Inheritance Gaxation

from
the Standpoint
of
the Investor

How a modest estate is saved $2,000 taxes

SIMPLY by selecting securities

according to a knowledge of the tax laws, it is shown in this booklet how an estate of moderate size is saved $2,000 in estate and inheri

tance taxes.

That is an example of the practical usefulness of this booklet to those who are concerned about how federal and state taxes may affect the provision made for their dependents. The larger the estate, the more important this subject subject becomes.

Among the salient topics with which this book deals, in text that is non-technical and easy to understand, are

A discussion of Federal Estate taxes.
Points of interest in the Inheritance
tax laws of the various states affect-
ing investment holdings.

The question of "multiple taxation"
as applied to the securities of com-
panies operating in several states.

The status, from an Inheritance tax
standpoint, of various types of bonds,
stocks, and other forms of investments.
The importance of an analysis of
security holdings to fit them to the tax
situation of the owner.

We shall welcome the opportunity to place this booklet in the hands of any one to whom it may be useful.

I

N the house in which the writer was born there was a remarkable closet door. For something like half a century the inside of it, originally painted white, had been used to record the height of sons and daughters, nephews and nieces, cousins, and grandchildren of the family. Stocking-footed children had been backed against this door on birthdays and festivals, a book or ruler leveled across the top of the heads, and a pencil mark drawn to show their stature. Duly labeled with names and dates, this door was a unique supplement to the family Bible and a perpetual source of interest to both young and old.

Something of the methodical spirit which originated and maintained this record is in every one of us, but by far the majority of us are abject failures when it comes to keeping adequate information about our personal business affairs. We may have a bank account and balance our books once a month with reasonable accuracy. We may even go so far as to keep a household budget. But how many of us have systematized our data on some of our larger business matters with a particular view to saving our own time and to holding our affairs in such shape that should we have to leave home for a considerable period, or should we die, those who look after our affairs would have all the needed information easily available? The average man simply carries in his head a miscellany of data which it would be a matter of a few minutes yearly to write down in permanent and usable form, but which a second party could dig out only at great labor.

On March 10 a gentleman who possessed a few thousand dollars in securities hurried into his bank to get first aid in preparing his income-tax return. In going over it the tax specialist asked a simple question: "On what date did you buy the shares, and what did you pay for them?"

The tax specialist smiled.

"You should," he answered. "Haven't you kept records?"

"Oh, I've got them somewhere among my papers. I'll try to find them tonight."

The upshot-he didn't find them.

I trust the reader will not think that the writer is attempting to advertise his own virtues, because till quite recently his own small personal affairs were in a sad state of disorder. One day, however, a circumstance arose which showed how important it was to make them shipshape. After more time spent in planning and in looking up data than in the actual recording, the following result was achieved:

Having procured some ordinary 3 x 5 file cards (by the way, why don't people use these cards more for such purposes? They are cheap, they can be kept in an envelope or a box; they are easily replaceable; they are an ideal loose-leaf device without the disadvantage of covers and snappers), on one I wrote “Will” on the top line in large letters, for alphabetical filing purposes, and below “In custody of

Trust Company, named as executor." On another, "Savings Account," but changed it to "Accounts" after discovering a forgotten pass-book showing a balance of $5.63. Underneath appeared, of course, the names of the banks and book numbers. Another card served to list what I called "fixed period payments," such as taxes, club dues, insurance, interest, and the like.

The heading "Insurance" required several cards-automobile, house, furniture, life, and accident-the detail covering names of companies, amount of policies, policy numbers, premiums, and dates of premiums due. A supplementary card system was immediately suggested namely, a diary showing dates for payments and warning a month ahead against expiration of policies and the like.

Coming to investments, the card system was again invoked. The name of each security was written on the top line; below, the class or description of the issue, dividend or interest rate and

dates, date and cost, number of certificate or bond; in addition, any particular thing about the security likely to be of special interest.

All this is very elementary. Personal experience in advising about investments and in the settlement of estates is convincing evidence of the fact that the average man, be he efficiency expert or professional man, tends toward laxity in matters of this kind. His own business affairs are so familiar to him that he postpones describing them for the benefit, largely, of himself.

Such a card index as is here suggested for personal business data can be extended to cover a large variety of items. Its essential purpose should be to be a home file and reminder, duplicated, if needed, in the office. It might well include miscellaneous information of the kind which the ordinary family stows away somewhere or other, never remembering exactly where. The advantage of this system over a memorandum book lies in its flexibility and adaptability to a variety of purposes as well as in its economy so far as first cost, upkeep, and space are concerned.

Having adopted it himself, the Financial Editor unhesitatingly advises his readers to do likewise. It is a sound investment, costing little, and yielding a steady return at high rates of satisfaction and peace of mind.

A

WORD about brokers may be helpful. To some the word broker connotes wicked Wall Street and questionable transactions. To others it means mysterious wisdom. To a few who discriminate it will mean neither.

