The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York. NR OPPORTUNITIES IN BOND INVESTMENTS one who follows the stock market needs to be told that at the present time it is a weak, vacillating, uncertain affair. The volume of business is small, fluctuations, save in the case of a few speculative favorites, are narrow, and generally the trend has been downward. The bond market, on the other hand, is booming. Prices for high-grade bonds have shown a steady improvement over a period of months, sales have been large, and prices have been gradually creeping up and up. Stocks may go begging, but bonds are in brisk demand. All of which goes to prove two things at least: First, that there is plenty of money available for the right kind of investments; and, second, that investors consider that bonds are in this category at present levels, longterm bonds particularly. When business generally is poor and earnings are low, it is only natural that investors should seek to safeguard their funds as well as they can, and every one in the least familiar with finance knows that bonds are safer investments than stocks. This is one reason why the bond market is strong and the stock market weak. As a result of the fact that investors are seeking bonds the demand for this class of securities is increased, and increased demand is always followed by higher prices. Your Company's Securities WHEN HEN a company's securities are widely held, it is often a distinct advantage and economy, as well as a service to investors in its bonds and stocks, to utilize the trust facilities afforded by this Company in the country's financial center. As registrar and transfer agent, this Company facilitates the prompt and accurate transfer and delivery of securities, keeping all the necessary records. As paying agent, the Company disburses interest and dividends for the issuing corporation. As trustee under corporate mortgages, agent and depositary in financial readjustments, and custodian of securities, this Company offers the comprehensive service of a complete and trained organization. We serve many corporations, large and small, having their headquarters in various parts of the country. Our booklet, Trust Service for Corporations, which describes these services, may be had on request. Guaranty Trust Company of New York VARANTY TRYST COVERSY. Greater safety is not the only reason why bonds are the most popular invest. ments to-day, however. Safety is a consideration of course; but isn't the fact that investors consider that bonds offer them safety combined with opportunity for high yield and probable profit the real reason for the prosperous state of the bond market? We have emphasized in these pages more times than we can remember the fact that, due to the war and the conditions brought about by the war, money rates have been abnormally high. We have expressed it as our opinion that this condition was temporary and that money Fates would gradually work downward and tend to approach those levels which were regarded as normal before they were upheaved by the great World War. Events have consistently tended to prove that our opinion was correct. Money is becoming cheaper and money rates are being lowered. The Federal Reserve Bank of New York has recently reduced Its rediscount rate to 5 per cent; commercial paper is being sold in the open market on a lower basis than it was, And bank reserves have been piling up. Money is bringing a lower return than formerly and high-grade securities are yielding less than formerly, which means, of course, that in the case of those issued some time ago they are increasing in price. New securities are being offered on a lower income basis. Foreign government bonds are now sold at a price to yield 74 per cent where year or two ago the same government had to sell them to yield 8 per cent in order to attract investors; railways are Belling equipment trust certificates to Field less than 6 per cent, and only a hort time ago this would have been absolutely out of the question. All of which goes to show that our abnormally high money rates are becoming things of the past. Investors who now their business-and, incidentally, have money to invest-realize that this is so and they are hurrying to buy bonds which will afford them a high return on their money over a period of years. They see the trend of the times, a lower rate for money and higher quotations for bonds, and they are rushing in to avail themselves of conditions which show signs of vanishing. They are buying bonds because they can figure their income from them with comparative safety and a reasonable degree of certainty. If they buy stocks, they feel that possibly they may make