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 ESTABLISHED 1865 . A Bond. SAVING FOR AMERICA-AND YOURSELF BY FRANK H. FAYANT RE you saving to build a home? Are you saving to send your boys to college? Then buy a Liberty Are you saving to go to Europe after the war? Then buy a Liberty Bond. Are you saving to buy a farm? Then buy a Liberty Bond. Are you saving to go into business? Then buy a Liberty Bond. Are you saving to have a competence in later years? Then buy a Liberty Bond. Are you saving that you may have something to leave your wife and children when you are taken from them? Then buy a Liberty Bond. You can both save and serve by laying aside from your income a certain sum each week or month, and using these savings to buy United States Government Liberty Loan 4 per cents. America can mobilize her productive resources in field and workshop, and pour the wealth of her labor into England, France, Italy, and Russia. Our young men will in vain offer up their lives on the battlefields of France if we do not back them up with a myriad cargoes of the products of our labor-bread and meat, rifles and shells, field guns and airplanes. And ships-more ships, more ships-to carry our precious cargoes. The task is far beyond our normal ability and capacity. To undertake it with confidence, we must give the Government first call on all our productive resources. Every hour of useful labor and every pound of useful material must be at the service of the Government. We are not such Titans that we can go along with all our peaceful pursuits and take on a great war besides. If your home were burning up and your water supply were running short, what would you think of a neighbor who, when appealed to for aid, cried out, "You can have some of my water, but I can't stop What an opportunity for any thrifty American! To help the Nation finance the war to victory and at the same time provide for one's own future needs, with no greater sacrifice than prudent economy in the pur-watering my garden." The world is afire, chase of things not absolutely necessary for a comfortable living. Such an opportunity can hardly be dignified as a sacrifice-surely it ought not to be spoken of as a sacrifice alongside of the great sacrifice that millions of men are now making on the blood-stained fields of Europe.. The men who have been called to the colors are asked to give their lives, if need be, in defense of human rights and for the safety of the Republic; but those of us who must stay at home are only asked to save, with the guarantee of the Government that our savings will be returned to us on demand and with interest. Does it not make you feel like a miserly money-lender when you stand on the curb as those lines of khaki go marching down to the ships, the flags flying in the breeze and many a tear-stained face anxiously watching for a last sight of a son or brother-to think that these men are going to give their lives while you are only privileged to lend your money? But perhaps you do not quite understand how you can lay up treasure for yourself at the same time that you are responding to the call of the Nation for the sinews of war. It does sound like a paradox. Let us suppose that you are looking forward to that day when you expect to call in the architect to draw up the plans for that little home in the country you have been dreaming of. The present is not a good time to build your home. Labor and building materials are now high-much too high for one who must count his pennies in meeting the high cost of living. When the inevitable readjustment of prices comes, the cost of building will be much lower than now. This is a good reason for deferring home building, but there is a much more important reason. The labor and materials of the Nation are now urgently needed in the great undertaking to which we have pledged ourselves. The more labor and materials we can devote to this task, the more certain will we be of bringing the war to a speedy end with honor to ourselves. The fate of the democracies of the world now depends upon the rapidity with which and we have been called upon to put out the conflagration. The only way we can do it is by pouring across the Atlantic a great stream of men and materials. The men are on the way; it is up to us to do the rest. We can't do it if we take for our own selfish uses the things the Nation needs. So it must be plain that this is not a very good time to begin building a home that is not absolutely needed at once. But it is a good time to save money for a home to be built when the Nation's need for all its resources is less urgent than now. And there is no better way to save money now for some use in the future than by the purchase of Liberty Bonds out of one's current income. The Government, the banks, the corporations, and the employers of labor have made