FINANCIAL COMMENT FOREIGN FINANCE N Wednesday, July 9, at 10 A.M., a syndicate of bankers offered for subscription, subject to allotment, $75,000,000 Government of the Dominion of Canada two-year notes and ten-year bonds to yield about 5.90 per cent. At 1 P.M. the same day the subscription books were closed, the loan having been over-subscribed. There is no apparent evidence of "tight money" in this instance; but, on the contrary, there seems to be a great surplus of capital awaiting investment when the proper security and yield are obtainable, and this issue is regarded as one of the most attractive of recent offerings. Official announcement has just been made to the effect that a group of Czechoslovakian banks has borrowed $6,300,000 in this country on ninety-day bankers' acceptances. The syndicate of banks advancing the money were the Chase National Bank, the Guaranty Trust Company, and the Central Union Trust Company. The loan was made, it is said, to finance the purchase of cotton here, and signalizes the opening of an entirely new field for American dollars, as formerly this financing was taken care of in Germany. This loan of $6,000,000-the first of a possible $25,000,000-is guaranteed by the Government of Czechoslovakia, and may be refunded later by a long-time and larger issue, publicly offered. The method used in the loan to the Czech banks will undoubtedly be adopted by other European nations, nearly all of which are greatly in need of tunds. Denmark, for instance, is at the moment negotiating a loan in this country, and Switzerland as well is seeking capital. It will be remembered that Belgium was temporarily aided through an issue of $50,000,000 bankers' acceptances not long ago. The Chinese loan now pending for $100,000,000 is progressing slowly, and the Republic of Mexico is anxiously awaiting some signs of encouragement from American bankers for a loan of good proportions, and is now attempting to enact the necessary legislation to provide for the resumption of interest payments on its national and railway bonds-long in default. It is possible that before long we shall forget the financial wrongs of Mexico and eagerly purchase her securities. This is the part America-the greatest creditor nation in the world to-day-must expect to play, and it is indeed difficult for any of us to realize the tremendous scope of the advantages such a course will open up to American business, banking, and commerce-in fact, it is almost beyond conception. THE NEW INVESTORS In an address before the Bond Club of New York, a short time ago, Paul M. Warburg discussed various problems confronting the investment banker to-day, and in commenting upon the change that has come over the investing public he said, in part: "Looking back to conditions prevailing only one generation ago, we find a very small group of investors and a very small list of investments. Government bonds played a rather unimportant part; municipal bonds played a role of some imporbankers were concentrated upon railroad tance. The main energies of the investiment financing. Then came the period of in dustrial development, which opened a new investment field, the volume of transactions increasing steadily with our growing National wealth. Now over twenty billions of Government obligations have outdistanced our eighteen billions of railroad securities, and a new factor of importance looms up on the horizon-foreign invest ment. "But it is not only in the character and volume of securities that this great development has taken place; even more impressive has been the change in the quality and the quantity of the investors. As a consequence of the war, the creation of wealth has proceeded on entirely new lines, and to-day we find over twenty millions of bond-holders, where in the past we had only two hundred thousand. Where heretofore investment banking addressed itself primarily to the comparatively few possessed of large incomes, taxation to-day strikes so heavily at the revenues and inheritances of the so-called well-to-do classes and interferes so drastically with the accumulation of investment funds on their part that successful distribution of large volumes of new securities can only be carried on by following wealth into the millions of small rivulets and channels into which it now flows, and where it is less subjected to the exactions of the taxcollector. "But I believe that we may not hope for a healthy and permanent adjustment between capital and labor unless the working classes are so situated that they can save and put aside in investments a fairly substantial portion