more money, but their chances of losing more are in equal proportion. Figure it out for yourself. Suppose you had $100,000 to invest right nowWould you buy bonds or stocks? Stocks can be purchased which will yield anywhere up to fifteen per cent on their purchase price; but this very fact shows that many people regard it likely that Soon these same stocks may not yield anything at all. Stocks yield higher returns than bonds, and they yield more worries, too. Good bonds, on the other hand, are about as stable as investments can be. Their price will fluctuate according to prevailing conditions, but, all things being equal, you can count on a The First Consideration in Making an Investment SAF AFETY of principal should always be the foremost and guiding consideration in judging the respective merits of the investment offerings. Securities offered to the investing public by the Old Colony Trust Company must be unquestionably sound. Ordinary prudence and the nature of our business demand this. In addition, they must, of course, insure a satisfactory return to their permanent holders. This institution, through its Bond Department, offers an unusually complete service to investors. In every case, the special requirements of each individual investor are given thorough and unbiased consideration before a recommendation is made for the purchase or sale of securities. Investments made through our Bond Department are systematically "followed through", and the owner is duly informed of routine or special matters pertaining in any way to them. An exceptionally complete Financial Library and a well equipped Statistical Department are operated in connection with the Bond Department, and their facilities are always available to its customers. Private wires, affording direct communication We shall be pleased to send you, upon OLD COLONY TRUST COMPANY FINANCIAL DEPARTMENT (Continued) certain return each year and the repay. ment of your principal upon maturity. What is more, if prevailing conditions are such that money rates are high and bond prices are therefore low, you are fortunate if you are able to buy at such a time. In other words, if money is worth six and one-half per cent, probably you can buy bonds to yield six and one-half per cent. If a year or two later money is worth only five per cent, bonds probably will yield only five per cent. One hundred thousand dollars invested at 62 per cent means $6,500 a year; at 5 per cent it is $1,500 less. Bonds at present do not yield as much as they did a year ago, but from the action of the bond market it looks as if many peo ple think they yield more now than they will later on and they are hurrying to buy. There has been an enormous demand for Liberty Bonds recently, and one issue is selling more than five points 2 above its low quotation, and on & thousand-dollar bond this means a profit of over fifty dollars, in addition to the high return. In varying degree the same thing holds true of all high-grade bonds. The demand for them is increas ing, their prices have been steadily ascending and their yields growing less. But, it seems to us, there are still great opportunities for the discriminating purchaser. Abnormal conditions have brought about unusual opportunities, but as these conditions disappear the oppor tunities are also disappearing. QUESTION AND ANSWER Q. Please give me some information concerning the new issue of 7 per cent notes of the Argentine Republic. A. This issue consists of $50,000,000 of two-year 7 per cent treasury gold notes, dated October 1, 1921, and due October 1, 1923. Principal and interest are payable in United States gold dollars in New York. They are a direct obligation of the Argentine Government, whose funded debt is approximately $533,000,000, or about $63 per capita. Argentina leads all South American countries in the volume of foreign trade, the Republic has an area of approximately 1,100,000 square miles, and the national wealth is calculated at more than $13,800,000,000. These notes were issued at 99% and interest to yield over 7.20 per cent. A Safe Load to Pull Many investors make a serious mistake in trying to make their money pull too heavy a loadearn too much. There is a distinct limit to what money can safely be expected to earn. Our 7% First Farm Mortgages and Real Estate Bonds are safe and desirable investments. 