A Comparison of Costs A graphic picture of the high cost of doing business is shown by the rise in a long list of commodity prices during the past five strenuous years. By the exercise of unparalleled economies, telephone rates have been kept almost unchanged. The fact is, the increase in the cost of commodities has resulted in what is equal to a decrease in telephone rates. In other words: The dollar which was spent for the telephone has bought more than twice as much as the dollar spent for the commodity. The activities of reconstruction which are now upon the nation have put a great burden upon the telephone. This condition has made necessary an advance in telephone rates. This advance does not exceed an average of eight percent; almost negligible as compared with the advances in other lines of industry, yet enough to cover the increase in the cost of operation. Only through adequate reve nue can there be assured the maintenance of a high standard of telephone service. AMERICAN TELEPHONE AND TELEGRAPH COMPANY LONG DISTANCE TELEPHONE One Policy Universal Service SONGS OF LIBERTY Unequalled for Social Center Work Send 35c today for a postpaid "HOME COPY" THE BIGLOW & MAIN CO., 156 Fifth Ave., New York "The Most Beautiful Hymnal in the American Church" HYMNS OF THE Charles Clayton Morrison and Herbert L. Willett, Editors Behind the Motion-Picture Screen. By Austin C. Lescarboura. Illustrated. The Scientific American Publishing Company, New York. Here is a book that will delight the thousands of intelligent people who love the picture drama and yet are nonplused by many of its apparent mysteries. It can be thoroughly recommended both for its lucid and entertaining text and its exceptionally attractive illustrations. Book of the Home Garden (The). By Edith Loring Fullerton. Introduction by Arthur D. Dean. Illustrated. D. Appleton & Co., New York. Industry and Humanity. A Study in the Principles Underlying Industrial Reconstruction. By the Hon. W. L. Mackenzie King, C.M.G. Houghton Mifflin Company, Boston. Mr. Mackenzie King is an authority on industrial problems, both by reason of his practical experience in dealing with them as former Minister of Labor in Canada and by reason of his broad and intelligent human spirit. In discussing the desired union of labor and capital under the inspiration of a common ideal this volume deals rather more with the fundamental principles and the fundamental spirit of humanity underlying and embodied in those principles than with specific methods, and this fact gives to it a special value in these times of industrial and international unrest. War Garden Victorious (The). By Charles Lathrop Pack. Illustrated. The J. B. Lippincott Company, Philadelphia. Last summer and the summer before we had millions of war gardens. They produced hundreds of millions of dollars' worth of food. As a result, last summer a billion and more jars of vegetables and fruits were put up. We had community canneries. and dehydration plants; we had gardens established by great industrial and transportation concerns for their employees. The vacant lots in many communities were turned into war gardens. Many people who had never handled a hoe learned how. The prime agent for all this was the National War Garden Commission, with Charles Lathrop Pack as President. With characteristic prevision Mr. Pack foresaw that gardening would be a war necessity. A month before we entered the war he organized the above-mentioned Commission. It printed short lessons in gardening in the daily papers, and it printed a book, of which it gave away several million copies. It aroused enthusiasm for gardening, not only to save France and England and Italy and other countries from starvation, but for gardening's own sake. We are particularly glad to note that the author emphasizes in this volume the social as well as the economic side of gardening. War Romance of the Salvation Army (The). By Evangeline Booth and Grace Livingston Hill. Illustrated. The J. B. Lippincott Company, Philadelphia. A stirring account of the war work of the Salvation Army, particularly with reference to the part played in the war by the American branch of the Army. The book is replete with anecdotes and pictures and will interest even people to whom the Salvation Army as a religious movement is uninteresting. Whole Truth About Alcohol (The). By George Elliot Flint. Introduction by Dr. Abraham Jacobi. The Macmillan Company, New York. 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 Now That the War And normal conditions are returning, it seems fitting to remind Every bondholder has been paid promptly in cash, both principal Sound 6% July Investments For July investment, we offer a widely diversified list of first B WHEN, AS, AND IF Y dint of hard work and proficiency in the art of spending one accumulates a competence. But, having attained at last a sufficiency of capital above one's actual requirements, the majority run upon an unsuspected impediment-a snag of enormous proportions-as suddenly they are confronted by the query, "How shall we make our savings work for us at the greatest possible speed without jeopardizing our principal?" The sagacious investor, small or large, gives consideration, often impulsive and transitory, to this specter, this bugaboo, of the world of finance; but the day's pace is so fast and the inclination to investigate. for one's self so weak that the matter is passed over and the judgment of others relied upon; whereas by slight application and practice one may himself become skilled in making an analysis of his own investment needs and a selection, not merely of the type, but of the actual security adequate and appropriate to his capital and income requirements. Many excellent works on this interesting subject are available for any one who will take the trouble to look for them, various courses of study are open at little or no expense, and any banker or attorney should be able to suggest readable books if you express an interest. After having learned to make up one's own mind, perhaps the next greatest difficulty to be overcome is exploding the theory to one's own complete satisfaction that large fortunes are made overnight, by chance, and that the road to success is more quickly covered if one's income-necessarily temporary if it is out of all proportion to a fair return on capital-is obtained from questionable sources. Of what