of their earnings. In this ability of theirs to save and invest lies one of the most important means of bringing back to a more normal condition our present badly distended financial structure." GERMANY AS A CUSTOMER Sentiment is short-lived when an opportunity for profit looms up. Shoulder to shoulder, awaiting the starter's pistol, the salesmen of England, France, Italy, and the United States are lined up on the threshold of Germany ready for invasion. They began to mobilize in Switzerland in the early spring, and it has been recently reported that some of these emissaries have already obtained tentative orders for future delivery. Germany's needs, consisting largely of foodstuffs and raw materials for their factory products, will be large for some time to come. As the greatest source of these Sensible Investing Simplifies Saving Those who are distinctly successful in saving never allow their dollars to remain idle. They follow a well-defined method of putting funds to work in some seasoned stock or bond. Every dollar invested in securities on The Twenty Payment Plan is a step toward the accumulation of valuable income-producing property. Descriptive booklet and our fortnightly publication "Investment Opportunities" will explain how simple it is to save, and how sensible investments can be made. Write for booklets 7-OL. SLATTERY &6 Investment Securities 40 Exchange Place, New York Financ al Comment (Continued) supplies, the United States will ultimately derive the greatest benefit. What is considered the greatest problem in this connection is how Germany is going to finance her credits. It is believed, however, that when the curtain is drawn back conditions in Germany will be revealed as not as bad as has been expected. She probably has a large quantity of goods ready for export and completed plans for financing the necessary imports. Germany's cheap products are looked upon with much disfavor by ourselves and the other trade contenders, and the sentiment is to restrict them, if possible. In any event, it is up to Germany to bring her well-known commercial ability into play and solve this problem, which is fast becoming of greatest importance to her. And it is reasonable to assume that before many months trade relations with Germany will be well established, with all participants vying with one another for a share in the possible profits. THE INESTIMABLE VALUE OF CHECKS IN BUSINESS At the time the report of the National Monetary Commission was compiled it was found that more that than ninety-five per cent of the Nation's business was being done by means of checks, and a study made at the present time would show a material increase in this figure. The Federal Reserve Bank of New York is now clearing more than a million country checks a week. At various times it has been suggested in Congress that a two-cent stamp tax be placed on checks, but thus far it has been impossible to estimate the revenue that would be derived thereby. The revenue gained in Great Britain by such a tax was reported as around $6,300,000 a year. Undoubtedly such a tax in this country would tend to decrease the use of checks and increase the demands made on the country's supply of currency. Two cents is a small amount, but the shrewd business men of to-day count every cent. A great many payments, therefore, would be made in cash, and the effect of this in business is easy to foresee. Take, for instance, any mercantile business. Thousands of people run accounts in a large concern of this kind, paying by check at the end of the month. To disregard this method and pay in cash would mean, first, that the buyer must carry a large amount of cash in his pocket, and, second, that the concern must possess a larger amount of cash in order to make change for the buyer, besides increasing to a considerable extent the number of employees to handle this extra work. This currency must then be taken to the bank, and there again the method results in a great deal of unnecessary work, confusion, and inconvenience. The circulation of so much currency is naturally a great drain on the United States Treasury, for the supply of gold, silver, nickel, etc., which the Government buys each year is limited, notwithstanding the fact that there is more gold, in bullion form, in the Federal Reserve Bank and Treasury to-day than there has ever been before. BUY TIME TESTED INVESTMENTS Our 6% First Farm Mortgages and Real Estate Gold Bonds have been purchased by investors in all sections now for more than 35 years without the loss of a dollar. Amounts to suit. Let us send you descriptive pamphlet "S" and offerings. E. J. LANDER & CO., Grand Forks, N. D. Est. 1883. Capital and Surplus $500,000.00 BY THE WAY There has been some discussion as to the name of Vicente Blasco-Ibáñez, whose article on 66 The Hermit of Amerongen appears in The Outlook this week. The "Cumulative Book Index," for instance, catalogues his books under "Blasco," with not even a cross-reference under Ibáñez. We find the following explanation in the current "Bookman "In Spain a man's name still clings to the old Roman custom of having the surname or family name in the middle. Therefore this author's father's name was Blasco. But there is an additional custom which combines the name of his mother with that of his father, and the two are supposed to be used together. Thus Blasco-Ibáñez-not just Ibáñez. Furthermore, there is still another social distinction which rules that if any one calls a man by his mother's maiden name-e. g., calling this man only 'Ibáñez '-the implication is that his father and mother were not married. It is a curious custom, but a fact." Speaking of Ibañez, or Ibáñez, or Blasco-Ibáñez, or Blasco Ibáñez, a bookreviewing journal is said to have printed a pseudo-advertisement for a man to take a temporary job reviewing Ibáñez's booksevidently a shot at the rapidity with which this author's books have been brought out in English. Now that the famous prize of £10,000 offered by the London "Mail" for the first transatlantic air voyage has been won by Alcock and Brown, and Hawker also has been richly rewarded voluntarily by the "Mail" for his intrepid attempt, the "Mail" reminds readers that in 1906 it offered a £10,000 prize for a flight from London to Manchester and a prize of £1,000 for a flight across the Channel. The first was won by Paulhan in 1910, the second by Blériot in 1909. It adds that, in derision of the folly of the flying fad, one of its contemporaries (in 1906, we presume) offered a prize of £10,000,000 for a flight of ten miles! "I have observed," writes an "Ungentle Reader" to the New York "Evening Post," ""the modern slang to be found in historical novels, so called. Mostly is it evident in translations. Not long ago I came across, in the English rendering of an obscure French romance treating of the not obscure time of Louis XV, that parvenue phrase, 'passing the buck.' this rate, I shall not be surprised some day to find a freshly Revised Version' using 'passing the buck' in that scene where we first in all known history find such a situation-the Garden of Eden." him. At The story is told that when a bellhop breezed through the lobby of the hotel whistling loudly the manager pounced on "Don't you know it's against the rules for an employee to whistle while on duty?" he demanded, sternly. "Ain't whistling," protested the boy. "I'm paging Mrs. Jones's dog." A Canadian correspondent sends us a story told by a well-known Presbyterian divine: A certain matronly lady who had recently migrated to from Scotland was making some purchases in one of our large and beautiful stores. "I have waited on you before," observed the affable sales"Aye," answered the Scotchwoman, and then added, "Are you Scotch ?" "No, but I'm next thing to Scotch," replied the man. By the Way (Continued) clerk, "I'm a Presbyterian." "Oh, are you?" exclaimed the woman. "Well, I used to think that the Presbyterian Church was the only church, but the times have changed and I have changed, and now I think that church is all right that has the grace of any God in it," and then she added-" even the English Church." The record in meanness is well established by the lady who called at the local shop in a country village in England and gave a small-very small-order for goods, including a ha'p'orth of cat's meat. The shopkeeper was muttering angry words to himself half an hour later as he made up the order, when a flurried and breathless maidservant dashed into the place. "H-h-have you sent off Mrs. Grableigh's things yet?" she gasped. "Just doing 'em, snapped the grocer, as he struggled with a sea of parcels, Oh, thank goodness!" gasped the girl. "Then don't send the cat's meat. The cat's just caught a sparrow." 