דיב financial enterprises. For two years we have been exporting working capital instead of investment capital. Creditor nations, since the advent of commercial conquest, have prospered by buying foreign securities and acquiring foreign properties in settlement of favorable trade balances. Not many years have passed, indeed, since Wall Street so eagerly greeted news of the buying of the Union Pacific and Pennsylvania Railroad shares by Amsterdam and London. These shares were bought for the accounts of individual investors, not for the accounts of merchants or banks which had balances in New York. England and Holland understood the functions and opportunities of the creditor nation. It was understood that it was not good business to expect the exporter zo take payment in securities because he probably needed cash in his business. Therefore the investment capital of individuals was mobilized to buy the securiixties and restore equilibrium. This policy was an open secret of England's commercial glory. "The sun never set" on men laboring with brain and hands eto add interest and dividends to Engand's income; in her great extremity it proved her strongest financial asset. Nor need we look beyond our own experience. From the spring of 1915 until he end of the war our tremendous avorable balances were financed with he capital of our individual investors. First by their purchases of American securities which had been held abroad; later, by their purchases of bonds of foreign governments; finally, by their purPhases of Liberty Bonds, the proceeds of which, to the extent of $10,000,000,000, were placed to the credit of the Allied Governments. It was only when we departed from this policy entirely after the armistice that we built the structure which has now collapsed. American business was permitted to sell where it would and collect where it could until we discovered that we had, in effect, exported several billion dollars of the working capital of our industries and banks, and had not taken the necessary steps to refund it with the investment capital of individuals. American international bankers have indeed made great efforts to create a market in the United States for foreign securities, and have succeeded in placing with investors more than $1,000,000,000 of-such issues, principally the bonds of the various Governments. But these MERICAN Democracy "-of the people, by the people, for the people" People of every walk of life, in every state in the Union, are represented in the ownership of the Bell Telephone System. People from every class of telephone users, members of every trade, profession and business, as well as thousands of trust funds, are partners in this greatest investment democracy which is made up of the more than 175,000 stockholders of the American Telephone and Telegraph Company. If this great body of people clasped hands they would form a line more than 150 miles long. Marching by your door, it would take more than 48 hours of ceaseless tramping for the line to pass. TELEPHONE LOCAL TELEGRAPH CO. LONG BELL COMPANIES SYSTEM AND ASSOCIATED This democracy of Bell telephone owners is greater in number than the entire population of one of our states; and more than half of its owners are women. There is one Bell telephone shareholder for every 34 telephone subscribers. No other great industry has so democratic a distribution of its shares; no other industry is so completely owned by the people it serves. In the truest sense, the Bell System is an organization "of the people, by the people, for the people." It is, therefore, not surprising that the Bell System gives the best and cheapest telephone service to be found anywhere in the world. "BELL'SYSTEM" AMERICAN TELEPHONE AND TELEGRAPH COMPANY AND ASSOCIATED COMPANIES One Policy, One System, Universal Service, and all directed toward Better Service You work for Write for this Boklet your Money bonds have been placed entirely through The first attention paid to this situation by Congress was in the enactment of the Edge Law. This law recognized the necessity of financing our excess exports with the capital of individual in E. J. LANDER & CO. ESTABLISHED 1883-CAPITAL & SURPLUS $500,000.00 Could you protect your home, your valuables -your life, if the need should come tonight? The safest protection is an Iver Johnson Revolver. Knocks, jolts, thumps won't discharge it. You can even "Hammer the Hammer." Only by a deliberate pull of the trigger can this revolver be discharged. But when needed, the Iver Johnson is ready to respond with