value is even a guaranteed interest return on a bond which will not be paid at maturity? Only the accumulated value of the interest, is it not? Industry, small. beginnings, and patience overcome many obstacles which seem at first insurmountable, and of all the worth-while attributes for a successful investor, probably the greatest is patience—and how few of us have. any! However, patience and four per cent will accomplish wonders if we only will give them the opportunity. In attempting to acquire financial independence it is not so much a question of how much one earns, but how much one accumulates, and, no matter how frugal one's habits may be, the result of losses through injudicious investments may offset any accomplishment obtained by selfdenial. Man's period of accumulation is limited, and vigilance and study will have a great deal to do in preventing failure and financial dependency. The wisdom of the judgment of able bankers, combined with the knowledge a prospective investor has of his own requirements in the judicious investing of his surplus funds, will insure the greatest accumulation by the time a man reaches the age of forty-five. By the time a man reaches this age he has certainly had time to accumulate money, but the saving has been spasmodic and temporary, and statistics show that at the age of forty-five most men have lost or spent nearly all of what they have made up to that time, and the same statistics demonstrate that after fifty not one person in one hundred who has lost his financial footing.can regain it, and at the age of sixty-five eighty-five per A view of Commonwealth Edison Co. plant, Chicago, in whose First Mortgage 5% Bonds we have dealt for years Back of Your Bond WO VERY DEFINITE ASSURANCES of safety stand behind every corporation bond which we recommend for the investment of our customers' funds: First The assets and earnings of a well established and successful business of which the Commonwealth Edison Co. of Chicago is an example. We do not offer the bonds of companies in a promotional or construction stage, but only those of demonstrated credit and earnings. Second Our own experience and judgment gained over a period of years in the selection and distribution of large amounts of such securities. Before any of our bonds are offered to our customers, they have first been purchased outright with our own funds and only after the most exacting investigations on the part of our own, and frequently independent, experts to assure ourselves of their safety. If you are concerned with the safe investment of your funds irrespective of their amount- -you will be interested in our current list of offerings. Write today for circular O M 1 HALSEY, STUART & CO. start. Upon request we will send "Investment Opportunities" to you regularly without charge together with our booklet "The Twenty Payment Plan." Write for Issue OL-6 SLATTERY 26 Investment Securities 40 Exchange Place, New York When, As, and If (Continued) cent of persons still living are dependent upon relatives or charity. Aside from the item of judicious investing there are other matters which have a broad bearing upon this state of affairs. Charge accounts are often opened with too great optimism, papers are signed without familiarizing one's self with their contents, savings are cut into because living expenses exceed income, and this last feature and the tendency to invest money on hopeful but dangerous hearsay, without knowledge of facts, are prime causes of indigency. Speculative profits, if they come at all, come easily, and the money generally goes as fast as it comes, and the amount of money lost annually by small speculators who be-. lieve they are investors must be appall ing. Investments of low yield, bonds that are legal for savings banks and trustees, and tax-exempt issues are too often ignored by the small investor, who in reality should make securities of this type his first choice. The thought of creating personal trusts or consulting with trust companies and obtaining their sound suggestions seldom occurs to the average man, and the fact that some one besides himself, although more able than he is, might have complete or partial control of his money does not, as a rule, appeal, but it is reasonable to assume that if the aid of a trust company had been sought and relied upon many men would be better off than if they had acted solely upon their own judgment. The majority of traders will probably continue to make commitments on thin equities, although they perhaps realize that' their stock in trade in old age will be today's savings, always hoping against hope that the "tip" that has just been given to them is opportunity knocking at their door. It has never knocked before and may never again, and they imagine that this is a chance which should be embraced. If it makes good, it may mean giving up a laborious job and may do away with the necessity of working for a paltry $25 or $50 a week. Although we realize that the farmer builds a granary to keep his corn safe and dry and banking institutions construct a strong vault, millions of owners of securities take many chances; and by no means the most dangerous and hazardous depository for our uninvested funds is the bureau drawer or the feather mattress, while the unscrupulous stock and bond dealers ply their trade. If we put up Liberty Bonds and other securities as margin to buy speculative oil stocks, and if we also fail to select a reliable and trustworthy broker, we have no one to blame but ourselves while the investment market is infested with bucket shops. If your securities are now in the hands of unscrupulous dealers in securities, you may be able still to save some of your equity, and, although your speculative commitment has receded several points since the time you made your purchase, it will probably be worth your while to pay in cash your loss and demand your securities. If they are refused you and delivery is delayed to an unreasonable extent, you should obtain the services of your attorney, and, if he cannot recover your property shortly, take the matter up with the District Attorney. In short, find a place of safe-keeping for your securities; take them out of the bureau drawer and the Bucket shop, and arrange a safe-keeping account or create a trust fund with some reliable institution, and in selecting from new and unseasoned securities remember that new |