66 Anecdotes of Charles Kingsley abound just now, for he was born on June 12, 1819. Smokers will particularly relish one told by Mr. A. G. Benson, essayist and son of Archbishop Benson: My father used to tell how once he was walking with Kingsley round about Eversley, when Kingsley suddenly stopped and said: "It is no use. I know you detest tobacco, Benson, but I must have a smoke," and he had accordingly gone to a big furze bush and put his arm in at a hole, and after some groping about produced a big church warden pipe, which he filled and smoked with great satisfaction, afterward putting it into a hollow tree and telling my father, with a chuckle, that he had concealed pipes all over the parish to meet the exigencies of a sudden desire to smoke. A note of correction in the New York "Times" adds to our collection of amusing misprints" In a letter from Mrs. Florence Howe Hall in the New York Times Book Review of May 25 she was made by the compositor to speak of the poet Longfellow as a 'sweet sinner,' when her manuscript had referred to him as a 'sweet singer."" Another is the passage quoted by "Punch" from a Paris letter in a London evening paper: "The Majestic and the Astoria, and the other innumerable hotels which house the Allied delegations, are full of the white faces of tired secretaries, whose principles have departed, or, still worse, returned." "Poor nut," says the Boston "Transcript," was what a Western school nurse wrote on a pupil's card. The boy complained that the nurse had called him names until it was explained to him that the nurse meant "Poor nutrition." "Junk" to most people means worthless rubbish. But a report of the United States Chamber of Commerce estimates that the total value of junk annually salvaged in the United States aggregates more than two billion dollars, a clear saving of two per cent of the total annual manufactured output of the country. In a bulletin the United States Geological Survey reports that secondary metals, including brass, lead, zinc, copper, tin, and aluminumsecured from scrap metals, etc.-recovered in 1916 were valued at more than two hundred and sixty-five million dollars. One of the serious causes of juvenile crime is said to be the ease with which stolen junk can be sold. Are you one of America's five million hunters? Are you planning a trip to the hills this Fall for big game-and reserve power? Our Service Department will be glad to help you complete your arrangements-tell you what to take, if you wish suggestions-report on good hunting districts-give addresses of best hunting camps, outfitters and guides, with their rates. For many years, we have maintained this free service to sportsmen, through t nation-wide Remington UMC organization. Now we are better than ex equipped to help you in your hunting. Or ask your local dealer, the alert Remington UMC merchant-one of more th.. 82,700 in this country-whose store is your community Sportsmen's Headquarte... NEW YORK CITY Real Estate CONNECTICUT HELP WANTED Companions and Domestic Helpers DIETITIANS, cafeteria managers, gov ernesses, matrons, housekeepers. Miss Richards, 5, ProviCapable, strong woman as assistant housekeeper, able to superintend the serving of meals. Write Heathcote Inn, Scarsdale, N. Y. Telephone 600 Scarsdale. THE FAR EAST Hotel Le Marquis NEAR LAKES and RIVER bars, Box 8, East Side Station, Frov AROUND THE WORLD Annual series of Tours de Luxe visiting Japan, China, the East Indies, Australia, New Zealand, the South Seas, etc., and for the complete Tour of the World, leave during August, Sept. and October. Illustrated Booklet on request. STEAMSHIP PASSAGES EVERYWHERE BY ALL LINES THOS. COOK & SON 245 Broadway 561 Fifth Ave., New York Summer in the National Parks, Apartments WANTED-THREE APARTMENTS unfurnished, in same building in New York City. No. 1. Containing living-room or studio, dining-room, kitchen, two bedrooms, bathroom and maid's room. No. 2. Containing living-room or studio, bedroom and bath. No. 3. Containing living-room or studio, bedroom and bath. Location preferably out of the usual beaten paths, something not usually rented if possible, and preferably in a private house altered for such purpose. Nothing south of Greenwich Village nor north of 72d Street will be considered. Occupancy October 1, 1919. Address CHARLES H. DAVIS, Bass River, Cape Cod, Mass. Hotels and Resorts 31st Street & Fifth Avenue New York Combines every convenience and home Room and bath $4.50 per day with meals, or The Margaret Louisa of the Y. W. C. A. 14 East 16th St., New York A homelike hotel for self-supporting women. Single rooms $1.00 per night. Double rooms (2 beds) $1.40 per night. Restau rant open to all women. Send for circular. MAINE practical farm and attractive home; J. CASSIDY, Woodbury, Conn. BOSTON, Mass. For rent for one year, an attractive furnished house, accessible to every interest. Nine rooms and bath. Rent moderate. Family of adults preferred. Address E. H. W., 16 Bond St., Boston. NEW YORK FOR SALE CANNON POINT ESSEX-ON-LAKE CHAMPLAIN NEW YORK 1 miles south