ESTERDAY was a fast day! The

Yvelocity of to-morrow may outstrip

the wind. Seven-league boots are obsolete. This generation hurries so we have neither time to think nor to change our course, although we fear we may be wrong. We are creatures of impulse.

An abstract theory or an economic law may be interesting, but often we have no time to apply either of these to our own needs in a hasty search for an investment.

In view of the unanimity of requests in recent inquiries, we are giving below some practical concrete suggestions which will serve as a basis of variation, and may be of assistance in constructing and arranging from the various types of securities mentioned a list suitable for one's own investment requirements.

We wish most emphatically to stipulate that we assume no responsibility; we do not pretend to forecast the future trend of prices, we do not recommend any bond, note, or stock mentioned below as a purchase for you, because we are not familiar with your investment holdings or requirements; but from the standpoint of safety of principal, marketability, and fair income return the following carefully selected investment holdings of several investors whom we believe to be clear-sighted, intelligent, sagacious, cautious, and frugal men may be studied and imitated to advantage, and yet must of necessity be partially or completely changed and diversified to meet different individual requirements.

$100 U. S. Liberty 4 per cent, due 1942; interest-May 15, November 15.

$100 U. S. Liberty 4 per cent, due 1938; interest-April 15, October 15.

$100 Japanese Government Sterling 4 per cent, due 1931; interest-January 1, July 1. $100 American Foreign Securities 3-year 5 per cent, due 1919; interest-February 1, August 1.

$100 Dominion of Canada 5 per cent, due 1937; interest-March 1, September 1.

Total cost, $565; annual interest, $25.75; average yield, 4.29 per cent.

These securities have been selected so that interest comes due each month of the year.

II

$200 U. S. Liberty 448, due 1938; interestApril 15, October 15.

$100 U. S. Liberty 38, due 1947; interest— June 15, December 15.

$100 Armour & Co. Debenture 6s, due 1924; interest-June 15, December 15. $100 American Telephone and Telegraph Convertible 6s, due 1925; interest-February, August.

$100 U. S. Rubber 1st 5s, due 1947; interestJanuary and July.

Total cost, $581; annual interest, $29; average yield, 4.83 per cent.

III

$100 U. S. Liberty 32s.

$100 U. S. Liberty 1st 48.

$100 U. S. Liberty 2d 48.

$100 U. S. Liberty 1st 448.

$100 U. S. Liberty 1st 2d Convertible 41⁄4s.
$100 U. S. Liberty 2d 448.
$100 U. S. Liberty 3d 448.
$100 U. S. Liberty 4th 448.

All bought at par. $800 cost; $32.75 interest; average yield, 4.09 per cent. And

to offset the low return the following preferred stocks were purchased:

1 share U. S. Steel 7 per cent preferred, at 115, yielding 6.08.

1 share U. S. Rubber 8 per cent preferred, at 112, yielding 7.13.

1 share Barrett Company 7 per cent preferred, at 114%, yielding 6.11.

1 share Bethlehem Steel 8 per cent preferred, at 105, yielding 7.61.

1 share American Locomotive 7 per cent preferred, at 105, yielding 6.66.

1 share Great Northern 7 per cent preferred, at 94, yielding 7.44.

1 share National Biscuit 7 per cent preferred, at 121, yielding 5.78.

1 share American Gas and Electric 6 preferred, at 41, yielding 7.30.

per cent

Cost, $807.50; average yield, 6.76 per cent; interest, $57.

Many people do not know that one share may be purchased at a time and registered in your name.

This is a very interesting and easy way to save and invest, and as each new security is added to your list, after careful study and investigation, a new incentive

is created to accumulate other shares and increase your holdings. Each share is made out in the name of the purchaser and dividends come by check to your given address as they become payable. The certificate of stock is not negotiable until you have signed it on the back, and this provides an added protection against theft or loss.

Possibly at this time we might discuss briefly the specific difference between a bond and a share of stock.

A bond is an interest-bearing debt certificate. Stock is the capital represented by shares of a corporate company, held by individuals.

Are we more sure of recovering our principal from stocks or from bonds? In a word, bonds typify investment security and stocks speculative paper.

Stocks, in keeping with their speculative character, fluctuate more widely than bonds. If you purchase a bond well secured, you merely lend your money at a certain rate of interest, whereas if you purchase stock in a corporation you become a partner in the enterprise and expect to share in the profits or losses of the concern.

A bond or note has a maturity date at which time you expect payment with interest to be made. Shares of stock are perpetual, and the only possible means to recovery of principal is sale; therefore the security of principal of a stock depends upon its intrinsic worth at any given time. As its intrinsic worth lessens or disappears the possibility of sale diminishes or vanishes, taking with it every element of security.