lightning quickness. Instead of ordinary flat springs, which have a tendency to snap, piano-wire heat-treated springs are used in this revolver. That's what keeps it always ready for use. All calibres in hammer and hammerless models. Regular, Perfect Rubber, and Western Walnut grips. If your dealer hasn't in stock the particular model you want, write us. IVER JOHNSON'S ARMS & CYCLE WORKS 193 River Street, Fitchburg, Mass. 99 Chambers St., New York 717 Market St., San Francisco South America. The values are there, in far greater amounts than our present credits call for. We have delayed too long now in acquiring them. The re ward will be rehabilitation of the er changes, normal trade conditions, an ever-growing income for American capi tal from the four corners of the earth. The greatest desideratum is a compre hensive programme for our business dealings with other nations which will be permanent and will guide our de cisions in all subsidiary questions which arise. The important matters which come up for governmental action cannot be settled singly. Such a programme would have as a starting-point an inten tion to encourage American investment capital to encompass the earth. The en couragement of export trade would be the first step. The development and use of the merchant marine would be another logical step. So would ultimate collection of the debts of our allies. High tariff, on the other hand, would have to yield, not only because it would operate against the building of export markets and a merchant marine, but be cause we should soon be excluding, as in the case of Mexican oil, all manner of products produced abroad at the ir stance of American capital. Such a programme would include as an early step a complete survey of world markets to determine the potential and probable demands of each for our products, not only what they may want, but what they can pay for in goods and sound securi ties. vestors, but assumed that the granting of long-term credits by American sellers to foreign buyers would solve the problem. This is open to serious doubt. On such transactions the seller will remain contingently liable. To the extent to which he remains contingently liable he will have placed his working capital at the risk of foreign collections over a period of several years. We cannot expect that our industries will accept such risks, particularly because they are double risks, including not only the solvency of the customer in his own country, but the international solvency of his country. The attempt to facilitate grain exports by granting Government credits to farmers and exporters is open to the same criticism: the farmers want a cash export market, not credits against longterm foreign collections. Moreover, it is not particular exports which require financing unless we intend to assume commercial banking functions for the world, but the excess of exports over imports. It is exceedingly important that in furnishing these tremendous sums of investment capital we should obtain the best risks and opportunities available. It is always probable that better investments for Ameri Iver Johnson TrussBridge Bicycles are world-famed for easy riding, strength, and durability. Models and prices to suit everyone. can capital can be found in the debtor countries than the obligations of importers of particular shipments which would issue under a system of granting long-term credits. The plain fact is that such increase in our National wealth as has taken place since 1914 is very largely in two categories: we have redeemed foreign debits and created foreign credits. If our National gain is in foreign credits, so should the gains of individuals who have saved during this period be in foreign credits. But that is not the case, due to the fact that first the Government and later the banks and exporters stood between the public and the opportunity or burden, as you will, of absorbing foreign credits for investment. Efforts to advance foreign trade by granting longterm credits, unless exporters are entirely relieved of contingent liability for ultimate collections, go only a step further in the same direction by fastening upon our efficient exporting industries alone a burden which should have National distribution. On the other hand, what amounts to a great burden to our banks and exporting industries is an equally great opportunity for American investors. We are offered on very attractive terms the ownership of European properties, the resources and business opportunities of BREVITY PRAISED AND EXEMPLIFIED