it easy to save and serve. When our armies return home from the great adventure, then will be the time for you to build that home in the country. Then these honored veterans of the greatest conflict in history, these courageous young men who helped to make the world safe for democracy, will want work. Khaki will be laid aside for overalls, rifles will be dropped for the tools of peaceful industry, ribbons of bravery will be put away in the family Bibles and "union cards" will be brought out from dusty drawers. When that time comes-and the more vigorously we go at the task, the sooner will it come-the American citizen who was not privileged to cross the seas with the colors will have opportunity of serving the common cause by providing work for these veterans of the war. The economic readjustment after the war will demand as great political and industrial leadership as the present situation, and it will likewise call for the most unselfish National service on the part of all Americans. To illustrate how you can save for yourself and at the same time serve the Nation, let us suppose that you are earning $2,500 a year, and that you want to save to build a home. How much can you lay aside each week or each month? The saving of $25 a month will enable you to buy a Liberty Bond for $500; a $50-a-month saving would, in the course of twenty months, HYMN BOOKS FOR ALL DEPARTMENTS OF CHURCH WORK THE BIGLOW & MAIN CO., New York or Chicago Important to Subscribers of a change in your address, both old and new address should be given. Kindly write, Simple and If you buy a vacant lot in a growing We do a similar thing with vast tracts of finest growing timber, with PROFITS sometimes much greater because we are guided by 37 years of expert experience. Through knowledge of the field we are frequently enabled to purchase (with our own funds) timberlands at prices much below their value. On these we issue LACEY PROFIT SHARING BONDS (to a total not more than purchase price plus actual expenses plus maintenance for a certain period) in denominations of $100, $500, $1000. Your Lacey Bond is practically a certificate of your PART OWNERSHIP and participation in PROFITS when the timber is sold (in addition to the 6% cumulative-interest). PROFITS alone in similar transactions by us have consistently run from 6% to 30% or more (average per annum) and, of course loss is not even to be considered. Our record precludes it. . Questions and Answers (Continued) Mountain, and Southern, R. and G. div., 4s.; Missouri Pacific first and refunding 5s. Saving for America-and Yourself (Continued) make the you possessor of a $1,000 bond. The initial payment is two per cent-$10 on a $500 bond and $20 on a $1,000 bond. A. These are all second-class bonds, but All that you have to decide now is the are good bonds for a man who watches his amount of your earnings that investments. We would call think attention you your you can conveniently lay aside each month. to the fact that many railway bonds of the Then go to any bank in your community, highest grade are now selling at the lowest or to a New York Stock Exchange house, prices in and that the time to buy years, or to your employer (if you have one), and such securities is when they are low. say that you can spare so much a month for the purchase of a Liberty Bond. The bond will be purchased from the Government by a bank, and of course, will not take title to it until you have paid for it in full. If later on you find you cannot save as much as you thought, there will be no difficulty in readjusting the terms, either by a sale of a part of your original purchase, or by a lengthening of the period of payment. On the other hand, if you find you can save more, you can buy more bonds, in $50 or $100 denominations, and pay for them on the same partial payment plan. you, If it happens that you must entirely stop your savings and make use of those already accumulated, you will be able to sell your bond for cash and get back the money put into it. Liberty Bonds can always be instantly converted into cash. If you subscribe for a $1,000 bond, pay $200 in four monthly installments, and then have immediate need for that $200, any bank will sell the bond for you and hand you the proceeds in the course of a few hours. When your bond is finally paid for, it will be better than gold in your pocket. Money in your pocket earns nothing; money in Liberty Bonds pays you interest while it is working in the service of the Nation. Moreover, a full-paid Liberty Bond is the best collateral in the world. Any bank will accept it as security for a loan very nearly to the full amount of the bond. After the war, with your savings in Liberty Bonds, you can go ahead with your home-building plans, or with any other project that calls for your savings. The markets of the world will eagerly bid for