Will there be a market for the stock you contemplate purchasing? Will it sell for more or less than cost? If the corporation is unsuccessful in any one of many ways, no one will want to buy your stock any more than you would. A share of stock may also be defined as a certificate of ownership representing a right to pro rata participation in control of profits and unattached assets, and beyond this it represents no property whatsoever. The par value has no significance.

The owner of stock has no legal redress to any one, not even the company's assets, for the full recovery of his principal. If you own an interest in a corporation's ability to do business at a profit, and the

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The question as to which securities among the country's foremost industrials, railroads, coppers and oils, offer. the maximum profit, combined with stability of principal and marketability, is currently covered in our fortnightly publication

Investment Opportunities

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$1,000 Kansas City Terminal 6 per cent, due November 15, 1923; yield, 5.95 per cent. $1,000 Laclede Gas Light 7 per cent, due January 1, 1929; yield, 6.85 per cent. $1,000 Liggett & Myers 6 per cent, due December 1, 1921; yield, 5.85 per cent. $1,000 New York Central 5 per cent, due September 15, 1919; yield, 5.20 per cent. $1,000 Pennsylvania Company, 42 per cent, due June 15, 1921; yield, 5.80 per cent. $1,000 Philadelphia Electric 6 per cent, due February 1, 1922; yield, 7.25 per cent. $1,000 Procter & Gamble 7 per cent, due March 1, 1920; yield, 4.95 per cent. $1,000 Swift & Co. 6 per cent, due August 15, 1922; yield, 5.95 per cent. $1,000 U. S. Rubber Company 7 per cent, due December 1, 1923; yield, 6.05 per cent. $23,000 par value of bonds, with an average yield of 5.87 per cent.

Of course this list contains notes of wellknown corporations all maturing within ten years or less, and Government, foreign, and long-term bonds are omitted-with one exception. We know that this list above mentioned is constantly altered, and not long ago contained United Kingdom bonds, Anglo-French 5s, City of Paris 6s, Three French Cities 6s, and such bonds as Atchison Railroad General 4s, Union Pacific Convertible 4s, Southern Pacific Convertible 4s, etc.; and the holder is now giving thought to the advisability of investing the proceeds of the notes as they mature in long-term railway bonds such as Union Pacific Land Grant 1st 4s of 1947, Norfolk and Western 4s of 1996, Northern Pacific 4s of 1997, and other first mortgage bonds of the largest old-established railway sys

tems.

Of course the present-day income tax complications and variations have given to the investor an added unusual stimulus to study his investment holdings, and fortu

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The short-term notes in the following list of holdings give a high yield and every one enjoys a ready market, at the moment. The situation may change.

$1,000 American Cotton Oil 7 per cent, due September 3, 1919; yield, 5%1⁄2 per cent. $1,000 American Telephone 6 per cent, due February 1, 1924; yield, 6.15 per cent. $1,000 American Thread 6 per cent, due December 1, 1928; yield, 5.65 per cent. $1,000 American Tobacco Company, 7 per cent, due November 1, 1923; yield, 6 per cent,.

$1,000 Anaconda Copper 6 per cent, due January 1, 1929; yield, 6.30 per cent. $1,000 Armour & Co. 6 per cent, due June 15, 1919; yield, 4.70 per cent. $1,000 Bethlehem Steel 7 per cent, due July 15, 1923; yield, 6.65 per cent. $1,000 Canadian Pacific 6 per cent, due March 2, 1924; yield, 5.80 per cent. $1,000 C., B. & Q. joint 4 per cent, due July 1, 1921; yield, 5.85 per cent. $1,000 Cudahy Packing 7 per cent, due July. 15, 1923; yield, 6.40 per cent. $1,000 Delaware and Hudson 5 per cent, due August 1, 1920; yield, 5.65 per cent. $1,000 Dominion of Canada 5 per cent, August 1, 1919; yield, 5.55 per cent. $1,000 General Electric 6 per cent, due July 1, 1920; yield, 5.40 per cent.

$1,000 Great Northern 5 per cent, due September 1, 1920; yield, 5.60 per cent.

may feel justified in purchasing a security to hold for generations without from time to time carefully going over the list to weed out and supplant one here, one there, as times and conditions change. A list that twenty-five years ago contained the following, and had never been changed, would reflect little but thoughtlessness to-day upon the miserly purchaser:

500 shares of New Haven, at 275.
500 Amalgamated Copper, at 110.
50,000 Boston and Maine bonds, at par.
1,000 shares Calumet and Hecla, at 900.
50,000 U. S. Government 3s, etc.