A stock broker is a retailer of securities, making his living by buying low and selling high or else getting commissions on sales in which he has no other interest than to execute orders. The average broker knows more about securities than the average man who only reads about them in the newspapers. But the average broker's central interest is not to spend time studying the particular situation of any particular investor any more than it is the corner druggist's main aim in life to replace the family physician.

There are, however, a few brokers in the United States, or rather a few brokerage houses, which honestly and earnestly endeavor to perform investment service of the kind referred to for their customers. To them all honor and praise.

And to the average investor who is seeking the light one trite word of caution: Before you tie up with a broker, investigate him. W. L. S.

Have Profited by Reading this Booklet

"Fifty-Three Years of Proven Safety"

you can read the whole booklet in 10 or 15 minutes, but those few minutes can mean to you, as they have meant to so many others, years of perfect safety and perfect satisfaction in the investment of your savings.

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MARBLEHEAD, MASS. The Leslie

A quiet, cozy little house by the sea. Now open. Private baths. Booklet. 22d season.

Sixteen-Bar-One Stock Ranch
SHELL, WYOMING

is particularly suited to accommodate fall and winter guests, especially boys between school and college ages. GAY WYMAN,

Tours and Travel

SOUTH AMERICA, 1927

Overland Tour

DE LUXE SERVICE THROUGHOUT
Under the personal direction of
HARRY A. FRANCK
author of

"Vagabonding Down the Andes"
"Working North from Patagonia "
EUROPE-SELECT SERVICE

INDEPENDENT TRAVEL-MOTOR TOURS STRATFORD TOURS 452 Fifth Ave., New York

A WINTER IN THE SUN, 1927 Third season of exclusive

Motor Travel in North Africa

Unusual advantages. For details write Miss FLORENCE FISHER, Hartsdale, N. Y. or Outlook Travel Bureau.

MONTEREY, MASS.

A quiet, charming old tavern tucked away in the heart of the Berkshire Hills, one-quarter mile from beautiful Lake Garfield. Guests enjoy old-fashioned hospitality, excellent table; many rooms have private bath. Quaint country dances, cozy fires, artistic atmosphere; a perfect spot for complete relaxation of mind and body. September and fall season most beautiful of the year. Apply to

Miss Elizabeth Hart, Manager
Telephone Great Barrington 406-R 42

New Hampshire BEMIS CAMPS

OVERLOOKING KIMBALL LAKE
Near the White Mountains

The place you've always wanted to know about. Why not spend your vacation or weekends in this beautiful section of New England? Come and partake of health and hap piness. Canoeing, bathing, fishing, tennis, horseback riding, mountain climbing-you'll find them all here. Nights around the camp fire. Private cabins in pine grove. Reduced rates for September. Address

H. C. BEMIS, South Chatham, N. H.
New Mexico

RANCHO ANIMAS

4,712 feet elevation. Beautifully situated on the plateaus where the Rocky Mountains end and the Sierra Madre begin. A year-round playground. Quiet and homelike.

THE

details, write Outlook Hotel & Travel Bureau. HE beauty, fascination, and mystery of the Orient lures visitors from all over the world to

JAPAN

The quaintest and most interesting of all countries. Come while the old age customs prevail. Write, mentioning "Outlook,' "to JAPAN HOTEL ASSOCIATION Care Traffic Dept. JAPANESE GOVERNMENT RAILWAYS TOKYO

for full information

Rates for a single room without bath and with 3 meals, $5-6 in cities and popular resorts, $4-5 in the country

Real Estate
Connecticut

FOR RENT OR FOR SALE

At Wilton, Conn.

Board Wanted

COUPLE, quiet tastes, seek for summer.

1927, in uplying New England or Adirondacks, preferably overlooking lake, accommodations as only boarders in house or separate bungalow; two, three rooms, bath, electricity, with simple meals, good cooking. Offers or suggestions welcomed. 6,475, Outlook.

HELP WANTED

HOTELS NEED TRAINED MEN AND WOMEN. Nation-wide demand for highsalaried men and women. Past experience

unnecessary. We train you by mail and put

you in touch with big opportunities. Big pay, fine living, interesting work, quick advancement, permanent. Write for free book, "YOUR BIG OPPORTUNITY." Lewis Hotel Training Schools, Suite D-5842, Washington, D. C.

HOUSEKEEPER and companion, working. Good cook, American Protestant gentlewoman, earnest Christian, under 40; slender, strong, active. Best references. For lady alone. Country summer. Permanent. $80. Give full particulars. The Manor, Dorset, Vt.

LADY, cook-housekeeper, for six months in Florida country home with modern conveniences. Small family. Address Mirasol Grove, Estero, Lee Co., Fla.

PRACTICAL cook-housekeeper for one lady owning home in Ohio. 7,197, Outlook.

PRACTICAL nurse to care at night for elderly man in New York City. Dearborn, Carstensen Road, Scarsdale, N. Y.

SWISS French teacher or highly recommended governess to live as member of family. Must be interested in progressive educational methods and fond of children. Congenial, happy surroundings. Apply to Mrs. Henry H. Perry, 200 Prospect St., Belmont, Mass.

