Obrázky na stránke
PDF
ePub
[graphic][subsumed][subsumed][subsumed][subsumed][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

A father's pledge to his son:

'N this "Fathers and Sons Week" I pledge myself to you, my son, that I shall not forget you in my devotion to business, that I shall interest myself more than before in the things that interest you, that I shall be in truth your best chum; that, as such, I shall seek in every way to bring joy into your life and shield you from false friends who bring but sorrow; that in their place I shall strive to bring you new friends, true friends; that I shall, in particular, and right NOW, bring into our home a friend that will bring you, on each visit, the entertainment you are entitled to, the information you should have and the inspiration you need-this dependable, clean friend of half a million other boys, The American Boy magazine. I want you to grow up knowing what these other boys know in this world's reconstruction period-these other boys who are finding out in this magazine, in their spare time as boys, things of importance which they never will have time to find out when they become men and are rushed with their work, as Dad is now.

Subscribed to this day by

Dad

[blocks in formation]

THE NEW BOOKS

This department will include descriptive notes, with or without brief comments, about books received by The Outlook. Many of the important books will have more extended and critical treatment later FICTION

Buck. By Charles D. Stewart. Illustrated. Houghton Mifflin Company, Boston. $1.60. Mr. Stewart will be remembered as the author of "The Fugitive Blacksmith," a story which won the praise of discriminating readers of fiction some years ago by its firmness and originality. Here he tells of a go-ahead cheerful Western chap who takes hold of things with vim, has adventures which are amazing as well as amusing, and in the end makes himself felt as a member of the community.

Common Cause. By Samuel Hopkins Adams. Houghton Mifflin Company, Boston. $1.60.

In this story Mr. Adams returns to a subject which he has already treated cleverly in another novel-that is, the struggle of an honest, conscientious young newspaper man against the insidious influence of men and parties who try to use his newspaper for partisan or corrupt purposes and against the pressure of advertisers who are accustomed to demand "reading notices" or to influence editorial opinion by their purchase of space, and, finally, in this case, against subtle and dangerous German propaganda. Mr. Adams is a trained newspaper man, "knows the game," as the phrase goes, and has himself fought against injurious newspaper practices. Apart from this element, "Common Cause" is a lively and interesting novel, and includes a charmiing love story.

David and Jonathan. By E. Temple Thur

ston G. P. Putnam's Sons, New York. $1.50. Mr. Thurston shows his fineness of touch by treating an old fiction theme in a new manner. Stories of men and women shipwrecked together on desert islands have been common enough from Charles Reade's "Foul Play" to this time. But here the real interest is not so much in the adventures that befell the two men, both gentlemen of culture and feeling, and the attractive young woman here thrown together; the interest is rather in the psychology of the jealousy which inevitably arose between the men, and of the way in which it was checked and fought by their sense of right and the influence of their true friendship for one another. In every way the book is an admirable piece of work.

Man Nobody Knew (The). By Holworthy Hall. Illustrated. Dodd, Mead & Co., New York. $1.50.

A pleasant and readable but not excessively important novel, which is correctly described 66 as not a war story, but an afterthe-war story." The hero enlists in the Foreign Legion, is wounded, returns home, but conceals his identity and spreads the rumor that he is dead. His new life furnishes complications which Mr. Hall knows how to employ cleverly for the entertainment of the reader.

Tin Cowrie Dass. By Henry Milner Rideout. Duffield & Co., New York. $1.25.

A tale of India which seizes the reader's attention on the first page and holds it to the very end. Not since Kipling's earlier tales of India has a short story in this field shown stronger workmanship. Its incidents are exciting and the manner of their narration is tense and fascinating.

Web (The). By Frederic Arnold Kummer. The
Century Company, New York. $1.50.
A capital plot story based, it is said, on
actual work carried out by the Secret Ser-

[graphic]
[graphic]
[graphic]

The New Books (Continued)

vice authorities of Great Britain. We do not understand this to mean that the thrilling incidents described actually took place, but that legitimate fictitious use has been

1919 ATLAS WITH LATE

WAR MAPS FREE

[graphic]

To the readers of The Outlook who take advantage of this offer now made in connection with

made of the story of the destruction of the Webster's New International

German fleet off the coast of South America.

ESSAYS AND CRITICISM

Abraham Lincoln as a Man of Letters. By Luther Emerson Robinson, A.M. The Reilly & Britton Company, Chicago. $1.50.

Articles have been written (one appeared in this journal some years ago) on Lincoln as a writer and master of English. So far as we know, this is the first book to study Lincoln in the capacity of a man of letters. The study is interesting and the analysis closely reasoned and convincing.