of village, 7 acres, partly wooded with pine, hemlock, cedar, and variety Robinhood Inn and Cottages of deciduous trees. Small summer bungalow Bailey Island, Me., opened June 15. Bathing, Hotel Champlain Bluff Point-on-Lake Champlain. NY HIGHEST point on lake-fireproof every room a front room-800 acres tennis 18-hole golf courseconcrete garage-boating, bathing, fishing, motor highways in all directions. Excellent cuisine, American plan. Management Mr. J. P. Greaves, of Florida East Coast Hotels. Booklet on request. Open June 25th New York Booking Office, CAMP LINGERLONG On Pine Lake. Includes 500 acres of wild est Adirondack Mountains. Hunting, fishing, Health Resorts Camp for LINDEN The Ideal Place for Sick CREST VIEW For nervous and convalescent patients. Dr. Reeves' Sanitarium A Private Home for chronic, nervous, and Real Estate CONNECTICUT For Rent Ledge Cottage at The Pines, Lake ville, Conn. Delightful place for vacation. Ten minutes Lake Wononsco. Fourroom bungalow. Spacious porch. Running water. Address Miss ALMIRA CLEAVELAND. on point 30 feet above lake, commanding Mrs. ENOCH H. CURRIER ATTRACTIVE STUCCO TWO FAMILY, Fourteen Room BUSINESS OPPORTUNITIES WANTED-450 Outlook readers to represent this publication this summer-and all through the year, if you like. You can easily earn $10 a week and more, simply by using an hour or two a day of your spare time. It you want extra spending money-and everybody does-write us for details of the Outlook's co-operative profit plan. Simply address Representatives Division, Desk E, The Outlook, 381 Fourth Ave., New York City. EARN $20 to $40 a week in spare time selling new Home Budget System. Twenty million Liberty Loan buyers want it; every home needs it. So simple a child can keep it; pays for itself several times over first month, in many instances. Approved by Government and domestic economists. Teaches economy; encourages thrift-actually increases buyingpower of money 10% to 40%-just like that much raise in salary. Tie up to a winner! Write quick. G. J. Spinner, Sales Mgr., Dept. 87, 137 S. La Salle St., Chicago. BOOKS, MAGAZINES FOR SALE - 5 bound volumes of The HELP WANTED Business Situations RAILWAY traffic inspector, $110 a month to start and expenses. Travel if desired. Unlimited advancement. No age limit. Three months' home study. Situation arranged. Prepare for permanent position. Write for booklet CM27 Standard Business Training Institute, Buffalo, N. Y. FOR PATRIOTIC HOME MISSIONS. Wanted, two young men. One, a stenographer, high school or college graduate, to be secretary to the president. One, a college graduate, to teach mathematics. Fine location and rewarding work. For particulars address Wm. G. Frost, President, Berea College, Berea, Ky. WANTED-Office assistant who is capable of acting as matron of children's Protestant home. 7,150, Outlook. Say it with Flowers, To Have Friends Be One. Remember the birthdays and anniversaries of your friends with flowers. Your local florist within a few hours can deliver fresh flowers in any city or town in the United States or Canada through the Florists' Telegraph Delivery Service. They will serve you. STRONG woman of refinement as nurse, and companion for invalid child. Pleasant home surroundings. E. H. Hufnagel, 54 8. 4th Ave., Mount Vernon, N. Y. WANTED-Trained nurse in girls' boarding school, Philadelphia. October to June. 7,155, Outlook. WANTED, in an orphanage, two capable well young Protestant women, one as girls' matron, the other nurse and general assistant. Training unnecessary. Salary $40 per month, comfortable room alone, board, and laundry. References. 7,170, Outlook. WANTED, mother's helper; refinement and love of children essential. Boy of three, oversight two older boys. Christian family. Permanent home. 7,172, Outlook. Teachers and Covernesses WANTED-Competent teachers for public and private schools. Calls coming every day. Send for circulars. Albany Teachers' Agency, Albany, N. Y. TEACHER wanted for children's home, Bethlehem, Pa. Ages six to fourteen. Salary $50 month and board, room, laundry. Address Mrs. H. J. Meyers, Bethlehem, Pa. WANTED-Resident teacher, lower grade and recreation. Apply Superintendent Pa rental Home, Louisville, Ky. SITUATIONS WANTED Professional Situations WANTED-Position in a school to plan cour es and supervise work for non-Englishspeaking students. 7,154, Outlook. Companions and Domestic Helpers WIDOW desires supervising elderly gentleman's home. Soutli winters. References. 7,103, Outlook. A woman of refinement would like care of gentleman's home. Capable of taking entire charge. Best of references furnished. 