38 years' experi ence. Send for offerings and descriptive pamphlet "S." Ask about our monthly payment plan. E.J. LANDER & CO. EPAT ble FROM THE MAIL BAG (Continued from page 233) Apache Indians who occupy what is known as the Camp McDowell, Reservation, in Arizona, was a subject of consideration. The reservation is mostly rugged and mountainous, and the only portion susceptible to successful agriculture is a few hundred acres on the Verde River. To provide sufficient water to supply the needs of this irrigable area would require the construction of a dam in the Verde River, which, upon examimation and survey by competent endagineers, was considered impracticable, if not prohibitive, because of the excessive cost. It was therefore proposed to allot &to these Indians land in the Salt River rom Reservation, which is near by and under swinirrigation from the Roosevelt Dam. The ore Indians were very much opposed to anyarthing that might mean their removal from their reservation, and nothing ondefinite was done until June, 1920, when ecently, the then Secretary of the Interior made than an order that the entire Camp McDowell tion Reservation be allotted to the individual is Indians in equal areas as to acreage. That they might not be without land Susceptible of agriculture, they were also fato be allotted five acres each of irrigable thailand upon the Salt River Reservation as ad ing beza ds g re are crimi pear a gratuity. This order of the Secretary was approved by President Wilson, and tentative allotments were made. These allotments have not been approved. The Indians have always expressed a fear that they might be compelled to remove from their reservation and have been more or less suspicious arf any action proposing to give them allotments, and, apparently not being Asatisfied with the plan to allot them as proposed, brought the matter to the attention of the President, who directed that the whole subject be carefully reof viewed and reconsidered with a view of tradjusting it in a manner that would be 11 more acceptable to the Indians. A very thorough and full investigation has recently been made, and the case is now being considered, and upon the return of the Secretary of the Interior, who is now absent from Washington, it is thought that a plan will be proposed that will be so generous in its terms that when the Indians understand it they will be entirely satisfied. ate! 0. HISTORICAL TABLETS THE QUAKER CHALLENGE An Address by To be had free by addressing FRIENDS' GENERAL CONFERENCE 140 N. 15th St., Philadelphia, Pa. W. L.DOUGLAS FOR MEN AND WOMEN $700&$8.00 SHOES W. L. DOUGLAS SHOES The best known shoes in the world. They are sold in 107W.L.Douglas stores, direct from the factory to you at only one profit, which guarantees to you the best shoes that can be produced, at the lowest possible cost. W.L. Douglas name and the retail price is stamped on the sole of all shoes before they leave the factory, which is your protection against unreasonable profits W. L. Douglas $7.00 and $8.00 shoes are absolutely the best shoe values for the money in this country. They combine quality, style, workmanship and wearing qualities equal to other makes selling at higher prices. They are the leaders in the fashion centers of America. The stamped price is W. L. Douglas personal guarantee that the shoes are always worth the price paid for them. The prices are the same everywhere; they cost no more in San Francisco than they do in New York. W. L. Douglas shoes are made by the highest paid, skilled shoemakers,under the direction and supervision of experienced men, all working with an honest determination to make the best shoes for the price that money can buy. CAUTION.-Insist upon having W. L. Douglas shoes. The name and price is plainly stamped on the sole. Be careful to see that it has not been changed or mutilated. If not for sale in your vicinity, order direct from factory._Catalog free. $5.00 STATEMENT OF THE OWNERSHIP, MANAGEMENT, ETC., REQUIRED BY THE ACT OF CONGRESS OF AUGUST 24, 1912, OF THE OUTLOOK, PUBLISHED WEEKLY AT NEW YORK, N. Y., FOR OCTOBER 1, 1921. State of New York, County of New York, ss. Before me, a Notary Public in and for the State and county aforesaid, personally appeared Robert D. Townsend, who, having been duly sworn according to law, deposes and says that he is the Managing Editor of THE OUTLOOK, and that the following is, to the best of his knowledge and belief, a true statement of the ownership, management, etc., of the aforesaid publication for the date shown in the above caption, required by the Act of August 24, 1912, embodied in section 443, Postal Laws and regulations, to wit: 1. That the names and addresses of the publisher, editor, managing editor, and business managers are: 2. That the owners are: The Outlook Company, 381 Fourth Ave., N. Y. City. Stockholders of The Outlook Company owning 1 per cent or more of the total amount of stock: ...Summit, N. J. Harold T. Pulsifer....381 Fourth Ave., New York City N. T. Pulsifer..........456 Fourth Ave., New