WANTED-Elderly woman to assist with housework; light work. Must like cooking

Conn. and country life. Every consideration. $30

Commuting distance from New York, 9-room house on a hill, with lovely view and fine air. Large piazza, 2 baths, electricity, hot-air furnace. Unusual water supply. Large barn. 4 acres ground with many fruit trees and grape vines. Address Owner, Box H, Wilton, Conn.

New Jersey

pack trip into the mountains and Mexico. Make reservations now. For references and details write Outlook Travel Bureau.

JOHN T. MCCABE, Animas, New Mexico

New York City

residential section, 7 or 8 rooms and bath-4 bedrooms, sitting-room, dining-room, den, and kitchen; garage. 17 miles from New York, 4 minutes' walk from station. Adults. 6,471, Outlook.

Vermont

a month. References exchanged. 7,205, Outlook.

WANTED-Minister or teacher of experience wishing academic occupation, reinforce faculty teaching by tutoring preparatory boys as needed. Write Massanutten Academy, Woodstock, Va.

WANTED-Responsible working housekeeper who can cook and supervise home for family of two adults. She can select her own helper. Or a competent husband and wife who can take charge of home. References required. 7,216, Outlook.

WANTED Trained, experienced social worker with executive ability for protective work among girls. Protestant organization. Ability to speak in public meetings desirable. Address Council of Church Women, Mrs. Ave., Scranton, Pa.

New York City

Residential hotel of highest type, combining the facilities of hotel life with the comforts of an ideal home. American plan $4 per day and up. European plan $1.50 per day and up. SAMUEL NAYLOR, Manager.

SITUATIONS WANTED

CHRISTIAN woman, refined, cultured, experienced, desires position as secretary and companion to congenial person, or as social secretary in girls' or boys' school. Highest testimonials and references. 7,211, Outlook.

COMPANION-secretary to elderly lady, by clergyman's daughter. Exceptional references. 7,186, Outlook.

CULTURED young lady, holding best references and experienced in traveling, wishes position as companion to lady. Recent graduate of elocution school. 7,152, Outlook.

CULTURED young woman, holding best references and experienced in travel, wishes position to chaperon one or two persons. Europe preferred. 7,195, Outlook.

EDUCATED, experienced woman as dietitian or housekeeper. Now dietitian at girls' camp. Highest credentials. 7,201, Outlook.

ENGLISH girl (22), good family, requires post as companion, preferably to American lady traveling Continent or living in America. Fluent French. Experienced traveler, Drives car. Excellent references given and required, Reply Miss Wilkinson, Aldeburgh Lodge, Aldeburgh, Suffolk, England.

EX-FOREIGN service officer desires_to guide a small party to Europe or the Far East. 7,215, Outlook.

EXPERIENCED housemother desires connection with school. Boys preferred, or high class institution. 7,209, Outlook.

EXPERIENCED woman wishes position as supervising housekeeper. Capable of assuming full charge of home. Conscientious service given and adequate compensation expected. 7,214, Outlook.

GOVERNESS: Normal graduate, experi enced teacher and governess, Protestant, references. M. I. Skinner, 5618 North 3d St., Philadelphia, Pa.

MANAGING housekeeper, middle-aged American Protestant, experienced in full charge large or smaller household. Efficient, adaptable, cheerful; fond of young people and the country. Unencumbered and free to go anywhere. References from present and previous employers. 7,208, Outlook.

OPEN to engagement, cultured Virginia teacher. Advantages of travel, large experience. Would travel or tutor. Address Miss A. M. E., care of Mrs. Henry Page, Charles Town, Jefferson County, W. Va.

TRAINED nurse wishes position as traveling companion to elderly lady, after January first. Preferably going West. 7,198, Outlook.

TUTOR or companion to gentleman. Young man; English, German, French, piano, violin, besides elementary work; drives car, horseback riding, swimming, and other outdoor sports. References. 7,200, Outlook.

WANTED, by college woman, position in university town-private housekeeping or housemother dormitory. 7,188, Outlook.

WHO CAN USE man near sixty, college graduate with two degrees, experienced traveler, educator, writer, who has not lost enthusiasm? Will travel. tutor, act as secretary; can typewrite; drives car. 7,213, Outlook.

YOUNG lady, teacher of physical training in New York City, desires position teaching dancing in private school or with special group of children. 7,217, Outlook.

MISCELLANEOUS

TO young women desiring training in the care of obstetrical patients a six months' nurses' aid course is offered by the Lying-In Hospital, 307 Second Ave., New York. Aids are provided with maintenance and given a monthly allowance of $10. For further particulars address Directress of Nurses.

IDEAL New England home offered for little girl. $15 weekly. 7,174, Outlook.

NEW York shopping without charge by an experienced shopper. Reference required. Hattie Guthman, 530 West End Ave., N. Y. C.

REFINED lady desires to board one or two girls, not under six years. 7,206, Outlook.

BRITANNICA

DEDICATED, BY PERMISSION,
TO PRESIDENT COOLIDGE
AND TO KING GEORGE V.

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