7,156, Outlook. COLLEGE woman would like position, in September, as housekeeper where she can have entire charge. 7,157, Outlook. EDUCATED woman, 24, desires position as housekeeper. Good health. Capable of tak ing full charge. Four, years' experience. No home. Experience and tact with children. 7,158, Outlook. YOUNG woman will combine duties of housekeeper, cook, and waitress for combined wages of three, viz., $150 month. 7,164, Outlook. COMPANION, preferably traveling, Young woman, refined, well educated, pleasing per sonality. At liberty after September 15. Ref erences. No. 7,167, Outlook. LADY desires to place her excellent Eng lish nurse with family going to England or France in early fall. Will take charge of children or invalid in return for passage. Ab solutely reliable. Write Mrs. Theodore Lilley, Tolland, Mass. HOUSEKEEPER, managing, or superin tendent of institution wanted by lady of refinement. Disengaged September 1. Refer ences. 7,169, Outlook. Teachers and Governesses SECRETARY-TEACHER. Woman, exper enced, successful teacher of high school English. desires position as secretary-teacher in preparatory or high school. Now in secre tarial school in Boston. Specially trained for correspondence. Excellent references. Address 7,153, Outlook. EXPERIENCED teacher holding excellent credentials is open to engagement for the coming year. Private schools only. 7,159, TEACHER of mathematics and French wishes position. 7,163, Outlook. MISCELLANEOUS WANTED-Young women to take nine months' course in nursing. Frances Parker Memorial Home, New Brunswick, N. J. MISS Guthman, New York shopper, will send anything on approval; services free. References. 309 W. 99th Street. GREGG Shorthand. If your school does not teach shorthand, let me save you two months' expense by correspondence course. 7,165, Outlook. GENTLEWOMAN, living out of New York, whose income has been affected by prevailing conditions will take into her home one or two children who have been deprived of parents' care. Correspondence invited. 7,171, Outlook. SONGS OF LIBERTY Unequalled for Teaching Real Americanism PISO'S for Coughs&Colds NT Includes nine separate departments leading to collegiate and professional degrees. The Colleges of Liberal Arts and Engineering, the Graduate School, and the Schools of Music and the Evanston Oratory are ideally situated on campus along Lake Michigan. New dormitories, large gymnasium, attractive environments. The Law, Dental, and Commerce Schools are in Northwestern University Building, in the heart of Chicago's legal and commercial activities; the Medical School is in the city's great hospital center. Write for books of courses showing special advantages. Address LYNN HAROLD HOUGH, President, 430 Northwestern University Bldg., Chicago THE OUTLOOK IS PUBLISHED WEEKLY BY THE OUTLOOK COMPANY, 381 FOURTH AVENUE, NEW YORK. LAWRENCE F. ABBOTT, PRESIDENT. PENNSYLVANIA AUBREY HALL Backward and mentally defective children taught individually by experienced teachers under the supervision of an eminent nerve specialist. Torresdale, Philadelphia, Pa. TRAINING SCHOOLS FOR NURSES St. John's Riverside Hospital Training School for Nurses YONKERS, NEW YORK Registered in New York State, offers a 3 years' course-a general training to refined, educated women. Requirements one year high school or its equivalent. Apply to the Directress of Nurses, Yonkers, New York. N. T. PULSIFER, VICE-PRESIDENT. FRANK C. HOYT, TREASURER. ERNEST H. ABBOTT, SEORETARY. TRAVERS D. CARMAN, ADVERTISING MANAGER ever Nobody Changes from RAMESES Beca Because the wealth of Midas couldn't buy a better cigarette You can earn $1.00 an hour in your spare time taking subscriptions for The Outlook. And you can earn as much more as your time allows. There will be thousands of new subscriptions taken in the months ahead and thousands of Outlook subscriptions are expiring. The work is pleasant, and our plan enables you to build up a steady, permanent income, year after year. Write to-day for details of The Outlook's Co-operative Profit Plan, addressing Representatives' Division, Desk G, The Outlook, 381 Fourth Ave., N. Y. City. By Lieutenant John M. Oskison Current Events Illustrated.. Visit Japan By Marguerite A. Salomon Homely Economics... Socialists and Capitalists.... Tolstoy, Nietzsche, and Jesus. Bolsheviki and I. W. W.... Weekly Outline Study of Current History 518 By J. Madison Gathany, A.M. By the Way.... ........ 518 5% Income Free From Federal Income Tax Cameron County, Texas Road 51⁄2's DUE 1949 PRICE TO PAY 5% Farson, Son & Co. Members New York Stock Exchange |