Self and Self-Management. By Arnold Bennett. The George H. Doran Company, New York. $1.

Mr. Bennett's book production is something astonishing. Almost at the same moment we have an enormous novel from his pen, "The Roll-Call," and this little book, which is a collection of social treatises that Mr. Bennett in a sub-title calls "Essays About Existing." The talks are acute and original both in substance and expression.

WAR BOOKS

British Navy in Battle (The). By Arthur H. Pollen. Illustrated. Doubleday, Page & Co., Garden City. $2.50.

Mr. Pollen has long been recognized as perhaps England's best expert writer of naval affairs. In this book he tells of the marvelous skill and foresight with which Great Britain's naval force was used to sweep Germany from the sea and to hold her navy penned up where it did her no good.

Great Peace (The). By H. H. Powers. The
Macmillan Company, New York. $2.25.
Mr. Powers's previous volumes, "Amer-

THE ONLY GRAND PRIZE (Highest Award) given to dictionaries at the Panama-Pacific International Exposition was granted to Webster's New International and the Merriam Series for superiority of educational merit.

"The Supreme Authority"

WORDS OF RECENT INTEREST Anzac, ace, barrage, Bertha, blighty, Boche. Bolsheviki, camouflage, Lewis gun, Liberty bond, Sammy, soviet, tank, war bride. These are but a few of the thousands of late words all clearly defined in this great work.

The Merriam Webster

A Complete Reference Library in Dictionary Form-with nearly 3,000 pages and type matter equivalent to a 15-Volume Encyclopedia, all in a single volume, in Rich, Full Red Leather,or Library Buckram Bindings, can now be secured on the following remarkably easy terms: THE ENTIRE WORK WITH 1919 ATLAS

DELIVERED for $1.00

and easy payments thereafter of only a few cents a week (in the U. S. and Canada) ON SUPERIOR INDIA PAPER

Reduced About One-Half In Thickness and Weight India-Paper Edition Printed on thin, opaque, strong, superior India paper. This edition is only about one-half the thickness and weight of the regular edition. Size 12% in. x 94 in. x 24 in. Weight 8% lbs.

[graphic]

"To have this work in the home is like sending the whole family to collego."

ica Among the Nations" and "The Things The ALAD colors with marginal reference indexes, late

Men Fight For," give us a prejudice in favor of this volume on the conditions on which a world peace must be based. The prejudice is justified by a study of its pages. His book is one which cannot be ignored by any student of the problems of peace now undergoing discussion, not only at the Peace Conference, but in all thoughtful and free communities. It is of special value as an antidote to that dilettante radicalism which imagines that great world problems can be settled offhand by the enunciation of glittering generalities. For example:

How inadequate the proposal that the dispo sition of Alsace-Lorraine should be determined by a plebiscite!... There could be no greater travesty of justice than to settle these farreaching questions of human destiny by reference to the transient sentiment of a single generation of distracted border peasantry.

This instance illustrates a fundamental principle which our author thus states:

To destroy militarism, to make the world safe for democracy, to secure the right of selfdetermination for all peoples, these are legitimate formulas for ideals, but it is clear that if these ends are to be furthered by treaty these propositions must be translated into concrete terms, territorial, economic, and commercial.

This process of translation into, concrete terms is the task to which our author addresses himself. With the result which he reaches as to America's duty we are in bearty accord-namely, that the League of Nations should be built about the already existing league of Great Britain, America, France, and, we should add, Italy.

is the 1919 "New Reference Atlas of the World," containing nearly 200 pages, with 128 pages of maps beautifully printed in Census Figures, Parcel-Post Guide, Late War Maps, etc., all handsomely bound in red cloth, size 104 x 13%.

Regular Paper Edition Printed on strong, book paper of the highest quality. Size 12% in. x 94 in. x.5 in. Weight 154 lbs. Both editions are printed from the same plates and indexed.

Over 400,000 Vocabulary Terms, and in addition 12,000 Biographical Names, nearly 30,000 Geographical Subjects, besides thousands of other references. Nearly 3,000 pages. Over 6,000 illustrations. The only dictionary with the New Divided Page, characterized as "A Stroke of Genius." To those who mail this coupon at once

Home Office Dept. S.

G. & C. MERRIAM CO. Springfield, Mass. (Publishers of Genuine Webster Dictionaries for over 70 years) Please send me free of all obligation or expense a copy of "Dictionary Wrinkles" containing an amusing "Test in Pronunciation" (with key) entitled "The Americanization of Carver;" also "125 Interesting Questions" with references to their answers, and striking"Facsimile Color-Plate " of the new bindings. Please include specimen pages of India and Regular paper with terms of your Outlook free Atlas offer on Webster's New International Dictionary. Name

Address.