these bonds. You will then have the choice of selling your bonds to get the cash or else using them as collateral for bank loans. If you borrow from the bank on Liberty Bonds, you may repay the loan from your current income, and still remain the owner of the bonds. In the home of the writer there is a young Frenchwoman who, each month, on receipt of her wages, takes three-quarters of the money to an international banking house and buys a bond of the French Republic. When asked why she put nearly all her money in these bonds, she answered: "Pour la France." How much will you save "For America" and yourself? QUESTIONS AND ANSWERS Q. What is your opinion as to the safety of the following bonds? St. Louis and San Francisco prior lien 48; Pere Marquette first 5s; Chicago, Rock Island, and Pacific refunding 4s; St. Louis, Iron Q. I have about $1,000 to invest in some railway stock, a class of securities that seem to be selling at bargain prices. I want a stock that probably will not remain permanently much below its present price; that is now paying dividends, and that will probably continue to do so, at the rate of about 6 per cent on the investment; and that has some inherent value which under normal conditions would cause it to sell above its present price. list of the best railway stocks, buying one A. Why not spread your funds over a share of each? It is better to spread your risk than to put all your eggs in one basket. Here is a list of such shares, with the prices on a recent date: Atchison.. Stock Annual price. dividend. $97 $6 7 Great Northern.. 103 7 Free Booklets for Investors Many of the investment bankers publish booklets and literature for the information of prospective investors. The following is a list of booklets which may be obtained by writing to the investment houses issuing them, mentioning The Outlook, or by writing direct to the Financial Editor of The Outlook: Illustrated monthly, Bond Topics-No. 0-200. A. H. Bickmore & Co., 111 Broadway, New York City. Danforth Farm Mortgages-List No. 58. A. G. Danforth & Co., Washington, Ill. Timber Bonds-Booklet T-214. James D. Lacey Timber Company, 332 S. Michigan Ave., Chicago, Ill. Information and literature concerning Dairy Farm Mortgages. Markham & May Company, 1226 First National Bank Building, Milwaukee, Wis. The New War Tax Law-Circular Z-64. The National City Company, National City Bank Building, New York City. First Mortgage Bonds-Circular 981-Z. Peabody, Houghteling & Co., 10 South La Salle St., Chicago, Ill. Dairy Farm Mortgages IN THESE TIMES, YOU CAN AFFORD Markham&May Company Mark! FARM MORTGAGE INVESTMENTS 1226 First National Bank Building MILWAUKEE, WIS. "DIVINE PROVIDENCE" By Emanuel Swedenborg, theologian, philosopher and scientist. Why does God permit wars? Why is evil allowed? Read the answers in this 10c 629 page book elucidating the laws of order which regulate God's government. Sent without further cost or obligation on receipt of 10 cents. THE AMERICAN SWEDENBORG PRINTING AND PUBLISHING SOCIETY Room 73, 3 West 29th Street, New York "Don't-Snore" Trade Mark Reg. U. S., Canada, Gt. Britain, Patents STOPS SNORING. STOPS MOUTH BREATHING SIMPLE DEVICE CO., Middleburg, Va., Box 14 More than a name to remember- It is just as important to us as manufacturers that you get a genuine product when you ask for it-as it is for you. If you get a genuine "Yale" cylinder night latch, or padlock, or door closer, or builders' hardware, or a chain block-we know that it will give you satisfactory service and maintain your confidence in the leadership and quality of all products bearing the trade-mark "Yale." So we make sure to protect your interests as well as our own. By putting that trade-mark Yale Products for sale "Yale " "Yale" on every product of the Yale plants. For your guidance we make this suggestion: By all means remember the name Yale " when you want a Yale productbut more important, insist upon seeing that trade-mark "Yale" on the product offered you. Because no matter what you are told it won't be a genuine "Yale product unless you do see that trade-mark on it. by Hardware Dealers But by a sense of security you know they are "there"-because NEVERBIND Boston Garter holds the sock snugly without binding. And you know it by the neat and trim appearance of your ankles. For assured comfort, security and long wear, try the "Neverbind Boston." At stores everywhere-25c and 50c GEORGE FROST CO., MAKERS, BOSTON No. 14325. Artistic 5% in. Bowl, Flower Holder, 3 White Narcissus Bulbs, Bird Ornament, and Hand Colored Gift Card. $1.00. A charming gift for anybody who loves flowers. Two months' growth, then the beautiful, fragrant flowers. Pin a dollar bill to this ad and send to The Holmes Co. Money back if you want it. Our Big Gift Book pictures thousands of splendid gifts, something to please everybody and at right