OR Sixty years I have been listening FOR to a sermon nearly every Sunday, and I never heard one that was too short. Is this a personal defect, like color blindness, or is it common to many men? Can a preacher of ordinary ability say enough in ten minutes to help a man in his daily life? West Hartford, Connecticut. Are You An Investor During the past year the Financial Editor of The Outlook has helped hundreds of Outlook readers to solve intelligently their particula investment problems. Perhaps you are contemplating a shifting o your present holdings or have fresh funds to invest. In either case w S. shall be glad to give you specific in formation on any securities in which you may be interested. A nomina charge of one dollar per inquiry will be made for this special service The Outlook Financial Department The Outlook Company, 381 Fourth Avenue, N. Y. Tours and Travel 61 DAY Mediterranean CRUISE. S. S. CARMANIA (Cunard Line) Sailing New York Feb. 11, 1922 American Express Co. offers a two months' cruise to the Mediterranean and the Levant under its exclusive management. Visiting Madeira, Cadiz, Gibraltar, Algiers, The Riviera, Naples, Pompeii, Rome, Fiume, Venice, Athens, Constantinople, Palestine, and Egypt. This cruise will be limited to 450 guests. Prices range from $500 up, depending on location of the stateroom. All guests are entitled to the same privileges. Call, write, or 'phone. AMERICAN EXPRESS COMPANY 65 Broadway, New York quaintest and most interesting of all untries. Come while the old age customs vail. Write, mentioning "Outlook" JAPAN HOTEL ASSOCIATION Care Traffic Dept. IMPERIAL GOVERNMENT RAILWAYS TOKYO Hotels and Resorts BERMUDA The Ideal Winter Resort PRINCESS HOTEL BERMUDA Directly on the Harbor. Accommodates 400. Open Dec. 12 to May 1. L. A. TWO ROGER, Manager Successor to HOWE & TWOROGER. Mr. Tworoger will be at Hotel Belmont, Park Ave. and 42d St., N. Y., Nov. 16th to 29th. CONNECTICUT NEW MILFORD, Wayside Inn Litchfield Co., Conn. The foothills of the Berkshires. A restful place for tired people. Good food and a comfortable home. 2 hours from New York. Booklet A. Mrs. J. E. CASTLE, Proprietor. FLORIDA Spend your Winter at Dunedin Lodge-On the Gulf A charming Southern colonial hostelry preserving the air of Ole Virginia in its hospitality, furnishing and table. All outside rooms. Beautiful sea-views. Private baths. Steam heat. Write for booklet. Dunedin, Florida. MASSACHUSETTS 01 Costello-Mgr. HOTEL PURITAN Commonwealth Ave. Boston THE DISTINCTIVE BOSTON HOUSE Globe Trotters call the Puritan one of the most homelike hotels in the world. Your Inquiries gladly answered and our booklet mailed ton Square adjoining Judson Memorial Church. Rooms with and without bath. Rates $3.50 per day, including meals. Special rates for two weeks or more. Location very central. Convenient to all elevated and street car lines. Hotel Hargrave West 72d St., through to 71st St., New York SOUTH CAROLINA Health Resorts The Easton Sanitarium Easton, Pennsylvania Licensed. A PRIVATE INSTITUTION for the care and treatment of nervous and mental disorders, conditions of semi-invalidism, aged people and selected cases of drug addiction and alcoholism. Homelike atmosphere; personal care; outdoor recreation and occupation year round; delightfully located overlooking the Delaware River and the city of Easton; 2 hours from New York City; 68 miles from Philadelphia. For booklet and particulars address Medical Director, or phone 166 Easton. G raduate nurse, with large farm, hilly country, steam, electricity, bath rooms, sleeping porches, will board and care for tubercular guests. Address Nurse, 6,031, Outlook. Real Estate REAL ESTATE FOR SALE Southern Cali fornia Home. 10 rooms, 2 baths, sleeping porches, large corner lot. Reasonable terms. 6,021, Outlook. FLORIDA Florida-Ormond by the Sea FOR SALE or RENT-New Stucco SARASOTA, FLORIDA TO RENT and FOR SALE HE Kirkwood Finest river and bay On Camden Heights T OPENS IN DEC. Finest river and bay front homes in famous Manatee Country, with and without groves. FOR SALE - groves, farins, truck and timber lands. Colonization tracts a specialty. Address 6,015, Outlook. 18-hole Golf, Riding, Climate Want Anything in Florida? T. EDMUND KRUMBHOLZ EARLY GOLF and HUNTING and Cottages SUMMERVILLE, S. C. Fully open Dec. 1 Special December and January Tournaments. No snow-only sunshine and flowers. Superb 18-hole golf course. Quail, wild turkey, fox and deer hunting. Tennis. Saddle and carriage horses. WILLARD A. SENNA, Manager. PINE FOREST INN Health Resorts Sanford Hall, est. 1841 Private Hospital For Mental and Nervous Diseases Comfortable, homelike surroundings; modern methods of treatment; competent nurses. 