[subsumed][ocr errors][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small]

1

[graphic]

FINANCIAL DEPARTMENT

All legitimate questions from Outlook readers about investment securities will be answered either by personal letter or in these pages. The Outlook cannot, of course, undertake to guarantee against loss resulting from any specific investment. Therefore it will not advise the purchase of any specific security. But it will give to inquirers facts of record or information resulting from expert investigation, leaving the responsibility for final decision to the investor. And it will admit to its pages only those financial advertisements which after thorough expert scrutiny are believed to be worthy of confidence. All letters of inquiry regarding investment securities should be addressed to

THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York

THE SELECTION OF A BANKER

FTENTIMES, with hesitation and perplexity, the unskilled investor attempts to choose from a random house a random bond. Without definite aim or deliberate purpose, he trusts to an undetermined probability that all may be well and that the bond may serve his purpose.

How shall a man who has been thrifty in accumulating a sufficiency of capital and has attained a knowledge of the first important principles of investment determine upon a banking connection which will best aid him in making the wisest selection of securities which are suitable for him to own? That is the problem that confronts many of us to-day.

Let us examine the rôle played by the investment banker. He is an intermediary, having the interest of the financing corporation at heart as well as that of the purchaser. He must be an "umpire" and

[blocks in formation]

decide what is fair all around; but his first
concern should be for the small investor,
who looks up to him as his legal counselor
as well as his financial adviser.

We are seeking a banker who will con-
sult and advise with us; one who will con-
sider it to his advantage to cultivate and
educate a small investor in the hope and
belief that he may become in time a client
well worth while. We are seeking, not only
a dependable depository for funds awaiting
investment, not only a house that is able to
offer banking facilities in varying form,
but a banker who is not too much of a

great machine to take a personal interest
in our problems, however insignificant they
may appear to him; one who will endeavor
to understand and appreciate to the full
our particular investment needs.

We may realize that the business pace is
fast, that the selling instinct may be de-

LIBERTY LOANS-A COMPARISON

FIRST

LIBERTY LOAN
Maturity 1932-47
Rate 3%%

$2,000,000,000

4,500,000

98.80 bid

98.98 offered

If redeemed 1932
3.60%

Both principal and
interest exempt
from all taxation,
except estate or in-
heritance taxes.

In addition to the above the following
converted issues are outstanding:
First Liberty 4s, obtained by convert-
ing First Liberty Loan 31⁄2s into 4s
due 1932-47.

First Liberty 44s, obtained by con-
verting First Liberty Loan 31⁄2s or
First Liberty 4s into 44s due 1932–
1947.
Second Liberty 44s, obtained by con-
verting Second Liberty 4s into 4/4s
due 1927-42.

First Liberty 2d converted 448, ob-
tained by converting First Liberty
Loan 31⁄2s into 44s under the privi-
leges of the Fourth Liberty Loan.

[blocks in formation]

FOURTH

LIBERTY LOAN
Maturity 1933-38

Rate 44%
$9,969,047,000

Over 17,000,000

Over 21,000,000

94.58 bid

95.48 bid 95.50 offered

4.83%

Same as Second
Liberty Loan.

Also

in

Acceptable payment of Federal inheritance taxes at par and interest if held by testator continuously for six months prior to death.

When a bond of any issue is converted into a subsequent issue, the taxable features and conversion privileges which attached to the original issue are then canceled and the taxable and convertible features of the new bond become effective.

The First 3s is the only issue now having a convertible privilege.

94.60 offered

If redeemed 1933
4.77%

As to interest: ex-
empt except (a) as
to estate or inheri-
tance taxes; (b) as
to surtaxes, excess
profits and war
profits taxes-that
is, they are exempt
from normal tax.
However, income
from $5,000 exempt
from surtaxes, ex-
cess profits and war
profit taxes as well
as from normal tax.
For two years after
end of war $30,000
by subscription or
bought in
market may be held
free of surtax, ex-
cess profits and war
profit taxes.

open

Also Acceptable in payment of Federal inheritance taxes at par and int. if held by testator con. 6 mos. prior to death.

[blocks in formation]

7.15% Income

$487.50 plus accrued dividend
will purchase 100 SHARES

CARBO-HYDROGEN CO.
OF AMERICA

7% PREFERRED STOCK

In addition to which 25 shares common stock is given as a bonus. After deducting preferred stock dividends, fixed charges, etc., the Company's earnings are at the rate of about 6% on the common stock for 1918 with possibilities of considerably increased earnings for this year. Write for circular "0.”

Farson, Son & Co.