The mere fact that a bond or stock is listed on one of the large recognized stock exchanges does not necessarily signify greater value, but if the stock or bond is of sufficient strength and worth within itself, the fact that it is listed on the New York Stock Exchange may make it more easily quotable and salable than if the market had to be sought through three cities:

Buy a security which is known universally, and follow its behavior; if it gives a bad account of itself in good times, and no excuse may be found satisfactory to you, acknowledge you are wrong-sell it, and invest more wisely. The old darky who said, "It ain't no disgrace to run when you is scaired," was right; but be sure you have a good logical right to be scared before you start to lose your breath.

Pay most for security. Buy well-known issues that are marketable anywhere, and income will take care of itself. Many people put the cart before the horse. If your investment mind is topsyturvy, reverse it and your vision becomes normal.

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During the past year the Financial Depart ment of The Outlook has helped hundreds of Outlook readers to solve intelligently their particular investment problems. Perhaps you are contemplating a shifting of your present holdings or have fresh funds to invest. In either case we shall be glad to give you specific information on any securities in which you may be interested. This service is entirely free to Outlook readers. The Outlook Financial Department The Outlook Company, 381 Fourth Avenue, N. Y.

TO ALL LEADERS OF MEN

BY LESLIE PINCKNEY HILL

Three things there are that men will do,
Leaders of men, beware!
Your calling and election true
Will shine, if they have faith that you
Their stubborn purpose share.

Men will see men as only men,
O masters, take ye heed!

No one shall hold the rights of ten,
No mortal be divine again,

No counsel, pact, or creed.

Men will be bold to follow thought.

O captains, ye shall find

The peoples of the earth distraught
By being merely led and taught,

But now they have a mind.

And men will share the wealth they make.

On the solution of the problem of an international army depends to a large extent the peace of the world and the future. potency of the League of Nations.

The Bryan peace treaties, the forsaking by Russia of the Allies, the total disregard of treaties by Germany, all prove the folly. of depending upon treaties to safeguard the peace of the world.

The justice of the peace has his constable, the county its sheriff, the village its marshal, the state its militia, the nation its army, to enforce laws and preserve order.

Even here in America, with one predominant race and one common language, we have been compelled to resort to arms to preserve our Union. How, then, with nations differing widely in language, customs, and religion, are we to prevent the occurrence of world wars while we depend on a League of Nations supported solely by treaties which have proved themselves mere scraps of paper in times of national

stress?

If we are ever to escape the horrors of future world wars and the taxation accompanying the support of vast armies and huge navies, we must create a League of Nations capable of giving us adequate protection at all times. There can be no such League without an international army.

History has proved that nations rise to world power only to fall from the combined efforts of weaker nations. Why, then, persist in the expensive and disastrous policy of standing alone?

Now that we as a Government are about to relinquish important rights, let us see that the power to which they are given is made strong enough to protect us. This, I say again, can be accomplished only by an international army. F. E. WENTWORTH.

Riverview, Nebraska.

THE OUTLOOK

THE NATION'S
INDUSTRIAL
PROGRESS

Believing that the advance of business is a subject of vital interest and importance, The Outlook will present under the above heading frequent discussions of subjects of industrial and commercial interest. This department will include paragraphs of timely interest and articles of educational value dealing with the industrial upbuilding of the Nation. Comment and suggestions are invited.

THE MOTOR TRUCK ON THE PACIFIC COAST

IN

N common with other sections of the country, the Pacific coast has found the motor truck to be an indispensable factor in its business and industrial life. Many highways have been opened in California, not only for pleasure driving, but for heavy trucking. This is of especial advantage in California, where there are no heavy snows to close the roads for part of the

The illustrations on this page show a few of the many uses of the motor truck in various California industries. The picture at the top of the page shows a truck hauling spruce lumber from the forests to be ultimately converted into airplanes. During the war this spruce lumber had to be cut and transported with the greatest speed for the construction of battle planes.

Quick transportation of foodstuffs is still of great importance. The second picture shows a motor truck, with trailer attached, loading grain alongside a threshing machine. The capacity of this truck and trailer as contrasted with the ordinary horse-drawn vehicle is apparent at a glance.

The third illustration might be a scene from the "sunny South," but in reality shows a truck being loaded with cotton. from a ranch in the Imperial Valley of California to be carried to the freight yards. Thus the old Southern darky with his span of "ornery" mules gives way to the up-to-date Negro chauffeur.

Good roads are essential to motor-truck efficiency, but, on the other hand, motor trucks themselves are an important factor in the building of good roads. The cut at the foot of this column shows a roadbuilding truck at work on a California highway.

(Illustrations by courtesy of San Francisco office of the B. F. Goodrich Rubber Company.)