15 acres of lawn, park, flower and vegetable gardens. Food the best. Write for booklet. THE WELDON HOTEL Sanford Hall Flushing New York Splendid homes for sale or rent. A. S. CLARK, SARASOTA, FLORIDA. NORTH CAROLINA Pinehurst NORTH CAROLINA Winter Homes For Sale and A. S. NEWCOMB & COMPANY FOR THE HOME HONEY-Wholesome and delicious new buckwheat honey direct from producer. Warranted pure and clean. Try buckwheat cakes with buckwheat honey. 10 pounds $1.80, 5 pounds $1.00 P stage prepaid and insured Zones 1, 2, 3. Herbert A. McCallum, Great Barrington, Mass. GAMES AND ENTERTAINMENTS PLAYS, musical comedies and revues, minstrel choruses, blackface skits, vaudeville acts, monologs,, dialogs, recitations, entertainments, musical readings, stage handbooks, make-up goods. Big catalog free. T. S. Denison & Co., 623 So. Wabash, Dept. 74, Chicago. GREETING CARDS COPLEY CRAFT CHRISTMAS CARDS. Hand-colored, sent on approval. The line is best known for its distinctive verses. Write early for samples. Jessie A. McNicol, 18 Huntington Ave., Boston, Mass. SEND for our Christmas card assortment. The designs are unique and artistic, the greetings clever and appropriate. $1 assortment, 20 five cent cards, or 10 ten cent cards. H. F. Rowe, Oneonta, N. Y. Companions and Domestic Helpers MOTHER'S helper to take charge of three small children. State salary expected. References. Address 16 E. High St., "The Heights," Lebanon, Pa. RELIABLE woman to assist with care of year old child and do housework in apart ment. Two adults. Washing sent out. Good home. Address Mrs. Frederick A. Muhlenberg, 605 North 5th St., Reading, Pa. WORKING housekeeper willing to do plain cooking and light housework can have considerable leisure, room and bath to herself. Small modern house, Ridgewood, N. J. Family of six, three away at college, one at school not home for lunch. Early dinner. Wages $40. Address, with references, 674 Outlook. RELIABLE working housekeeper. Send references. Three in family. Good home. Mrs. Bushnell Bigelow, Woodmere, L. I. SITUATIONS WANTED Professional Situations Business Situations AMERICAN woman of forty-seven, experi- Companions and Domestic Helpers GENTLEWOMAN wants position as companion or working housekeeper to gentleman or single woman in New York City. Willing to go South. 649, Outlook. Un LADY of real refinement, without relatives, graduate nurse, good traveler, desires position where she may act as dutiful daughter with couple or gentleman. questionable credentials. 653, Outlook. WANTED, by middle-aged Southern woman of social standing, position at once as managing housekeeper in home or institution, or companion. References. 685, Outlook. Relax Where Nature Smile Drop the cares of life-escape the chill of th 201 ing No Passports Required for BERMUDA S. S. "FORT HAMILTON" 34 Whitehall Street, or any Tourist Agency New Yor PLANT NEW BULBS FOR SPRI 15 narcissus, assorted, for $1,00 p 20 freesias purity for $1.00 Also not too late to plant outdoors hardy chyth themums, foxglove, coreopsis, Canterbury be iris, delphinium, pyrethrum, lily of the valley, William, and any hardy perennial desired. ( wholesale price, any 12 for $1.00, any 75 for $5 Choice peonies, 12 best sorts, 12 for $4.00, big ro yr. H.T. roses, such as Columbia and Ophelia for $6.00. ORDER TODAY 3 THE HARLOWARDEN GARDENS, Greenport, N SITUATIONS WANTED Companions and Domestic Helpers LADY, 29, educated, refined, resourceful, giving up own home, wishes position. Traveling, home companion, housekeeper, governess-tutor. Experienced automobilist, attractive personality. Excellent health and reference. 669, Outlook. QUIET American woman desires position as companion to elderly person or invalid. Secretarial experience. Is accustomed to household management. Free after January 1. Excellent references. 670, Outlook. POSITION of trust among art treasures; kindergarten assistant; or housekeeping where efficiency, Christian culture,, plain home cooking, moderate salary, may be appreciated. 672, Outlook. NURSE (registered), Protestant, will care for motherless baby or delicate child in American family of refinement. City or country. Highest recommendation. Reasonable terms by special arrangement. Graduate, 681, Outlook. MATRON, educated, housekeeping experience, wishes executive position. 