the traveler for several reasons: They are more convenient to carryless bulky. They are safer, because no one can use them until you have countersigned them. Your countersignature on an "A. B. A." Cheque in the presence of the person accepting the cheque, is the only identification required.

They do not have to be changed into another kind of money when you go from one country into another. They are like dollars in the United States and Canada; like pounds, shillings and pence in the United Kingdom and the British Colonies; like francs in France, lire in Italy, and so on. In other words they are accepted internationally for payment of goods and services-"The safest, handiest travel funds."

Get them at your bank, or write Bankers Trust Company, New York, for booklet and information as to where they may be had in your vicinity.

This course, conducted by Teachers College in co-operation with the National Association of Directors of Girls' Camps, the Camp-Fire Girls, the Girl Scouts, the Woodcraft League, and the Camp Directors' Association of America (Boys' Camps), marks a notable effort to bring this important work up to the highest standards as regards ideals and practical working. Following the example of the Intercollegiate Athletic Association, the Camp Directors "A.B.A." American

of Girls' Camps have appointed a committee to outline a standard method for teaching swimming and life-saving. Upon its adoption by the Association it will be recommended to all the camps as a standard to which every councilor who intends to teach swimming and life-saving in girls' camps should conform.

This recognition of the educational value of the summer camp by Columbia University removes it from its former place as an organization for recreation only into the ranks of the educational movements of the day, and ought to be a great stimulus to those engaged in the important work of supplementing the training given in the schools. In a study made recently by the Public Health Association-a Nation-wide study of the health of the coming generation-it was found that fifty per cent of the twenty-five million boys and girls of school age in America have physical defects that impede their normal development. The camps have a great opportunity in helping to build up and secure the proper physical development of our boys and girls, so that, possessing greater vitality and endurance, they may be ready to contribute in larger measure than the present generation to the needs of their country.

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"The Most Carefully Guarded Boy in America Killed by an Automobile when he was Out Alone for the First Time in His Life." This pathetic headline, carried in substance by all the dailies recently, brings to mind the story of Sindbad's seventh voyage-was it not?-and the inevitableness of fate. The sailor had been marooned on an apparently deserted island; he discovered a subterranean passage that led to palatial apartments; here he found a prince living in solitary state; why? Because the seers had foretold his death during this year, and his royal parents had sought to evade destiny by sending him to this lonely spot. Sindbad and the prince fraternized and made a feast. When the sailor began to cut a melon, his knife slipped, severed an artery in the prince's hand-and the augurs' prophecy was unhappily vindicated!

France is to have instruction in the home canning industry. Four missionaries of the art recently sailed from New York for that comparatively canless land to give lessons in the home preservation of food. Factories in France, of course, make canned goods, but even they do it, it is said, on a limited scale, with tin cans made by hand, slowly and in small lots.

"Apropos of Walt Whitman's centenary," a subscriber writes, "I wonder that he never made a poem out of the freight cars. There is certainly a lot of uplift to the spirit of the tied-down city dweller in the names on these cars. The other day, in a sordid factory and tenement district of New York City, I saw a freight train passing, and these were the roads that some of the cars came from: 'Frisco'visions of '49, of the Golden Gate, of the blue Pacific! Père Marquette '-visions of the brave days of the explorers of the Mississippi Valley, of the racing steamboats later, of the Great Lakes! Northern Ontario-visions of the cool North, of the Hudson's Bay Company, of the early voyageurs! 'Texas, Oklahoma, and Gulf -visions of-you can supply these for yourself. But if Whitman didn't rise to this inspiration, perhaps the idea may be useful to some of his far-off imitators in this day of free verse. I offer it to them gratis."

A little manual on carpentry for boys contains this pregnant sentence: "Remember, it is not practice but study that will make possible doing the work right." The idea seems to be that if a boy goes ahead with the crude idea of " making something" he will develop into a "rule of thumb" worker, while the careful study of plans and methods will make him an accomplished and accurate artisan.

This advertisement from a daily paper gives the reader an unlooked-for glimpse into the inner life of a family:

Wanted-House worker to run small household in country place; must know how to care for boy five and girl twelve and be tactful enough to get along with their grandmother. Address

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A subscriber writes: "I am devoted to the moving-picture play, but I deplore the inanity of most of the movie dramas and the foolishness of many of the 'leaders or captions introducing the pictures. I make an exception to one of these captions, however-in a play in which Mary Pickford is a slavey' heroine. She has made friends with Bess, a little dog next door. One day she is invited to come in to the

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