prices. Your list of names and our Big Gift Book is all you need. Send for the book Today-NOW. It's Freo, and It's a great big help. THE HOLMES CO., 311 Elmwood, Providence, R. 1. Cultivate Your YOU can have a youthful appearance, clear Y complexion, magnetic eyes, pretty eyebrows and lashes, graceful neck and chin; luxuriant hair; attractive hands, comfortable feet. You can remove wrinkles, lines, pimples, blackheads; strengthen sagging facial muscles-have comfortable feet, all thru following the simple directions of Susanna Cocroft's Physical Culture for Face, Neck, Scalp and Feet. Thousands have done so. No drugs, no apparatus, no inconvenience, no waste of time, no big expense-and quick results. Send postal for latest free Booklet containing many beauty hints and all about the wonderful work accomplished by the Grace Mildred Culture Course Dept. 13, 624 S. Michigan Ave., Chicago, Ill. (A Division of Susanna Cocroft's Phys. Culture Course) WHEN the kettle is a-simmerin' over cracklin' logs and the aroma of harvest's choicest viands strains one's appetite to the breaking point-it is then the need is greatest for that racy, spicy, piquant seasoning known 'round the world as Lea & Perrins Sauce. From the most pretentious hotel to the lowly homekitchen where food-economy is the watchword, this old-time seasoning is doing its bit toward making all food more tasty. For steaks, chops, roasts, fish, egg and cheese dishes, gravies, stews, curries-for all fare from soups to salads. 100 recipes by Marion H. Neil on kitchen hanger free from Lea & Perrins, 241 West St., New York City. LEA & PERRINS SAUCE The ORIGINAL WORCESTERSHIRE BY THE WAY The Medal of the Order of the British Empire has been conferred on Thomas. Harper, an industrial hero. At the age of seventy-two he had retired and gone to live in Australia. When the war broke out, he returned to England and went to work in a munition factory. For two years he has, it is stated, "actually done the work of two men." Once he fainted at his task, but resolutely refused to give up, saying he would never rest while his countrymen at the front needed shells. In one of Mark Twain's letters, published in "Harper's Magazine," appears an account of his visit to the Jameson raiders when they were in prison in Pretoria, in South Africa, in 1896. He made a characteristic speech to them that seemed to amuse them immensely. "I advised them at considerable length," says the humorist, "to stay where they were they would get used to it and like it presently; if they got out they would only get in somewhere else by the look of their countenances; and I promised to go and see the President and do what I could to get him to double their jail terms !" "The Where does the West begin? Writer" says that the Governors of the States, while holding their annual meeting, discussed this question, some holding that the West begins at Chicago, some maintaining that Kansas City is the point, and some contending for Omaha. Arthur Chapman, the magazine continues, saw the item about this discussion and immediately dashed off a poem with the question for a title, and asserting that the West begins Where there's more of giving and less of buying, And a man makes friends without half trying. These verses, it is said, have gone round the world, having been reprinted by papers in Hongkong and Australia, England and Canada. A book about the United States postoffice says that letter-writers when addressing an envelope should write out the name of the State in full, on account of the similarity of certain abbreviations-" Ind." and 66 Md.," ," "Me." and "Mo.," "Penn." and "Tenn.," for example. An additional reason is found in the repetition of the name of many towns in different States-there being eleven Bostons besides the one in Massachusetts, twenty-six Kingstons besides the one in New York, twenty-five Springfields besides the one in Illinois, etc. It is interesting to discover, from an examination of the "United States Official Postal Guide," that among our public men after whom towns have been named Franklin seems to lead in popularity, there being thirty-one Franklins in the country, as against thirty Clintons, twenty-eight Washingtons, twenty-six Hamiltons, twenty-five Madisons and twenty-five Monroes, twenty-three Lincolns, twenty-one Jacksons, twenty Jeffersons, eighteen Websters, and fifteen Roose velts. The name which has appealed most to the town founders, however, is "Union," which, with its congeners, "Unionville," "Uniontown," etc., is applied to ninety-six towns in the United States. A busy man is Lord Northcliffe, proprietor of the London "Times." He is said by an interviewer to rise at 5 A.M. At 5:30 all the London newspapers are brought to him. By breakfast time he has mastered all their contents and made notes about the news. "Even during breakfast |