665, Outlook. TRAINED nurse (Protestant) desires private position. Address L. L. T., 2050 Cherry St, Philadelphia, Pa. POSITION of trust, by Protestant middleaged practical nurse-companion for convalescent patient, semi-invalid, or aged couple. Will go South. Address Box 90, New Paltz, N. Y. SITUATION by American woman (age fifty) capable of entire charge of household or departmental work in institution, with privilege of keeping two boys (aged fifteen and twelve). 681, Outlook. EXPERIENCED Swedish woman wishes position as managing housekeeper. Trustworthy, capable, refined. Highest recommendations. Miss Otterberg, 210 West 99th St. Tel. 7200 Riverside. MOTHER'S assistant, useful companion; experienced, responsible young lady wishes position. City, country or travel. 688, Outlook. Teachers and Governesses GOVERNESS or nursery governess, educated, experienced, wishes to take charge of one or two young children. References. 686, Outlook SITUATIONS WANTED Teachers and Governesses EXPERIENCED teacher of mental d tives, with unusual training, work leading specialists, wishes position res tutor,retarded child going California F Difficult case preferred. Manual tra stuttering, stammering, nurse's tr massage. 659, Outlook. GOVERNESS-companion or nursery erness wishes position with city family. educated, refined, experienced. 663, Out MISCELLANEOUS HAVE YOU EVERYTHING YOU WA If not, learn how to succeed. "Nat Success Course," 24 long lessons (1 erly $24.00) now offered as premium "BOOKKEEPER and ACCOUNTA (best monthly magazine for students chants, bookkeepers and accountants two years $5.00. Money back if wanted particulars free. Remit Charles B.S land, Editor, 452 Pierce Bldg, St. Louis BOYS wanted. 500 boys wanted to se! Outlook each week. No investment neces Write for selling plan, Carrier Depart The Outlook Company, 381 Fourth New York City. TRUNKS, BAGS, SUITCASES. Why two middlemen profits? Buy from t direct. Send for free catalog. Monarch I Factory, Spring Valley, Ill. M. W. Wightman & Co. Shopping A established 1895. No charge; prompt der 44 West 22d St., New York. VENETIAN lace collar. Burano rose 6x84 inches, value $300, in excha two Liberty Bonds. Box 247, Hartsdale.. DELICATE child or infant will re best care in private home of nurse. Best country town. 201 Cayuga Ave., Wan EDUCATED woman (New York chaperon small party women in Cali home. Highest references exchanged. 2: Te and see "Wishing to see something good at the ovies," a correspondent writes, "I sked a young man who sat opposite us Ft our hotel table what was the best hing in our vicinity. 'Oh,' he said, 'you ant to go down to the ouglas Fairbanks in "A Human Mositer.' I had seen posters announcing Modern Musketeer,' but after seeing e picture we decided that the young an's title was the more appropriate of He two." The worst days of the Circumlocution ffice and of the Chancery Courts of ngland are brought to mind by the atement in the "Railway Age" that amages amounting to $180,000 were reently paid to the Pennsylvania Railroad ly the city of Chicago, the payment closg a legal contest which had started in 394-twenty-seven years ago. The railay had obtained in 1905 a verdict of 105,000 against the city for damages used by the trainmen's strike of 1894 nd the accompanying riots. The case as appealed and lost again by the city, nd the interest on the original judgent continued to mount until $180,000 as required to settle the case. Vicar (as reported by "Punch")Your pigs are doing very well, Johnery well, indeed." John-"Ay, they be. I'me and you wos as fit t' die as they we 'ud do, sir." An epitaph on a tombstone in the metery at Middlebury, Vermont, reads, 3 copied by one of our subscribers: Another subscriber quotes this: W.L.DOUGLAS FOR MEN AND WOMEN $7.00 & $8.00 SHOES T The best known shoes in the world. They are sold in 107W.L.Douglas stores, direct from the factory to youatonly 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 BOYS SHOES $4.50 & $5.00 W.L. Douglas name Who Douglas President W. L. Douglas Shoe Co., 167 Spark St., Brockton, Mass. YOUR WANTS in every line of household, educational, business, or personal service-domestic workers, teachers, nurses, business or professional assistants, etc., etc. whether you require help or are seeking a situation, may be filled through a little announcement in the classified columns of The Outlook. If have some you article to sell or exchange, these columns may prove of real value to you as they have to many others. Send for descriptive. circular and order blank AND FILL YOUR WANTS. Address Department of Classified Advertising THE OUTLOOK, 381 Fourth Avenue, New York |