York City Lawson V. Pulsifer....456 Fourth Ave., New York City Chas. Stillman, C. C. Stillman, E. G. Stillman (Trustees for J. A. Stillman)...55 Wall St., New York City Chas. Stillman, J. A. Stillman, E. G. Stillman (Trustees for C. C. Stillman)...55 Wall St., New York City Chas. Stillman, J. A. Stillman, C. C. Stillman (Trustees for E. G. Stillman)...55 Wall St., New York City Dorothea V. A. Swift..39 Pilgrim Rd., Brookline, Mass. Robert D. Townsend..381 Fourth Ave., New York City 3. That the known bondholders, mortgagees, and other security holders owning or holding 1 per cent or more of total amount of bonds, mortgages, or other securities are: None. 4. That the two paragraphs next above, giving the names of the owners, stockholders, and security holders, if any, contain not only the list of stockholders and security holders as they appear upon the books of the company, but also, in cases where the stockholder or security holder appears upon the books of the company as trustee or in any other fiduciary relation, the name of the person or corporation for whom such trustee is acting, is given; also that the said two paragraphs contain statements embracing affiant's full knowledge and belief as to the circumstances and conditions under which stockholders and security holders who do not appear upon the books of the company as trustees, hold stock and securities in a capacity other than that of a bona fide owner; and this affiant has no reason to believe that any other person, association, or corporation has any interest direct or indirect in the said stock, bonds, or other securities than as so stated by him. (Signed) ROBERT D. TOWNSEND, Managing Editor. Sworn to and subscribed before me this 30th day of September, 1921. THE WELDON HOTEL GREENFIELD, MASS. oflers special winter rates for rooms, and will serve at a moderate price a Club Breakfast, Special Noonday Luncheon, and Evening Dinner. A series of weekly musicales and monthly dances given for the pleasure of our guests. For further particulars apply to N. A. CAMPBELL, Manager. Rock Ridge Hall WELLESLEY HILLS, MASS. Hot and cold running water in nearly all bedrooms. Some private baths. Many comfortably furnished rooms for general use. Open wood-fires. Sun-room. Bowling near by. Pleasant forest walks and country drives. House parties over the week-ends welcomed. Tennis, croquet, skating. Terms moderate. NEW YORK CITY Hotel Hargrave West 72d St., through Lyndon Heights Sanatorium For the care and treatment of nervous and mild mental affections. Separate cottage for male patients. For particulars address P. O. Box 73, New Brunswick, N. J., or phone 2290. The Bethesda White Plains, N. Y. A private sanitarium for invalids and aged who need care. Ideal surroundings. Address for terms Alice Gates Bugbee, M.D. Tel. 241. StaatsburghA Rest Sanatorium on-Hudson Unsurpassed mt. & river view. On New YorkAlbany State road, near N. Y. Central R. R. Physical training, tennis and other sports. Terms $25-$40. Write Miss E. E. NIKEL. Country Board BUSINESS OPPORTUNITIES COOKING for PROFIT. Earn handsome income: home cooked food, catering, tea room, etc. Correspondence course. Am. School Home Economics, Chicago. EMPLOYMENT AGENCIES WANTED-Competent teachers for public and private schools. Calls coming every day. Send for circulars. Albany Teachers' Agency, Albany, N. Y. WANTED-Teachers all subjects. Good! vacancies in schools and colleges. Interm tional Musical and Educational Agency, Carnegie Hall, N. Y. DIETITIANS, secretaries, cafeteria man agers, governesses, matrons, housekeepen Social workers, superintendents. Richards, Providence, R. I. Box 5 East Side Boston, Trinity Court, 16 Jackson Hall, Thurs days 11 to 1. Address Providence. PLACEMENT BUREAU for employer and employee: housekeepers, matrons, dietiti governesses, secretaries, mother's helper attendants. 51 Trowbridge St., Cambridge, FOR THE HOME HONEY- Wholesome and delicious new buckwheat honey direct from producer. Warranted pure and clean. Children enjoy honey sandwiches. 10 pounds $1.80, 5 pounds $10, postage prepaid Zones 1, 2, 3. Herbert A McCallum, Great Barrington, Mass. GREETING CARDS COPLEY CRAFT CHRISTMAS CARDS Hand-colored, sent on approval. The line early for samples. Jessie A. McNicol, Huntington Ave., Boston, Mass. One or two paying guests best known for its distinctive verses desired by cultured family. Pleasing location. County seat near Baltimore. 