Members New York Stock Exchange 115 Broadway, New York City

[merged small][merged small][subsumed][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed]

The Selection of a Banker (Continued) veloped at the expense of the advisory; but it is not sufficient for us that we want a good bond, or a safe bond, and one which we can sell again.

Is this question of security and marketability in its entirety one that we should expect our banker to determine? He plays an important part, to be sure, but we must do our share. It is for us to realize what kind of safety we most require. Are we buying with the expectation of a profit and to be able to sell again, or do we expect only that at maturity the principal will be paid, or are we seeking an investment that, if circumstances compel, we may sell at a small loss, if any?

These and other matters are for the investor himself to determine. What type of security should he choose-Government bonds, municipals, preferred stocks? A man who is paying the super-income tax selects a different type of investment from the man of small means. The successful man of middle age can properly take a business man's risk, which should be out of the question for the man with a small salary and a dependent family or for an aged widow who must live upon the income from her investments.

After a prospective investor has properly

[ocr errors]

THE OUTLOOK

analyzed his own particular investment needs, then, and only then, should he seek the advice of his banker. All of this has a direct bearing upon the type of banker one should select. Perhaps one banking house deals in only one type of security-real estate mortgages, preferred stocks, or public utilities. Possibly we may find that the offerings made by a curb house, or a specialist in Standard Oils or independent oils, appeal to us. Which type of investment should we seek? Having selected the type, we may proceed to the banker, keeping in mind the fact that the market for securities will exist to-morrow as well as to-day. If the one selection we have in mind is so unusually attractive that to-morrow we may find not one more bond, not another share available, or that it has advanced in price beyond our reach, we shall have other opportunities probably equally meritorious in which to invest our funds. Many investors give little heed to this most vital question.

A New England manufacturer who was accustomed, with thrifty intent, to purchase for his children one share of New Haven stock from time to time gave this advice to his son when the latter started on his business career: "Remember, my son, two things-first, that the stock market will be open every business day at ten o'clock, and, secondly, that Erie Railroad common will never pay a dividend."

Upon an investment appearing urgent, we may unknowingly rush headlong into the clutches of some unscrupulous so-called "dealer" in securities in the same manner that, under great mental strain and in undue haste, we might select a doctor without investigating his capabilities, experience, or reputation, without inquiring if he be a surgeon or a neurologist, without asking. him his probable fee, and command him to. perform a foreign task, then appear chagrined at his execution and his charges for professional services. Does not so important a matter as the proper investment of our savings, the security of our principal, deserve more careful consideration?

The president of a local bank can obtain from unprejudiced sources the naines and addresses of several reputable investment houses, if he does not already know of one or more, which handle as part of their regular business the type of bond we wish to purchase.

Then let us investigate for ourselves some of these houses. It is a well-known fact that the personality of the man at the head of any organization is reflected in the attitude of every employee under him. Does the banker make a market for the securities once sold? Will he assist us to find the best bond for our needs, or has he just one special offering for sale? Are his offerings well-known standard securities, widely distributed, and participated in by other well-known houses of equal merit? Has he a reputation for dealing in "slowmoving," ," "long-profit" issues or securities with a ready market? To use the vernacular, do issues" go wrong on that house?

[ocr errors]

With a little investigation this is not difficult to determine, for, although some clients are willing to forgive and forget, "recollections of mishaps outlive the memory of splendid successes." With the leading banking houses to-day there is an implied responsibility on the part of the vender. The caveat emptor principal-you buy at your own risk is seldom employed. This is the question that is vital for the investor: Have I selected the type of banking house that is best for me?

[merged small][merged small][graphic]
[graphic]
[blocks in formation]

They don't call him "SKINNY"any more

Why is it that you stay thin? Do you know? How often have you wished that you could cover the bones that show so plainly all over your body-to feel the thrill of that vitalizing energy that comes from a fully developed body tingling with health. You can have it! It will make a new man of youfull of energy, ambition, and the joy of living. And the beauty of it all is that this precious gift will cost you nothing! You have it in the palm of your hands right now! Start NOW and in less than a month you will be well on the way to physical perfection. How to Make a New Man of Yourself "How to Gain Weight is the title of a book written by Bernarr Macfadden, founder of "Physical Culture" magazine. It goes to the very core of the subject and tells you how to gain weight easily and naturally, without the aid of a drop of medicine. To those who will send us a three month subscription for "Physical Culture," the most. unique, helpful and inspira tional magazine of its kind published in America, at the regu lar price of 50c, we will send this valuable book FREE. Write TODAY.

PHYSICAL CULTURE PUB. CO., 119 W. 40th St., Suite 600, New York

« PredošláPokračovať »