5,961, Outlook. Real Estate ARIZONA FOR RENT For the WINTER My country home, completely furnished. Adobe bungalow, five large rooms, big stone fireplaces, bath, electric lights, septic tank sewerage, large porches, garage, servants' quarters,storeroom, stable, large grounds, 40 acres, long distance telephone; altitude 5,100 ft., idelightful climate, good roads. In the Berkshire Hills of Arizona. Address Robt. A. Rodgers, U. S. Forest Service, Canille, Ariz. BRITISH WEST INDIES GLASGOW ESTATE JAMAICA, B. W. I. Bungalow near Mandeville and within 21⁄2 hours' motoring from Kingston 2450 feet above sea level. Fully furnished stone house containing 4 bedrooms,1 drawing room, 1 dining room, bathroom, pantry, etc., 10 foot verandah on three sides, garage, also all necessary outhouses. 55 acres-flower and vegetable gardens, grazing pastures, orchards, 23 head of cattle. Will rent for £300 per annum. Address F. N. Whitelake, Grange Hill, Jamaica, B. W. 1. CONNECTICUT FOR SALE IN THE FOOTHILLS OF THE BERKSHIRES, Litchfield County, Connecticut, a country place of about 8 acres, with Colonial house, stable, etc., icehouse, two-car garage, flower and vegetable gardens, individual water supply and sewage disposal system. Admirable church and school advantages and golf. Price $50,000. For further information address 5,881, Outlook. FLORIDA STATIONERY WE don't like to make extravagent state ments, but it is our honest opinion that a ber of our stationery printed with your name and address at $1.50, postpaid, represents the best value on the market. Ask for samples. Lewis, 284 Second Ave., Troy, N. Y. HELP WANTED Companions and Domestic Helpers YOUNG woman of refinement to manag children in Protestant family. No ho work. Mrs. W. O. Badger, 99 Argyle Ra Brooklyn, N. Y. Telephone Flatbush 904.h WANTED Working superintendent Home for the Friendless in Scranton, Pa. Re erences required. Address 2000 Adams Are REFINED young Protestant woman mother's helper and household assistant in family of seven children. Wash done out. Cook cares for drawing-room floor. Address SITUATIONS WANTED fourt Professional Situations NURSE, efficient, educated, desires position with cultured family; excellent reader and amanuensis; could care for invalid or co valescent going for winter to southern Ca fornia or South. Highest physician's recom mendation. 519, Outlook. TRAINED English nurse, traveling t Seattle via Canadian Rockies midale October, would take charge of infant or invalid for traveling expenses. 532, Outlook. INVALIDS cared for in nurse's suburban home. Mrs. Fordham, 29 South Quaker Lane, Hartford, Conn. Business Situations SECRETARY, young woman, college grad uate, with knowledge of Spanish. 531, Outlook VISITING SECRETARY-Young woman, experienced, desires part time or hourly er gagement. Knowledge of stenography. Type writer at home. 522, Outlook. For Sale Two Furnished Bungalows graduate, desires position with responsib or Rent one 8 rooms, bath, sleeping porches, screened throughout; one 3 rooms, bath; facing Indian River, short drive to ocean beach. Garage. 2 acres in grove. 700 ft. dock. For particulars address Box "M," Cocoa, Fla. NEW JERSEY FOR RENT IN LAKEWOOD A seven-room cottage, furnished, sunny and homelike, on a good avenue, close to the beautiful pine forest. Would be very suitable for any party seeking rest and health. Address 611 Monmouth Ave., Lakewood, N. J. LEONIA, N. J. FOR SALE 8-Room Fireproof House. 2 baths, large plot, 20 minutes by trolley to Fort Lee ferry. Price $15,000. Phone Leonia 721. NEW YORK 163-Acre Farm $3,000 With Horses, Furniture, 17 Cows and Young stock, crops, implements, convenient live RR. town; about 100,000 ft. timber, 100 apple trees; 9-room house, 14-cow barn, silo. Only $3,000, part cash. Page 10 New Catalog. FREE. STROUT FARM AGENCY, 150 BM Nassau St., New York City. Young woman, college and initiative. References. 526, Outlook. EDUCATED young woman desires position in physician's office mornings. Can typewrite 534, Outlook. Companions and Domestic Helpers VISITING or managing housekeeper by on of wide experience. 518, Outlook. LADY alone, with executive ability and best social standing, desires position. Chapel visiting housekeeper and care of bachelo apartments, assistant to ladies in shop, of would travel with lady as companion and friend. References exchanged. 521, Outlook. FOSTER-mother. Refined, capable woman desires position of trust and responsibility, taking complete charge of gentleman's home and children. References. 524, Outlook. References COMPANION desires position accompany ing lady going to California. exchanged. J. Pennock, 1744 F St. N. W, GRADUATE nurse, companion, secretary. desires position with refined person. Willing to travel. 530, Outlook. RELIABLE young woman desires position as companion or mother's helper. Protestant Good references. 527, Outlook. COMPANION-Experienced person gifted in care of aged desires position with elderly Outlook. and ith |